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Home Buying in Rapid City : Real Estate Advice

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  • Local Info2
  • Home Buying15
  • Home Selling0
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Activity 19
Sat Jan 9, 2016
Bittersweetjm64 asked:
Tue May 26, 2015
Mary Gorcoff-Knecht answered:
It's never too early to get connected with an excellent lender who can help you through this process. In fact, it's not a bad idea to interview a few to make sure you are working with someone you like on this major purchase. I work with several excellent lenders and would be happy to connect you with them so you can interview them and find one that fits for you. ... more
0 votes 10 answers Share Flag
Wed Apr 15, 2015
djennifer009 answered:
I think it depends on what the professional says. If there really is a problem with the furnace, then it's the seller's responsibility to repair things. An odor isn't always a sign of a problem, though. You're doing the right thing by getting it checked out either way. http://www.wightmanmechanical.com/furnaces.html ... more
0 votes 14 answers Share Flag
Thu Apr 9, 2015
Javier Montiel answered:
It depends on what percentage you agree on. Commissions can be negotiated.
0 votes 4 answers Share Flag
Thu Mar 26, 2015
Dan Tabit answered:
K-Klug,
By law no one should give a direct answer. X% is normal, customary or standard violates the Sherman Anti-Trust act. Saying, "you get what you pay for" isn't always the truth either. Some high price agents are lazy, unmotivated and give the industry a bad name. Some discount agents are worth more than what they collect, but not all.
The truth is a great agent is worth more than whatever commission arrangement you make with them. They add value to a transaction and do way more than just post a sign in the yard and have someone make up a flyer. There are lots of strategies on how to market a home, for who, where and what type of marketing may benefit a specific style, location or type of property.
They know how to look out for your safety in both personal ways, property wise and legally. They put your interests above their own and those of the buyer. They know how to read a pre-approval letter and sniff out the ones that mean something versus those that mean nothing. They will negotiate your deal so that you come out as well as possible and leave the other side committed to the deal at the same time.
They will shepherd your deal to a safe closing troubleshooting issues before when possible and as they come up as necessary. They have the vendors, experience and knowledge to keep a deal together when things go sideways, if it's at all possible.
So, what should the percentage be? Whatever it takes, high or low to get the best possible agent to work on your behalf. Your home represents a huge investment, don't take it lightly. A great agent is worth more than whatever you pay them, but a bad one can cost you way more than just a commission. Best of luck.
... more
0 votes 1 answer Share Flag
Sat Nov 22, 2014
My NC Homes Team answered:
Less than 2% is my guess and those 2% are either dumb as dirt or institutional buyers purchasing as-is form lenders and there's no option given for a home inspection
1 vote 1 answer Share Flag
Tue Sep 2, 2014
Kristina Carlson answered:
It is definitely possible to get your closing costs covered when buying a foreclosure, it just depends on the bank. There are a few that allow you to roll your closing costs in the mortgage but unfortunately you will not find out until the offer is submitted to the bank. It is more often than not a lengthy process so make sure you have the time to hear no from a few banks before you get a bite! Ask your realtor to put the closing cost verbiage in the offer and fingers crossed that the lender will accept. ... more
0 votes 7 answers Share Flag
Tue Sep 2, 2014
Chuck Mauszycki answered:
Tue May 13, 2014
answered:
Hi Gerald,

Thank you for your service.

Technically you can but it would be a 1st and 2nd mortgage combo with the VA loan in 1st position.
The main issues you're likely to run into are as follows.

1) Finding a lender that understands the VA 2nd tier or bonus entitlement. I do and you can find more info on it by clicking the link below.

2) Finding a lender to do a 2nd mortgage that will allow you to count the rental income form your current home to help offset that mortgage to help with qualifying for the new mortgage. There are even VA lenders that will not allow this on the VA mortgage but I do.

3) A lender that will do a 2nd mortgage to 100% of the homes appraised value.

To buy a new home at $425,000 using your remaining entitlement under the VA 2nd tier you would need a down payment of $54,756.25 so you wouldn't need a 2nd mortgage of $200,000.

Check out my recommendations here on Trulia from some of my past clients by clicking the following link. http://www.trulia.com/profile/johnburke/#__rec


Please feel free to contact me for more information or help. You can also find info on my VA Mortgage website by clicking the link below.


John Burke
Senior Mortgage Banker
Great Plains National Bank
(877)228-9069
... more
1 vote 1 answer Share Flag
Thu Sep 12, 2013
Tony Divan answered:
If you have the address I can verify if any land comes with it.
Thank you
0 votes 1 answer Share Flag
Tue Apr 2, 2013
KMitzel asked:
I am a first-time homebuyer with a large amount of student loan debt. I also have some credit card debt as well (hopefully will be under $8,000 by the time I graduate and am ready to move).
0 votes 0 Answers Share Flag
Tue Feb 26, 2013
Seth Malott answered:
It is never too early to begin to looking. A majority of the individuals I work with are active duty and I see this quite a bit. I have clients in Texas that aren't ready to purchase until next year and I have already been in close communication with them. If you are a USAA member, there are benefits and incentives for using myself and them when purchasing a home. I would be happy to explain in more detail what those benefits are if you don't mind e-mailing me at your convenience. I look forward to hearing from you!

