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Financing in Des Plaines : Real Estate Advice

  • All110
  • Local Info7
  • Home Buying23
  • Home Selling5
  • Market Conditions3

Activity 4
Fri Sep 18, 2009
Jeff Tung Jr answered:
Most residential appraisals are based on comparable sales. With the new laws keeping mortgage brokers and lenders from contacting the appraisers, it's hard to get a clear idea why the appraisal didn't come in to where it needs to be. Sometimes the appraiser can update the appraisal with newer or better suited comparables. In areas that have low turn over, I've heard of appraisers using pending sales to come to a value. If the loan is already in submission, then what the other gentleman (Michael) was saying will most likely be true. If the lender has seen the low appraisal then they will only lend on the lower of the two. One, being purchase price, and two, the appraisal; in this situation the appraisal is the lower of the two. You may have to submit the loan to a different lender.

One side note however, "....house was worth slightly more than what we owe." based on the loan program you may run into qualifying issues based on your LTV (loan-to-value).
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Tue Mar 24, 2009
Lori Lewis answered:
Back in the day, Wamu, Bank United and Americas Brokers Bank would allow you to close in an LLC, the 3 of these are not out of business.

I do know that there are some local banks in Philadelphia that will allow it for a SFR (under 4 units) - so give a local bank a call ... more
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Wed Oct 10, 2007
Keith Sorem answered:
Jeff
We read posts like yours very frequently. You need to talk with a top Realtor in Des Plaines that can analyze your situation and help you get your home sold.
Someone that knows the local market values, and trends, knows your personal situation , and knows your home.

Unfortunately I do not work in your area, however, I do have a great Realtor I would be happy refer to you. You can ask them questions, evaluate their proposal, then decide what is in your best interests.

Owners that start trying to sell like you are doing success about 10% of the time. 85% of the time they list their home with a Realtor. My suggestion is to try it your way, but talk with a Realtor and have a Plan B in case Plan A does not work for you.

Let me know how I can help.
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Wed Sep 19, 2007
Deborah Madey answered:
In addition to the points already made.............The date of your closing can influence what cash you were required to bring to closing. If you close early in the month, the amount of interest paid at the closing table increases. It is also longer before your first mortgage payment comes due, so this does eventually work out to be the same dollars spent. ... more
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