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Schools in Powder Springs : Real Estate Advice

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  • Home Buying28
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Activity 4
Wed Jan 7, 2015
chrystal hildrteth asked:
This question was asked from http://www.trulia.com/rental/3169230449-Sweetwater-Landing-33-Sweetwater-Dr-Powder-Springs-GA-30127?ecampaign=con_day_rentalpropertycomp_bk&eurl=www.trulia.…
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Mon Dec 30, 2013
answered:
Hi Elizabeth,
I do not suggest doing lease purchases/rent to own. There are simply way too many things that can go wrong with one from either side.

In order to do true owner financing, the owner must own the property free and clear of any mortgages. Very few sellers are going to be in that position.

If the property currently has a mortgage on it, the owner cannot legally transfer the title to a buyer without the mortgage first being paid in full. Most all mortgage loans have a due on sale clause. This due on sale clause requires that the mortgage be paid in full should a title transfer occur.

The buyer is also at great risk on a lease purchase transaction should the seller quit making their mortgage payments. Right now, many sellers cannot afford to make their mortgage payments or simply chose not to continue making them. I have seen where the buyer is making their rent payment, but then the owner is not paying the mortgage. The next thing the buyer knows is that the home is in foreclosure. That means the buyer will generally not get back any of the money they have given as earnest money or security deposits.

It is also a big risk on the buyer. If your credit is not where it needs to be now, there is no possible way of you knowing it will be acceptable in a set amount of time.

Before entering into any type of agreement like that, the buyer needs to make sure that they fully understand the potential pitfalls that could arise. Should the seller default on the mortgage, the buyer could lose ALL of the money that they have invested. Until you are able to purchase, renting is generally the safer option.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options to see if purchasing might be a possibility for you. To get Pre-Qualified for your purchase, you can submit your request online at www.rodneymason.com to get started.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
... more
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Mon May 6, 2013
Kris Grimes answered:
Hello,
This home is located in the South Cobb high school district.

Here some websites to check out schools:
http://www.schooldigger.com
http://www.greatschools.org

I hope this helps.
Have a great day.

Kris Grimes, Realtor, ABR
Maximum One Realtors
770-885-0521
... more
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Mon Jan 28, 2013
Terri Younce answered:
No, this home is in the Vaughan Elementary District.
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