Panda needs some advice : To Re-fi or Not to Re-fi

NEW -> Contingent Buyer Assistance Program
[quote author="biscuitninja" date=1221194975]I can't foresee the market being an easier in 2010. For me, i'd sell early and start looking to invest into more solid "investments". I also don't think the rates getting any better (I have a strong belief that they will go to the 1x% before the economy starts to pick up again) and with that the dream renter might be priced out of the purchase. When in doubt, I have always taken the money and moved on.



good luck

-bix</blockquote>


Bix,



Do you recommend that i bring up the issue with my tenant to see if he is still interested in purchasing my home. His lease contract is until Feb 2010, where i am secure with $3000 rent money until then. I guess i can tell him that the mortgage rates are very good right now and see if he can afford the house. From what i hear from his neighbors is that he has done an incredible job taking care of the home like it is his own. Utilmately my goal is to buy a house in either Irvine or Aliso ,not move to Georgia. I have quite of bit of equity in the Georgia home and would definitely help in buying my dream home in OC. I also foresee 10% interest rates by 2010. Do you know if i need a real estate agent for a homeowner/tenant transaction? Can i get by without paying any commission in this transaction?



Thanks I would appreciate any advice.



Panda
 
[quote author="PANDA" date=1221199940][quote author="biscuitninja" date=1221194975]I can't foresee the market being an easier in 2010. For me, i'd sell early and start looking to invest into more solid "investments". I also don't think the rates getting any better (I have a strong belief that they will go to the 1x% before the economy starts to pick up again) and with that the dream renter might be priced out of the purchase. When in doubt, I have always taken the money and moved on.



good luck

-bix</blockquote>


Bix,



Do you recommend that i bring up the issue with my tenant to see if he is still interested in purchasing my home. His lease contract is until Feb 2010, where i am secure with $3000 rent money until then. I guess i can tell him that the mortgage rates are very good right now and see if he can afford the house. From what i hear from his neighbors is that he has done an incredible job taking care of the home like it is his own. Utilmately my goal is to buy a house in either Irvine or Aliso ,not move to Georgia. I have quite of bit of equity in the Georgia home and would definitely help in buying my dream home in OC. I also foresee 10% interest rates by 2010. Do you know if i need a real estate agent for a homeowner/tenant transaction? Can i get by without paying any commission in this transaction?



Thanks I would appreciate any advice.



Panda</blockquote>


He might like the idea of buying now with rates going lower. Won't hurt to ask.
 
Thanks... guys.. you guys are awesome! I would ask my dad, but he doesn't know anything about this type of stuff. I will give my tenant a call tonight just to ask. It doesn't hurt to ask right?



Does anyone know if I need a real estate agent to make this type of transaction to avoid paying a 5% commission if my tenant agrees to buy? What would be the cleanest way to do this?
 
Each state is different, of course, but in all that I've ever heard of, all you need is a couple of hours of a lawyers time to draw up the papers and such. then of course the normal title/escrow stuff.



but much cheaper than an agent.
 
^^ Freedom, I agree with you it is much cheaper to go through an lawyer et al. I just prefer an agent because if something goes wrong, I can point to "A" person. Plus with an agent you get get to negotiate for a lower rate.



Otherwise, i'm with you, try to find a place that will do it for a set fee. Some lawyers even specialize in it.

good luck

-bix
 
You must log in or register to reply here.
Back
Top