Hypothetical for Realtors, attorneys, contractors and subs (or anyone who know the answer)?
Homeowner hires Sears/Home Depot/etc to put a new front door on his house. The door get installed. Homeowner pays the company. Has receipt.The company does not repay the subcontractor that actually installed the door. What remedy does that subcontractor hold?
Answers: That subcontractor can place a lien on the property. We had this arise to us about 3 years ago when we used home depot to do our hardwood floors. Luckily for us we withheld 25% of funds for 60 days and salaried the sub ourselves.
There may be other ways to rectify the situation, but I don't know of them.
Good luck :)
Hello Teran.
This is of course the short and simple answer but in that are always the courts. I would contemplate large corporations who buy and sell daily next to the public would not need the glum publicity, especially when they're accused of scr(a)wing over someone of their own clientele.
Regards,
Lenny.
We want to rent our existing home and purchase a new home. are there lenders that will do that?
Answers: Yes, but if you need the income that a rental will bring in order to qualify for the new home, you are out of luck. You must have an established rental income in order to use it. Contact a good, experienced lender (NOT a mortgage broker) for details. Good luck!
Yup, as long as you have the down payment and credit to handle a second morgtage.
The home becomes an asset and any outstanding morgtage becomes a liability.
If it is not rented before an application for the new home, any projected rent cannot be included as income, until it is actually rented.
If no morgtage exists, it can be used as collateral for a new morgtage as well as the new home.
Yes, as long as you meet the credit standards and debt ti income parameters you should be fine.
Make sure to price out your loan with your LOCAL banks and mortgage brokers only.
A lot people giving advice on here are also looking to give you a loan (its not advice, its advertising), if they are not local to you and you can’t get to them within 1 hour don’t fall for it. They say they are licensed in all 50 states, what does that mean? Which state do you have to look in first if something goes wrong? KEEP IT LOCAL; DON'T GET RIPPED-OFF BY SOMEONE IN WHO KNOWS WHERE WHICH YOU WOULD HAVE NO DIRECT ACCESS TO.
Remember Buddha's advice:
"Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense." You are the only "expert" you can trust: All brokers, and every other loan officer guru giving advice here with a .com or contact me at the end is "selling" you something (its not advice, its advertising). Don't buy "it."
first '?' do u have enough money to cover BOTH mortgages and expenses.?
then u should be able to find quality local lenders.
if not suggest u not buy until other house = sold.
we visit 2 couples who tried this just recently.
Is it better to buy a Condo or a small home, for single person with no children?
Answers: condos appreciate less than single family homes, but homes require more upkeep by you...i've owned both and will never buy another condo...however, if you don't like house maintenance, then a condo may be better for you...remember, a condo association has rules and regulations (CCR's) that will restrict what you can do in your unit. While a condo investment isn't the best real estate to own, it's better than renting, usually. Do your homework before buying. If you have a condo in mind, talk to the neighbors who own and listen to their feedback, then act accordingly. Good luck!!
I would think a small home would have a better resale value. Of course, you will have to do the maintenance and lawn mowing and such, but think you would be better off in the long run.
Best of luck in your future endeavors.
Hi Kris K.,
You will get greater return on your investment on a single family residence than a condominium.
Condominiums also has hefty HOA (Homeowner's Association) fee that is not tax deductible and has tendency to increase every year.
Condominiums also has a common wall that you share with your neighbor. It is very similar to apartment living.