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Buying Property Homepage
Reliable Buying Property Information
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Is ernest money the same as a down payment when buying property?
We have been living in a " Lease with option to buy" house for seven years now. The agreement was during making our lease payments a small part of the money would go towards the down payment, so when and if we decided to buy this house we would have it saved. We have now been approved for a mortgage of 68000.00 which is the selling price. The sellers have been paid 8800.00 over the time we have lived here and they have it recorded in their records, with the terms being if we did not purchase the place or could not be approved for a loan then they would keep the down payment money as rent paid. We are planing on adding money to the $8800.00 to bring it up to a 15 % down payment. Problem is now the mortgage company wants all of the down payment to go through them and the owners landlord do not have the cash that we have paid to them to be used. They assumed when we actually did purchase the property then the loan would show that we had already made the down payment. So would what we have paid already be considered ernest money and how can we show this to the bank that it has been prepaid? The person we are working with on this has told me that the bank will not approve this kind of transaction and it needs to be paid up front but I don't know how to make this happen. Would what we have paid be considered ernest money? And if so how does that work? Any suggestions on what we can do?Yes we have a realtor involved in this and if it comes down to it the seller will lower the actual purchase price. That would mean it would lower the price to 59200.00 then we would have to pay another down payment of 8880.00. We have the money in our savings to do this but had originally planned to use this for improvements on the property. We are just trying to get this done the way we had originally planned.
Are there any US banks that loan money for buying property overseas? i am an american and work in the US.?
How are low-middle income earners capable of saving, travelling, buying property, cars and nice things?
Can it be better financially to rent in the long run, compared to getting a mortgage and buying property?
When buying property, how much less would closing cost(s) be if you pay the whole amount?
Not carry any mortgage.
What should i take care while buying property ?
Question about buying property?
I know nothing about buying property but if you were to buy say 100 acres at about $3,000 thats about what it would go for in my area how can you pay for that monthly?And how much would you have to pay monthly?
Buying Property in Philippines?
I recently found a land with a house for sale in Batangas which I feel is a good catch. But how is the procedure in transferring ownership buying property, ensuring everything is legitimate & the sale is genuine. Will I need a lawyer to assist in processing the paper work?Thanks in advance
Is it possible to use a Self Directed IRA to buy property?
My wife and i are thinking of buying property in Ecuador as an investment can't do much worse than the stock market nowadays and were trying to figure out if it would be possible to use money in my IRA to buy it. What I was thinking might be possible would be to set up some kind of corporation for investments, which I would if possible then buy the stock with money from my IRA, which could then be used to buy the property without tax consequences. It would be essentially another investment for retirement but just not the normal stocks or bonds. That we we could rent it out, with the corp taking in the money, which could then be used for maintenance. If we used it ourselves, I assume that would not be a problem either, since I could pay for our use into the corp in an arms length transaction and so therefore it is not for personal use, so I am hoping that it could be possible to do it.Thanks for the RSVP Eddie but could you give me some idea as to why or what basis there is a distinction between prop in the us and that outside. I guess my point is that if there was a corp listed on the NYSE whose sole business it to invest in ecuadorian real estate, I see no bar to me buying that stock with my money in my IRA. If that is true, why would I not be able to set up a corp myself, and then buy stock in that company, just as I could with any other, and then have the corp buy the foriegn assets. My IRA would not own the property itself, but just the stock in a corp that happens to buy property in Ecuador. I could even sell the stock to a couple of other people if it is a question about it being a sham or something. Conceptually I just see no problem with doing it thru a corporation, but I am looking to see if I am unaware of some strange law that might apply. Thanks
What is an "aggressive offer" in regards to buying/property/home?
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