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Home Buying in 60612 : Real Estate Advice

  • All42
  • Local Info4
  • Home Buying12
  • Home Selling2
  • Market Conditions1

Activity 11
Tue Sep 24, 2013
Manuel Brown answered:
That is going to be impossible at that price.
0 votes 7 answers Share Flag
Mon Sep 23, 2013
Daniel Mirea answered:
You need a very good real estate agent to help you in the process- Good Loan Officer--god Home inspector- good Attorney.
0 votes 20 answers Share Flag
Thu Jun 20, 2013
Maria Cipollone answered:
Most landlords would like to see a credit score of minimum 640, others are more flexible and willing to look at employment history, utility bills pay on time, personal savings and recommendations of past landlords.

Write a letter explaining why is the reason for that low credit score and how you will help to maintain the property in good shape.

Best of Luck,

Maria Cipollone
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0 votes 12 answers Share Flag
Thu Jun 20, 2013
Good afternoon Beverly803,

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.

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.

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

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
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0 votes 13 answers Share Flag
Fri Jun 7, 2013
JIM Michaels answered:
email Wesley

Our Team | United Equity Mortgage Corp.‎
15+ items – Wieslaw (Wesley) Jura Vice President. NMLS ID 225274 ...
Wieslaw (Wesley) Jura Vice President. NMLS ID 225274
Paul Gondek Senior Loan Originator. NMLS ID 226276
... more
0 votes 10 answers Share Flag
Sun Jan 16, 2011
Ranj Mohip answered:
Use a real estate attorney. You want an attorney who knows what he or she is doing as opposed to one who is learning what to do. When an attorney messes up, the client suffers.

The information in this answer provided by Attorney Ranj Mohip is general information and is not intended as legal advice, nor does the attorney intend to create an attorney-client relationship with any reader by answering this question or otherwise contributing as a member of ... more
2 votes 16 answers Share Flag
Thu Dec 10, 2009
Hi Jen,
If you are looking to rent the condo that you are purchasing all the below answers are correct, with FHA there is a specific form that asks if you are purchasing a property that you currently reside in. The most important thing is that you have a solid 12 month rental history, unless you were living with parents prior to renting. Overall, as a lender, yes you can purchase a property if you rent for a month, it just needs to be well documented. ... more
0 votes 5 answers Share Flag
Mon Sep 14, 2009
John asked:
I own a property in East Garfield Park just around the corner from the Basilica at 3121 W Jackson Blvd. A two unit brick row house. Do you think it would make financial sense to keep it…
0 votes 0 Answers Share Flag
Wed Aug 13, 2008
Bob Brandt answered:
Some recent schools of thought are that buying in the next 6 months may be a good financial move. The real estate market is fluid-like the stock market. Waiting till you see the market increasing may cost you the home you want, at a price you want. ... more
0 votes 3 answers Share Flag
Sun Mar 30, 2008
Sheldon Salnick answered:
I would do a comparative marketing analysis and zero in on the details for the last year. I would pay particular attention to the cost per square foot of sales in the area and in the building, also analyze the market time very carefully. Do this on a spread sheet. I would then call the listing agent and present the facts over the phone and ask him/her how they arrived at the price.

Typically the listing realtor will give you some insight as to why or how the price was set. It is also very important to make personal contact with the listing agent. Suggest the price that you may come in with and ask if the client is willing to counter. A knowledgeable listing agent will encourage the seller to counter but it is critical to know the facts of the current property on the market as well as previous sales.

Some of the variables to consider are: ceiling heights, how close to transportation, age of the building, assessments, etc. A good experienced realtor should be able to get the ammunition to convince the seller that he needs to sell at a lower price and in this market the price can be as much as 10 to 15% below the asking price.
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0 votes 4 answers Share Flag
Wed Oct 31, 2007
Patti Pereyra answered:
Hi Jeeva:

A couple of things to consider:

It appears you are buying this condo as an investment property, since you say you want to buy a condo and rent it out. Keep in mind that your interest rate on your loan will be higher (average: a point higher) than if this were to be your principal residence, so you will need to consider that additional cost in your monthly payment.

It would also be wise to do a thorough analysis of the market rents in the area. Although the medical district generally has a good rental market due to the transitory nature of medical students, you will still want to run the numbers and figure out how much negative cash flow your pocket can take, because with higher interest rates, taxes, assessments, insurance, and maintenance costs, it will be extremely difficult to experience positive cash flow.

On the positive side, since this will be an income-producing property, many maintenace items will be tax deductible, so be sure to keep records for tax purposes.

As for resale value, there are still some 'iffy' pockets in the area you mentioned, and you would definitely need to hold onto it longer-term to see appreciation (3-5 years **minimum**) and walk away with a profit (selling real estate can be expensive).

Also know that if this is never your principal residence, you will have tax implications when you sell it. When homeowners sell their principal residence, if they have lived in that home for at least 2 of the last 5 years before the sale, they are eligible for $250,000 capital gains shelter if unmarried, and $500,000 if married. When selling an investment property that was never your principal residence, you will have to pay capital gains taxes -- anywhere from 5 - 30%. So be sure that, when you do sell, you are prepared to reinvest your proceeds in a like-property in order to shelter those proceeds, or to pay the taxes.

Any other questions, please feel free to contact me.
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1 vote 2 answers Share Flag
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