Seth Malott, e-PRO
CENTURY21-ClearView
seth.malott@gmail.com
... more
0 votes 6 answers Share Flag
Sun May 20, 2012
Eloy Maes, GRI answered:
The problem found in the inscpeciton may not have been known by the selleing agent and therefore under no obligation to disclose it. If the advertisement said as is before the inspection then there was no attempt to hide the condition. Disclosing such conditions in an ad is seldom practiced but should be available with the property disclosure as required by South Dakota State Law, with a few exceptions, if it is available. After the inspection and it is disclosed then the selling agent should make sure the sellers make such condition change on the disclosure forms. It would be okay to say inspection has been completed and is available if it was shared with the sellers or sellers agent. The buyer is under no obligation to share this report with the sellers since it belongs to buyer. Asking for repairs would require sharing that portion which repairs are being asked for. ... more
0 votes 7 answers Share Flag
Sun Mar 11, 2012
Judy Rohde answered:
If you are still in negotiations, you can ask for repairs. If you have an accepted purchase agreement the only way to include repairs would be with an amendment that the seller would agree to. But keep in mind, paint is cheap and just takes a little elbow grease! If you don't want to loose the home you will paint as your first home owner project. One of many to come!! Good luck Judy Rohde ... more
0 votes 8 answers Share Flag
Wed Dec 14, 2011
answered:
Jerry,

Congratulations on your upcoming return from the Philippines. As Bo stated below, most homes qualify for VA financing. Occasionally items come up on the appraisal that can slow the process. For example, if the property was constructed before 1978, any area with chipping or peeling paint must be stabilized (i.e., scraped and painted to remove the lead-based paint hazard) and a lead paint notification and disclosure must be provided to you. That is where working with an experienced realtor who understands your situation is exceedingly important. They will be able to advise you on homes that will likely qualify.

It is also important to make sure you're working with a Loan Officer that understands your situation. If you would like assistance getting prequalified for your loan, I would be more than happy to help. My cell is 6054843591 and email jesse@rushmoremortgage.com.

Jesse Herrington
... more
0 votes 2 answers Share Flag
Sat Feb 20, 2010
Richard Lecinski answered:
Mon Nov 2, 2009
Cheri St. Pierre answered:
Unfortunately, no. However you can wait. This might change. The tax credit is about to come to a completion December 1st. But as the date gets closer there is more and more discussion wether it will be extended and possibly changed. They might change the guidelines. If they do it might open up the doors for other home buyers. My suggestion to you at this point would be to wait and see if they come up a new plan. Good luck. ... more
1 vote 2 answers Share Flag
Tue Oct 14, 2008
Sylvia Barry, MAS,CIPS,SRES answered:
Hi Robert:

A 21 days close - assuming you get into escrow tomorrow - is a pretty aggressive schedule in this market - especially with how difficult it is to get loan approved and such.

Make sure you get your loan locked, check with your lender that they will be able to approve your loan, provide the loan doc and be able to appraise, fund and close escrow within the 21 days period.

Make sure you have enough time to do all inspections before then.

Make sure after you remove all contingencies, you have plenty of time to pack and move into the house at cloe of escrow and hopefully you are not paying your rent at the same time.

Why does your agent want you to close by 11/4? Is this a sellers market? Is the house generating multiple offer and you are competing with other offers? Is there a requirement by seller that you close faster - although if this is not a sellers market, you shall not have to bend backward. Does he have to sell by then so he does not go into default?

Ask your agent for the reason why he suggested that, he should be able to provide answers for that. Also make sure you can fulfill all your contractual terms with that period of time, then decide what to do.

Best,
Sylvia Barry
Marin Realtor
For All Your Real Estate Needs in Marin County
... more
1 vote 2 answers Share Flag
Thu Sep 4, 2008
Tristan Emond answered:
Hello!

If you run a search for other homes that are for sale in the area - there's one listed on 426 East Jackson - and look below the map on the listing details page, there is a button to "view all comparables." That will run you a list of the comps in the area with breakdowns on bedrooms, bathrooms, price per square foot, etc.

I contacted the rental firm associated with our office to see if I could get an idea of what a home in that area would rent for. Sounds like a nice, 3 bedroom home with single car garage was renting in the $800.00 range. However, if it is more run down, that price drops down to around $600.00 per month or so. They rented a 3 bedroom, 1 bath home on East Jackson for over $800.00, but they are still advertising one for rent on Van Buren (2 bed, 1 3/4 bath) for $625.00. How much you might be able to get also depends on the time of year, when people are looking, etc.

I hope this helps. If I can help you with your purchase or get you a listing of other comps in the area that may not be listed on Trulia, please feel free to contact me!

Tristan Emond
Broker Associate
Prudential Kahler REALTORS
605-391-7086
tristan@rapidhomesonline.com

2401 W Main
Rapid City, SD 57701
... more
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