Are you referring to short sales? Some agents price their short sale listings too low so it is good to be skeptical. Lien holders will usually only approve a short sale if the sales price is relatively close to a realistic market value.... more
Great question. You need two main consultants. One will be a real estate agent and the other a loan officer. Either one should know a good counterpart to work with. Call some up and interview them or ask your questions and see who you like best. The rest will be made easy as you will have a consultant by your side guiding you and helping you. If you get the sense they are trying to sell you something you don't want or that they are not a good fit for you hire someone different. You can search for professionals here on Trulia.com under the professionals tab in the search menu options.... more
Search for agents in the area you want to purchase in on trulia.com. Call them up and see who you want to interview or have your questions answered. Simply enter the city or zip in the search box and click on the triangle pointing down next to the search bar and select professionals.... more
To put 10% down the maximum sales price you can do is 1.038mm. Perhaps you can ask the seller to give you closing costs so that you have enough of a down payment to bring the mortgage to $934,600. That is the max mortgage amount in Brooklyn before it becomes a jumbo requiring more of a down payment then 10%.... more
If you've already purchased a REO, then you'll need to check the terms of your purchase agreement (and any addenda) and loan agreement (if applicable). The prior might include a seasoning clause, and the latter might contain a prepayment clause.
However, if you haven't already purchased a REO, then you'll need comb through (or hire someone else to do it) all of the terms of your purchase agreement and loan agreement, before you close on that property. This way you'll be able to eliminate the clause or reduce the duration thereof.... more