 I think my ex landlord is ripping me off? |
| I recently moved out of a shared house where my cat caused some damage to the carpet on the first floor landing. I believe this to be about 5 square metres and my landlord is now charging me £220 ... |
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 How much will the dss pay? |
hi have just had my lil boy and on income support.. i am wondering how much the dss will pay on a 2 bed house.
ABUSE WILL BE REPORTED
Additional Details
to spook542 i have ... |
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 Flipping houses using hard money lenders.? |
| when using a hard money lender to purchase a property to flip. is it possible to negotiate a deal where you do not have to pay the lender back until after the sell. i plan on looking for property ... |
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 High or low down payment on mortgage? |
| As an investment, is it better to put down 20%+ on a home loan?.....or put a minimum down payment of 10% down and invest the remainder somewhere else?... |
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 I only have $78.52 in my bank account, which is not enough to cover the rent check I wrote for $739.52. |
| Even when my weekly paycheck is directly deposited, I will still not have enough money. My wife is bi-polar and went on a manic spending spree. I have never been late paying rent in the past. What ... |
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 Prospective landloard asking for TOO MUCH sensitive information.? |
I'm about to move into an apartment building. On the application, the management company asks for:
W2's
2 Original pay stubs
My latest tax return
My bank account numbers ... |
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 I am in so much trouble!!!? |
| OMG!! I am a real estate agent and have lost the keys belonging to one of my clients. I am sick to my stomach over this! I think I accidentaly threw them away in the trash but I don't know for ... |
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 Apartment advice please....? |
| So my friend and I have been looking into apartments for a couple weeks and have seen three or four and have lots to go. Another friend wants to look at places with me. So I sugguested the three of ... |
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| Move or not to move??? Your opinion please??? |
Current Apt:
$1500 including water, trash & sewer
the building is over 20 years old, however it has a tennis court, basketball court and 2 swimming pools (and we use them daily).
... |
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 Can I sue my husband for not paying the morgage when I would give him the money and now my home is being repod |
| I'd give the money to my husband to pay all the bills becasue I'm always out of town but I came to find out he has not paid a single one and my home is being reposessed. I got a letter that ... |
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 Landlord gave 24 hour notice |
| the landlord (unless an emergency) gives 24 hour notice to enter the unit for inspections. (that way we know in case we aren't home that someone entered our house) the notice was delivered 07.29.... |
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 How can i evict my tenant? |
| i have a year lease signed with my tenant, but now i need to move back into my home. can i evict him. he has also broken the lease. he had roommates move in without me knowing about it.... |
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 Do you need to leave 10% for down payment of house? |
| I heard the general rule of thumb for a down payment of a house is 10%. Is that generally true? I'm sure it depends on a person's credit, amount of years the loan is for, etc. I wanted to ... |
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 If I pay my mortgage 20 days late can they take action against my house? |
| I always pay my mortgage on time but this time I need another week past the grace period to pay ... |
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 Our house was appraised at $795 k, comparables are listed in the $650k range, how far do we go down in price? |
| it sits on 5 flat acres, huge shop, above ground pool. Beautiful place on the edge of town in Vancouver W... |
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deliah | What do you guys think about lease-to own...? |
House?
Is it worth it? i am thinking about it....what should i watch out for?
and where can i go to find this kind of program? fannie mae, 21 century real estate??
Additional Details
Hi guys...thx so much for the advice...i have some more questions:
Do you know how much down payment i usually have to put down?
and if i approach a private seller about this Lease -to-own option, what happen next? should i hire my own attorney? |
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Curosity Jones
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Lease options are actually best for people with good income but bad credit. Most sellers will require a down payment or at least have a mandatory surplus in the monthly payment to put towards the down payment. Plus, it's considered your property, financed by the seller, so if something needs fixing, it's up to you to fix. As far as finding properties, just start looking as though you are looking to buy. Then approach the seller with idea of lease optioning. For them it's better than nothing. Just make sure you are prepared for the commitment necessary to own property. |
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teran_realtor
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Wow! Nine answers and only Bostonian got it right...
