0 downpayment is thing of the past. No more lender now require approx. 3% up to 20% however difficult to detemine that UNLESS you contact a mortgage broker who will review your financial records, credit score, debt ratio, employment history. At that point loan officer can advice you requirements for downpayment and etc. Keep in mind owning a home you have annual tax benefits.... more
Within the first couple of conversations with a prospective buyer the agent should suggest that the buyer get preapproval, anybody that can fog a mirror can get prequalified.
Being preapproved carries alot more weight when making any offers on a property.... more
Check with a local realtor on this. They should be able to sort it out for you. In our MLS, Foreclosure means REO. A short sale must be disclosed as a short sale. Often this is done in the agent notes only, which would not be available to a buyer viewing the listing. However, a Realtor would be able to give you this answer. Good luck on finding your new home and Dare to Dream.
Real Estate Consultant
RE/MAX Palos Verdes Realty... more
Room additions without permits can be the source of several problems, when you are buying a home.
1. You do not know if the room was built to code. Building codes help to insure that the addition was done in a safe and workmanlike manner. If the addition is not to code, then it might not be safe.
2. The appraisal for the home will NOT include ANY value for the un-permitted space. So if the addition is a 3rd bedroom and 2nd bath, the home would be appraised as a 2 bedroom 1 bath home.
3. Some insurance companies will not cover fire damage if the fire started in an un-permitted part of the home. Therefore, you stand the chance of your insurance denying a claim based on this addition.
4. Some cities require a city inspection before the transfer of ownership can be completed. In one city in my area (Los Angeles – South Bay), the city requires that any un-permitted work be demolished prior to allowing title to transfer. So you could think you are buying a 3 bd/2 ba only to find out that you are buying a 2 bd/1 ba home.
My recommendation to my buyers (who are mostly 1st Time Home Buyers) is, check with the city and a licensed contractor. If the room was built to code and in workmanlike manner, it may be relatively easy to get the permits after the fact. You might consider making that inspection and resolution of the problem a part of your offer. Then you need to analyze the risk / reward of buying this home, knowing, in most instances, the REO Bank will not pay to get the room permitted.
The good news is there is a lot of inventory on the market, and if this home does not work out for you another great home is already out there or on its way. Dare to Dream.
Real Estate Consultant
RE/MAX Palos Verdes Realty... more
It all depends if there are any other offers and if they are higher than yours. You can ask if there are any other offers pending, they cant tell you what they are but can tell you if there are any. As far as your offer you should add the costs of the closing costs to the price of the house to be safe you are not below. The va loan shouldnt put you at a disadvantage unless someone has a cash offer close to your pirce. Good luck with your purchase... more
Yes, just as much as any qualified buyer. Make sure you are pre-approved for the loan subject to you finding a property and it appraising. When making an offer you will have to put something down, usually at least 1% of the sales price is required by most banks, you can get this credited to you at closing or even get a check back for the over payment. If you are having the seller pay closing costs you will wanty to add those to the price and make sure you know what percentage to ask for such as 3,4 or 5%. Be ready to close in 30 days or less, do your inspections before you bid, dont add any contingincies. The only thing that will derail you isa cash buyer with no contincies bidding close to, teh same as or more than your bid. Good Luck... more
Day by day, we will each become a little better at accepting this current economy. Just stay positive!
I know that I have been reflecting heavily on my spending/buying habits. I have tried not to go out to eat with friends as much, paying down as much as I can on my credit cards (more than the minimum), and not over-extending myself.
Think Global, Act Local (or Buy Local) is also a good initiative.
Foreclosures happen, you will move on and have a wonderful life!
Maryann Lawler, REALTOR
Bradenton, Florida... more
As I understand it, if it not agreed upon in writing that you will not pay the deficient amount, you will be 1099 on that amount of the loss. Which totally sucks!!! Unless Big Brother steps in and does something for the 100's of thousands of people who are in this predicament. The banks dont loose because they right it off, The Govt doesnt looks because of the taxes, guess who looses.....
So write your congressman and tell em to do something and pass a bill to diminish or forgive the deficient balance. For now... the consumer is on the hook, as always...
I have clients, family members, collegues all asking the same questions...
If possible, negotiate the bank to forgive the dfference.. You dont get what you dont ask for but its highly unlikley...
We have come up with some solid solutions.. drop me an email if you need more infor..This board will provide you with a smorgasborg of assistance.
Good Luck..... more
Currently I am seeing that the prices are still dropping..and not a lot of REOs coming on the market right now. You can get a home in certain areas for less than $100K..fixer uppers of course...... more
Barbara: It depends on the particular county in PA. Just Google "real estate tax estimate XXXXX County PA". Here, for example, is a link to the county property tax assessor's page for Chester County, PA: http://dsf.chesco.org/chesco/cwp/view.asp?A=1413&Q=573814
I'm sure one of our PA agents will be able to give you more info. Best of luck with your move!
Angela in sunny South Florida... more
Read your lease. There's often language in there about what the landlord must provide. Is the landlord providing what he is obligated to?
If you're not sure, or if you think the landlord may be violating the lease, then go to a real estate lawyer. Or contact your local city government and ask for "landlord tenant assistance." That should point you in the right direction for someone to talk to who can advice you on what your options are.
Hope that helps.... more
Just give me a call or email, I have 40 Agents in that market for you to choose from. Just tell me a litlle about the type of Agent you would work best with, and I will introduce you. best of Luck! the Coach 209-758-3113 or firstname.lastname@example.org... more
Short Sales take so long anywhere, because the people you contact at the banks have no real personal attachment or interest in the property. Most of the customer service reps are hourly employees who don't really have a vested interested in getting that particular house short saled, vs. letting it foreclose.
In addition, banks are overwhelmed with short sales. It is the only way out for many homeowners in our market.... more
For a small fee you could find out neighborhood statistics online, sites like www.Intelius.com, NeighborhoodScout.com, www.RegisteredOffendersList.org, Or you could probably call the fairfield police station and ask them the same question. Also if you are uncertain about living in that area, drive by it at different times of the day and ask yourself is this somewhere where I want to live. If you have any more questions regarding real estate in Fairfield feel free to contact me. Ryan Vivo, Realtor, Gateway Realty. 707-384-5894.... more
To find out the answer to that question you need to review the purchase contract. What do the details say? Many times buyers who back out of a contract after putting down an earnest deposit DO lose their money. If you are unsure then I suggest that you a real estate attorney to review it for you.
If you have anymore questions regarding real estate in the Solano area give me a call. Ryan Vivo, Real Estate Agent, Gateway Realty. 707-384-5894... more
Hi Mark, tough question? So many variables. call me at 209-758-3113 or email me at email@example.com I have 45 Agents in Fairfield/Vacaville/Green Valley I can probably hook you up with one who lives near that location and can actually get you a video recording of specific addresses. Anyway, best of luck! The Coach... more