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Home Buying in 11226 : Real Estate Advice

  • All37
  • Local Info2
  • Home Buying18
  • Home Selling0
  • Market Conditions3

Activity 15
Wed May 28, 2014
Mark D asked:
Thu May 22, 2014
Craig Bosse answered:
You don't have to wait.....

We have a portfolio "2nd Chance" loan that allows you to buy again just one day after Short-Sale or Foreclosure. You can only have one on your credit and you will need a 20% down-payment and 660 mid FICO score. Late payments acceptable.

This loan is available in - AZ, CA, CO, DC, FL, HI, IL, MD, MT, NV, NJ, NY, NC, OR, SC, VA, and WA . Loan amounts up to $4 million +

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0 votes 19 answers Share Flag
Wed Aug 21, 2013
Michael Denniston answered:
Hi Caroline, I can't speak for Wells Fargo, but I've never had a client denied based on an appraisal that came in at or above the purchase price on the contract. The rules on appraisal values for purchases are straightforward: the property must appraise at or above the purchase price (including the sellers concession, if any) in order for the lender to have sufficient collateral for the proposed mortgage.

In fact, the appraisal is not "short" or "low" unless it comes in below the contract price.. And then I normally say " congratulations" to my client because most contracts allows the buyer to go back to the seller and ask them to reduce the purchase price to reflect the actual appraised value. Of course, the seller can say " no." in which case the buyer can opt to make up the difference or walk away from the deal and get their deposit refunded.

You are entitled to receive a copy of your appraisal irrespective of the value along with a Declination Letter stating the exact reason for your denial. Where's your banker and attorney in all this? Are they MIA. There should be no reason for you to seek answers from the Trulia community on this issue when those two professionals are supposed to guide you through the mortgage process from preapproval to closing. Hold them accountable!

Should you require a second opinion on your purchase, please feel free to contact me directly at 917.699.0183 or via email at

I value your feedback, please hit the thumbs up button if my answer was helpful. All the best.

Michael Denniston
Senior Mortgage Loan Originator
NMLS License #24076
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0 votes 8 answers Share Flag
Wed Aug 14, 2013
David answered:
Looks like the answer below is looking for brownie points answering a question more than 2 years old. Trying to get a VIP badge Joyce?
0 votes 14 answers Share Flag
Tue Aug 13, 2013
Joycelewis412 answered:
There are owners who have had a foreclosure or short sale years ago who just got approved to buy a new home. Nowadays, many lenders have flexible loan programs that you can take advantage of. Visit an expert in your area to see if you qualify. You can also search online.

Check if you qualify for mortgage. Try
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0 votes 2 answers Share Flag
Thu Jul 18, 2013
Rhonda Holt answered:
Hello, by law the bank must select their own appraiser and use that particular report. You are free to do what you like but it will not be used. The reason for this is to make sure the appraiser is working in the best interest of the bank to make sure the price you are paying for the property is valid before they lend you the money and no one is influencing the appraiser. ... more
0 votes 5 answers Share Flag
Thu Jul 18, 2013
Jennifer Fivelsdal answered:
It will match only sometimes. Most time it is higher are lower.

During the economic downturn it was not uncommon for an appraisal to be less that what the buyer and seller agreed to. If this was the case the buyer would have to make up the difference, walk away or re-negotiate with the seller., ... more
0 votes 7 answers Share Flag
Fri Feb 15, 2013
Abu Musa answered:
You may talk to a local real estate agent to buy real esatate. Your agent will guide you to success.
1 vote 8 answers Share Flag
Thu Aug 23, 2012
Coldwell Banker Shayovitz Realty answered:
i'm the Chairman of Approved Funding, a Mortgage Banker. Give me a call. 718-339-8800 -ext 242
0 votes 11 answers Share Flag
Fri Jul 27, 2012
Robert Tracey answered:

Thank you for your inquiry. I can definitely assist you in this matter. You can contact me at 718-376-4994 or

Robert Tracey
0 votes 4 answers Share Flag
Wed Jun 20, 2012
Trevor Curran answered:
Dear Nikki,

If you have a decent credit score (because you pay your bills on time, and don't owe the maximum on your revolving credit accounts, and keep your credit use conservative) then you need to stop worrying so much about inquiries! Most of the credit update junk being offered to consumers is just that : JUNK! It's the credit bureaus trying to make money from innocent consumers by frightening the heck out of us. Don't give in to the madness and the hype.

Here's some TRUTH about credit inquiries: If you are shopping for an Auto Loan, Student Loan or Mortgage Loan, multiple inquiries on your credit report in a 30 day period will have NO EFFECT on your credit score!

Not only have I read this at the FICO (Fair Isaac Company) website, but I have seen this with my own eyes on consumer credit reports. FICO Education page:

I recently had a client whose report showed six inquiries in one day at a car dealership. She was shopping for financing programs and they had run her report six times in a single day. Her score had not changed since I last ran it.

When a mortgage professional tells you "don't let anyone else run your credit," what he's really saying is, "Don't compare my services and terms to anyone else." In other words, he's lying to you to keep you as a client. Me, I prefer the truth and transparency. I also prefer to educate my clients on the finer points of financing so they can make the best decision possible.

More here:

Trevor Curran
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1 vote 5 answers Share Flag
Sat Mar 10, 2012
George Capella answered:
The mail has to be going somewhere, check with all city agencies and see if they have an updated address. Or you can send mail to the owner at the address listed with mail fowarding and return reciept where they have to sign for it. If the mail is fowarded it will show up on the mail reciept.. Good luck ... more
0 votes 3 answers Share Flag
Sun Mar 21, 2010
; answered:
Kahi, the figure shown on the lis pendens action is often the amount of the mortgage balance owed, absent any seconds, or payments in arrears.
0 votes 6 answers Share Flag
Wed Dec 9, 2009
Charles D'Alessandro Sr answered:
GooD morning A, a buyers broker is one who represents the buyer exclusively by contract . The buyer agrees to pay a fee to the buyers agent.. Go to my blog for more information ... more
0 votes 5 answers Share Flag
Sun Dec 28, 2008
Lou Belisario answered:
You should make an offer that best fits your financial requirements. Interest rates are low and prices are to sell, Id make an offer. Waiting another year to save money will more than likely cost you more money. Once the new year starts the prediction is that because interest rates are so attractive and because home prices have dropped signifcantly that more buyers will buy, there for highering the demand and lowering the supply. Forcing interest rates back up and prices to start climbing up as well. If you have any other questions do not hesitate to call me at 1-347-702-3316

Thank You

Lou Belisario
Fillmore Real Estate
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0 votes 6 answers Share Flag
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