I found a really nice, small house for sale by owner(a minister actually). i'm a first-time buyer so how does this work? walk me through the steps if you can!
how much cash will we actually have to pay up front?(not including the mortgage loan or down payment)Buying a house ';for sale by owner';. how does it work?
The only other thing to pay is the closing cost. And the who ever is doing your mortgage will tell you how much that is. A lot of the time, they will include your closing cost into the mortgage loan, so that you don't have to pay it up front. Other than that, you should only have to pay the down payment.Buying a house ';for sale by owner';. how does it work?
I bought my house from the owner, we went to an escrow company and set up the terms and all we came to agreement on, they made up the papers , searched the title and all the rest, it cost me about $2,000 because he demanded I had to pay all escrow fees. I got a really good deal, the man was moved by my origin to give me one, but beware and watch yourself that you dont get robbed. I suggest you pray to your origin, ie God for assistance.
Every home we have sold or bought ';for sale by owner'; went by the same guidelines as buying from a realator. We asked for 10-15% up front depending on the home and YES we can and have checked credit worthyness. We had our attorney draw up paperwork with the interest rate and all the legal ';jumbo';. We wrote in what we would be responsible for what the new owner would be responsible for such as if the house needed a new roof we'd have the contract reflect that we were installing a new roof or we'd deduct the cost from the sale price. However if your doing it on a ';land contract'; things will be different. My husband usually handles all this I just pick the homes {I flip houses} and he does the rest also doesnt hurt that he owns his own construction company so he knows what should be done. You can however contact a realator and they can in return contact the owners on your behalf. yes they have a fee though
Wednesday, July 7, 2010
I am looking for a rent to buy or a house for sale by owner?
I am a 24 year old disabled mother of three young kids and we have been homeless since January 1 2008. As you can imagine with me being in a wheelchair and our income limited finding a wheelchair accessible house or apartment to rent has proven impossible and we do not have a down payment to buy a house. What we are looking for is someone who is good hearted enough to work with us to do a rent to own or someone who is selling and wants to do a sale by owner contract. We can afford 500 to 750 a month and can fix the place up. My husband is good at home repairs and we would take good care of the place, not only that but we are good for the money and will be able without a doubt to pay monthly. Right now we live in Washington state but we are willing to relocate. Please is there someone who is willing to help us? Thank youI am looking for a rent to buy or a house for sale by owner?
Since you are low income and disabled you should qualify for hud, it sort of depends on why your husband earns so little money.I am looking for a rent to buy or a house for sale by owner?
I am not sure exactly how it works, but you can try contacting Habitat for Humanity which is an organization that builds homes for families in need. They will be able to inform you on the requirements. Best of Luck and God Bless you.
The newspapers or Craigslist are places to start. But you will find this a challenge due to shortage of resources.make up foundation night cream
Since you are low income and disabled you should qualify for hud, it sort of depends on why your husband earns so little money.I am looking for a rent to buy or a house for sale by owner?
I am not sure exactly how it works, but you can try contacting Habitat for Humanity which is an organization that builds homes for families in need. They will be able to inform you on the requirements. Best of Luck and God Bless you.
The newspapers or Craigslist are places to start. But you will find this a challenge due to shortage of resources.
Anyone ever sold there own house - FOR SALE BY OWNER successfully? Is it do-able? :)?
Just wondering if anyone out there has ever done it. We need to relocate to another state and have only owned our house for just under 2 years and don't have much equity to play with. We are concerned about listing it w/an Agent and having to come up with thousands of $$$ out of pocket just to get out of the house! Any advice? :) Thanks - NEED TO MOVE!Anyone ever sold there own house - FOR SALE BY OWNER successfully? Is it do-able? :)?
There are statistics that show 1 out of 5 home sellers try FSBO, about 10% are successful. There are also statistics that say a Realtor will receive 17% more money for your home than a FSBO will get. And it is a generally held consensus that FSBO homes are over priced.
I see quite a few weathered FSBO signs in my area, telling me they are not selling.
In these markets, you need to give your house every advantage, meaning you need a Realtor.
