I am going to buy a house on a main road where is really busy all the time, please advise me disadvantages?
Answers: I recently found out that on a busy street that is heavily traveled you contend with getting lead dust in your home from car and truck exhaust. So, I suggest you invest in two air purifiers with carbon filters. Place one in your living and dining room area, and one near your bedrooms. Although we breave in toxins everyday, you don't need an abundance. This is the only disadvantage that I see.
The advantage of a heavily traveled street is the constant visiblity which reduces car thefts, and someone breaking into your home. If it is not well lit, install motion detector lights where needed.
With the heavy traffic someone is bound to see something, and the thief knows this and does not want to be seen either.
Enjoy the constant sound of traffic and the inevitable sirens from fire trucks and cop cars and ambulances--not to mention the car crashes you can hear.
You will also need to be able to get in and out of your driveway--a circular one would help.
Got kids? Better have a fenced back yard and tell them they can ONLY go there, not in the front unless you are out there with them. Ditto any pets.
If they decide to expand lanes, you could have even less setback.
Probably more, but already I'm not interested.
obviously street noise
backing out of your driveway can be tricky
police and ambulance sirens at all times of the day and night
not being able to let your kids out to ride bikes on sidewalks
You can mitigate the noise with sound resistant windows. One advantage is crime is usually lower on a well-lit road. The real disadvantage is the danger to kids and pets.
I grew up on a very busy street in Chicago, and I made it! :D
One more thing to consider...
Over the past several years, lenders were not differentiating between homes located on busy streets and those not. So comparable properties used to establish value for homes on busy streets could be - and often were - from quieter parts of a neighborhood.
So what happened? Investors purchased homes in the less desirable area - on the busy street - and pulled equity out by getting appraisals comparing those homes to the quieter part of the neighborhood. But common sense tells you people pay more to live on an inner street. As the market slowed, those over-valued, over-leveraged homes flooded into foreclosure at a faster rate than homes located on quieter streets. (Drive through any neighborhood and you'll see empty houses not being cared for are almost always on the busier streets in the neighborhood. Not always, but more often than not.)
Lenders have corrected the practice that allowed this to happen. Appraisers must now select comparable properties that are on busy streets to establish value of homes on busy streets. It's not only harder to get loans, but you'll find the values are falling faster on these homes than on others.
Unless you're getting the bargain to end all bargains, stay away from the uncertain value of a home located on a busy street until home values fall back to earth.
Your prop value may be 10-25% less than other comparable homes on a non busy street.
What is a wrap around morgage?
Answers: Most of these answers are close but not quite there. A wrap-around mortgage is a contract that a buyer has with a seller that is selling their financed home. The seller agrees to sell the house with owner financing, and the buyer and seller write a contract that has basically the same terms as a mortgage. The buyer pays the "mortgage" to the seller, who continues to service their loan. This is not an assumption, since an assumption is when the buyer takes over the original financing as is. This is writing a new mortgage, with new terms (that are better or worse) that "wrap around" the terms of the original.
There are pros and cons. On the bad side, if you don't have any protection in place and the seller doesn't service their mortgage and the house is foreclosed upon - the bank doesn't have to honor this new contract since it was signed after the original mortgage. You can sue the owner for your losses but that is after the fact. Also, if you are not pretty savy, and negotiate for good terms, the seller can stick you with whatever terms and interest rates they choose.
On the good side, it is a great way to buy a house with no credit. Everything is negotiable, and seeing as how this is a buyers market - it is fairly easy to find someone who would be willing to do this. Just make sure you protect yourself. Have a real estate attorney look over the paperwork (or write the contract), and make sure you have an escrow agen who will ensure your payments go to the original mortgage before it goes in the sellers pockets.
A wrap around mortgage is the term used describe a scenario
where the seller of a property that has an existing mortgage agrees to leave the current mortgage in place. The buyer makes payments to the seller who continues to pay the existing mortgage.
It means that after you pay it, the only thing you can afford to wear is the paper you signed for the mortgage.
Seriously, with all that is going on with mortgages I would go to the library or a bookstore and read up on mortgages.
Do you really trust a bunch of strangers??
Besides you misspelled mortgages.
Stay away from wrap around mortgages!!
For a loan to even be a wrap around, the current loan must be assumable. The first mortgage is not paid off like in a traditional refinance with a 2nd. The mortgage wrapper is basically taking the responsibility for paying the original mortgage. This always is to the advantage of the bank or lender. This is also something that I have done personally in owner financing an investment property. Subject to financing and owner financing are tricky fields to navigate and if you don't know what you are doing...you will get burned. With this type of financing...you will also typically sell the note to a note buyer. But, you need to have that set up before you do any type of owner financing.
Take my advice...do not do this type of financing unless your are in dire straights. If you are the one doing the financing...it can be very profitable.
Where should we turn?
We are looking to rent a 2-4 bedroom house or apartment in South Carolina, around Greer. I've looked on Craigslist and a couple of other sites, and as you would expect the pictures they show make the homes so appealing. I want to know where on earth we should look into down there, some place not too expensive, great school, little to no crime..where should we progress?Answers: find a real estate department that has
buyer's agents who will button
rentals and they can find you what you want. iF you are not able to find
such a creature, get support to me
and I will find such a person for you.