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33314 : Real Estate Advice

  • All20
  • Local Info1
  • Home Buying8
  • Home Selling4
  • Market Conditions0

Activity 16
Fri Jul 8, 2016
Maricris A answered:
Hello,

To post a for sale by owner property on Trulia, you will be redirected to Zillow. Once you are done posting your property on Zillow, the listing will appear on Trulia after 24 hours. Please let me know if you have any additional questions.

For future reference, you can feel free to contact us about this type of inquiry through our contact form here:

http://www.trulia.com/help/ask/


Regards,

Maricris
Consumer Care Advocate
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Wed Mar 4, 2015
Kenneth Trahan answered:
0 votes 3 answers Share Flag
Tue Jan 6, 2015
Irina Karan answered:
Hello Jesus,

Great job on thinking about realizing the American Dream early in life!
Age will not matter. I have seen 83 years old man getting a 30 year mortgage.

What you need to start from is talking to a reputable mortgage pro and prepare to buy.
You'll need:
1) To check your credit history and credit scores and fix your credit if it is under-developed or bad
2) You'll need to come up with some down payment money and get familiar with the types of programs available to you
3) You'll need to find out how much of a loan you qualify for and get a pre-approval letter
4) You'll need to start working with a realtor who knows the areas you are interested in

Look into Broward County Mortgage Credit program - which will allow for 2K credit on your purchase.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
305-904-2355
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0 votes 5 answers Share Flag
Tue Apr 2, 2013
Betsy Morales answered:
It seems like a waste of time when Realtor's do not put in the effort to post as much information as possible. Finding the right home is stressful enough it would be nice if all the information was out there so that you can simply move on to something else, rather than wait for a response. ... more
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Fri Jul 20, 2012
Andrew Muller answered:
Why are we bothering with 2 years old questions, and get notifications on it?
0 votes 10 answers Share Flag
Fri Jul 20, 2012
Susan J Penn, PA,SFR,CDPE answered:
Trulia has a really good link on their site for prices in zip codes. Check this site

Susan Penn,PA, SFR
2000 Main Street
Weston, FL 33326
954-557-5993
0 votes 5 answers Share Flag
Wed Jul 4, 2012
Joy White answered:
Hello,
Relocation can be stressful......I suggest finding a Realtor who knows the area you are interested in moving to so they can help you find the BEST property for you.
A property that will allow small dogs may be the biggest challenge depending on how many dogs and weight and breed, many communities have restrictions.

Let me know if you have any questions and if I can be of help.
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Wed Dec 7, 2011
Angel Calzadilla answered:
Hi Tatiana:
Once you obtain an FHA loan approved from any lender to purchase a REO property is "per se" a great deal because in most cases those properties as everybody knows are in not very good conditions and they have to satisfy in this case your lender requirements due to FHA is goverment guarantee. Another thing you have to understand is that the personal who is inside the bank department that deals with the REO properties are not real estate agents like us, so they do not negotiate. They simply run the numbers and will go for the best and high offer wich means the offer with less contingencies. If getting approved and FHA loan is your priority I do not recommend you to ask the bank for closing costs.

Angel Calzadilla
Prudential Florida Realty
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0 votes 12 answers Share Flag
Wed Jun 1, 2011
Adell Forbes answered:
Hello;
Keep in mind that foreclosures will more than likely create a bidding war, and you may have to offer a considerable amount more than the asking price if you want to outbid other interested buyers.

An approved short sale or a regular transaction may work for you as well. If you were to find a non-foreclosed property you may be able to negotiate a better sales price.

adellforbes@yahoo.com
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0 votes 7 answers Share Flag
Sun Jan 23, 2011
Susan J Penn, PA,SFR,CDPE answered:
Dear L greco,

Hi! It sounds like you are looking for a one year rental and then you are looking to purchase. Properties are selling rather quickly, some are lasting one day with certain preapproved short sales to one week with foreclosures as there is low inventory at the moment. You can be placed on a search to see what is on the market, although if you need a rental, that is where you concentration should be. I actually had a client say this week I was very patient. Knowledge is also a key factor to consider.

Susan Penn, PA,SFR
2000 Main Street
Weston, FL 33326
954-557-5993
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0 votes 14 answers Share Flag
Sat Jan 22, 2011
Tammy Hayes answered:
Here is some information that might be helpful to you.

WHY IS A SHORT SALE BETTER THAN A FORECLOSURE?

Short sales are just about everywhere...it seems like you can't get away from them. Many sellers, loan officers and Realtors say they know a lot about short sales, but don't know how the short sale process works or even why a short sale is a better alternative to a foreclosure.

