I would caution you to speak with a real estate attorney. This situation could go many directions and I would hate to mislead you based on prior experiences.
There are many homes available on the market today so you might consider looking at one of them if you are not comfortable with this home.
Unfortunately, most lenders require a minimum of 620-640. I would offer my services of credit score improvement, however, with your short time frame, I don't believe we could help you in 30 days.
Best of Luck;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Banker of 10 years
$105,000 is lot of money to loose. The credit score is a probability factor that a debt by a specific borrower will be re-paid under the terms of the agreement. The lower the score the more likely the lender will lose money on the deal, the flip side of that is it also expresses the probability of you losing the down payment. I would address whatever problems are causing the low score before gambling with those odds stacked against me, good luck,
NMLS # 6395
Financing Kentucky one home at a time.... more
Yes. There are some special circumstances where a Veteran CAN use his/her VA benefits for a second home. If you don't live in the first one anymore for some reason (you moved to a new city for example), you may qualify to use your VA benefits again. If you want to rent part of the new house to relatives, that's okay too, as long as you also live in it.
The first home can be rented to relatives, but not as a rent to own. The best thing to do is find a qualified VA lender to ask about your particular situation. I'd be happy to recommend one. I work with two that are really terrific!... more
The tech environment here in Hillsboro is thriving. Intel just recently announced their plans to expand the fab that they will be finishing construction on in the next several months. So there are construction jobs and tech jobs that will all result from the expansion. Below is a link to a good article about it by Portland Business Journal.
The market is in demand here, I can email you some statistics if you would like to send me your email address. We expect it to continue to be in demand especially with Intel's expansions.... more
I would say the disadvantages would be the uncertainty....uncertainty as to how long the process will take, will the bank(s) agree to the purchase price and terms you have offered and lastly, whether it will even go through at all which depends heavily upon the agent and/or negotiator handling the file.
The advantages are getting the home you want and possibly getting a good or very good deal.
Best of luck,
Barbara Grandolfo... more
Are you looking for lender referrals who may be able to assist you getting a mortgage with a lower credit score? Feel free to contact me as I have a couple really good contacts for your situation.
Broker, Keller Williams
I am not a lawyer and I don't know Oregon law, but I cannot imagine you would need a broker's license to be a landlord. If you were listing someone else's property for rent, THEN you would need a broker's license, more than likely, but if you are both the owner, landlord, and person advertising the property for rent, you should be well within your rights. If you are really concerned you can always check with a lawyer, or with your State Licensing entity that regulates real state sales and rentals.... more
I would highly recommend you get a Real Estate Broker working on your behalf. It costs you absolutely nothing, and you get guidance throughout the entire process including the inspection period. The sellers pay a commission on their homes that covers the price to the buyer's agent as well. They are paying this total commission regardless of whether you have an agent or not. The sellers will most likely have representation helping them negotiate to get the highest price. You should have someone negotiating to get you the best price for the home.
Realtors also have great contacts for home inspectors, as well as other companies you need to use throughout the home buying process. Inspections costs roughly $350-$400.
Good luck, and please do not hesitate to contact me if you are looking for a great Realtor.
You might try targeting a local pro to get your question answered. You can find some here : http://www.reindex.com/Reindexor/Hillsboro.Html
Your request is specific and an experienced local pro will be able to quickly provide you information.... more
For most of the MLS sites, you should be able to specify if you want to search Single Story, some have 'Disability' Features.
Go to www.Realtor.com. On the home page, you can specify the name of the town and state you want to search. Right next to the orange 'search' button, you will find the 'advanced search' ; which brings you to the next page. On that page, you can specify if you want single story,; and there is also an option for disability features. Click on that to see what you can find.
When I search Portland, Oregon, I found tons of the single story homes. Although the 'Disability Features' results was kind of questionable. I think some of the Realtors might not have coded that correctly.
Of course, the easiest way is to ask your Realtor. As Realtor.com or a lot of other sites will include Active and Contingent / pending properties; then you'd have to call each listing agent before you find out if they are really available or not. This is one of the services Realtors provide to their clients and the commission comes from Sellers. Take advantage of that! I would!
It depends on the laws in your state. Where I live in Arizona, it would be as simple as having the soon to be ex wife sign off on the deal that she has no interest in the property and that you are going to own it as your sole and separate property. Before you do that, consult with your divorce attorney because if you buy an income producing property, that might effect your income for the purpose of calculating child support and alimony. Be very, very careful here. I would also point out that financing might be an issue depending on what you mean by owning property that is "underwater." If that means that you are behind on payments a new potential lender might consider that in their decision to lend you any money for the 90% you need financing on. Long story short, you need to have a conversation with your divorce attorney first, then a local Realtor and Lender before you write any contracts to buy anything.
Good luck, Todd Hurst... more
Explain your situation to a mortgage professional (broker or lender's staff) and get their recommendation. I don't think married or not is a big issue. My wife and I once bought a house with her as the sole borrower because I had changed careers less than two years before. We were both on title, but only her on the loan.... more
In my opinion it's better to do a short sale than to foreclose. Your credit will take a hit in both scenarios, but less so with a Short Sale. Find a Realtor who's experienced with short sales (and preferably has a third party negotiator they use to handle the short sale). Many agents claim they are "short sale experts" but few really are. If you need the name of someone in Texas, let me know.... more
I think it would be audacious to expect someone to pay for repairs on another person's home, especially if that person worked so hard to help the homeowner get the property in the first place. An agent paying for a smoke cert. or something small like that to facilitate a closing is one thing, but in my opinion anything over $50 or post-closing is not the agent's responsibility. Buyers need to realize that part of homeownership is repairs and maintenance of their property and anything after the closing is the their responsibilty. If the Buyer can't afford the repair they should try to negotiate the repair get done by the Seller before the closing.... more
A little bit yes, assuming it's for the same amount of money as a loan-contingent offer. I say a little bit, because the cash is sitting there in the bank and isn't subject to some underwriter in Atlanta or someplace calling the whole thing off or changing the terms or whatever.
I d not agree with the remarks the Arbor Pass folks gave. While it's true there are fewer closing costs, the lender being paid off doesn't care about that, since they don't pay much in closing costs anyway. Closing costs go to the title company, the county and to the real estate agent, which happens whether its a cash or loan deal.
Other closing costs are for title insurance for the buyer's lender, points for the mortgage broker an dother loan fees, and appraisal costs.
Come to think of it, a cash buyer may not pay for an appraiser, assuming he or she isn't represented. Hmm. Have to think about that one.... more