 Does a real estate agent do ANYTHING other than WAITING on your property to SELL???? |
| OK, I know a lot of realtors lurk around here, defending their profession. So, tell me: WHAT the heck are you meant to do as a realtor??? Because every single realtor I've ever used has done the ... |
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 Do I have to pay rent for a house I never lived in? |
| My family was planning to relocate to another state. We found a house loved it, sent a non-refundable "holding deposit" and signed a 1-yr lease with a term from 11/07/07 (when we planned to ... |
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 Can the real estate person really do this and get away with it? Should we pay him? |
| We signed a 90 day contract with a real estate agent to sell our home. During that 90 day period he was supposed to advertise three times in the local real estate magazine -- well he goofed and ... |
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 Please help? |
is $5300 too much to pay for all closing costs ?
my GFE reads $4800, now the loan officer calls and says they added $489 more to cover the survey costs..! what do i do ? should i pay it or just ... |
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 Is this true? |
| I heard that it was easier to get a loan on a house than a car.... |
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 How do I find out if anyone has died in a home we are purchasing? |
| We are about to purchase a home. I watch to many of those haunting shows like Ghosthunters and Paranormal state so I want to find out how do I find out if anyone has ever died in a home? Is there a ... |
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 I have just had a homebuyers report done for a house, the value is alot less than our offer, can we negotiate? |
Additional Details
the report has shown things like needing a new roof. this would cost a few grand to do and also the property value is about 13 grand below my offer.
can we ... |
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 My fiance and I are buying a home, but I will not be on the paperwork? |
| We are going to get married this year, so we are buying our home. In the midst of this, I lost my job at the time we were filling out the loan forms. My fiance makes enough money to qualify alone ... |
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 Is it legal to rent a house if you are paying an interest only loan? |
| we rent a house and just found out that the owner is on an interest only loan, he just bought it and we are concerned that he has illegally rented it to us. Should we be? and what happens if the loan ... |
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 Need help with landlord dilemma? |
| My husband & I have always paid out rent on time. Last month was an acception due to an emergency. Now my landlady claims that we have bounced the rent checks for Aug. & Sept. She took our ... |
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 Should one buy a 100,000 flat in central London? |
I'm looking for a flat / house at the price of about 150,000 - 170,000ÂŁ. With this money, I expect to live far from central London.
But I was surprised to find one can still buy a ... |
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 Is it possible to sell your house "By Owner" if you don't live in the same state as the house? |
| Cut to the chase: our house is located in the Denver area. We now live in the Kansas City area. Our house has been for sale for eight months ... no nibbles. Is is possible to try to sell it ... |
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 My realtor finally told us what the prob is with they buyer not being able to get a closing date on our home.! |
| I have posted the ? about "why has the buyer of our home not been able to get a closing date from her mortgage company for over two weeks?" We were supposed to close on 9-29 and it keeps ... |
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 Buying a house w/huge CC debt? |
A family member would like to buy his first house w/new wife. I believe they have over 60K in CC debt, but have good credit. What is the likelyhood of actually buying a house?
Additional D... |
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 Should I move home? |
I live in share accomodation in East London and would really like to move to Canary Wharf.
That would cost double what I pay now in rent. Currently my rent is about half a day's pay, ... |
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 How do I afford a home in California? |
| I am considering moving to San Diego. I have $140,000 to put down on a house. I am terrified that I will not be able to live. I can only pay around $2300 a month including taxes and insurance. I have ... |
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 Is my landlord required to supply working appliances? |
| I signed a 1300 p/month lease for a town house that had a washer/dryer/dishwasher stove and fridge. i was told they were all in working order. Upon moving in I learned only the fridge works. I ... |
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 I am not going to be on the mortgage with my boyfriend but on the deeds, am i still entitled to half the house? |
| I already have a mortgage but my boyfriend doesn’t. I don’t want to sell my house at present so we were going to just let him get a first time buyers mortgage and just have my name on the deeds. A... |
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valcinn | I was going to reant a house then the landlord said i could lease with option to buy .... is that a good idea? |
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acermill
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Use caution when approaching such a situation. There have been some sad scenarios in rent to own. If the landlord has any outstanding mortgage on the property, insure that your agreement contains a proviso in which you pay your 'rents' with two separate checks, one of which is made payable to both the landlord AND the mortgage holder, in the amount of the monthly payment due.
I've seen more than one situation where the renter paid faithfully, only to discover that the seller/landlord was pocketing all the money, not paying the mortgage, and the property ended up in foreclosure. In such a situation, the renter has ZERO protection unless handled properly.
