In a market where inventory levels are tight and the buyer pool is large, supply and demand comes into play. Buyers are willing to pay more for something that other people want. The appraisal is a professional opinion based on a number of factors. The appraiser will give the bank a range of value and that bank will lend to you based on the lower end of the range or the contract price, whichever is the less of the two. the fact that the appraisal didn't come in high enough don't technically mean the home isn't worth your number, it just means there isn't enough supporting market data to justify the asking price. Buyers tend to put down more cash thus needing less of a loan.
If you're coming in March, are you planning on trying to buy in March and close in June or July? If so, I would start working on finding the mortgage banker now and have the pre-approval in place when you come. If you're just looking in March with plans to buy later, I would start connecting with a lender now and meet with him in March while you're here. Please let me know if you would like the name of great lenders in the area.... more
I suggest calling Dean Pilcher, VP at First Bank in the mortgage division. I know he has jumbo loans with 5% down for professionals. His telephone # is 314-205-3105. He's also a great lender. Very helpful.... more
Recently, many realtors are requiring RENTAL INSURANCE as a requirement before the apartment can be rented out. Its just pennies a day. I heard JONATHAN BELL is a pretty good agent and hes with FARMERS INSURANCE . You can contact JOHN at email@example.com or at his farmers address firstname.lastname@example.org... more
Rent to own is really not a good idea, therefore consider fixing whatever is preventing you from purchasing outright. Rent to own can be risky and one could stand to lose a bit of money, therefore do inform yourself well, and consider consulting with an attorney who specializes in real estate beforehand. If you haven't done so yet, visit with any licensed loan officer, see if you can buy outright, or simply continue renting until a purchase can be made.... more
I'm sorry that I'm just now seeing this question. I don't see that there is an active listing there right now. An agent would be able to pull up recent comps for you and to check if the lender is interested in selling it at this time.... more
Real Estate Investors like myself are EVERYWHERE in St. Louis! This is one of the most competitive markets in the country for a city of this size, in my opinion.
An internet search will turn up plenty of prospects. Be sure to do due diligence. Look at the investor's experience and I would recommend selling to an investor who is more rehab oriented if your house needs work as MOST of the time we will pay more. There are tons of wholesalers in our market who are looking to get your house under contract at the very lowest price then "flip" the contract to someone like me who will then rehab it. In short, we mostly work off the same formulas that have been around for many years to ensure that we don't lose money on a project but wholesalers will take the formula then and add their fees which ultimately come out of your pocket as the seller.
The agents and brokers below may be a resource if you have time to sell, the house is in good condition and there is no rush or pressing need to sell. I recommend to any seller who calls me that agents sometimes are your best route. If time is of the essence or the house needs lots of work then that is when the investor route is the way to go. Hope that helps.... more
Hey, I would love to help out. Being prior military and deploying twice while I was enlisted I know how stressful it can be to relocate.
If you plan to purchase before moving, I would suggest doing your research on the neighborhoods you would like to be in. The nice thing about St. Louis, we have some really cool, yet affordable and walkable neighborhoods. Research is important, as the other agents have pointed out.
The best option, if you wish to have somewhere to live as soon as you move, would be to purchase or at least have the process rolling before you move. So that would entail taking a week to visit St. Louis and the homes that you are most interested in and deciding which one suits you best. Writing an offer before you head back. I'm sure you've been hearing that it's a seller's market. St. Louis is no exception, and I try to encourage my clients to act fast because these homes are going quick.
I hope that helps. If you have any questions don't hesitate to give me a call.
Jackie, I am a Home inspector and I have to agree with Danielle. The real estate process is complex. Realtors, Bankers, Appraiser, and Home inspectors are trained and licensed because the process is complex. I have sold property (lots) before without realtors, and it is time consuming (years) and costly ($$$ in newspaper ads). My last home I sold took the third realtor (three weeks). I should of get her first. Get a realtor who will post pictures/videos etc. Look at their listings. Do they have pictures/videos. Most homes sell today before the people ever put their foot in the door. Can you do that yourself?????? Get a full time realtor to. They need sales to pay their bills. Last, get a honest realtor one that will walk through your home and tell you the wall paper is nasty. Tell them how much money you have to spend cleaning etc., and they will tell you where to spend the money. I do not know anything about Danielle. I do agree with her. Spend the money for the Pros, and it will pay off. Goggle her and see her listings read about her maybe she good, I do not know. If you move to Illinois I do home inspections and Radon testing give me a call after you goggle me first. Just Saying, Tim WWW.RTPropertyInspection.com... more
This actually happened to me one time and I was able to get out of my contract. I don't know id it is always as easy as it was for me though! I am planning on moving into a new place and I would really like to have some extra help from a real estate agent of something so that I don't rush into anything too quickly! I also want to be prepared with a real estate attorney so that I am prepared for the unexpected!
Holly James | http://www.beranlaw.com/areas/index.htm... more