If you still own the house you are not a first time home buyer. Why do you ask? Often buyers tell me they cannot get an FHA loan because they are not a first time home buyer, that isnâ€™t a requirement.
The DAP programs that I am familiar with that requires first time home buyer status defines it as someone that has not owned a home in the last three years.
NMLS # 6395
Financing Kentucky One Home at a Time... more
Yes it is a freight line serving the industries in the area. A call to Norfolk Southern can shed more light on the frequency of its use. In the past, I have been told that it does not have a set schedule, but it has been years since I've inquired.... more
Yes, 13606 is not for sale, but 13607 is for sale. 13607 does not have a basement listed, but it could perhaps be an option for this home. Please llet me know if I can answer any other questions.... more
If looking at a RealtyTrac ad, keep in mind that RealtyTrac's information may not always be accurate and oftentimes can be misleading--you could be looking at a lis pendens property--notice of default--or some kind of other fee, some of those properties may not be for sale yet, and some may never be, if the default is satisfied by the owner.... more
An agent can market themselves to whoever they want. Since that type of marketing takes a lot of time and costs money you will be hard pressed unless you have an exact property in mind. However, what I do is purchase lists of 30 and 60 day late mortgages throughout my region and send a mailing campaign to each one of them stating my services. Quite a few are already listed, but some aren't and I get a lot of leads that way. My list with postage usually costs about $1000 per month so if you are an investor then you may need to incur that cost, but I will tell you that is a good way for your agent to get short sale listings...But then there is your problem.... Most of the people that are late on their mortgage in this market are in a short sale situation because they owe more then the property is worth. Buying a short sale can be time consuming, but you can find a great deal!... more
Thank you for your question about a home you saw advertised on RealtyTrac that is still occupied. Please be advised that RealtyTrac lists home in Pre-Foreclosure that may never reach the market or even foreclose at all because the homeowner still has time to bring the mortgage loan current or modify the existing one. Furthermore, lenders are keeping homes off the market in hopes of a market recovery.
Therefore, the best way to find out more information about that home is to work with a local real estate agent. RealtyTrac has a button and form right on their website that allows you to request a local real estate agent call you.... more
Buying a short sale is not like buying a property in a traditional way. A short sale may have some risk but it also can be very rewarding. When you are searching for a short sale you will want to make sure you are prepared. Here are some things you will need to consider.
First of all, you need to make sure that you have enough time. It takes anywhere from 30 days to 6 months or even more to get an answer on a short sale. It really depends on many factors. The bank may come back with a counteroffer or reject your offer completely. In some instances you may not even hear back from the bank at all.
Short sales take a long time because the bank has to review it and they are back logged with many short sales and don't have enough coverage to complete them in a timely manner. The bank typically is willing to work with the seller and buyer on short sales to help avoid foreclosure.
One of the benefits of buying a short sale is that the bank is typically willing to accept less money for the property because of the time and risk involved. So you generally are getting the home at below market value.
If you have the time to wait, a short sale is a good way to go. One thing to be sure to ask when purchasing a short sale is, "who is handling it?" Is the Realtor an experienced short sale expert? Or is the listing agent using a Short Sale company that strictly focuses on short sales? By having someone with knowledge and expertise in short sales, it will make the process go much smoother and faster.
Tammy Hayes, Realtor, Sandals Realty, Punta Gorda, FL email@example.com... more
You need to have an agent working for you. They can research the property with comparables in the area to let you know what an approximate fair market value would be. The agent that has the property listed is working for the seller and it is their duty to look after the sellers best interest. You would be wise to use an agent who will look after your interest. I work this area and would be happy to assist you if desired.... more
You definately want representation from an agent that is working for you. The agent that lists a particular property is working for the seller's best interest. When you hire an agent to help you find a home, they will work in your best interest. They should provide you with valuation data about any home you are considering purchasing so you can make an informed decision. They will also help to negotiate the best deal and will guide you through the many steps to get to a successful closing.