Don't do a rent to own, lease to own, lease option, contract for deed. The ONLY person that makes out on these is the real estate agent. |
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bostonianinmo
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There are no federal programs for lease-to-own. And many real estate brokers won't touch them.
If you are thinking about this, you NEED an attorney to review any contracts BEFORE you sign them. There are MANY pitfalls to this type of transaction and you will need competent legal advice before proceeding. |
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kevin s
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It may be a great option for someone who has little money for a down payment, or for someone who needs time to improve credit scores.
Good luck,
Kevin
http://www.KevinScolastico.com |
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KL
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A lot of sellers are sitting on properties that have been up for sale for over a year and they're getting anxious. It should be easy to find a house in which the seller's are willing to do this.
If you can't qualify for a normal home loan, then lease-to-own is worth it, as long as part of your payment goes towards the downpayment.
You should read the contract throughly and have a real estate attorney review it with you.
For this type of program, you just go to the seller. |
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boston857
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There is alot of confusion on L/O (lease option) programs....this is the way they work.
The buyer leases the property for a certain period of time (typically 6 months - 24 months) at which time, he/she MUST excercise option to purchase the proeprty. Most L/O factor in a penalty for failure to excercise as agreed (typically 1% of the purchase price)......both buyer/lessee and seller/lessor agree on what portion of the buyer's lease pymts (if any) will go towards the downpayment. Typically for conventional financing you need 20% of the purchase price any how so you need to raise this amount......whatever is the difference required by the lender (i.e difference from D/P required and escrowed D/P from lease pymts) must be raised by the buyer by time of closing...
Having said that, why do a L/O...
1/ Allows for borrowers who have credit issues to fix credit before buying
2/ Allows for buyers who have already been working towards buying home, get over the last hurdles...
What is an L/O not...
1/ It is NOT a way for you to raise ALL your down payment money...
2/ It is NOT a typical lease since the arrangement puts the lessee in to the position of the homeowner...some L/O require the lessee to also pay the real estate taxes and prop. insu. during the lease period. It can also have a stiff penalty...1% of the purchase price if you fail to excercise the option can dramatically set you back in your home onwership plan..... |
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answers4questions
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if it's the house that you want to own eventually - go for it. It's better than spending your money on rent -instead some of that money will go towards buying it. |
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♥♫♥ Crystal ♥♫♥
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Some landlords are willing to do this, otherwise I dont know whwre to find it. I will say this, leasing to own a home is better than renting because you actually are getting something for your investment. Think if you pay 500 dollars a month rent thats 6000 a year you may as well be putting that money toward something you can someday call your own. |
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NONAME
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It can be great, sometimes. You won't find these from Fannie or any specific real estate company.
You'll be dealing with private real estate investors. So THEY are the ones you need to watch out for. Finding one you feel is honest and trustworthy will probably be the hardest part.
And in general, your rent payments are NOT being applied as equity or downpayment, unless your rental agreement specifically and directly clarifies this. You are simply a tenant for a while, like any other rental property. You can increase your rent payment, and have the difference being applied as a down payment, but you are also risking never seeing that money again if you don't purchase the home outright within the allotted timeframe.
I'm on a lease option right now. For me, it was great, because my seller has a lower rate and owes less on the home than I would if I were to finance it today, so my payments are lower than I could get for myself. I've got two years to get my financing in place and buy it from him. |
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p3mofo
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Flipping houses is a great profession to be in. I currently flip houses for a living, and have had a blast making hundred's of thousands of dollars. The key is to do as much work as you can on your own.
Did you know that you can make $40,000 + on a house, and never even own it?
Take a look at my website - I just put it online last month -
Please realize that Flipping Houses is not a "Get Rich Quick" Scam!
Do as much research as possible before starting on your first flip -
http://www.learntofliphouses.com
Kind Regards and Good Luck!
Adam Monforton |
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