Great question and if you're intending on terminating you definitely shoudl be speaking with both your Realtor and an attorney (or perhaps the real esate firm's attorney) to make sure it's done correctly.
Formal notice needs to be sent and it's my understanding that while it doesn't specify the earnest money that language in paragraph #13; page 9 allowing up to a 14 day delay prevails.
Clearly all is not well if 10 days after receiving the signed Agreement to Amend the contract earnest money hasn't been delivered. Have you spoken to your agent and have they spoken with either the Buyer or Buyer's agent?... more
Are you financing the investment property or purchasing with all cash? Here is some information regarding financing for investment property: http://www.northcoastfinancialinc.com/investment-property-loans-rental-property-loans/... more
There are a few loans that will wrap in the renovation costs into the purchase price and finance them together. Here are the few that I know of:
Wells Fargo Purchase & Renovate Loan. You will have to check and see if this loan is still available with Wells Fargo. Here is the link: https://www.wellsfargo.com/mortgage/home-improvement-loans
Home Path Renovation Loan: This is only available if you purchase a FannieMae foreclosure. Here is the link to their information: https://www.fanniemae.com/content/fact_sheet/homestyle-renovation-factsheet.pdf
The most common is the FHA or HUD 203(k) just watch the interest rate and mortgage insurance. It can be a killer. http://www.fha.com/fha_article?id=37
There are others that are offered by local banks, but these are the most common.... more
You can go to www.annualcreditreport.com to obtain a free copy of all your credit reports. You will have to pay a fee to get the score, but you'll be able to see if there are any issues or things that you should correct before applying for a mortgage.
Most credit agencies (Equifax, Transunion, Experian) have websites where you can pay to get your score and credit report. Pulling your own credit does not affect your credit score or count as an inquiry against you.
When you apply for a mortgage, it's considered a 'soft' inquiry so that shouldn't cause you any issues either. You can have multiple mortgage lenders pull your credit in a short time period (w/in 30days I think) and it won't hurt your score.
Do you have a down payment? You'll need approximately 5% of the sale price to cover minimum down payment plus closing costs. You may want to look into down payment assistance programs in your state/county/city. A good mortgage lender can help you find the programs that fit your situation. Google Connecticut Frist Time Homebuyer Down Payment Assistance - look for government websites, not advertisements from lenders to get the best starting info.
I've attached a link to some information about the home buying process that you might also find helpful.... more
You can but Trulia is an example where a REALTOR can do you a much better job as sites like Trulia and the very vast majority of property websites do not allow For Sale By Owners to be seen. If interested in selling your home, please contact me for a free, no obligation consultation.... more
Buying a house is a very big decision and it naturally is intimidating to many. Working with an experienced real estate agent will help you though the process. Plus, as the buyer, it will not cost you anything as they will be paid out of the seller's commission.
The second piece of advice is to get all your ducks in a row first. Get pre-approved with a lender and then buy slightly below your approval amount. Make sure you have money set aside for closing costs, if they are not wrapped into your mortgage.
The benefits that come with home ownership and easily outweigh the scariness of buying a home.... more
A lender will require that you bring a cash down payment. If you were to use the equity in a home to secure the purchase of another property what is there to convince the lender that you would not later on the road go pull out that equity and spend it somewhere else?
So, yes you can use any equity in a rental property to pay a down payment, but you will have to be able to pull that equity out and present it to your lender via a check or deposit. You can do this by getting a home equity loan or home equity line of credit.
Now, there may be some lenders that would use your rental property as security, but that will be on a case by case basis and is more likely to happen with a small town bank or credit union.... more
It sounds like you are doing all the right things. To get your credit optimized, you want to be in the 50% utilization ratio. I have a couple of lenders you could talk with here who at minimum could take a look at what you really have going from a professional point of view and would be happy to counsel you on where to focus your attention. I think your income may hurt some but certainly believe there are starter properties you may qualify for.
I have 21 years of experience as a local Realtor in Raleigh and the surrounding area assisting people just like yourself, especially with their first home. Feel free to contact me directly by using the contact info under my picture or from my personal website shown below. I look forward to possibly helping you.... more
The problem we have here with the Triangle MLS is that they rely on a compay called ListHub to upload all the listings to other websites. ListHub had issues with both Zillow & Trulia and have refused to upload to them. To make it onto these two sites, the listing company has to do a manual upload and by the way, unless Trulia has altered their course since being absorbed by Zillow, Trulia does not accept For Sale By Owners and that may be an issue as well.
One way to find foreclosure listings, is call a professional Realtor and they can send you all the foreclosure listings. However, in today's market, foreclosure listings are not always the least expensive listings. I suggest you give your Realtor your criteria on what you are looking for and the maximum price you are willing to spend and then from there you will get a list of properties that match your wants.
I worked new home sales for many years and what was common was for certain upgrades to be included as specials or perhaps the additional appliances ( Refrigerator, Washer & Dryer). Builders aill also typically advertise all or some amount of your closing costs will be covered if you use their lender......although if you showed up with a pre-approved loan, you would also possible get those anyway.
I would suggest not to discount looking at resales either as you can get some good deals on them and they are more negotiable.
If I can be of any service to you, I have 21 years of experience helping people like yourself purchase homes in Raleigh and the surrounding Triangle area. I know you will love living here as my wife and I have since 1993. I may be contacted by using the information under my picture or through my personal website shown below.
Lisa.... sounds like you are working to do the right things.. remember you want NO late payments. That is more important than having money down especially since there are opportunities for 100% financing as well as most or all of your closing costs can typically be negotiated for the seller to pay. If you manage to see this reply, please contact me using the info under my picture of via my personal website below. I have been assisting people like yourself with both purchasing and selling homes for 21 years now and would be happy to assist you through the process.
Refinancing to lower should have no affect but eventual positive on your credit score...just don't go out and purchase new. Another good thing to do is get your credit cards to reflect about 50% of use. I was told this by a credit counselor at a office meeting. Having your cards clsoe to full is bad and also having too much credit available is also not good. By the way, above 670 WILL get you a loan with just about any lender.
If there is anything I can do as a REALTOR to assist you, please don't hesitate to ask. I have over 21 years of experience helping people both purchase and sell homes in Raleigh and the surrounding Triangle area. My contact info is under my picture or you can take it from my personal website shown below. Also, if you don't know any local lenders, I have several that I work closely with and would be more than happy to provide their names and phone numbers to you. Just ask.
I have been assisting people both purchase and sell homes in Raleigh and the surrounding area for 21 years now. If there is anything I can do to assist you let me know. Sean is correct that we as agents can't comment areas of concern, but, I would help you find the best property meeting YOUR needs. Enough said.
You can contact me directly using the contact info under found under my picture or use my personal website shown below.... more