If you do decide to go FSBO, don't spend a whole bunch of money trying to do it. Market the property on free websites such as craigslist. Don't buy into one of those FSBO sites or limited service agency that take your money, give you a sales kit and some put your house in the MLS. There are so many free sites, you don't need to pay some website, people will find you on the free sites.
Also remember safety first. Have a ';by appointment only'; policy and stick to it. People will drive by, see your sign, stop and want to view the house. Never ever show the house if you are home alone. Make sure valuables are packed up and put away, today's ';shopper'; could be tomorrow's thief.
Know the disclosure laws in your area.
It would be a good idea to have an attorney review any contracts for you.Anyone ever sold there own house - FOR SALE BY OWNER successfully? Is it do-able? :)?
I have sold several homes in various market conditions myself. The key is to market it well, stage it properly, and be able to close the sell. Its not hard to do, but you have to be prepared to do it and learn tricks of the trade. Most agents don't really give you much for the money. There are services that will list your home on the MLS for quite cheap and you won't get much more from most ';full service'; agents. Agents don't/won't spend alot of time on staging (and they sure won't do the dirty work/heavy lifting) and most don't market your home (they market themselves, ever wonder why so much marketing doesn't have the properties full info, they want people to call and if your property isn't right they want to sell them something else). Another advantage to trying to sell it yourself, you are always available. But you have to be prepared to be professional and do your homework, many homeowners want their home to be worth a certain amount and aren't prepared to realize (especially in the current falling market) what it is really worth.
Good luck!
S.A. I sold two homes myself before becoming a Realtor(R). Yes, it is do-able to sell your home without reprisentation. It may not be advisable in the current market.
Just to clarify, you NEED to relocate? Will either of your employers be offering a relocation package? That may help and they may have a company that you must use.
If you WANT to move, not NEED to move then I suggest you start by speaking with your current lender to clarify your options. They should be able to inform you if you will be able to purchase a home after the move (with or without selling) or whether you will have to rent. (better to know before you take the leap)
I also suggest verifying what would happen if you sell before being in the home two years, there may be tax ';complications';. Will you be taking money from your retirement if it's needed to close? You should investigate what the tax consequences may be or if there are ways to not pay a penalty.
Real estate companies have several business models that may not require paying what you think.
Real estate laws vary by State. The above are only some suggestions, not advice. If you need advice in a real estate transaction I suggest contacting a real estate attorney in your State.
What you need to be most concerned about is selling your house at all in this market, and your best bet is an experienced agent. In a sellers' market some people do manage a successful FSBO, but in this market, no way. Bite the bullet and hire an agent. Be aware that agent's commissions are negotiable, too.
well I have never sold a house for sale by owner but I did buy my house that way and it seemed to work out really well for all concerned but In this housing market weather you sell it your self or list it you might be waiting a while to sell it especially if you don't have any equity because you don't have much room to haggle the price with a potential buyer
There are statistics that show 1 out of 5 home sellers try FSBO, about 10% are successful. There are also statistics that say a Realtor will receive 17% more money for your home than a FSBO will get. And it is a generally held consensus that FSBO homes are over priced.
I see quite a few weathered FSBO signs in my area, telling me they are not selling.
In these markets, you need to give your house every advantage, meaning you need a Realtor.
If you do decide to go FSBO, don't spend a whole bunch of money trying to do it. Market the property on free websites such as craigslist. Don't buy into one of those FSBO sites or limited service agency that take your money, give you a sales kit and some put your house in the MLS. There are so many free sites, you don't need to pay some website, people will find you on the free sites.
Also remember safety first. Have a ';by appointment only'; policy and stick to it. People will drive by, see your sign, stop and want to view the house. Never ever show the house if you are home alone. Make sure valuables are packed up and put away, today's ';shopper'; could be tomorrow's thief.
Know the disclosure laws in your area.
It would be a good idea to have an attorney review any contracts for you.Anyone ever sold there own house - FOR SALE BY OWNER successfully? Is it do-able? :)?
