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Home Buying in 83864 : Real Estate Advice

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  • Local Info2
  • Home Buying1
  • Home Selling1
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Activity 6
Wed Jan 23, 2013
Ron Thomas answered:
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!
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Sun Jun 24, 2012
Jim Paulson answered:
Price per square foot is a horrible way to value a home since a home is not a commodity! That would be like buying your car by the pound or your clothes by the yard of fabric used.

It is better to make sure that you compare apples to apples. For example, there are some incredible homes in Sandpoint and you don't want the waterfront properties and great view parcels bringing the "average price per square foot" up (unless that is what you are trying to buy too).

A good Realtor can help you narrow it down for a specific home style and location instead of just a general shot in the dark answer.

If you are getting a loan, your lender will require an appraisal be done and typically the appraisal has to come in at or higher than the sales price or the lender won't lend you the money to buy it!

I used to work for a company that had an office up in Sandpoint so if you would like some direct assistance, let me know.

Best of luck!
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Sun Oct 6, 2013
sam_whiskey answered:
Last used in 2005. Our agent was great..sellers agent not so great...extremely slow response.
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Thu Jul 4, 2013
Sherry Mason answered:
You have several options. I would explore an "Owner Carry Option" where you can be evaluated on your payment history and character. Your credit scores are good, so a loan is an option. If you would like a recommendation for lender, I would be happy to provide one or two.
Sherry of TeamWood RE
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Mon May 21, 2012
Jim Paulson answered:
620 is a high enough credit score to buy a home so why do you want to start with a rent to own? There are plenty of horror stories about people trying to do rent to own only to do everything right on their side and the seller defaults and the home is foreclosed on. The best way to avoid that is to have you in control to start with by buying the home.

There are programs out there that help you with your down payment and closing costs if need be for your income level. You would have to actually secure a job first and depending on the loan program you would need to have a certain amount of time on the job too or at least an employment verification letter.

Even though I am licensed to sell anywhere in the state of Idaho, I prefer to admit I don't know specifics in Sandpoint (other than it is beautiful) so I would be glad to refer you to a few Realtors I know personally up there for you to interview.

Best of luck from Boise!
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Mon Dec 28, 2009
Kathy Weber answered:

In this market, a Conventional loan is usually the best way to go.

The way the loans are looked at and ranked is: 1. Conventional 2. FHA 3. VA - and then there's "other" meaning other county or gov't sponsored low income loans.

Conventional buyer's usually have higher FICO's and more money to use as a down payment. The loan process usually goes smoother and results in a quicker close of escrow. Writing a Purchase Agreement for a property can usually be written pretty "clean" as conventional buyer's may not require additional items to be paid for by the seller.

FHA loans are very popular right now. The majority of our buyer's here in So. Cal. go FHA. The problem is that FHA has strict guidelines when Appraisals come into the transaction. Many homes don't have items such as stoves, improper wiring, or missing a/c units. (must have heating to qualify for FHA). Again, this is in many areas - not all. Stricter guidelines and only 3.5% down may eliminate some offers from being accepted.

FHA guidelines have also made it difficult to purchase many townhomes/condo's due to the "Owner Occupancy" ratio's and delinquent HOA's.

Decision's on what loan to apply for would be based on your income, employment, FICO's, debt ratio, etc.

If you're working with a Realtor in your area, they would be able to guide through which loan process may work best so your offer would be accepted on a purchase.

Best of luck!
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