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Rent vs Buy in Mississippi : Real Estate Advice

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  • Local Info2
  • Home Buying24
  • Home Selling3
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Activity 7
Thu May 21, 2015
Toy Scott answered:
Hi Amy, Do you have an email address? I can research properties, locations, prices, and forward for your review. Do you plan to be in Jacksonville in the future before you move here?
If you have not talked with a mortgage company, being preapproved makes any offer stronger. Some local loan officers I know are Bill Sharp at Sharp Mortgage, 904-997-1093,bill@sharpmortgages.com, also Ryan Salem at Trustline, 904-703-2025, rsalem @trustlinemortage.com; One of my customers last November made out very well with Quicken Loan and he did it all on line.
Hope to hear from you.
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Thu Feb 27, 2014
Hank Wilson answered:
This depends on your savings and what your future fixed income will be. Can you give more information?
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Mon Oct 21, 2013
Rossbeverly answered:
I feel you on that . I have a section 8 voucher also and no one wants to rent to you unless it's torn down and in the worst neighborhoods..
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Mon Mar 25, 2013
Don Tepper answered:
I don't know specifically about Southhaven, but there's both good news and bad news.

And it's the same news.

Most mobile home sellers want cash. But many buyers (like yourself) can'd do all cash. Further, while new/newer homes can often be financed, it's quite difficult to get financing on older mobile homes--say, more than 5 or 6 years old.

As a result, a lot more mobile home sellers end up offering owner financing than you'll find with regular stick-built homes. These aren't usually rent-to-own...for a few reasons. First, a lot of mobile home parks don't allow renters. A rent-to-own is considered a rental. On the other hand, if you buy it (with owner financing), then you are the owner.

If a park does allow renters, then you could do a rent-to-own. However, you'd be in a better position--more protected--buying with owner financing. And it's pretty much the same to the owner. In either case, he's not receiving most of the cash up front.

Tip: When talking to sellers, find out how much cash they really need. For example, you might find a home for $30,000, and it might be a good value at that price. While the owner certainly would prefer all cash, he/she might not need all cash. Maybe the person needs $5,000 to move to Florida and stay with a relative. Maybe the person needs $3,000 for a car repair, but plans to move in with friends. That instantly reduces the amount you have to come up with--dropping from $30,000 to perhaps $5,000.

Also, some investors can put together a deal. I've done that myself. The way it works is: The investor buys the home for all cash, often at a substantial discount. Then he sells it to you with seller financing. Example: The home is for sale at $30,000. The investor makes a cash offer of less than $30,000, which is accepted. The investor offers the home to you for $1,000 with monthly payments of $512 for 7 years. (That's 12% interest.) The investor makes the money by having bought the property for less than $30,000.

Hope that helps.
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Tue Nov 27, 2012
Annette Lawrence answered:
Jacqueline,
As Mack pointed out, and the many professionals who will respond to your question will confirm, for most entering into a lease purchase will also result in 'throwing your money away."
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There are NO shortcuts to establishing a qualifying credit history. The temptation to take a credit repair/recovery short cut will also result in "throwing your money away."
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Here is a great option you should consider. Contact a local lender (NOT at too big to fail) who has a historic record of investing in your community through small business loans, home loans and refinances. These are "A" and "B" graded lenders. The 'Too Big To Fails" are all "F" rated, justifiably.
Simply enter our city or zip code and make an appointment with the lender(s) that appeal to you.

Share with them your desire to purchase and your need for their guidance to get you fully qualified for a home mortgage. They will guide you through the best sequence of steps to reduce your debt, manage your budget, establish saving and create the needed down payment. There will be real discipline required. But, very quickly you will begin to see the magic of fiscal responsibility and the security that follows. It's common sense that is very uncommon.

Now call, YOU WILL BE GLAD YOU DID!

Here it is: www.BankingGrades.com

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
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