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Rent vs Buy : Nationwide Real Estate Advice

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  • Local Info60K
  • Home Buying264K
  • Home Selling45K
  • Market Conditions26K

Activity 812
Tue Sep 4, 2012
Kaylane Peters-Davis answered:
Hello Jess I would be happy to sit down with you discuss what all of your opinions are. Making a choice on what type of home to purchase is more of a personal choice it just depends on whats important to you. There are ups & down to compare when your talking single family home vs condo. Give me a call i'd love to help.Kaylane Peters. Keller Williams Realty Metro Atl. Licensed in Georgia & Louisiana. 504-373-9696 ... more
0 votes 7 answers Share Flag
Sun Sep 2, 2012
Justine Crawford asked:
Sun Sep 16, 2012
My NC Homes Team answered:
This is a question you should ask your financial adviser. There are going to be negative ramification you'll have to deal with should you walk away from your mortgage. I don't know the Cerritos market well enough to comment on how it's doing, but my guess is that like most markets it will in fact rebound over the next few years and if you can afford to remain in the home it may behoove you to do so/ If you walk away it's going to be a long time before you'd be able to get another mortgage so you'd be forced to rent for many years.

Really sorry you find yourself in this position and hope that whatever you decide to do things work out.
... more
0 votes 3 answers Share Flag
Fri Aug 31, 2012
Sue Baillio answered:
You will neve know if you may have that option if you do not ask. With more information, I can represent you in your efforts to find out if this is an option for you.

Sue
0 votes 5 answers Share Flag
Thu Feb 28, 2013
Craig Chastain answered:
Raquel,

Did you short sale your home or did it foreclosure? What was the date that all was completed.
It is going to depend on what happened with the house as to when you will be able to purchase again.

Please call me so I can get some more information from you and be able to point you in the right direction.

Thank you.


Craig Chastain
Realtor/Owner
Next Level Realty
909.243.4251
sellyourhomewithcraig@yahoo.com
... more
0 votes 14 answers Share Flag
Tue Aug 28, 2012
First Last answered:
The bank does not have to agree to the short sale, so you may not get this property at all. I certainly hope you have an attorney working for you? If so, definitely get their advice. First find out what your contractual obligations are now on this short sale at this point, or you might end up with two apartments--one rental with a lease you are obligated to pay, and one owned by you that you are also obligated to pay for.

Karla Harby
Licensed Real Estate Salesperson
Rutenberg Realty
New York, NY
212-688-1000x146
... more
0 votes 1 answer Share Flag
Sun Aug 26, 2012
Frogspazzle asked:
Im a first time buyer and im trying to get in a house is it easier to do rent to own or too have a mortgage?
0 votes 0 Answers Share Flag
Fri Aug 24, 2012
Mike Snow answered:
Hi Yul,

Interesting decision you have here. Rental prices are at an all-time high around the state, so that can hurt you a bit. A lot of people are questioning whether renting is now worth it! Cost of renting can almost equal the cost of owning, so it may make more sense for you to invest in an asset such as a condo/home.

Here's a great video from NECN last week in regards to renting vs buying. http://www.necn.com/08/14/12/Shift-back-from-rent-to-own/landing_business.html?blockID=756925&feedID=4209

Really great place for you to start. If you have any questions going forward, please feel free to contact me.

Mike Snow
Coldwell Banker
401-525-6506
mike.snow@nemoves.com
www.yourprovidencehome.com
... more
0 votes 2 answers Share Flag
Tue Aug 21, 2012
Aaron Sims answered:
One thing to consider is the low interest rates currently. I would recommend seeing what rentals are costing locally, and seeing what you could afford with a mortgage. There are several properties in my area that you can buy (600-700 down and payments around 5-550 a month) with a pretty similar home across the street that is a rental and currently rented (700 -750 a month). There is more to consider of course but something to think about. As for a lease purchase, that’s defiantly another option and one that you should look into. Just be sure to make sure you understand the details of the contract and make sure you are covered in the event something happens.
Best of luck!
... more
0 votes 1 answer Share Flag
Tue Aug 21, 2012
Ron Thomas answered:
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 2 answers Share Flag
Sat Aug 18, 2012
holcombe.nancy asked:
0 votes 0 Answers Share Flag
Thu Aug 16, 2012
Ron Thomas answered:
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 1 answer Share Flag
Thu Aug 16, 2012
Regina Geary asked:
Wed Aug 15, 2012
Michael Diggs answered:
Edgar,

I would be more than happy to assist you & your family in your search for a rental property. Please call me anytime at 816-863-7797.
0 votes 3 answers Share Flag
Tue Aug 7, 2012
Ron Thomas answered:
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 4 answers Share Flag
Mon Jun 10, 2013
Jeff Metcalf answered:
Hi 916jade,

It depends on your situation. If you are comfortable financially, then I always recommend getting a free pre-approval. There is no sense in throwing money away to a landlord if you have the ability to buy. Most lenders will approve you for free and my mortgage broker will actually get you a response within 24 hours and offer a couple pointers to get you in the right direction if for some reason you don't qualify. Let me know if you'd like me to get you in touch with him. It's free and it's only a soft pull on your credit so you won't get dinged. I look forward to assisting you~

Jeff Metcalf, REALTOR(R)
Watson Realty Corp.
(904)495-0115
www.Realty2Reality.com
... more
0 votes 2 answers Share Flag
Thu Aug 2, 2012
Mike Ponting answered:
It will be easier to rent than to buy. When a landlord has your credit checked, they are looking to see if you pay your bills on time. In addition you have to ask yourself if you are living within your income. Too much in credit card debt will bring your credit score down along with not paying your bills on time. ... more
0 votes 1 answer Share Flag
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