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07860 : Real Estate Advice

  • All14
  • Local Info2
  • Home Buying8
  • Home Selling1
  • Market Conditions0

Activity 12
Fri Nov 18, 2016
Lauren asked:
Wed Jul 20, 2016
Rachel asked:
So were looking at a foreclosure that is over priced, its 250,000. Its a 4 bedroom 2 and a half bath with a few acres. It has an underground oil tank and a lot of maintenance, probably…
0 votes 0 Answers Share Flag
Thu Aug 20, 2015
thinz answered:
Depends on too many things to give a specific % here...but you always come in lower.
The homes are not usually priced at the lowest amount the bank will accept. The reason is because the agent most times has no idea what the bank will accept. So here is a process we follow that works pretty well...there needs to be an MLS history established...so the price should start higher, or at least as high as the mortgage balance (which of course in some cases is too high...) but start higher so it can be proven there is no demand at the value listed. Systematically lower the price until you get to the point where you can generate a purchase offer within 2 weeks. Every house can get an offer at the right price...even a dump!
Before accepting the offer and moving forward, qualify the buyer...make sure they know to do all their due diligence ahead of making an offer and to not come in at their highest and best price. They will likely need to counter the bank's offer...this is critical for the buyer to understand.
Once the offer is received and the package submitted to the lender, the lender will order the BPO from which the value comes from to negotiate from. At that point, there is many times a percentage less the lender will take off of the BPO value...but again, too many factors to outline without having specific details on the home/seller in question. Email me direct if you need help with this.
Tom Hinz thinz@apexgroupus.com www.shortsaletosell.com
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0 votes 2 answers Share Flag
Tue Nov 19, 2013
Michael DeChristofano answered:
Debra -
You should definitely secure financing before moving into a contract. We can help with that.
My service and client support is my #1 priority. I am not just a simple 9-5 Mortgage Lender.

We are a Direct FHA -203K Lender for HUD. We are an in-house lender that keeps your loan and does not Broker it out.
I have been writing mortgages for over 12 years now. My company is rated A+ with the BBB.
Here is my email: miked@ahmcloans.com

I offer no pressure consultations and can advise multiple options when Purchasing or Refinancing.
My cell phone is: 201.403.6587

I look forward to helping anyone in need of a Mortgage for a Purchase or a Refinance!

Michael DeChristofano
NMLS#214287
Absolute Home Mortgage Corporation
miked@ahmcloans.com
cell: 201.403.6587
... more
0 votes 3 answers Share Flag
Fri Aug 9, 2013
Nina Fradl CNE,ePRO,SFR,SRS,GRI answered:
I sense a lot of frustration! If you have already seen this home, then you are already working with an agent. It is best to continue any efforts on that specific property with that agent.

If you called the listing agent directly, and that agent indicated it is already under contract, you likely have not yet seen this home. In a short sale, the seller still holds title to the home, and controls the listing. If the seller does not wish to show the home to anyone else, then we have to follow that instruction. If, however, the seller will allow a back up offer, then by all means give me a call. I would be happy to show you this property, and submit a back up offer for you, if that is what you wish to do after seeing it. Give me a call, 973-262-5962

I would be happy to share my knowledge and help you find just the right property with the benefit of my expertise. There are many factors to take into account when considering a purchase of a distressed property. Distressed properties involve more risk to a buyer than a regular purchase. Let's sit down and go over what you need to know so that you are prepared. Knowledge is power!

Nina Fradl, REALTOR, CNE, e-PRO, GRI, SFR
Realty Executives Exceptional Realtors
54 Woodport Rd.
Sparta, NJ 07871
email: Nina@NinaFradl.com
Ofc: 972-729-7141 x1506
cell: 973-262-5962
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0 votes 3 answers Share Flag
Fri Aug 9, 2013
Darin Redding answered:
The OP posted in 2009 and we are still receiving replies. Good stuff! I saw my post from 2009 and realized the web reference cited is incorrect. Corrected now.

I wonder how the OP made out? If you are still there OP, could you give us an update? ... more
0 votes 18 answers Share Flag
Sun Jul 28, 2013
Larry Sarlo answered:
If it's in writing then pursue eviction...

If they are refusing to show the property then evict on those grounds. does your lease allow for showings?
0 votes 4 answers Share Flag
Fri Feb 22, 2013
Judy Golland answered:
Down payment requirements depend upon the type of loan and the amount of the loan for which you qualify. There are loans that require no down payments, for example, but have additional restrictions. The process of obtaining mortgages has become quite complex. It is best to speak with a reputable and experienced mortgage lender before pursuing a home. I would be happy to direct you to one. ... more
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Sun Aug 26, 2012
Kathryn Kim Loizzi answered:
Hi Erik,

All of the information you have gotten is good information. Since you already own a home you would be financing a second home. You can own 2 homes and not have it considered an investment property. To avoid PMI you always want to put down 20%. If you put down anything less than 20% on a home you will be subject to PMI which is an insurance policy the mortgage lender takes out in case you default on the mortgage. So to keep your payments lower and pay for what you own (principal, interest, taxes and HOI) you want to put down as much as possible. With rates as low as they have been these last several weeks, one wold be very tempted to keep as much as possible in the bank. My advise is to speak with a qualified mortgage person and an accountant if you have one. They are the experts. I have a mortgage person for you and a real estate attorney who also has a masters in taxation (the best of both worlds) if you need some direction.
Feel free to reach out. 201-446-1117 KimLoizzi@RealtyExecutives.com
... more
0 votes 5 answers Share Flag
Sat Jun 30, 2012
Jeanne Feenick answered:
Here is my advice - if you are not getting showings or offers, you've got a pricing issue. Recommend you lower the price to attract the buyers. If you are getting showings and turning away offers because buyers are not in the position to cover closing costs, then go back to those buyers and offer to consider a seller's concession to cover them.

Here is the wrinkle with seller's concessions - your price is the net, but the purchase price on the face of the contract and for the appraiser/bank is the price grossed up to include the concession. The home must appraise to cover that higher price. Essentially, the concession is allowing the buyer to finance the closing costs. So the issue can be that it may "strain" the appraisal.

There is a possibility then that your home may appraise adequately to cover your net, but not the price with the concession, and then you'd be at a decision point - either reduce your gross price and with it your net, or lose the buyer. That can be a tough nut to swallow.


Good luck to you,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
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0 votes 11 answers Share Flag
Fri Jul 22, 2011
Christine Tremain answered:
Hi Maresolespiaggia,
Maybe you have already made your decision but I just came across your question and must add my comments! For background, I live in Stillwater which is a neighboring town to Fredon. I love this area and all that it has to offer. There is plenty to do and many places to explore with the family. Like you said, you will miss having anything and everything at your fingertips but I think you will adjust. I did live in a very urban area in Colorado and still miss the conveniences everyday but I love the beauty and open space here in Sussex county. Wouldn't trade it for anything. Happy house hunting :)
Christine Herrmann
... more
0 votes 6 answers Share Flag
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