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Home Buying in Arvada : Real Estate Advice

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  • Local Info12
  • Home Buying23
  • Home Selling3
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Activity 43
Wed Jan 18, 2017
John Burke answered:
Hi Smaksuta,

Yes your mother can sell you her home for what she owes on her mortgage. If you're going to live in the home with her, you can get a loan with a gift of equity from her which will cover your down payment requirements.
For Example: If there is enough equity to cover a 20% down payment you could qualify for a conventional mortgage (with no money down out of your pocket) & you would not have PMI!

Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
jburke@gpbankTX.net
Apply Online: https://secure.smartapp1003.com/102471/?loanofficerid=106115
(877)228-9069
NMLS# 787231
http://www.trulia.com/mortgage-lender-profile/MTG%20Banker/#reviews
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0 votes 11 answers Share Flag
Mon Nov 7, 2016
Tony Grech answered:
a gift of equity would help you purchase the home without having to come up with a down payment out of pocket. A 30% gift of equity would also help you avoid PMI.

And assuming you require financing for this home, YES an appraisal would need to be part of the process. However, your appraisal is a matter between you and your lender. You are not required to release information about the exact appraised value to the seller (DAD) or his siblings.

A gift of equity benefits you tremendously as the buyer. But if you can otherwise qualify for a mortgage without the gift of equity and bring your own money to the table, then you can buy it without the gift.

The more pressing issue though would be that the home is in probate. Probate would need to be settled because no lender is gonna give you a loan on a home tied up in probate because a title company cannot guarantee a conveyance of clean title.
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1 vote 1 answer Share Flag
Thu Oct 6, 2016
Mulliganplummer answered:
I did a great deal of research on the matter before we felt comfortable buying a home in Leyden Rock. Looking at downwind maps, soil tests, water tests, some early environmental impact statements for the Parkway, results of three cancer studies in the surrounding area and where Leyden Rocks is located I feel very comfortable buying in Leyden Rock.

With Leyden Rock I am more concerned that it is built on top of huge coal mines and part of it is right next to a large dump. Not many studies were done on the impact of the coal mine and the damage left from the mining operations. The dirt was so bad, the developers removed FEET of dirt and brought in new dirt.

Now Cadelas that is another story. That subdivision had too many red flags for me. Do your own research, they are many well written websites for and against building there. You never hear people talking about those subdivision on the east of Indiana for areas south east of Rocky Flats. There are serious down wind concerns for those people.
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0 votes 10 answers Share Flag
Thu Mar 3, 2016
Sally Grenier answered:
It depends on the home. Is it an "inventory home" that's already built, and has been on the market a little while? If so...you might be able to negotiate on the price a little. (or at least ask for some free upgrades, that haven't been installed yet, like A/C, refrigerator, washer/dryer, etc). Also, builders often offer "incentives" if you use their lender, so you'll want to ask about those.

But if you're talking about buying a lot, and having a home built from dirt, there really isn't much negotiation on price. You MIGHT be able to get them to throw in some upgrades.

Either way...It's always good to have a Realtor working for you as a buyer's agent whether you're buying new or resale. The builder's sales rep works for the builder. They are not looking out for your best interests and may not be completely forthcoming about many different issues.

If you don't have a Realtor yet, I'd be happy to help!

Sally

Sally Grenier
Broker Owner
Metro Brokers | Grenier Real Estate
sallygrenier@msn.com
303.475.4508 Cell
http://www.searchwithsally.com
http://www.boulderhousesearch.com
http://www.metrobrokersonline.com/agents/Sally.Grenier
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0 votes 1 answer Share Flag
Wed Mar 2, 2016
Nic Netherton answered:
Hi Cindy, It sounds like you should easily be able to accomplish your goal by refinancing the loan into your name solely and buying his share of the property.

For some detailed information and rate quotes feel free to reach out to me at nnetherton@houseloan.com or call at 970-590-5021 ... more
0 votes 3 answers Share Flag
Thu Feb 18, 2016
Mbplus asked:
Mon Nov 30, 2015
Michael Glist answered:
That you will have to talk to the current lender to see if the loan your mother had is even assumable and if so what the process is in order for you to take it over. If it is not you will want to get the ball rolling on you getting a mortgage of your own. You may also want to get a Real Estate Attorney involved to ensure that while getting all of this done that everything is in compliance and that you are doing things correctly and don't end up getting to the end and realizing you filled out some piece of paperwork out wrong and the bank ends up foreclosing on the home. I hope this info helps feel free to reach out if you have any questions. ... more
0 votes 1 answer Share Flag
Tue Aug 18, 2015
Sally Grenier answered:
When you bought the home did you have it inspected? Did you do your own due diligence and ask if work had been permitted?? Were you represented by your own agent? Or did this agent act as a Transaction Broker? Is there an issue now with the work that was done?

I'm trying to figure out what it is you want resolved? Do you want the agent to come back and pull permits and have the work inspected and signed off? Or are you just fishing for a lawsuit? There are plenty of homes out there that are being sold that didn't have permits for things (like finished basement) and people just accepted it and move on. Or they get the seller to correct the issue before closing on the house.

I'm not sure I would use the word "unlawful" because then you're talking about someone breaking the law and possibly getting police and attorneys involved. Is that what you want?

