Highest and Best

You may have to make a higher bid if other foreclosures are selling fast. This means other people are buying up foreclosures quickly, and if you really want to get in on this action, you may have to start off with an offer that is close to, or at asking price. If there are multiple offers, you may have to offer higher than asking price and try to keep the contract contingencies to a minimum if you really want that foreclosure. Remember, location and amenities matter, other foreclosures may be selling quickly if they’re in a great spot.

Prepare Yourself for “As-Is” “Where-Is”

The bank will not likely fix anything wrong with the home. You will be buying the house the way you see it and they will not repair anything. They are selling it to try to make as much money back on their investment as possible. Make sure you include an inspection contingency so you can hire an inspector if you are making an offer on a foreclosure, that way you will know exactly what you are getting into if the bank accepts your offer. Most homeowners think that the final sales price represents a deal but fix up cost can quickly mount up and contractors have a habit of not being reliable.

Funding Your Foreclosure

Most buyers purchase foreclosures in Snellville, Ga with cash because of their frequently “below market” sales price. Cash is also the easiest and fastest closing, so banks often prefer cash buyers. There are a handful of banks that will provide financing for this purchase. They will require an appraisal of the property and this takes time, so if you are up against cash offers, make sure your offer is a competitive one. If the foreclosure doesn’t appraise as high as your offer, you will have to make up the difference.

Additional Costs

Buying foreclosures in Snellville, Ga may come with additional costs above and beyond the purchase price and closing costs. If the owner couldn’t make the mortgage payment, you can probably assume he or she did not pay the real estate property taxes or homeowners association fees if the foreclosure is in a community. You might also become responsible for any utility bills, home equity lines of credit, or other liens on the property. Make sure the title company takes these factors into account when preparing the title commitment.

You will also have to take into consideration the additional cost of making the necessary repairs or cleaning when you buy a foreclosure. There is no cleanup requirement when these properties are seized, and the previous owners might be a little upset about the bank foreclosing on them and take it out on the property. Repairs to the home might also increase the assessed value and raise the taxes.

When You Start Your Homeownership Journey with Rent With Option To Buy There Are 5 Reasons It Will Be Better For Most Home Buyers.

Low move in cost. Most homes only require 1 month rent and 2 months security. You don’t have to purchase the home for up to 3 – 5 years. This leaves money in your pocket and time to improve your credit and save for strong down payment. You will also have time to shop for the best mortgage possible and buy the house you choose and are already living in.

2)The homes are in move in condition. We work with an equity buyer who will buy the house on the market and if the home needs repairs will make the necessary repairs so that when you move in the house will be in move in condition.

3)You have the option to try it before you buy it

Rent to own homes have a key component which is the option to buy the house. That means you can lease that home for up to 3-5 years and buy it during the time you are leasing. The advantage of that is you will live in the house during the time of the lease get a feel for the house and the neighborhood. If you like the house, then you will go out and get a brand-new mortgage and buy it. If you don’t like the house, then you can simply give the appropriate notice leave the home in good condition and walk away with no further obligation to buy that house.

When you buy a foreclosure home you are stuck with all the headaches that you bought in the house.

4)The homes are in move in condition and in great neighborhoods

Foreclosures tend to be random events. That means you may not be able to find a home in an area you will want to live when you are ready to buy. With rent with option homes you are going to find a home in a great area that you will want to live in. The homes are bought from the real estate markets current inventor so you will typically find a home you will want to live in and eventually own.

5) To get into a rent with option to buy home, in addition to low move in cost you don’t have to have perfect credit. Foreclosures require a lot of cash up front, if you want to finance it you will have to possess near perfect credit. Our homes rent with option to buy you don’t need perfect credit to move in. Then you will have the time to improve your credit and save for a strong down payment to buy the home you are already living in.

You can see from the above that rent to own homes provides a good value to aspiring homeowners. If you would like to find out more about rent to own homes and how this process can be a benefit to you and your family give us a call today 678-478-3861 or visit us on the web www.FreshStartHomesales.com

Call Fresh Start Home Sales at 678-337-1165 or send us a message to learn more about buying foreclosures in Snellville .

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2330 Scenic Highway

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Low Down Payment Required Mortgages

There are a few programs to help first time home buyers that require a small out of pocket down payment.

The first one we will tell you about is VA home loans programs, backed by the Department of Veterans Affairs. To be eligible for Va home loans you have to have been a member of the armed services and cost guard ended your service with other than honorable discharge.

