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My boyfriend and I are looking at moving somewhere on the coast of Oregon this fall. We have already decided that we want to see about renting to own a house. Could anyone please tell me what websites we might be able to check out that would possibly show rent-to-own houses? Ive already googled it but there is so many sites out there that I would like to find a reliable site that we can check out. Thank You, Amy
My boyfriend and I are looking at moving somewhere on the coast of Oregon this fall. We have already decided that we want to see about renting to own a house. Could anyone please tell me what websites we might be able to check out that would possibly show rent-to-own houses? Ive already googled it but there is so many sites out there that I would like to find a reliable site that we can check out. Thank You, Amy
You may want to go to a real estate homesite, or a MLS listing, each listing will say if Rent is a possibility.
There are so many homes on the market, you can probably find one that is new or only a couple of yrs. old, that got caught in the downturn. The rents are usually far lower than the mort. payment would be, many builders are looking for some of the pressure to be taken off of them.
There are also bank owned properties that have not sold for over a yr. and they will rent as well..
Not sure what part of the Coast you are looking at, but brookings has a great climate, and the best surfing/fishing and rivers Imo.
I, also, have been curious about the "lease to buy" and "rent to own" and also how to go about buying properties that have foreclosed... Who do you talk to regarding these kinds of questions? I feel like banks and realtors just want your money... who can you trust? I am afraid of stepping into some kind of financial trap.
I, also, have been curious about the "lease to buy" and "rent to own" and also how to go about buying properties that have foreclosed... Who do you talk to regarding these kinds of questions? I feel like banks and realtors just want your money... who can you trust? I am afraid of stepping into some kind of financial trap.
thats the same boat we are in too. those are the same questions that we are trying to get answers for too. If at all possible we would like to avoid going through a bank or realtor (fingers & toes crossed lol). If you happen to find the answer will you please let me know and we will let you know if we find any answers out too
I, also, have been curious about the "lease to buy" and "rent to own" and also how to go about buying properties that have foreclosed... Who do you talk to regarding these kinds of questions? I feel like banks and realtors just want your money... who can you trust? I am afraid of stepping into some kind of financial trap.
You can start by searching online under the subject, then search the MLS in the area that you are interested in. You'll see short sale or bank owned on the listing information.
When you feel fairly versed on the subject, you will be able to assess the process without wondering if someone is taking advantage.
It is a fairly straight forward process, find a property that says bank owned or short sale, then contact the listing agent and make an offer that fits with your budget, some will lease option, or rent, but I believe your credit will need to be acceptable as if you were going to buy immediately, in order to lease option or (rent to own).
Banks and realtors are in business to make money, and in order to stay in business sometimes requires little or no profit, at least on the banks end of things, realtors should be very easy to communicate with, be knowledgeable and candid to your inquiries.
I think it is like anything else, the few create false impressions of the many.
Most realtors are there to help and guide through the process, and those that do, make the most money.
best wishes,
You can start by searching online under the subject, then search the MLS in the area that you are interested in. You'll see short sale or bank owned on the listing information.
When you feel fairly versed on the subject, you will be able to assess the process without wondering if someone is taking advantage.
It is a fairly straight forward process, find a property that says bank owned or short sale, then contact the listing agent and make an offer that fits with your budget, some will lease option, or rent, but I believe your credit will need to be acceptable as if you were going to buy immediately, in order to lease option or (rent to own).
Banks and realtors are in business to make money, and in order to stay in business sometimes requires little or no profit, at least on the banks end of things, realtors should be very easy to communicate with, be knowledgeable and candid to your inquiries.
I think it is like anything else, the few create false impressions of the many.
Most realtors are there to help and guide through the process, and those that do, make the most money.
best wishes,
freedom
I work with several investors interested in the foreclosed or preforeclosure homes and I've been involved in several transactions. I certainly appreciate anyone's desire to save money. That's pretty much a universal thing. Banks and lenders, have been inundated with short sale paperwork (short sales are when the lender agrees to accept less for a home than is owed on it by the owner).
