Resale means a home that has been owned by a homeowner and is now on the market. The other option is new construction or developer sale. Resale does note designate if it is a short sale or not.... more
Do you have an agent? That's going to be essential as far as advice on how to move forward. Many lenders have relaxed their standard on qualifying for a short sale. It won't cost you anything and it couldn't hurt to have a consultation with an agent about doing a short sale.
And, believe me, Johnpaul, you are not alone in this boat!!! There are many, many sellers who cannot sell for even close to what they owe on their property. Some people are renting out their smaller house and buying while they can still get a great deal before prices start to rise again. We're are already at the tipping point of moving to a sellers market again.
Good luck!... more
The seller can pay closing cost. there are liitations depending on loan ammount. The key is to have a Lender and Realtor working hand in hand with lots of experience in USDA loans. You do not wish to ask for too much or too little and you must cross T's and dot I's on this type of purchase and funding.
Sincerely,
John T. Little
CRS,ABR,CRFS,CLHMS,E-Pro
Broker Owner
Triangle Realty Solutions
4620 Watkins Rd.
Raleigh, NC 27616
Ph#(919) 798-6285
Fax (877) 447-4333
Www.TriangleRealtySolutions.com
www.findtrianglelistings.com... more
Appraisals are art, not science. Appraisers are paid a flat rate per appraisal, so you will find a wide variation in the effort put into making sure the appraisal is as accurate as possible. The homeowner should review the appraisal with a fine-tooth comb and request a recalculatiuon if material errors or omissions are found. Appraisers can also be reported to the state board of professional regulation if it appears that there is negligence. Be wary of appraisers from outside the immediate area who rely only on data and not actual knowledge and familarity withthe community.
I do not understand why the value of property is not what someone is willing to pay for it, it is undervaluations like this that contribute to artificially deflating home values.
I have paid for appraisals out of my pocket when confronted with ridiculously low values by the lender. It is not an easy process, but unrealistically low valuations can be challenged particularly if you are subject to harm because of it.... more
Most likely the sellers will be required to get a CO before you will be able to close. That is certainly a better thing for you; you need to know if there are any issues behind the walls or under the floors such as mold, etc. You also need to know if the electrical was done correctly and so on.... more
First of all, Thank You for your service!! I am an army veteran and work with a lender locally in my area that specializes in helping veterans buy houses. It is a perfect time to buy and VA loans are available and a great deal for veterans. I am not familiar with Georgia - other than jump school at Ft. Benning. But I recommend that you align yourself with a Realtor that specializes in helping Veterans. VA loans are awesome because they are 0% down.
Check out this website also: http://www.benefits.va.gov/homeloans/rlcweb.asp
GoodLuck!
Darrell D. Drouillard
Home Team of America
16719 Huebner Rd., Bldg 4
San Antonio, Texas 78248
210-373-6160
210-881-6760 (Fax)
www.dddrealtor.com
'Serving all Your Real Estate Needs'... more
Funny you should ask! I live in Nash Lee Estates! This is a great community and the cemetery does not have an effect on the neighborhood except for the home next to it. 1030 Nash Lee Drive has a view of the cemetery from the second level. This home was on the market last year and that was a concern for a few of the buyers looking to purchase in the neighborhood. It has been rented since then and the tenants seem to be fine with it. This is a friendly neighborhood and a lot of the families walk the community every evening.
Most of the folks that are upside down with their home mortgages purchased their homes between 2004 to 2008 and they are scattered throughout the area. The problem with Nash Lee Estates is that everyone purchased their homes during this time. If a seller is not able to take the hit on the price point difference between now and then, the property will foreclose if they are in the position of having to move.
The other option for sellers is a short sale. The seller must prove to their lender that there is a financial hardship at hand in order for this option to take place. Being upside down with the mortgage is not a hardship. They must provide proof that a hardship has taken place in their lives and they can no longer afford to pay the mortgage and remain living at the property.
Remember, the cemetery was there long before the subdivision was built. I think everyone knew about it before they purchased their homes.... more
Mark,
You would need to consult with your Buyer's agent on this since they are representing you in the transaction.
Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing.... more
They are both great subdivisions and offer a lot of amenities. West Ranch is on the far West end of League City and Mar Bella is almost at 146 on 96, some people want to stay on a certain side of 45 for commute reasons. The homes in West Ranch start at about $275K to $900K and you can find sections in Mar Bella that start in the $180's to $600k . The tax rate in West Ranch is 3.37 with a 1250 annual HOA fee and Mar Bella's rate is 3.6 with a $800 yearly HOA fee. Mar Bella would go to the new education village. I love the styles of the homes in both of these neighborhoods. Please let me know if you need any further info or would like to view properties in this area! Shannon Hall 832-561-1818... more
In our area, a 15-20 year old home is still considered "new". I have sold very few that new; most are 100 or more. I think that when someone does the math, the older home will always be cheaper, even considering repairs and maintenance. If you have specific things you want in a home, that may be a good reason to build. Don't be fooled; there are things that go wrong with new homes, too, though in most cases the moment when they do is deferred some years.
