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Rent vs Buy in 28210 : Real Estate Advice

  • All21
  • Local Info0
  • Home Buying9
  • Home Selling3
  • Market Conditions1

Activity 8
Wed Jun 20, 2012
Beau Ferguson answered:
Not many homes are listed rent to own, but sometimes you can find a homeowner willing to do it.....especially if he's had a home on the market for awhile. Of course they will want to check credit and background to make sure you are worth the risk.
Contact me and we can talk about it further. How soon do you want to find a home?
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Tue Jan 7, 2014
Dan Jones answered:
I would suggest looking up a firm that deals with rent to own like Allen Tate. I know there are a lot of local agents with Allen Tate that work with rent to own clients.
0 votes 10 answers Share Flag
Thu Oct 8, 2009
Debbie and Salvador Arriero answered:
Hi Cynthia,

I do have a listing in a great neighborhood that may work, but it is only 1.5 baths. The unit has been totally renovated and is priced under $110,000. Being a member of the CMLS I can show you anything that is available.

If you are not currently working with a Realtor, please contact me and we can discuss. 704-451-3895 or visit my web site www.PropertiesofCharlotte.com. I look forward to hearing from you.
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Tue Sep 22, 2009
Lynn Johnson answered:
Hi Kerry,

To be in the center of everything it will depend on what "Everything" is. However, if it were me, I would be looking in south Charlotte close to Uptown Charlotte. Whether it is great restaurants, shopping, health food stores, entertainment including arts and sports - you can find it either Uptown or in South Charlotte.

Again, if it were me, I would buy vs. rent because prices are great, there are a lot of motivated sellers who might be willing to pay for some or all of your closing costs. Combine that with low interest rates and great loan programs, it would be better to buy than rent.

A Realtor can help you find the area that is either in or near the "Everything" you want to enjoy. Plus their expertise is important in helping you not only buy a house but getting through the buying process. Let me know if I can help!
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Wed Jul 29, 2009
Abe Mills answered:
I will offer you a link so you can get informed on the truths of this tax credit. Many people are passing around complete myths about what it actually is, or how it can properly be used. As far as getting screwed if the home is in pre-foreclosure, I would hope that you are closing your lease purchase with a real attorney, and if so, they will do a proper title abstract, and if it is in foreclosure, chances are you can't buy it.

Good luck
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Thu Jul 30, 2009
Michael Moulton answered:
Hi, let me answer each question separately. If you have the seller sell you the home as owner financing on a land contract vs. a lease to own then I believe that you can take the first time tax credit. With a land contract, its very similar to buying a car and getting a loan in that the bank holds the title until you pay off the note. Similarly when buying an owner financed home with a land contract, the deed is placed in escrow and when you refinance or payoff later on you get full ownership via the deed. However, per the IRS a land contract is considered a sale and if you are responsible for making the payments solely on the debt of that home you are entitled to the tax write off. This is why I'm lead to believe that you could also get the first time homebuyer tax credit. You should call an accountant first though as I wouldn't want to lead you astray. The benefit to the seller of selling on a land contract is that if you don't make good on your promise to pay then they can evict you like a tenant and not have to file the foreclosure. If you are putting a decent amount of money down then the seller should comply with this option.

On your second question, if you put option consideration down and the house goes to foreclosure you can refinance the property before that occurs if you are ready to as long as the debt owed is not larger than what you are purchasing for (and it shouldn't be). I've seen situations where the lease to own buyer cannot obtain financing for a number of years which is essentially a glorified rental. So, if you can't refinance into a new loan by the time a foreclosure happens than you could lose your option consideration. Or, the seller could work with a company like mine to work a short sale and get the debt reduced with the lender so that you can purchase. I hope that this helps. Unfortunately nothing is guaranteed.

Good luck,
Mike Moulton
Bee Home Solutions, Inc.
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Fri Jun 17, 2016
Sandi Foree answered:
This could be an advantage to both buyer and seller in some situations. There are no two situations a like. I would suggest an Agreement for Sale or Exact Wrap of the existing mortgage with buyer claiming property taxes and a 5 year or 10 year call. As a seller - I prefer this on rentals so i don't have to claim all the capital gains at one time. ... more
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Tue May 12, 2009
Torry Pinter answered:
Are you looking to sell or rent the townhouse yourself? I would suggest talking to a local Realtor in the area. If you do not know any in the area I will be happy to get you in touch with a Realtor in the area. tpinter@ExitHometownRealty.com or 828-926-7888 ... more
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