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Home Buying in 20744 : Real Estate Advice

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  • Local Info5
  • Home Buying32
  • Home Selling3
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Activity 32
Wed Aug 19, 2015
Bola Williams answered:
Hello Nina,

If I am reading your question correctly, you are a seller who made repairs on your property and are putting the home on the market after 90 days. You want to know if the lender will require 2 appraisals?

I do not believe so, I believe you are referring to the 90 day flip rule which would apply to you depending on how you acquired the home and how long you've owned the property.

If you bought the property to flip then you will probably run into the rule, however if you bought the property, owned the property and had the property as a long term investment and are now looking to off load the property then you probably wont run into this particular rule.

If you'd like to discuss further please feel free to reach out to me!
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Tue Jul 21, 2015
Sally Grenier answered:
Pretty much impossible for anyone here to give you a clear answer. The person you should be asking is your REALTOR. We have no idea what market conditions are like in that area. Your agent should do a CMA (comparative market analysis). He/she will look at recently sold properties that are similar in location, size, price, condition, etc. They'll also look at homes that were listed and never sold, and homes currently on the market. ... more
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Tue Sep 9, 2014
Dr. Walter Bowman Sr answered:
i have a great loan officer who can help with this particular situation. She specializes in getting people into the homes of their dreams with all types of credit problems. I will also help you search for the perfect home. i am a military veteran so i know exactly how valuable your time is and i will work hard to make sure you and your family are happy. Contact me mario.f.fox@gmail.com and i will get to work today. Thanks ... more
0 votes 1 answer Share Flag
Mon Oct 21, 2013
Franches Schnell answered:
You don't have to default on your mortgage to ask for a short sale, but the truth is that there needs to be a financial hardship. With that said, you cant just want to stop paying your mortgage because the property is worth less than what you owe. You need to be going through some hardship that it's making it difficult to make your mortgage payments, because your income somehow decreased (due to medical bills, loss of employment, relocation, divorce, death of a borrower) etc. The point about not making your mortgage payments will impact mostly on your credit report and credit score, which it's more the point of your question. The more missed payments the more your credit will be affected. Hope this was helpful.
Franches Schnell, REALTOR SFR
www.NiceHome4Sale.com
813 784-2663
Realtor.Franches@live.com
Future Home Realty
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0 votes 17 answers Share Flag
Tue Sep 24, 2013
Rebeccatrulia answered:
Hi kmade99

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Mon May 6, 2013
Takeenya Woodard answered:
Hello Ms. Brown
If you have not already signed a buyer agreement met with a NACA agent. I can help you. I am approved with NACA , I currently have buyers in the NACA program and I also purchased my first home with NACA. So you are defiantly making a good decision to take advantage of the homebuyer program NACA offers.


Takeenya Woodard
Realtor
Exit Bennett Realty
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Mon Feb 4, 2013
Al Hallivis answered:
I appreciate the correction. Commissions can be as high as 10% total. But I was pointing out the cost for the seller to be 2.5% to 4% (aka 5-8% total as the average). When the customer can get a variety of answers it is helpful. ... more
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Wed Jan 9, 2013
KEITH PARKER answered:
Hello Curtis. The answer as been stated is no if you are already a home owner in Maryland . The benefits of buying with cash will exceed any other perks you would get if you were in that classification such as: contract preference,less closing cost,no lender fees,lower purchase price etc. Now is also a great time for investing in real estate if you have cash. Let me knowing I can be of some assistance. ... more
0 votes 6 answers Share Flag
Tue Nov 20, 2012
Felix Santiago answered:
You can absolutely short sell your property. Just because you were denied for HAMP does not mean that you cannot short sell your home. Many of clients are denied HAMP and go on to short sell their home succesfully.

There are a number of hardships that the bank considers when approving a short sale that have nothing to do with HAMP, and affordability is just one of them. If you need to move because of work, personal, financial, or a number of other reasons, a short sale is available to you. Now, the deal you workout with the bank is a different story. If you have a lot of assets they may request that you contribute some money toward closing. They may request you sign a promissory note.

