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Renting Instead Of Selling House All Locations : Nationwide Real Estate Advice

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Showing results for Renting Instead Of Selling House [Clear search]
Sat Feb 11, 2017
Ann Ryan answered:
Lennar is the largest builder in my area. The homes appear to hold up relatively well. Send me an e-mail regarding the specific community you're considering, and I'll pass along any additional information I may have. ... more
0 votes 34 answers Share Flag
Thu May 25, 2017
Caroline Harabedian answered:
Well, it really matters what part of LA you are looking at. In the valley, in Granada Hills (what I like to call the Beverly Hills of the Valley), you can find a nice 5 bedroom house, large with a pool for around $500k. Average price of homes in the valley are well below $400k total. Most of these homes are built in the 80s and 90s, but some of the higher end homes are built after the 94 earthquake so you have more modern choices. Most people buying above $700k are putting large amounts in down payment, that's why they can afford home loans.

If you want to speak with a qualified loan officer about your loan needs, I can recommend Bridgette at WestCom Lending (818) 335-0283 / bridgette4re@yahoo.com

All in all, location is key in finding a home that is for you. Maybe try searching a slight further commute to work to have the luxury home you want. Any questions, feel free to contact me.

--
__________________________
Sincerely,
Caroline Harabedian
Realtor
RE-Search Concept
8700 Reseda Blvd., Suite 213-B
Northridge, California 91324
(818) 967-9626 mobile
(818) 979-0226 fax
www.HomesByCaroline.net
... more
0 votes 71 answers Share Flag
Thu Dec 5, 2013
Kevin Bumgardner answered:
Hello Amber,

Five to 10 years is the average time one typically owns a home before moving again. Typically, your selling expenses will be small enough that you can still show a profit. Many others believe that is a sufficient time to leverage these great interest rates and hopefully see a modest return on your investment. Especially in the under $250K range, it is more likely that home bracket will see better appreciation that the upper brackets.

If you put $20K down a $200K home, and in 5 years the home appreciates at 3% per year (by the way this last year the average was 7%) then in five years it'll be worth $230K. Subtract the original value and you've ROI of $30K on top of your investment of only $20K. Granted this is simplified not to include mortgage payments (which are substituting your rent) and any improvements. But where else can you turn $20K into $50K in only 5 years?

Hope this is helpful.

Sincerely,
Kevin Bumgardner
MainStreetMN.com
kbum@msn.com
612-386-8773
Counselor Realty, Inc.
... more
0 votes 21 answers Share Flag
Tue Apr 16, 2013
Matt Brown answered:
Hi Alex,

It is possible to qualify for a loan given your current situation. Even though Wells Fargo will not approve your fiance that does not mean that another lender won't as well. We need to get you in touch with a loan officer that can look at your financial health and give you the steps that need to be taken in order to qualify if they can't get you approved right now. Feel free to contact me anytime and happy house hunting!

MATT BROWN

Keller Williams Integrity
2680 Snelling Ave N, #100
Roseville, MN 55113

Office: 651-203-1700
Cell: 651-343-3304
E-Fax: 651-340-4072

Visit one of my websites below or see me at http://www.trulia.com/profile/mattbrownrealtor/

