Elizabeth, If the bank purchases the home back at foreclosure auction, it will be assigned to an assett management company for the bank. That company will then assign the listing to an approved local broker, The best thing you could do is to check the house dailoy, once it is assigned the house will be posted with a notice by the listing agent with their contact information. The process is then to get the house cleaned out, and appraisal is completed and then the house is listed. Once an agent is assigned you can usually get in the house, complete any inspections you want that will assist you in making an offer and get your financing in line. That way when the bank does set a price you can be one of the first to get your offer in. You will not get anywhere contacting the bank as they do not sell their own properties.... more
Hi Dorothea. The best thing to do is document all the changes and keep track of all correspondence. These changes will likely come back and resurface for many years. Accurate record keeping and documentation will keep your stress to a minimum.
Cherry Hill NJ... more
This is one of the Reasons you hire a Real Estate professional to handle your Real Estate deals. We require a contract with all of the buyers information, a pre-approval letter as well as many other documents and disclosures. Real Estate is much more complicated than it looks and if not done properly chances are you will have a lawsuit on your hands at the end. Once you have an accepted buyer for your property you need to open an escrow, get a title report, there are many important disclosures that the buyer and seller need to fill out, loan information, earnest money deposites, appraisels, escrow instruction, and much more to a transaction.... more
You can if the seller is willing to accept it. The seller should put that $10.00 in an escrow account. I've done contracts without earnest money. If you are not working with a licensed real estate agent you should have an attorney review the contract before signing it.... more
Abby, even in this time of fought credit guidelines, all hope is not lost. What you need is a lender who's willing to take the time to sit down with you and counsel you both on what steps you'll have to take to get qualified. I have several reputable such lenders I'll be happy to connect you with, if you wish.... more
They're sorry because this is a pretty big "no-no'. We have extremely strict guidelines in place on what an unlicensed assistant is and isn't able to do. One example of the strictness is unlicensed assitants aren't allowed to quote home prices to prospects who call. Depending on the circumstances you may consider contacting the Real Estate Commission to complain. However, it sounds as if the Broker is aware of the mistake and working to make it right with your son. I hope it all turns out well.... more
He should check with a lawyer (or, at the very least, the real estate board) to determine his rights. At a minimum, of course, he'd have the right to take his grievance to the real estate board. The board would have the power to suspend or terminate the Realtor's license, and to take action against the broker as well. In addition--and this varies by state--there are also fines that could be assessed. So, it can get very sticky and very uncomfortable for the Realtor and the broker. That's your real leverage.
The home is most likely in pre-foreclosure and you found it on a site that uses tax assessments or first mortgage balance to determine possible value. When it goes to the sheriff's sale the lender(s) will have an opening bid equal to the amount owed on the mortgage or what they feel the value is. If no one tops that bid the lender takes the home. What do you think the value is? Is it worth $200,000 or something close to that? Have you contacted the owner to see how much they are willing to sell the home for? Do you know how to submit for a short sale?... more
Use caution. you'll get offers from lenders that won't really be able to get you a loan at a decent rate. Contact mortgage bankers only and ask for pre-approval for a FHA loan. Kathy Tautfest (405) 616-7517 at Bank of Oklahoma does a great job and they have many programs fro first time home buyers. If they can't do your loan to FHA standards then no one can because they all use the same rules.... more
It shouldn't affect it in a negative way. Are you going to be asking for first time buyers assistance? Sometimes these programs are based on income, or on area the home you purchase is located. I would need more information to accurately answer. Who approved you for the loan and for what type of loan were you approved?
You can email me at Jenn@JenniferSellsOklahoma.com or call 405.625.1576.... more
There are some city,county, and/or state bond programs available through OHFA, via their website below. I am not familiar with "grant" programs. Check the OHFA site for your best options. Best of Luck!... more
Hello Gary, I just sold a couple homes there in Newalla recently, one of them matches exactly what you were looking for. If you would like I can set up a search for you that will show you all of the homes currently on the market that match what you are looking for as well as contacting you the same day any properties that match what you are looking for come up for sale. If you are interested let me know at 405-570-7585 or my email is BuyYourHome@Century21.com... more
Most sellers who are offering that type of arrangement will specify such things in their marketing materials. Also, if you have a Realtor sending you listings, they can specify that as a parameter on your search. Let us know if we can help with anything else.... more
A short sale is when a home is sold for less than what is owed on the property. When an offer is submitted, the seller has to first approve of the offer and it is then passed on to the bank who will make the final decision as to whether or not it will be accepted. It is important for the seller to approve of the amount because there is a possibility that he/she will be taxed on the difference of the sales price & what they owed on the property. There is potential to get a good deal on a house through a short sale, however, you cannot be in a rush to purchase a home with this process as it can easily be a couple of months before you receive a response from the bank. Hope this helps! I would be more than happy to help you with any further questions.... more
Work with your buyers agent if the home has that much equity you could potentially have a bidding war. If you want the home place the offer $1K over list price you maybe the winning bid on the property. Your buyers agent should be able to comp the property providing detail factual info. for value. http://www.lynn911.com http://www.homes-for-sale-dallas.com... more
It depends on how long you think you are going to live there. If your occupation may call for you to relocated in 3 to 5 years - it is not a good idea. If you know, without a doubt, you will stay in your home for 7 to 10 years you are probably OK. Be careful about using other subdivisions for comparison. Just because homes a half mile away are selling for over $200K does not mean those same buyers will want to live in a subdivision with 5 or 6 home elevations. Ideal Homes can build a decent home. However, like many large builders they save money by keeping their home designs to a minimum so the framers and other trades can build them faster with fewer problems. If you are dealing directly with the builders representative PLEASE have someone review your contract (attorney) and an engineer review your plans. $175,000 for a 1900 sqft is $92 per sq/ft. Subtract the lot, which is at least worth $35,000, and that works out to $73 per sqft. The big question is how do the upgrades compare to other equally priced homes. How many other new (completed) homes priced between $165,000 and $185,000 have you looked at to compare trim, applicances, countertops, fixtrues, lighting etc? How is the lot? Is there more than10ft of land behind the home? There's a lot to understand when buying a home to be built.... more