Paul, Have you checked with your local Multiple Listing Office? I am not sure about Allen County, but I know here in Elkhart, we can now designate a property as being a short sale when we input it into the system and can then search by same.... more
I can help you find properties that have been foreclosed on in those areas. Email me at JaredChristiansen@gmail.com, call me at 260-704-0842, or check out my website at http://www.FortWayneHomes4Sale.com. Thanks and have a great day!
RE/Max Home Connection
Fort Wayne, IN... more
If your daughter has a bad credit score, there is not a whole lot that can be done about that these days, according to what I have been told by the lenders and mortgage brokers I work with. If she has a low score, she should try to get her credit cleaned up as much as possible. I would also suggest that she contact the non profit Consumer Credit Counseling Service that has several offices in the Fort Wayne area. This is the link: http://www.financialhope.org/ They do not charge a fee for their services and they may be able to help her.
Century21 Landmark Realty
Elkhart, IN... more
There are tax benefits to owning, however, 3.5 years in the current state of the US real estate market may not be enough to be able to relist at the end of that time and not have to 'bring money to the table' to accomplish the closing. Ask a local Realtor what the estimated closing costs are on a home sale in that price range because you could be in a situation where there is no gain. If there is a drop in value, then of course, you are behind.
Also, calculate the benefit in your tax write off to see how that figures in. Contact a local accountant for help with that.
Having said all of the above, I would always favor owing over renting for a variety of lifestyle reasons - stable housing costs, security, neighborhood choice and the ability to make improvements that you want but a landlord would never allow (or you would never want to pay for in a rental).
Good luck to you!
Maureen of That Sister Team,
Meadow Vista, CA... more
Good question but options are limited. Even though they have split up in the eyes of the bank they are still responsible for making payments on time.
The only way to remove would be for the ex-to refiance in his own name. Now I know you say the payments are late if he can doucment his income and has a good reason for late payments he may be able to qualify for FHA.
Either way each month he pays late effects your girlfriends credit and with guidelines getting tighter and tighter she is headed for trouble down the road.
Let me know if I can be of any more help
Just know that most of the time the buyer first sees your home with a Realtor, so although Internet marketing is important, I would say on a scale of 1-10 it is a 7. There are a few things much more important that you should be looking for and asking about.... more
Yes, as long as your purchase agreement included an appraisal contingency. An appraisal contingency states that in order for you to obtain a mortgage the house must appraise for at least the amount stated on the contract. You can make up the difference if you want, but are not obligated to under this contingent arrangement.... more
Foreclosures can be a great opportunity to purchase a home well below market. First and foremost do your research. Many of those going into foreclosure are foreclosing because they financed their homes for more than market value; therefore, they could not sell their homes or refinance and were forced into foreclosure. Although much of the US is experiencing a down market for sellers and a strong buyers market, some mortgage institutions have not been realistic with pricing the foreclosures where they should. This has resulted in more foreclosure listings in the MLS than foreclosures being sold at the county steps. Do your homework to ensure that the foreclosure is well below market. Know that those who could not afford to keep their homes typically could not afford to upkeep their homes so be prepared to make some repairs and cosmetic changes. In many cases those being foreclosed upon take all the appliances and even rip up floor coverings.
Do your research on any liens placed on the property. Many counties have placed property records online. If records are not available online then you will want to take the drive. If you are purchasing a listed foreclosure then the attorneys office that is handling the closing will order a title search and you would want to purchase and owners title coverage policy which will protect you from any liens prior to your ownership.... more
It is difficult to find out about the financial status of a home if it is not yet in foreclosure. Once it is in foreclosure and is being sold via auction or REO, you can usually find the listing via their website: http://www.hud.gov/homes/homesforsale.cfm.
However, you can find the bank holding their loan by contacting your local records department, the link is below. They would be able to help you find the bank, the name of the owners, loan amount, etc., through their department or they can direct you to the office you should visit to find the information.
Good luck on finding your home! Beware that foreclosures are rarely the bargains we all think they are, there are many hidden expenses that occur during the purchase of the property and there is a increased chance that the property may require significant improvements and repair. However, if you definitely looking you should continue working with your Realtor. He should be able to provide you with more foreclosure listings and help you through the complex process. Good luck!... more