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Woodstock : Real Estate Advice

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  • Local Info4
  • Home Buying15
  • Home Selling2
  • Market Conditions2

Activity 23
Tue Jan 5, 2016
answered:
I won't give you the "build your credit" speech, other than to say if you did then you would have options.

There are a very few options out there for credit scores as low as 500, but the catch is that they are so risky to the lender that they require a really high rate of interest and a huge down payment- like 30% down. If you're on that strict of a budget then I'm guessing you don't have a 30% down payment just sitting around. So while yes, there are a few lenders that will work with a 500 credit score, the options aren't great or even attainable for most buyers. So in a case like that, what's better - paying a huge down payment to get a 9% or 10% mortgage, or just renting?

FHA requires a 580 credit score and 3.5% down payment (although not many lenders will go below 620) and Conventional financing requires a 620 credit score and 3-5% down. So you are not there yet.

I'd advise you to rent within your means until your finances/credit are in order to buy. Owning a home is not a basic right, it is a privilege, and it's not throwing money away on rent if you can't qualify for a loan. So work on making yourself able to qualify for a loan. It's not easy, but if you can set a gameplan and follow directions to a tee then owning a home will turn from a dream to a possibility. I work with plenty of buyers that come to me in rough shape but are willing to work at it.

I hope this feedback helps!
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Sat Apr 12, 2014
Bob Brandt answered:
The best way to find out for sure is to call the City on Monday.
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Thu Mar 20, 2014
answered:
Hello:

Depending on your situation, I may be able to help. Please email or call me with more information.

Best regards,

Patty Harrison
Smart Mortgage
0 votes 2 answers Share Flag
Sat Mar 15, 2014
Dan Tabit answered:
gr8tmagess,
Probably, but you shouldn't bother. Rent-to-own is being a tenant for starters. In most cases you must pay a fee to buy the "right to buy" at a later date. You generally also pay over market rent, hoping to apply some portion of this rent toward your down payment. All of this extra money is lost if you don't exercise the option within the timeframe of your contract.
You have no more rights than any other tenant and the only reason a landlord/seller would do this is if it was in their financial interest. In any market there are few if any available, so your options will be slim. You must qualify for a mortgage when the time comes or you've accomplished nothing.
A better alternative is to find an inexpensive place to rent and put your time and energy into qualifying for a mortgage as soon as possible. You'll have more options, more leverage when making an offer and no risk to your money.
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Fri Sep 27, 2013
Adele Petersen answered:
Rich and Marj:

You have received the amount of taxes, however, you may also want to know that the house is insured for over $800,000 because that is the cost to rebuild. This is a large well constructed home and worth seeing. Thank you for inquiring. ... more
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Thu May 16, 2013
Melissa Kampschroer Leetzow answered:
LeRoy

I can help you. Please give me a call at your convenience.
0 votes 1 answer Share Flag
Mon Feb 25, 2013
Gary Geer answered:
Dee,
The starting bid is usually based on what the lender is owed on the property. Do your homework and get some comparable information from local agents on similar homes prior to making a bid. You should also view the property, do professional inspections, and possibly get a title search, and discuss with attorney prior to making a bid as you may become an owner of a property with issues that were not known or disclosed to you before your bid. Like most auction situations after you buy sometimes you feel you did not get what you thought you were bidding on or in the condition you expected.

All the best,
Gary Geer
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Fri Feb 22, 2013
Deb Rabine answered:
I have information about this property. There are several units that could become available in the next 30 to 60 days and the pricing will be very favorable. Email me at rabined@hearthstonewoodstock.org or call 815-321-4039 for more information. ... more
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Sun Dec 2, 2012
Philip Cabral answered:
The two have very little, if any, to do with each other.

Buying property is just that.
Liens have to do with positions on the title to property, 1st, 2nd, 3rd etc.
In the event of a foreclosure the 1st lien is 1st to get paid.
If there is any money left over then the 2nd lien gets paid, and so on.
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Sun Aug 26, 2012
Pamela King answered:
Dear Irene,

Just as James advised, renting with an option to buy or a land lease will be an option under rentals or homes for sale. However, most of the time these types of transactions are negotiated as buyers and sellers may not be aware of their options. I do not know any web sites advertising this directly. I would be glad to work with you during your search.

You may contact me at pamela.king@bairdwarner.com or 815-245-5725
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Mon Aug 20, 2012
Randy Schulenburg answered:
tjdepere,

Call me at 224-805-2616 and I'd be happy to talk with you in more detail.

There is a Walmart with grocery shopping near homes. Albertsons is not in this area. There is also a large Farm and Fleet near the Walmart. Wisteds is a smaller grocery store also near homes. There is also a Jewel in the area. ... more
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Sun Aug 5, 2012
Randy Schulenburg answered:
Chefhowen,

Does your townhome community allow you to rent your property? From your comments it appears you have some equity in your townhome. If you are able to buy without the sale of your property then maybe you'll be able to hold out and sell when your market value in Woodstock improves.

If you would like to discuss some strategies, call or text me at 224-805-2616 to schedule an appointment.

Randy Schulenburg
Managing Broker
Mortgage 1st Realty, Inc.
224-805-2616

www.ActiveRain.com/mmortgage
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Sat Apr 24, 2010
Agreercug answered:
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Mon Apr 12, 2010
Bob Movin-On answered:
Pre-foreclosure if the taxes are paid through escrow they will still get paid, if it is the responsibly of the homeowner it depends but in most cases if the people do not pay the mortgage they will not pay the taxes.
After a foreclosure sale the taxes are brought current as part of the settlement that allows the deed to be transferred to said party.
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Fri Jan 15, 2010
Dawn Zurick answered:
Updated info on property:

It must have been pretty close to the date you posted the question as US Bank recorded a Foreclosure Deed on 11/18/2009 and put the house on the market the same day. It was off the market on 12/31/2009 at a list price of $194,900. It is still listed as pending as of 1/15/2010 and has not closed yet. You might still be able to find it on the MRED mls at the link below. ... more
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Wed Oct 7, 2009
Meems answered:
We are both a buyer and seller. Keep in mind that almost every buyer who makes an offer has had to (or will need to) accept a SIGNIFICANT loss on their previous/current home.

If you can't compete with foreclosures best not to get into the market right now. Regardless of what a realtor might tell you... it's foreclosure properties that are selling. ... more
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Mon Jan 26, 2009
Jennifer answered:
Our lease with option to buy is a contract which binds both parties. The buyers agent knew that and still tried to get the other party to default by using information from our other "potential sale" to make his deal look better. He basically tried to steal property out from underneath us. Property he knows we have started a business on. He tried to pry into our private financial information. I have sold plenty of real estate and never been faced with behavior like this. His client happens to be an extremely wealthy corporate attorney from New York that is used to getting what he wants. This agents professionalism was compromised by the promise of money. ... more
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Sat Aug 23, 2008
Bob McClure answered:
good afternoon.paying points doesn't increase the downpayment..it is considered pre-paid interst (discount points) to buy the rate down......to pay, say two points...there is a re-capture time of maybe five or more yrs.that you need to stay in the loan...to realize the savings of paying the points for recvg a lower rate..it is probably a $1.00 charge for a $.50 value.....don't get hung up on rate....what is it i am paying and what return do i see?.......bob mcclure- mortgage now- farmingt, michigan.........(248) 974-4444 direct cell. ... more
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