What happens if you buy a owner financed home and the owner dosent repay the existing mortgage?

By Home Buying Wiz | December 30, 2009
gator asked:


I am getting ready to buy a home and land from a family member, through owner financing. The land and house currently has an existing mortgage, what will happen if the owner dosent pay the existing mortgage? Im not sure how owner financing works.
thanks

Pamela
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What is a short sale and how long you have to wait to buy another house again?

By Home Buying Wiz | December 27, 2009
eripapito asked:


I heard a short sale in when you can pay or can sell your house for the amount you bought it for… For example I bought my house for $235k and now it cost between $170k to $190k, so it is upside downs for around $60k. I heard that I can hire a realtor he will sell it for a less amount and the rest the bank will “eat it”. But I have to wait certain years to buy another house again. How many years do I have to wait to buy again?

Jeanne
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How do you manage to make enough money to buy a home?

By Home Buying Wiz | December 10, 2009
betsy asked:


A home similar to the modest 3 bedroom 2 bathroom home that I grew up in duriing the 1960s in west San Jose, California recently sold for a little over $1,200,000.

My mortgage broker told me that I would need an annual income of at least $230,000 to qualify for the home and $250,000 cash for the down payment and closing costs.

When I was a kid my father purchased an almost identical home in that neighborhood when it was new for $27,000 when he was making only $5,000 per year, and only had $7,000 for the down payment.
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How do yo manage to make enough money and save enough money to buy a home?

Abby

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Would my wife and I qualify to buy a home?

By Home Buying Wiz | December 8, 2009
donwillymo asked:


We live in New York and are interested in buying a home like any other couple. Combined we currently make 56,160 annually not including bonuses and o/t (although second job would bring it up to about 62,000). She has a great credit rating and I have mediocre rating but not terrible. Would this be enough to qualify us to buy a home for say $130,000 ballpark, maybe less? Any first time home buyers out there?
Would it be wise to see a real estate agent or is this something I could do on my own?

Holly
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Would you buy a house with two sewer manholes in the backyard?

By Home Buying Wiz | November 26, 2009
djbod2006 asked:


I was looking to buy a new house and found one that I liked when I discovered two sewer manholes covers in the backyard that lead to the sewer line. Is this a big deal or just a minor eyesore?

Christi
Posted in Other - Home & Garden | Tagged , | Comments closed

How soon after foreclusure can I buy another house?

By Home Buying Wiz | November 12, 2009
remarkabow asked:


Our house was foreclosed upon several years ago, before it was so easy to get refinancing. We’re in much better shape financially now and I’d like to buy again. How can this be accomplished?

Lonny
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Is it unrealstic to buy a home this way?

By Home Buying Wiz | November 3, 2009
lela1026 asked:


I want to buy a home at the end of the year. As a single parent of three I am determined to buy a home b/c I cannot afford the growing rents in my area. I have credit blemishis, and I am currently working two jobs one at 13 dollars PT and another at 11.38 an hour FT. As a single person, will the back evaluate both incomes in hopes to buy a home or is this unrealstic. Will they evaluate court ordered child support ? I recieve about 500 a month for two of my children.

Normand
Posted in Personal Finance | Tagged , | Comments closed

house for sale Part 1

By Home Buying Wiz | October 26, 2009
klw13212 asked:


house for sale, investors, indoor pool, $78000 as is, North Syracuse, NY, Clay, NY

Alyson

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Cave House For Sale

By Home Buying Wiz | October 26, 2009
CBS asked:


A family facing foreclosure put their 17000 sq. ft. cave home in Festus, Mo. for sale online. Maggie Rodriguez spoke with the cave’s owner.

Ruth

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house for sale by lucifer

By Home Buying Wiz | October 20, 2009
lesdapog asked:


house for sale by margriet & lucifer

Ola

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