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Real Estate Related News
- Thread starter James48843
- Start date
Guchi Lease to own is pure hustle designed to grab the rent plus the option money. I'd stay away from this if I were you unless you want the potential headaches that could come from bad blood between you and the lessee especially in this market where prices may be falling and credit is tightening.
We have the house listed with an agent, but under the current market we have not had much for looks as of late. i want to keep it listed for at least April and possibly May. the interested party came to us with the lease with option to buy, is that a bad sign ?? 
we are not desperate yet, since we have someone renting already. but the new people are willing to pay more for rent plus purchase the house. any more advice wouild be helpful.
thanks
guchi
we are not desperate yet, since we have someone renting already. but the new people are willing to pay more for rent plus purchase the house. any more advice wouild be helpful.thanks
guchi
Here are a couple of articles on aspects of legitimates and scams. Usually the buyer is the one who must beware, but if he's coming to you with a contract you better fine tooth comb it with your lawyer. My big question would be whether the buyer knows what they are doing. Are they fully aware of the risk involved or just acting cause they want a house? If you can look at their credit report you can probably figure out if they'll be able to afford a mortgage in the time parameters of the contract. Remember the house will have to appraise at the price you both agree on. Hopefully you are not too leveraged that you can absorb any potential problems that could arise from their failure to pay rent.
http://opportunitiesaplenty.com/Debt_Blog/2007/11/_rent_a_house_to_own_what_to_watch_out_f.html
http://www.buzzle.com/editorials/12-2-2005-82927.asp
http://opportunitiesaplenty.com/Debt_Blog/2007/11/_rent_a_house_to_own_what_to_watch_out_f.html
http://www.buzzle.com/editorials/12-2-2005-82927.asp
Silverbird
Well-known member
Foreclosures Come to McMansion Country
By Reuters | 07 Apr 2008 | 10:18 AM ET
Million-dollar fixer-upper for sale: five bedrooms, four baths, three-car garage, cavernous living room. Big holes above fireplace where flat-screen TV used to hang.....
The crisis has hit especially hard here in Loudoun County, Virginia, where upscale developments have supplanted horse farms over the past fifteen years.
About an hour's drive from Washington, Loudoun is one of the nation's most affluent counties, with a median household income of $98,000, more than double the national figure.
The county has also ranked as one of the nation's fastest growing in recent years as developers built thousands of super-sized, amenity-laden houses to keep pace with the booming high-tech economy.
These houses are sometimes nicknamed "McMansions," disparaging both their extravagance and their look of mass production -- like hamburgers from a McDonald's restaurant.
http://www.cnbc.com/id/23993467
By Reuters | 07 Apr 2008 | 10:18 AM ET
Million-dollar fixer-upper for sale: five bedrooms, four baths, three-car garage, cavernous living room. Big holes above fireplace where flat-screen TV used to hang.....
The crisis has hit especially hard here in Loudoun County, Virginia, where upscale developments have supplanted horse farms over the past fifteen years.
About an hour's drive from Washington, Loudoun is one of the nation's most affluent counties, with a median household income of $98,000, more than double the national figure.
The county has also ranked as one of the nation's fastest growing in recent years as developers built thousands of super-sized, amenity-laden houses to keep pace with the booming high-tech economy.
These houses are sometimes nicknamed "McMansions," disparaging both their extravagance and their look of mass production -- like hamburgers from a McDonald's restaurant.
http://www.cnbc.com/id/23993467
weatherweenie
Well-known member
I also have my house on the market. It has been listed for 3-4 weeks. I have had ZERO showings.
I knew it was going to be tough to sell, but wasn't prepared for it to be this tough.
Thankfully I'm not in a position where I have to sell.
lucky you !!!! i have to sell to get my money back out of the flip. fortunately we have a renter at the time. expect a tough sell !! we also listed our present home which we thought would sel quickly due to location and price. it did not and thats when i realized how suppressed the market was !!!! good luck and hang in there.
Show-me
Well-known member
Someone reported that the bank are not foreclosing on delinquent homes anymore because of the flood on the market and it is cheaper for them to do nothing than foreclose. Also, it keeps the foreclosure off the books. Sneaky crooks. Point of the piece was to show that the banks are cooking the books again and the public is not getting the real story of how bad it really is.
Gilligan
Member
Guchi,
instead of reducing your asking price, consider gifting the down payment. You can gift 6% of the price, that should allow the seller to buy your house with no down payment. You will increase the amount of buyers by advertising, "Home for sale, $0 down".
http://www.getdownpayment.com/sellers/
12%ayear
Well-known member
Remember when everyone is doing the same thing, it is the time to do the opposite. That is what happened with Oil and Gold. Back in the late 1990s people were laughing at them. Look today. When everyone was buying stocks in 2000, look what happened. Same with Real Estate, everyone was buying and flipping properties. There were and still are shows on TV about flipping real estate. The bottom-line is that this was a huge ponzi scheme based on our greed. It all started shortly after 9-11 when the Fed was cutting rates to the bone. Greenspan cut too deep and caused this reaction from banks and the real estate market. Banks wanted to give away money. Appraisers were overpricing the worth of property to keep this scheme going. Homeowners felt house rich and borrowed. They took vacations, bought SUVs,and other wasteful things. Now what happened???? It all backfired on us. The US Dollar is worth crap causing oil to go even higher. Inflation is here and strong. Food prices are skyrocketing. We are at war on a credit card. We are fixing roads in Iraq but not in our towns. There are no silver lining this time around. This will take time to solve and work itself out. People are afraid to buy and banks are tight with the buck. They will be very careful this time. The answer is that we need to get the US DOLLAR back up and fight inflation now!!! The Fed should be increasing rates because this will make the US DOLLAR stronger and allow property value to become more stable.
pyriel
Active member
Hello all... I have some downtime so I decided to swing by my favorite site. The old timers know that I am currently in Afghanistan helping the government win the hearts and mind of the the Afghan people. I am currently the Battalion Team Chief for 3rd Battalion 3rd BDE 203rd Corps. Spring offensive is about to start so we will be doing missions with my Afghanistan counterparts sometime soon.
