Appraisal is ordered by the lender providing mortgage to Buyer and is ordered only when Purchase and Sale Agreement is executed and maintaining arm's length transaction (unrelated to the lender). It is the responsibility of the Buyer and Buyer Agent to ensure appraisal is ordered asap upon executing P&S and depending on the sales activity and time of the month (beginning or end of the month), can be completed within 2 weeks to thereby meet the mortgage contingency date. This is the common practice in Massachusetts.... more
In order to get an offer accepted, good faith deposit is required typically $500 or $1000 depending on the price tag. That good faith deposit is held in escrow (upon offer acceptance) by the Listing Agency and would be applied to the purchase price agreed to. Those funds may be returned to the Buyer in the event a no down-payment VA loan is applied for. However, there are closing costs and the lender would apply the good faith deposit to closing costs due lender. Technically, in this case, no down payment is required.
Generally speaking 3% is required (state housing program supplement)or 3.5% in the case of FHA loans backed by the government. There may even be first time homebuyer programs at the town level who are committed to affordable housing and as such provide 'down payment' as no interest or low interest loans.
Trust this is helpful in provoking to investigate what programs are available at the town, state and national level.
My wife and I built two Ryan homes. This company is now part of Heartland. Two daughters built with Heartland and another daughter built a Ryan. We are experienced with these companies. Up till now very satisfied. HOWEVER son is in the process of building an expensive Heartland and it is nothing short of disastrous. Foundation walls broken and cracked and repaired, roof leaking, hurricane bolts not installed properly, beer cans found stuffed in basement drains, when lumber was delivered it was crashed into hillside, steps twisted, I-beam support shims improper and covered with insulation spray. I could go on but you get the picture. I could go on. For peace of mind my son and pregnant wife had to hire structural engineer and home inspector at a cost of $1,000.00. The house isn't finished but has been a nightmare up to this point. I'm writing a letter to the President of the company. If you use Heartland you MUST be there every day to check on their independent contractors. If you don't know what to look for hire someone!!! This house could have been built better by first year trade school boys!!!!... more
DON'T EVER BUY ANY APARTMENTS IN THIS COOP WHICH IS A SCAM! ANYBODY TELLS YOU OTHERWISE AND SAYS THAT IT'S A GREAT INVESTMENT IS MOST LIKELY ON THE BOARD, A RELATIVE OF A BOARD MEMBER, IN BED WITH THE MANAGEMENT COMPANY OR THEIR LAWYERS, WHO ARE MOST LIKELY SCUMBAGS. JUST TAKE A LOOK AT ALL OF THE PROPERTIES THAT THE SAME LAWYER REPRESENTS AND ALL OF THE COMPLAINTS AND PROBLEMS RESIDENTS HAVE HAD. SAME NONSENSE. IF YOU ARE NOT DONALD TRUMP, YOU CANNOT WRITE OFF YOUR LOSSES AND DECLARE BANKRUPTCY AND THE STATE WILL MAKE YOU PAY TAXES ON YOUR FORECLOSED APT. AND THE ANTIQUATED LAW THAT WE HAVE SAYS THE COOP BOARD CAN DO WHATEVER THEY WANT, NO QUESTIONS ASKED, BECAUSE THE LAW PROTECTS THEM. DO YOURSELVES A FAVOR AND DON'T EVER BUY A COOP, ESPECIALLY ONE AT THIS DUMP! THIS IS COMING FROM SOMEONE WHO ACTUALLY LIVED THROUGH THE OSHA DEBACLE AND THE INCOMPETENCE OF THE BOARD THAT SPENT $20 MILLION ON A NEW HEATING SYSTEM. I WAS A HOMEOWNER THERE AND WE WERE FORCED TO FORECLOSED BECAUSE THE COOP BOARD LIED WHEN WE FIRST BOUGHT ABOUT THEIR FINANCIAL SITUATION AND THEY DON'T HAVE TO BE HELD CRIMINALLY LIABLE FOR WHAT THEY DID. HAD WE AND OUR ATTORNEY BEEN TOLD THE TRUTH WE WOULD HAVE NEVER BOUGHT THERE. DON'T BELIEVE THE BOARD OR THE MANAGEMENT COMPANY, BELIEVE THE PEOPLE WHO LIVED THERE AND BOUGHT THERE.... more