If the home appraises for less then the contract price the bank will only lend you money based on that number. The only way to offset a low appraisal is you put up more money needing less of a loan, the seller comes down to the appraisal amount, or you both meet in the middle. This doesn't mean the home isn't worth what you agreed it just means there isn't enough market data to support the number in the banks eyes. the banks do appraisals for their own good not the buyer. They want to know that if you default they can put the home on the market and get their money back.
Typically the appraiser will deliver a range of value that supports the contract price only. At times they do come in higher, that's good for you and no need to worry about anyone raising the price, you are in contract.
Yes any property can be sold in an "AS IS" condition, however this would certainly place the buyer in a precarious position to not "own" the land their septic system is on. The easiest solution would be to put in a new septic system on the property being purchased. Not necessarily the cheapest solution. The second option would be to survey the subject property and the property that holds the septic system and determine if you could agree to acquire the land that has the current septic system. Obviously the location of the existing septic system in conjunction with the subject property would go along way to determining the feasibility of this option. If that proves to make sense, then you have to negotiate terms with the adjoining property owner to acquire this piece of land. I am involved in a property with exactly this situation right now. Brothers bought a large tract of land and divided it to build their custom homes. Inadvertently the septic system was put in on the wrong side of the property line. In this case, it is going to be amicable between the brothers to move the property lines and record the new boundaries.... more
I didn't have credit and I now own a house here in Wilson. BB&T gave me a CHIP loan where they used manual underwriting. It's a pain and takes a while and a whole lot of work but it is possible. Basically you'll need a year or two of several different bills that have been paid on time. They basically create a FICO score for you. Now that I have a mortgage I have a good credit score. I still have no other debts.... more
Research areas of interest on your own and also take the time to visit more than once; real estate professionals are prohibited from steering, enticing a buyer to purchase/rent, or not, in specific neighborhoods, so, you should check out all on your own to assure your comfort level can be reached.... more
I was thinking of moving from Asheville area to Wilson or somewhere in the eastern NC area love the old Victorian homes and like the one on Vance but am not happy with what I am hearing about gangs and crime,its sad that there is so much bad crime in what seems to be all of eastern NC and I heard before about the high electric bills in Rocky Mount,any good news?? Thanks... more
I am not a broker,agent nothing,but a woman that is looking for a home out of wilson.I will do almost anything to get out of here.The elec bill is 300,to 600 a month. The downtown area is horrible,schools are the worst.The school looks so ran down,410 Vance is a great home,but @ 300 block and 500 is gangs,homeless shelter around corner and it is crazy.Only ok neighbrhoods is forest hills and brentwood,but its expensive... more
First Wilson Properties, Inc is a real estate brokerage firm in Wilson, NC with which I am affiliated. We would be happy to help you with any real estate needs! Our office number is 252 373-0326 or my cell number is 252 373-0326 Our office is located at 2700 Nash St N, Wilson, NC 27896.... more
It's not listed in the MLS. If it is in foreclosure process could take some time before it gets listed for sale and most banks won't respond to individual inquiries about a property during that process.... more