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All Locations : Nationwide Real Estate Advice

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A moment ago
Jeremymacdd answered:
Thanks to creditrepairman@hackermail.com
For improving my score to high
I am so happy now i will tell you that
I can get my new house soon.Thanks to him again
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A moment ago
Kathy Burgreen answered:
First - NEVER co sign for anybody!! Second - you should not have to given the circumstances. As a former realtor, I have worked with lenders so I know what they look for. As a nurse, does your cousin receive a W2 or a 1099? I'm assuming she receives a W2. What about her other jobs - W2 or 1099? There is a huge difference. Employees who receive a W2 can have their income easily verified by computer. They just need 1 month of pay stubs to close on a home. Workers who receive a 1099 cannot have their income verified by computer. Therefore, lenders require 2 years employment + tax returns so lenders can average out an annual income from the 2 years employment.

If your cousin has 2 jobs and receives a W2, why does she need a co signer for? She should be able to qualify on her own income. If her income is very low, then she has the ability to get a better paying job with a nursing degree. There are plenty of jobs available especially with Baby Boomers like myself who will need plenty of medical care and we need our nurses!
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A few minutes ago
jenmorio84 asked:
A few minutes ago
Roxyc8908 asked:
We've been waiting for months on end to find out what will happen to our house. It has gone to auction several times. Now it has been bought by the bank. I'm just unsure what happens now.…
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A few minutes ago
Kathy Burgreen answered:
When you realize there is NO such thing as rent to own listings - even if you paid for it. They are all scams. You need to face reality that in today's market, most owners need to sell - not rent. Why can't you rent the regular way? Fix your credit and find a regular rental. If you want to buy, you need to cut your expenses and save money for a down payment. Also work hard on fixing your credit to at least 620. ... more
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A few minutes ago
Paypalaol answered:
It is always safe to go with a credit score > 720, as a landlord that is the only hold you have over the tenant, besides , look to on the credit report that there are not too many credit cards/ lines of credit that have large balances. Also check on renters history. It is better to wait (without a renter) rather than have someone that does not value the property or make payments ... more
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A few hours ago
Osekredi answered:
A few hours ago
Kathy Burgreen answered:
I believe you will have to provide the tax transcripts. It will not count against you. Having been a realtor, what I see as the issue is - mortgage fraud. Since USDA loans have max income requirements, what your lender is concerned with is - how do they know if you are lying and suppose you do return to work next year? Suppose you have some emergency or unexpected expense and you need to return to work. Then in theory, you lied on the application and now your combined income is more than what the USDA sets as their max income requirement. This *COULD* constitute mortgage fraud which is perjury or a crime.

It might be in your best interest if you talk with the lender and PROVE that if you have any unexpected expenses / emergencies that both of you will be OK financially and you do not need to go back to work.

I don't mean to scare you or anything - just want you to know how the USDA and lenders look at your application.
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A few hours ago
Kathy Burgreen answered:
As a former realtor, one method is to call some of the brokerages in your area and ask to speak with the Office Manager or Broker in Charge. Then ask that person to connect you with their best agent who has sold several homes in West Columbia within the past year. Once you get a realtor, ask that person for the price history of their sold homes. You want to see the date it was listed, how long it was on the market, the date it went to contract and the date it was sold. Do the same for homes under contract now. Also ask to see the pictures of the sold homes, How similar are these homes to yours?

Finally, you need to ask about your realtor's budget. Does your realtor have the money to pay for all the marketing he / she tells you about? Realtors pay for the marketing upfront since they will collect a commission check when your home is sold. HOWEVER, not all realtors have the money upfront to pay for everything they "promise" or tell you about. Many times, a brokerage (especially the national brand ones) have plenty of tools, software and marketing campaigns for their realtors to use. The issue is it costs money and not all realtors have the money upfront to use it. So you need to ask yourself, what good is signing with a brokerage that has all the bells and whistles if your own realtor can't pay for it?
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A few hours ago
Kathy Burgreen answered:
Do you have contingencies? Buyers can use any available contingencies to cancel their contract. You can lie about the reason. Example: If you don't want the home, you can use the home inspection contingency and cancel. For your lender, you can use the financing contingency, however, your lender was expecting to get paid with this closing so your reason for canceling will be upsetting to the lender. ... more
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A few hours ago
Mrvargaspogi13 asked:
What is the best energy drink on the market? I quickly lost my energy when I play with my kids. I also ask my friends but they don't have idea on it. I hope you could help me for this. Thank…
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A few hours ago
Kathy Burgreen answered:
In the Bronx, expect real estate agents to rip you off because they know they can get away with it. Brokers in Manhattan already charge plenty so those in the Bronx feel as long as Manhattan is charging high fees, why not? You can easily get around this and you DON'T NEED TO PAY BROKER FEES!!