I have sold several homes in various market conditions myself. The key is to market it well, stage it properly, and be able to close the sell. Its not hard to do, but you have to be prepared to do it and learn tricks of the trade. Most agents don't really give you much for the money. There are services that will list your home on the MLS for quite cheap and you won't get much more from most ';full service'; agents. Agents don't/won't spend alot of time on staging (and they sure won't do the dirty work/heavy lifting) and most don't market your home (they market themselves, ever wonder why so much marketing doesn't have the properties full info, they want people to call and if your property isn't right they want to sell them something else). Another advantage to trying to sell it yourself, you are always available. But you have to be prepared to be professional and do your homework, many homeowners want their home to be worth a certain amount and aren't prepared to realize (especially in the current falling market) what it is really worth.
Good luck!
S.A. I sold two homes myself before becoming a Realtor(R). Yes, it is do-able to sell your home without reprisentation. It may not be advisable in the current market.
Just to clarify, you NEED to relocate? Will either of your employers be offering a relocation package? That may help and they may have a company that you must use.
If you WANT to move, not NEED to move then I suggest you start by speaking with your current lender to clarify your options. They should be able to inform you if you will be able to purchase a home after the move (with or without selling) or whether you will have to rent. (better to know before you take the leap)
I also suggest verifying what would happen if you sell before being in the home two years, there may be tax ';complications';. Will you be taking money from your retirement if it's needed to close? You should investigate what the tax consequences may be or if there are ways to not pay a penalty.
Real estate companies have several business models that may not require paying what you think.
Real estate laws vary by State. The above are only some suggestions, not advice. If you need advice in a real estate transaction I suggest contacting a real estate attorney in your State.
What you need to be most concerned about is selling your house at all in this market, and your best bet is an experienced agent. In a sellers' market some people do manage a successful FSBO, but in this market, no way. Bite the bullet and hire an agent. Be aware that agent's commissions are negotiable, too.
well I have never sold a house for sale by owner but I did buy my house that way and it seemed to work out really well for all concerned but In this housing market weather you sell it your self or list it you might be waiting a while to sell it especially if you don't have any equity because you don't have much room to haggle the price with a potential buyer
House for sale by owner question?
I have had my house on the market for over a year. Three more houses of equal quality were listed recently on my street for a lot less. I'm already offering it at a loss due to the market.
If I decide to terminate my realtor's contract and sell by owner for a lower price, can I 'raise' the price if that terminated realtor brings a buyer to the table that had looked at the house prior to the termination?
I'm asking because I don't want to pay the extra commission if my agent has someone who previously looked at the home and now decides to buy (since the clause says he - the agent - gets commission within 180 days if a buyer buys the home that he had introduced them to...).
In that situation I'd want to sell at the price it was when I had the realtor and the buyer first saw it. Otherwise, I'm selling at an even lower price with full commission.
I live in Indiana if that makes a difference with laws.
Thank you.House for sale by owner question?
You cannot terminate the contract. If you sell your house on your own during the time period your realtor has the listing, you have to pay them the commission anyway, unless they let you out of the contract. You can't just terminate it. It has to be a mutual thing.
If he brings someone back at the lower price, you don't have to sell it to them. Yes, you can raise the price back to what was listed by the realtor.
If I decide to terminate my realtor's contract and sell by owner for a lower price, can I 'raise' the price if that terminated realtor brings a buyer to the table that had looked at the house prior to the termination?
I'm asking because I don't want to pay the extra commission if my agent has someone who previously looked at the home and now decides to buy (since the clause says he - the agent - gets commission within 180 days if a buyer buys the home that he had introduced them to...).
In that situation I'd want to sell at the price it was when I had the realtor and the buyer first saw it. Otherwise, I'm selling at an even lower price with full commission.
I live in Indiana if that makes a difference with laws.
Thank you.House for sale by owner question?
You cannot terminate the contract. If you sell your house on your own during the time period your realtor has the listing, you have to pay them the commission anyway, unless they let you out of the contract. You can't just terminate it. It has to be a mutual thing.