I'd try to figure out what your goal is first. If the house has "known material defects" and you can prove the seller/agent didn't disclose that, then by all means, file a complaint with the real estate commission. But the real estate commission doesn't really oversee agents who do their own "flipping" projects and doesn't oversee them to make sure they have all work permitted. That's more of a contractor thing, and buyers / home owners should do their own due diligence and find out if the contracted work was done properly before buying the place. Make sense?
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0 votes 1 answer Share Flag
Wed Jun 17, 2015
Sally Grenier answered:
You should be asking your agent this question. In Colorado the contract says: 21.2. If Seller is in Default: Buyer may elect to treat this Contract as canceled, in which case all Earnest Money received hereunder will be returned and Buyer may recover such damages as may be proper, or Buyer may elect to treat this Contract as being in full force and effect and Buyer has the right to specific performance or damages, or both. Sounds like you need to have a discussion with your agent AND an attorney. ... more
0 votes 2 answers Share Flag
Thu Apr 30, 2015
Kim Damion answered:
Russ, this is not an active listing and according to the tax record the last sale was in 2005. I do have the owners information, what leads you to believe that this is available? If it was a FSBO I would be happy to reach out to the sellers on your behalf and see if they are still interested in selling. I am available to assist if you ca give me more information. Please feel free to connect with me, my cell is 240-620-5811 or by email at Kim@milehighhomeguide.com. Kim ... more
0 votes 1 answer Share Flag
Fri Mar 20, 2015
answered:
As a Dentist it will all depend on your how you are going to be paid. If you have taken a 1099 position where you will be paid on production you will have a difficult time finding a lender able to assist you as they will need a full 2 year history of that type of income to be able to use it to qualify you. That said if you have a w-2 (salary) position this is much easier to deal with and you should be able to find a lender that can assist you. Now while there are several Doctor Loan programs out there not many include dentists but there are a few. My company allows for Dentists however CO is outside of our footprint so I would be limited to 89% financing as an exception. You could try Bank of America as I believe their program covers Dentist and would go to 95% and they are in all 50 states. Good luck to you and please feel free to contact me if I can be of any help.

Matt Albert
Physician Loan Specialist
Mortgage Loan Officer
NMLSR # 658999
Citizens Bank / Charter One Home Loans
Phone - (336) 471-1825
Fax -(844) 574-2618
matthew.albert@charteronebank.com
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0 votes 2 answers Share Flag
Mon Nov 24, 2014
Judi Monday, CRS answered:
There doesn't appear to be a question in your statement. If you are trying to ascertain if the loan balance is market value, then your best bet is to contact a couple of real estate agents and ask them to provide you with a comparative market analysis to determine if that is a reason a price to put on the home. ... more
0 votes 10 answers Share Flag
Mon Nov 10, 2014
Debra (Debbie) Rose answered:
0 votes 1 answer Share Flag
Sat Nov 2, 2013
Robert McGuire answered:
KimL,

I would try Compass Bank first. They seem to have some interesting programs and some special programs for certain professions. then Key Bank and the other local lenders.

Robert McGuire
Broker/Consultant
Your Castle Real Estate
http://about.me/robertmcguire33
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0 votes 5 answers Share Flag
Thu Oct 3, 2013
Rhonda Haefele answered:
Hello,
I was just checking back in with you to make sure your questions had all been answered since your first inquiry in June. Also to make sure that you found a great agent and were able to purchase your new home in the Candellas area. ... more
0 votes 7 answers Share Flag
Sat Aug 31, 2013
Robert McGuire answered:
Stapletonbuyer,

Sometimes you can work through your Buyer's agent to negotiate some of the upgrades into the price. But the builders are in the 'seller's market' mode at this time due to low inventory in the resale market and not a great deal of inventory in the builder's market. It never hurts to ask and sometimes an experienced agent can help you when negotiating the transaction and upgrades.

Robert McGuire
Broker/Consultant
Your Castle Real Estate
http://about.me/robertmcguire33
... more
0 votes 4 answers Share Flag
Sat Aug 31, 2013
Robert McGuire answered:
Zen147,

In Colorado, a Buyer's Agent is a real estate agent. And yes, you absolutely need the help and guidance and expertise of a Buyer's Agent to work though this confusing process. And know that once your agent registers in and registers you in, the builder will pay their commission. The builders respect the help of a Buyer's Agent and have built in their commission into the price of the home. Ther is no reason for you to go it alone in this process. And especially since you are out of state and need someone local to work with as the sometimes year long process goes on.

It will be best if your find a broker to work with now, before you contact them again. the sometimes frown on bringing in an agent after the process has begun. Let me know if I can be of further assistance to you.

Robert McGuire
Broker/Consultant
Your Castle Real Estate
http://about.me/robertmcguire33
... more
0 votes 7 answers Share Flag
Wed Aug 7, 2013
Tatyana Weinstein answered:
Hi, Frank! I would like to sell my retail building (1,845 sq. ft). It is vacant now, the last lease just ended end of July 2013. The building has 3 offices in the back and one large upfront, that was a Coffee Shop for many years. One of the back office could be used temporarily as a living quarter.
You can look for more information on my Website www.nearbeachliving.com if interested.

Tatyana Weinstein
Real Estate Agent
Melbourne Beach Properties
(321) 537-4651
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0 votes 4 answers Share Flag
Wed Jul 31, 2013
J answered:
Thanks for the question. A bidding war does not necessarily mean you will end up paying hundreds or thousands above a list price. I've experienced this a few times and as little as $50 over list price won a bid. Good luck to you! ... more
0 votes 9 answers Share Flag
Wed Jul 31, 2013
Alan May answered:
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