How to administer renter choice to buy?
How would you word a letter offering our house to our renter to purchase.. offering her the 7% a Realtor would hold charged?Would you say "7% dosh at closing?" If we didn't say 'at closing' would we be required to offer it early? What's the best course to say this?
Answers: Renters hold difficulty paying the down payment when buying.
When I bought my house I have rented for 3 years so the seller
did it this style: (numbers are different just to use as an example):
House price $100,000
buyer remunerated seller down $20,000 (this be in the form of rent for 3 years)
financed: $80,000
that means of access I didn't have to come up near $20,000 at closing
hope this helps
if you're not using an agent, why are you giving away 7% - preserve that for your self. you need to procure the house appraised and then come to an agreement on the mart price. then the renter have to qualify for a mortgage - if you aren't using a real estate agent, achieve an attorney that deals contained by real estate transactions - here is too much at risk to avoid screwing up a home public sale.
What are the plusses and minuses of an interest only loan?
Answers: I have an interest only loan. My income will vary because I own rental properties and another business. If things are tight, I know that I can make the interest payment.
When money is flowing good from the business and the rentals, I can apply extra amounts to the principal. It is the flexibility that works for me. I have 10 years of fixed rate interest, then it goes to adjustable. I plan on selling this house long before the 10 years comes up.
It must also be noted that I have quite a bit of equity in the house. Even with the delining housing prices, there is still equity to spare.
With the right reasons and situations, a interest only loan is great. If you are buying a home now with declining values, and the lowest interest rates in almost forever don't go interest only. If you have equity and plan on selling in a number of years, it might be something to look at.
While you are in the interest only period, you will have the luxury of a very low payment. BUT I will warn you. Many many many mamy people in Michigan (where I live) are losing their homes because once that period is over, your payment will skyrocket. My husbands Aunt had this happen to her. When the interest only period ended, she had a huge payement $2,400 it ended up. They lost their home because they couldn't afford it.
This is a sub prime loan and is what the Government is trying to help people get out of now. This an those 2 yr arms at low rates? We have that problem. Went from 8 % and now paying 11%. I am praying we can get out of it without ending up like his Aunt.
Are existing estate commisions on elderly houses sold to investigational buyers quantity of the GDP?
Are real estate commisions on older houses sold to new buyers member of the GDP?Answers: No, the whole amount is cut of the GDP. GDP measures all financial activity inwardly a country. Any buying or selling of anything, from bread to legal services, to homes, is piece of it.