If he brings someone back at the lower price, you don't have to sell it to them. Yes, you can raise the price back to what was listed by the realtor.
Buying a house for sale by owner?
I know the owner, they are the relative of the previous homeowner who passed away and just want to sell the house quickly so they aren't using an agent. Should I still use a buyers agent and do I even have a choice if the agent in question has already showed me other properties or do I have to use them now?Buying a house for sale by owner?
well to use an agent will cost you 3.5%. so it is up to you if you think you get enough for that price. Most people would not use an agent when buying FSBO.
if you have signed an agreement with real estate agent then you have to pay them a commission if you buy home before agreement expires. if no agreement then you do not have to use them.
this is a tough buy. Most FSBO's ask too much so be careful. Their asking price is often times 10-15% too high.
A good strategy is to wait 30 days and then ask to see it. By then reality will be settling on what true value is. When FSBO's first go up for sale they always think home is worth more than it is. Only time educates them.Buying a house for sale by owner?
No on the agent. Instead hire a real estate lawyer to ensure your rights are protected.
It's always wise to use an agent. As far as the agent in question has already showed me other properties has nothing to do with this property. You don't have to use an agent but who is looking after the contract?
I would recommend getting a professional to help you. Either a Real Estate Agent or a Real Estate Attorney, which ever you prefer. I would recommend you approach as if you had no previous relation ship with the owner and no knowledge of the house. You need to take care of yourself, buying a house is a huge investment and should never be taken lightly.
You should have your own representative (Realtor) when buying a home. If you did not sign a Agency Disclosure Form with your present agent, then you are free to choose another.
If you want this FSBO property, then ask your agent to talk to the owner about giving them a commission (3%). If the owner agrees, then you don't have to pay the agent. If the owner disagrees then pay the agent. Its a small price to pay if you do not know how to complete the many contracts and disclosure statements required in a real estate transaction.
Unrepresented buyers and sellers often do not understand the complexity, range and timing of tasks they will have to perform if they don鈥檛 use a Realtor.make up foundation night cream
well to use an agent will cost you 3.5%. so it is up to you if you think you get enough for that price. Most people would not use an agent when buying FSBO.
if you have signed an agreement with real estate agent then you have to pay them a commission if you buy home before agreement expires. if no agreement then you do not have to use them.
this is a tough buy. Most FSBO's ask too much so be careful. Their asking price is often times 10-15% too high.
A good strategy is to wait 30 days and then ask to see it. By then reality will be settling on what true value is. When FSBO's first go up for sale they always think home is worth more than it is. Only time educates them.Buying a house for sale by owner?
No on the agent. Instead hire a real estate lawyer to ensure your rights are protected.
It's always wise to use an agent. As far as the agent in question has already showed me other properties has nothing to do with this property. You don't have to use an agent but who is looking after the contract?
I would recommend getting a professional to help you. Either a Real Estate Agent or a Real Estate Attorney, which ever you prefer. I would recommend you approach as if you had no previous relation ship with the owner and no knowledge of the house. You need to take care of yourself, buying a house is a huge investment and should never be taken lightly.
You should have your own representative (Realtor) when buying a home. If you did not sign a Agency Disclosure Form with your present agent, then you are free to choose another.
If you want this FSBO property, then ask your agent to talk to the owner about giving them a commission (3%). If the owner agrees, then you don't have to pay the agent. If the owner disagrees then pay the agent. Its a small price to pay if you do not know how to complete the many contracts and disclosure statements required in a real estate transaction.
Unrepresented buyers and sellers often do not understand the complexity, range and timing of tasks they will have to perform if they don鈥檛 use a Realtor.
Buying a house ';for sale by owner';. how does it work?
I found a really nice, small house for sale by owner(a minister actually). i'm a first-time buyer so how does this work? walk me through the steps if you can!
how much cash will we actually have to pay up front?(not including the mortgage loan or down payment)Buying a house ';for sale by owner';. how does it work?
Hi there, let me answer a little more completely.
Buying a house from an owner is really no different than using a realtor. At least it shouldn't be.
