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Home Buying in Newnan : Real Estate Advice

  • All116
  • Local Info9
  • Home Buying32
  • Home Selling1
  • Market Conditions7

Activity 38
Fri Aug 19, 2016
T_prine asked:
I need a home loan an have low income an a prior bankruptcy
0 votes 0 Answers Share Flag
Tue Apr 26, 2016
Solomon Greene answered:
You can sign up for automatic email notifications from both Georgia MLS and FMLS at the link below.
0 votes 2 answers Share Flag
Wed Mar 9, 2016
Ashley Roberts asked:
Sun Nov 22, 2015
Lucien Gutting answered:
I see you posted this question quite a while ago and no one has answered it. I will tell you there are quite a few neighborhoods that meet this criteria in Coweta County. I am a Realtor with Coldwell Banker Bullard Realty in Newnan. I will need a little more information as to exactly what you are looking for but, will be glad to help you find a home. Please feel free to contact me at 404-563-5866.
Thank you,
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0 votes 1 answer Share Flag
Wed Sep 30, 2015
Robert W Neill Jr answered:
If they gave you factual information that differs it would be good to ask them to clarify.
0 votes 2 answers Share Flag
Mon Sep 15, 2014
Sonya Shipley answered:
Yes, it is possible. Are you looking in a specific school district? Please let me know if you need any assistance.

Sonya Shipley
Keller Williams Realty
Cell: 678-873-1128
0 votes 3 answers Share Flag
Sun Feb 9, 2014
Robert Hinely III answered:
HI jojack9295. I don't see which home you're talking about. But has a fair amount of good use. You can use the aerial feature and the measuring feature to know exactly how far downtown is from the home. ... more
0 votes 1 answer Share Flag
Sun Feb 9, 2014
Terri Martinez answered:
This property is almost 10 miles from down town Newnan.
0 votes 1 answer Share Flag
Mon Dec 30, 2013
Hank Miller answered:
I expect that the builder is going to say that you should have realized this prior to contract. As for your buyer's agent, when did they make you aware of this? If they did it prior to signing, it's on you. If after signing then I would explore reasons why your agent failed to see this - a conversation with the broker may be in order. Did the agent suggest walking the lot prior to signing? Way early in your investigation but the buyer agent has responsibility to you.....

If you end up keeping it see if the builder will provide a vegetation screen, something to keep the visual impact down and keep kids from getting around it.
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0 votes 6 answers Share Flag
Thu Nov 21, 2013
I hope you don’t find one. I hate to see bad things happen to people. Rent to own isn’t buying a home, it is leasing, and at a much higher cost in almost every case. Usually it is about a landlord that is cashing in on the optimism of someone that is having a tough time. I spoke to a closing attorney recently on this very subject. He said he has written up hundreds of these puppies over the years and estimates that less than 3% ever worked out for the buyer. That means 97% of the “buyers” lost money. Of the people I have known that tried this I think the failure rate is closer to 99.99%. One month I keep a running total of how much people told me they lost doing this and it was over $250,000. That was just in 20 working days! AND only one loan officer chatting with people inquiring about getting approved for a loan.

I have never spoken to any “buyer” that that understood what will happen when it comes time to pay off the seller in a lease option transaction.

Hey Realtors… tell your clients that a mortgage underwriter is going to follow the mortgage guidelines - NOT the contract between the tenant and the landlord on a lease option. Most of the people that are asking these questions about lease options think whatever they agree to is how it goes down, they are throwing money away!!!

These lease option “buyers” are being taken advantage of because they are desperate to own a home. If the deal isn’t worded the same as the mortgage guidelines then an underwriter is forced to turn down their loan application when it comes time to pay off the seller. It just isn’t right to let people that are having a hard time get put in worse shape because fear is driving them to “buy” a home.
Why would anyone throw away their hard earned money without investigating what happens when it comes time to pay off the seller? No idea, but I promise, someone will read this, think I don’t know what I am talking about and toss away their money just because they think it will work out somehow. If the contract is worded in such a manner that it conflicts with the mortgage guidelines then the loan application will be denied and the “buyer” walks away with nothing to show for all of the cost and effort. Fix your credit issues, save some money, then buy a home. I hope my comments keep you from being taken advantage of because you are desperate to own a home. Good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
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1 vote 6 answers Share Flag
Wed Nov 13, 2013
Kevin Smith answered:
This depends on the Landlord of the property you are interested in, usually between 2 to 3 times gross income.
0 votes 2 answers Share Flag
Wed May 29, 2013
Good afternoon deborah.turner7,

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

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
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1 vote 2 answers Share Flag
Wed Apr 3, 2013
Christopher Pagli answered:
Hi, Only a loan officer will be able to tell you based on what exactly is on the report. If you have a government lien you may not be able to get a government backed loan, one example.

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0 votes 7 answers Share Flag
Tue Apr 2, 2013
Cindy Horsley answered:
Hi Candice, August is coming up sooner than you think and the inventory is very slim at this time. Now is the time to be ready to buy for your August time frame.You must be pre-qualified and be on board with a lender and a real estate agent so that when the home that is just right for you is available you will be ready to make an offer and get it under contract. It is important to hire an agent that is familiar with the market in your area. I myself would be such an agent. Let me know if you would like my help or if I can answer any other questions.

Cindy Horsley
Bush Real Estate Group
"Simply The Best"
... more
0 votes 10 answers Share Flag
Thu Jan 24, 2013
Stew7503 answered:

According to the above information ..You have a case to claim the land.
0 votes 5 answers Share Flag
Wed Jan 2, 2013
Ron Thomas answered:
Tue Dec 18, 2012
Michael Hammond answered:
Easy come, easy go. Caveat Emptor, silestria, Caveat Emptor. Please call, text or email if we can provide further assistance. Good Luck!

Michael Hammond

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0 votes 5 answers Share Flag
Sat Dec 1, 2012
Anna M Brocco answered:
Keep in mind that rent to own can be risky and one could stand to lose a bit of money, therefore do inform yourself well, and consider consulting with an attorney who specializes in real estate beforehand. ... more
0 votes 4 answers Share Flag
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