When a property gets to that point, the seller (owner) has very little to do with accepting or rejecting an offer (other than the paperwork involved of seeing the offer and signing it to that effect). The lender is the one who makes that determination. From my experience, lenders are very much a mixed bag. Some are far easier to work with than others (and that is all relative. None are easy.) I have one offer that was submitted last November and we STILL haven't heard a word back from the lender except that I needed another addendum from my investor saying that they were still wanting to pursue purchasing the home. To deal with a preforeclosure property that could actually turn out to be a "short sale" (before the auction), there are many times hours upon hours spent on "hold" on the phone being passed around from department to department trying to find the right person to ask questions and get all the information together that the lender will even LOOK at. It is not an easy process by any means. The numbers I've heard is that each foreclosure processor is receiving approximately 75 new files a day. The ones that are missing infomation gets shunted to the bottom and sometimes it is extremely difficult to get answers from the lenders as to what is missing, what they need etc. - assuming you can even reach them.
Professionals who specialize in or at least have experience dealing with this process are worth quite a bit. If you are losing your home to a short sale, and the bank will accept say, $50,000 less than what you owe on it, did you know that you are responsible to pay the taxes on that $50,000, just as if it were ordinary income? I'm not a lawyer, and am not trying to give legal advice, but I am trying to point out that when you are dealing with these types of transactions, there can be legal ramifications and it is wise to seek legal council... someone who specializes in real estate transactions - especially if you want to try it yourself.
One thing that you can't do with a short sale is to try to purchase a property with the contingency that your current home has to sell first. They won't even look at that type of offer because the transaction can't be consummated until your home sells.
Properties that are owned by a bank already - it can be a bit easier in some respects, but not necessarily because the bank has already lost much of the value of the property in the expense to go through the actual foreclosure process. They often times don't want to budge much on their set price... but that can vary...
And as far as my experience as a realtor... there are times when the lender will cut commission off because they feel since they're taking a hit, we should as well. Whatever your thoughts may be for, against or neutral towards our profession, imagine how you might feel if your employer comes to you, knowing you're working just as hard as ever and says, oh by the way, you're income will be dropping x% because I had an extra bill or two this month. It's part of the career choice, but many people really don't seem to know what in the world we do all day.
One more thing... if you approach a listing broker and you are unrepresented, you don't save any money in commission. What actually happens is that the listing broker gets double the commission and you get very little to no representation. That listing broker should have you sign a disclosure form that says that... Although it is legal in the state of Oregon to have double representation, it is very difficult to represent a buyer and a seller...
Here's why - The buyer's representative would want to save their client the most money and negotiate the best (lowest) price. The seller's representative would want to keep the highest price for their client. If you buy a property and use a real estate broker to represent you, you aren't paying anything if the house is listed on the RMLS. It comes from the seller - plus, you get the benefit of representation and assistance to make sure the transaction actually closes and you get the keys!
I work with several investors interested in the foreclosed or preforeclosure homes and I've been involved in several transactions. I certainly appreciate anyone's desire to save money. That's pretty much a universal thing. Banks and lenders, have been inundated with short sale paperwork (short sales are when the lender agrees to accept less for a home than is owed on it by the owner).
When a property gets to that point, the seller (owner) has very little to do with accepting or rejecting an offer (other than the paperwork involved of seeing the offer and signing it to that effect). The lender is the one who makes that determination. From my experience, lenders are very much a mixed bag. Some are far easier to work with than others (and that is all relative. None are easy.) I have one offer that was submitted last November and we STILL haven't heard a word back from the lender except that I needed another addendum from my investor saying that they were still wanting to pursue purchasing the home. To deal with a preforeclosure property that could actually turn out to be a "short sale" (before the auction), there are many times hours upon hours spent on "hold" on the phone being passed around from department to department trying to find the right person to ask questions and get all the information together that the lender will even LOOK at. It is not an easy process by any means. The numbers I've heard is that each foreclosure processor is receiving approximately 75 new files a day. The ones that are missing infomation gets shunted to the bottom and sometimes it is extremely difficult to get answers from the lenders as to what is missing, what they need etc. - assuming you can even reach them.
Professionals who specialize in or at least have experience dealing with this process are worth quite a bit. If you are losing your home to a short sale, and the bank will accept say, $50,000 less than what you owe on it, did you know that you are responsible to pay the taxes on that $50,000, just as if it were ordinary income? I'm not a lawyer, and am not trying to give legal advice, but I am trying to point out that when you are dealing with these types of transactions, there can be legal ramifications and it is wise to seek legal council... someone who specializes in real estate transactions - especially if you want to try it yourself.
One thing that you can't do with a short sale is to try to purchase a property with the contingency that your current home has to sell first. They won't even look at that type of offer because the transaction can't be consummated until your home sells.
