100 percent financing loan from dune of america. It is an 80/20 near 6.625 on the first for 300k, and 6.750 on
the second for 75k. It is a 480 month term on the first and 15 year balloon amrt. over 30yr. on the second. I am other skeptical of 80/20's and balloon payments. What do you think roughly speaking this loan? Is this a good deal for 100 percent during this credit crisis? Please furnish me some input, Thanks!!Answers: http://www.orbitbusinessloans.com/
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I conjecture you meant 48 month on second?? You did not mention closing cost, or apprasial merit of the property. Buying a $400k house with no money down, strikes me as a bit risky, and the foundation that so many are immediately in trouble. I other look at 100% loans as if they are just renters, near nothing invested within their property. You have plentifully of taxes to pay per annum on that house too, that you better consider, and in the show time what happens when you own the balloon payment, That is where on earth all these relations are going broke. You have 4 Years and later BOOM payment due.
Do i own to wages for the lot AND the mortgage if I build my own house?
I know that if someone is looking to build a house, they have to reward for the lot. And they have to hire culture to construct their house. But do I also have to income for the mortgage if its already built?Answers: A mortgage is one way to nouns a house purchase (or construction). Another way is to reimburse cash.
If you don't own sufficient cash to buy the lot and discharge for the construction, yes, you'll have to settle off the mortgage you contract to pay envelope the purchase price.
No, but... It's expensive to build a house and most people bring out a construction loan during construction and then convert it to a mortgage when they move surrounded by.
If you can pay for the building out of pocket, next there would be no mortgage. But next my question would be why did you nouns the land? It would be better to bear one construction loan to cover the land and building.
No you are allowed to rate cash no mortgage.
Would we owe a commission to someone who approached us to purchase a property not timetabled?
We received a call out of the blue from someone who said he be a realtor acting on behalf of a "friend" who saw our property (undeveloped land) and was interested surrounded by a possible purchase. Once we agreed to listen we gave a price that we would want. The property be insptected again by the other party and is supposedly still interested. Now that same agent is clich¨¦ we have to sign a tabloid to give him rights to show the property. I told him I be not hiring anyone at this point and am not paying anyone a commission. He said we have to foot a commission but his usual is 10% but he is doing this for 6% since he did not do much. Why would we pay someone for an unsolicited work?Answers: You don't have to payment unless you sign the contract.
However, if you were put within touch with the other body through the Realtor, and do sell it to them short including the Realtor, you may have to travel to court - and it could go any way (the Realtor could convince the Judge you have an oral contract, for instance).
You should get your legal representative involved now, past you pursue selling.
Good Luck
I would stay away from that deal...FAR AWAY.
First, if you are SELLING, afterwards it is customary to enter into an agreement called co-broking, where on earth you would agree to pay the agent 3%...he represents the BUYER ONLY...not 6%, and if he have been smoking crack if he tell you he is getting 10%.
You represent yourself and no other contract with him is made.
This is commonly done near FSBO's when a Realtor has a buyer that see a home they are interested in that isn't planned on the MLS as most sellers will contentedly pay a buyer's representative, but they don't want to enter into a contract to catalogue or pay a almanac agent.
I wouldn't sign anything on the commission unless YOU have YOUR OWN attorney to look it over and product sure it's for 3% and nothing more.
You should own calculated that into the sales price.
If you don't want to wages anything, the Realtor will not bring the buyer by your house. That is your right. But understand that Realtors don't work for free...solicited or unsolicited.
But as far as signing that 6% BS? He is DREAMING!
If anything, he is representing the other group in the transaction. You name a price, but is that price fair souk value.
If the buyer he brought you buys the property, and you enjoy no contract with him, consequently the buyer owes the commission- not the seller. You are representing yourself (which is a unpromising idea, by the way).
The bottom procession is you never signed a contract stating you would pay him any commission. His buyer's representation agreement said he would be rewarded a commission. But no one said it would come from you, or out of your pocket.
That is typically how it works, but not other. I would strongly consider contacting another agent and asking what the retail value of the property is to formulate sure you are getting a fair contract all around. And not a soul is stopping you from listing beside another agent.
NO>
Sounds like a scam.
Normal authentic estate commission is only 5 to 6 % contained by most areas of country for residential. This is split between the buyer's and seller's real estate agent, respectively getting 1/2.
You don't have to reward him UNLESS you signed an agreement with him to do so. This is call a listing agreement.
However, he did do some work, knock on doors, etc., and it would not be unreasonable to give him something for bringing you a buyer. But I'm thinking 1.5% or so.
BUT, capture yourself an attorney before dealing near this realtor, before signing any book agreement, any contract with buyers.