http://mattbrownrealtor.us

http://mattbrown.yourkwagent.com
... more
0 votes 6 answers Share Flag
Mon Dec 24, 2012
Adrian Ornelas answered:
In any normal home purchase the buyer pays for Buyer's Closing Costs and the seller for the Seller's Closing costs. In a buyer's market it is common for a seller to pay for the buyer's closing costs, but currently Las Vegas is a Sellers market. Are they requesting that you pay for the seller's closing costs? ... more
0 votes 7 answers Share Flag
Sat Dec 22, 2012
John G. Johnston answered:
Justin If you are thinking you might move in a couple of years I would not suggest buying. If you move you still have a mortgage payment plus rent where you go. Five years, I would buy. I assume if you are completing your masters you will not have much time for making money. ... more
0 votes 24 answers Share Flag
Sun Dec 23, 2012
Jamie Collins answered:
Sell it about 4 years ago. and rent until about 8 months ago.
0 votes 4 answers Share Flag
Sat Apr 27, 2013
Allen Grace answered:
You have an interesting question that can have different factors to consider. First of all in todays market you can buy cheaper than renting, period. Buying is without a doubt the cheapest option not considering time. Your qualification of being near Notre Dame may be a deciding factor as buying or renting near campus is generally higher than the community as a whole due to demand. You can buy today considerably less than it will cost you to rent house. The problem is the time period that you are here. Appreciation in this area in good times have been in the 3-5% range/year but due to the market conditions over the last few years has been O or less. When you sell you will need to plan on about 8-10% of the selling price to go in selling fees and taxes. Your challenge is to determine if you can buy smart, live for 3 years at low mortgage cost and sell at a price that will cost you less than what it would cost you to rent for 3 years. Depending on the house you may of course have maintenance cost that you would not have in renting. I would believe that buying may be a better option but probably not in your perferred area considering the 3 year time you have established.

Call if I can clarify further in some way.

Good Luck.
... more
0 votes 7 answers Share Flag
Thu Dec 6, 2012
Ron Thomas answered:
Back in the "dark ages", it was a lot easier to do this; Lenders would help you with Loans that had a CONTINGENCY FOR SALE, or "Bridge Loans", which bridged the gap between the sales.

In this new Market, the best you can hope for is good timing:
But the odds of that happening are remote, at best, and could be disasterous for you.
My recommendation would be to resign yourself to the situation, get a Storage Unit for most of your belongings, and plan on renting for a few months.
You will have to move twice, but the benefits and stress will far outweigh the consequences.

Good luck and may God bless
... more
0 votes 10 answers Share Flag
Fri Dec 7, 2012
Jennifer Ronning answered:
Well, there are a few reasons... The best reason it is FREE as a buyer to use an agent to assist you in buying in a home, the cost of a buyer's agent is paid for by the seller. other reason's are....I have access to ALL homes for sale and can very easily narrow your search so will get ONLY homes that match exactly what your looking for directly to your email, when you find your DREAM home I will be able to tell you what similiar homes have sold for and be able to get YOU the very BEST deal on your new home. I will handle the entire process of finding you your dream home to handing you the keys, I willl make the process as painless as possible. you will KNOW your not only moving into the home you love but, it it will also be the best deal on it as well.Call me today so I can set up your FREE search for your perfect home 480-250-2581 Jennifer Ronning Keller Williams Realty ... more
0 votes 11 answers Share Flag
Sun Apr 12, 2015
Bill Austin answered:
Nichole,
Only if you use an attorney. There seem to be "issues" that come up between the beginning and end of these agreements. Typically when I have looked into these for a client the interest rate and down payment are the big obstacles. Much like owner financing they tend to want large down payments and high interest.
I'd be happy to help guide you through the possible avenues to buy a home. There are a lot of programs out there to assist first time buyers.
Bill
... more
0 votes 13 answers Share Flag
Sat Jan 26, 2013
Scott Helt answered:
Hi Erica,
I can send you listings that match your criteria, just email me or call me and provide your email address.
Scott Helt
314-598-8102
0 votes 9 answers Share Flag
Sun Nov 1, 2015
Kimberly Taylor answered:
I am not quite clear on the situation! are you looking to rent or inquiring about investment returns? Typically too much depends on the updates and amenities offered within the house (main floor bedroom, central air, energy efficient items, garage, yard, etc.) As a landlord with multiple types of property experience, those homes are the hardest to rent & cash flow due to the property tax value. About $750/month with a one year lease is average! ... more
0 votes 7 answers Share Flag
Wed Nov 7, 2012
Ron Thomas answered:
While Lease/Option is not usually a SCAM, it is one way that Seller can take advantage of a Buyer:
Most Buyers are not aware of the pitfalls involved.
There are no standard forms, nor are there standard numbers that can be assigned:
The Agreement can be drawn up by anyone, and can include any provisions that the parties will agree to.
This is a blurb that I use to caution buyers about L/O:

Lease/Option
You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!

