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Home Buying in 19114 : Real Estate Advice

  • All44
  • Local Info1
  • Home Buying26
  • Home Selling3
  • Market Conditions0

Activity 25
Thu Jun 15, 2017
Kenyetta andre answered:
I'm currently going through the process of buying a home. I've already been pre-approved for FHA loan. I gave them all the necessary paystubs and w2 from 2015 and 2016. On may 24 2017. My job closed down. I'm collecting unemployment now. My closing date in the house is 7-14-2017. I'm scared my loan will fall through now. Any advice in this matter is helpful please. I don't know wether to let the bank know. Help please ... more
0 votes 6 answers Share Flag
Thu Jun 8, 2017
Teresajones74 asked:
Tue Dec 8, 2015
Five Stars answered:
pretty much every bank and lender will offer FHA loan today. Just talk to a few people and use the one you are comfortable with..

Five Stars Mortgage
National Home Loan Resource
7 days week - 9am-8pm
Ph: 800-871-2636
www.FiveStarsMortgage.com
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0 votes 7 answers Share Flag
Fri Mar 13, 2015
Theresa Weikel asked:
Tue Apr 3, 2012
Philip J. Cunningham Sr answered:
Please call me at 215 725-5700 with the addrtess and I'll research the address and help you contact the current owner It most likely the city of Philadelphia for back taxes or the bank on a foreclosure. Either way I'll be more then happy to help out.
Philip Cunningham Sr
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia,PA 19152
215-725-5700
PhilCunningham2004@yahoo.com
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0 votes 6 answers Share Flag
Tue Apr 19, 2011
Dallas Texas answered:
Against professional code of ethics for any Realtor to predict the future of any property or community

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
... more
0 votes 2 answers Share Flag
Wed Nov 17, 2010
Brian Yoak answered:
Hi Arretta,
There are a couple homes available on Convent. Could you please send me the address or what companies sign was up so we can narrow the search down.,
0 votes 3 answers Share Flag
Wed May 19, 2010
Robert A. Martini answered:
Home Buyer-
Pending Sale: This usually means that there is a contract on the house and there are no contingencies outstanding. The buyer's financing is approved and the inspection has been done and repairs have been negotiated. All that's left is for the closing attorney to put together all of the closing documents for the buyer and seller. Usually very few transactions fall apart at this stage. There might be a few sellers who will still allow their home to be shown and take a back up offer just in case. If you ever need a real estate term definition please refer to the real estate encyclopedia available on the site below.
Hope this helped!

Robert A. Martini
REALTOR®, e-PRO®
Keller Williams Real Estate
Philadelphia PA
215.605.5497
... more
0 votes 7 answers Share Flag
Thu Feb 11, 2010
Robert A. Martini answered:
Contracted by April 30th 2010 (signed contract, lending in place) , settled by June 30th 2010 (Go to Settlement- home changes hands). For 200k you might find a home already fixed up . Start the process by getting approved by a mortgage lender. At Keller Williams Real Estate, we have a 3 floor cutting edge facility with mortgage lenders on site to make your home buying experience less stressful. Contact me if you need any help.
Good Luck!
-Robert A. Martini
REALTOR, ePRO
Keller Williams Real Estate
215.605.5497
Rob@PaDreamHouses.com
... more
0 votes 47 answers Share Flag
Sat Feb 6, 2010
Svetlana P. Casey answered:
Thank you for your question. The average home buying transaction takes about 60 days. Therefore, to comfortably meet the April 30 deadline to be under contract and close by June 30, buyers should be shopping now. If you have specific questions about this would affect your taxes, check with your tax accountant or attorney.

Basic information for 2010 Homebuyer Tax Credit on our website: http://coldwellbanker.com/servlet/News?action=viewNewsItem&contentId=14503239&customerType=Buyer

Being pre-approved for a mortgage is the most important step for the success of your home search!
Preapproval is also the foundation for your negotiating position with sellers. You need to find your purchasing power prior to searching properties.

