Saturday, March 23, 2013

Lease Purchases 101 – Things to Look at for Rent to Own Homes in GA


If you're looking for rent to own homes in Augusta or any other part of Georgia, you're making a smart choice. This somewhat unusual method of buying a home is excellent if you want to stay flexible or you don't want to deal with a conventional lender. You'll be able to negotiate directly with the seller and get used to the house for a while before you buy, plus you'll have the chance to build up a down payment. Not all contracts for rent to own homes in GA are fair, however. Here's how to find one that is.

How Is Your Rent Figured?


It's easy to assume that the monthly price you're offered for rent to own homes in GA is fixed and non-negotiable, but nothing is farther from the truth. You have the right to ask how your landlord is determining the final amount, especially if your option fee has been added to the rent. Under most circumstances, the base price per month should be equivalent to other homes of the same type and in the same immediate area. If your landlord tries to charge a lot more for the privilege of possibly buying your house, move on to another property.

Who Does the Maintenance?


In most cases, the period in which you rent your home will look much like an ordinary lease. That means that the landlord is legally responsible for maintenance and repairs. Not all rent to own homes in GA come with this kind of arrangement, however. In some cases, your contract will state that you are responsible for the maintenance. This can be annoying at first, but it is a good idea if you want to control what happens to the property. It's also a good way to determine whether or not you're ready to own a house. Compromise agreements are also available. In these cases, the landlord takes care of maintenance for six months to a year, and you assume responsibility afterward.

Remember Financing


It's true that a lot of people want rent to own homes in GA because they can't get standard financing right away. Unless you expect to be able to purchase the house with cash within a few years, however, you'll need to deal with a lender at some point. The best time is actually before you even sign an agreement. Get in touch with a mortgage broker you trust to find out your chance of being approved for a loan during the term of your lease option. This doesn't provide you with any guarantees, but it does give you a good idea about whether you can afford the home you want.

Thursday, November 1, 2012

HUD homes damaged by Hurricane Sandy


Response strategies have been set in place by the United States Department of Housing and Urban Development and Government Sponsored Enterprises to help homeowners who were victimized by Hurricane Sandy. As a matter of fact, Freddie Mac strongly encouraged lenders to help borrowers as they start the recovery process.

Many HUD homes were impacted by this storm, but the government wants to give everyone the opportunity to find a workable solution to the damages that occurred when the hurricane hit the East Coast.

Another factor that will help many of those who received damages to their homes or lost them entirely is the forbearance options for mortgage payments that are being encouraged by the government. As a matter of fact, in some cases that forbearance option could extend to as much as a full year.

Fannie Mae offered another solution for those who will inevitably find that they are unable to meet full mortgage payments for some time. This agency sent notice to servicers that they may reduce or suspend payments on home mortgages for a temporary period not to exceed 90 days.

Families that were forced to evacuate their homes because of the expected devastating effects of Hurricane Sandy may begin to rebuild their lives in their existing homes, or they may choose to find a new home through the purchase of HUD homes for sale. People searching for HUD foreclosed homes can benefit from the Guide to How to Buy HUD Homes found on the RealtyStore.com website.

The hurricane may have lefts its mark on the eastern most portion of the United States, but it should not be allow to forever impact the lives of those who survived.

Monday, August 27, 2012

Sellers Can Easily List For Sale By Owner Homes with New Feature From RealtyStore.com


Since the real estate market has turned it into a buyer’s market, many sellers are trying to find ways that they can make more money on the sale of their home. Many are deciding to forgo the 3-6% commission charged by a real estate agent in fees in order to keep more of the profit from their home sale. While listing a for sale by owner home can sometimes be difficult, a new feature from RealtyStore.com is changing that.

Recently, RealtyStore.com introduced their special For Sale By Owner feature, often simply called the FSBO feature. This service gives sellers a great place that they can list their homes where they will be highly visible to motivated buyers. The service is available for only $19.95 a month and this low fee allows sellers to market their homes to the many people who visit the website and affiliate websites of RealtyStore.com.

