Q & A - Owner Finance Homes in Odessa TX

Owner financed homes are a rare find in Odessa TX. Out of over 300 homes for sale in the MLS, only a little over 1% offer this finance option. With this in mind your chooses are limited; so you will need throw out the "wish list" and focus on "must have".

I am assuming that your are focusing on homes financed by the seller becauseyou have been turned down for a mortgage loan. Today's owners who are willing to finance are expecting larger down payments ($15,000 & more), charge a higher than market interest rate and many will only finance short term (usually only 2-3 years). This means that you will not only have to make monthly payments but you also need to get credit worthy because your loan note will become due and payable at the end of the loan period.

All this said, if you want the best deal:

Get into credit counseling - they can help you rebuild your credit.
Hire a good Realtor who can advise you on all your options and which is best for you.

Be patient, pay every bill on time and save as much money as possible in the mean time.

Donna Edwards, Realtor 432.934.4439
http://LivingOdessa.com
www.DonnaSellsOdessa.com

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VA Home Purchase

Being a military veteran in Odessa TX has some advantages. The VA Home Purchase program is designed to assist veterans, active duty military members, and certain surviving family members in the purchase of new homes.

  

A VA Loan

• often require no down payment
• have very low interest rates compared to a conventional mortgage loan
• maximum loan amounts vary by state and county, dependent on the current state of the housing market.
• specific requirements for both loan applicants and for the property purchased with the VA home loan
• criteria for who may apply for and receive a VA loan have been laid out by the government
• applicants must meet minimum length-of-service requirements
• must have been discharged honorably
• homes must pass a rigorous safety and construction inspection and any faults must be corrected prior to settlement  

While there are more requirements that must be met for a VA home purchase loan, the benefits received by those who qualify are well worth the extra effort.

 

To begin enjoying the benefits of working with a Texas VA Buyer Specialist in Odessa TX, call (432) 934-4439 today!

 

 

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Homeownership Matters

From Living Odessa| Odessa TX

In the spirit of the national campaign "Home Ownership Matters" I am gathering highlights / testimonials from people who live or are proud of their hometown Odessa TX.

If you believe Odessa TX is a great community, please share your story !

Please submit a brief description of why you love Odessa to donna@OdessaMidlandHomes.com. Awards will be given to submissions who are used in the final production.

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Q & A Buying a Fixer Upper in Odessa TX

Question

I would like to find a fairly cheap house to fix up must be a three bedroom, since finding a house to rent here in Odessa seems to be harder than it looks we are trying this option?

You are not alone. Many people find it difficult to find a house to rent in Odessa TX. If you can buy a home, now is the time. Interest rates are low and home prices are stable.

The first key thing is do you qualify for a loan. Unless you have enough savings to pay cash (most people do not) than you will first want to know if you can qualify for a loan and how much they will lend you based on your current debt and income.

Second, buying a fixer uper is a great way to get into a home with the lowest amount of upfront investment. It is called "sweat equity" because you can build equity in your home by buying low, put your own "sweat" into it and later selling a much more valuable property.

The third consideration is whether the the house qualify for a loan. I already described that you must qualify for a loan but the house must also qualify. Lenders have condition standards that the home must meet. They want to be assured that the property is in reasonable condition before they will be willing to loan the money for a purchase. The reason is that if you default on the loan, they want to know they will be able to recoup their investment when they have to re-sale it.

There are many scenerios to consider so unless you are experienced in real estate, you will want to hire a buyer's agent to assist you through the process of a home purchase. (see Why Hire a Buyer's Agent? )

To Learn More...

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What Your Home is Worth

Easy, what some one is willing to pay for it.  If you want an accurate idea of what that might be, you should contact your Realtor.  When you work with an experienced Realtor they can do a Comparative Market Analysis.

What factors are used to do a CMA?  The agent, using their expert opinion, will find closely related home similar to yours and then adding or subtracting for differences to come up with an accurate value.  These could include lot size, internal features such as number of bedrooms or baths as well as exterior features such as garages.  Also the type of financing can be a factor that must be considered.

Donna Edwards
Odessa TX Realtor - Broker
DeRiso & Haynes Realty

http://www.donnasellsodessa.com/

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