unless there is a dramatic reason it does bind you or the landlord. Unless you both can agree to dissolve the lease between you two. also you can google some of the same cases trough legal blogs.... more
It is common for someone to move from their current home to a new home that needs renovations. You will have a limit on how long you have to get the renovations done and move in but off the top of my head I think it is 140-days which allows quite a bit of time for work.
Also, I would suggest that you speak to a lender about the Fannie Mae Homestyle Renovation loan for your new purchase or even for your current residence to do the work necessary before selling it.
The Homestyle loan is similar to the 203K in many ways, with its own advantages, and allows for the purchase or renovation of a single unit second home or single unit investment property with a low down payment.
I would recommend speaking to your current lender, or another that you trust about your options. You can also contact me and my husband if you would like to discuss our personal experiences (primary residence and investment) with these loan types at 732-500-4457. We could probably offer you a few useful tips.
I've worked with many lenders and would not say it's unanimous...its subjective based on who someone knows and does business with. Choosing a lender for most people is approached the obvious way - a referral from someone and then you get into the process. More important is to look at a wider net of rating of the company, and unanimous based on a nationwide review of a company.
Why? Because, the parents companies are most likely not in NJ, and your loan officer will not be much help after you close. So you need to do more due diligence than what you get here. For example, here is a link to reviews for mortgage lenders that may be helpful...this is not an end all, but you need to look beyond what you get here so you make the best decision.
Wells Fargo has been good in the past and their health as a company is good, but there are other contenders out there to look at that I believe are as good or better.
Here is a link to get you started. http://refinance-mortgage-review.toptenreviews.com/
Good luck. Tom Hinz http://www.shortsaletosell.com... more
Possibly, but that will be on an individual basis. Best bet is to call places you are interested in to check. You could also check to see if renting from an owner who meets the age requirement will be an option. Good luck.
What people need to realize is that any home that is for rent is a candidate for asking the owner if they'd be interested in selling, or doing a rent w option to buy. If listed by a mgmt. co or realtor, they should know...if listed by the owner directly, I would ask them. Many times, the best time to ask if after you've proven you are a good payer on your rent. Once the owner knows you pay on time, and also experiences the normal issues with maintaining the property, that is the best time to say: "hey, would you be interested in selling in a couple of years at X price, if I could give you a $5K deposit today?" If yes, then you be very specific for your agreement terms. Tom Hinz www.shortsaletosell.com... more
This question is best answered by understanding how much equity is in the home currently.
Equity is cash after the sale. If there is equity (an amount based on accurate appraisal valuation vs any outstanding loans), the question is how motivated are you to sell sooner vs later. If sooner, you may need to adjust your price down if no offers are being presented in the first 3 months. If later, you can be less aggressive with any price reductions, and just be patient as you feel out the market for a longer period. If you have no equity and are in a short sale scenario with the loans outstanding, then I would say anything over 9 months (without an offer is very risky...) A short sale needs to be priced aggressively to generate an offer as quickly as possible. If you cannot get an offer in the first 3 months of a short sale, reduce the price in increments to 1) establish a price history and 2) get an offer. In all scenarios, you need to have a cost-benefit analysis done based on your goals and your specific situation to determine how long you stay "unsold" in the marketplace. The analysis will also reflect how much cash reserve you have to continue paying your other expenses and loans, and should show the economic affect on you for whatever decision you make. If you provide more information., I can be more specific. Tom Hinz www.shortsaletosell.com... more
It is as good a time as any. In my opinion, I think now is a better time because the pack is getting thinned- unlike in a strong market where everyone jumps in to try and sell homes to make a high commission. If you get in now and stick with it, you will have an advantage for positioning yourself down the road - especially when the market does get stronger. Marketing yourself in a weak market for any business has advantages!
Tom Hinz www.shortsaletosell.com... more
If you want some advice on who to retain and what steps you need to take to prepare for the short sale process before you move forward, let me know.
I've worked with many agents and attorneys...I know the better ones that get the job done. Most agents will say they do short sales...ask for specific details on their results.
For example, how many short sales they handled for the past 12 months? how many of them resulted in the seller having to contribute cash at closing? what was the average amount of the cash contribution? how long did the process take? what they do specifically to adjust the listing price to generate a purchase offer?...etc. Many will say they handle short sales...Due your due diligence and make sure you don't get misled.
Tom Hinz www.shortsaletosell.com... more
There are several rentals currently available in the Red Bank area. Feel free to email me more information on the location of your internship, and I'll be happy to send you the closest rental listings.
Heritage House Sotheby's Int'l Realty