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All Locations : Nationwide Real Estate Advice

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  • Home Buying265K
  • Home Selling46K
  • Market Conditions26K

Activity 505,881
A few minutes ago
Christina Jeferson answered:
Am truely happy to find out that there are still honest people online emilier just gave me a $30000 loan for me and my family her email is emilierguidoty@outlook.com
0 votes 190 answers Share Flag
A few hours ago
Kathy Burgreen answered:
Since renovations are costly, have you invited a few realtors or an appraiser and asked them if the renovation addition will increase your equity or the value of your home. You need to find out what similar homes have sold for recently - for ranch homes like the one you own currently and for homes with the added addition. You can also pay an appraiser for their opinion of value.

It is better to have knowledge than renovating and finding out later that you won't get any additional value to your home.
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A few hours ago
Kathy Burgreen answered:
Before you closed on this home, were you given a time period for due diligence? Typically, before a buyer signs closing documents, there is a time period of a few weeks where the buyer can have inspections done, research the neighborhood, schools, commute to work, etc. During this period of time, the buyer can back out or cancel the transaction using one of the contingencies in the contract. Typically, once you close and the title or deed transfers into your name, anything that happens after that day is your responsibility.

As Solomon said, you can sell your home the day after you close. There is no wait period. However, in most cases it takes a period of about 3 - 5 years for a new owner to gain equity in their home. If you sell before the 3 year time frame, you will need to pay cash to sell your home. Buyers will see what you paid for your home and will offer less than what you paid.
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A few hours ago
Kathy Burgreen answered:
What is your residency status? Lenders use your residency status to determine loan qualifications. Foreigners can buy real estate but you may need to have a higher down payment than U.S. residents do. Also some loans with little credit history is for U.S. residents only. If you are here on a visa, your visa will determine what you qualify for.

Most owners need to sell and cannot carry a loan.
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A few hours ago
Kathy Burgreen answered:
Landlords see an eviction as somebody who doesn't pay their rent on time and if you did it to your current or previous landlord, the odds are you will do it again. Landlords see this as too risky so they will turn you down. You need to convince a landlord that you will pay your rent on time no matter what. No excuses. ... more
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A few hours ago
Kathy Burgreen answered:
Rent To Own was popular during the last recession because many owners were underwater, meaning owners owed more on their mortgage than what their home was worth. However, in today's real estate market, homes have regained their value and owners can sell to make a profit, so Rent To Own is not worth it for them and owners don't want to be landlords.

In a Rent To Own situation, owners had tenants like you sign a contract for 2 years, give a down payment of 20% or more, pay a monthly rent + pay a premium monthly amount towards the price of the home. The contract also stated that if you don't buy the home for whatever reason, the owner will keep all the money you paid. It was a huge benefit for sellers and a poor choice for renters.

If you are in college, it would be in your best interest to continue renting, wait until you graduate, then see what your financial situation is once you get a job with your degree. You may qualify for something better like buying instead of renting. In the meantime, work on keeping your credit score high because it will count when buying your first home.
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A few hours ago
TONYA HARRIS asked:
A few hours ago
TONYA HARRIS asked:
Yesterday at 9:14pm
Shawn carnes asked:
Long story short owner bought the house and gutted it for a full remodel. Purchase will be done via land contract. What expenses should I expect once I pay it off and get the deed. First…
0 votes 0 Answers Share Flag
Yesterday at 9:13pm
Robert Spinosa answered:
Yes, you can use gift funds for your down payment on a conventional loan, and many of our investors will permit your gift to constitute 100% of your down payment (others require a 5% minimum contribution from the borrowers' own funds). A gift must be from a family member and the guidelines for conventional/conforming are a bit more restrictive than FHA in this regard.

Another question that often comes up here in California is, "How much can a donor gift without having tax implications?" The answer is that the IRS annual exemption is currently at $14K per person but will increase to $15K in 2018. Since I'm writing this in December, know that a donor can gift $14K this December and then another $15K in January and all of that would fall under the annual exemption(s).

Once in jumbo loan territory, it is more common to see investors requiring at least 5% of a borrower's money in the transaction when gift funds are involved, but let me know if any questions.
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Yesterday at 9:03pm
Uokes1 answered:
I am very familiar with the entire process. I assist individuals in retrieving surplus funds. I can be reached at 609 596-2661 at anytime and I can be found on Utube...presenting my trade. look up (foreclosure surplus Wali Hamani). Give me a call. ... more
0 votes 9 answers Share Flag
Yesterday at 8:52pm
Kathy Burgreen answered:
Until recently realtors who represented buyers accepted the co broker commission fee paid by the seller. This meant buyers did not have to pay anything to their realtor and working with a buyers agent was free.
Fast forward to today and many buyers agents are looking to recoup money lost during the recession and post recession. Buyers agents are stating in their contract that the buyer will pay a partial commission fee to use the agent's services. This could be written in the contract as a percentage or a specific dollar amount. The question is if you read the contract before you signed it or if the agent explained the contract to you before you signed it - especially about payment of the commission. If nothing was explained to you, you need to contact the Office Manager or Broker in Charge.

As for terminating the contract, individual agents don't have the authority to do this. Only the Office Manager or Broker in Charge has the authority to cancel your contract.
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Yesterday at 7:18pm
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... more
0 votes 213 answers Share Flag
Yesterday at 7:18pm
Mikschmick asked:
Yesterday at 6:57pm
Joann_jones79 asked:
Don't see any photos of kitchen. Where is 400 sq.ft. garage? Is chain link fence around entire property? Is fireplace woodburning or gas? When was it last lived in / rented ? Is cooling…
0 votes 0 Answers Share Flag
Yesterday at 6:03pm
Jlstanislawski asked:
We are moving from Minnesota and would love locals view on the area as well as things nearby we should do or see. Any recommendations for vetinary, family doctors, etc would be appreciated.
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