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Marion : Real Estate Advice

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  • Local Info2
  • Home Buying3
  • Home Selling1
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Activity 7
Mon Mar 18, 2013
Jim Paulson answered:
I suggest checking to see if any of the local savings and loans in your area will do a "portfolio" loan. That means they won't be reselling it on the secondary market. With 50% down, they should be willing to be pretty lenient and won't charge as much as some "hard money" lenders.

Best of luck!

Hope this helps!
Jim Paulson, CRS, GRI, ePro, SRES
Owner / Broker - Progressive Realty Corporation
208-573-0471
... more
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Sat Nov 10, 2012
Jdthcoe answered:
The Smyth Bland Regional Library has a web site and they have books that list all the Cemetaires in Smyth County, VA.
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Sat Aug 11, 2012
Trevor Curran answered:
Good morning Amy,

I'm with Jim and Ron: Rent To Own is a better deal for the Seller than it would ever be for a potential Buyer.

The basic concept is finding a way to "force" savings towards a down payment by including a portion of the monthly rental that goes towards that savings. You pay your rent every month and your Landlord deducts a pre-determined amount to hold in a special bank account, called an "escrow" account. Your Landlord holds that money until you have saved up enough---through this "forced-savings" method---to meet a down payment to purchase the home.

The terms of the purchase price, including the down payment amount, and the amount to be set aside from the rental for down payment, are all set down at the time of lease signing.

It's all about helping the renter/tenant save up enough money for a down payment to buy a home (in this case, the one you're renting). But this is a better deal for the Seller because he gets to lock in a purchase price and a buyer today for a future sale.


Saving money for a down payment? Well, heck, you can do that on your own.


If you are dedicated to the idea of buying your own home, you can create your own savings plan to save up enough money for a down payment. And when you have saved up enough for a down payment, if that takes a year or two or more, YOU get to decide on the price you're willing to pay for the house at that time based on current market conditions. You won't be locked in to a price that may be a lot higher than what the house is worth in the future.

With Rent To Own you'll be locked in both to the house and to the price, even if it takes you 3 years to save enough through the forced savings of the rent payments. What happens if three years from now your life situation has changed? Maybe you need a bigger/smaller home. Maybe your employment has relocated. Maybe your credit or income is insufficient to qualify for a mortgage loan.


Find a way to save up on your own; not with Rent To Own.


Sit down with a local Mortgage Banker and get yourself prequalified, too. You may find you're better qualified than you think you are, and, if you're not, at least you'll know how much loan your income and credit qualify you for, and how much you have to save towards down payment and closing costs.

Trevor Curran
NMLS #40140
... more
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Tue Jun 19, 2012
Buckgirls10 answered:
Mon Jun 11, 2012
Neighbor asked:
Mon Jul 14, 2008
Kathy Carter answered:
i have a nice 3 bedroom 1 bath home for rent in Abingdon Va. Abingdon is close to Marion. If your interested in looking at this home please email carterk37681@yahoo.com or call me at 423-383-1193 ... more
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