No, you will have to pay for the inspection. The hard part is if you make the appraisal come in before you inspect, you will have to pay for the appraisal if you back out of the purchase agreement. If you get your inspection completed before the appraisal, you will have to pay for that too.
Here is what you could do. Option #1: Have the seller lower the price and then create a personal loan payable to the seller for the additional $12,600. Option #2: Talk to the bank and see if there is any room in the value range for an adjustment from the appraiser or see if he would order a second appraisal. Option #3: Get a personal loan for the difference or withdraw it from the equity in another property. Option #4: Increase your down payment by $12,600 to cover the difference.
Or, you could cut your losses and walk away.... more
the house may have been located on north solomon. i may have been wrong on the acres but i remember the terms stating owner financing available. if anyone can let me know if the house sold i would appreciate it! it was at the top of my list of houses to follow.... more
I think you are asking about 604 W Main in Middleville. It is pending (they have an accepted offer). I am a local agent & I live in Middleville. If you are looking for a home in the area, please give me a call at 616-450-0131. I'd be happy to help!... more
A credit score of 520 is a bit low. I would recommend working on it to get up just 60 points and I would be able to help you out. I have been able to give out loans with credit scores as low as 580. So if you can get your credit score up to 580, I will try my best to get you the loan that you need. The most effective way to fixing your credit score is to pay your revolving credit card balance and debt. If there is a collection on your credit there isn't much that can be done in the short run. It is best to pay back any collections as soon as possible. So as time goes on the collection will become more insignificant to your credit score and will help it return to a better score. Even though you are below 580 I would still be glad to take a call or email from you so I can point you in the right direction. Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me. Also, if you found this helpful please leave me a recommendation if you can! Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 firstname.lastname@example.org... more
You obviously have already seen the house. If the Disclosure Statement is dated 2011 then the home has been on the market a long time. Ask your Realtor to obtain a current sellers disclosure and ask the questions regarding the descrepancies. As others have said, be sure to get a Home Inspection since you have obvious concerns. Is this a bank owned property? If so as Rosemary said, the bank is exempt from providing a sellers disclosure and a previous disclosure should not even be available. If it is not bank owned then there should be no problem getting answers to your concerns.... more
Bank owned means that the house went into foreclosure at the sheriff's sale and the redemption period is over, so now the house is owned by the bank. The bank has taken back possession of the house from the homeowner who went into foreclosure and is now trying to sell the house.
No, both sides must follow the terms of the purchase agreement. You can send a notice to perform to BofA to remind them or in the extreme, file a legal action. In reality, banks have built in lots of loopholes for themselves in their fine print, so you'll really have to read carefully or get an attorney to review it to see if you have a case.... more
If you want the home? You would need to make the mortgage current. in other words make all the late payments. in most cases the bank would want it all at once. If You sell the home and pay off the debt you could of course split the profit if any. Otherwise the home will go into foreclosure, and ultimately lose the home. Now of course this is only my opinion. And a lawyer in estate planning or Real estate would always be the best source for legal advice. yo can call me 269-908-2880 with any other Questions.... more
You must be looking at homes on another site. This happens all the time. An agent can help you find out more information. Most of the times the homes you are looking at have not been listed by the bank for sale as of yet. Contact a local agent and have them assist you with your search. That agent can give you a list of foreclosed homes that are on the market.
Since the regulations of HVCC went into effect (which does not allow me...or any mortgage professional...to choose or communicate directly with the appraisal), I rely on the real estate agents involved in the transaction to work with the appraiser to provide additional comps or alternative rationale to present to the underwriter to obtain approval. Of course, I can strategize with the agents for success (providing insight on what data/facts may help our case with the underwriter); however, the driving force is the agents knowledge of the local market.
I do not know of a mortgage professional or an appraiser who is enamoured with the rulings of HVCC; however, the regulations are what they are and all I or your agent can do is to work within the guidelines.
I would disagree that the appraiser can ALWAYS find comps that will resolve an underwriter's concerns about a property's value of condition. Sometimes value is the EASIEST thing to resolve on an appraisal; other issues on the appraisal can destroy a purchase with no recourse. For example:
"Declining Value"....some investors will not finance a property is the appraiser notes the values are declining and/or they may reduce the maximum loan to value they will allow on that transaction...requiring more down payment.
"Rural"....some investors will not allow financing of their product on rural properties. Add agricultural or farm to the verbiage and the deal is likely dead.
"Functional Obselesence"....Getting financing for a Geodesic Dome or a Log Cabin can prove very tricky unless there are local comps. For example, a log cabin in Montana (built to code, of course) would be relatively easy in Montana because there are a lot of beautiful log homes in the State. Financing a log cabin in Los Angeles would probably be an exercise in futility. The owner and the potential buyer may equally love the home; however, the investor is not going to take the risk on the property in case of future default.
The facts are that, despite the media's focus on the restrictions associated with financing guidelines for consumers trying to qualify for a home purchase, it is probably more difficult to get the house "approved" than the consumer.