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Mattawan : Real Estate Advice

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Activity 6
Fri Oct 23, 2015
Funlady50 asked:
My ex foreclosed on our house and I'm having a hard time getting 15,000 loan. Credit is low 600'a and they say I haven't had loans in years. Is there any help without getting…
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Wed Sep 2, 2015
Diane Christner answered:
Trulia does not currently accept FSBO listings, try Zillow.
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Sat Jul 6, 2013
Ron Thomas answered:
You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!

The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.

There is no FORM printed by anyone; there are just too many variables.
The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?

This is the Ultimate Caveat Emptor!

Good luck and May God bless

ps. A lease/Option will usually not improve your credit because a private individual/seller will not report to the credit bureaus!
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Wed Jul 9, 2008
Joel Nelson answered:
Joe,
I list foreclosure properties for lenders and work with buyers in the Kalamazoo area. The answer to your question is...it depends.
Typically, bank owned homes are priced under market value in our area.
But before the banks put them on the market they are appraised and have a Realtor provide a BPO (broker price opinion).
Based on that information the banks will price the property to sell quickly.
They try to get it right but sometimes they price them very agressively and the property sells immediately. Sometimes they price them too high and they remain unsold for a month or two, at which time the price is usually adjusted.
When the properties have been on the market less than 30 days, there generally is very little negotiation on the price, maybe 5% off list price.
I hope that helps. Contact me if you would like more information.
Joel
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