Older homes have more mature landscaping. If you like shade trees, you'll appreciate that. Old homes are taxed lower in our area, no matter what their value. What is the quality of construction of the older homes? There are periods and areas to avoid and ones to look for. For instance, I don't like the quality of materials that was available during the Iraqi War, especially at the onset. I like homes built during the Depression. Much quality construction and materials were used then, though energy efficiency was not a consideration. And so on.
If you elect to get the older one, set aside a certain sum in a special account, monthly or yearly, and use that for taking care of the things that go wrong. How much? A hard question - $2000? In our area, virtually no one offers or gets warranties and maintenance contracts, but it may be different where you are. You may elect to go that way for peace of mind.
The lifespan of a home depends upon the care which is taken of it. There are 1000 year old homes in Europe, 200 year old ones in my area. They may show some sags and other "character", but are sound and going no where, remaining perfectly useable. If you are going to live there for 30 years, I'd take a well-built older home that has been cared-for over a cheaper build new one any day. And if I had special things I wanted in a home, find a builder that I like and trust, then I'd go for the new one, provided I could afford it.... more
why would you want to take over (assume) a mortgage that is more than the current value? People are defaulting when they are underwater with their mortgages.
Your first step is to interview at least 5 Realtors®! Find a FULL time realtor® who has performed at least 15 transactions in the previous year, has participated in at least 3 new construction projects in the last 2 years. Then have the Realtor® show you some desirable areas which fit your needs and have long term potential at appreciation. Demand the Realtor® attend all meetings before, after and especially during construction this may be as many as 15 meetings, you need your representation at all meetings. As far as timetables go, typical is 4-6 months.
Picking a custom home builder is a lot like picking a realtor®; you should interview several builders before making a decision. Do not solely rely on a referral from an agent! Do the work yourself and interview several. Here’s a short check list of questions to ask:
1) Ask for current client referrals, 3 should be no problem & follow up with each regarding quality of the home and how well the builder did in regard to warranty work after the sale.
2) Ask if the builder is willing to do a cost plus contract this will save you money if the builder is ethical and doesn’t try to steal.
3) If you are obtaining financing ask about construction perm loans, these are one time closing loans and usually save the customer about 2,000 and may also have a tax benefit for you. It also allows you to see all the bills and control all the money.
4) Talk with the builders bank make sure the builder has the resources to complete the project
5) Do a basic background check on the builder look for items such as liens, bankruptcies, lawsuits different company names they are an officer in that are now insolvent and in the same industry.
6) Check with the local home builders association for a list of builders in the area
7) Energy cost are going up and the trend will continue pick an Energy Star home builder and have the home certified as an energy star home this will save you money over the long term, add quality to your home and help the resale down the road. For an energy star home expect to add 2-3% to the price of the home.
8) Ask to see a written copy of the home builders warranty program.
9) CONTRACTS- usually not a big deal and all 3 types work well the question is getting the best deal for you. The 3 types are: Realtor® provided (these protect the interest of the agents & brokers), builder provided (these protect the interest of the builder and usually provide more detail in regard to dispute resolution) home owner provided (these are drawn up by your attorney and favor you in the event a dispute arises) many times a builder will want to use their contracts, it’s usually fine just make sure your real estate attorney reviews the document before you sign.
10) Have fun!
That’s your top ten list! Good Luck!... more
Gordon,
If time is of the essence....considering other real estate options would be strongly recommended. But if you are bent on a "short sale" opportunity, probably the best consideration would be via identifying a short sale with a "bank approved" sale price. Because most of the long and involved process having been taken care of in advance, these options can move along much more quickly.
Good luck,
Bill... more
Nate-
You should be able to find what you're looking for based on those requirements. Now is a fantastic time to be a first-time home buyer. Historically low interest rates and extremely affordable prices. I provide a comprehensive first-time home buyer consultation which will walk you through the entire process and allow to get all of your questions answered -so you know what to expect. I can also put you in touch with reputable local lenders who can assist with your questions regarding financing options including what types of first- time buyer assistance programs are available. And of course I'll help in the search for your home and everything from contract to close. And all of these services are free to you.
Give me a call, 937-433-HOME (4663) or e-mail Doug@WagnerRealtyGroup.com
Doug... more
Was the non-permitted addition disclosed? If not, you would have a good case for exiting your agreement.
Whether or not you would need to bring the addition up to code would likely depend on the extent of the renovation and your code enforcement department. They would be the best source for this information.
The "biggie" for this type of renovation is that the conversion doesn't elevate the original garage floor level to the existing floor level. Of course there can be door, window, electrical, etc concerns as well.
You would be well advised to resolve this issue prior to proceeding with the transaction.
Good luck,
Bill... more