What you need to do - go to as many rental apartment buildings as possible and write down the name of the property management company. If you don't see the name, try to get a hold of the super and he will tell you. Typically the property management company's name is inside the front door where the buzzers / directory is or on the outside of the building. You may even notice that one management company has several buildings.

Google the management companies and get the address and phone numbers. Visit their websites. If they have a website, typically you can submit an application online or there are instructions on how to get a rental. If one company has several buildings they manage, you should research each building. You can also visit their office in person and ask about their rentals.
Bottom line - Going thru the management company allows you to save money on broker fees. You will also have the advantage of dealing directly with them instead of having a broker intervene.
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A few hours ago
Kathy Burgreen answered:
As a former realtor, the following is what you need to know that realtors, lenders and builders will NEVER tell you (the truth):

When it comes to new construction, builders don't care at all about you. They are just interested in closings and making a profit. Builders know buyers like you LOVE new construction so they can get away with charging higher "premium" prices for new built homes. You can never negotiate the price because builders know they can easily get another buyer in 10 minutes or the same day who WILL pay the builder's higher price. A builder just has to tell you, "sorry but if you want to negotiate the price, get out of here and I'll get a different buyer this afternoon." The only role the realtor plays is trying to negotiate the cost of upgrades. Builders will negotiate items that don't affect their bottom line (profits). You also need to know that the builder's contract is written by lawyers to benefit them - not you. It is NOT the same contract that realtors use which is state authorized. Therefore, there are terms in the builder's contract that you need to change and negotiate. Items like: if anything goes wrong with the construction, you need to pay for it. The same terms apply after you move in. If anything goes wrong, you need to pay for it.

As for Return on Investment - with new construction, owners need to live in their homes for at least 5 years in order to gain any equity / return. The minute you move into your new built home, it is NOT considered "new" anymore. Therefore, if you move within 3 - 5 years, your home will be compared to older homes in the same neighborhood. It cannot be compared to new built homes. Yes, your home will lose value the day you move in. Depending on the market in your area, it takes about 3 - 5 years to gain back the value you lost. Remember, the builder charged you a higher "premium" price to buy that new built home. Yes, you can call it a "gotcha" or a scam. I know it's unfair.

Now for the older 1976 home. Since this is an individual seller (not a builder), you have the freedom to negotiate the asking price. Depending on your market, how motivated the seller is and whether there are other offers - will determine how much negotiating room you have. How well maintained is this home? If you submit an offer, make sure you have contigencies for a general home inspection & roof inspection. Make sure the home is tested for insects, lead and radon. Make sure your realtor is able to negotiate the price after the inspection results. You don't need the seller to fix anything from the inspection. You can pay for it yourself BUT you want to lower your offer price. This way, you know the quality of the repairs since you paid for it. If you let the seller fix any repairs, you have no control on how well the repairs were done. You just have to take the seller's word for it and that is not good. As a realtor, I told my clients to lower the contract price instead of fixing anything. By the way, the repairs will be much cheaper than what you can lower the contract price for.

As for Return on Investment - you do NOT lose any value the day you move in. Since it's not new construction, you gain equity the day you move in PROVIDED your contract price is in line with recently sold homes that are similar to this one. If you overpay for this home and you need to sell within a year, you will lose value. What you need to do is review as many comps as possible. You need to see what similar homes have sold for within the past 6 months, homes under contract and homes that are still on the market (not new construction).

Finally - HOA fees. You need to know that HOA fees do go up. Why the huge difference between $360. and $425.? What do these fees pay for? You need to compare what each HOA pays for. Suppose in a year, the fees increase to something like $370. and $435. OR suppose one HOA fee increases while the other HOA stays the same. You need to ask EACH HOA if they have any capital improvement projects on their agenda that will increase the fee. You don't want any surprises. Also ask each HOA about their cash reserves. Does each HOA have sufficient cash reserves to handle an emergency? HOA's that are short with cash reserves will need to increase their fees in the event of an emergency.

Good Luck!
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A few hours ago
Cowgirlup4849 answered:
If I only make 754.00 can I still buy a house
0 votes 153 answers Share Flag
A few hours ago
Efrain1987garcia answered:
A few hours ago
Theresacombs123 asked:
Hi, all
I need to renew my home mortgage immediately.I have few doubts regarding mortgage renewal.

1) Do I need to renew my mortgage to cover the outstanding balance that I owe on…
0 votes 0 Answers Share Flag
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