 If I get a mortgage with someone is it necessary for them to go on the deeds for the property? |
| note-the other person does not want to be on the deeds but is merely helping out with the ... |
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 I messed up and paid too much money for a house.? |
| It has a few things wrong with it and I am waaay to ashamed to say all the things I did wrong when buying it. I know I am stuck with the consequences of my actions, so does anyone have some words to ... |
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 Question about buying a condo? |
| I plan to purchase an apartment condo. it costs around $40K. Is that good to pay in full one time or pay monthly with mortgage?... |
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 For Sale by Owner? Any advice? |
| MY husband and I are selling our home. We're not in a rush so we're going to try it on our own. Any advice would be appreciated.... |
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 Is there a limit as to how much my landlord can increase my rent by? |
| I currently pay £350 pcm, and my landlord is saying that he is putting this by a further £200 pcm. Can he do this? I can't afford the increase and have nowhere else to go. He is a bully and ... |
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 Rented property, disabled vehicle, threatening to tow my car? |
| I got a letter today the 10th saying i have until the 15th to move my vehicle that doesn't work or they'll tow it at my expense. It is their rental property and they had some conversation ... |
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 My job needs me in FL, my lease in PG county in MD is till Dec,how do I avoid 2mths rent payment to end lease? |
| I spoke to an employee at the leasing office who said the only way to break my lease would be to pay 2mnths rent, I have lost my agreement and so am not sure what my lease stipulates. I was in FL ... |
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 Can you be evicted out of your home for not paying one month's rent? |
| I told the lady that I don't have the money for the rent ahead of time. However, I opted to give her what I had for now even though the month isn't over. She said that she couldn't ... |
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 How Often is Rent due for an apartment? |
I am currently looking up the prices for the rent of apartments of where I am moving eventually and I am wondering how often the rent is payed.
There is a place that is $1000 rent. now i ... |
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 How do I deal with a real estate agent who won't return phone calls and fails to show at an open house? |
| The realtor made beautiful fliers, but it took 4 weeks from the date of the contract to receive them. We also had two scheduled showings, but the interested buyers did not show. We later found out ... |
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 I want to shop for mortgage rates and all of them wants to run my credit. Will it affect my credit score? |
| I am trying to refinance my home equity loan. Each time I try to call a lender, they all want to run my credit report which I understand because that is the only way to check my FICO, debt ratio and ... |
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 Is It Really Better To Own Your own Home???? |
| i'm just curious as to why people think its better to own your own home. I know you can say its yours and you can do whatever you want to make it your home and when you get to be a senior you�... |
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 We are selling our house and I have a question about "fixtures and fittings"? |
| When we moved in I saw the previous owners leave with the loft ladder. Not a great issue, I replaced it with one from a DIY shop. It cost about £30. Now the house I am moving to doesn't have ... |
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 I found a home loan with a teaser rate of 1% locked in for 5 years. Is there something I should be wary of? |
| I'm planning on selling my home in about 5 years anyways. Is there some other catch with this kind of loan that I should be wary of?... |
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 Does the landlord have the right to check credit on both people living in the property? |
| I am looking to rent an apartment with my fiance, and we found the one that we like, but the landlord is asking for both our credit scores... is that leagal? or one is enough?... |
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 Why would a roof that's only 6 yrs old need to be replaced? |
| Buying a house and the inspector says it needs a new roof but it's only 6 yrs old.... |
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leo b | Im selling my home and need some advice.? |
OK...Our house lot size is 9,900sq.ft...our actuall house is only 832sq.ft....2bed 1 bath...built in 1951and never remodled,in our area being Northern CA, (Bay Area) houses are usally sold for the lot size and not the house's themselves...our question is should we even put a whole lot of money into the house of remodling? someone is gonna probably tear it down anyway....is it better to sell as is? rather then pulling money out to reconstruct? |
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bpl
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That is a great question. If it were me...I would get the help of a local Realtor. You don't have to use them to sell it, but try and get them to do a market analysis on the property for a tear down and then for a remodeled house and see if it is cost effective. Your dilemma is pretty common in our country. Good Luck!! |
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Deliah
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Get a good agent to look at the house and give you an idea. you do not have to sign any contracts at that time and if improvements need to be made you may not be ready for an agent until a later time anyway.
One would have to see the house to answer your question any further |
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Bobcat
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The answer depends on your local market. In most of the US it is a buyers market. Most home improvements do not increase value. In your case, the most I would look into is paint and some landscaping. Nothing too involved especially if the property only has land value.