1st you should be pre-approved so that you know you can get financing.
2nd) Make your offer. Depending upon your financing, you may choose to roll closing costs in. The way you roll closing costs into the loan is by having the seller pay back closing costs.
3) Make sure when the contract between you and the seller have two contingencies at least. 1) Home inspection. If the home inspection is not acceptable it should allow you to back out of the deal 2) A financing date. This is a date that you have to provide the seller with confirmation of your financing. Another good idea is to put in a clause that says if the home does not appraise for the amount of the accepted offer, then the seller agrees to sell for the appraised value. A home has to appraise for the purchase price in order for you to obtain financing.
4) Upfront costs - generally a seller is going to want some type of deposit to accompany your offer. $500 to $1,000. This is a good faith deposit. The contingencies above protect this deposit.
When buying a home, a lender is going to require you to purchase one year worth of homeowners insurance upfront. $400 - $1,000.
Home inspection - $250 - $500
Most lenders will require an application fee. Our application fee is $350 but we credit this back to you at closing.
That's a really quick walk through buying a home. Hope it helps.
For more info go to my website www.johnleblanconline.com, my blog http://mortgagecounselor.blogspot.com
Good luck. If I can answer any questions in further detail, send me an email. johhnuniontrust@verizon.netBuying a house ';for sale by owner';. how does it work?
I suggest that you find a lawyer who specializes in real estate. It is not complicated nor too expensive, but you just don't want to make a mistake when buying real estate.
The lawyer can help you write an offer to purchase. That will spell out all the details of your legally binding offer. That includes how much you will pay, when you will close, when the minister will move out, what goes with the house, who will inspect for problems, etc.
In that offer, you will spell out the contingency clause concerning your loan. If you can't get the loan, the deal does not go through. That means the minister might still be able to continue selling the house until you get your money.
The offer to purchase is perhaps the most important part of the process. Make a mistake there and you can get totally screwed. In most cases, it is customary to pay some earnest money upon acceptance of the offer. ($1,000?)
I would try to get pre-approved for a home loan as soon as possible so that if the offer is accepted, you can move fast.
Spend the money on the lawyer...you will not regret the extra protection.
All of that is entirely between you and seller.
Congratulations,on your potential new purchase for sale by owners /fsbo are individuals who opt not to list their home w/a realtor and go it alone.The wonderful thing about this for you is that you can really negotiate a great deal ie:the seller might be more proned to offer bigger discounts because a realtor was not involved .However please do your research to insure you're getting a great deal on home value
Most of the people sell their home through a real estate agent. But you can still go through a real estate agent and the agent will walk you through the steps.
while it is okay for the minister to sell his own home - as an inexperienced buyer, you really should use the services of a qualified realtor. (in california, the buyer doesn't pay the realtor, the seller will) there are issues like full disclosure about the property - will the minister tell you or advise you to get a property, roof and pest inspection? if he knows he has issues with the property and doesn't tell you or claims he didn't know...will you have legal recourse? i don't deny that the r.e. profession has been given a black eye by unscrupulous members, but if you do a little homework, you can find one who will be your resource forever. (think about it, do you change doctors everytime you feel sick? of course not, you go to someone that you trust)
a realtor is your voice and negotiator in the transaction, allowing you to be placed a step away from the nitty-gritty, yet having a full voice in all that goes on.
don't answer the come-ons here in yahoo! answers, but call your local real estate board and ask for the names of reputable realtors and then look them up in your state's database to be sure they are what they say they are! a little legwork and homework will go a long way...
good luck on buying your first home!
Go ask a mortgage lender and a Realtor. Frankly, buying from someone who is selling by owner is usually NOT adviseable, even if it's a minister or someone similar. You really should use a Realtor if you haven't a clue as to what you are doing, and you apparently do not! You will note that the first two responders are having difficulty with reading comprehension, something that is not unusual here on Yahoo Q and A.
how much cash will we actually have to pay up front?(not including the mortgage loan or down payment)Buying a house ';for sale by owner';. how does it work?
Hi there, let me answer a little more completely.
