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48198 : Real Estate Advice

  • All25
  • Local Info1
  • Home Buying14
  • Home Selling5
  • Market Conditions0

Activity 21
Jensgary2day, Home Buyer in Ypsilanti, MI
Wed Oct 5, 2016
Jensgary2day asked:
Brownjell, Home Owner in Ypsilanti, MI
Thu Jun 23, 2016
Brownjell asked:
I have no idea how to respond. Clicked on 'reply' and got a place to sign in. Tried to do so. Blank screen. Also don't know how I got listed on Trulia. Must have gotten snatched…
0 votes 0 Answers Share Flag
Noelle Smith, Home Buyer in New York, NY
Sat Apr 23, 2016
Noelle Smith asked:
There is a house that I am interested in, it's on a busy street and the express way is about a block away but the house sits on a double lot which is Incredibly rare for this neighborhood,…
0 votes 0 Answers Share Flag
Sheryl Alrid…, Real Estate Pro in Ypsilanti, MI
Wed Apr 30, 2014
Sheryl Alridge Warren answered:
There is normally a waiting period of 1 to 3 years after a foreclosure. For more information contact a lender in your area.
0 votes 1 answer Share Flag
cjnutt48, Home Buyer in Brevard, NC
Tue Sep 24, 2013
cjnutt48 asked:
The lender says the first lot can be collateral, but includes it in the project cost--making the loan amount more than we qualify for? I'm not understanding that part. I though the collateral…
0 votes 0 Answers Share Flag
Kathy Persha, Real Estate Pro in Birmingham, MI
Wed Jan 23, 2013
Kathy Persha answered:
A Short Sale is when your lender accepts less than what you owe as full payoff of your mortgage. A short sale can be an ideal solution for you. It allows your house to be sold at a reduced price that the bank will accept, a price that is a fair price for the current market. It avoids foreclosure for you and has much less impact on your credit score than a foreclosure. If foreclosure has already occurred and you are in your redemption period, a short sale will say that you had a problem and you dealt with it and found a solution. Short Sales can be done before and after the sheriff’s sale. If we are in the process of negotiating the short sale, we can actually get the sheriff’s sale postponed or cancelled while we are negotiating. It also allows us to negotiate with the bank the disposition of the deficiency judgment. Deficiency Judgment is the difference between what you owe the bank and what they get in the sale as a short sale.

The short sale allows you to sell your house. It will stop the foreclosure. You will not have a foreclosure on your credit report. Has less impact on your credit score than a foreclosure. May allow you to qualify for a new mortgage within 3 years or sooner in some circumstances and type of mortgage. It solves your problem. You can sleep at night once again. If you want more information feel free to call me at 248-930-0298. I specialize in working with people facing foreclosure.

Kathy Persha, Realtor
Nextage Advanced Realty
248-930-0198
... more
0 votes 3 answers Share Flag
Debra (Debbi…, Real Estate Pro in Livingston, NJ
Wed Jan 23, 2013
Debra (Debbie) Rose answered:
So much energy spent on answering a 2 year old, obsolete (and absurd) question!

Chase, already told this person, along with all but 1 of the agents on this thread, NO, it can't be done ......if you're going to resurrect an old question, at least make it a good one ... more
0 votes 12 answers Share Flag
Pam Bava, Real Estate Pro in Rochester, MI
Mon Dec 17, 2012
Pam Bava answered:
Don't get into a bigger mess then you are already in. Sell your house first before you get stuck with 2 mortgages. Pre approvals are only a quick view of your financial situation. You may or may not be able to get financing once you actually apply for a mortgage. I see it happen all the time. ... more
0 votes 3 answers Share Flag
Trevor Curran, Real Estate Pro in Great Neck, NY
Sun Apr 29, 2012
Trevor Curran answered:
We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.


It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

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
... more
0 votes 6 answers Share Flag
Marilyn Harr…,  in Beaverton, MI
Mon Sep 6, 2010
Marilyn Harrell answered:
The answers below are all very good. Check with a lender if you're not a cash buyer. Also, meet and select a realtor that you can work closely with, they can watch and wait and notify you immediately of a good deal. Often, time is of the essence if you want to be the buyer, there are many investors, first time home buyers and other types of buyers out there that are all looking in the same area at the same time you are. The early bird gets the worm, they used to say! There are good deals out there from both foreclosures and individually owned homes.

Location Location Location

You can change what you buy, but you cannot change it's location...

Marilyn Harrell Realtor Century21 Smith-Miller, Inc. Gladwin County Beaverton MI
... more
0 votes 6 answers Share Flag
Jon Boyd, Real Estate Pro in Ann Arbor, MI
Sat Jul 31, 2010
Jon Boyd answered:
Kevin,

Another way to look at most short sales:

The seller and the bank haven't agreed to how much of a loss the bank will take on the home. And the bank won't even give the seller an answer until a buyer goes to the effort of writing a purchase contract on the home.

