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55345 : Real Estate Advice

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  • Local Info0
  • Home Buying7
  • Home Selling2
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Activity 10
Thu Feb 2, 2017
Ericnordeen5 asked:
My house that is still posted is in past listings so i cant edit it. my only option is "view listing" Is there anything you can do on your end?
address is 19101 Delton ave MN.…
0 votes 0 Answers Share Flag
Mon Feb 29, 2016
Scott Colehour answered:
0 votes 1 answer Share Flag
Mon Feb 23, 2015
flyby642 asked:
After Peter asking this question in 2009, does most people think this is still a good purchase? Is 400- 450 association fee too high or not too bad for condos?
0 votes 0 Answers Share Flag
Mon Sep 29, 2014
bpcardella asked:
Wed May 21, 2014
Matt Jerome answered:
I also am familiar with the Cloud Nine Sky Flats. Just a few years ago you about 20 of the 164 Units were in foreclosure. I worked with investors who were renting them out hoping to hold them long enough to break even. Very contemporary nice units however there is no green space and your right on the freeway. Entertaining in the outdoor grill area is deafening. For the money you could find better options. ... more
8 votes 5 answers Share Flag
Tue Oct 20, 2009
answered:
All these answers are good I just thought you might want access to these. If you want to see if a property you're interested in is eligible for USDA financing, go here http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property@11 and if you want to see if you are eligibile for a USDA loan from an income standpoint, go here: http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state&NavKey=income@11. These are good links for realtors to bookmark too because a lot more people are eligible for these loans than people think. ... more
1 vote 7 answers Share Flag
Sun Oct 4, 2009
Voices Member answered:
The great thing is that you got Pre-Approved and if your Loan Officer did it correctly you should have little to fear. Normally the only thing to worry about is what the house will appraise at and if there are any issues on title. I guess I am suprised that you didnt use your VA eligibilty to purchase the home. Just remember that it is much better to be proactive then being reactive. Underwriters have to be able to prove beyond any doubt that this loan should be done. When an underwriter asks for a "condition" it can take 48 hours if not more for the underwriter to look at it after they have received it. Better to have all your ammo up front! ... more
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Tue Aug 4, 2009
CCC answered:
Did you close? Earnest money should had gone to an escrow account. I will assume you are doing or the contract is subject to inspection.
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Sat Jul 11, 2009
Susan Hofflander answered:
The underwriter of a mortgage wants to make sure that the property they are underwriting a mortgage for is worth it. If the building isn't finished, the association is not stable, there is litigation between the builder and developer and the City because of bankruptcy, etc., these could all be reasons why there is no chance of delivering clear title and why it's considered unstable. And, those are reasons why a seller would say "cash only". They pretty much know that financing is going to be a problem through a conventional lender. If you can find a private mortgage holder who is willing to put up the money in the face of all of the problems, you could try that.

If you're going to try the cash route, make sure you aren't leaving yourself with no reserves to pay for the place.

By the way, the problems I describe are actually going on in some condo developments that have units for sale right now!!
... more
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Tue Jun 2, 2009
Rob Saxe answered:
Hi D,
There could be several things at play here. The buyer with the FHA financing could be represented by a buyers agent of the listing agent or by the listing agent. When the listing agent told you that there were no other offers, that may have been true at the time. If he didn't let you know to come in with your highest and best, it's a good bet that the listing agent may represent the financed buyer. It's also equally true that he or she may not.
Here is the thing about REO listing agents: The majority of them are highly unorganized. It could have gotten lost in the shuffle. My advice going forward is to offer your highest and best contingent upon an appraisal to verify market value. This way you can offer higher without significant risk of paying too much and ask for an adjustment if the appraisal comes in lower.
Another approach is if this does fall out, in the financing terms of future offers, enter in a clause that reads something like "buyer to pay $1000 over any other bona fide offer. Seller to substantiate approved sales price upon acceptance." It works great especially if you're all cash. Insist the seller show evidence of other offers before going forward if possible and legal in your area.
Generally speaking, unless your offer is SIGNIFICANTLY lower than the financed offer, the bank is going to want to go with the offer with the least path of resistance, aka, an all cash offer. On a 203K though, the appraiser should take the condition into account that's why they are doing the 203K. At the end of the day, when financing, the seller doesn't care what the loan terms are as long as they get paid.
I hope that helps. If you have any other questions, please feel free to contact me.
Thanks!
... more
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