So curious if you don't trust the site why are you using it. You need to find a local Realtor who can help you find homes that are currently for sale. I get clients all the time who ask about this or that home they saw on some website and 99% of the time they are not available. A Realtor has access to the most current informtion.... more
Depends...keep in mind that each short sale is unique; the lenght of time depends on such factors as the lender, the number of liens involved, who is negotiating the sale on behalf of the seller, was all the seller required necessary paperwork submitted to the lender on a timely fashion, etc.... more
All foreclosures aren't bad deals, but that being said most buyers find better deals elsewhere. Short sales are more viable than they used to be, if they meet certain criteria they have a decent chance of going through. Also bargains can be found in homes which are re-sales where the owner has moved and is paying taxes etc. and is highly motivated to sell the home. Your best bet is to get a buyer's agent, sit down with them and discuss your criteria and let them do the work. If you get the right buyer's agent it won't cost you a dime (they should recieve there whole commision from the seller) and they can find properties for you, negotiate for you and a whole host of other things which should make the process much easier and more rewarding. Please feel free to contact me if you have any questions.
Tom Brady SFR, e-PRO, SRES, GREEN, BPOR
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803... more
if you are buying a house then your company should be able to purchase, the issue will be in getting a bank you lend favorably. Speak to a mortgage professional as well as your attorney to better understand the ramifications... more
Hi Ray, you can go to NYC.gov website and type in ACRIS. You can search property records either by address or block and lot. Some of the records go back at least 20 years so far. Do you need this for tax purposes? Let me know if you need additional websites. Terry K 718-614-3167 cell or email TKorahais@elliman.com... more
You should speak to your loan officer. Not sure what program your in and what rate you're locked in at, but rates have not moved so much in these past months. It's very possible that you can keep your existing rate or even get it lowered a bit, without having to submit a new mortgage application and start over. For the most part there is some flexibility depending in your lender.
Sterling National Bank
Escrow in real estate is the process where all of the money in a real estate transaction is handled by a neutral party. These are title companies who are designated to be the fiduciary sworn to be fair about the process to serve both parties equally. They keep a balance sheet of both buyer & seller, and ensure that all of the settling of the money is balanced. They hold earnest money in an established trust account, and work with the lender to ensure that the finances for the loan have come through, and they record the title for the new owners with the county.
Here is the definition from Wikipedia: Escrow generally refers to money held by a third-party on behalf of transacting parties. It is best known in the United States in the context of real estate (specifically in mortgages where the mortgage company establishes an escrow account to pay property tax and insurance during the term of the mortgage). Escrow is an account separate from the mortgage account where deposit of funds occurs for payment of certain conditions that apply to the mortgage, usually property taxes and insurance. The escrow agent has the duty to properly account for the escrow funds and ensure that usage of funds is explicitly for the purpose intended. Since a mortgage lender is not willing to take the risk that a homeowner will not pay property tax, escrow is usually required under the mortgage terms.... more
I'm not sure about this one, although Bank of America is trying to be creative. I am the leading short sale expert in my area and honestly when the homeowner is distressed, they are more likely to belly up in a lease situation as well. From the bank's point of view, they are trying to position to unload tenant occupied homes with weak tenants. I really don't think this would convince me to be an investor with shaky income history. In this environment you need Realtor support to get this country out of the real estate mess that it's in, offering only $2,000 to an agent to spend all that time consulting and hand holding is no incentive at all. I think the Realtors will give this program thumbs down. With no support from us, the program will disappear.... more
Not a chance...and it won't recover until loans are readily available. That of course won't happen until buyers, in large numbers, are able to obtain credit scores that will qualify them for a mortgage. And now that the robo-signing fiasco is over and the banks have paid their penalties to the government, I suspect we will see the backlog of foreclosures in the bank's inventory be allowed to hit the market. This should keep prices down or even depress them slightly more.... more
Generally your attorney will want to choose their own title company. As far as appraiser the bank dictates which appraiser is used, it must be an approved appraiser. Recording fees are per city, and you should check with your attorney about these things to see if there is anything that he can do.... more