Archive for August, 2011
If you’re divorced, your state housing authority may have programs for single parents. Check with an agent in your area for possibilities. In one case, a home buyer had credit problems that prevented him from buying a home because a few late payments had damaged his credit. He contacted several homeowners with a plan that would allow him to buy their home if they would lease it to him for twelve months, by which time he would have cleared up his credit problems.
It’s amazing how many would-be home buyers assume they can’t buy a home based on what they hear from friends, relatives, and the media, and don’t to talk to a lender or Realtor for fear they’ll be rejected. In reality, many prospective buyers have found a way to own their own home when they didn’t think they could.
In most states, HOAs have broad power to enforce the rules and collect fees and assessment. If you don’t follow the rules or pay your monthly fees, the HOA can put a lien on your property and ultimately foreclose to collect back fees and assessments. But having a strong HOA is a double-edged sword.
Unfortunately, the couple had spent most of their money buying the home and didn’t have funds for the major problems they encountered. Their Visa card took a hit for several thousand dollars as they replaced the furnace and upgraded the duct work.
Home inspections are critical for knowing what you’re buying. Water damage, mold, electrical and plumbing problems, and problems that lurk in dark places are unknowns that an inspection can protect you from. In one case, Steve and Tiffany were so excited to find the charming brick bungalow on a tree-lined street.