Angela "Angie" Allchin

Hello,

Reading through your question it sounds like the addendum to the contract was not clearly written. It sounds like whoever did the addendum for you just gave you the right to do the work but not to release the money to you to do it should the seller not get it done.

Did you have an attorney? I am not sure because you said that " my attorney who is holding the money in escrow will NOT release the funds..." then later in your questions you say the "problem is that the seller has an attorney and I don't"...

Who is the title company? They may be able to help.

Take care,
Angela "Angie" Allchin
Century 21 Rauh & Johns - Mon Oct 20 2008, 21:58

Hi Lin,

If you are looking at a home in the area, it is a good program. My suggestion to you would be to make sure you find a mortgage loan officer that is very experienced in the program. If you need the name of someone, feel free to let me know.

Take care!
Angela "Angie" Allchin
Century 21 Rauh & Johns
856-582-0366 x 172 - Tue Sep 2 2008, 08:32

Hi Marcia,
I would definately check with your real estate agent and let them guide you on what to bid. That is what they are there for.

As far as your actual question... I agree with the others that 16,000 seems really high to ask for closing costs. It is hard to answer your question because I don't know which program you qualify for or have been pre-approved for. It all depends on the program too and what the percentage they will allow you up to.

When you gave your examples you said the comps are.... do you mean the SOLD homes? Appraisers will usually use SOLD homes in the neighborhood - not ones currently for sale because a home could be listed at a certain amount and not sell for that same amount. With the 2 examples you gave if you have the SOLD comps then the sellers seem to be priced right to sell by being either UNDER appraised value or right in the middle. Most sellers wouldn't want to sell for a large amount under what the home is comp'd/appraised for unless they have some sort of motivation to do so.

As far as the appraisal not coming in for the asking price - always make sure you have somewhere in the contract that the home must appraise or both parties would have to agree to continue at the reduced price or you have the option to not go forward with the sale.

Hope that helps!

Take care!
Angela "Angie" Allchin
Century 21 Rauh & Johns
856-582-0366 x 172 - Sun Aug 17 2008, 20:47

Hi there,

I am not sure if you will be doing the work yourself or hiring someone. For purposes of answering the question, I will assume you will be doing the labor yourself. Laminate flooring is usually pretty cheap. You can sometimes find deals on carpet depending on the room size you will be doing. Another option you can do pretty cheap is ceramic/porcelain tiles.

To answer your questions as to which I think would be a bigger selling point.... definately the hard wood! If you already have hard wood under your carpet you may be in luck. Just make sure there are not any dark stains that you would not be able to sand out or cover with a darker stain.

Best of luck!

Angela "Angie" Allchin
Century 21 Rauh & Johns
856-582-0366 x 172 - Thu Aug 14 2008, 23:18

Hi Melissa,

Your best bet would be to speak to a mortgage person so they can explain all the scenarios to you. If you need to know who to contact, please feel free to contact me.

Usually you can do it one of 2 ways. You can purchase the property as a primary home. You would rent one unit and then live in the other. If you go this option, your interest rate and down payment are usually lower. The other option would be to purchase it as an investment - renting both units. If you go this way, your rate is higher and your down payment would be larger.

As far as the established tenants... not sure by your question what you were asking. When you acquire a property with established tenants I believe you have to honor their lease - length and terms, etc. You may also be able to use their monthly rent towards qualifying in your mortgage.

Hope that helps some. If you have any other questions, please feel free to contact me anytime.

Take care!
Angela "Angie" Allchin
Century 21 Rauh & Johns
856-582-0366 x 172 - Mon Aug 11 2008, 21:32