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Alabama : Real Estate Advice

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  • Local Info7
  • Home Buying85
  • Home Selling12
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Activity 3,385
Yesterday at 1:24pm
Cyril Jobs answered:
Personal experience and how i got to solve it with his help .....Bad credit?was it possible to buy a house with bad credit?This was the Question i keep asking myself for years before i finally came across someone who enlightened me.I didn't really get the trick of attaining minimum credit score to buy a house and getting away from bankruptcy,clearing credit card debts and buying a house which is precisely the situation I am in. I had to declare bankruptcy 3 years ago and am working to build back my credit, but it's a very slow process. I need to move for a job and therefore need to buy a new home.Y'all shouldn't pray for such of mess i'm into.The enlightenment by a friend who worked with a repair company taught me how to seek assistance from credit repair expert who knows exactly what your credit score needs and how to get collections removed,get credit card free of debts and and getting off bankruptcy.Get in touch with Hackmania_9 (outlook.com) for any hack job you so desire. ... more
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Thu Feb 15, 2018
Scott Godzyk answered:
First thing, the buyer agent should have made sure all utilities were on before having an inspection. They should have been checked and the seller called to put on then rechecked before allowing inspection. If it is bank owned, then there is no recourse as homes are sold as is. If a regular owner, you can ask, but there is no law as the buyer side should have checked to make sure on before inspecting ... more
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Thu Feb 15, 2018
Kate Strohmeyer asked:
Do they pay through the site or do I set up something outside of Trulia to receive payment each month? Curious how you guys manage rentals or if you are simply a site to post a listing and…
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Wed Feb 14, 2018
Jbenito489 answered:
Yes I am I've been renting a room for 700.00 amonth from other renters, the land lord raised their rent to 3,000.00 Plus tacked more security down because they were doing doggy day care. I was not involved., in this I want to own my own place without worrying that I will be
homeless, I have a full time job at the music center in Los Angeles for 10 plus years and still working.
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Tue Feb 13, 2018
Michelle Wallace asked:
Wed Feb 7, 2018
Cccrosby1968 asked:
The property in question is:

34750 Oak Lane
Stapleton, AL 36578
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Tue Feb 6, 2018
mary.beth.14 asked:
I have saved many houses over the past couple of months in the Huntsville, Alabama area. The house is still saved when I zoom in on the map but it does not show up on Saved Home List.…
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Mon Feb 5, 2018
marilyn asked:
Wed Jan 31, 2018
Jeri Creson answered:
I have done bond for deeds, both as a broker, and a principal - so allow me answer your question with confidence - You will both keep, and lose the benefit of your deposit. You keep it in the sense that the deposit is applied to the original purchase price and reduces your principal that will need to be financed, eventually, to the owner of the bond. (The seller who still holds the deed). However you will - probably- lose the cash benefit as applied to down payment in the eyes of the traditional lender when you go to refinance it.

Generally, traditional, Fannie Mae/Freddie Mac/VA/FHA lenders will not look at it as a "refinance" - with you holding equity - but rather, they will have you draw up a new purchase contract for the amount that is remaining with the original seller.

That may mean that you, while making bond for deed payments, must also save additional money for the required down payment when you go to get permanent financing. That can be problematic, and you should know this going in. One answer is to plan to get 100% financing, or a low - say, 3-5% conventional loan... but you're going to have to "suck it up", and overlook the fact that you're paying mortgage insurance - and more down payment than you originally paid the seller - even though you may, very well, by this time, have significant equity, depending on your situation. That's a tough one to swallow - and seems terribly unfair - but, alas - "life is not fair" and you aren't going to change conventional loan guidelines because they don't make sense in your situation..."it is what it is".

Sometimes, the plan to permanent conventional financing is a two step one. One may wish to first, do a low down payment conventional, or traditional loan - say at 100%, 3 - 5% down financing, with PMI - or taking a slightly higher interest rate which includes the PMI as the initial loan to convert the Bond for Deed contract to a traditional sale. Then step two, you plan to refinance after 6 months. At that point, the lender WILL consider it a refinance, a new appraisal will be done, and your equity position will be properly recognized and reflected in the loan. It may even be possible to do a cash out refinance and recoup any excess down payment you have made, if you wish, provided that you do, actually have the equity at that point. In all fairness, I would ask that you do not contemplate refinancing prior to 6 months. People don't usually know this, but your mortgage broker can actually be charged back and penalized by the lender if you instantly refinance your mortgage, before the 6 month point. That's bad Karma - and it isn't kind to do to someone. I truly believe that we must, in business dealings, as well as life, treat others as we would hope to be treated.

Going with that plan - you run the risk of interest rates climbing during that 6 months, and ending up with a more expensive loan than you had hoped for. There is no such thing as real estate investment without some degree and manner of risk. But there also is no reward - in real estate - or anything in life for that matter - without some degree of risk. The key is to maintain a balance that works, personally, for you.

Do not listen to the naysayers who warn you NOT to do a Bond for Deed - ever - It is a useful, and valuable tool - especially in some situations where permanent financing is not available for you yet - but, due to your circumstances, is extremely likely, and predictible to be available to you in the near future. But, please, DO listen to this advice Don't go into a Bond for Deed with wishful eyes, a hope and a prayer - and unrealistic expectations. It can spell disaster for you if you are not aware of the in's and out's, risks and benefits, and are fully prepared to meet all of them - As with ALL real estate investments.

If you are not working with agents/lenders and other advisors who are fully familiar with what you are trying to do - Please, do yourself a favor, and find advisors who are. They do exist - and a good fit is necessary.

Best of luck to you!
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Mon Jan 29, 2018
Faith answered:
Hi,

We thank you for reaching out. We didn't get enough information about your problem to resolve the issue. Please provide us with the complete address of your property by replying to the email I have sent you.


Thank you for using Trulia!

Faith
Consumer Care Advocate
http://www.trulia.com/help/ask/
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Sat Jan 27, 2018
Debangels5 asked:
info on price of homes not listing price
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Thu Jan 25, 2018
Rosemaryrussell11 answered:
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