This is the 64,000 question. We placed our bid in Jan and at the begining of Feb the bank send a letter indicating that the short sale packet was completed and we should hear word within 30 days with closing to be 10 days after acceptance (we anticipated closing somewhere mid to late March). Well in April the bank notified all that they had really not even looked at the offer and it would be at least 2 to 3 more months till they even responded and "don't bother to call us, we will notify you when it is completed" as they are swamped with short sales... Needless to say we got out of this deal and found a home (not short) and will be closing the begining of May....... more
As an agent and the author of the question it would have been nice to hear your thoughts to spur the discussion. The answer is largely subjective as the national market cannot accurately summarize the happenings of local markets. The Chicago market, which is experiencing quite a lot of growth over the past 6 months in some important areas may fetch a different answer than the market in your local area.... more
I am agent that specializes in the Wallkill, New York area. If you would like to me call me, I would
be more than happy to search the Multiple Listing Service for you and help you find a home
where the owner would hold the mortgage. Please feel free to contact me at 845-781-0706.
Susan Mohart @ Rita Levine Real Estate... more
They usually say two years for DIL but the only way to know for sure is ask a lender to pull your credit scores and check with an underwriter.
If you would call my office I can refer you to the VP of M&T bank.
My offiice is open from 9AM to 8PM every day. 845-255-0019... more
Hi Albert, you have an idea, but financially the ones with the highest interest should be pay first.
If one of the credit card is at 6% an another at 14%, pay the one at 14%. Remember that interest its something yu lose because of the use of the finance, it is not a product itself.
But, also, another idea could be to pay the smaller ones and then star paying the large ones.
Eitherway you need to star payign off your debt. Always pay more than the minimun payment. The more you pay , the better.
Holidays are just around the corner but you want to buy a home, so get your plan to do it.
Do not apply for more credit, magane your current credit cards.
Look for a Non profit or at your county for a First Time Home buyer program.... more
I couldn't find anyone in our area who does 203k's. When you say house was in the middle of construction, and I have no idea at what point, I wonder if the 203K is even possible. There are construction loans and renovation loans, but both require a higher down payment than an FHA 203K. FHA is also more forgiving on credit issues.
You need to speak with a local lender. Bank of America operates almost everywhere, and they have a good renovation loan if you don't have to go FHA.... more
When a Realtor lists a home for sale, the commission she establishes covers the commission of a Broker Rep and/or a Selling agent. You should not be paying anything additional.
You are entitled to be represented; every state (with the exception of NY) has been doing this for years.
Beyond a doubt, hire a Realtor to represent YOUR interests! That is the only person who can perform a complete comparative analysis to let you know what houses in any particular neighborhood are selling for.
Any further questions? Feel free to contact me at Gail@GailGladstone.com... more
At this time, to take advantage of the First Time Homebuyers Tax Rebate program, you must CLOSE on your home by November 30, 2009.
To qualify for this program, a buyer must not have owned property within the last 3 years.
I hope this helps! Barbara... more
With respect, you are dealing with a Federal Government Agency.
You are also dealing with Appraisers, who must now be very methodical and very careful in determining an Opinion of Value.
Finally, you are dealing with Lenders, who are meticulously detailed about every aspect of the Real Estate Transaction these days.
Contact your Agent and or your Lender, and ask them to turn up the heat a little. Maybe a phone call or two might get things moving along.
There is a system in place the is intended to protect the rights of all parties involved in a transaction. This includes, a title search, home inspection, pest inspection, WDO inspection, home warranty, well inspection, septic inspection, survey, etc.
What benefit would be served by electing not to protect your interests? Our recommendation is to be as informed as possible...knowing clearly what you are getting yourself into.....
Good luck... more
Who is the Owner of the Property on the Public Record?
You need a Title Attorney or Title Insurance Agent to verify that the property has Marketable Title, and to verify what if any Liens, Mortgages, or Encumbrances exist upon this property.
See a Real Estate Attorney for Legal Advice.
If it happened just like that, you probably don't have recourse. The problem is the verbal nature of the notice that the property was available to you. I do not do business in your area, but a common denominator for most Real Estate transactions is that something must be in writing to be enforceable. Had the seller's agent submitted an executed notice of cancellation, you might have had a case. Simply being told that the property was available, though it turned out not to be, is insufficient for your cause in my opinion. Sorry!... more