With all the difficulty in getting a loan these days, I have a lot of buyers that are falling for the "lease" to own bologna. Now I know some of these are legit. I also know I have seen several houses rotate through several so called "lease" to own purchases with private parties, only to find out, when the option time is up, the house will not "appraise" therefore there is no way to "lease to own". Of course the owner of the home gets to keep the big down payment, and can then end the lease and collect on the next victim. What you need to find is a true "owner carry" and have a long term escrow set up with a note and deed. Payments made to the title company per the note, and taxes are paid by the buyer, and then the buyer enjoys all the benefits of owning a home. The seller is protected and can forclose in 120 days if default occurs, (and should be protected with a decent down) Then its just a matter of re-finance, not a purchase when the note is due. Usually based on 30 years amortization. If you need any help or have questions before you sign up for a killer deal on a lease to own, talk to me. I recently had a discussion with one of these so called "lease to own" owners, I'll call him Wing-nut, and it was clear he was up to no good. You see they get you signed up to buy an overpriced house they cant sell in hopes the market goes up, and THEY enjoy all the benefits of owning the home. Like the tax deductions, mortgage interest, and YOU pay it. Guess what can happen if the value goes up by chance higher than you agreed to?
David W Hughes, e-PRO
Designated Broker/President
Home Realtors of Idaho
3330 N Meridian Rd #100
Meridian, ID 83646
208-639-4567 Office
208-989-2749 cell/text
800-396-8589 Toll Free Fax
************************
Homedale Branch
(next to Paul's Market)
208-337-3000 Office
208-337-3010 Fax
"Gettin a move on"
Tired of seeing that IRA statement with loss's or very small returns? Did you know you can use that money to buy a house? Even a rental property? If you have a self directed IRA you can have the IRA purchase the property in your name with no tax penalty (check with your CPA to verify, I cant advise you on this) I have seen a majore increase of folks doing just that in the Treasure Valley. Think about it, you can buy a duplex or even a single family home, pay cash, and the rent is pure cash flow. Does your IRA do that? Just a thought. We have inventory, REO's and HUD properties selling for under $50K, but it wont last much longer as the Boise area has already been recognized as a top 10 city to recover FIRST. (See my previous blog) Call me if that sounds like something you might be interested in. :>)
David W Hughes, e-PRO
Designated Broker/President
Home Realtors of Idaho
3330 N Meridian Rd #100
Meridian, ID 83646
208-639-4567 Office
208-989-2749 cell/text
800-396-8589 Toll Free Fax
************************
Homedale Branch
(next to Paul's Market)
208-337-3000 Office
208-337-3010 Fax
"Gettin a move on"
David W Hughes, e-PRO
Designated Broker/President
Home Realtors of Idaho
3330 N Meridian Rd #100
Meridian, ID 83646
208-639-4567 Office
208-989-2749 cell/text
800-396-8589 Toll Free Fax
************************
Homedale Branch
(next to Paul's Market)
208-337-3000 Office
208-337-3010 Fax
"Gettin a move on"
David W Hughes, e-PRO
Designated Broker/President
Home Realtors of Idaho
3330 N Meridian Rd #100
Meridian, ID 83646
208-639-4567 Office
208-989-2749 cell/text
800-396-8589 Toll Free Fax
***********************************
Homedale Branch
(next to Paul's Market)
208-337-3000 Office
208-337-3010 Fax
"Gettin a move on"
All I hear is how the Real Estate Market is still tumbling down, and it hasn't hit bottom, the world is doomed, etc. Then why is it, everytime I make an offer on a bank owned or Freddie Mac/Fannie Mae home, I always run into a mutiple offier scenario? "Send us your highest and best"(I did!! Take it or leave it!) The Treasue Valley seems to be its own little unique market. When the news came out that the Real Estate Market was crashing in Vegas, and Florida, etc. I saw no effect in Idaho until about 10 to 12 months later. Then it to, began its fall. My point is, I believe we are not effected as much as other markets for some reason. Any guess would probably be a part of the right answer. But I believe we will recover, and from what I've experienced with some of these repo's, earlier than the rest of the markets will. So their it is, if you wait until the market recovers, your to late. And I'm already seeing light at the end of our Treasure Valley, Idaho tunnel. Just my 2 cents.
David W Hughes, e-PRO
Designated Broker/President
Home Realtors of Idaho
3330 N Meridian Rd #100
Meridian, ID 83646
208-639-4567 Office
208-989-2749 cell/text
800-396-8589 Toll Free Fax
************************
Homedale Branch
(next to Paul's Market)
208-337-3000 Office
208-337-3010 Fax
"Gettin a move on"
 |
|
|
A hard working Brokerage with well trained agents. With our motto being "Gettin a move on, so you can to" we make things happen, not wait for them to happen. We handle your referrals professionally.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2012 ActiveRain Corp. All Rights Reserved
