 Pointers for selling a home? Suggestion on what people look for? |
Other then keep it neat and clean....
Additional Details
We have an agent.....
I was just looking for more ideas other then the basic list.... |
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 Tenant/Landlord question? |
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I am closing on my first house tomorrow!!! (I am only 20) And I was just wondering how long it will take and what all will I need to bring besides closing cost?? Any other good tips?
If I ... |
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 I made a quick list of all the stuff I'll need to pay for when I live on my own. Am I missing anything? |
Rent
Electricity
phone
water
gas (heating)
insurance (car)
gas (car)
groceries for home
drinks
meals eating out
entertainment (movies, ,shows, etc)<... |
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 Secure Home for a Loan? |
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| I am in desperate need of buying a house by April 2007. I filed bankruptcy in October 2005, and it will be discharged on March 2006. Are there any companies or programs that can help me in this ... |
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 Question on a Home Equuity loan....? |
Some facts:
May home was recently appraised for 150,000 more than what I am currently paying a mortgage on. Now does that mean I can get a home equitly loan for like ten percent of that money? ... |
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summer=happiness | Should I rent the condo or buy it from the seller since he has offered me owner financing? |
I was recently looking for a place to rent with a friend of mine. We chose a new construction condo to rent, and they are not finished yet. As we are waiting for them to finish up so we can move into one of the units, the real estate agent that also has them for sale has told me that the owner is willing to let me buy it and he'll owner finance it for me, for basically the same price as we would rent it for, plus about $50 more a month to cover the taxes and so forth. If I did this, I would have the girl living with me just pay me rent for her half - and make her sign a lease with me. The only thing is, this is a really great, nice condo, and the payment is more than I could afford on my own if she didn't live there. I want to make the right decision on this. I am not very informed on the different situations and the pros & cons of renting vs buying except for the fact that I know in renting you are basically just throwing money away. But how much more would it cost me to buy the home rather than if i just rented it, if the monthly payment would be basically the same? Should I get home/condo insurance, and how much would this cost me? This is a 2400 square foot condo, new construction.
If anyone has any suggestions or insight on this situation, I need some really good answers and help here!
I know if things ever came to where I was coming to a tough time or she had to move out for some reason down the road, that I could either sell it, or rent it - and could definitely rent it out for more than we would be paying monthly because we are getting a good deal on the payment.
SOMEONE PLEASE GIVE ME SOME SUGGESTIONS!
Additional Details
Ok. A few details.
5% interest rate loan. No down payment
The condos r finished all but the road in to them. All the units r for sale but they were just gonna rent one to me since I am a friend to the family. |
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kyrios
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If I were on your shoes, before taking the offer (considering that everything is legal) I will make sure that:
1) I can pay for the monthly installment.
2) If you will take a portion of your monthly installment from the rent of a friend who will be living with you, I will make sure that I have a contingency fund to cope up with the months where I need to pay for the monthly installment alone if in case my housemate decided not to rent with you anymore.
**If I have one and two (assuming that the unit is nice, in good location, feasible), even if I sacrifice a little of my convenience with some other things I will take the offer. It may be tough for my current financial situation but in the long run, say three or five years from now - until such time I paid the unit in full - I will have a place to call my own. |
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Queen B
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get all the details on the purchase before buying. what is going to charge you on interest on the loan? will you have to come up with closing costs or a down payment? most likely you will and those are up front costs. you will also be responsible for paying the taxes and insurance and you will HAVE to carry insurance if you buy until its paid off. condo insurance will run you around $400 per yr depending on where you live and the amount of coverage you need. you may also have condo association fees...check on that as they run anywhere from $150- 300 per year. Todays market for selling is soft and its not getting better fast so don't count on being able to sell fast if your friend moves out. you have to own a property on average 4 yrs before you have any equity in it to sell. if you have ANY doubts about buying then don't. follow your gut and do your research. |
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mexkimo
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Owner financing usually means the bank won't lend the money because it does not meet high standards and building codes or is not finished like you mentioned.
Good reliable buyers/renters are hard to find, so you have a good bargaining ship.
Location has a lot to do with a good deal. If he does not want a down payment you are better off to own than to rent.
But when a deal its too good to be true, it usually is.
Be sure and check out the worse case scenario. What happens to your credit score.
Edit - Condos usually have homeowners fees |
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Moses
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Advantages to you would be the underwriting guidelines of the mortgage industry wont be applied to your loan. In other words your information regarding income, credit wont be as critical.
Disadvantage, The terms of the loan interest rate, penalties |
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Lori S
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Depends on if u want an investment or just a place to live. My husband and I have purchased 4 houses and 1 townhome to resell as investment properties. Of course u are responsible for all maintenance (unless this is covered by an HOA), taxes, insurance, utilities for the property. Pros-U will have a place u can call your own and if or when u sell it the profit will go to u, You are not throwing your money away on rent every month with nothing to show for it. Cons-$$$ can be expensive if u do not have other resources when issues above come up. Are roomates difficult to find and/or replace where you are located? If not, that should not be an issue if you are used to living with another person Weigh each carefully before you make a decision. Check all comps in the area to see if you could get your investment back or make a profit from resale in the current market. Are home values in your area rising? Is the market in your area saturated with other properties similar to this? Think about what your townhome and surrounding community will have to offer the buyer if they move to your particular area. Insurance cost depends on the purchase price of the condo, area it is located in, and what you want to insure, shop around for quotes. Structure only? Structure and contents? Will a mortgage company hold the note or will the current owner continue to own the property until it is paid off? What would happen to your money if the owner defaults on the mortgage? What ever you decide to do always GET EVERYTHING IN WRITING!! Sadly you just can't take someone's word anymore. I have learned this the hard way. GOOD LUCK!! |
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Due August 2nd with #1
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I would rent just to be safe. |
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mondex
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I would need to know more details about the numbers, but be very careful here. I assume you are in the US. If so, the housing market is really taking a slide right now. You have to ask yourself, if he is willing to sell it to you before it is even built, why did he buy it in the first place. Obviously he bought it with the intent of renting it, but for some reason he is now willing to sell it. That makes me suspicious.
First of all, renting is NOT throwing away your money in all cases (again, if you work out the numbers over the period you plan to live there, you will understand). Secondly, I get nervous when you say if the person moves out, you would not be able to afford the rent. That is a red flag. Thirdly, were the condo fees in the rental number...are they in the purchase finance number....how much are the fees if they aren't? You have to compare apples with apples. If the rental fee is the same as the purchase financing price, does that mean the utilities, condo fees, etc are treated the same (i.e.: they are built into the price in both cases or not built into the price in both cases)
You are asking a very complicated question but not giving enough info to get a valuable answer. Depending on the market, you may not be able to sell it and you could lose a lot of money. Renting may be more beneficial if you plan to only stay there for a while (how long is the term of the mortgage...what is the interest rate).
I suggest you talk to someone with experience and not get your advice from people who don't have all the details. Either that or post up all the information so someone can do a proper analysis and tell you if it is a good idea or not. |
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tweety gurl
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Buy it!!! why rent when u can own, then later u rent it out!!!! |
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Soondinha
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I advise you to take action rapidamemte because that means is complicated!
is slowly going the right! |
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clarissasunantio
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You should buy it if you can afford the mortgage. Your children could inherit your condo later. So they will get some financial help when they grow up. Plus, paying rent is stupid. You just give the owner money. If you buy it, the condo will be yours someday. |
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