Check into zillow.com to see if you can get an estimate of what your house is worth. It is a pretty good site.
If you decide not to use a realtor, look into a company that will at least list you on the local MLS system and always offer points to the "buyer's broker" if you can afford it. This way you can have other realtors working for you even though you are not under contract. If you offer 3 points you are still saving a lot.
Also if you have more than 25% equity in the property, you may also consider offering owner financing on any amount over the cost of paying off your first.
Most owner finances offer a 2nd mortage on 30 year terms with a 5 year balloon. You will make a lot of income in interest over the 5 years and at the end the buyer will still owe most of the principal.
Good luck. |
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Brad
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Mmmm...tough one. What city in the Bay? South bay? How much equity do you have? What kind of monthly payment would you have, to borrow the money to renovate? Down market...may want to consider just basic painting to make it look more presentable for buyers. See what happens. If nobody buys it then you can still get the loan and renovate. In my opinion, the best way to get the most bang for the buck is to spruce the place up with new trim, doors and a fresh coat of paint. Clean up the yard...that sort of thing |
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t.s
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depends on how much you are willing to spend on remodelling,if you just want a quick make over or totally renovate, we have double our house price by totally renovating the house and luckily with a lot of bargins and searching doing most the work ourselves, done it extremely cheaply. also ring a few real estates and explain all of this and they will tell you whats your best option. A quick coat of paint can add thousands to your price even if they will tear it down |
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Vicky L
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talk to your local real estate agents, ask them what buyer are looking for.
another option:
cash out of the house as much as you can to potentially remodel the house. With the housing market as it is, you may not be able to find a buyer right away. hold onto the cash for a few months, see what kind of interest you have on buyers. if nothing, then use the money to remodel. i know it sucks to pay interest on the loan that is just sitting around, but you're going to be hard pressed to find a lender who is going to lend to you once you've listed the house. Usually lenders need at least 6 months from listing for a cash out refinance.
If you can, try and get a home equity line, you only pay interest on what you use. so if you're not going to be getting cash out right away, you have it waiting.
be sure that what ever loan you get, don't get a prepay (maybe a 6 month prepay would be ok). Sometimes, i recommend a prepay, but your situation is not one i would recommend. |
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rlloydevans
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It really depends on how bad a shape the house is in. In particular, how is the foundation and major load bearing areas of the property. If structurally it is in good shape, it might be much better to either rehab it or sell as a fixer. If the house is completely shot, and the foundation and other things are bad too, then it is probably wise just to list it as land value.
If you give me some details on the condition of the house, I can give you some better advice. Feel free to email me if you want to. |
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Akbar B
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Don't bother to put any money into it as people are going to pay for your location and not for the house. On the contrary pull out anything of value ad advertise it as a tear dwon property sitting on a premium lot. |
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Flyby
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I have always gone on the premise that if a house looks good it sells more easily. In any case, it would be a good bargaining tool to negotiate a better price. A local realtor would be in a better position to answer your question. |
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william c
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reconstruct and sell for a mint!!!!!!! an old house will be just an excuse for people not wanting to pay fair value for the property |
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Etta P
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Well, If it were me I would look up the county you live on the Internet, go to recent sales, and see what your neighborhood is selling for and what square footage, bedrooms, baths, and square of the lot. and so forth. It may be better to sell as is |
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Richard S.
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I live in So Cal (orange county) a couple blocks from the sand. All the original homes here were built around the turn of the century (1920). Everyone buys these tiny lots (2400sq ft) for about a million and they have tiny 600 sq foot "cottages" on them. Next you know a brand new 1.5m house goes up.
If you have a little home (832 is pretty small) Just look around your neighborhood. What do the newer homes look like? Is there a lot of renovation going on. Most likely someone will tear it down.
If you want to sell the home and cash out, go for it... however, there might be a investment opportunity for you as well. Take a look at what a newer home in your area (same lot size) is selling for. How big is the home? Say there are 2000sq foot homes. You can build a home for about $150-200 a sq foot depending on the quality. For $300 a sq. foot you can build luxury/custom homes. You should be able to build a home and flip it for a 15% profit margin (at least, maybe more). An appraiser can give you a "future completed value" based on what you build (eg. what's my house worth with a new 2000sq foot home on it). This is how builders/developers make money.
I work for the 2nd largest construction lender in the country (#1 in CA). I work for with builders and owners just like you as "owner-builders". Construction loans are based on future value so you can do one with virtually nothing out of your pocket. The loan even makes "interest payments" during the construction period so you have no mortgage (should you move out elsewhere which most likely will occur). Contact me if you are interested. |
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