Why would you think a cash offer would get you a lower price? That is often not the case at all. Make them an offer and see what they say, but cash is not the magic bullet most buyers with it think it is.... more
I would recommend contacting Trulia support to resolve this issue. You can reach them via the bottom right of any Trulia page or via 1-888-466-3501. If it is showing as a foreclosure it will not have a listing agent, it would be viewable via Auction.com. You may need to contact them for further information in order to get it removed.... more
If you are thinking of purchasing a foreclosed home or a short sale the best source of information is a local real estate professional. Both types of homes are only available for purchase once they have been listed with a real estate brokerage. And the seller pays the commission so it's a free service for the buyer. Look for either the SFR (Short sale and foreclosure resource) or CDPE (Certified Distressed Property Expert) designations.... more
No down payment and bad credit is not a good combination. If you are serious about purschasing a home, you will need to immediately start saving money.
The minimum down payment will be determined by the loan program, the type of occupancy, and your qualifications as a borrower.
Only two 100% Financing programs are currently available. One of which is the VA loan program. VA financing is only available for eligible veterans. The second 100% option is USDA financing. USDA loans do have geographic restrictions to rural areas though.
For FHA and FHA 203(k) mortgages, the minimum down payment is 3.5%. That down payment can be from the borrowerâ€™s own funds or a gift from a family member.
Conventional mortgages typically require at least 3% down for a primary residence. Any conventional mortgage with less than a 20% down payment will require monthly mortgage insurance. Second homes will require at least 10% down while investment properties will require at least a 20% down payment.
Fannie Mae offers special HomePath Financing for eligible HomePath properties. It is only 3% down for primary residence.
You can expect to need earnest money of at least $1,000. An appraisal fee would be around $400-450. On top of that, a home inspection fee would probably be at least $300. This means that you would need close to $2,000 prior to closing just to get under contract and begin moving forward with a mortgage application.
To begin improving your credit score, you would need to contact each of your creditors directly to see what your options are. Paying off derogatory debt will help improve your credit score in the long run, but not immediately.
With collection accounts, most of the damage is done when they are initially placed on your credit report. Some collection companies are now reporting you are late each month the debt goes unpaid. This continues to drag on many peopleâ€™s credit scores each month until the debt is paid in full. Until you do that, your credit score has little chance of improving.
In exchange for paying the collection account in full, you can try to negotiate to have them completely remove the derogatory item once the payment is received. Some collection agencies will do this, while others will not. You will just have to ask each one and see. If they will not remove it, just having it paid and closed will help in the long run.
All liens and judgments will also need to be paid in full. These impact the title position of a mortgage so they must be satisfied.
It is very important that you be VERY careful in disputing accounts. You cannot dispute accounts which you know to be accurate. For a mortgage, you cannot have an active and open account that has a disputed status. Fannie Mae/Freddie Mac/HUD all have very specific guidelines to be followed when a borrower has an account in a disputed status. In some cases, it could cause you not to be able to qualify.
To build positive credit, you typically need to have 2-3 trade lines reporting for 12-24 months. There should be no late payments or other derogatory items reported in the last 12-24 months. On your Revolving credit accounts, your outstanding balance on your monthly statement should not exceed 30% of the credit limit.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing.... more
They (Tax Assessor) recently changed their platform and a search now can be a bit frustrating. Some search tips I offer new agents (I'm also the office Trainer) is to use the LEAST amount of information possible. Instead of entering the complete Map/Parcel #, only enter the Map# (i.e. 0054). Once the map loads, use the zoom feature, then use the "hand" icom to move the map around until you find your parcel #. Click on the parcel # to find the specific information. Further, some of the fields are "character" specific. Even though the Map # says 003, you'll need to add another "0" (i.e. 0003). I hope this helps, if not give me a call and I'll see if I can walk you through. You might also find our website helpful (www.century21sbp.com). The majority of pre or post foreclosure properties are listed locally. Our website MLS search provides information of all area listings.... more