The owner doesn't pay less. They are under contract to pay a commission to the listing office. The lisitng office is offering to split it with a cooperating buyer's agent and office. The listing agent and office would then get "both sides" in the scenario you're describing. And you would have no representation.... more
As agents our responsibility is to get your home sold for the best price, in the least amount of time. In doing so, we evaluate what prices the market will bear, whether that be more or less than your assessed value. Say for instance, all the homes are selling for 10k less than their tax value, no buyers agent is going to advise their clients to pay more than the going rate. Tax assessed value really does not play much in the fair market value of your home. It's for tax purposes.
Might be a good idea to review the pricing strategy with your agent.
Good luck.... more
Yes. Being a first time home buyer provides the ability to qualify for first time buyer programs in your area. Although there may not be any Federal programs available (i.e. $8000 tax credit) right now, there are many local options available.
Here is a the site that HUD has for your area to show the programs available in your area:
For Raleigh they provide the following homeownership agency:
North Carolina Cooperative Extension Service
4001-E Cary Drive
Raleigh, NC 27610-2914
Contact: Frances Turner
(919) 250-1113... more
It's totally up to you about looking at foreclosures, but they may take longer to close, but you may also find a great deal that fits all your needs. I take it you wouldn't mind a fixer upper? What area are you looking to live?
I would be glad to provide you with foreclosures on the market once I have more details.
Thanks and have a blessed day!
Hello Jamie. They only count 75% of the rental income and only if you have at least 30% equity in your rental. If you don't have the necessary equity, they don't count the rental income at all. I think FHA may only require 25% equity, but I am not 100% sure about that. I don't think they look at depreciation factors when determining the rental income.... more