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Deerfield : Real Estate Advice

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  • Local Info1
  • Home Buying0
  • Home Selling0
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Activity 10
Thu Jun 16, 2016
Steven P asked:
my closing is on hold till the seller gets paperwork for the bank to clear the title of a bankrupsy how long does this take generally
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Wed May 27, 2015
Anna M Brocco answered:
Highly unlikely a loan would be granted. Rent to own is really not a good idea, therefore consider fixing whatever is preventing you from purchasing outright. Rent to own can be risky and one could stand to lose a bit of money, it favors the owner; therefore inform yourself well in advance of your search, and consider consulting with an attorney who specializes in real estate before considering the idea and or before signing any agreement. If you haven't done so yet, visit with any licensed loan officer, see if you can buy outright, or simply continue renting until a purchase can be made. ... more
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Thu Aug 15, 2013
Anthony Mathis answered:
In order to list a property on this site, you have to be an agent.
0 votes 7 answers Share Flag
Tue Oct 16, 2012
Barbara Grandolfo answered:
Hi Johnrwilliams

Did the seller or someone else purchase a home warranty policy for you when you bought the home? The purpose of a home warranty is protect both the buyer and seller from just this type of thing.

Call your agent to verify if there is a policy in place for you.

Best of luck,

Barbara Grandolfo
... more
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Fri Jun 22, 2012
Vicky Lupa asked:
Who lives at 101 carver ave Deerfield ny 13502
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Mon Sep 5, 2011
Dan Tabit answered:
FHA backs the loans and puts minimum guidelines for approval, but individual lenders can set conditions over and above FHA minimums. Shane did a good job at giving you some non-traditional trade lines to consider and at yelling at your lender. It's really a shame this didn't get caught up front and really should have.
Tell this lender to look at all the options and that they should have notified you of this before you paid for an appraisal and packed your stuff. You have a legitimate reason to be angry with them.
In the mean time, talk to some other lenders and be right up front with your situation. No sense wasting time with someone who will run into the same thing.
On a personal note, it's a shame when someone who has been responsible, paying cash and not getting in over their head can't qualify. It's also a lesson to get credit, you have to use some. Let us know how this turns out.
... more
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Sun Sep 4, 2011
Cathy Sloan answered:
I am providing FHA guidelines from the government web site. I am cetainly not a loan officer or an underwriter however you might check with othermortgage lenders in your area. The guildlines below sound as though 12 months or non-traditonal credit may be acceptable. It sounds as though the boss referred to is FHA and that FHA will not insure the loan. You might try finding a mortgage broker as oposed to a Bank, as mortgage brokers have more resources and can shop a multitude of banks.

FHA stipulates that you the borrower must have 3 credit references from 2 groups of non-traditional credit sources.

Group 1 - The first group of references is weighted more heavily than the second because it is considered a more accurate predictor of your credit worthiness.

Group 1 consists of rental housing payments, utility payments (gas, electric, water). Also included are telephone, and cable TV bills.

Group 2 - FHA qualifications are possible by including payment references such as: insurance payments (medical, auto, life, renters ins), payment to day care, internet cell phone, a 12 month bank documented history of deposits resulting in increased balance. Group 2 also accepts individual loans where the repayment terms are written out and signed by both parties.

FHA Rules for Non-Traditional Credit

To qualify for an FHA loan with non-traditional credit you should have 3 positive credit references and at least one being a group 1-credit reference. To be accepted under FHA qualifications you must display - in summary:

- No late payments on rental housing (group1)
- No more than 1- 30 day late on other payments (group1)
- No collection accounts (other than medical) in the last 12 months.

Good luck to you.
... more
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Wed Aug 4, 2010
Ralph Windschuh answered:
Before doing any renovations at all, you should have a local real estate come in and do a comparative market analysis on the home to see how much it is worth as is and what it would be worth with the upgrades. If the difference in your area between an immaculate home versus a fixer upper is not enough to cover the renovations, just sell it the way it is. No one can accurately predict what real estate values will do but all the "experts" seem to believe that prices are either at rock bottom or will drop another 10% or so. If you're going to rent and wait it out, I would leave it and do the renovations when you're ready to sell. If you do it now, you may have to do it again later. If you need a referral in your area or have any other questions, please feel free to contact me. Good luck!

Ralph Windschuh
Associate Broker
Certified Buyer Representative
Senior Real Estate Specialist
Century 21 Princeton Properties
Top 2% of Century 21 Agents Nationwide
... more
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Fri Nov 13, 2009
Dorothy Neumann answered:
I had this property for sale before it went to foreclosure. After it came out as a foreclosure it was on the market for about a year and a half without selling, and the listing was eventually withdrawn. Tax records indicate it is now owned by Destiny Ventures, 5800 Skelly Dr, 1101, Tulsa, OK. 74135. I haven't heard of this company before. You can try writing to them. ... more
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