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Home Buying in Plymouth Meeting : Real Estate Advice

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  • Home Buying11
  • Home Selling0
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Activity 8
Mon Jun 17, 2013
Alexis Jeffries answered:
Hi Bakershalonda,

It's common for a Short Sale to go off and then come back on the Market!

A Buyer could have put in an offer that was accepted but ultimately became impatient during the Short Sale long process and negotiations.

I'm available for all your PA Residential questions, renting, buying, or selling needs.

Gratefully,
Alexis Jeffries
Liberty Bell Real Estate
Of Jenkintown
Office: 215-885-3332
Direct Phone: 215-237-4147
Email: alexisjrealestate@gmail.com
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0 votes 9 answers Share Flag
Fri Jan 11, 2013
Tony Santangelo answered:
Johnny...
To be totally upfront, lease purchases are not recommended. This is not just from my experience in real estate, but also from recommendations I received through the many classes and seminars I've taken over the years. Lease purchases place you in an agreement that requires you to purchase the home you are renting after a certain period of time...usually within 1 to 2 years. What happens is that many things can change when it comes time to convert the lease into a purchase. In regard to this, one important thing to keep in mind is when it's time to obtain a mortgage. Interest rates are phenomenal at the moment and actually have been for some time, but there is no guarantee that today's rates will be the same when you're ready to buy. Just a slight increase in the interest rate can possibly reduce your affordability, thus taking you out of the market for homes you qualified for today. If rates stay the same or go further down, you are safe, but it's still a gamble. The other thing to consider when it comes time to applying for a loan (if you are obtaining financing) is your qualifying status at that time. Lenders require you to be in the same line of work for at least two years and to be gainfully employed. Your credit report is also a factor if anything changes in that regard. Also to consider is whether you would still be interested in that home a year later. What if it turns out that you don't like certain things about the home or if you prefer to locate somewhere else?

Keeping all of this in mind is important before you make that decision to contractually obligate yourself in a lease purchase and you need to read and understand the fine print. Many lease purchases are designed that if you elect to not purchase the home, the security deposit will be forfeited. I understand that if a security deposit is all you risk to lose then no biggie, but once again, you need to read the fine print.

It's highly recommended that you have an experienced real estate agent or real estate attorney advise you further. There are other options that could be better for you.

Tony Santangelo
Keller Williams Real Estate-Blue Bell
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0 votes 2 answers Share Flag
Mon Nov 12, 2012
Red Chahid answered:
The problem with new construction is just what you are experiencing...The advertised price is often for the base model with minimal upgrades. Now some builders obviously are better than others and most strive to stay competitive with existing homes within any given neighborhood.,
In this market 450K should get you a lot of house. good luck.
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Sun Oct 14, 2012
Ron Thomas answered:
I would discourage you from thinking about a Lease/Option; in a moment, I will elaborate.

The answer is NO, neither the Government nor the Banks are Landlords.

Lease/Option
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.

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!
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1 vote 1 answer Share Flag
Thu May 24, 2012
R. Eric Axelson answered:
Hi again, Alan is exactly right. Let me know if I can get you a Seller's Disclosure of the issues with the property and most importantly, have you been inside the property yet?

Eric Axelson ... more
0 votes 2 answers Share Flag
Fri Nov 21, 2008
Andrea Hershman answered:
We have a house in Dresher Montgomery County that we would consider for lease or lease purchase. It is 4 bedrooms 3 1/2 baths and a large wooded backyard. We are in the Upper Dublin Blue Ribbon School District.. We are looking to downsize. WE also have a full finsihsed basement and 2 car garage. my email address is andeeh@comcast.net if you are interested. Good Luck ... more
0 votes 4 answers Share Flag
Sun Jul 6, 2008
Cindy answered:
look on the taxes site for that area. it will give you the date sold, the new owners and the amount they paid.
0 votes 7 answers Share Flag
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