It's anyoneâ€™s guess. If the listing agent did their job well, tried to get more for the house and dropped the price at reasonable intervals you can't do more than you did. If the bank does not accept your offer, they may counter. At that point the decision will be yours.... more
Much will depend on your contract/agreement--review the document as the answer can be found in it--also consider consulting with an attorney who specializes in real estate, have all documentation reviewed and see exactly what options you may have.... more
Not knowing your overall financials, credit score, debt, income, etc.; consider visiting with any qualified loan officer(s), after reviewing your overall financial picture, he/she can make a determination as to qualification--then go from there.... more
Much would depend on your overall finances, credit score, actual equity, etc. Consider visiting with any qualified loan officer(s), after reviewing your overall finances, he/she can best advise; however, do keep in mind that you, the borrower, need to consider the economic factors of your lifestyle that would impact on your individual comfort level of affordability. A mortgage outside your budgetary constraints can dramatically alter your overall living conditions. So, be sure to factor micro and macro economic concerns into your mortgage amount deliberations.... more
Banks will not do owner finance or rent to own. If you are considering one of theses terms I highly suggest getting an attorney to oversee things on your end to make sure you are getting into something safe while at the same time realistic and manageable.... more
Financing a home purchase can be a challenge in this market in this price point. One option you might consider is to take out cash from your principal residence in the form of a home equity line of credit. Essentially you'll be able to purchase the investment property for cash and you'll have the funds available for repairs. If you take a loan out you're probably looking at a minimum 20% down payment. Hope this helps.... more
See a lawyer and have him/her draft an agreement. That--if properly done--will take care of most or all the problems you might encounter down the line.
I'm not a lawyer, so this isn't legal advice. But in typical home purchases you'd probably be talking about tenants in common as the type of ownership. That type is divisible, and specifies the amount each person owns. So, if one owned 60% and the other owned 40%, then either could sell his/her portion to someone else. And, using your terminology, I guess the 60% owner would qualify as your "primary" owner. However, ask your lawyer whether another form of ownership--such as an LLC--might be more desirable. That's especially the case if you're thinking of using it as an investment property in the future.
But you need someone to sit down and determine the value that each of you brings to the transaction and, thus, the ownership percentage. You also need procedures in place if one of you wants to sell his/her interest. Or if both of you want to sell. Or if one wants to sell and the other opposes it. And your agreement should also specify who's responsible for what expenses. These aren't difficult issues if addressed up front. But it can get awfully messy if they're not, and you confront them only when there's a problem.
So: Best route to take is to talk to a lawyer about how to take ownership, how to handle the property during ownership, and the various methods of disposing of the property.
Generally speaking the future looks about like the present. There are a lot of houses on the market now, and many more waiting for any signs of increased buyer activity.
We just have to remember that, while sellers are not getting what they would like to get for their existing homes, they can make it up on the house they are going to buy to replace it.
Prices go up and down together, so there is no advantage to waiting to sell or to buy.
In the meantime we do not want to let the opportunity presented by these extraordinarily low interest rates pass us by.... more
Unfortunately, not much. A basement remodel, unless the basement is a walk-out, only increases the marketability of the home. You can't charge for square footage below grade. The good news is that you didn't spend a fortune and that finished basement will likely set you apart from the other homes on the market in your area, should you decide to list. The additional bathroom in the basement, is a plus. Hope this helps!
Elizabeth (Beth) Newcomb
Howard Hanna Real Estate Services
That's a great question. Sometimes allowances work but oftentimes they don't. It is hard to change first impressions - so, if you can minimize any objections your home has, you improve your chances of selling quicker and for a higher dollar amount. $3500 is not pocket change either, so you have to look at whether that investment will help your home sell quicker and will you be able to recoup that investment. Alternately you can adjust the price of the home or consider carpet (just be sure to let new buyer know of the the condition of the hardwood floors).
Keller Williams Realty Greater Cleveland SW
You answered your own question when you stated "we are not planning on moving any time soon". Bottom line; you should make the home more comfortable. You go on to say that a 4 bedroomd is rare in your neighborhood simply reinforcing the move to a 3 bedroom. Make the change and enjoy your upgraded bathroom! Your market value shoud not suffer assuming a quality job is performed.... more
In Canada we use postal codes. You can try the site http://www.zoocasa.com - you can't enter in postal codes, but you can search by city and drag around the map in different areas - there are some stats & demographics if you click on the "local info" tab... more
If you are concerned about safety, your best source of information is the local police department, why not visit/call and ask all your questions--Federal Fair Housing Laws, prevent an agent from answering--visit a neighborhood several times to get a sense of belonging. Check out area statistics; real estate professionals are prohibited from â€œsteeringâ€â€”enticing a buyer to purchase, or not, in specific neighborhoods; so, you should check out demographics on your own to assure your comfort level can be reached.... more
A great resource for you might be to log in and create a post explaining the specifics of what you are searching for on CraigsList. Once on craigslist, use the menus and work your way to "Ohio", and then "Cleveland", and perhaps "housing wanted". (You may want to create a new and separate yahoo or hotmail or similar email account and have all the replies sent there, in order to keep from getting too much spam for your confidential email address.) The address for Craigs List:
Cutler Real Estate
203 Applegrove NW
N. Canton, Oh 44720
Web Reference: http://www.jdvorovy.cutlerhomes.com... more
My name is Barb Sabo I have been a licesed Realtor for 22 years and have experiece in the short sale process. I am with Stouffer Realty and would welcome further discussion with you. Thank you. Barb Sabo 330-620-5484 cell www.BarbSabo.com Barbsabo@neo.rr.com... more
Are you referring to the first time buyer credit--see link below--
Keep in mind that for any tax related questions your best source of information is your tax professional... more