I've always regarded 12% input on matters dealing with investment. I just want to counter that bringing up rates will not help the economy at this time. The Fed is bringing down rates to stimulate the economy. When rates go down, more people borrow more money and thus more money will be circulating within the economy. Bringing the rates up will hinder people from borrowing so this means that we have less money circulating and stimulating the economy. Increasing rates will not increase the buying power of our dollar in my opinion. As long as we continue to print paper money without anything to back it up except more debts, we will continue to see dollar's value to go down.
Another problem that we are seeing now is that there were many speculators who jumped into RE and people who are living beyond their means that tries to get more of what they can afford. However, for those who have studied RE a little closer, they understand that just like stocks market, RE also has its cyclical trends. This is an opportunity for those who saved their pennies to buy some good RE in the market. It is a buyer's market right now and there are so many good investments RE that are moving under everyone's noses. here is a good example, some houses that used to sell for 900k in San Diego is now down to 500k. Just look at the RE trend in CA and you will see that your property there will grow within the next 3-5 years. I'm not saying that you should buy anything that comes your way. Do your homework, collaborate from those who have done it before, try not to speculate and live within your means.
Good luck all and I hope that everyone is safe at home.
Pyriel
Silverbird
Well-known member
Usually, Fed bringing down rates would improve interest rates, but right now it's not happening because there are so many bad loans out there. Cutting rates drops the dollar, which means commodity prices will go up, and there is less worldwide interest in holding dollars or dollar rated bonds. Raising the rates might bring Fed rates closer to the actual borrowing rates out there, but not good psychologically for the nation. I'd prefer the Fed "hold 'em" for a bit.
Silverbird
Well-known member
Homeowners Convert to Costlier Fixed-Rate Loans Amid ARM Fears
April 25 (Bloomberg) -- Mortgage refinancing in the U.S. is increasing as record numbers of homeowners dump their adjustable-rate mortgages for the security of a fixed loan.
The amount of refinanced home loans will reach $321 billion by the end of June, the most in a year, according to estimates from Washington-based Fannie Mae, the largest buyer of mortgages. Nine out of 10 of those borrowers will choose a fixed rate, Fannie Mae said.
Property owners are abandoning adjustable-rate mortgages, or ARMs, to ward off the prospect of higher payments.
http://www.bloomberg.com/apps/news?pid=20601213&sid=au53A_G4d.nI&refer=home
April 25 (Bloomberg) -- Mortgage refinancing in the U.S. is increasing as record numbers of homeowners dump their adjustable-rate mortgages for the security of a fixed loan.
The amount of refinanced home loans will reach $321 billion by the end of June, the most in a year, according to estimates from Washington-based Fannie Mae, the largest buyer of mortgages. Nine out of 10 of those borrowers will choose a fixed rate, Fannie Mae said.
Property owners are abandoning adjustable-rate mortgages, or ARMs, to ward off the prospect of higher payments.
http://www.bloomberg.com/apps/news?pid=20601213&sid=au53A_G4d.nI&refer=home
Miss_Piggy
Member
Silverbird
Well-known member
More Subprime, Alt-A Mortgages May Head `Underwater' (Update2)
By Jody Shenn
April 29 (Bloomberg) -- About half of recent subprime and Alt-A borrowers may soon owe more on their mortgages than their houses are worth or hold minimal equity, putting $800 billion of debt at greater risk of default, according to Barclays Capital.
Subprime loans from 2006 and 2007 that exceed the value of the homes jumped 5 percentage points to 19.8 percent in the fourth quarter, and may reach 26 percent by midyear if prices drop at the same pace, Barclays analysts wrote in a report yesterday. Alt-A loans, a grade better than subprime, would grow to 23 percent from 16.3 percent.
Many of the loans are in areas where prices are falling faster than the U.S. average, so the size of the shift is underappreciated, New York-based analysts Ajay Rajadhyaksha and Derek Chen wrote...
http://www.bloomberg.com/apps/news?pid=20601087&sid=a8rYIdIDvfIo&refer=home
By Jody Shenn
April 29 (Bloomberg) -- About half of recent subprime and Alt-A borrowers may soon owe more on their mortgages than their houses are worth or hold minimal equity, putting $800 billion of debt at greater risk of default, according to Barclays Capital.
Subprime loans from 2006 and 2007 that exceed the value of the homes jumped 5 percentage points to 19.8 percent in the fourth quarter, and may reach 26 percent by midyear if prices drop at the same pace, Barclays analysts wrote in a report yesterday. Alt-A loans, a grade better than subprime, would grow to 23 percent from 16.3 percent.
Many of the loans are in areas where prices are falling faster than the U.S. average, so the size of the shift is underappreciated, New York-based analysts Ajay Rajadhyaksha and Derek Chen wrote...
http://www.bloomberg.com/apps/news?pid=20601087&sid=a8rYIdIDvfIo&refer=home
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