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Property Q&A in South Dallas/Fair Park : Real Estate Advice

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  • Home Buying0
  • Home Selling0
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Activity 3
Fri Dec 13, 2013
Rosalyn Traylor answered:
I copied this from the information about the property. For each person living in the home that is over $18, the fee is $40.00 . It is non-refundable, and paid in the form of a money order or cashier's check payable to DALLAS GTF INC. ($40 App Fee per person 18 years+older(non refundable)due at offer)

The security Deposit is $595.00 paid when you sign the lease, paid in the form of a money order or cashier's check payable to DALLAS GTF INC.
( $595 SEC DEP DUE at LEASE SIGNING.App fee made payable to DALLAS GTF INC, Money Orders-Cashiers Chk.)

Hope this help you.
Rosalyn Traylor
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Tue May 7, 2013
Chris Hutchinson answered:
The short answer is most people will not consider a lease with option to buy because laws of the state are not in their favor if they choose that option.

You could ask for the first right of refusal on the property. This would mean that you would like to lease the property and if during your time living their they decided to sell you would have to turn down the offer to purchase the property before they could sell it to anyone else.

Consider this as well. If you are looking to lease option the amount of money that you will pay out of pocket can be significant. On average if you are renting a home and moving it will cost you at least $3000 ($1000 rent, $1000 security deposit, $1000 moving and misc cost). Consider a FHA loan on an $100,000 house instead. 3.5% down is $3,500 and you monthly payment is usually less than rent.

Another option is going for straight owner financed homes. These usually require 10% down but that will go straight into the equity of your home. There is no bank qualify on these homes.

Unless you have a foreclosure or bankruptcy on your credit it shouldn't take you that long to get your credit score high enough to qualify. Give me a call and I can help you see if you can get qualified and move into a home that you own. Its worth exploring.

Chris Hutchinson
The Michael Group
972.809.0607
www.chrishutchinsonrealestate.com
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Sun Apr 28, 2013
Ryan Duncan answered:
You have several options! Go to thelendersnetwork.com I picked out a few homes I wanted using their Realtor they game me. Have an attorney they got me with working on my credit, and got me an investor to purchase the property, I pay rent until I can purchase so far so good, the Law Firm they get got me with has been great and looks like The Lenders Network has a lender that can get us closed once we have a 580 mid score. we love our home! ... more
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