Q: My wife and I are just starting and this is a second marriage for both of us. Due to the past, both of our credit scores are not the best. We want to buy a home and a family friend suggested to rent to own but we have no idea of how it works or Realtors that might do that. Please please help, at the present time we are living with the parents and that?s not where we belong. thank you for your time.
?Family In Need, Yuma, AZ
A: Have you tried getting pre qualified through a lender? Sometimes things are not as bad as you think or by doing some minor things you can increase your scores within months. Rent to own would be a good plan B, but with interest rates being as low as they are you might want to look in to possibly getting financing first. Yes, realtors can help with lease options or rent to own.
Paola Martinsen is a Realtor? with Equity Real Estate ? Premiere Elite Branch in Murray, UT.
A: What you are really looking for is a seller willing to carry the paper on the loan. There are sellers out there who are willing to finance a loan. Instead of getting a big check when the house sells, they get monthly payments. You can contact local property management companies to see if they can assist you. Another option is to contact homeowners, who have properties for rent, themselves to see if you can find one interested in seller financing. If you are able to find someone, contact a local Realtor to help get the deal closed.
Tracey Martin is a Realtor? with Realty World Premier Associates in Salinas, CA.
A: Dear Family in Need: Congratulations in taking the first step to homeownership! With a little patience, wisdom and connecting with the right professionals, you can become a homeowner. Rent to own is a viable option for people who have the financial means to afford a home purchase but have poor credit to qualify for a mortgage loan. The sticky part to a rent/lease-to-own option are the terms set forth and agreed upon between you and the home owenr. There?s a lot involved in buying a house, and often times you go into it with the best intentions and things don?t work out at the end for one reason or another. We see it too many times in our industry, resulting in lawsuits in some cases. Consider doing a straight rental agreement with the owner (without the purchase option) until your credit is strong enough for you to qualify for a mortgage loan. It may be the safest choice.
Maria Jeantet is a Realtor? with Coldwell Banker C & C Properties in Redding, CA
A: Find a local real estate agent online and inquire about certain rent to own options they may know of. In my area we can send out an alert to the other agents in town informing them we have a client looking for this type of situation. Typically someone will have some information to share.
Good luck on your search!
Ben Fisher is a Realtor? with Summith Sotheby?s International Realty in Park City, UT.
A: Realtors are easy to find. Finding a good agent is another question. Now as afar as your question about rent-to-own, these has some potential severe pitfalls that you should be aware of before doing such a transaction. Realtors are able to help you find these types of deals, but again, be very careful. Most rent-to-own buyers pay more in rent, lose their lease option money, lose the equity and never buy the home. Do your due diligence before signing a contract to purchase in this manner.
Adam Aguilar is a Realtor? with Reliantra in West Toluca Lake, CA.
A: The best agent for you will be one who really knows the local market. This takes years of studying the markets and continually staying apprised of what homes are for sale. Then, while you?re looking at the d?cor, layout, and functionality of homes, your agent is looking for structural soundness, resale ability, and appreciation potential of the property.
How do you find the agent who is truly excellent? Pay attention to the agents who continually ?farm? the neighborhood you?re interested in. This includes informational reports, post cards, just listed and just sold postcards, calendars, holiday cards, etc. Most agents who work that hard to earn your business by spending the time and money to consistently mail to an area will also work equally as hard for their buyers. They?re motivated and hard working. Most real estate agents will tell you privately that these top ?marketers? are usually good real estate agents. When you are ready to buy, whether you have a cousin who is a real estate agent or not, you owe it to yourself, and your family, to pick up one of those marketing pieces and at least call the agent for an interview.
Referrals from friends and family can be another way to find an agent. But be wary! Friends may receive some type of compensation for recommending their favorite agent. Furthermore, just because the agent is a good family member or friend doesn?t mean they are a good real estate agent. Your friend or family member may be recommending this agent out of a sense of obligation. This is a business transaction. You need a competent professional!
Check the local home magazines. They are often a good place to find good real estate agents. Be careful if an agent has too many listings in the magazine. Perhaps she or he is spread too thin, or doesn?t focus on working with buyers.
Finally, keep an eye on yard signs in the prospective neighborhood. If a particular agent has several listings in your neighborhood, the chances are good they are in contact with buyers looking in your desired area.
What questions do you ask your prospective Realtor? Once you?ve done your research, call each agent. Pay particular attention to how long it takes them to call you back. You want an agent who promptly follows up with buyers and sellers! Also, get a feel for their personalities over the phone. Do you think you can work with each person?
When you finally meet your new Realtor, ask them to discuss their plan of action for finding a home for you. Once you?re confident in the agent?s strong plan, make sure the agent walks you through a ?buyer?s net sheet,? clearly explaining the numbers and what you can expect to pay for a home in your price range.
Lastly, give this agent your solid commitment to work with them. They will be working very hard for you in the days to come.
Lee Dworshak is a Realtor? with Keller Williams LA Harbor Realty in Rancho Palos Verdes, CA.
Are you interested in having a qualified REALTOR answer your questions? Click through to Ask a REALTOR? now.
Are you a REALTOR who would like to answer consumer questions? Click through to become an Ask a REALTOR? participant.
Related posts:
- How Do I Find A Rent To Own Realtor In San Antonio?
- Can I Get Into A Rent-To-Own Home If I Am Working On My Credit?
- Can I Get a Lease Option with Bad Credit?
- How Do I Do Rent To Own In San Antonio?
- How Can I Get Into a Rent to Own Home?
rooney mara solstice x factor results x factor results the hobbit movie trailer xfactor frankincense
No comments:
Post a Comment