I live in Powhatan Va and my landlord has offerd to sell me the house I currently rent. The property is about 3.3 acres and the house is a 1950 cenderblock home. The house does need some work, but I see it as more of an investment. The offer is $127500.00 for the property and i KNOW it will increase in value do to its location. My wife and I have never bought a home and need advice about how to go about buying it directly from our landlord. We both work have good credit and little debt. Thanks so much for any help. :)
2007-05-06 15:07:16 · 8 answers · asked by drgns77 2 in Business & Finance ➔ Renting & Real Estate
Best thing is to talk to a mortgage company since you probably not going to buy it out right.
2007-05-06 15:16:29 · answer #1 · answered by Jen 4 · 0⤊ 0⤋
Stay away from real estate agents; they will try and get a hold of some of that money.
There are a lot of real estate attorneys out there that know the laws better than the agents do. Ask around where you work or hang out for anyone that can recommend a good RE attorney. It will cost you $250-$500; but it is well worth the money. You must write up a formal offer for the house, hand shake deals are never valid for real estate transactions. Make sure to include any contingencies that you have (lending, inspection, etc) before you give the offer over. (Get from the attorney you hire).
Also ask those same people if they know a good inspector. You may have lived in the house for a while, but an inspector is trained to look for hidden deficiencies that the typical homeowner would never find.
Lastly, don't buy the house if you are banking on the property value going up to make it a good deal. It is true that real estate values will generally keep going up, but that is a financial trap that thousands fall into every year. Make sure you can afford the mortgage now and in the future and don't bank on getting "free" equity.
Do some property searches for your area and see what kind of comparable values you can find. Do a web search for "MLS Virginia" and you will get a number of web sites that will allow you narrow your search pretty specifically.
Good Luck. (and enjoy your first new home)!
2007-05-06 15:37:26 · answer #2 · answered by JJ 5 · 0⤊ 0⤋
A lawyer is a good idea, but not the best one, you need a licensed real estate agent. What he will do is talk to you about the qualifications of buying a house, he will ask you some important questions and get to know your worries and concerns. What I do with my clients is I talk to you about what kind of mortgage you want and I basically do the math on a mortgage calculator, which gives you several options, that way you have a good idea about how much the payment is going to be. I also do an analysis of the properties in your area to see how they compare to the one your buying and we can see old trends and estimate the potential growth in the value of your house and how long it will take. Then if you decide you are interested and want to pursue purchasing it I get all the paperwork together, and also order the necessary inspections and let you know exactly, step by step, what has to happen to make an offer, get it excepted, and get your loan. It sounds complicated but that is really all the agents job, a good agent, calls you several times a day with updates and data for you to write down so you can feel in control of the biggest investment you are about to make. If you would like service like this feel free to write me back, we can take this process as slow or as fast as you would like. I don't charge you a thing for the consultation. Good Luck!!
2007-05-06 17:30:53 · answer #3 · answered by the mortgage professor 1 · 0⤊ 0⤋
Make sure you get a lawyer that knows real estate in your area, and get a contract that goes through all the loop holes because you don't want to be left holding the end of the stick. Also, even though you have lived in the house for awhile, I highly suggest doing inspections of any and all kinds available, especially as it was built in 1950. If you don't want to hire a lawyer, be sure you go through a reputable real estate company like Caldwell Banker, Century 21, Remax, etc. to draw up the contracts for you. Good luck and congratulations on your new home!!!
2007-05-06 15:17:01 · answer #4 · answered by atlantagal 5 · 0⤊ 0⤋
Most title companies will give you a free assessment of the current status of this property, i. e. if this person can convey title, if there are liens, what issues need to be resolved before title can be conveyed to you, etc. etc..
I strongly recommend that you get a home inspection and an appraisal before you sign on, or make your offer contingent on the home passing a home inspection. The lender will not fund you on more than the house will appraise for.
One note of caution, there are alot of homeowners out there preying on novice buyers. Do your due diligence before you sign on.
Good luck.
2007-05-06 16:21:05 · answer #5 · answered by godged 7 · 0⤊ 0⤋
You need to get a good loan officer working for you and they will basically do all the work and walk you through it. I recommend Smart Choice Mortgage. They do business in most states and are your best opportunity for someone to say yes. ADDITIONALLY, IF YOUR CREDIT IS SUSPECT, THEY SOMETIMES FRONT THE MONEY TO GET YOU INTO A CREDIT RESTORATION PROGRAM SO THAT YOU CAN QUALIFY FOR A LOAN. Check out the free evaluation form at the source website and a Smart Choice loan officer will contact you within 24 hours. Good luck.
2007-05-06 15:47:51 · answer #6 · answered by stephen l 2 · 0⤊ 0⤋
go to a realtor. i would send you to my mom, but we don't live in powhatan va. if you just love the house, then you should find the money somewhere. this is a one time chance to get the house. if you think you can do better, than do better. good luck.
2007-05-06 15:56:51 · answer #7 · answered by hum..dum..blah.. 3 · 0⤊ 0⤋
Best way is to apprach the moratge company
2007-05-06 15:19:47 · answer #8 · answered by Anonymous · 0⤊ 0⤋