The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.

The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?

This is the Ultimate Caveat Emptor!
... more
0 votes 15 answers Share Flag
Tue Oct 16, 2012
Itzalmarie asked:
I have a house that I gave to a couple as an option to buy lease and after 8 mon ... decided not to buy anymore and now they think they are renting which is not. Since day one of giving them ...
0 votes 0 Answers Share Flag
Sat Oct 13, 2012
Tim Krukowski answered:
You would benefit GREATLY by teaming up with a board-affiliated Realtor (R) to help you navigate these waters. Most would characterize Florida as being in the very, very embryonic stages of real estate recovery. Reach out to a couple of Realtors (R) and find someone you're comfortable is guiding you in the right direction. ... more
0 votes 5 answers Share Flag
Thu Oct 11, 2012
Olimits7 answered:
Part 2:

I checked comps in the area and current houses for sale and sold houses; I feel the house is over priced. It also has a smaller sqft and lot size compared to other houses selling/sold in the area. I feel these issues have definitely hurt the sell of the house because you get a much larger house and lot size for far less than what this house is selling for in nearby locations.

The house has been price reduced multiple times now, and I want to come in with an offer at 15% under the selling price. Based on my research I believe this is a good starting point due to the fact that I make a great buyer for this seller, the small sqft/lot size/overpriced issue, house prices are still declining (2012 is on pace for -3% drop), and the fact that I have more leverage since it's a buyer's market.

Please let me know your thoughts! Thank you.
... more
0 votes 8 answers Share Flag
Fri Oct 19, 2012
Alain Picard answered:
I would definitely suggest that you and the current owner use your own Real Estate agents. There is just so much that is involved with the purchase of a home it is almost always a good idea to have the expertise of an agent to help with the sale. I hear it all the time when a seller and buyer do this on their own someone ends up not being happy with the results in the end. ... more
0 votes 10 answers Share Flag
Wed Oct 10, 2012
Aaron Sims answered:
Very interesting question and story. A house is "worth" what the market says it is. However just as your buyer has said its worth 800 a month, but not 95...so is it, or isn’t' it? In my area, some homes are selling with a lower monthly payment than a rental home of the same/similar plan. So maybe check and see what it would be to rent the same or similar home. Odds are he'd pay the same or more. So again he has the benefits of owning instead of renting. As rates are so low, the cost of owning is lower now then it has been for the last 20 plus years. Prices are starting to increase so odds are he'll actually be able to see some appreciation.
Now is the bank asking too much? Maybe. It has another offer, he really loves it, so in my opinion its worth is to try for it. What to offer, that’s the question. It is worth the 800/mo, it’s not worth the 95. Well tell him that if he doesn't have the 95, or the 90 to pay in cash, then it doesn’t' really matter. I'd buy a Million dollar home and move in tomorrow if it only cost me $800 a month. So really, the price doesn’t' matter, he's buying good terms, or a good price. He knows it’s a great home. He knows 800 a month is good. So maybe the question is this. It is worth it to lose the home because it i perfect to live, perfect payments, but the asking price is 5k too much? I may have gotten off track but seems he likes it. How would he feel if he didn’t' get it? Odds the other offer is full price, slim. They saw he same comps as you. So take a gamble, put in an offer of just under 195. Try as little contingencies as possible and get the bank to believe that your guy will close, close soon, and they will have the property off their hands. Best of luck; please let us know how it works out!
... more
0 votes 5 answers Share Flag
Sun Sep 30, 2012
Janet McCarthy answered:
Hi Mrs. Dumas,
Sounds like a great deal!
Once the owner accepts your offer it is submitted to the bank for approval of the short sale and it could take six months. The status of the listing will change from Active to Contingent and it will no longer be available for showings, although they can accept back-up offers.
It is common for the owner to move out when they short sale their home.
Good Luck
Janet McCarthy
Connect Realty
jmccarthyhomes@gmail.com
... more
0 votes 22 answers Share Flag
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