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Boonville : Real Estate Advice

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Activity 4
Fri Jul 15, 2011
Scott Godzyk answered:
With a lease purchase the forst thing you need to do is to get prequailified, you need to know what price range you should be in, what you will need to do to be able to get a mortgage to complete the purchase part and how long it will take.

http://www.trulia.com/blog/scott_godzyk/2010/06/rent_to_own_homes_learn_how_to_lease_purchase


please see my blog for a full list of tips and advice for buying a home through a lease purchase
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Mon Dec 13, 2010
Donovan Wilkins answered:
2005 and 2006 were good years, but after running a market on the local MLS it looks as if dollars per sq ft sold since 2005 has gone up by $10.00, I am thinking this has to do with the large amount of foreclosure properties we have had in the area over the last couple of years and then them getting resold for more. If that is taken in consideration I would say from 2005 to 2010 we are about flat.

Thank you, Donovan Wilkins
ERA First Advantage
Newburgh/Boonville/Evansville
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Tue Apr 8, 2008
. answered:
Hi Scottie--It sounds as though you purchased a home in Sept. 2007 and are concerned about possible foreclosure currently. If this is the case, it would probably be best for you to consult with a couple of professionals that are specialists in residential real estate. There is a website that is available that provides some information to assist those that may be experiencing financial difficulties to assist in alternatives. It seems that it is best to research as early as possible. http://www.877gethope.org/ ... more
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Thu Sep 24, 2009
Ute Ferdig answered:
Hi Scottie. Whether you'd be able to get a loan before the foreclosure on your current home will really depend on your income and your credit score. Since you may be facing foreclosure, I have to conclude that you don't have enough money to make your payments on the current loan and that you'd not qualify for a second loan even if your credit score were still good enough. The current loan will definitely count towards you debt to income ratio and you can't say that they should ignore those payments because you'll be going into foreclosure anyway. This may be not what you wanted to hear, but unfortunately, it's the truth. You should talk to a mortgage professional to discuss your options. You may also want to try to negotiate with your current lender to see if they are willing to refinance to avoid foreclosure. You could also look into short selling, but I don't know if you'd qualify for a hardship since I don't know anything about your situation. Good luck to you. ... more
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