weirton/CONTRACT home??? (mortgage, attorney, loan)

[iluvmypets]

I saw this home for sale in weirton and it was very cheap,nice photos,remodeled,property taxes were higher than other places I looked at that were selling at a higher price(I thought that was strange) Now,it did not say under contract it said CONTRACT(bold lettering)home.Can anyone tell me what this means?also does weirton have flooding problems?Any info.will be greatly appreciated.

[snowshoemtnman]

Could just be a misprint. I think I would contact whomever wrote the listing information. I am rather familiar with the real estate business, and have never seen a listing like that, although I see "under contract" all of the time.

[iluvmypets]

Thanks snowshoemtnman,you are probably right about misprint.Can you tell me if flooding is a problem there?I am presently in NM and husband passed three yrs.ago so I am looking to move up that way to be closer to granddaughter,she is in NY and there is no way I can afford to live in NY again so I figure within a days drive.The property taxes in NY are out of hand and every yr.the school taxes keep going up.

[snorpus]

I did a little Googling, and found the term "Land Contract", as a form or variation of owner financing. Basically, the difference between that and a conventional sale is that the owner retains title until the loan is paid off.

Don't know if that's what they're referring to or not. As said in the other reply, give 'em a call and ask.

[iluvmypets]

Thanks again.I will do that

[snowshoemtnman]

Iluvmypets, I can't help you with the flooding issues around Weirton, since I don't live in that area of the state. In regard to the land contract, West Virginia is a Deed of Trust state, which virtually eliminates the need for a land contract to acquire real estate through owner financing. Generally the owner just transfers title, and the buyer conveys a deed of trust to an agent of the owner, generally the attorney who prepared the documents for closing. The seller in this case becomes the lender, and holds the mortgage note, which of course has the conditions of making payments and the terms of the financing. The Deed of Trust would dictate the terms of any default.

[billscamaros]

iluvmypets - i grew up in the weirton, hancock county area and can say that there are not alot of flooding issues for you to deal with there. that said, i guess that it's always possible that you'll buy a house right alongside a stream that may have occassional flooding issues. assuming that you're referring to the ohio river ..... no problems.

you mentioned that you are moving to be closer to your grandaughter, who is located in new york state. pennsylvania is a big state. i guess that it depends on where in new york you have to travel to, but it's a long drive from weirton. have you checked out pennsylvania or western maryland?

[dcgrayson]

Hello. My wife and I moved here last august. We love it. Houses here are usually quite affordable. We're talking two story, older but nice, houses $68,000. Lots of great houses for sale now in Weirton especially here in Marland Heights where we live. People here are amazingly friendly too. Great place to raise a family too. Marland Heights where I live will NEVER flood. It is up on the hill well above downtown Weirton and the river like 600 feet above the river. Trust me we will never flood up here nor will Weirton Heights...unless its the end of the world Visit Welcome to Top Of WV.Com or ask me if you have ???

Dave
Weirton, WV

[iluvmypets]

dcgrayson,thanks for the info.,I plan on visiting the area the beginning of May.