Successful real estate investors have a team of professionals they rely on. A Realtor, a lender, a closing attoney and a good contractor. Assemble a great team and you'll have the winning combination.
Don't forget that there are lender programs that allow you to borrow funds for renovations!
Home Appreciators Real Estate & Renovations
at Better Homes & Gardens Real Estate Metro Brokers
You can call a local real estate office. Many of us do know some agents that only handle BPO's.
Century 21 Crest
Pompton Plains, NJ 07444
Go Packers!... more
A buyers agents job is to get the best deal for the buyer. Many agents thrive on getting that best deal.
An agent does get a percentage of the final sale price, however, the difference in sale price would have to be quite a bit to make a large difference in the commission the agent will receive. An agent could save you tens of thousands in sale price and it would only be a few hundred dollars to the agent.... more
Anything is possible with a short sale. It seems you are having some concerns or issues with your real estate transaction. I would highly suggest you consult either a real estate agent who specializes in short sales in Green Bay or a real estate atty. If you already are working with a realtor, I would suggest talking with them regarding your concerns. Each bank involved in a short sale does things differently and no one short sale is alike.
Century 21 First Realty
Chances are no matter what a Realtor is going to get paid. Why would you not one that has your best interest in the process. A Realtor representing seller is obligated to represent the seller and their best interest.
Good Luck!!!... more
A high percentage of the country is in a declining market which causes appraisals to come in low.
I have seen it in NY and NJ plenty of times.
You are correct that you (as the seller ) will not be protected if the appraisal comes in low.
As a precaution, you can ask your Realtor to make sure there are supportive comps for the sales price of your home, but it is not always a guarantee that an appraiser would accept them. There are many reasons why an appraiser will use some comps over others.
Having said that, there won't be any extra costs to you if the buyer gets an FHA loan. The buyer might also have an easier time obtaining an FHA loan because of various factors related to their income, assets and credit.
What you could do is delay signing the ammendatory clause until after the appraisal is done. Most lenders don't require it in order to start the loan. They could even issue a committment to the buyer and condition that the ammendatory be signed sometime before closing.
This way, by contract, the buyer might still tied to obtaining conventional financing.
Please run this idea by your attorney.
Hope this was helpful.
Good luck.... more
The area median income (AMI) is a statistic generated by the U.S. Department of Housing and Urban Development (HUD) for purposes of determining the eligibility of applicants for certain federal housing programs. HUD determines AMI on an annual basis for each metropolitan area and non-metropolitan county, making adjustments for household size and other factors. Different housing programs use different percentages of AMI – such as 30 percent of AMI or 80 percent of AMI – as maximum income limits for admission. Many state and localities have adopted HUD’s income limits for their own programs, or use a variation on the HUD limits – for example, 120 percent of AMI.
Click on the link below for more details from HUD.... more
If you haven't entered into a Buyer Agency agreement you should be okay. You may want to have your Realtor talk with the FSBO to see if they are willing to pay a Buyer's Agent fee. I have worked with buyer's in the past that purchased a FSBO home and we were able to work something out with them. The FSBO may be willing to pay a smaller fee than if they had listed with a Realtor in order to sell the home. With a tighter market sellers may be more flexible.
Good luck!... more
I would contact the Wisconsin Realtors Assocation. I believe they would have that information, as well as a local realtor would as well. I am about 4 hours south of G Bay, so I dont have a suggestion on who the best person to call would be..sorry!
I have plent of contacts tho for appraisals, title work, and can do your loan for you...if you are interested in a rate qoute, or to go over potential loan programs I would LOVE to speak with you! I wish I could help you more though on your specific question! I called a friend of mine, and as soon as he gets back to me...I will get you a phone# of his mom...who actually is a TOP REALTOR in G BAY! She sold a home to a couple of the Packer players I am told!
