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All Locations : Nationwide Real Estate Advice

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A moment ago
Aishatwilliams asked:
i am interested in foreclosure mobile homes, i am needing a agent that would be able to answer a few questions. The agents this site provides state mobile homes that is on this site. so…
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A few minutes ago
Thomaslprescottsr5 asked:
A few minutes ago
Thomaslprescottsr5 asked:
A few minutes ago
Bernardguste answered:
Do you need to wait 6 months to refinance - Fannie Mae and Freddie Mac do not have this requirement at this time. I'm aware of lenders in the past that did have this requirement and it might still be out there. At Gulf Coast Bank you can apply for the refinance while the house is still listed but it has to be removed from the market before closing.

Regarding the definition of cash out pertaining to your 2nd mortgage - If your 2nd mortgage was executed on the same day as the purchase it will not be considered cash out.

Some lenders and product options will limit the amount of money you can take out if the property was listed for sale within 6 months but if you are doing a rate and term refinance there are plenty of options to refinance immediately.

VA would be an option if eligible for VA benefits.

Bernard Guste
Gulf Coast Bank
New Orleans, LA
504.412.2005
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A few minutes ago
Smassery answered:
This is so disrespectful to the deceased. We are born to die and many of us want to be in our own homes when we pass on to our next life. I don't know why people are so hung up on this. I feel that it is disrespectul. What if you decided to stay in your home to pass away and a new buyer says "ugh.... someone DIED in this house, i don't want to live here". SMH ... more
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A few minutes ago
Kathy Burgreen answered:
The minimum down payment requirement is 3.5% with an FHA loan. Some lenders have a loan that requires 3% down. If you are an active or retired veteran, you are eligible for the VA loan - 0% down payment. If you are buying in a rural area and meet income requirements, you can qualify for a USDA loan - 0% down payment. If you meet income and credit requirements, you can find out if your county / state has a down payment assistance program for local residents.

BEWARE: Buyers who have a low down payment are subjected to higher interest rates, mortgage insurance premiums and higher fees. Your credit score is also a huge factor. The lower your credit score, the higher the interest rates & fees. Lenders reward buyers with low fees & rates to those who have 20% down payments & credit scores in the 700's.
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A few minutes ago
Debra Collins answered:
I'm a realtor in Ohio and my area is in a sellers market right now. There are very few listings available for sale and that is driving the prices up. It's not likely that they're going to go down anytime soon. ... more
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A few minutes ago
Kathy Burgreen answered:
As a former realtor, the deed or title has NOTHING to do with a loan or your credit score. The only person (people) whose names appear on the mortgage loan itself are the one(s) who are responsible for the loan and payments and yes - it does affect their credit 100%.
If you are making payments on a loan that does NOT have your name on it - why? You do not receive any credit and it does not affect your score. You cannot use your payments as proof for anything - financial aid, collateral, etc. To use the home as collateral or use the home as proof of ownership for college aid, your name must be on the title or deed.
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A few minutes ago
Hilary asked:
A few hours ago
Tb702 answered:
Should your real estate agent let you know once youve put a contract in that the seller has also received another contract offer?
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A few hours ago
Patrick Brogley answered:
This is a wonderful thread, lots of fantastic debate on both sides. I also agree it depends on the unique situation of the seller and their level of experience. All of these numbers are great, finacially at first glance they make sense. My question is why has no one asked a better question regarding the success of limited service listings? I sell real estate in North Port, FL which is a very hot market. North Port MSA is the 10th fastest growing community in the country. After one search to see the success of limited service listings in North Port, specifically 34291 zip code, the zip code in which I reside and service, I found that 80% have been withdrawn; 4 out of 5 homes in the last 30 days. It would be reasonable to say even in a sellers market these sellers are not getting the satisfaction theyre looking for. Dont just list. Market to sell! If you are looking to sell your property find an agent who will bring a valuable service to the table, I.e. Marketing and advertising. Listing property for sale is only 20% of the game. Exposure, visibility and marketability to increase showings and traffic is 80% of the work that goes behind the scenes. With gratitude, Patrick Brogley Keller Williams on the Water (941) 387-6383 Create curb appeal patrickbrogleyrealestate.com ... more
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A few hours ago
Prettypup0654 answered:
A few hours ago
Cheryl Sanchez asked:
A few hours ago
Kathy Burgreen answered:
As a successful former realtor, I will tell you it will be very difficult to work part time in real estate. BEFORE taking your exam, read the following & ask yourself the questions I posted.

1. As a realtor, you are self employed. You will not receive a regular paycheck, your pay is from commissions earned on sold homes. If you don't sell anything, you don't get paid.

2. From your gross commission check, you will have a signed contract that states your broker will take a percentage of your commissions. For new agents, this varies about 40 - 60%. Example: let's say you sold a home for $400,000. The seller's listing contract states the listing agent gets 3% ($12,000.) and the buyers agent gets 3% ($12,000.). From the $12,000. commission that you earned, your broker will take 50% = $6,000. From the $6,000. that you keep, you will need to pay Federal income taxes, Social Security taxes, health insurance & put some money into your savings or retirement account. Texas has no state income tax. What's left? Not much. As a self employed realtor, your broker does not deduct taxes & other items that regular employees see on their paychecks.

3. Do you have cash / savings to start your business with? As soon as you pass your state exam, you will start interviewing at brokerages and choose one to work with. To start working as a realtor, you will need to pay for start up fees / costs: MLS fee, lockbox fee, legal fee, brokerage fee, training fee, desk fee, advertising costs, etc. All these fees come out of your bank or your paycheck from your job.

4. Do you have a list of people you know personally who is looking to buy or sell in your area? If yes, you won the lottery - congrats! If you don't, start creating a list of everybody you can think of who is looking to rent, buy or sell. You need to learn that brokerages will NOT give you a list of people to buy, sell or rent. Brokers expect you to get your own leads yourself. This is why it takes time for new agents to get their business started. You will need to sell yourself to people who are willing to work with you.

5. Do NOT expect to earn a commission for at least 6 months unless you know somebody who is selling or buying right now.

6. If you only work part time in real estate, develop a plan when buyers or sellers expect you to be available at their convenience - not yours. You need to learn that if you're not available at their convenience, they will quickly forget you and select another agent to work with. How quick? About 5 seconds.
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