Many investors, including Fannie Mae, are now requesting owner/seller contribution at closing on most of their short sale approvals, with no regard for the seller's ability to pay. It's just a automatic requirement added to the offer and approval. The short sale processor working on your behalf has to request a removal of the contribution, as well as the automaic promisorry note, at the time the offer is presented to you. Although they won't show you how to go about removing these, you can review the new short sale guidelines as released by the Federal Housing Finance Agency (FHFA) in their press release:

http://www.fhfa.gov/webfiles/24211/ShortSalesPRFactFinal.pdf

Most lenders will prefer to short sell your property, even if you have assets and could afford to keep it. They know that eventually most underwater borrowers become enlightened and come to realize that it is a waste of money to continue funding an overpriced property. They play on your guilt and emotions at first until the light bulb comes on and the borrower realizes it's better to let the property go than to keep throwing all their money away. The reason most modifications do not work is because most homeowners come to this realization, that even at 0% interest rate they are paying in to an overpriced property.

Talk to a qualified agent about listing your home for short sale. HAMP is an automatic part of the process and if you don't qualify they will move on to the short sale. Good luck!
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0 votes 17 answers Share Flag
Mon Nov 19, 2012
Tyra General answered:
Hi,

I would really suggest that you consult with an attorney, Short Sale Realtor, and tax advisor. It is extremely important that you consider all your options.

If you want to set up free consultations, please contact us and we'll be happy to assist you.

Wishing you the best,

Tyra
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0 votes 2 answers Share Flag
Tue Nov 13, 2012
Tyra General answered:
Hi,

There are a couple of things that you'll want to consider before deciding to list your home.

1. If you could, do you ideally want to keep the home?
2. How much is your home worth?
3. What options are your bank offering you?

I would not be so quick to list your home yet. There are a number of factors that will help you determine when you list your home. You don't want to miss out on any opportunities because you listed your home and submitted an offer too soon. The first thing you want to do is meet with a Realtor, attorney, and tax professional who all specialize in Short Sales.

If you need a few great recommendations, you can contact me directly.
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0 votes 2 answers Share Flag
Tue Sep 4, 2012
Akil Walker answered:
Hi Ji,

just depends on your situation and why you would need to do a short sale. good luck
0 votes 5 answers Share Flag
Mon Aug 6, 2012
thinz answered:
The key thing is determining how accurate your 285K house value is - so you can skip to the chase and quickly determine if you will be in a short sale situation. You need to determine "as-is" value where someone is willing to present a contract offer within 30 days or less...so you will need to have your agent run comps for ACTUAL SALES in the past three months.
Anything longer is already old data...Also, see how many "days on market" (DOM) the house was listed for before it was sold. This is critical information.
Keep in mind that if after the research you find yourself in a short sale transaction, your credit WILL be a factor. WHY? Because your credit risk is HIGH...meaning that if you are forced by your lender to only have your short sale file reviewed if you are delinguent in payments, that will affect your FICO score lower to stop paying...but, that affect on your score will not have the long term affect that a foreclosure or deed-in-lieu would have. I would first talk with your lender's loss mitigation department to see if you can get them to allow you to present a lower offer while still remaining current...given you are going through a divorce, time is not always on your side when it comes to getting cooperation from your spouse.
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Wed Jul 18, 2012
Robert McArtor answered:
I have information on my website concerning the very question you are asking. If you are looking to do a Short Sale....interview several agents and ask them of their success rate in a completed Short Sale. I invite you to visit my website since we specialize in the sales of Short Sale properties. ... more
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Wed Jun 6, 2012
Phil Seldon answered:
I see you are writing from my very own zipcode... you do have the option of conducting your inspection, making the inspection results contingent on status of the systems once the utilities are (Finally) turned on. This will help you gain some measure of knowledge about the house, but if this is a Short Sale, I suspect it is being sold "As-is" and there won't be much recourse for property condition, whether the utilities are on or not.

I hope your agent has reviewed the situation with you and discussed your options clearly and concisely. Your contract is the operating document; take another look and see if you have any recourse regarding "Property Condition".

Best of luck...

(Last thought - with interest rates still nudging down, it might be to your financial benefit to "start the entire process over again..." - it might end up saving you some money on your rate. Just a thought!)
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Sun Apr 29, 2012
Trevor Curran answered:
I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website. http://consumer-action.org/

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm


The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.


Trevor Curran
NMLS #40140
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