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01824 : Real Estate Advice

  • All12
  • Local Info0
  • Home Buying8
  • Home Selling1
  • Market Conditions1

Activity 10
Thu Oct 22, 2015
Alicia O'Toole answered:
Many mortgage lenders are able to do 5%-10% down on a conventional loan, you will just be required to pay Private Mortgage Insurance until the equity on the house gets above 20%
1 vote 2 answers Share Flag
Wed Aug 19, 2015
Phil.alden asked:
Wed Jun 17, 2015
I can work with credit scores down to 580 on FHA loans!

Please contact me if you need assistance.

0 votes 2 answers Share Flag
Fri Oct 10, 2014
Tim Moore answered:
If you mean a foreclosure auction - no. But they will require you buy it in a few days so you need cash.
1 vote 1 answer Share Flag
Wed Oct 8, 2014
Richard Shapiro answered:
Are there four family homes in NH? There are plenty in MA.
0 votes 2 answers Share Flag
Thu Jul 10, 2014
Craig Chemaly answered:
As nearly everyone here has said...its always better to have someone specifically representing YOU. And as a buyer, your agent is absolutely free to you most of the time.
0 votes 13 answers Share Flag
Sun Jul 6, 2014
Annette Lawrence answered:
Karen, as others have stated, using such numbers found in the tax assessors data base takes you down the slippery slope of irrelevance. I do keep track of these numbers and find market value can range from 0.6 to 1.6 of assessed value. I will suggest there are community attributes that will suggest which communities will have assessed values closest to market value.

Without an intimate knowledge of the communities that will allow you to calibrate properly, you are going to be just as accurate taking the random numbers generated by Zillow and Trulia.

Now, be advised, there are many enterprises (Bank of America) who will actually use Zillow as a basis for evaluation of the value of a house. If you want to be considered as competent as Bank of America, then the tax assessed value, Zestimates. Evaluations and the gray beard at the end of the street are all legitimate sources.

If, however, you are on the verge of making a real estate decision, you would be well advised to rely on the knowledge and experience of those who help in the sale and purchase of dozens of homes every year. They are just a phone call away.

Best of Success,
Annette Lawrence, Broker/Associate
Palm Harbor, FL

Take a look at the "Market In A Minute" (MIAM) reports I've posted on Trulia. The data revealed are the indicators regarding whether the tax assessed value has any relevant relationship to market value. But, with a MIAM report, you have all the data you need anyway.
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Wed Mar 12, 2014
Kevin Vitali answered:
I did not find any phone information on Trulia, but I did find information and phone number for a John D. on You may want to back track any site you listed your home and remove it. ... more
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Thu Sep 29, 2011
Kevin Vitali answered:
There are many variables that go into what to bid on a home. The first thing to determine is what is Fair Market Value(FMV) of that home. Fair Market Value is determined by finding at least 3 similar properties that have sold in the past 6 months. That number is what a group of buyers would be willing to pay for the property today.

FMV should also take in to account the condition the property is currently in. Anybody can list a home for any price.... including banks. The questions is what would a pool of buyers be willing to pay.

Whats you determine fair market value the question is what will a bank accept. It all depends. 50 cents on the dollar of a home price well would be a pipe dream. Most bank want pretty close to what the home is listed for. Many times you will see an REO home drop in price multiple times before selling, meanwhile rejecting decent offers alont the way, many times selling for less than a higher offer they had in the past. This is just the way the banks work.

As an agent, I would encourage you to put in an offer no matter what it is, but you will quickly learn your spinning your wheels until you start to understand the Fair Market Value of a property. And, yes it is possible to get a bank own home under FMV but it all depends on the circumstances.
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1 vote 8 answers Share Flag
Sun Feb 21, 2010
Don Tepper answered:
Regarding price:

Assessment doesn't matter at all. It's totally irrelevant.

What matters is what the house is worth. That means considering the comps, then subtracting for appliances and other major items. (Door knobs are cheap. So are outlet plates, etc., which a lot of people also seem to like to remove. Depending on what you want to spend for lighting fixtures, it could be anywhere from $25 to $100 per fixture. Not that much.)

So, forget asking price. Forget assessment. Look at the comps. Then subtract the needed repairs/replacements. It's true, as noted below, that banks generally aren't too flexible on an asking price. On the other hand, if it doesn't sell, they'll drop the price. I've heard plenty of stories of REOs--let's say priced at $300,000. Someone makes an offer of $290,000 and the bank rejects it. A month later, the bank drops the price to $285,000. So, if you really want the house, be prepared to go up to the lower of: (1) what the bank is asking, or (2) comps minus repair costs.

It really doesn't matter if you use that same bank for your own financing. In fact, it's much better to go in preapproved. And that way, if this purchase doesn't work out, at least you'll be prepared to make an offer on another home, whether foreclosure or otherwise.

Hope that helps.
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