Because an appraiser tries to stay in the same subdivision or neighborhood before going outside the subdivision to get a comparable property. Also the market is based on what BUYERS are willing to pay so if a buyer will pay more for one neighborhood compared to another, the SELLER would have to accept this fact.
I hope this helps.
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Not seeing the exact condition of the home or the amenities that the home has to offer a rough estimate would be around $130,00 - $150,00. If you are thinking of selling the home then it would be wise to sit down with a real estate agent and have a CMA done on the property. Right now is a great time to sell because inventory is low and buyers are usually offering over list price on homes that are priced fair.... more
If you are an investor and looking to purchase a flip from another investor, in most cases you need cash. The first thing to note is due to the fha anti flip rule, a buyer would have to wait 90 days to purchase after the investor closed on teh property. Investors purchase homes at auction or from the bank. Some do nothing and put it right back up for sale while others will do some or all teh repairs to make it habitable. Your best bet is to look at the bank owned homes being offered through local brokers, be ready to purchase, be ready to look as soon as it hits the market and dont put any contingincies in your offer. This way you are not paying anyone money for a flip, you are getting it first hand. good luck with your investments.... more
I do not know of any way to get your son's name off the loan, unless you sell the house or refinance the loan. And yes, if you do a short sale (must also have your son's permission), it will negatively affect both of your credit ratings.
There is or will be after 10-01-2008, a program that may help you, but it's a voluntary program. If you can convince your current lender for your home to give you a new mortgage at 90% of your home's current value, you may be able to get a new FHA loan. But it's a voluntary program & your lender is not required to participate. Maybe you can convince them to help you by showing them your current income & a signed statement from your son that he has moved. If your bank allows this, then if you ever sell or refinance your home again, you will split any equity you have with the government 50/50.
You can also go to www.HUD.gov or www.RE.State.AZ.US for some links for financial counselling.
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you found the way... by contacting a real estate expert in the area they can send you recent closings in the Happy Trails Community. I would be more than happy to assist you by sending you this information.