A short sale will enable the seller to purchase a home about 2 years after a short sale completion while a foreclosure will make you wait 5 years. In addition, short sales are better for the lender and it will keep the house occupied, with water and electricity still on and also keep the lawn mowed. Plus the bank will lose less money through a short sale.

PROS
No Foreclosure - foreclosures can be a hard and stressful process for a family.

Being Proactive - facing a foreclosure head on will help give you some control over the process.

Start Newer, Faster - minimizing damage to your credit can help you and your family get back on your feet faster.

May not owe anything after the short sale - you can try asking the bank to cancel your debt altogether. It does happen, but not all the time. Primary residences are usually treated more favorably by the lenders.

CONS
There is still damage to your credit - when a short sale is done, it is still documented on your credit but won't have the same impact as a foreclosure for most creditors.

Tax Consequences - there may be tax consequences if the bank forgives the debit and will issue a 1099 to the IRS for the amount of debt forgiven.

Bank could demand payment for their loss - the bank doesn't have to forgive the debt. They are able to ask you to pay them back for the difference on the sale and what is owed, but you will need to agree to this.

There are no guarantees in a short sale - whether the bank will approve the sale or forgive your debt, but short sales offer a better alternative to minimize the downside of facing a foreclosure.

Disclaimer -There can be legal and tax consequences. You may want to consult with an attorney or tax specialist before attempting a short sale. A real estate agent cannot give you legal or tax advice.



DO YOU QUALIFY? - Can you answer Yes to all 4 Questions?

1. The Homes' Market Value Has Dropped. Hard comparable sales must substantiate that the home is worth less than the unpaid balance.

2. The mortgage is in or near default status.

3. The seller has fallen on hard times. The seller must submit a letter of hardship that explains why the seller cannot pay the difference due upon sale, including why the seller has or will stop making the payments.

4. The seller has no assets. The lender will want to see a financial statement and recent tax returns.

WHAT TO EXPECT?

1. The lender will want to see your entire financial picture.

2. The bank may want you to sign a promissory note for the deficiency between the amount owed and the amount your home is sold for.

3. As the seller, you cannot receive any proceeds from the sale. None. Period. Your Realtor and title company may have to work for reduced fees.

4. The banks are overwhelmed with short sales and many times a decision can take up to 60 days or longer.

5. The property may be foreclosed on during the short sale process. Be sure to use an experienced short sale company who should be able to get the foreclosure postponed.

6. Do not expect to receive information on a regular basis, as there may be weeks that go by without news from your lender.

7. The bank will want to get a BPO (Broker Price Opinion) and/or an appraisal of your house.

8. Be patient. This is the best policy. Try to avoid being stressed out over something that you are not able to control.
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Fri Jan 21, 2011
Alma Kee answered:
I believe HomePath is only available on properties owned by Fannie Mae (foreclosed by Fannie Mae). There is the FHA 203K and FHA 203K Streamline (under $35k). I've recently been informed that the regular 203K is a better way to go than the Streamline. You will have a slightly higher cost for the mortgage because you will need to pay a HUD consultant to inspect the property ($600) but you would not have to also pay for a home inspection ($350) so your net cost is about $250. The HUD consultant will prevent your mortgage from not going through on a Streamline if something structural is discovered.

Hope this helps.
Alma
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Tue Jun 22, 2010
Patti Reid answered:
I have worked with many Nova Students and their parents. My area of expertise is Davie Florida. If you have an interest in working with an agent who knows the area and has lived in the area for over 20 years, give me a call. Patti Reid 9954) 854-6310. ... more
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Wed Apr 28, 2010
Alma Kee answered:
So if I understand you correctly, your house is being auctioned by the county clerk? The lender has not yet foreclosed and took ownership?

Why not try to stop the sale and immediately do a short sale? You may be able to get an audience with the judge and show him you submitted a short sale offer near full market value. Your credit will be significantly less damages via a short sale or deed in lieu than a full blown foreclosure.

If it's already foreclosed and the new owner (the bank) is re-selling it then you may be able to get some money back if it sells above their costs to hold this auction and the realtor fees and transaction fees for transfering ownership, etc. $3k will probably not cover the costs.
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Wed Sep 16, 2009
JACQUELINE MENDEZ, P.A. answered:
Our company has brand new condos right near NSU. Its called Jasmine Lakes. We have available for rent $1200 per month or sale $179K. check out our website: www.lhcdevelopment.com.


call me if you have any questions,
Jackie Mendez
954.354.0770
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