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07514 : Real Estate Advice

  • All9
  • Local Info0
  • Home Buying8
  • Home Selling0
  • Market Conditions0

Activity 8
Fri Apr 6, 2012
Elizabeth Garcia answered:
Normally the seller would cover the cost unless your buying a bank owned REO property. Your attorney should negotiate in your favor after you do your home inspection.
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Sun Nov 20, 2011
Richard Varney, Jr answered:
After binding an HO policy for your home, if the inspector sent from the insurance company discovers a termite infestation in your home, the policy could be terminated.
0 votes 6 answers Share Flag
Thu Feb 18, 2010
Jeanne Feenick answered:
Hi Roxy, Marc gives you good advice on probing further on the appraisal. but the most important point is that a review of the comps will give you the answer of what the fair price for the home is and guide your offer and negotiations.

A seller can ask whatever they like, and buyers can offer whatever they like. But the comps support the market value discussion and are what the bank appraiser will review to determine value. If the home does in fact under appraise then it could cause issues with the deal, either you put in more money or the seller agrees to negotiate the price.

Talk with your agent about the pricing - this is what we do!

Jeanne Feenick
Unwavering Commitment to Service
... more
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Thu Sep 17, 2009
Francesca Patrizio answered:

I would ask . . . . (1) were you pre-approved or pre-qualifed before signing a contract for sale? (2) were you represented by an agent before signing a contract and did that agent review/solidify the preapp/prequal and advise you of the pro and cons of entering into such a contract based upon the approval (devoid of the non-existent co-signer?

I'd have to agree with the previous posters that at this point, it is a matter better addressed by an attorney. If your attorney is non-responsive, then send him/her a letter stating such and exercise your rights to seek alternative counsel without obligation and your need to receive an immediate response. If he/she continues to be non-responsive, then with this documented correspondence/coupled with his/her lack of response should warrant the need to seek alternative counsel devoid of financial obligation to your current counsel.

I apologize for any inconvenince this experience may have caused you.

Love and Peace,
Francesca, ePro, SRES
... more
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Wed Sep 16, 2009
William Leigh Holt answered:
Connie: John is right, yet again. What fee? What for? To whom paid?

First, read your contract. It will tell you of any fees that you owe the seller. Then there might be a fee that the mortgage company wants. Note that I say "wants." I'd tell them that you want any fees returned that were you paid that were unnecessary, such as an appraisal fee generated BEFORE they had checked your credit and came up with the need for a co-signer. Finally, there may be a fee the attorney is charging you for having gone into the deal as far as he/she has. It could be that it is less than any fee quoted for counsel in the entire deal. This may be a nice way of getting you to at least chip in for the time the attorney has spent.

You might ask him/her if they would let the fee go, since it is obvious that you are not rolling in dough. It can't hurt to ask.

Best regards and I hope that in the near future you will be better able to qualify for a loan. In fact, if you are really intent, you might talk to other lenders. Each one is somewhat different and you might be able to find financing even now.

Bill Holt
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Tue Jul 28, 2009
Laura Giannotta answered:
It depends on what your contract says about deposit monies whether or not you'll be able to get it back. As already explained, if you've changed lenders, you're starting the process all over and that means more paper work.

Remember you're attorney works for you. Ask the questions you wanted answered. Though the answers might not be what you want to hear, ask and listen.

Where is your REALTOR in this process?

Laura Giannotta
Keller Williams Atlantic Shore
... more
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Mon Jul 27, 2009
Pablo Lopez answered:
Hi Connie,

The first thing you should be looking for is a Good Faith Estimate provided by the broker/lender that originated the loan. This document should be presented and explained to you at the time you signed the loan application/1003; also reveived a copy of the said document no later than 3 days after you signed your mortgage application. Things that you want to look for in the GFE are: Origination Points, Discount Points, Appraisal fees, Credit report, Broker Fees, Commitment fees, Lender Fees, Per-diem interes, Pre-Paid Items, Atty Fees, Recording fees, Survey and other fees. Seek for a second oppinion once you obtain the GFE and compare number. Some brokers will tack processing fees, undewriting fees, title review and other junk fees. Generaly direct lenders will give you a better deal on closing cost in comparison to a broker or a banker that won't close in their name. Good luck with your home buying process. ... more
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