Usually, the bank and the seller don't agree and the buyer has wasted the time and effort. Sometimes, the bank and the seller can agree. Sometimes they are both just fishing to see what kind of interest there is.

One recent statistic from real estate companies that represent buyers (never sellers) was that only one in five short sale purchase offers ever comes together to completion.

So as a buyer they may be a total waste of time.

However, listing agents benefit from advertising them because they often bring in buyer calls, from buyers who don't really know what they are doing. Then the listing office can sell those buyers some other home that is really on the market.

We have a class about every month on how to buy foreclosures and we cover short sales in more detail there if you are interested.

Good luck in your efforts!
... more
0 votes 3 answers Share Flag
Barry Shapiro, Real Estate Pro in Camarillo, CA
Mon Apr 5, 2010
Barry Shapiro answered:
Hello Kme9898,
Yes, a Short Payoff is identical to a short pay, in that the mortgage note holder will need to accept less than what's owed, after escrow fees, commissions, etc. Sometimes the borrow is asked to make up the difference, in order to protect their credit standing. We assist homeowners that wish to find foreclosure help online, by providing an updated website specific to these issues. ... more
0 votes 4 answers Share Flag
Derek Bauer, Real Estate Pro in South Lyon, MI
Tue Mar 2, 2010
Derek Bauer answered:
Ryan,

David is correct, and you can use the link below to ESTIMATE the taxes for any given property in Michigan...
1 vote 2 answers Share Flag
David Wallner, Real Estate Pro in Ann Arbor, MI
Sat Oct 24, 2009
David Wallner answered:
Ryan, Make sure that you know the correct status of the homestead exemption. Information in real estate web sites should not be taken as completely accurate. Municipalities can also change the status retroactively if they learn that the current owners do not have legal right to claim the exemption. Be cautious, hire a pro to help you. It could wind up saving you a big hassel later on.

David Wallner
Realtor, Accredited Buyer Representative, Graduate Realtor Institute, EcoBroker
734 649-2710
... more
0 votes 2 answers Share Flag
David Wallner, Real Estate Pro in Ann Arbor, MI
Sun Aug 16, 2009
David Wallner answered:
Hi Brenda, I would invite you to use the Property Search feature at my web site. You can select price, size, and all the other aspects. You can search homes that are foreclosed. There is also a tool that allows you to draw up to five areas on a map to designate areas that interest you.

If you locate homes that meet your criteria I would be happy to arrange showings. Click the link below. From the home page enter an address, City or Zip and press SEARCH. This will open the tool and all the criteria fields.

Regards,

David Wallner
Realtor, ABR, GRI, EcoBroker
734 649-2710
... more
0 votes 3 answers Share Flag
Cathgrl, Home Buyer in 48152
Thu Jul 16, 2009
Cathgrl answered:
The annual credit reports can be obtained free; you must pay in order to obtain a credit score.
0 votes 3 answers Share Flag
Tony Grech, Real Estate Pro in Southfield, MI
Tue May 12, 2009
Tony Grech answered:
Hi Hockey Puck

At this time, 5% down is not even available on a conforming loan - 10% down is the minimum here in Metro Detroit. FHA permits a down payment as low as 3.5% down, however the maximum loan amount is 297,500 I believe. A jumbo loan currently requires 20% down payment, as the insurers providing mortgage insurance (PMI) on non-conforming loan balances will no longer insure jumbo loans

Best of luck

Tony
... more
0 votes 1 answer Share Flag
Kathy Toth T…, Real Estate Pro in Ann Arbor, MI
Fri Apr 17, 2009
Kathy Toth Team Worldwide answered:
Mary,
I am following up with you; there are 4 other leases built from 2000 availalbe right now in that area:
RAVENSHIRE $1550
WEST AVONDALE $1500
WEXFORD $1400
RAVENSHIRE $1395
Allow us to serve you. 734-426-6669. info@KathyToth.com ... more
0 votes 2 answers Share Flag
The Hagley G…, Real Estate Pro in Pleasanton, CA
Mon Jan 26, 2009
The Hagley Group answered:
the site below may be of help....it has info on both shortsales and foreclosures....
0 votes 5 answers Share Flag
Jackie O'Con…,  in Boston, MA
Sat Nov 29, 2008
Jackie O'Connor answered:
Hi Mary John,

This home is a really good value for the neighborhood. It has lots of upgrades that many of the homes in the neighborhood did not opt for, like hardwood throughout the whole first floor! I would be happy to schedule a showing for this home for you. At one time this home was listed for 255,000! Please feel free to contact me to discuss your home buying options. There are many options for you, not just bank owned and short sales that are good deals.

Regards,
Jackie O'Connor
Buyer's Agent
Bouma Group
734-272-1477
... more
0 votes 2 answers Share Flag
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