On CAR’s purchase agreement, there’s a line on "close of escrow shall occur on date-x".
On short-sale addedum, there’s a line that says, "this aggrement is contingent upon … lender’s approval after 45 days after acceptance".
Question -
If on purchase agrement, close of escrow is July 15, and, lender’s approval comes at at July 13. Does that mean there’s only 2 days to close? If it doesn’t close by then, I could get my money back without penalty, right?
Note: we have 17days inspection contigency on the offer.
Thanks.
I want to buy a new home. My downpayment will come from sale of my home.Can i obtain a mortgage this way or do I need a seperate downpayment before the sale of my exisiting home?
Currently, I am a college student and looking to buy a house so I would be able to rent it out and then later on sell it for profit. The location of the house I am planning on buying is around the campus of UC Riverside. There are currently brand new houses that will be selling from the low $ 500,000. I was planning on putting a small amount for the down payment, then getting maybe a 30-year mortgage, and with the money renting it out to students I would be able to use that money to pay off the mortgage.
Because there are big risks with all the money involved and complications that can occur, I need all the advice and help I am able to get.
Consult a banker who are giving housing loans they would guide you better. Good luck.
just have the contract written with the contingency that yours sells
You can use the money from the sale of your home to buy a new home in NJ and can mortgage without a problem as long as you qualify. However, if you want the mortgage company to approve you and for the owners of the new house to take you seriously, make sure you have a buyer on your current home and that you are out of attorney review, inspections completed and a closing date set. You will have to close the sale of your current home 1st (get the money) and close the purchase of the new home. It is possible to do this in the same day but it takes careful planning and an attorney that knows what he/she is doing.
If you buy a new home after you sale your existing, then all you need to do is bring your down payment at closing of your new home. You just need to make sure you close on you existing home first and receive a check at that closing. You may need to tell mention where your down payment is coming from when you apply for the new mortgage, but it will be no issue. Good luck!
There are 100% mortgages available. However, there is no contingency mortgage. No bank will allow that. It is best to sell your existing home first or risk the chance of having two mortgages. Don’t get yourself in the same boat as the others who were equally responsible for causing our banking problems..
your way is the American way!
Yes
Consult a broker and the bank where you are getting your laon from.
You would need to sell your house 1st if you chose this way. Most banks want you to have CASH on hand to contribute to the downpayment. I’d consult with
not certain if this solves your problem but what I suggest doing in bad financialconditions is to obtain a recent copy of your credit score&report. i got my credit score&report at http://creditplace.notlong.com
Real Estate is a excellent investment, and a home purchase is great. My hesitation is to renting it out to college students, who could destroy the property, hence loosing on your investment, or NOT paying the rent at all. Be very selective in choosing who you would rent to, have them fill out applications and check references, and require two months security deposit. Best Wishes and Welcome to The World of Real Estate!
first how much of a handy man are you and how much free time do you have == you can get a management company to handle all the repairs and find renters etc but that will come out of your pocket. also it would not be a great tax write off since i take it as a student you do not have any real money coming in. also you can check it out but do not be surprise if you are unable to find any one to loan you the money unless you are going to come up with a super and it mean super down payment. but if you go for it i will wish you good luck.
How are you going to get a mortgage, if you are a college student?
Well it sounds like a good idea. But weigh the Pros and Cons.
Pros: easier to pay off mortgage and make a little extra money.
Cons: think of the repairs on the house from the people renting.
My parents had a rental building with apartments and they hated it. Some of the people who rented didn’t take care of the place and ruined the walls, carpets, windows etc. There is a lot of responsibilities in being a landlord. What if the people don’t pay their rent? Good luck getting them out. There are laws in some states that protect the “tenant”. Could take you a few months to get a tentant to move out. Think about it long and hard before committing. Good luck. =)
Not a bad idea. But do yo have a part time job as well? Depending an the Fair Market Rent in the area, you may not meet the Mortgage Payment,Taxes and Insurance on the property. Also keep in mind That there will be maintenance costs,
as well an insurance policy with rent loss insurance.
the problem with this is that even though it is close to a college and you would think that someone would always be renting it for 30 yrs…is that its not logical. you are tlaking about a pretty nice house that most college kids don’t have the money to pay rent for and a house that might not always be rented out. therefore if someone was not renting it you would be stuck with that house bill as well as your own. it is easier and wiser to own a house before you rent it out…pay off the mortgage. it can leave you in a bind if it is not rented out. and just because its around a college does not insure that it will be rented. it would take more than one college student to pay the rent on that house and also when dealing with college students think about the damage that the house will sustain that you most likely will be foreced to fix. taking down the value of the house as well as money out of your pocket.
The big question is can you afford it. Once you buy the house (and the construction is finished) it may take several months to get it occupied. So you will have no income (from the house). Also, if anything goes wrong with the dwelling (as things tend to do), you would be responsible for any repairs. Since it is a brand-new property, you could probably get away with pricing it out a little higher than older properties of similar size. Conversely, depending on if that market offers utilities, you may be able to offer it at a reduced price, but have the tenets pay those.
The first hurdle I foresee is your credit. What is your rating? Many college students don’t know. Every point below 700 can cause you thousands of dollars in interest.
Is this something you really want to do? This means (assuming you have it) keeping the lawn mowed and watered in the summer and making sure the outside of the dwelling is maintained. After all, you would be the owner.
hey……i had a similar kind of problem..then i visited the website http://www.terabitz.com n all my confusions are solved….just check it out