This is when your buyer agent earns their money, they should be assisting you. If you did not have one you may need a lawyer to review your contract. Your question was about a month ago so i hope you have worked through the issues. When buying a bank owned property, it is best to complete a quick inspection before making an offer so you can identify what the property needs before making that offer.... more
Here in Michigan only 1 Buyer's agent gets paid, so I would flip a coin or split the commission. Or as a wife my motto is "Happy Wife, Happy Life". Good Luck!
Remember you still have to disclose both buyers' are Agents on PA.... more
Even though the question was asked in March of 2013, it is still a popular question from those seeking a real estate investment. Manchester remains as the leading city for investment properties because you will find the most available and variety of properties here. Which property to buy depends on what your goal is. If you are looking for monthly income? or are you looking to build equity? you need to think that a 2,3 or 4 unit building will bring in more income but also be the most work. A condominium will be the least amount of work and a single family may build the greatest equity. Either way by going overt your goals, your desire, your level of work and available funds.. The right investment property for you can be established. You can email or call any day.
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Jonathan there is no doubt you have received a wide range of advice. INDEED old school Real Estate agents did sit down and pre-qualify their buyer letting them know what the APPROXIMATE costs of the mortgage, insurance, taxes and utilities may be. In today's real Estate world many agents pass that task off to the loan officer. THE KEY is working with a good buyer Broker who works WITH the loan officer to answer those questions. I would be more than happy to assist you. Please email me at email@example.com and I can assist you in getting pre-qualified with a local and trusted loan officer and get you those answers.
Jonathan mortgages are not just based on credit score. With a large down payment, credit score can be nearly anything. Your best bet is to meet with a local and trusted loan officer who can pre-qualify you at no cost and look at your score plus your financials. I work with some very good loan officers if you need some assistance with a name and number.... more
Andrea before you reach out to the collection companies, meet with a local and trusted loan officer. If you would like a referral of some good loan officers I can certainly forward their names and numbers. They can pre-qualify you at no cost and let you know what may need to be done if anything. Collection accounts do have time limits on what can be collected depending on what type of debt is. Calling them can start that clock again so wait until you hear from the loan officer what is best. If you would like assistance with the buying process I would be more than happy to help you. Please email me at firstname.lastname@example.org
As Scott points out...seller financing is not as common now as it has been in the past few years, when it was a buyer's market. Now that the tables have turned, and the seller's are in the driver's seat, it's not so easy to find. But it is out there. The key is incentive, which means seller's will need to be LURED into it. A big down payment is often an incentive, but the buyers typically looking for seller financing are usually not the ones that have a bunch of cash to make the big down payment. Kind of a "catch-22". Best of luck to you...... more
For legal questions you should ask your bankruptcy attorney. When you file with the court, it will halt the foreclosure temporarily. the bank can ask the court for an order to continue foreclosure and if vacant an order to secure the property. Again for a true legal explanation, you should ask your attorney.... more
I agree that anyone you have to pay is not a mentor. Start with a good Buyer Broker who is WELL experienced in Investment properties. If you would like some assistance in getting started please contact me.
Patty the estimates you see on Trulia and similar sites are often not realistic when it comes to what a home is worth in todays market. You often can not change what they have in their formulas. It is unfortanate but a fact of life we face every day. They use recent sales and property transfers that are often not true market value which often values homes much less than what they are actually worth. The best way to get your homes true value is by having a local and trusted Real Estate broker complete a BPO known as a Brokers Price Opinion. it will look at the 3 most comparable and recent sales and 3 homes most similar currently listed and arrive at what your home is worth, what you should ask for it if you placed it for sale and what you would probabily sell it for in todays market. Please feel free to contact me if you need assistance selling your home.
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There are pros and cons to both. If you are living there you should want to take advanatge of the tax benefits it being owner occupied. If it is going to be a rental, then you mnay want the company or perhaps a seperate realty trust not connected to the company. The best bet is to as a lawyer who can break down the benefits, pros or cons of each for you. If you would like some help finding a property, please let me know. i would love to help you.... more
When you say a few months old. Is a 2 or 3 months old. Yes, it could be used as long as the lenders agree. If is older than 3 months I do not recommended it to do that. The comparable definitely are not good anymore.
Sheila if you rented they would giove you a 90 day eviction. If you were owner occupied they will give you a 30 day eviction. Once the auction is complete the home is usually assigned to an asset management company which then assigns the listing to a local agent who is on their approved list. You would then get a letter from the. The eviction is done by the banks attorney. You may have an opportunity for cash for keys, they will pay you to get out in 30 days or less to help with your move. The amount is negiotiable, the rule of thumb is teh faster you can get out, the more money they will goive you. Good luck working things out... more
You can ask your friend to leave, certainly. Your friend is a tenant, friend or no. He has no ownership rights to the property. He probably does however, have implied tenant rights. If he does not leave, the owner of the property, whether they wish to or no, needs to give proper and statutory notice to have him evicted. Hopefully, some paperwork, or a stern talking to, will convince him to move out. Talk to a clerk at your local housing court for the process and paperwork, but... more
Just a quick addendum to my answer below,
HUD says FHA borrowers can now receive the $8,000 tax credit up front and can be used for closing but not for a down payment. This is a powerful assistance to your housing needs.
On a normal resale property the time for commitment can be as little as 3 weeks from executed purchase and sale agreement and probably not longer than 4 weeks. This can be a factor of which lender the buyer is using and how busy the underwriting department is and also what financial condition the lender might be in with foreclosures...is the lender solvent. Also, delays can be a function of the new rules that underwriters are addressing due to the subprime meltdown you read about in the newspapers. Things are changing out there in lenderland, changing on a day by day basis and there is already a lot of bureaucracy in this process to begin with. If you have missed your date, you have options as a seller, one of which is to pull the plug on the deal...I would talk to your agent first.... more
This is one of the most asked questions, especially lately by my home sellers. 14 days is too early to take a drastic price descrease unless the home was priced way over market value to start with. I dont like goving a percentage but rather try to keep the price with certain plateaus. such as instead of pricing at 203000 to reduce to 199900 as most home searches will be in 25,000 or $50,000 increments. The key is pricing the home correctly first. In this market it is best to take 3 comparable sales in your neighborhood in the last 3 months and 3 comparable listings and average them adding or subtracting for extras your house has or doesnt have. Condominiums are more subject to price increases and decreases as they are usually very similar in size and style and differ in property condition. Here in NH i have seen decreases in even the most popular complexes drop $15,000 to $20000 in the last 3-6 months. Homes dont always see this drastic of a price drop. If your in a condo complex and there are 10 homes for sale, when someone looks they will start at the lowest and then move there way up until they find one they like, being the highest price, you will not get people to see yours even thogh it may be the nicest because they are shopping price first. When deciding to lower the price use feedback from showings or the lack of showings to determine why your value is dropping. Location, condition and teh need for repairs will affect this amount more or less. It is important in this market for the seller and the agent to price the home correctly, dont inflate it, you cant... listings that are in good condition and/or priced right ARE selling. If they are not look at why and adjust accordingly, but you really cant say a percentage.... more