INFORMATION NEEDED FOR A PRE-QUALIFICATION AND LOAN APPLICATION MINIMUM OF 2 YEARS TAX RETURNS COPIES OF YOUR W2S/1099S LIST OF DEBTS AND LAST STATEMENT FOR EACH TO INCLUDE: STUDENT LOANS, REVOLVING
Spring is nearly here and at this time of year people plan on looking at and buying homes. Many buyers like to find a home, move in good weather or after school is out so now is the time they start looking.
Spring is just around the corner in the Shenandoah Valley and after a cold winter everyone is ready for some pretty days and warmer weather. Now is the time that many homeowners like to list their home
Honestly? A lot of older folks, and a lot of graduate students. Rents downtown are starting to price-out the people who actually work downtown, and there isn't much nightlife to speak of, negating some of the draw for the younger crowd.... more
Everyone has different needs and wants. When it comes to buying a home, you need to decide what is really necessary and what you really want but you also need to look at your long term goals. The last
A Good Faith Estimate is often referred to as a GFE by lenders and REALTORSÂ®. It is a form that gives you basic information about the terms of a mortgage loan and the estimated costs in acquiring the
HAVE A COMPLAINT OR WANT TO KNOW WHERE TO FIND OUT HOW TO FILE ONE OR HAVE A QUESTION ABOUT YOUR MORTGAGE?The Real Estate Settlement Procedures Act (RESPA) will be administered and enforced by the CONSUMER
Okay, you have taken in the basic information and you are doing your loan application but before you sign anything or pay any fees be sure to do this:SHOW YOUR LENDER THE CONTRACT AND ASK THEM IF THEY
I'm a seller in Staunton, VA -- and we have sold two houses and have two more for sale. One is $215,000 and one is $500,000. In both cases, we would CONSIDER renting with the option to buy. Your real estate agent may not be very creative and may not even contact sellers -- but ask them to do that for you. If the seller doesn't have a mortgage, they may be in a position where they could consider renting with the option to purchase. Usually a seller wouldn't LIST their property with this option, but if the right people come along and the terms and other conditions work out for BOTH parties, it can become a good solution. It's a lot of work for your real estate agent to contact all the houses in your price range to see if the sellers would consider doing this. You can contact me at StauntonBandB@Comcast.net if you want to ask me about our properties or if I can help you in general.... more
First of all, let me say that historic homes are a trust. You may think you own the home but you are really holding it in trust for the next generation or owner. You, as an owner need to give the home
Â Many years ago, I was a Girl Scout and we learned to be prepared when we went camping or on a field trip. When I started driving and before the advent of cell phones, my mother made sure I was prepared
To begin with you must take possession of the property within 60 days of the closing date, failing to move in within this time frame constitutes mortgage fraud assuming you're getting a primary home loan (as opposed to a investment loan) Admittedly there aren't any mortgage police per se, but I doubt your attorney would advise otherwise.
Personally while this does happen I don't like it and if possible would suggest not getting involved with this. The Seller listed their home for sale with the intent of selling it, they should have thought things through and if they needed to buy another home they should have been actively looking so that they were prepared to put a home under contract. Were I you agent I'd suggest you limit them to no more than 14 days after closing, for which you should be reimbursed exactly what it's costing you to carry the home during this time. Otherwise I'd either suggest terminating your offer (which may get the seller to realize what they want isn't likely to happen and they can go rent and figure it out as it's their problem and not yours), or postpone your closing.
Speak with your agent and your attorney and see what they suggest. As Bill Eckler wrote, this has the potential to become a sticky situation and if possible it's best to avoid it if at all possible... more
You can agree to rent your new home back to them, as a part of the Purchase and Sales agreement, by way of addendum. Ask your agent to draft this up for you, and it will require a lease agreement to protect your interests. They would have to abide by certain conditions set by you, the new owner--in order to stay.
OR, you can choose not to let them stay, if you wish to get into your new home upon closing, which you have every right to-
OR, you can extend the closing date to accommodate their need to stay. This would put the cost of mortgage, taxes, insurance, etc., back to them until they are out of the home at closing.
Of course, I am answering this from Idaho, and I see you are in Virginia, so please check with your local real estate professional, and/or attorney, for allowances within the existing contract, which may be different for you, relative to your real estate laws in Virginia.... more
The price per square foot has almost nothing to do with a property's value. It's not going to reflect such things as age, lot size, condition, improvement, or location. Here's a blog I wrote on the subject: http://www.trulia.com/blog/don_tepper/2010/07/price_per_square_foot_a_poor_way_to_determine_a_home_s_value
Yes, it can be a challenge if comps are difficulty to come by. You (and your Realtor) have to do the best you can. Find the best comps, then adjust them based on the difference between them and the property you're interested in.
I'd also bet that if you actually took a look at some of those houses, you'd easily see why there's such a wide variation in price per square foot. (Age, lot size, condition, improvement, location, etc.)
I would suggest that you contact a real estate attorney about this issue. Once you close on the property it may be costly, time consuming and difficult. It is much better to address all concerns now. Best wishes!... more
Â With the holiday season fast approaching its an excellent time to be thinking about the absolute BEST gifts to give your family and friends.Sure they would proabally enjoy a new Ipad but what could