real estate education

No Money Down: Simultaneous closing

 

One of the key things that holds homebuyers and investors back in terms of jumping into foreclosure investing is the impression that you need a substantial initial commitment - that is, that you need to put down a large down payment. This is not always the case. There are several ways to get into a home No Money Down, and there are also several ways to mitigate the cost of the down payment through creative financing.

The fact is that someone with no cash at all, and even a bad credit history, can still invest in foreclosures.

Getting your offer accepted

Have you been making offers on home with little result? Are your offers not getting accepted?

This can be especially bewildering if you learn later that the home sold for LESS than what you were willing to pay.

The bouyant market of five years ago taught many home-buyers to come in at more than the offered price. This would pre-empt a bidding war and entice the seller into accepting the offer speedily.

Sometimes, though, the highest bidder does not get the prize.

Should homeowner's association publish list of delinquent owners?

DEAR BENNY: I just read your response on a question about publishing the names of delinquent owners. I served as our first treasurer since turnover of our 234 single-family-home association. I, too, was asked that question and responded as you suggest, deeming it a confidential matter.

Don't pay your contractor until the job is done (and you're happy with it)

DEAR BENNY: My contractor still has many small jobs to finish with our house. If he doesn't do these jobs that we've already paid him for, what are my options? I am completely frustrated with our contractor. --Rex

1031 exchange, "like-kind" and "starker" exchanges

DEAR BENNY: We have a rental home and would like to exchange it for a rental home in another part of the state. What length of time does the new house have to be rented before we could move into it? My husband's mother (age 90) who is still living independently in another state will be moving in with us when we make the move. She is getting frailer and needs to move to a place without stairs. I need a knee replacement and also need a house without stairs, and the new property meets our needs. Do these medical problems affect the timing? --Kathy