I would talk to a real estate attorney. Anyone trying to effectively answer you questions will need to review your purchase agreement and have a strong understanding of the statutes that govern such things. Realtors are great for the typical situations that arise in a real estate transaction, but are not authorized to practice law. When issues like this come, where the remedy isn't written out in the contract, the best advise is always to talk to a good real estate attorney.
Keller Williams Premier Realty
Give it a shot. All of our listings show up automatically from the MLS so I have never had to use this portal. Unless there is a question about whether or not you are an agent you should be able to put your information in here.
Keller Williams Premier Realty
It all depends on the circumstances of the foreclosure, the foreclosure waiting period, your ability to increase your credit score and the type of loan that you are prepared to apply for. It can be 3-7 years. I would check with a local mortgage broker to see where you are sitting with your credit score and situation. I have had clients buy withing 3 years. Let me know if I can help you with your process.... more
You need to get pre-approved by a lender first. This will help establish the price of the home you can afford and may be indicator of the type of financing you will need. With that information an agent can assist you with finding a home within your budget. By getting pre-approved you will be in a better postition to negotiate your home purchase with the seller because they will see you are a serious buyer.
All the best,
Results Realty... more
Find the best possible agent who handles townhomes in your area; he or she will know of these possibilities. You can also look in the recent Parade of Homes guide which ended last weekend to see builders who feature the type of home and price range that is feasible for you. Good luck!... more
No you really need to be around 640 right now to qualify for FHA financing. Even VA needs to be around 620, and conventional would be the wrong route.
What you can do is find a loan officer that does something called a "Rapid Re-score". This is a software program that analyzes your credit profile and then tells you exactly what to do over the next 30days to bump the credit score up. It also gives you an idea by how many points.
Most loan officers will just give you their professional opinion on what to do, but then you have to wait 90 days before the credit report gets pulled. This system will be faster and more efficient for you, and just part of the lenders service.
If you would like a reccomendation check out Charles Daily over at iloan. He has a profile on Trulia and just tell him Chris sent you. If you are looking to buy in the next 12 months you will want to get started with the financing now.
You say you have 70% equity, does this mean that your loan on the home adds up to 30% of the value or are you saying your loan balance is 70% of the value of the home? If your balance is 70% I don't believe that would be enough equity to be able to refinance with such a recent foreclosure on your credit. Your best bet may be to talk to a local bank who may be able to work with you as they are sometimes able to do some loans they keep in house and therefore can bend the typical rules a little.... more
I know a lender out of the Elk River area that is amazing at her job. She has a path to buy program that doesn't cost a thing. If you cant she can get you on the right course to figure it out. Her name is Molly Nadeau with Waterstone Mortgage. She can be reached at firstname.lastname@example.org
Good luck to you.
Keller Williams Classic Realty NW... more
I'm not a Realtor in that end of town, but my understanding is there is quite a lot of inventory of unsold homes - and some of those homes have never had an owner other than the bank.
It might be more cost effective to purchase an already built home rather than building from scratch.
I have relatives up in Zimmerman MN so I've been through Elk River many times. It's definitely a growing community. But with the cost of gas fluctuating these past few years (and the expensive drive into MPLS) , it has really put a damper on growth in that area - which is why there are so many foreclosed homes for sale.... more