Short Sales should be called "Long Sales" or "Very iffy Sales." How do you force someone to sell their home to you without suing? Unless you want a legal battle that might not end in your favor, let the seller out of the contract and sign the release agreement.
With a short sale, there is always the owner, the mortgage holder, and you. The mortgage holder(or bank) is the one with the power, and if they do not want to continue to accept your offer and can get the current owner to negotiate a better payment, it is in the best financial interest of the bank to cut you out, and keep the current owner so the bank will not lose money in this market.... more
Well, if they're asking for your Schedule E, it sounds as if they know you rent the home from time to time. What they want to see are your expenses and your income from the rental.
Besides, plenty of homes purchased as primary residences eventually get turned into rentals. But in your case, it was clearly a second home to begin with.
If you're worried that they might somehow foreclose or penalize you, don't worry. They are likely to apply somewhat more stringent criteria to the property than if it were your primary residence. However, they already know that your primary residence is in Maryland and that the Florida house is a second property.
A bigger concern is just that you won't have enough equity in the Florida property to refinance. That depends not only on what's happened to property values, but how much you put down in the first place.
But as for them asking for Schedule E--don't sweat it. Just provide them the documents and see what happens.
Hope that helps.... more
Hi Paul-If you would like to keep you current home I would suggest looking into any modification options that may be available through your mortgage company. If you don't plan on keeping home or if the modification options do not work out for you I think that a short sale may be best for your situation. You want to make sure that you find an agent that is very experienced in short sales and one that will guide you through the entire process-this will be very important to make this process as easy as possible and also give you the best chance for a successful short sale. If you have any further questions on your options please let me know! Best of luck to you!... more
Yes, you can finance up to the appraised value of the home. However, you would have to have contractual seller contributions to have the closing expenses covered. They can't be part of your loan in any traditional program I'm aware of.... more
Do you have a Trulia account? If so, just log in and you will be able to take it off. If you do not have a trulia account, go to the listing and see what it's source is. It will usually state the web site that provided the listing. Log into or contact that web site provider and ask them to update their records.... more
Usually an HOA isn't much of a problem. Lots of communities have them, so they're not unknown commodities. Same thing with condo associations--they come with the territory.
It's true that some HOAs do a lot more than others (just as some condo associations do a lot more than others). It's also true that some get hijacked by control freaks. But, more often, they're useful or at least not much of a problem. And, really, you generally get about what you pay for. A lot of HOAs collect the money mainly to maintain the common areas. If there's a swimming pool (or a club house) that tends to be one of the larger expenses. The more things that belong to the community that require maintenance or upkeep, the higher (generally) HOA fees are. But then you do have those amenities that other communities don't.
So, in most cases HOAs aren't a problem.
Hope that helps.... more
The Hagerstown Home Store is a great resource for first time home buyers they have a couple of different grant programs and some soft second loans to help with the down payment & Closing costs for first time home buyers below is a link to their website. I home this helps
James S Stoneham
Jack Gaughen Relator ERA
Talk to a lender about the USDA mortgage program. It is a 100-103% mortgage loan (anything over 100% will cover closing costs) and Washington County qualifies for it, I9;m not positive inside Hagerstown city limits does, but a lender would be able to tell you more accurately. Most lenders will require at least a 520 credit score to qualify you for the loan through their bank. However, I have been told by friends who have gotten this loan that if you can't qualify through the bank, you CAN apply for the loan on your own and have a very good chance of getting it, you just have to do all the paperwork yourself.
Here is a good place to start for information:
Once you have your lending in place, get a good Realtor® to help you search for a home. As your buyer's agent, you do not pay their fee, it comes out of the seller's pocket at the time of the sale, but your agent is only concerned with you. Don't make the mistake of seeing a house you like and calling the number on the sign to see the property. That agent can legally sell the house to you under MD law, but their fiscal duties are to the seller, not you. YOUR agent can show you any property, even FSBOs, and will do your negotiating for you.
Hope this helps!
Kangal Real Estate
Hello-there are alot of great options in the area right now for that price range (& they don't have to be downtown!). I would be happy to set you up on a custom home search that emails you the minute new listings come on to the market if you'd like? This will allow you to be one of the first to view homes since this price range can be very competitive.... more
Kensington properties have been protected by our local economy. I don't beleive property values have decrease in the same range of other more isolated parts in Maryland
To find out the actual value of your property, please feill in the request form below
As the name implies. .it's NO CONTACT CMA... more
The Listing Agent is advertising this home as a short sale fully approved. This would imply that the agent has already spoken with the lender and taken necessary steps prior to listing the property. However, it is ultimately up to the 3rd Party (the lender) to approve the final sale price once an offer is submitted. Here in our office we recently wrote an offer on a similiar home in this neighborhood that was also a short sale. The sale was approved by the lender for a very similiar price as shown on the home you inquired about. This villa is alot of home for the dollars. One word of caution, the tax bill will be higher as it reflects a much higher original assessed value and original sale price. You may have success getting the taxes lowered by filing an appeal based on the new appraised value and official settlement sheet after a purchase is made. I would welcome the opportunity to assist you with any additional questions or arrange for you to see this home at your convenience.... more
I'm sorry for your difficulties, however as much as you didn't like Dana's reply, I have a feeling you're going to like your agent's response even less.
Your city taxes include a paid fire department, police department, trash pickup including recycle and yard waste, street sweeping, oversight of rental units, reduced utilities and water/sewer fees and most of all, what amounts to a homeowner's association. The city will not allow your neighbor to have untagged cars, unmowed grass, appliances in the yard, etc. They don't control house colors and other exterior changes like a traditional HOA (unless you are in an historic district). We live in the city and think the additional taxes are worth the benefits.... more
Once again this comes back to the supply and demand issue. The supply of houses back there has far outpaced the demand, therefore the house values go down. Let me know if there is anything else you need. My number is 888-762-1554.... more