It could be a simple mistake, the tax card could be incorrect or the data from mls did not populate correctly when transferred into a Trulia ad. It is unlikely you have damages as if you would see the home you could easily count the baths before you made an offer and therefore were not damaged by a mistake in an ad. Most listings and ads are protected by an error and omission clause.... more
Good morning! I would be happy to discuss REO Properties with you and help you find some that meet your needs. Please feel free to contact me at email@example.com or at (540)220-1875. I look forward to speaking with you and earning the opportunity to assist you in your search.... more
With FHA the mortgage insurance needs to be paid for at least 5 years and until your loan balance gets to 78% of the value of the home when you purchased it - there is NO ability to get a current appraisal and remove the mortgage insurance that way.
The only exception to the 5 years/78% of the value of your home is if you initially take a 15-year term or less, then the mortgage insurance only needs to be paid until your loan balance reaches 78% of the value of your home when you obtained the loan - but there is no 5 year requirement.
So if you take a 30-year fixed FHA mortgage, and put down 22%, you still have to pay the mortgage insurance for 5 years. If you put down 3.5%, and just make the minimum payments, you'd be paying the mortgage insurance for roughly 10 years EVEN if you purchased the home for half of what it appraised for (because on a purchase transaction, the value is the lower of the purchase price or appraised value).
Within 12 months of purchase, your best bet if you want to use the new value to remove the PMI is to refinance with conventional financing.... more
Several months may be the average, however, it is important to work with a professional negotiator or listing agent that knows the REO expectations to advise the asset manager, negotiator and the buyer of expectantions. It is frustrating to wait, but often rewarding when it is complete.... more