Kind Regards,
Svetlana
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0 votes 11 answers Share Flag
Wed Feb 3, 2010
Gita Bantwal answered:
In Pa we have agency laws applicable to relationship with real estate agents. The listing agent represents the seller. If you go to an open house and tell the agent that you love the house and will make an offer and are willing to increase the offered price , the agent can tell the seller what you told because you do not have an agency relationship with the agent.
If you have an agency relationship with a buyer's agent who will negotiate for you, the agent should not mention any confidential information about you to anyone.
The agent will give you a consumer notice at the initial appointment and explain agency types. You should interview two or three agents before choosing an agent or ask for referrals from your friends who purchased recently.
Please note that term of agency contract is negotiable and there are agents who who will sign a one day or one week contract to see if you and the agent can work together.
The agent can do the comps for the area and guide you about prices. The agent will negotiate on your behalf.
If the house is vacant and available for immediate possession you may have more room for negotiation if you can settle quickly.
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0 votes 3 answers Share Flag
Thu Jan 21, 2010
Don Tepper answered:
No.

Why would you be able to?

Whoops. Sorry, I'm not an accountant. Check with an accountant.

If the other party was at fault, his/her insurance should pay for some of your losses. And if you were at fault, your insurance should. If the car was used for business, you may have some additional options. Again, check with your accountant.

But just because someone makes a mistake doesn't mean it's tax deductible.
... more
0 votes 3 answers Share Flag
Thu Nov 5, 2009
Vicky Chrisner answered:
BREAKING NEWS ON THE TAX CREDIT HOMEFRONT - Read this blog! It's not just for 1st timers anymore.
0 votes 11 answers Share Flag
Wed Oct 21, 2009
Angelica Torres answered:
Great start! I will provide to you names and numbers of Loan Officers that can provide to you the tools, get you pre-approved, and arm you with the information necessary to make a wise decision. The key to determine your loan , will depend on the condition of the property you like to purchase. I specialize on First Time Buyers and will be happy to assist you. Call me at 626-367-4937. I do understand that purchasing a house is a very important event in your life, I strive to make the purchase of your new house and exiting experience. Hope to hear from you! ... more
0 votes 8 answers Share Flag
Wed Oct 21, 2009
. answered:
Not like normal home, but usually faster than first time.
When a short sale is approved, it lists a specific buyer name at a specific purchase price, terms, closing date and net amount to bank. This often take several months or more from original offer submission to the lender.

Often buyers will walk after such approval is issued. Could have been due to buyer: financing issues, inspections, layoff, market prices drop, found diff house, frustration....whatever the cause does not really matter.

At that point, listing agent will often put "pre-approved" short sale. However that is mainly just to try to get buyers interested in it compared to the other short sales. It is MARKETING, but is kinda true. The bank had PREVIOUSLY APPROVED an offer at that price. However your offer is NOT PRE-APPROVED.

Any new offer, even if for 5k above what previous offer still has to go back to the bank, who will review it and then decide if they will issue new approval letter.

The good news is that you have 95% chance of getting your offer approved as long as the purchase price and/or the net amount to the bank is equal or higher than what was previously approved.
Also, the same negotiator will often work the new offer and you are likely to get the new offer approved in a matter of days or a few weeks.

However, with Bank or America and few other lenders, they CAN make you start from scratch with new negotiator and new review of everything. They don't have to make you start over...but they MAY and often DO.
It usually will still go through slightly faster than first time since they don't have to necessarily order new appraisal, but if the previous one was more than 60-90 days old, they may have to order new one...depending on which bank/investor you are dealing with.

Switching buyers with Bank of America will often make you restart process and take weeks/months to get the same numbers approved the second time around that they already approved the first time.

The think to know is that you will almost always get your offer approved at that price...it may take a while...but you usually will get it done. Just make sure the listing agent is not going to submit another offer after yours that may bump you out for a extra 2k.
Try to get listing agent to agree to submit just yours...if they will, then you should end up getting the home.
... more
0 votes 2 answers Share Flag
Thu Oct 8, 2009
Andrew Himes answered:
Lalla,

In PA you had to use the PHFA loan program in order to use the 8000 tax credit as your down payment. Even with that you could only use 5000 of the credit for the down payment on a existing home or 6000 for a new construction home. The PHFA announced that the tax credit as down payment is no longer available as the funds for this have dried up. Currently it takes approx 30-45 days to settle on the purchase so the time to take advantage of the tax credit is rapidly approaching. If you miss the Nov 30th deadline you will not be eligible for the tax credit.

