I'm assuming for this question that you are the seller? If you are under contract and the appraisal comes in short there are a few things that can happen. You can agree to lower the price to the appraised value so the buyer can get their mortgage without putting more money down. The buyer can put more money down to cover the shortfall if the seller will not agree to lower the price. Or the seller can lower the price some and the buyer can put a little more money down.... more
I am a mortgage specialist in Macomb, I have a lender that will lend down to a 500 credit score for a FHA loan. I am also local and would be happy to meet you in person. If you are interested in getting a pre-approval, I would be happy to take a quick application. Please feel free to call me at any time.
Thanks and good luck!
First Mortgage Corporation
Sr Loan Officer
41950 Hayes Rd
Clinton Township, MI 48038
(586) 306-8994 CELL
(586) 601-2798 FAX
NMLS 162605... more
When buying a home with a mortgage, there will be two Title Insurance policies put in place by the title company. One is the buyer's policy which is generally accepted to be a seller cost. The second is the lender's policy which is generally accepted to be a buyer cost.
The seller will pick the title company (who does several things in the process). The buyer may choose to have the seller's title company handle everything or to secure their own title company to handle the things that are important to them. (This is usually advisable when buying bank owned property.)
The title company insures the deed and will charge their fee for it at closing. Who pays it depends greatly on the contract or purchase agreement that is negotiated between buyer and seller. If the seller is paying concessions toward closing costs, the lender policy will be charged to the buyer, but the fee will come out of the funds the seller is providing as concession.... more
If you have the time to wait, there is another house in that neighborhood that is in their redemption period (6 months after sheriff sale). If they are not able to redeem, it will be on the market shortly after that and I will be the listing agent. I would be heppy to put your name and contact on my file to call when it becomes available. I suspect it will be a similar price though it is still occupied and I have not been inside to check the condition.
Prudential Heritage Real Estate
Generally, fixer uppers won't qualify for any loans except a rehab/renovation loan. Homepath loans are good but you'd have to qualify for a conventional mortgage (higher credit score). There is an FHA 203K loan, but requirements may be tough to not possible for a rental proeprty. If you need a couple of experienced lenders to talk to about your specific situation, feel free to contact me.... more
It's not the mortgage person, it's the investors. you don't have any history of making payments on time (because you never used credit), so they have nothing to go on to know if you'll make payments on time in the future.... more
Hi Joe, real estate is very local...here in my area of Michigan (Gladwin and Clare County) real estate has been relatively stable for the last 2 years...we saw an overall slight decrease of approx 5% this last year. If you are trying to determine your homes value I would suggest getting in touch with a local real estate brokerage who is familiar with comparable sales.... more
Value is an estimate of a consensus of opinion from region to region. The sum is more likely to be the result of the calculation of the risk facing the average purchaser who is asking himself how much can they afford? When banks are avoiding to lend freely through out the country and the rules have changed for down payments,
when existing loans outweigh the values of homes by their estimations and appraisals which are creating a backlash on sellers with expectations but with failed results.
Offers are made in places for 50% of asking price while some properties are selling 20 % higher than asking price. There is no rhyme or reason in defining values. Each day that goes by sets different standards of lows and highs.The comps are not reliable for many that claimed to be sold fall apart and come back on the market at prices where just six months ago the lender refused. Working with international buyers with cash ready and willing both the realtor and buyer end up in frustration when a a property is found to their liking becomes a puzzle rather than a standard purchase.
Nice were the days when you saw a house you liked had the money to buy it with and closed on it in 30 days.
Now you play an offer like a lottery. let's make an offer and see if we can get it ? You are in luck if in most cases you get an answer to your offer. I stay away from short sales i go after free and clear properties where the owner has the ability to offer terms and hold the mortgage. Properties like these sell quickly and in most cases above the average price. Lot of investors buy with cash at a discount and flip it by holding a mortgage. It is becoming a strong market with excellent results.... more