We typically charge one side of the commission if we sell something off market, so that would be half. You should negotiate with the agent and decide whether or not it's worth just putting on the market in order to attract other buyers. If this buyer bought it so quick don't you think others will? You are in the drivers seat because it hasn't even been listed yet.
most likely not. Home equity loans are often tougher to get because they are not backed by Fannie Mae or Freddie Mac. It's going to be a couple more years before you can even get a primary mortgage. Most lenders will require 4-7 years after a short sale to get any type of home equity loan.... more
Are you a contractor? I think that's a viable business plan, but you're better off building a relationships in person. I'm assuming you have a local area that you service-- it wouldn't be hard to connect with realtors who also work in that area. If you do high-quality work, you can get a lot of referrals from realtors because they go through clients so quickly. http://www.taylorsitedevelopment.com/services.html... more
If anyone is reading this after all this time and is trying to do a Fannie Mae loan....
First, Fannie Mae is warmer to cash or conventional loan purchases. Many repo homes have a large amount of damage and will not pass the required inspections. Thus, sales have a greater chance of failing if they are other types of financing. If you can do it, try to stick with cash or a conventional loan. If not, be aware of any inspection requirements for the type of loan you are seeking and know that a cash or conventional purchase offer is likely to be accepted over yours.
We recently completed a purchase such as this. We did conventional loan (not without hurdles to navigate) with 20% down. Try a smaller local lender that is more familiar with the area and the situation. Work with more than one lender and ask lots of questions. Have as much info ready for them in advance as you can. Don't try to do this without an agent. In fact, if you can find an agent that is experienced in this type of sale, they can be a great help. Not all agents have the skill, experience, nor taste for this sort of thing.
The property was/is in need of repairs that would have made it impractical to try to get an FHA loan or any that required that type of inspection. The bigger hurdle we encountered was getting insurance since the siding was falling off of the house. We were Johnny on the spot with returning requested information and did not rely on anyone or wait for anyone to guide us. We were able to close in under 5 weeks of the purchase offer being made. We were actually able to close the week earlier except for someone being unavailable because of a holiday of some sort. So it can be done quickly if the buyer stays organized and stays on top of the loan process. Be aware of the insurance hurdle though. That was almost more frustrating than the home loan as the agents seem not to know how to deal with this scenario. It was a simple temporary exclusion to the policy. Fannie Mae does not allow any work or repairs to be done prior to closing-apparently no exceptions.
--- Don't be discouraged and be open to being flexible. We moved in and painted from the ceiling down including removing the trim and painting it and ripped up 2000 sq feet of carpet and tacks and self installed hard wood floors in less than a month and were told it would take us 3 or 4 months to do those things. There are plenty of people ready to say "that is not possible " or " do not bother". We got a 3600 sq ft house that was originally $210,000 for $95,000 ( that was built in 2006) and think it was absolutely worth the effort. Good luck!!... more
Help!!! We purchased a Hud home with my step-son. The agreement was that we buy the home and make all the repairs and my step-son would buy us out for what we purchased the house for and the repairs, giving him a chance to rebuild his credit and helping him out.
We purchased the house in March 2013, and the house, well you could not live in it. We gutted the house and started in with the repairs and in Jan of this year we could see the light at the end of the tunnel. We were 99% done all we had to do was put the applaince in. When he moved in without us knowing, when we asked him about the getting loan he said that he had to live there for a year , if we forced a sale of the house we would be fined 250,000 and spend 5 years in prision.
Keep in mind that we have put every penny into the house, my step-son has not done anything. We pay the insurance and the property taxes, plus the cost of the house and all repairs plus brand new applainces. We just want our money back out of the house.
Are we looking at jail time and a fine??... more
My wife and I need to rent and apartment in or around the inner northern suburb if possible. Have 6 years of rental history. Between us we make around 70k. Our problem is she made 100K but got ill and we had to foreclose. She is has gone from that to SSI. This cause a lot of bills we had to adjust too on her part. My credit is around 660 with no police involvement. We can afford the rent but her credit history is killing us....any advise?... more
I've had multiple experiences with Lennar here in the Twin Cities- most recently at RiverPointe in Otsego and know those sales people there well as they are the same as in Martin Farms. They are good, honest people and build a nice home! Good luck!... more
I need help renting an apartment!!!I need help renting an apartment!!! I am medically retiring from the army. I'm still receiving full pay checks. I don't have rental history, but I do have good credit and I'm
Well I'm not a realtor so I can legally tell you that yes, 2.7% is the most common going rate, just as someone mentioned below and others didn't like it. You have to wonder why it's so hush-hush. Is it really to avoid collusion to protect consumers? Or is it to avoid having consumers know what is going on?... more
The MLS lists the $350 association fee as monthly. It covers snow/lawn care, outside maintenance, water/sewer, building exterior, professional Management. Heat is not listed as being covered with the fee. However, for most of the condos in the area heat is included along with the other things I listed.... more
Since it sounds you may have quite a few bucks at stake (insert from the 90's which is likely obsolete) I suggest as your Realtor advises and speak with an attorney. Before doing so, it will important to gather all your paperwork regarding the Buyer's inspection (report,) the repair request, your receipts showing the repairs made, and the Buyer's final walk-through inspection. Take also your disclosure statement so the attorney can see exactly what you "said," and can therefore ask him or her if you should have mentioned any level of difficulty.
Understanding you don't want to pay for an attorney, try Google for some no-cost, or low cost options. Some attorneys will provide a consultation free of charge.
Good luck! I hope you can put this behind you as soon as possible!!... more