…I personally wasn’t aware having an unleashed dog could result in a $50 fine. Good to know, as well as there’s a quick summation of a proposed change in the video.
Courtesy of Hulafrog, here’s the comprehensive list of local festivals, pumpkin patches and corn mazes. Enjoy and see you there!
If you (or someone you know) is underwater on a home, you have options. Please do not “walk away” from a home/mortgage without exploring these options.
What is underwater? This term applies to a home where the mortgage is more than the market value. E.g., you may owe $170K on a home (mortgage value) but only be able to sell for $160K (market value).
In this case, you may be able to do what’s called a short sale, wherein you sell the home for the market value (subject to the approval of the lender).
Why wouldn’t you want to walk away? Foreclosure can leave a collectible debt. In the example above, the bank could pursue you (in some states) for the $10K difference. (In practice, this would be a larger deficiency than $10K with commissions and other costs.)
A short sale by definition (and done correctly) is where the bank agrees to cancel this difference (a debt).
Questions? Need help? Call Rob at 719-440-6626 or email me at email@example.com!
The two most requested searches I receive are a 3 bedroom, 2 bath for under $1,000 and a “rent to own” home. As I was doing my daily real estate reading, I came across this thread on bigger pockets.com; it’s a fascinating (in it’s implications) read on the idea of rent to own vs. right of first refusal. *THIS IS NOT LEGAL ADVICE* It appears that the whole rent to own option from a seller may invoke Dodd Frank, in that a seller offering this option may be performing a financing role, and thus subject to all those lender requirements outlined by law.
The short of it is this: rent to own is VERY complex and not always the best option. This thread has an interesting way to nullify some of the complexity, in the right of first refusal. In practice, it’d allow a renter the safety and comfort of knowing they have first claim to a purchase (that’s my non lawyer read on it anyway).
The short short of it: don’t enter into a rent to own contract without seeking professional guidance! Here’s the thread:
If you’re looking to buy or sell in Colorado Springs, I’d be honored to earn your business! Call Rob at 719-440-6626.
The answer to this one is complex. The short answer is that in this market, they generally don’t have to. The demand for housing is high and interests rates are so low that the majority of buyers don’t need this type of financing, either.
The longer answer is that a rent to own is not a simple transaction. A lot of folks think this is an easier option than a traditional purchase but that’s not the case. Generally speaking, it’s more advantageous for a homebuyer to purchase a home “traditionally” than rent to own (a.k.a. lease options) a home.
Rent to own (lease option) often requires a substantial down payment. Also, this money is lost to the seller should you the buyer choose not to execute a sale.
That said, they have their place in a market. If a person would like to buy a home but needs time to work on their credit, it’s an option. However, always consult with a lender, Realtor and attorney prior to signing or drafting a lease purchase option contract.
**THIS IS NOT LEGAL ADVICE**
Looking to buy or sell a home in Colorado Springs? Call Rob at 719-440-6626!
Short answer: the court says you owe a creditor money.
Longer answer: A deficiency judgment is a court imposed judgment against a person for the difference between the mortgage value and the sale price of a home.
Why does this matter and why is it coming up now?
A lot of folks walked away from homes in the housing bust. This decision is coming around to bite them in a lot of respects as debt collectors and lenders start to make the motions to collect that debt.
Why does this matter to you now? If you’re underwater on a home, please don’t walk away. Give me a chance to help you short sale the home, which does not (done correctly) leave a deficiency.
Looking to buy or sell a home in Colorado Springs? Please call Rob at 719-440-6626!