When we first looked at the home, it was in dumpy condition. We had the whole house painted before moving in. We spent between $5,000 and $6,000 to put in a showcase landscape. Our neighbors say our home went from the worst to one of the best in the neighborhood. There is still much to do on the inside, but it has a lot of potential.
The owner tells us when things go wrong, like the air conditioning, you fix them because it is going to be your home. But it is not my home because I don't have a loan yet. I told my wife I think we should have a good real estate attorney write up and spell out in no uncertain terms what we do and what the present owner must do. We have lived here and paid every month on time for a year, but I am concerned. Will my wife and I be able to secure a loan to buy? And what if we can't? -- R and M.S.
Answer: The time to ask that question was before you signed that skimpy lease. Many precautions should be taken before you spend money improving someone else's property. By all means, consult a real estate lawyer promptly. Take along that lease so you can find out what you've committed yourselves to, and whether anything can be done at this point to protect your interests.
POOR CREDIT SCORE
Hi: Two years ago, my credit score was 501 due to unpaid school loans and credit cards (that are in the process of being paid now). But my score increased significantly, if that helps. So, now I am wondering if a person with a credit score of 570 could be approved to get a mortgage with 100-percent financing for a house that costs $100,000? -- e-mail
Answer: Not a chance, sorry.