Sioux Falls Rent to Own Properties Project Takes a Step Forward

Rent to own properties seem to be all the rage in the United States of America, especially due to the way the national economy has gone in the last few years. A lot of potential home buyers these days are looking for economical rent to own properties to realize their dreams of acquiring a home. In this light, it is not surprising that another rent to own properties project has received early approval from the official Sioux Falls land use committee.

The Sioux Falls land use meeting had four members and resulted in the rent to own properties project, which will be named Whittier Heights, gaining a unanimous endorsement. The voting was done to decide on whether to give the project the tax increment financing from the authorities. Following this unanimous decision from the Sioux Falls land use committee, the project will now be forwarded one level up to the City Council for approval, which is due to meet soon.

The project is being touted by the Dunham Company. If their project is approved by the City Council, they will be able to offer the citizens of the city lease to own agreements for 80 separate single family apartments. Any buyer who decides to invest in these homes would, as the South Dakota Housing requires, get a double garage, two bathrooms and three bedroom apartment. The lease to own agreement will list that the renters will have to pay a rent for around 15 years before being given the option to buy the property for anything between 105, 000 American dollars and 110, 000 American dollars.

This is another boost to the rent to own properties market in United States of America. Industry watchers even suggest that more such good news for the market could be around the corner.

Virginia Buyer Agent Agreement

In the past, if you were to approach a real estate agent for buying cheap homes in the state of Virginia and did not specifically ask for a buyer agreement then the real estate was assumed to be representing the seller’s side. This, on many occasions, resulted in buyers being under the impression that the realtor that they were dealing with was their representative and would get them cheap homes. However, from the beginning of next month, such wrong impressions will cease to exist as a new law will come into effect in the state of Virginia.

According to the law, buyers in the region will have to sign buyer agent agreements with their real estate agents if they have chosen to take their help for buying cheap homes. Furthermore, the terms of the buyer agent agreement can also be negotiated by the two parties involved on a situation by situation basis.

Practically speaking, what this means is that when you approach a real estate agency for buying cheap homes, you will be explained in detail the concept of a buyer agent agreement and given the option of signing one. While the buyer agent agreement will take away a lot of ambiguity that has been ever present in the relationships between buyers and real estate agents, there are certain other situations which are not so simple.

Fortunately, there are ways to counter complicated situations as well such as a non agency agreement (limits the agent to only ministerial acts), a dual agency agreement (for situations where the agent represents buyer and seller) and a designated agency agreement (two agents from the same agency being designated to buyer and seller).

Settlement May Spell Foreclosure Relief

Homeowners in crisis may soon receive some much-needed relief and prevent their properties from ending up on foreclosure listings. Recently a multi-state settlement was reached between the Justice Department, HUD, the top 5 mortgage lenders and 49 State Attorney Generals. In a landmark decision, $25 billion dollars in relief was approved by Federal District Court.

Whether you are purchasing HUD homes or have more traditional financing you could be facing foreclosure and it is hoped that this settlement will make more assistance programs available. HUD.org is rolling out the public service announcements as we speak, instructing distressed homeowners on where they can go for help.

There are several programs being made available including refinancing options, principle relief and sale options for those who do not qualify for assistance but prefer to avoid foreclosure. Each program is targeted to provide relief for specific situations up to and including homeowners with second or home equity loans. The hope is that more people will manage to save their homes!

Are you one-step away from finding your property on local foreclosure listings? It is possible that there is a program available to get you right side up again. Traditional loans, HUD homes, second loans and even previously modified loans may be eligible for assistance. If you still have, questions go to HUD.gov and search under Homeowner Help for more information.

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