06704 : Questions & Answers

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Dan Tabit, Real Estate Pro in Issaquah, WA
Dan Tabit answered:
my offer on foreclosed property was accepted and I down payment in escrow now my realestate agent has informed me the bank no longer wants to sell
Nieach,
If someone from the bank signed the contract, you have a legal issue to enforce. An attorney will need to review the contract to make sure they don't have a unilateral right ... more
0 votes Share Flag Sun Jan 24, 2016 Home Buying in 06704
Sally Grenier, Real Estate Pro in Longmont, CO
Sally Grenier answered:
My wife and I are paying $1300 per month on a rental property and were interested in a rent to own property, where can we find local listings?
In order to buy a home, you really need to be working with a REALTOR. They might be able to find "rent to own" listings in your area. But... keep in mind these deals are never a good ... more
0 votes Share Flag Mon Sep 14, 2015 Home Buying in 06704
Ruth Zeiss, Real Estate Pro in Southbury, CT
Ruth Zeiss answered:
I just posted a multi-family house for sale in waterbury. Any investors interested please write me back. All three floors are currently rented.
Hi Pankaj. If you reside in Branford, a lovely community that I have also lived in, are you driving all the way to Waterbury to show the house? How many showings have you had? Have yo ... more
0 votes Share Flag Thu Aug 30, 2012 Investment Properties in 06704
Julie Traver…, Real Estate Pro in Naugatuck CT 06770, CT
Julie Traver Lucia answered:
my home is due for public auction on sept 22,2011 in waterbury ct how long do i have from then to move out
Hi Evelyn, there may also be a difference between if it is an auction from the City which would be a tax one or if it is directly from the lender which would be a foreclosure by sale. ... more
0 votes Share Flag Mon Aug 8, 2011 Foreclosure in 06704
Joseph Abreu,  in Connecticut
Joseph Abreu answered:
Exclusive Right to represent buyer?
You should speak frankly with your current agent and let them know what you want. Ask them to give you a written release.

If you have any other questions, please give us a call 20 ... more
0 votes Share Flag Mon Mar 29, 2010 Home Buying in 06704
Gita Bantwal, Real Estate Pro in Jamison, PA
Gita Bantwal answered:
For the housing tax credit for new home buyers, when does that credit expire/when do you have to sign by?
You should go to the IRS web site for details. If it is new construction make sure the weather is not holding up construction. Sumner has given you good advice regarding allowing plenty ... more
0 votes Share Flag Sat Feb 13, 2010 Home Buying in 06704
None,  in Madison, CT
None answered:
what does under deposit continue to show mean?
This means that an offer was accepted on a home, but the seller still has an opportunity to market their home for sale to other prospective buyers. "Show" status, under the C ... more
1 vote Share Flag Sat Feb 13, 2010 Home Buying in 06704
Rudy R. McDo…, Real Estate Pro in Bloomfield Hills, MI
Rudy R. McDowell answered:
Money Issues???!!!
Jhr1984

Follow Bill's advice and you'll be fine. The lender/LO you're currently/will be working with should/will know this as well. Its routine.
0 votes Share Flag Thu Jan 14, 2010 Financing in 06704
Dana Voelzke, Real Estate Pro in Ridgefield, CT
Dana Voelzke answered:
For CHFA in Connecticut, what does the owner to renter ratio have to be to buy an already approved condo?
Hello Jhr1984,
The CHFA guidelines for condos are no longer used (I believe your comment above says that is what you were told). The CHFA lenders utilize the FHA approved condo list wh ... more
0 votes Share Flag Wed Jan 13, 2010 Financing in 06704
Minna Reid, Real Estate Pro in West Hartford, CT
Minna Reid answered:
If a home we really like (a condo actually) was bought in 2003 for $32,000 and is selling now for $69,000 what does this mean for us buying it? Will?
The 32 k means nothing. Base your offer on RECENT ( last 3-6 months) of comaparable sales in the complex.
0 votes Share Flag Wed Jan 13, 2010 Home Buying in 06704
Lew Corcoran, Real Estate Pro in Easton, MA
Lew Corcoran answered:
What are the current FHA guidelines for condos? Where can we find this information?
HUD has previously announced new procedure for approving condominiums for FHA-insured mortgages.

Effective with case numbers ordered on February 1, 2010, FHA Spot Approvals of condom ... more
1 vote Share Flag Mon Jan 11, 2010 Financing in 06704
Rudy R. McDo…, Real Estate Pro in Bloomfield Hills, MI
Rudy R. McDowell answered:
If the FHA spot approval process is ending February 1st...what does this mean when buying a condo?
Jhr1984

What this will mean is HUD will directly approve condos going forward. Lenders will still be required to collec the necessary documents (i.e. Master Deed, By laws, minutes, ... more
0 votes Share Flag Sat Jan 9, 2010 Financing in 06704
Lew Corcoran, Real Estate Pro in Easton, MA
Lew Corcoran answered:
If a condo complex is FHA and CHFA approved does it still require there to be a 51% owner to renter ratio?
FHA is currently permitting financing of condo units where the owner to renter ratio is as low as 30%. In addition, they have increased the maximum number of units that can have an FHA ... more
0 votes Share Flag Fri Jan 8, 2010 Financing in 06704
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