Properties that are owned by a bank already - it can be a bit easier in some respects, but not necessarily because the bank has already lost much of the value of the property in the expense to go through the actual foreclosure process. They often times don't want to budge much on their set price... but that can vary...
And as far as my experience as a realtor... there are times when the lender will cut commission off because they feel since they're taking a hit, we should as well. Whatever your thoughts may be for, against or neutral towards our profession, imagine how you might feel if your employer comes to you, knowing you're working just as hard as ever and says, oh by the way, you're income will be dropping x% because I had an extra bill or two this month. It's part of the career choice, but many people really don't seem to know what in the world we do all day.
One more thing... if you approach a listing broker and you are unrepresented, you don't save any money in commission. What actually happens is that the listing broker gets double the commission and you get very little to no representation. That listing broker should have you sign a disclosure form that says that... Although it is legal in the state of Oregon to have double representation, it is very difficult to represent a buyer and a seller...
Here's why - The buyer's representative would want to save their client the most money and negotiate the best (lowest) price. The seller's representative would want to keep the highest price for their client. If you buy a property and use a real estate broker to represent you, you aren't paying anything if the house is listed on the RMLS. It comes from the seller - plus, you get the benefit of representation and assistance to make sure the transaction actually closes and you get the keys!
Thanks, freedom for your comments....
Thank you for yours,
I did not realize that a seller would have to pay income tax on monies that are short. That just doesn't seem fair, if anything they should be able to write off the loss. Well thats the feds for ya...
I have a question regarding offers on bank owned (in Oregon) i'll throw that in so we don't get bounced to the real estate thread.
If i have a house in escrow. Is it your experience that the bank will treat it the same as a contingent sale without any action on the house that needs to close first? Are they purely looking at cash 30 day or less offers?
And yes it is much easier on a buyer if they use a proffesional to carry the weight. The good ones (which you appear to be) are worth every penny.
[quote=freedom;2588814]Thank you for yours,
I did not realize that a seller would have to pay income tax on monies that are short. That just doesn't seem fair, if anything they should be able to write off the loss. Well thats the feds for ya...
I have a question regarding offers on bank owned (in Oregon) i'll throw that in so we don't get bounced to the real estate thread.
If i have a house in escrow. Is it your experience that the bank will treat it the same as a contingent sale without any action on the house that needs to close first? Are they purely looking at cash 30 day or less offers?
And yes it is much easier on a buyer if they use a proffesional to carry the weight. The good ones (which you appear to be) are worth every penny.
thanks,
freedom
First, there are ways to avoid paying the tax on the phantom income.. .by proving continued hardship and filling out some forms (check with a lawyer on which ones and how to accomplish that). The debt (or judgment) can actually follow the person, and not the house... and can be sought after even after the sale... so, legal counsel can end up saving heartache down the road...
If you have a house in escrow, it means that the buyer and seller (I'm assuming you mean the seller in this case is the lender) have agreed on the terms of the sale... and you have an active transaction that is working. If you have a house that has to close first to provide the funds for the bank owned property, it must be disclosed in the documents because if the home you already own doesn't close, and the closing date comes for the bank owned property and you don't have the funds to perform, it is possible that the lender will force the issue and you could be guilty of lender fraud. Does that make sense? I'm not a lawyer and am only giving opinion of what types of things to look out for, so take what I say in this with a grain of salt...
One can obtain conventional financing for a bank owned property, just like any other house. Even when a bank says that the property sells "as is where is" which means that they have no intention of making any repairs, one should ALWAYS have a professional inspection... If the condition of the house has safety or health issues, one can choose to bow out of pursuing the purchase with complete return of any earnest monies - as long as it is within the specified contract date allowed for such examination. One can ask for a repair allowance... which some lenders will provide in the form of either a discount in the price of the property, or closing costs, or an allowance that may be held in escrow and distributed when the repairs are completed. There may be other ways to negotiate that type of compensation as well.. but again, it all depends on the negotiating ability of the parties involved as well as the rules and guidelines for each lender.
Cash offers are great and banks love them. Closing can be quick and save money in costs. But it is not necessary for a bank owned property... Where one needs cash is on the courthouse steps for an auction property and that is another ball of wax. How I do go on...
Thanks for the question... Hope it gives you a better gist...
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further notes on foreclosures.