As well, if you enter into a rent to own, a regular check of the title deed to the property at the local land office is advised, to insure that the seller has not taken out any subsequent mortgages which could result in the same sad ending. |
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browndogzzz
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its only a good idea if you are planning to buy the house and the house it decent |
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Jessica B
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Whenever you are going to invest in something, you have ask lots of question and lots of investigating is needed.
1. Is the property listed at fair market value?
2. Does the property need major repairs, such as septic, roof, mold issues, bats, a good foundation, etc. When you buy, buy wisely.
3. What kind of interest are you going to be paying on the property? (I would recommend having a lawyer look over the lease/purchase agreement, to make sure there are not any loopholes that could hurt you. Most cities offer free legal aide)
4. Is this a city you want to live in long-term? Location is key! Is it in a nice neighborhood? What are the property taxes there like? How far is the fire station from your new home? Is there a fire hydrant near by? Is the neighborhood quiet? Etc etc
It's not a bad idea, you just want to make your decision carefully, cause if you don't it could bite you in the hiney in the long run. Look before you leap!
Good luck, Jess |
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Southern Girl
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GREAT idea if in writing.
Sometimes people offer this so YOU think you have your OWN house and start to IMPROVE the place to your style and comfort and then when the landlord sees he can SELL it outright and MAKE money from YOUR hard work....it has been done to me.
GET it in writing and have it notorized to make it a LEGAL document. |
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plaplant8
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It could be if you are in a position to buy it if and when he decides to sell it. Is he doing an accululated down payment? If not it would just give you the first option to buy if you live there for an while and like it then you should discuss it.Discuss it further with him, so that you understand it. |
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Nicole D
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its a good idea if you have bad credit and can't get a mortgage or have no money for a down payment or want the benefits of renting, like the landlord paying for repairs and lawn upkeep.
Whatever you do, make sure you have a lease agreement in writing, make sure put down what you expect and what the landlord expects, and read all the fine print.
It could be a great deal or you could end up getting screwed. Becareful, you may even want a lawyer to look at your agreement. |
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choteau
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It all depends on your life. When you lease with the option to buy your payments go toward the down payment on the house. And you need to clarify who will be paying the taxes, insurance and other things. Also you would be responsible for fixing things that go bad like plumbing, electric water and the such. If you intend to buy a house down the road it can be a great way to get started. If you don't want the hassles of home ownership I would not recommend it. |
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It is a good idea if the house is in good shape. All the money you put into the rent will then go for purchasing the house. |
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pamela d
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sure go for lt |
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!!!
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Things to keep in mind:
1. How much of the rent will be applied as
a down payment?
2. When will the "option" expire? When it
expires will the option be worthless?(Will
you receive any kind of a refund?)
3. Can the tenant "sell" the option to
another tenant or buyer? |
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Christopher B
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It could be if you realize a couple of things. First, the purpose of a lease option is for people who cannot qualify for financing. This usually means you have bad credit. The only way you are actually going to get the deed to this home is if you eventually finance it - and lenders will want to see your track record with making the lease option payments. So don't do it if you can't afford the payments - it won't do you any good. (By afford, I mean that your payments should be around 35% of your income - the generally recommended number).
Secondly, those lease option payments don't actually go towards the house UNTIL you have completed the contract and are able to finance the house. If you back out of the deal, or don't live up to it - then all that extra money you spent is gone (it was only to pay for the OPTION to purchase). So again, make sure this is what you want to do.
Thirdly, understand what price you are buying - and understand what the market is doing. Whatever price you are buying at - you won't be financing until the end of the lease option contract. So if the housing market is declining, and the house is worth less than your purchase price at the end of the contract - it is going to be difficult to find a lender to finance that purchase. Make sure you are getting a sensible purchase price.
Finally, understand what interest rate you are getting. Another reason that purchase options are good, is that you will build up a down payment through your monthly lease option payments . Unless the lease option has a terrible interest rate - then you may only be keeping up with the interest payments, and making very small additions to your down payment. Understand your interest rates.
The purchase option is a powerful tool if you understand how it works.
P.s. To the guy up there that thinks that it is easier to sell a house the normal way - Reality Check, wake up and read the paper sometime. There are a record number of people foreclosing on homes right now. I am sure if they could have sold their homes, they would have. On one block I owned an investment property, there were a couple brand new homes that hadn't sold in over a year! I sold my house as a lease option in less than 2 weeks. Like I said, this is a powerful tool if you understand it. |
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San Diego Art Nut
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Only if you have a contract legally binding to both parties. What portion of the lease payment actually goes toward the purchase? I'm very skeptical. If a person is really interested in selling a house, listing and selling it outright is much easier and quicker. I would think he has a hidden agenda. |
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