Buying a house from an owner is really no different than using a realtor. At least it shouldn't be.
1st you should be pre-approved so that you know you can get financing.
2nd) Make your offer. Depending upon your financing, you may choose to roll closing costs in. The way you roll closing costs into the loan is by having the seller pay back closing costs.
3) Make sure when the contract between you and the seller have two contingencies at least. 1) Home inspection. If the home inspection is not acceptable it should allow you to back out of the deal 2) A financing date. This is a date that you have to provide the seller with confirmation of your financing. Another good idea is to put in a clause that says if the home does not appraise for the amount of the accepted offer, then the seller agrees to sell for the appraised value. A home has to appraise for the purchase price in order for you to obtain financing.
4) Upfront costs - generally a seller is going to want some type of deposit to accompany your offer. $500 to $1,000. This is a good faith deposit. The contingencies above protect this deposit.
When buying a home, a lender is going to require you to purchase one year worth of homeowners insurance upfront. $400 - $1,000.
Home inspection - $250 - $500
Most lenders will require an application fee. Our application fee is $350 but we credit this back to you at closing.
That's a really quick walk through buying a home. Hope it helps.
For more info go to my website www.johnleblanconline.com, my blog http://mortgagecounselor.blogspot.com
Good luck. If I can answer any questions in further detail, send me an email. johhnuniontrust@verizon.netBuying a house ';for sale by owner';. how does it work?
I suggest that you find a lawyer who specializes in real estate. It is not complicated nor too expensive, but you just don't want to make a mistake when buying real estate.
The lawyer can help you write an offer to purchase. That will spell out all the details of your legally binding offer. That includes how much you will pay, when you will close, when the minister will move out, what goes with the house, who will inspect for problems, etc.
In that offer, you will spell out the contingency clause concerning your loan. If you can't get the loan, the deal does not go through. That means the minister might still be able to continue selling the house until you get your money.
The offer to purchase is perhaps the most important part of the process. Make a mistake there and you can get totally screwed. In most cases, it is customary to pay some earnest money upon acceptance of the offer. ($1,000?)
I would try to get pre-approved for a home loan as soon as possible so that if the offer is accepted, you can move fast.
Spend the money on the lawyer...you will not regret the extra protection.
All of that is entirely between you and seller.
Congratulations,on your potential new purchase for sale by owners /fsbo are individuals who opt not to list their home w/a realtor and go it alone.The wonderful thing about this for you is that you can really negotiate a great deal ie:the seller might be more proned to offer bigger discounts because a realtor was not involved .However please do your research to insure you're getting a great deal on home value
Most of the people sell their home through a real estate agent. But you can still go through a real estate agent and the agent will walk you through the steps.
while it is okay for the minister to sell his own home - as an inexperienced buyer, you really should use the services of a qualified realtor. (in california, the buyer doesn't pay the realtor, the seller will) there are issues like full disclosure about the property - will the minister tell you or advise you to get a property, roof and pest inspection? if he knows he has issues with the property and doesn't tell you or claims he didn't know...will you have legal recourse? i don't deny that the r.e. profession has been given a black eye by unscrupulous members, but if you do a little homework, you can find one who will be your resource forever. (think about it, do you change doctors everytime you feel sick? of course not, you go to someone that you trust)
a realtor is your voice and negotiator in the transaction, allowing you to be placed a step away from the nitty-gritty, yet having a full voice in all that goes on.
don't answer the come-ons here in yahoo! answers, but call your local real estate board and ask for the names of reputable realtors and then look them up in your state's database to be sure they are what they say they are! a little legwork and homework will go a long way...
good luck on buying your first home!
Go ask a mortgage lender and a Realtor. Frankly, buying from someone who is selling by owner is usually NOT adviseable, even if it's a minister or someone similar. You really should use a Realtor if you haven't a clue as to what you are doing, and you apparently do not! You will note that the first two responders are having difficulty with reading comprehension, something that is not unusual here on Yahoo Q and A.