Their website is already known for being a great place to find many excellent real estate deals, which previously included rent to own properties, MLS listings and foreclosures. Now they are adding for sale by owner listings as well, benefitting sellers and buyers. The website attracts many motivated, late stage buyers that want to buy fast for a great deal, making it the perfect place to market a FSBO home.

Instead of using a real estate agent, this new feature lets homeowners list their home on their own. The site also offers sellers the potential to work with excellent real estate agents if they don’t want to go the for sale by owner route.

Monday, August 6, 2012

How to be a Homeowner Again (After Foreclosure)


You may still feel a bit of stigma attached to the terms 'foreclosure' or 'bankruptcy', but not nearly as bad as what it was 20 years ago. The bust of the housing bubble is still leaving thousands of homeowners in shock but there are still several ways to become a homeowner once again. While time may heal the remorse over losing your home, remaining inactive will get you nowhere. Follow some of the advice below and start working right now to get that home again.

DO come up with your new disposable income so you know where to start. Losing a job prior to a foreclosure can be hard, but secure another position, even if it is half the pay, and move on.

DO NOT refuse to accept the scenario you are now faced with. Getting angry and demanding help from a financial institution will get you nowhere fast. It could also eliminate a good financial option in the future.

DO read up and pay attention to articles that introduce you to new methods of buying a home that you never knew existed. Many homeowners that have been faced with your similar situation have opted for a short sale and sold to an investor. Some of these buyers are looking to find individuals, just like you, to offer rent-to-own options.

DO NOT expect to have the same credit rating as you had six months ago. It can be hard to go through a foreclosure but even harder to see a credit rating of 790 move south to under 600. The sooner you get a copy of your credit reports and scores, the sooner you will know just how much work you have to do.

DO learn to live within your means no matter how difficult this may seem. Remember that there are many families that have had to give up more than you. Apply for a secured credit card and begin rebuilding your credit by paying it off each month.

DO NOT begin applying for unsecured credit cards that carry outrageous interest rates to be able to continue your lifestyle as before. It will just take that much longer to climb out of your financial hole.

Facing the facts that you are going through a rough time does not have to be disparaging and an embarrassment. There are many that share your circumstances with foreclosure but how you deal with the situation will separate you from the losers. Find a few neighborhoods that you are interested in and inquire about homes that have recently been purchased. A short sale may have just been completed and you could be a prime candidate for a lease option home.

It may take a couple of years for government loans to be available to those that have a foreclosure or bankruptcy on their credit report but use this time prepare. Reevaluate your career, look at housing options, begin building a nest egg and always pay your bills on time. The days of waiting seven to ten years for a foreclosure to disappear from your life no longer exists and beginning a new life can be exciting. You may even find yourself wanting to get involved in the housing investment field after seeing the tremendous potential available today.

DO stay active in new financial housing programs, properties and the real estate climate in search of your perfect new home.

DO NOT decide that renting is your only option and always will be. With obedience, diligence, hard work and knowledge, you can come out stronger than before.

Even if you think of renting, consider rent to own homes as an option - lease option agreements are lease agreements where some of your rent goes toward a potential downpayment on the property, which you'd have an option to buy, two or three years down the line.

Tuesday, March 13, 2012

Arizona Homes for Sale by Owner

In recent years, Arizona homes for sale by owner have increased significantly. These are homes that are listed and sold without the use of a real estate agent. For many people, this can simplify the sale process and reduce the cost and fees that the seller experiences with FSBO homes in Arizona.

A look at the website RealtyStore.com shows that in Arizona alone there are 2,961 FSBO homes in Arizona alone. Of these Arizona homes for sale by owner, the majority of them are in Maricopa County with approximately 1,009 listed as of the date of this article. For these homes, the majority of them are listed in the Phoenix Metropolitan area.

Many of the homes that are being listed, a majority of them are discounted up to 50% off. This means that an individual can purchase a property in this state at a fraction of the price and turn around and make a healthy profit off the resale as the real estate market improves with the building of the local economy.

Those looking for a decent deal on a home may want to consider one of the FSBO homes in Arizona. Since there won’t be agents directing the sale, there is a possibility for better negotiations and pricing that you can experience with this purchase of any home. Just make sure that you do look into a property and understand the facts about it before you put money in escrow to avoid any potential problems.