The home was sold as a Short Sale. We were unsuccessful in selling the home as a regular sale due to various factors. Our seller needed to sell so we re-listed as a Short Sale and sold it then. We do a lot of Short Sales and have a program that does provide a higher level of success in completing Short Sales. From start to finish it took well over a year and a half to finally close this property.... more
Take a look at Trulia's community and school maps:
-Take a look at the crime map here too
Hope this helps,
Ali, Community Manager... more
banks versus broker is a long standing discussion. What you can definitely do is to get a pre-approval from more then one lender. Now as long as you are going to buy a home within 30 days you will not damage your credit but if you constantly shop around and too many lenders are pulling your credit it will actually start to lower your score.
Now when speaking to a lender any money saved will be in the closing costs and of course the interest rate. Some brokers will actually discount some of the closing costs because they actually make more money down the road when they sell your loan to one of those larger banks.
You seem to be doing your homework so I encourage you to continue to do your research and just call the lenders to see what their closing costs are and the interest rates. If someone has a lower closing costs but a bit higher interest rate you need to understand that will cost you more in the long run.
Hope this helps,... more
I've not heard of any loans that aren't going to require PMI with so little down, other than through State Employees Credit Union which if you have access to using would be who I would suggest speaking with. Even they may require some sort of PMI.
Good luck, I'll be interested in seeing what some local lenders have to say in their response. Might be I'll learn something new and useful.... more
You will have no problem finding a good buyer's agent.
Deal honestly with the agent.
Be sure any agent you talk to knows you respect their time.
Bear in mind that any agent who has an exclusive buyer client with the same needs as you will probably run good properties past that exclusive client before showing them to you.
I as well am looking to do the exact same thing in the coming months. I have been doing much research as I don't want to let me current home go. Putting 20% down would be best and I doubt the bank would deny you a loan. Or I would try to get the mortgage balance of your home now to $193,000 and still come with a down payment of 5%. Overall I would speak to your bank or lender, as they will know better than any agent.... more
The owner doesn't pay less. They are under contract to pay a commission to the listing office. The lisitng office is offering to split it with a cooperating buyer's agent and office. The listing agent and office would then get "both sides" in the scenario you're describing. And you would have no representation.... more
This purchase approach has become very popular for those that do not have the borrowing power to implement a conventional mortgage.
"Rent to own" is an agreement between the buyer and seller that allows the buyer to rent the home with a portion of the monthly rent being credited toward the agreed upon sale price. This usually involves a considerable deposit along with a written contract the outlines the terms of the agreement.
Hope this helps.
Good afternoon Patti,
The ONLY difference between Prequalification and Preapproval is the spelling. The fact is, according to HUD Guidelines, we Lenders are not supposed to "Preapprove" anyone! It's just semantics and marketing hype.
I have seen many real estate agents here on Trulia and elsewhere write the difference is that we Loan Officers only run a credit report for Prequalification but we look at all the Income and Asset docs along with the credit report on the Preapproval. More nonsense hyped by BAD Loan Officers.
When you are starting out to become a homeowner you want to get Prequalfied by a Licensed Mortgage Loan Originator (MLO) with at least 15 years experience in the trade. You can verify the License of any MLO at http://www.nmlsconsumeraccess.org/
An experienced Mortgage Loan Originator (Loan Officer) will take the time to review Income, Assets and Credit documentation in detail with a prospective Borrower. As you begin your journey towards homeownership, you'll want to sit down with a Loan Officer who does that. Anyone who only runs a credit report and does a telephone interview about your income and assets without reviewing documents is wasting your time.
In the "Final Approval" for a mortgage loan:
1. You'll have identified a property to buy and signed a purchase agreement/contract of sale
2. You'll have made a formal Loan Application to your Lender for the loan
3. Your Lender verifies your Employment, Income, Assets, Credit, Appraisal value of the home you are purchasing and title report.
4. Based on the acceptability of all those criteria by the Lender's Underwriter according to accepted Underwriting Guidelines to approve mortgage loans, the Lender Approves your loan and issues a written "Commitment To Lend." That's the Real McCoy; the "final approval" if you will.
So you can see when a Loan Officer reviews Income and Asset documentation up front at the Prequalification stage, the experienced mortgage professional that she is can best assess your chances of a loan approval. And, at the end of the day, that's what a Prequalification truly is: an assessment of your chances of getting approved for the loan. The more experienced the mortgage professional, the better your chances.
NMLS #40140... more
Slab construction versus building a foundation to create a crawl space is a area where builders can save money that can be passed on to the buyers. In todays economy where new housing has taken a hit, keeping costs down counts.
As far as from a build point of view, I find that people who suffer from any kind of foot, hip or knee ailments prefer crawlspace construction as they claim walking on a concrete based floor bothers them more. From any type of repair issue, being able to get to your water or septic pipes without breaking through a floor is easier with crawlspace construction plus crawlspace allows a home to breath better. Crawlspaces if large enough also add storage space for items such as lawn & garden tools, window screens during the winter months, bicycles and items not prone to being damaged by moisture.
The plus side of slab besides saving dollars at purchase is that in NC, we are known for termites. I don't see as many termite issues with slab as I do with crawl spaces mainly because all areas accesible to wood products of a home are more easily viewed. Very few people take the time to have their crawl spaces inspected on an annual basis.... more
A USDA loan will offer you 100% financing but they typically require you to bring some money to the table just to show you are serious and have some teeth in the process. This amount is typically not too much. But it sounds like what you are referring to is a construction loan or rehab loan which would more than likely require you to put down some money.
I would suggest you talk to a lender regarding your situation. I have a few great ones I could recommend you and if you will email or call me, I will provide you with their information. I wish you the best and hope to be of service to you. Please let me know if there is anything else I can help you with!
Warm Regards,... more
Are you looking for an attached or detached home in this area ? Upon taking a quick look in the Brier Creek area there is a detached home built in 2009 that is in that price range (it is located in a golf course community). For homes within a 2 mile radius of Wade ave that are also detached there are quite a few choices. However most of them are at least 40 years old, some have been renovated.
If you'd like further info feel free to email me at McDonaldS@hpw.com. You can also download my free app by texting ARB to 87778 and that will give info on all homes that are on the market in the Triangle.
In North Raleigh:
- it went thru some owners properties at which the owner was forced to move.
- it placed some existing homes close to Hwy noise.
- it shaved a TON of time off for commuters.
- in increased some property values because of easy access
- it alleviated a TON of traffic congestion on secondary roads.... more
The 27604 zip code would put you near Capital Blvd which has many shops, businesses and restaurants. There is also the Triangle towne mall, car dealerships, and many older and newer subdivisions with varying price ranges in homes. You would also be minutes from 540 and 440 two major interstates in the area. I would definitely encourage you to explore and dig deeper in this area. If you have not already partner with a Realtor (remember as a buyer this costs you nothing) they can help you navigate and find a home that meets your needs.... more
Daniel, great question. The National Guard income is allowed but of course isn't enough to qualify for a mortgage payment by yourself. It is possible if you are able to have either a co-borrower who will live in the home with you with sufficient income or a non-occupying co-borrower (someone that will co-sign but not live in the house) with enough income. A conventional (Freddie Mac) loan will allow this with the down payment that you have as well as an FHA loan will too. Keep in mind that since you are looking at purchasing a condo, the condo would need to be approved as well.... more