Yes. Please note that the paperwork to set up the option can get complicated, so it is best to hire a professional who is familiar with purchase options to set up this agreement.
First, Zestimates are not precise. If you asked Zillow, they might respond that the 2.8% decrease in estimated price for your condo is within their range of random variation. Even licensed appraisers are challenged these days with accurate estimates because the number of nearby home sales may be very low. Appraisers are also limited to sales in the last six months. If Zillow goes back further than six months, they would be using sales from a different market -- adding to the possibility of undervaluing your home. Your best bet is to get a value assessment from a real estate broker. I could do this for you (for free) as I have a great deal of experience with Marin condo sales.
Not knowing all the details, sounds like you need to speak to a real estate lawyer or a landlord/tenant service?Good luck,Madeline
That's a prudent and pertinent question for sure, more so in some states/counties than others. If the house is listed with a real estate broker/company, they should be your first line of defense. If there is a listing agent involved, they should have first hand knowledge of the owner's situation and additionally, can have the local title company obtain a title report for you. If not, you could hire a real estate agent to investigate the property and the owner's situation for you. You want to look to see if there have been any Notices of Default recorded, bankrupcies, etc Also be aware of any liens that a Homeowner's Association may have levied if the property is a condo or townhouse, or PUD.In addition to my answer and the other ones, it's a good idea to ascertain what the sellers owe on the property. If their loan is in excess of what the value of the house is, and the rent does not cover the projected mortgage, taxes, insurance, and/or HOA fees, you could be in a situation where the seller becomes financially burdened by the home, and for various reasons, is unable to make the mortgage payments. If it's not in foreclosure whent you start the lease, you could be at risk for this happening during the term of the lease. Just enter into any lease with your eyes wide open.Hope this helps.
Absolutely open houses are worth it. These days home buyers are so busy, it's a convenient way for them to see houses in a known time slot, usually 1-4 on Sundays. It's also a way for the neighbors to see comps in their neighborhood to help them stay current with the market - sometimes they may have a friend or know someone who happens to be looking in their neighborhood.I always meet interested and interesting buyers at open houses, and often other RE agents let me know ahead of time that they are sending their buyers. Having a guided tour with the lising agent is so personal and "user friendly", it really assists buyers in getting to know the nuances of the house and the neigborhood.After selling houses for 21 years, I still believe that it's a very significant part of a successful marketing plan for listings.Most of my sellers always want them.Hope this helps.Madeline
Also, check out www.lender411.comfor a discussion of mortgage trends and predictions for 2011.very interesting.Madeline
If you ask 10 different people. you may get ten different answers.Here is a good webiste to go to:www.bankrate.com - it's the mortgage rate trend index.If you go there, you will see that opinions vary.Hope this helps,Madeline
Hello George,Sounds like you may need a drainage expert to come out and give you a professional opinion. I would encourage you to do that, and then get the specs from them about the remedy. Good luck, Madeline
Hello,Good question. Lenders are very strict about seller consessions and the documentation of such consessions. Usually they have to be approved and in writing prior to any final loan approval. In any event, this should be discussed up front with the buyer's lender immediatley after opening escrow - even if the amount is not finalized. Just ask the lender or your mortgage broker in the beginning how they would like to deal with this possibility. The total amount cannot exceed the buyer's closing costs. Documentation is crucial. Good luck. If you need referrals for great CA mortgage broker, let me know. Good luck,Madeline Schaider
Just used this feature last night. Thanks, it was easy and efficient., Madeline