My suggestion would be to call the ex-broker, the Broker he had when he started working with you:
Tell the Broker that you want to still work with the Agent.
This should nip any problems in the bud.
Most Brokers are understand and do not want complication.
Good luck and may God bless... more
Typically in this area it is very typically for both sides to have an attorney and it IS STRONGLY ADVISED to do so. There job is to review all the documents, offer you the title insurance, review your lenders paperwork, sellers attorney/ title paperwork, and advise you on your decisions throughout the process to make sure you are not taken advantage of. In my opinion its not worth saving the $400 or $500 if everyone else is represented by an attorney and you are unrepresented and not familiar with the process. These Q&A advise blogs are somewhat general and you certainly should have someone reviewing the specifics of your transaction that has YOUR best interests in mind.
The seller does have an attorney as do the buyers. In NY the contract has to be reviewed by both attorneys once agreed upon by the buyer and seller.
The "host" of the closing is typically the lenders attorney but not always.
If you need a referral, let me know.
Good Luck, and get representation! Protect Yourself!!
Zisis Sakellariou... more
Always best to disclose everything and as early as possible. Treat your LO like your friend. He wants to get your loan approved as well... perhaps he has some alternatives or options.
The deal here is, even though you made application for this mortgage while your girlfriend was fulltime, soon the VOE (verification of employment) will go out to her employer and it specifically will ask for hours, time, likelyhood of continued employment, etc... in addition, prior to closing, most companies do another QC check and in some cases, even the lender to whom the loan is sold, will do a QC check and perhaps their own VOE.
Moral of this story? Best to be honest and as early as possible.
There are other ways to try and get the loan to be approved. Call me directly if you don't like the direction things are going. I can tell you in just a few minutes if I can get you approved for the true and honest hours you both work. Much better. :)
Best of luck.
It isn't technically unethical, but it can be very awkward and uncomfortable for the listing agent as he/she will probably not want to have conversations with you without the presence of your realtor. Your best best is to schedule a conference call with your realtor and the listing agent... this way you are hearing everything firsthand and can ask all your question directly. You could also meet with your realtor and a call the listing agent on speaker phone. I would go that route to avoid any conflict.... more
NO, the APR will not change your payments, the payments are based on the note rate of 4.625%. The Annual Percentage Rate (APR) is the cost of your credit expressed as an annual rate. Because you may be paying loan discount ‘points’ and other ‘prepaid’ finance charges at closing, the APR disclosed is often higher than the interest rate on your loan. This APR can be compared to the APR on other loan programs to give you a consistent means of comparing rates and programs. At least that is what is "supposed" to happen, but since what a lender chooses to disclose in the APR calculation is somewhat "fuzzy" it tends to just confuse matters.
The APR in your case is a little high but not that terrible. The spread between the note rate (4.625%) and the APR (5.6%) on an FHA mortgage is much greater than on a conventional mortgage because of the mortgage insurance. I just ran the numbers based on todays rates using a 620 credit score, usual closing costs and assuming the broker /lender was making around $5000, I get an APR of 5.538%. I have heard NY has other fees that I may not be including so your APR may very well be right on target.
Hope that helps.... more
Commissions in all 50 states are negotiable. Set commissions would be considered collusion and a violation of Federal Anti Trust laws.
Your posting is as relevant as a posting that states 'Did you know that the air we breathe is free?'... more
They can review and accept. But they only have one property to sell. So what they would probably do is accept with a condition. Perhaps it's a short sale and the condition is subject to bank approval.
Check with your agent since they know the details of your transaction.... more
Typically, the agent's fee for professional services for a transaction of this nature would be paid at the time the agreement was agreed to by the parties involved and deposits, fees, etc. were exchanged.
seller+buyer+deposits+executed contract=completed transaction+fee for service
Only professional render an opinion is a mortgage broker who will review your loan application and financial statements and etc
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
From my understanding is if the mortgage gets approved on your house, you would want to buy the For Sale By Owner house correct? And if the deal on your house falls through, then you would not want to rush into the For Sale By Owner house and you would want to look around at other houses to make sure you find the right one? Assuming you and the seller can come to terms, then why would you not want to do a contingent offer? That way if your house does not sell with the current buyer then you are free to walk away from the For Sale By Owner, as long as you put that clause into your contract.... more
Are you working with a Realtor? Does the seller have an attorney experienced in short sales? Have you done the comps to see what other properties are selling for? When those are done is the home and area you see yourself in? Then you can decide with the finances available to you what the appropiate offer would be.
I wasn't able to find anything more recent than 08 either. However I did find these two links below that I thought you might find interesting! If you are looking for income property in Rochester I would be glad to send you new listings that match the criteria you are searching for as they hit the market!
Top 100 Places to live, by CNN Money: http://money.cnn.com/magazines/moneymag/bplive/2010/snapshots/PL3663000.html
Rochester NY Listings: www.RochesterHomeLocator.com
Best Places to Raise Your Family: The Top 100 Affordable Communities in the U.S. By Bert Sperling, Peter Sander:
View Rochester New York listings: www.RochesterHomeLocator.com
-Sal Salafia/ The Salafia SOLD Team at RE/MAX Plus
Sal, I train Realtors nationwide and try everything before I recommend it out to other Realtors. There is only one lead generating service (other than getting out there and knocking on doors!!!!!) that has integrity and honesty and is not a bottomless pit....I have been with HomeGain.com for almost 10 years...since their inception. I love these people. Try them out...tell them Gail Gladstone.sent you!
And Sal, you can call anytime and I will be glad to chat (no charge). 631-425-6150... more
Why not consider contacting a few different realty offices, and interviewing in person a couple of local agents, or as many as needed, and then choose the one you like best. You can also locate local agents under the find a pro tab. While shopping for short sales and foreclosures, keep in mind not to overlook some traditional sales, as some may turn out to be much better bargaings... more
Hello Kevan ,No you do not need an attorney but there are special mortgage brokers that only deal with loan modifications. Call Rebecca Mattalone at 347-528-8997 and she will help you get through the process.... more