What does a corporate owned house mean? And is it safe to buy?
Answer:
That means a company moved an employee and now the company is the owner of the home, they are selling it.
They can require that you use their lender to pre-qualify you but not require you use their lender for the purchase. However they are requiring you just to be prequalified. Go ahead and get pre-approved, this will add clout to your offer and if they know you can buy it up front will be more willing to give some off the price or other concessions you may ask for. This is typically a motivated but not desperate seller. Other verbiage is in case there are multiple offers they reserve the right to ignore the "first in line" concept.
You mention that you and your GF are buying this home. Bad idea to buy it jointly, one or the other should buy it individually since you are not married; I've many times seen the best of intentions go astray. As bad as it is with married couples divorcing it is far worse with unmarried co-owners splitting. You can always add the other to it after you marry.
Good luck.
Company sales depot but nothing can be says !
read tips on real estate and more on this site
all it means is that it wasn't owned by a family, but rather by a company that held it for employees to live in. It isn't that big of a deal. I'd make sure you'd have your own THUROUGH inspection done before placing an offer, becuase if any damage was done by corporate tenants, and you didn't find out about it until after the purchase, you couldn't go after the company for reimbursment due to non disclosure. kinda like buying a used car in "as is" condition.
Corporations tend to keep homes nice, they want a return on thier investment when they do choose to sell. So I'd bet it is a good choice.
The last part, is that normally, in purchases, a seller is obligated to take the first bid into consideration before any other.in this case, they can have 5 bids and go.okay.that one.based on your prequalifications.
the pro is that they are carefull to keep to the letter of the law, so thee is probebly nothing wrong with the houses. corps are petriefied of legal action.
As a long time mortgage lender and nationally known credit score expert, my answer is:
ALWAYS hire a home inspector. That is a protection. The fact that the home was owned by a corporation means nothing good or bad by itself.
You can also buy a home warranty yourself.
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
Other Questions and Answers: