Right now the average days are around 75. However, homes that sell in the first 30 days are actually selling for sometimes more than asking price. If you price your home correctly, it will sell very quickly.... more
I don't believe there is any time requirements for an owner occupant on a RD loan. The HOME is qhat qualifies the home for an Rural Development loan, and typically there are no time requirements. If in doubt, check with the OHIO RD website located here:
There are a couple things to point out when purchasing a foreclosure:
1. What type of loan you are obtaining (if not paying cash). Some foreclosed homes do not qualify for a FHA 203B mortgage, therefore you will need to either obtain a Conventional or a FHA 203K rennovation loan.
2. Regarding area, you will have to find a Realtor to research information on areas that you might be interested in. There are homes with value in all areas, so it really just comes down to where you feel comfortable buying.
3. You have to act fast! Foreclosed homes are typically selling very quickly and sometimes for above asking price.
Call me with any questions.
Micah Riley, REALTOR
330.338.5130 cell... more
I do, Indigo Moon. I'm expert in all HomePath and FHA options. I've posted my blog below where I write extensively on the best way to use HomePath financing. You can also Google my name and see other posts regarding Northeast Ohio lending. Finally review www.wfhm.com/thomas-hlavin to check me out and make pre-approval if you'd like. My contact info is on all of my web-based material.... more
If you are interested in learning more about the home buyer tax credit there is a FREE Quick Reference Guide : "Save Now with the Homebuyers Tax Credit" that answers questions such as : How does it work? Is it available at closing? Does it have to be repaid? When does it end?
To get your free copy just send an email to info@ShowMeTheKeys.com
Mike Walker, Realtor
Keller Williams Realty Greater Cleve. SW
If you are the seller, you can only be made to pay a comission if you had agreed to do so in writing. The assumption is that the buyer brought the agent and agreed to pay the commissioin. In that case, both of you could have agreed to raise the price over what you had agreed to enough to pay the agent. in essence, they are paying it by raising the loan amount and including it in their closing costs. If the agent does not have an agreement to be paid by either party, they they can't collect it.
You still may the the problem of why did the agent get involved in taking care of the paperwork in the first place. Someonw would have had to get her involved. Check the purchace contract very carefuly to see if there is a clause in there that obligates you to pay it. Under Utah Law, an agent cant put a comission agreement into the purchace contract. I have been a broker in California in the past, and I think it is the same there. INotherwords, if the agent doesn't have a written agreement with either of you outside the purchace contract they cant get paid.... more
Some brokers charge a transaction fee to increase their bottom line. This practice has been found to be in violation of RESPA in Ga. courts. Here is a link to the warning that was given in Ohio by the OAR.