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Home Buying in Cohoes : Real Estate Advice

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  • Home Buying5
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Activity 11
Sat May 7, 2016
Khuslenk asked:
Hello,

I'm Khuslen from Flora Gobi Properties. Is it possible to create my real estates in Mongolia on your application.
0 votes 0 Answers Share Flag
Thu Aug 20, 2015
Scott Godzyk answered:
It depends, if you are buying a home an dgetting a mortggae, then the appraisal comes in lower, then you can pay the shortfall cash at closing. You should check with your buyer broker for answers ... more
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Thu Aug 20, 2015
My NC Homes Team answered:
Yes, if you want to move forward on your purchase and the seller isn't prepapred to reduce the price to meet the appraised value (which is what you and your buyer broker should be pushing for) then you'll have to make up this $4000 difference. You won't actually be paying the Seller, you'll be paying the closing attorney or escrow agent. All funds go to them aand they will dispurse funds out to the Seller, his lender if there's a mortgage, etc. ... more
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Wed Mar 19, 2014
Nina Lee answered:
My coworkers have used a short sale closer who shortens the time to close. I haven't had to work with her yet.
1 vote 1 answer Share Flag
Mon Jun 6, 2011
Victor E. Franco Jr. answered:
The real question is "Whay are you renting, when you can own?" Maybe you can help me understand the rest of your situation. Good luck!!
0 votes 4 answers Share Flag
Mon Jun 6, 2011
Anna M Brocco answered:
As long as the landlord is the owner, he/she can collect rent from his/her tenants, no matter; for any legal advice needed consult with an attorney who specializes in real estate ....
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Mon Jun 6, 2011
Bill Eckler answered:
If you have an agrement that allows you to rent a property, it is your responsibility to maintain your rental agreement regardless of whether or not the owner is in the process of being foreclosed on.

You asked the same question 13 times...a bit excessive!
... more
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Sat Jul 25, 2009
Grace Hanamoto answered:
Hello Chengiz:

To qualify for a FNMA (Fannie Mae) or FHLMC (Freddie Mac) loan, most banks will require the buyer to put down at least 20 percent of the purchase price. At $270,000, a 20 percent down payment would be $54,000. Since you are only putting down a $15,000 down payment, the home is obviously being purchased through an FHA backed loan, rather than a "conventional" loan with 20 percent down.

While you certainly could have put down much less for your down payment (FHA requires only 3.5% down or $9450 on a $270K purchase), since lenders tend not to like FHA loans for the purchase of REO and short sale properties, I can only assume that to make your offer more attractive to the lender, a larger downpayment was suggested. Putting down more money toward the purchase of the home is one way to "strengthen" the offer on a desirable property. Since this home is less than 2 years old and in fairly good condition, it might be that there were multiple bids on this property and to get the home, you'd need more down payment. To get the full story about why the larger downpayment was needed, you need to talk with your agent.

However, as Lynn pointed out below, if you are uncomfortable with the down payment and have trepidation purchasing the home, then you can always rescind your offer before it is signed or accepted. You might also check with your agent to determine if your offer was accepted or was "bested" by another buyer.

Good luck!

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty
... more
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