The next option is a USDA loans, backed by the Department of Agriculture, which may not require any money down on a mortgage at all as long as you meet certain criteria. FHA loans, backed by the Federal Housing Administration, only require at least 3.5% down. Conventional loans, backed by private companies, may only require at least 3% down, but those loans usually rely on good credit. These low down payment options might be a great way to buy the home you are leasing. A big drawback of this strategy is that the lower the down payment is, the more interest you are likely to pay over time which costs you more money in the long run. Additionally, some of these low down payment programs have extra fees associated with them such as large origination fees that are rolled into the payments or required mortgage insurance.

State and Local Down Payment Assistance

Many states have assistance programs to fund down payments for first time home buyers like in Snellville, Ga real estate sponsored by government agencies, nonprofits, foundations, and even some employers. These programs can have a varying degree of geographical focus which can range from the whole state, city, neighborhood, maybe even down to one house. The assistance may come as a grant or a no-interest forgivable loan. These programs are usually partnered with competitive interest rates or tax breaks. Sometimes, homeownership classes are required. One drawback of this strategy is that there might be a purchase price or income restrictions.

Down Payment Gifts or Loans From Family or Friends

One of the most accessible sources of down payments for real estate are gifts or loans from family members or friends. Make sure you write down your payback agreement if you agree to a loan, and pay it back! You do not want to ruin personal relationships over your house! One drawback to using a gift as a down payment for real estate is that it’s not quite as simple as it seems. The person who gave you the money must verify they gave the gift and also prove that they were able to make the gift. If you do have to rely on gifts for the down payment of a house, you might not be prepared for the full cost of homeownership and are statistically likely to default on the loan. Another drawback is if your down payment for Snellville, Ga real estate is a personal loan, that loan must also be calculated into your income to debt ratio to make sure you can still qualify for the loan.

Crowdfunding your Down Payment

There are a few sites that enable you to crowdfund your down payment. There are some sites that work like a registry where contributions to your down payment are funneled into your bank account. This scenario works well for situations like engaged couples or newlyweds. Other sites require you to become prequalified for a loan before they will allow you to raise money for your down payment for Snellville, Ga real estate. Possible drawbacks to this strategy are credit card processing or other fees and the potential inability to shop around for lenders.

Retirement Account Withdrawals or Loans

Depending on your retirement plan, you may be able to withdraw funds or request a loan from your balance for your down payment for Snellville, Ga real estate, but this strategy should be used with discretion. There are a lot of fees surrounding early withdrawal from retirement accounts. Make sure you consult with your account director before choosing this strategy.

Whatever way you choose taking advantage of the opportunity to own a home through rent with option to buy requires a thoughtful plan. First during the lease keep making all your financial payments on time find ways to improve your credit and save as much money as you can. Then explore the financing options that we shared in this blog

For more infomation on home Lease With Option To Buy call Fresh Start Home Sales at 678-337-1165

Fresh Start Home Sales

2330 Scenic Highway

# 300

Snellville, GA 30078

678-337-1165

https://www.FreshStartHomeSales.com

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Open Your House To Extra Prospective Buyers In The Market

Selling a house rent to own you reach people who are good prospects but don’t have enough money for the down payment and closing cost for a traditional mortgage, to begin the homeownership process. For those who do not want to wait and who are eager to become homeowners, they will certainly jump at the opportunity for an equally useful rent to own home. When you sell your Atlanta home in this manner, you are opening the door for a variety of new buyers that might not have had the ability to purchase any other way. This provides you extra choices, money in your pocket quicker, as well as the possibility to obtain your asking price without any hassle or long negotiations.

Sell your Atlanta House Rent To Own

Realize More Than You ‘d Expect For The House

Generally, when Selling a House Rent To Own in Atlanta, the seller of the home will get a non-refundable deposit, and a premium rent payment monthly for the property. If the prospective buyer or as we call them tenant- buyers should stop paying rent, they risk losing the residential property in addition to their first down payment … not a place any type of property buyer would certainly want to be in. When making use of a rental with option to buy agreement to market your home in Atlanta, you assume very little risk, while accumulating a greater than ordinary lease payment each month. For sellers that don’t require the entirety of the value of the sale of their house right away, collecting the money monthly with a sale date in the future can be a very flourishing circumstance.

How Will The Seller Get Monthly Income?

