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Rent vs Buy in Sarasota County : Real Estate Advice

  • All110
  • Local Info4
  • Home Buying72
  • Home Selling3
  • Market Conditions1

Activity 6
Tue Dec 11, 2012
Lynn Brock answered:
Protegeaugustave,

If you are considering buying a home after a short sale and plan on using cash, then you can buy immediately.

If you are considering buying a home after a short sale and plan on going FHA, you will need a minimum credit score of 620 and wait 3 years.

If you are considering buying a home with 20% or greater down payment, with 620 credit scores you can find lending sources after a 2 year waiting period.

Best to pull your own credit and evaluate if credit repair is required to raise your credit scores. This takes time and a 2-3 year waiting period will allow the credit repair work to be completed and your scores increase by your efforts.

Best regards,

Lynn Brock
Brock Realty Inc.
941.313.1234
www.brockrealty-inc.com

If you'd like to search the MLS like an agent in real time, you can visit our website and sign up for a free Listing Book account. You will be able to change the search criteria to suit yourself and received morning reports regarding new listings, price changes and recent pendings.
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Tue Jun 26, 2012
Lynn Brock answered:
Alexandraginae, Based upon your statement, you are leaning towards buying a place to call home.

The upside of buying is that it is truly your home and pride of ownership is a wonderful thing. Sounds like you have first time homebuyer jitters. The first step is to get yourself pre approved for a mortgage. Going through this process will help you to organize your financial papers, matriculate you through a series of steps that may be overwhelming (at first) but increase your awareness of yourself, your financial discipline and set realistic parameters for you to consider regarding affordability of homeownership.

The gas cost and vehicle wear / tear associated with your commute is adding to your overall monthly bills, possibly 100-200 hundred dollars. The process of mortgage approval may be the tipping point that you need to best evaluate your options.

The rental market is very active and can be costly. If your commute is shorter, you might be able to afford a higher rent? If your monthly payment for rent or a mortgage is pretty much equal, then look at the cost of the downpayment, and ongoing maintenance costs related to home ownership. Keep a journal of the process, your thoughts along with a wish list.

Sounds like your concern is timing. If you shift from renting to renting or renting to homeownership figure at least one month of double expenses to make the transistion. You can do it and achieve your goals/dreams. You can get started today!

Good luck,
Lynn Brock
Brock Realty Inc.
941.313.1234
www.brockreatly-inc.com

If you'd like to search the MLS like an agent in real time, you can visit our website and sign up for a free Listing Book account. You will be able to change the search criteria to suit yourself and received morning reports regarding new listings, price changes and recent pendings.
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Tue Sep 21, 2010
Brian McGreevy answered:
Tony,

If you are looking for a rental property we can help. There is simply no need to rush into an important decision, such as home ownership. If you are uncertain of your future plans rental is a great way to go.Frankly, it does not make good financial sense to purchase a home and sell it two years later. The real estate commission would most likely eat up any profit; regardless of how great of a deal you get on the home.

We hav a rental agent at Sarasota Home Realty who lives in the area you area discussing and knows it well. She just rented a property we had listed "west of trail" last week and can certainly help you. Let us know if we can assist you in your needs, rental or otherwise.

Brian McGreevy, Broker/Owner
Sarasota Home Realty
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Wed Feb 17, 2010
Dallas Texas answered:
Please be extremely careful off this type of transaction have an Realtor represent you . Many issues are misunderstood between tenant and property owner. Many scams are out there don't fall victim .

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911

http://www.lynn911.com
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Sat Aug 23, 2008
Bill Eckler answered:
Sharyn,

If you are familiar with Venice ....and it sounds as if you are, our recommendation is to not committ to a long term lease but find a month to month rental to use while you do an in depth search.

Since this has been a long time goal, we see no real benefit of waiting. Prices have dropped and sellers are motivated......this transulated into savings. Now is the right time to buy if you can identify the right home, in the right location, and at the right price. Many foreign nationals are taking advantage of the current market because they see the benefits that go far beyond the value of the dollar.

Essentially.....to wait may be to miss out on opportunities that are being sold every day. We just closed yesterday on a Venice Island home that was listed one year ago for $624,000 that we closed yesterday for $298,000. 200 yards from the beach, recent extensive renovations, granite, caged pool, terrazo/carpet, private yard, etc. etc. etc.

The bottom line is, it has to be the right time for you personally. People that elect to wait are waiting for a better opportunity that may not come....choosing miss possibly the best time to buy.

We would be happy to assist you with finding a rental or help you to find your perfect home.

Good luck,

The "Eckler Team"

Michael Saunders & Company
941-408-5363
billeckler@michaelsaunders.com
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Tue Aug 19, 2008
Shannon Moore - The Moore Team answered:
We have a lot of information about the Venice area on our website listed below. You might want to start off doing some research on our website. We would be happy to assist you when you come to the area.

Roxanne Moore, Realtor
Re/Max Anchor Realty
841-626-3926
twomoores19@comcast.net
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