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Buying or Selling a Home/leasepurchase/owner finance

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Expert: Jim Root - 3/3/2010


Question
Hello - I am currently renting a home,however, I do not want to rent forever but my credit score is below 500 and therefore cannot qualify to finance a home. I have the income, but not the credit. I am interested in knowing a bit more about the rent to own, owner finance program, lease purchase option, because I think this is the only way I can get into a home now. Is this a good way to go? Is there another option to own a home? What are some things I need to know before I dive head first into an empty pool.

Answer
ANDY--

"BEFORE YOU DIVE HEAD FIRST INTO AN EMPTY POOL," you need to find a LOCAL Real Estate Agent to assist you. Most areas have one or two Realtors who specialize in Rent-to-Own,Owner Financing and/or Lease Purchase Options.

Because Mortgage Money is so "Cheap now--low interest rates, minimal downpayme nts and liberal loan/closing costs, these "non-traditinl ways of purchasing a home are "few and far between," but an Agent may be able to find you one and "walk you through" the transaction.

GOOD LUCK!

--JIM  

Buying or Selling a Home

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Jim Root

Expertise

How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!

Experience

Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!

Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).

Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.

Education/Credentials
Associate Degree in Real Estate Studies plus: Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years. Bachelors Degree in Mass Communications, Masters Degree in Education/Teaching

Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.

Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!

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