If you have any other questions let me know.

Andrew Himes, CRS, ABR, e-PRO
Andrew@AndrewHimes.com
... more
0 votes 2 answers Share Flag
Wed Aug 26, 2009
Al Perry answered:
Ann,

If you like the FSBO property I would recommend scheduling an appointment with your Agent to view the property. You may have already seen the home yourself but the unbiased professional opinion of your Agent may help with negotiations.

If you decide that you would like to proceed with an offer, do so as you would with any other house listed on the market. With the assistance of your Agent, determine a price that you are comfortable paying for the home. Have your Agent prepare an offer just as he or she would on any other home with one possible addition. If you do not want to pay your previously negotiated Buyer Broker Fee out of your pocket, you can include a clause such as "This agreement is contingent upon the Seller's execution of the attached BROKER'S FEE AGREEMENT with XYZ Real Estate (your Broker) dated 08/26/09"- As always this is where I mention that I am not an attorney and you may want to contact a qualified attorney before adding clauses to a Standard Agreement to ensure proper protection. I have attached a link to the Pennsylvania Association of Realtors® Standard Broker Fee Agreement form which your Agent should be able to acquire. The execution of the document would require the seller to pay the fee as a condition of your Agreement. The key here is to make your offer contingent upon execution of the Broker Fee Agreement through some legal language added to your offer contract. Of course the seller may refuse but as Carol stated in an earlier reply, FSBO’s, like other sellers, are interested in the bottom line.

Let’s say for example purposes only that the Seller is asking $110,000 for the home and you have a 3.0% Buyer Agency Fee that you have committed to pay your Broker at closing. Further, let's assume that based on a competitive market analysis of recent sales and current available inventory you feel comfortable offering $100,000 for the home. Remember you’re in control here. Offer whatever price you would have offered if the seller was listed with a broker. I wouldn't suggest worrying about how the compensation for your Agent might impact the deal. That's for the seller to worry about. Here's how the math would work…

$100,000 offer
$3,000 Broker Fee Agreement as part of buyer's offer
$97,000 net offer to Seller before other customary closing costs

If the seller is agreeable to the $97k net offer, you have a deal and your Agent is compensated BY THE SELLER! If not, sweeten the offer or move on to the next home. The seller may give a counter offer for you to consider. As long as the price is in line with what you feel is fair given current market trends, make the deal. If not, move on to the next home. If you walk, don't be surprised if the seller calls your Agent to jumpstart negotiations. Try your best to leave emotions out. If the deal works, it works. If not, remember that inventory is good and that there are other sellers who would welcome your interest.

Good luck!!
... more
1 vote 5 answers Share Flag
Thu Jul 30, 2009
D. Derderian answered:
Best person to ask that question to is your finincial advisor or accountant. good luck.
0 votes 2 answers Share Flag
Wed Jul 29, 2009
Patrick Thies answered:
Why not? Isn't the American dream to own a home? There are alot of people out there that will say it is not the best time to buy a home. Buying a home is like buying stock in the stock market. Buy low sell high. Prices are down right now. Why wait until they go up again. You have the means, a job, good credit, and if this is your first home, there is the $8,000 tax credti. Never mind that interest rates are low. People have bought houses at all kinds of interest rates. The best time to buy a house is when you are ready and can afford it. Sounds like you are ready. Good Luck ... more
0 votes 8 answers Share Flag
Sat Jul 25, 2009
Scott Godzyk answered:
The bank in a short sale does not set the asking price, it is usually an agent or seller who sets it below market value to attract the most potential buyers, the bank will have at least 1 appraisal and will not let teh house sell for much less than current market value. ... more
0 votes 10 answers Share Flag
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