Appraisers are hitting us with $88/sq. ft. for existing average homes, and going up from there. New homes in the Lennar subs like the Vistas, Highlands, and a couple of others are getting as high as $128/sq. ft. (Stoneridge). The homes at this level are considered perfect in construction, and have upgrades of some sort.
As more and more builders come on line, I feel it will be hard to top the $130/sq.ft. mark, due to competition.
$100 per foot is a great price. I see lots of new listings topping this figure, and they are getting offers. I was showing in D'Andrea and Lennar yesterday, Wingfield and Spanish Springs this whole week, Double Diamond/Damonte Ranch new homes last week. Both Mike and Clark are right.
You need to compare apples to apples, oranges to oranges, and don't wind up with a lemon.... more
You can use an agent to help you buy a new home. An agent would be able to do a detailed CMA with all the comps in the area. They can also help to make sure that you get the most home for your money. I have helped clients get great deals on Lennar homes in the past. They are a very good builder. They will negotiate with you on some things. I would love to be your agent and help you to buy this home with the confidence of knowing that you not only bought a great home but you got a great deal on it. Please feel free to call me at 775-671-6649 or email to email@example.com... more
Your mortgage professional will be the best one to help you with this, but from my experience when I worked in the mortgage industry the normal interest rate quoted on a daily basis was a 30 days lock rate (remember interest rates change daily and sometimes hourly). That means if someone called me and asked me the rates and wanted to lock in a rate immediately, I could do it for 30 days, which was usually enough time to get a conventional loan completed. However, times have changed and you can no longer just lock a rate with a loan application or a pre-approval and to complete the loan process is much more troublesome. Also be aware there is a 15 day rates that is lower than a 30 day rate, but pretty much unattainable.
To get back to your question, you will not be able to even think about locking your interest rate on a short sale until you have the written approval in hand. At that point if you are doing a conventional loan you could lock at the current 30 day rate. However, remember, if things can go wrong they will and it might be safer to do a 45 day rate. If you are doing an FHA loan don't look at anything less than a 45 day rate. Like I said to start, talk to your mortgage person, they will know best given your situation.... more
I agree with Lori ... If you wait for social sites you are gonna miss the bus! In this market you need to be proactive and have an agent who is looking for you too! I check MLS 5 or 6 times a day looking for new listings for my customers! It's the only way you are gonna scoop the other buyers.
RE/MAX Realty Affiliates
1320 Hwy 395
Gardnerville, NV 89410
I definitely agree that it's good to evaluate your options; some lenders may charge extra points or have a lower interest rate. Some mortgage specialists focus on first time home buyers and are aware of programs that others are not. Some lenders may take more or less time to get a loan approved (this could make a difference if your purchasing a short sale).
Tammy Olivas, shame on you! Unless there are 2 of you, I recognize your name as a Realtor. Perhaps you should read your code of eithics. Ask your broker at Ferrari Lund what you should do. If there are 2 Tammy Olivas in the Reno/Sparks area and you are not a Realtor, I appologize.... more
The investor is the one who actually owns the loan. Nationstar may be the servicer of the loan and not the original lender. Your agent should be able to look on Tax insight to determine who the original lender was.Unfortunatley loans are sold almost as soon as they are made. they are bundled and sold to investors. that is how the banks/mortgage companies can keep making loans. they need the investor approval because the investor is taking the hit on the short sale. If there is a PMI the short is not a full short as PMI will pay a portion of the short to the investor. It takes a little longer and if you are at fair market value you should not have a problem. Be aware if anyone asks for money outside of escrow. it is called fraud.... more
The Seller signed a PMI promissory note and we negotiated that the back yard had trash and debris removed. The Bank has approved the amount (they requested it from us) We agreed to bring a cash amount to escrow that the Seller could not come up with. The seller and and I signed the negotiated addendum and it is with the bank. This happened about 2 weeks ago. Since the negotiated agreement was signed the Debris has been removed!
According to my agent the close date should be right around the corner! In the mean time we are waiting.. waiting... I would think this would be the easy part since they are not waiting on any financing from us! Last week was Veterans day, and next week is Thanksgiving so my guess is that the holidays slow up the process!
my agent plans to get an Inspection as soon as we get word.
There is no rhyme or reason to these waiting periods. You would think the Bank would want the cash and get rid of the inventory!
I like to post these updates so anyone doing research has a better Idea of the types of things that happen..... more
Lynn911 is correct to state that your full credit profile will need to be reviewed along with you income for the past two years and current asset position. The most important thing to do post-BK is to re-establish credit. The sooner that credit is re-established, the sooner it will begin to offset the derogatory items such as a bankruptcy. There can be no credit mishaps (late payments) post BK if you are targeting your 2 year mark to purchase a home.
Feel free to contact me to get you prepared for your move.
John Paul Mulchay
Alderus Funding & Investments... more
There shouldn't have been any reason you would have had to inform them that you are putting in new flooring and paint. FHA appraisers are only supose to ensure that the property is habitable and safe. Torn carpets and smudges on the walls do not make a home unsafe or uninhabitable. However, I have seen some of these appraisers note things that are beyond their level of expertise. They are not building inspectors, and in many cases are putting their butts on the line and becoming liable for things outside of their field of expertise.
However, in order for a property to be habitable, it must have a working kitchen, and all working systems and major appliances. If you do not want to put up a lot of money before clossing, you may wish to take Ricky's advise and buy some cheap appliances on craigslist. Just make sure they are in complete working order. If there is even one burner that doesn't work, it may be a reason for the appraiser to not allow the home to pass his inspection.... more
I've had a wide variety of experiences when it comes to REO listings. In many cases, you will recieve a response within a few business days asking for highest and best offers in the event of a multiple offer situation. However, I have also seen some take up to a week to respond to an offer. Many REO properties will state right in the listing that no offers will be reviewed until the property has been on the market for a certain number of days. If your offer came in low, many asset managers will simply ignore it and just let your offer expire without ever responding.
Although there is always an exception, most of the REO listing agents are not to blame for the way offers are handled. All they simply do is send your offer to the asset manager or upload it into an online system and wait for a response.... more
Typically on a short sale, you are not required to put up your earnest money until your recieve 3rd party approval. However, in your case all you will need to do is draw up an addendum to cancel the transaction. You will then need to contact the escrow officer and have him/her draw up cancelation instructions which states that the earnest money is to be refund back to you. This will require both yours and the seller's signiture, but in most cases the seller will not put up a fight over getting this signed. Especially after 6 months of you being patient.... more
You need a good lender who can help you get a 203K Streamline loan. The HUD program allows you to only put $100 down, then your financing will help you get the money you need to rehab the house so you can make it what you want.
If you'd like me to recommend a good 203K lender in Nevada, let me know. Although located in Las Vegas, I have lenders who can do loans anywhere in Nevada as well as other states.
Rosen & Company West