Think of collecting rent every single month for your residence in Atlanta. Also think of, accumulating a lot more than the average lease, in addition to a down payment and the nonrefundable deposit the seller gains for the buyer defaulting on the monthly payment. Utilizing a rent with an option agreement to sell your residence fast in Atlanta is an excellent way to create consistent earnings you will certainly obtain for the following several months. Unlike leasing from a common landlord, your prospective buyer is very vested in the residential property and also will likely pay their rent on time, while dealing with any required upkeep. The last point a person with the chance to get an opportunity to buy the house at the end of the lease would certainly not wish to default, shedding money and also lose the down payment and the money invested in the monthly rent payments.

In Conclusion if you are a looking to sell your house for full price plus consider rent to own with an option to buy. You will get a great price with not a lot of downward price pressure because many of the prospective buyers will not have very many other choices to buy other houses because of their current financial situation. Tenant-buyers are willing to pay premium rent and assume the cost of routine maintenance of a house that they hope to be able tp purchase in a year or two. The benefit to the buyer is they will get to live in a house they are not yet qualified to live in. They will have time to improve their credit and save for a strong down payment to buy the house they are living and loving.

Fresh Start Home Sales

2330 Scenic Highway

#300

Snellville, GA 30078

678-337-1165

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Lease Purchase Agreement

How It Works

The agreement itself is often similar to a rental agreement with an option to buy, also known as a lease purchase with the Exclusive right to buy at the end of the term. That said, there are some key differences to be mindful of, such as your responsibility to make repairs, and a higher than average rent payment each month.

What You Will Have To Do

You will always want to have a thorough pre-inspection of the house completed before signing the lease purchase agreement. This will give you a heads up on any future repairs you will need to make. Some repairs can be costly, which could cause you to hesitate before moving forward. Not so fast, many owners maybe willing to repair those items so try to negotiate those repairs.

You should also have a professional appraisal of the house done. An appraisal is an estimate of the market value of a home from a professional but disinterested party. Their job is to tell you what they believe the home is worth and not match the price to the agreement or make it beneficial either party.

This will ensure that the price the seller is asking is fair and will be approved by a lender in the future. Keep in mind market conditions may shift over the time between you are living there and when you are ready to buy. A supplemental appraisal maybe necessary. You never want to skip an inspection or an appraisal just to get a shot at buying a home.

Also, as mentioned above, you will be the one responsible for repairs as opposed to the owner of the home. It is important to also include in the agreement who will make major repairs, like if a storm causes extensive roof damage for instance. A good idea is to put a ceiling on what you the tenant-buyer are responsible. Paying for maintenance is fair but buying a new roof for a home you don’t own yet seems excessive.

You will also need to pay the property taxes according to some agreements. These extra expenses, plus the typically highere than average rent, can slow you down if you are saving to buy the property in the future. Keep these costs in mind before signing an agreement.

The Benefits

There are several benefits to entering into a lease to own agreement with a local seller. First, you will be able to find and secure a beautiful home you will love before you have the down payment together or before your credit will qualify for a loan. Take the time during the lease to improve your credit and save for a strong down payment. You will also have a locked in price, so if the market goes up over the course of the agreement, you will only need to pay what was agreed in the agreement.

Another great benefit is having the ability to “test drive” the house. You can really get a sense of what it will be like to own, before actually being the owner. You can determine your monthly maintenance and ownership expenses and take a good look at commute times and area schools. You will be able to make sure that the neighborhood is really right for you.

You will also have the peace of mind in knowing that you have the guaranteed option to buy the house. No need to pack all your things up and move at the end of the lease so long as you are able to get the financing you need, as well as the down payment. Your credit should now be fully restored, allowing the buying process to run smoothly for you.

One great trick is to find a property that has been listed for a while and purpose a rent to own agreement. They will not need to lower their price, and you will get the opportunity to buy a house you love.

Last tip pay attention to what is going on in the housing market. If the prices of homes are on the decline you don’t want to be locked into a price higher than the market when its time to exercise the lease purchase agreement and purchase the home.

In Conclusion. Lease with option to buy or rent with the option to buy,maybe a good option for some business owners the information in this blog will be a good guide to use. The writer is not an attorney the blog is for infomation purposes only. Always conduct all real estate transactions with a competent real estate professional representing you.

Fresh Start Home Sales

2330 Scenic Highway

# 300

Snellville, GA 30078

678-337-1165

https://www.FreshStartHomeSales.com

Find us on Social Media

https://sites.google.com/site/freshstarthomesales/

https://www.facebook.com/FreshStartHomeSales/

https://FreshstartHomeSales.Business.site

https://sites.google.com/site/renttoownhomesgeorgia/

https://twitter.com/RentToOwnHomAtl

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