Absolutely! It is a great time to market to investors. You would probably do the best by getting an agent that specializes in investment property as they may have some investors to take it to immediately! Or look at a property management company, they may have clients that would be intersted in buying. The market is much better now for investors to buy to rent than buy to flip. You will have investors looking for such properties. I would love to know more about your property!... more
Ask people you may know for referrals; or contact and interview a few agents from different realty companies, then choose the one you like best. Generally representation is at no cost to you, the seller pays commission at closing out of the proceeeds of the sale; if two agents are involved in the transaction the fee is shared, unless you have an agreement with your agent to pay above what is already being offered, then you would be responsible for the difference.... more
As to a good place, keep in mind that opinions are subjective, and the only one that really matters is yours; therefore research on your own. Visit a neighborhood several times to get a sense of belonging, check out all that's important to you and your lifestyle; as to safety, when it comes to any safety/crime related issues, it's always best to contact the local police department with all your questions, hear all there is to hear firsthand. If unfamiliar with the area(s) do revisit more than once and at different times of day, possibly chat with locals/neighbors. Real estate professionals are prohibited from steering, enticing a buyer to purchase/rent, or not, in specific neighborhoods.
This is why you should always have a buyer's agent represent YOU. Unfortunately you learned this lesson the hard way. She didn't break any laws, but she did break the Code of Ethics that all Realtors are supposed to abide by. I would bring this up to her managing broker. My concern now would be that it won't appraise for the purchase price. In this case, hopefully it doesn't and they have to bring down the price. Good luck to you.... more
A SONYMA participating lender can answer this question more exactly.
Go to www.sonyma.org or call 1-800-382-HOME(4663) for a list of participating lenders.
You should get pre-approved for the loan before you start looking at homes. Also hire a real estate agent to help you with the home search.... more
YOu can ask nything you like. Very few people are going to be interested in building 5 townhomes, and your plans may or may not even be valid, just as your price may not be valid. Do yourself a favor and either find an experienced local Realtor to prepare a market analysis for you and to help you sell or hire a local appriaser to get the valuation. No one here on Trulia, is going to be able to give you an answer that's accurate as there are too many unknown variables.... more
If you did not sign a contract with the selling agent to have them be your agent, you have no legal obligation to them. If you want to have a different buyers agent, make sure you sign a contract with them. Have your buyers agent submit an offer to the listing agent.
What is your agent advising--and what is your attorney suggesting--if the co-op management is not releasing the finacials to you personally or your agent--ask your attorney to contact the co-op's attorney and formally request a copy.... more
The agents are doing their due diligence. Co ops have their own financial requirements that differ building to building and can be very different from that of a bank. In effect the agents are qualifying you for the building so not to waste your time, and the sellers time.... more
Closing costs can vary from lender to lender. If you already have a lender, ask them for a good faith estimate. If you are still looking for one, be sure to ask this question as you talk with potential mortgage lenders.... more
They are looking for a document that either you or your accountant can prepare showing your assets (bank accounts, any real estate owned, 401k plan, etc.) and your liabilities (car loans, student loans, credit card debt, etc.) They will use this document (and back up documents) to ascertain whether you are a good risk to join their corporation.... more
Kathy: If it takes that long to get information from anyone, go to someone else. As in any industry, there are great mortgage people, good ones and terrible ones. I recently had a situation where I told buyer customers of mine what their closing costs should be. Their mortgage broker said oh no, they are ___ (about $6000 less than I said). The day of closing, guess what? They were almost exactly what I said they were going to be. And, what's worse, is the mortgage person never told the buyers that by taking that much out of their bank account would lower their balance below what was required to close and after sitting at the closing table for several hours had to wait until the next day to finally close. To make matters worse, this happened after the initial closing date had to be changed because the broker didn't know what was going on until after the sellers ordered the moving truck and had to sleep on air mattresses until closing. Luckily, I usually recommend someone else who is always on the money. Good luck in your home search. If you're not working with an agent at the present time, I would be pleased to speak with you or answer any questions you may have.
Certified Buyer Representative
Century 21 Princeton Properties
Financing a purchase can be a tricky thing. With rates at a recent high many buyers are finding themselves in similar situations. The truth is that no one really knows what is going to happen to rates. Historically, rates tic up over the summer, so there is a possibility that things will improve in a few months, which isn't much consolation for you as a soon-to-be owner.
First, contact your lender and find out if you can still afford the house you're bidding on. Specifically, make sure that your debt-to-income ratio (DTI) is still within guidelines for the type of mortgage you've chosen. Second, consider different types of mortgages given the change in the market. While not highly recommended, sometimes 3/1 or 5/1 ARMs are a solution for a very small percentage of homeowners. FHA loans are a viable options for borrowers who cannot afford a 20% down payment and the guidelines are considerably more lenient. You'll have to pay mortgage insurance though...
The bottom line is this: if after speaking with your lender you are not comfortable with the financing or feel you are unable to meet your obligations in the long term do not buy the house. It is unfortunate, but sometimes people need to walk away. Good luck!
E Mortgage Management
800.793.9633 ext. 156