Insurance is typically lower in Spanish Fort than other part so the county as insurance rates are lowest north of I-l0. Insurance rates are also based on age of home and your credit score. An old roof can really increase your rate. Make sure you get a quote from several companies.... more
Exact closing costs will vary from transaction to transaction, but typically the buyer is responsible for paying to have documents prepared and the deed filed with the county, as well as home inspection and all costs associated with your financing. The there is a well, your lender will likely require that you have the water professional tested. If you're buying land, you may need to get a perk test if you would have to use septic due to public sewer not being available.
Items that are usually paid by the seller, but are up for negotiation, are surveys and home warranties, if requested by the buyer in the offer. You also want to require the sellers to purchase a title insurance policy which insures they have the legal right to sell the property and there are no problems with the chain of title. (Foreclosures can't provide clear title until after a full year has passed from the date the property was sold at auction, so beware.)
There are so many details that have to be considered, let me help you. Once we find the right house, we'll go over the specifics when you are preparing an offer. At that time, I will provide you with an estimated closing statement so you can have a general idea what to expect to come up with at the closing table.
Give me a call and I'll be glad to assist you from beginning to end.... more
Get a Real Estate Attorney and go after the Seller and the Broker that sold you the House. As far as the Septic to the new addition being Illegal, not having been permitted or inspected by the county, then there was knowledge of items wrong by the owner and intent not to disclose which means they vialted the sale. You can go after them and sue them to correct wha is wrong. Do not wait!... more
This depends somewhat on how far along the houses are at the time you purchase. If they are almost ready to move in, you'll likely get more builder incentives than if the homes are barely starting construction. Builders don't like to hold inventory, and will offer more incentives and/or free upgrades when a completed home is sitting unsold.
Upgrades such as flooring, countertops, window coverings, etc are all part of the builder's profit center. Sometimes you'll get decent pricing on these, sometimes not. You'll need to have some idea as to pricing of these items before you go to their design center.
Builder-affiliated lenders are typically very competitive, but it doesn't hurt to shop around. If you find a better rate elsewhere, see if the builder's lender will match it. If you do use an outside lender, it's likely that the builder incentives will go away, and you may have potential penalties for not closing on time, so be sure to weigh all of your options.
If you buy directly from the builder, you should have at least a 1-year warranty for any issues that may arise during that time frame. If you buy from a regular seller, the builder will not always honor this 1st-year warranty. Either way, you can always purchase 3rd-party home warranties to protect your home. I always advise my clients to have an inspection just prior to the expiration of the builder's home warranty so they can request the correction of any outstanding items before the builder's warranty expires.
Don is correct in saying that using a realtor for your purchase is important. The builders typically have realtor commissions built into the advertising budgets, so you won't save anything by going in on your own. Do remember that if you use a realtor, you must go into the sales office with your realtor for your very first visit, so don't go wandering in there alone. A realtor can help you get all available incentives and discounts, and assist you through the loan process as well as answering any questions that may arise. Remember that the people in the builder's sales office work for the builder, not for you!... more
There are separate issues. First Private mortgage insurance may of been paid which is a loss that the mortgage insurer will take. However, the loss could be greater than the percentage insured amount. The insurance can be as low as 10% of total debt, depending on the the deal and risk at the time. When the servicer would file the 1099c they will not take the insurance in consideration only the maket value and pricipal amount.
A 1099c will be given if homeowner vacated the property or it is considered a investment property or vacation home. The accountant will have to determine if there can be an agreement to change 1099C filing.
First Weber Group
Certified Distressed Property Expert
Sylvia President Bush signed a law into effect that helps home owners that went into a short sale. They just need to file the proper papers with the IRS. This does not apply to second homes or investment properties. Here is a link.
If costs are a factor for you then you can speak with a Hud Counselor who will assist you for free in your area. Here is a link. I wrote an e-book if you are interested in returning to home ownership after short sale and i will be happy to send you, provide me your email address and I will send over.
The Credit Repair Expert