The Spokane-Coeur D’Alene Home Guy Blog

Just recently I heard that most conventional 100% financing options are gone (for the time being).  There are still options to go 100% financed with FHA or VA (with VA probably being one of the best options).   What does this mean to sellers?

Offering FHA is a GREAT option when selling your home - if it qualifies.  The buyer pool for FHA loans is growing more and more every day.  FHA still has some legal gift programs such as Neamiah where sellers can gift funds to help buyers get into homes easier with less down.  For the conventional buyer - you’re going to need a down payment.

Why is this happening?  The banks can write the notes, but they can’t get their Privat Mortgage Insurance to cover the loan, which is why FHA and VA can still do it - they are government backed loan programs which aren’t affected by the PMI issues. 

For more information - I’d be happy to put you in touch with my lender, give me a call or shoot me an email and we’ll discuss it! 

Tags: Spokane Real Estate by Spokane Home Guy (509) 990-7653
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For the first time since July home sales have risen across the US, but the average price has fallen.   Demand is back but buyers are being pickier and negotiating harder on the homes they purchase.

 On average prices have fallen 8.2 to 8.7 percent between condominiums and single family homes respectively. 

More on the Article.

Tags: In The News by Spokane Home Guy (509) 990-7653
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I’ve always been facinated with Manito Park and the whole Manito area.  So much neat Real Estate around there.

I thought this was interesting - the Friends of Manito are putting on a Tropical Plant Sale. Check it out!

Tags: Spokane Real Estate by Spokane Home Guy (509) 990-7653
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With the tightening grip of lending institutions and stricter requirements to get a loan, many home buyers are turning to alternatives.  One of these alternatives is a Lease with Option to purchase. 

 I’ve seen many different ways sellers structure their Lease Options, some say put something in writing and we’ll go from there, others want a very large, non-refundable option price, and a rather high monthly payment, and some want you to enroll in credit repair programs to ensure you’ll be able to excersize your option during the period.

What is a Lease Option?  A lease option is an interest in Real Property that gives you the right to purchase the property at a pre-determined & pre-negotiated price anytime within a negotiated period of time.  The option typically costs money to purchase and is usually preferred second to a conventional method of finiancing (loan).  Options can be protected by recordation at the courthouse for a minimal fee.

Options can be setup as Purchase and Sale agreements with early posession / delayed closing, or elaborate documents prepared by competant attorneys.  Either way there is a lot to consider.

Most options have:

1) Option Price - can be several thousand or tens of thousands, depending on the terms the seller is willing to accept.
2) Monthly payment
3) Timeframe

A lease option is still a lease, so you are still a tenant while you are in the home so don’t be surprised if the seller does not want you to make improvements or do anything that a typical landlord wouldn’t let you do.  I suggest having the option managed by an escrow company (from a buyers perspective) to ensure that the seller is paying the mortgage, taxes and other items required by the property owner (property taxes can be negotiated either way in an option). 

If you are tight on credit or are considering a Lease Option - I’d be glad to assist and help in any way possible.  Please give me a shout.

Tags: Idaho Real Estate, Spokane Real Estate by Spokane Home Guy (509) 990-7653
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