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43452 : Real Estate Advice

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  • Local Info0
  • Home Buying4
  • Home Selling0
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Activity 4
Thu Jul 28, 2016
Maricris A answered:
Hello,


The photos of your property have been removed from our display.

Regards,

Maricris
Consumer Care Advocate
0 votes 1 answer Share Flag
Sat Aug 25, 2012
Trevor Curran answered:
Good afternoon Simzee23,

I've been helping First Time Buyers for 22 years as a mortgage professional and I will tell you what I have always told my clients here in New York: If you are a First Time Buyer, steer clear of foreclosures and short sales.

Foreclosures are someone else's headache. The home probably has not been well-maintained and you're a First Time Buyer adjusting to paying a mortgage. Do you really want to walk in the door to someone else's deferred maintenance that YOU will have to pay for? Also, if you're thinking there are deals to be had in terms of lower prices, mostly those "deals" go to professional investors who can pay cash, negotiate hard with a Lender, and close fast.

For Short Sales, my attitude of late is that First Time Buyers should steer clear. Short Sales tend to be a better deal for the homeowner than for the Buyer. You'll wait MONTHS for the homeowner's Lender to approve the short sale; maybe as long as Six or Seven Months. Meanwhile, you're stuck in a contract to buy that home. I closed a short sale recently with a Buyer who, after seven months said this at the closing table, "I don't even want this house anymore."

And he didn't even get the "deal" on price he thought he was getting! The house appraised for only slightly more than he paid for it at the short sale price. He walked into this deal thinking he was buying a home for $100,000 less than it's value. In the end that wasn't the case.

There are plenty of motivated Sellers with their homes listed on your local MLS. Go find a good Local Mortgage Banker, get prequalified, then find a great, experienced Realtor, and buy the home you want at the price you're willing to pay. It's a Buyer's Market, after all!

Trevor Curran
NMLS #40140
... more
0 votes 6 answers Share Flag
Thu Jan 14, 2010
Gita Bantwal answered:
Your age does not matter. The bank may not consider the seasonal job. Your income from part time job should count . The best thing would be to sit down with a mortgage lender and see if you qualify based on credit,income and down payment. ... more
0 votes 2 answers Share Flag
Sat Aug 16, 2008
Debt Free Dave answered:
Why don't you consider a debt negotiation program as an alternative to bankruptcy.
0 votes 5 answers Share Flag
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