I just looked at a house for sale by owner/investors rto 4000.00 down 850.00 a mo 50.00 towards equity monthly
It sounds to good to be true and i am a first time home buyer so i am very nervouse... It is a brick home over 2500 sq ft w/firplace 4 bdrm 2 ba. what do you think??? What do i need to look out for??? thank you!!I just looked at a house for sale by owner/investors rto 4000.00 down 850.00 a mo 50.00 towards equity monthly
Is this a rent to own thing? the $50 isn't much toward your purchase. that means you are paying $850 a month, $50 of that going to the purchase of the home (and how much is that home, anyway??) $800 of it just in rent and they sit on your $4000 that you might forfeit if you don't buy the house. what are the other terms of this offer? How much is the overall cost of the house? How long do you have before you have to buy it and get financing?
check out www.naca.com
they are a non-profit housing advocacy group that lends it's own money. they will help you clean up your credit and they will help you become a homebuyer. NACA hates predatory lenders and anyone who preys on the poor and struggling in their attempts to purchase a home. They really beleive in helping people get a foot in the door with home ownership. Check them out! Good luck!I just looked at a house for sale by owner/investors rto 4000.00 down 850.00 a mo 50.00 towards equity monthly
This is a good deal, it is called a lease with an option to buy. You will have $50.00 toward your down payment when you exercise your option to purchase the house. Find out the purchase price and have it in the contract. If you fail to exercise your option you will lose your $4,000.
Most of the time with an option to buy there is little or no credit check. After the option you are normally treated as the owner and you refinance the house as oppose to purchase the house.
You are responsible for the up keep of the property if you sign the option to purchase to include the cutting of the lawn. Add some type of paragraph about roof structural and foundation protection in the lease that the owner are responsible
Before you buy or sign anything get a walk through by a state certified inspector your state to find any possible defects in the property.
I hope this has been of some use to you, good luck
';FIGHT ON';
I am a mortgage specialist. Why don't you get mortgage financing? Can you qualify for a mortgage? How is your credit? How much is the house worth? What state is the house in? Depending on your credit, it may be possible to finance you with a 90%, 95% or 100% loan. If you get a 6% seller's concession, I may be able to amortized the closing costs into the loan. You can reach me at wwi_2@yahoo.com and I will walk you through the process.
Is this a rent to own thing? the $50 isn't much toward your purchase. that means you are paying $850 a month, $50 of that going to the purchase of the home (and how much is that home, anyway??) $800 of it just in rent and they sit on your $4000 that you might forfeit if you don't buy the house. what are the other terms of this offer? How much is the overall cost of the house? How long do you have before you have to buy it and get financing?
check out www.naca.com
they are a non-profit housing advocacy group that lends it's own money. they will help you clean up your credit and they will help you become a homebuyer. NACA hates predatory lenders and anyone who preys on the poor and struggling in their attempts to purchase a home. They really beleive in helping people get a foot in the door with home ownership. Check them out! Good luck!I just looked at a house for sale by owner/investors rto 4000.00 down 850.00 a mo 50.00 towards equity monthly
This is a good deal, it is called a lease with an option to buy. You will have $50.00 toward your down payment when you exercise your option to purchase the house. Find out the purchase price and have it in the contract. If you fail to exercise your option you will lose your $4,000.
Most of the time with an option to buy there is little or no credit check. After the option you are normally treated as the owner and you refinance the house as oppose to purchase the house.
You are responsible for the up keep of the property if you sign the option to purchase to include the cutting of the lawn. Add some type of paragraph about roof structural and foundation protection in the lease that the owner are responsible
Before you buy or sign anything get a walk through by a state certified inspector your state to find any possible defects in the property.
I hope this has been of some use to you, good luck
';FIGHT ON';
I am a mortgage specialist. Why don't you get mortgage financing? Can you qualify for a mortgage? How is your credit? How much is the house worth? What state is the house in? Depending on your credit, it may be possible to finance you with a 90%, 95% or 100% loan. If you get a 6% seller's concession, I may be able to amortized the closing costs into the loan. You can reach me at wwi_2@yahoo.com and I will walk you through the process.
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