Thanks so much!
one Source Mortgage, LLC
109 1st St
Lodi, Wisconsin 53555
This is the percentage difference between what a home was listed for vs. what it sold for. For example, a home listed at $150,000 sold for $145,000. The ratio is 96.7% or the home sold for 96.7% of it's asking price.... more
I believe what you are refering to is what is known as a land contract. The terms of a land contract are negotiated between the buyer and the seller. The terms of the land contract are usually not affected by the market going up or down. The only thing difference between a land contract and conventional forms of financing is the property is being financed by the seller as opposed to a bank, credit union, etc.. If you purchase a property under land contract, you have a set price, a set payment, a set interest rate and a set length of time for the contract. The value of the property may change but the terms of the contract don't.
There is , of course, a direct correlation between the value of the property and the owner's equity. If the property drops in value, the owner has less equity. If it drops far enough, the owner may not have any equity at all. If you would like to discuss this further, please feel free to call me at 920-655-8468 or email me at email@example.com.
I hope this answers your questions. Take care.... more
You have signed a contract and if the buyers have performed what they were supposed to do and you don't, they can hold you to the contract.
They can actually file and action that puts a cloud on the title called a Lis Pendens. What that means to you is that you cannot sell the property until the dispute has been resolved.
I suggest you consult an attorney!... more
Sorry to mhear about you lender issues. A lot of lenders today are happy to work with you...it is xheaper than foreclosing on a home. Who is your lender? If it is a major one, I may be able to give you a contact....you should be able to do a loanmod yourself....don't pay an outside service.
Call a Realtor or several in your area and ask your questions. You will pay Realtor fees when you sell but also don't forget title insurance for the buyer, possible state and local taxes on the sale, Most Realtors can give you an Approximate Proceeds estimate that will list all the seller costs so that you will have a good idea what you will have available. Also ask for buyer closing costs, however, so that you will not misjudge what price home you can purchase. Most home prices have been falling in the past several years, so it is a good time to purchase if you have the profit from the sale of your current home and additional savings. Please be careful that you have additional savings that you will leave in savings, however, for emergencies. It is never a good idea to have every penny wrapped up in real estate or any other investment for that matter. Generally financial advisors suggest from 6 to 12 months living expenses in savings whenever possible. Good luck to you.... more
The $64,000 question:
The first step is to make sure that the agent representing you is an expert in short sale contracts . The majority of all short sale offers fail to close because the agents on either side of the deal lacked the training and the experience to successfully negotiate the deal. It also fair for you to have your agent inquire about the listing agents training and experience in this area.
Most of the time lending institutions will hire real estate agents to perform a BPO ( Broker Priced Opinion) to determine the value of a property. The problem is that most of the time these are drive by BPOs. The agent is paid between 50 and 100 dollars to drive by take a couple of pictures the compare it to other sold properties and competitive properties ( homes currently for sale). The secret is to control the BPO. An experienced Short Sale agent will complete their own BPO that includes an inspection of the interior and an estimated list of repairs that are needed and come up with a estimated value in the current market.
It is my experience that most lenders are looking to get 90% of the BPO. After costs and realtor fees this means the bank is taking between 18 and 20 % loss on the current market value.
Lastly make sure that you can prove to the lender you are ready to move fast and have the ability (money) to close this deal before they lose any more of their investors money. Another way to grab their attention is use the current lender for your financing. This makes it a win win for the bank.... more
Obviously every area is different as there are some areas that have had double digit growth over the past year. However, there are a few reasons why there is not going to be a buying frenzy. First, with all of these foreclosures and short sales, your buyer pool is much smaller than it used to be. Second, there are a lot of people that would like to buy a different home, but they need to sell their's first. Third, there is so much inventory out there right now that even if there was a buying frenzy, I'm not sure it would even put a dent in the amount of homes for sale b/c other's would see that and put their home's on the market. Fourth, even though interest rates have remained low, it is more difficult to qualify for a mortgage these days. Add that to people getting laid off and energy prices going through the roof and you could see why homes aren't selling so fast.... more