Posts tagged "Mortgage Companies"

How does my friend sell me a house “Rent To Own” with no fees. 1000 a month for 12.5 years=150,000.?

Question by misfitbear: How does my friend sell me a house “Rent To Own” with no fees. 1000 a month for 12.5 years=150,000.?
We trust each other, She is not charging me any interest. Every $ I pay goes directly to the price of the house. I am responsible for closing. I do not have $ for an attorney. She gets 1000$ for 12.5 years. Total $ is 150,000. I am responsible for any fees that have to be paid. I pay the tax on the house as well as the insurance payable to her for the remaining balance if anything happens. I know there is allot that has to happen? we are not using banks/mortgage companies simply because its a rent to own and we want to cut out all the excessive B.S. Also the house she is selling me needs a lot of cosmetic inside repairs and she knows that if she puts the house on the market she wont sell or get very little for it. Because my CREDIT is SHOT this gives me an opportunity to Buy a home. We live in Miami-Dade County, Florida. the house is in the same county. 150,000 for a home in a gated community in Kendell (Miami) You can see why i want this home! Shes moving to PA and wants done with it.

Best answer:

Answer by THE DAWG.
Draw An Escrow Agreement Through The Bank

What do you think? Answer below!

How much home insurance & tax for a cheap studio?

I know 0 about this: are home insurance rates annual or monthly? Could someone give me just a very rough idea about how much a cheap studio’s home insurance & tax would cost? (in upstate ny)

I don’t know about New York but about how insurance works I can give you the 411.
Alright, based on the rates set by the Insurance Commission of your state the price will be set.
Here in NC, a home for, let’s say $150,000 in coverage (coverage is the replacement of the home, your personal property, any other structures, liability, and med pay). If you are buying a studio apartment then it will usually cover the personal space, loss of use if ever damaged or destroyed – helps pay for a place to live for a while, personal possessions, liability – helps if you are ever sued for neglegence or detrement of character, and med pay.
Most insurance companies will allow monthly, quarterly, or yearly payments. If you have a mortgage company, most mortgage companies will have a way where your insurance and tax bill can be included into you monthly payment. Here is an example of what a condo policy in my state looks like………..
$250,000 home
Replacement cost $285,000
Replacement of contents $71,250 (this can be negotiable)
Other structures $28,500 (storage buildings/watersheds)
Liability $300,000
Medpay $1000 (incase someone is hurt on your prpty)
Deductible $500 (your part incase of any loss)

Total premium average is around $650 per year

Call around and get some estimates. They will want square footage, bedrooms, bathrooms, entrance, exits, emergency exits, what story it is on, any renovations such as electrical and plumbing within the last 15yrs, how many person that will live in the home, and any pets and what type.
When it comes to tax, look for the website for your local tax office. Your county tax office will usually have a website that may have a tax estimator for the type and purchase price of your studio. If not, they can give you an estimate over the phone. Best to have an idea of how much you are going to purchase the studio for before you do. If you are renting then you will not need any of this unless stated in the contract.
Good luck and sorry I couldn’t be of more help.

Should I get title insurance for a condo I’m paying cash for?

The only reason everyone gets title insurance is because 99.9% of home buyers need to take out a mortgage and mortgage companies make you pay for title insurance or they won’t give you the money. In my case, I’m paying cash for a 190k condo. Do I really need title insurance? The husband and wife that Im buying it from have owned the condo for 13 years. If they had title insurance on the condo, doesn’t that take care of finding out about all the previous owners? Can’t I just do a search on the husband and wife to make sure they have no liens on the property?

Absolutely. I don’t think you’ll find anybody who will advise you against purchasing title insurance, whether you’re paying cash or not. There could be liens on the property that you’ll never be able to find on your own, and there may be liens that the sellers aren’t even aware of. You could potentially lose your home just because you wanted to save a few thousand dollars. It’s not worth the risk.

Buying Real Estate Foreclosures

Buying foreclosed properties presents an opportunity for investors as well as someone looking to purchase a home, condo, or lot on which to build, for their personal use. Banks, Savings Institutions, Mortgage companies, Insurance Companies all end up with REO (Real estate owned) inventory that they need to sell to clear off their books. Many lenders will offer special financing to qualified buyers to facilitate a quick transaction

It is important to thoroughly investigate potential purchases. Many foreclosed properties have been neglected and may need significant repairs or rehabilitation. Those costs need to be factored into the purchase price equation. Often vacant properties do not have water, electric or other utilities turned on so it may be difficult to determine whether there are plumbing leaks, electrical or air conditioning malfunctions or other deficiencies. When negotiating a contract on such properties include provisions for inspections with the utilities on before finalizing the transaction.

If the proposed foreclosure purchase is going to require repairs, make sure that you have enough money to adequately undertake the repairs and carry the negative cash flow during the repair process. Some lenders will include “rehabilitation funds” in the mortgage while others may not. Expect the unexpected. There are always surprises during any rehabilitation program, especially foreclosures.

Do your homework prior to entering into any contract. Check with the local zoning department to make sure that the property is still zoned and suitable for the use you intend. Not infrequently, local jurisdictions will rezone unoccupied property, particulary if there have been no utilities for some time. This is particularly likely if a neighborhood is undergoing considerable change or if a property had some special zoning exception “grandfathered”. I auctioned a property for a lender in Jacksonville, FL that had been vacant and without utilites for 2 years. The property had been operated as a small aprtment building with eight (1 bedroom, 1 bath) apartments. In doing our auction preparation we found that the city had rezoned the property from multifamily to single family. We had to auction the property as a single family home. The purchaser had to spend considerable monies remodeling the house, to remove 7 kitchens and end up with a workable single family home. When the original lender made a mortgage on the 8 unit apartment building their “old” appraisal was for significantly more than the single family home was worth. Just because a foreclosure sounds cheap, it doesn’t make it a good buy for you.

Les Bryant
http://www.articlesbase.com/non-fiction-articles/buying-real-estate-foreclosures-55720.html