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01772 : Real Estate Advice

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  • Local Info0
  • Home Buying3
  • Home Selling0
  • Market Conditions1

Activity 6
Mon Mar 21, 2016
Jasonbwhittier asked:
I am looking into a direct loan through USDA. My credit score is a 660, income at $72,000 (with 4 kids), so I would qualify for the direct program. I also have about $10,000 in savings…
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Wed Mar 12, 2014
Nancy Butterly answered:
It's really what the buyer and seller agree to. This amount is usually somewhat above the average
rental in the area. In this market I would recommend that you talk to a lender and see if you don't
qualify for a mortgage. If you have had bankruptcy in the past there are lenders who will now
work with this. Rent to own are tricky.....at the least hire an Attorney to review any documents you
may be given by the seller to sign. Best of luck!
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Tue Aug 2, 2011
Rachelle Knight answered:
Generally with a rent or lease-to-own home you agree to pay $XX amount each month in rent, with a specified portion of that monthly payment set aside toward the purchase of the house. You also agree to the final sale price and the term, or length of time, you will be renting. When you reach the appointed date, you make a lump or balloon payment to the seller, and take possession of the home. The money set aside from your monthly rent payment is used as a down payment on the house, and deducted from the ultimate sale price. How you actually pay is up to your circumstances- most buyers I have worked with in this situation get a traditional loan.
However, what Ron has experienced in California holds true for the parts of MA and NH that I work in- lease to own homes are few and far between. They offer a much greater risk to the seller and the buyer, risk to the home itself, and plenty of work for little compensation for an agent.
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Thu Mar 24, 2011
Judy Boyle answered:
Hello Newton Neophite!

I do hope you receive some answers from NON-agents as license Real Estate Agents cannot legally "steer" prospective buyers toward or against any particular home or neighborhood.

What I can tell you is that both the Carriage Hill and Vickery Hills Active Adult Communities are very popular choices for those looking to own a home without the exterior maintenance...yet with MANY perks that bring its residents that much closer to ultimate quality of life! I have sold several units in each development so please let me know if have any specific questions.

As for the real estate market....now could not be a better time to sell....and I have the statistics to prove it!

Best of luck!!!!

Judy Boyle
RE/MAX Signature Properties
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Thu Apr 22, 2010
Matt Heisler answered:
The current owner has the bulk of the responsibilities. Yours fall into a couple of categories:
1) What happens if he can't deliver? Permitting, Construction delays, etc: Make sure you're covered.
2) What are you buying? If it's not in your contract, or referenced somewhere, it's optional. He could decide to not do it, alter it, charge you for it, etc. It sounds obvious, but its not.
3) Understand the other units and the owners role: will he be contributing to the capital reserve while the other units sell? Is he the voting majority? Can he rent the units? Again, be clear about what his options are, and get it in writing!
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Thu May 8, 2008
Angela Clark answered:
Also, what you also have to take into consideration from a sellers standpoint is the tax implications. Remember, to avoid capital gains tax (if any) the owner must have lived in the property for 3 of the last five years. Also, there MIGHT be a minimal rental amount that must be charged. Consulting a tax attorney is probably best route to go before entering into a rent to own agreement. ... more
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