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All Locations : Nationwide Real Estate Advice

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A moment ago
Kathy Burgreen answered:
Are you looking to flip homes in Queens, New York City? If yes, this is very tricky unless you know all of the neighborhoods really well. The issue is the borough of Queens has many neighborhoods and some are low income / poverty while others are wealthy. Home prices vary widely but if you intend to flip a home in a poor neighborhood, you will not get buyers to pay a lot of money and you will end up taking a loss. In the wealthier neighborhoods, you can flip homes and make a little profit BUT the homes will cost a lot to begin with. You may not get as much back as you think you will.

If you are not investing in NYC, then I don't know of another Queens.
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A few minutes ago
Jlerette asked:
My boyfriend bought a foreclosure in cash for $15,000 in 2009. My name isn't on the title/deed but I stuck thousands into fixing it up over the years. He currently owes about 15,000…
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A few minutes ago
Meinersfam3 asked:
What is the price range and quality?
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A few minutes ago
Meinersfam3 asked:
A few minutes ago
Kathy Burgreen answered:
It depends on a number of factors:

Are you already pre approved by a lender?
Do you have all your paperwork in order if your lender asks for it?
Do you have cash for the down payment + cash to pay closing costs?
Is your credit score above 620?
Have you been at your job for at least 2 years?
Is your debt to income ratio 40% or less?

All of the above questions will make it easier for your lender to complete the loan process and get it to underwriting quickly. If any of the answers to the above questions is No, then you need to fix it so it becomes a Yes. The shortest time frame to complete a loan application averages 30 days. If any of the answers to the above questions is No, then expect a time frame of 3 months or longer.
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A few minutes ago
Gilbert Benavidez asked:
If anyone knows anyone who can do this given my parameters let me know.

I can provide 12-24 Months banks Statements

average income over the last 12 months just off of bank statements…
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A few minutes ago
Germanyberlenewilliamsba answered:
My parents bought a home over 30 years ago from a local house moving company in Texas. The house moving company bought homes, in the area, they do no repairs to them but sale them to families in the area. There are several people in my home town that have purchased homes this way. My parents did finance their home purchase from this house moving company, at a reasonable cost. They moved this home onto my parents property and set it on a foundation of bricks. My parents remodeled the home, from wiring to plumbing themselves. Before the electric was turn on it was inspected by an electrician and the gas was installed by a professional.
So all companies that purchase homes like this are not rip offs or a quick fly bye night company. There are some legitimate ones out there, you have to do your homework like with any major purchase in life.
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A few minutes ago
Dawn McDonald asked:
A few minutes ago
Judy_musso63 asked:
A few hours ago
Syncme772 asked:
What can I do if the seller's agent share my inspection report (previous buyer) with new potential buyers. knowing I have paid over thousand dollars in those reports.
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A few hours ago
Snicole1337 asked:
I am buying a home for $145,000. First time home buyer, not much saved but have about 10,000 to my name. I'm getting $5,000 seller settlement help and another $5,000 for help with closing…
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A few hours ago
Botaina_0410 answered:
We just moved from a house that we lived in for about 12 years. I basically spent my entire childhood in there, it was a great neighborhood. We had everything near us, shopping centers, super markets and most importantly, I had friends that live near me. So I was never bored and I always had things to do because everyone and everything was close by even my school.
Now my parents were annoyed by our neighbors and just randomly decided to put the house for sale and purchase a new one. This happened suddenly...Honestly the problem with the neighbors wasn't even that big of a deal? They just didn't like us and the feeling was mutual. Plus, it's not my parents ever spoke to anyone in the first time for them to bother us. But they took that as an excuse to move out...it happened in a blink of an eye. Throughout this process, I kept telling them that our new house isn't what /I/ want but they kept saying that I'll get used to it. Not only is it in an empty neighborhood, it is also outside of the city and there is NOTHING around here. You have to drive to do ANYTHING, like ANYTHING. We're basically living in those witch houses that they portray in cartoons being isolated from anything ever. Also, we only have one car and it's my dad's. He uses it to go to work so we have to wait for him in case we need to do anything. No cabs, no buses, no trains, no nothing. This is just the summer. I can't believe how awful it will be when I go back to school and have to wake up at freaking 6am (I usually woke up at 7:45am in my old house because schools starts at 8:30am and I live next to my school) and make my dad drive me there. I also can't go back home for lunch, I have to stay at school all day and suffer. It is also my last year in high school and I need a good mark to graduate so I have to balance all this stress in order to focus on studies too. I don't even want to imagine how exhausting it will be. If you're wondering why I'm not transferring to a new school, well, it's because there is NOTHING around here. Just a friendly reminder.
Also, if I want to go out with my friends or just visit any of them, I have to wait for my dad to come from work and that's if he is not tired to drive me to wherever I have to go. Plus, my friends won't even visit me because it's too far away from them and they can't come unless I bring them because the address is so weird, they can't figure it out on their own.
I'm sorry if my comment was long but I just wanted to let this out. I hope that somehow, I will get used to this melancholic new lifestyle. I really want this to be a nightmare only. I wish.
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A few hours ago
Robert Spinosa answered:
This is a great question and the answer is "yes," it can be done. It does constitute a somewhat complex calculation on the lender side for the new purchase so you have to be sure you are working with someone who "gets it," and is factoring the debt ratios correctly. When you complete a transaction as you describe, there are a few things to look out for:

1) The equity position of the current home, once the HELOC is added. Many lenders will want to see that you have 25 to 30% equity in the "departure home" in order to count its future rents.
2) The qualifying payment on the HELOC. Let's say you get a $100K HELOC but its payment is interest-only and amounts to $500 per month. That will often not be your qualifying payment. Instead, many lenders will calculate 1% of the line amount ($1000 in this example) as your qualifying payment.
3) Your lender may require that you have additional asset reserves on both the new and existing home. If short of funds, this is something you need to know before you begin down the path of going into contract.

We see these types of transactions often and are familiar with the complexities. These deals are not for the call center loan agents of the world. Call if any questions any time. Thank you!
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A few hours ago
Tammy3041 answered:
I'm interested in buying a home that owes back taxes in the Redbird Lane area 75232
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A few hours ago
Surubaid asked:
Concentration is zipcodes of 45402, 45405, 45406, 45407, 45415, 45417, and 45416.
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A few hours ago
Rosaliorosssanchez asked:
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A few hours ago
Troyvonmills asked:
I am planning to move to Oswego County from U.K. How can i rent a flat, any advice? I will be moving in 2 years time and plan to become a flight attendant or but I'm studying events management…
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A few hours ago
Sandra answered:
I have a duplex in Wyandotte for rent for $900. No Smokers or pets. Please call 734-224-2104 if interested. Sandi
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