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Home Buying in District Heights : Real Estate Advice

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  • Home Buying29
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Activity 28
Thu Jun 18, 2015
Jaz_eray asked:
I recently made an offer on a house that has been on the market for over a year & empty longer. The next day, I received word there were other offers & the bank wanted highest &…
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Tue Dec 31, 2013
Aaron Brown answered:
Hello,

If you have not secured the rental of your choice, let's meet to discuss your needs. Please give me a call, 202-327-1385, Thanks, Aaron
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Wed Sep 25, 2013
answered:
The way I read your version of what happened, both lenders have told you something wrong. Even if you file an extension you must provide the raw data from 2012 and year to date 2013 that will ultimately go on your tax return. Just because you filed it and had time left on the extension doesn’t matter. The numbers must be the same either way. You can’t tell the government one thing on the tax return and something different on the loan application. The same government that audits your personal tax return is the same one that audits your lender. And guess what, they don’t even need a warrant to look at either, they have them both at some point.

I am sorry you are having trouble but the source of the problem sounds to me like playing games with figures on tax returns. If you knew you were going to owe taxes and were trying to hide it from lenders that was a bad ploy, and ultimately would have surfaced in the processing stage.

Now for the good news, it is only temporary and you have learned a lot about how the mortgage system works. Next time you can use the IRS as a credit reference if you pay them off as agreed.

Use the system to build your case for the next move, get a copy of the budget form that was published by Freddie Mac and track everything, it looks official because it has their logo on it, the underwriter will be impressed. If you can't find it online there is a copy posted some where on my site, I linked it for you below. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
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Thu Jul 18, 2013
trb2 answered:
I wanted to follow up with you Courtney. Have you purchased a home yet? It is a great thing to be able to use your VA. I am a mortgage banker with a local federal savings bank. We specialize in VA
lending all over the country. Our corporate office in here in MD. Please contact me to get the very
best rate, service and discounts; www.qualifidemortgage.us . As rates are on the rise, and home prices, now is the time to buy!

v/r
Tim Barnes
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Thu Mar 21, 2013
Akil Walker answered:
Hi Sasse,

This one is under contract. There is another property available in the development if you would like to see it have your agent schedule it and if you are looking for assistance feel free to contact me. ... more
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Fri Feb 1, 2013
The Roskelly Team answered:
Hi Lattice,

If it is taking more than 45 days to get your loan approved there is a problem. The banks all have criteria that have to be met and you either meet them or you don't. But they should not leave you in suspense. ... more
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Mon Jan 21, 2013
Akil Walker answered:
Hello Fun,

a pre-foreclosure is just that . it is pre state of foreclosure and the bank has not assumed ownership or the home nor filed the foreclosed. the foreclosure the bank has taken the home.

there are a lot of homes available standard sales, foreclosed and short sales. i know in a previous question you had inquired about the short sales.

i work district heights and Give me a call
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Wed Jul 4, 2012
Jasmine Westfield asked:
are there any areas in maryland virginia,dc or west virginia where ther are opportunities to assume a loan
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Fri Feb 10, 2012
Akil Walker answered:
Ganttsrus,

If an agent is the owner of a property and selling, it they must disclose this information. it might be a possibility that an investor purchased it and reused the same agent.

I hope this helps & good luck.
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Thu Mar 17, 2011
Ania Miller answered:
Fungirl;
This is a foreclosure, and yes, unfortunately sometimes things like that happen. It would be up to the Buyer to replace the missing items. Home being sold as is.
Let me know if I can help you further.
Ania
AniaMiller@kw.com
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Sun Feb 27, 2011
Tony McMahon answered:
Fungirl , buying a town home or condo does not change the down payment or closing costs needed for the transaction, they would be very similar. Your monthly payments including your condo fees could be higher than the town home payment however, so you really need to see a Good Faith Estimate on both. The reason you may need less for the new condo to get in, is probably because the seller is paying some or all of your closing costs. Those can most times be negotiated to have the seller pay them on a town home as well. You really need to have an agent working on your behalf to help you with the many questions you have. ... more
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Thu Feb 24, 2011
answered:
Yes it can Tony. Pretty much every cost for the purchase.
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Tue Jan 11, 2011
David Zuckerman answered:
If you need assistance with a rehab loan I offer all three renvoation programs: FHA 203k, HomePath, and HomeStyle.
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Thu Jul 22, 2010
Ganttsrus answered:
1) This house is worth it as once it is fixed up it will be worth 230 to 240K.
2) We have not done an appraisal as our contract was accepted 3 days ago.
3) We are doing a FHA 203K loan to fix the items.
4) We do not want the bank to fix the house just reduce the price.
5) We are offering 3k more than what they were initially asking and any other buyer would have the same issues.
6) We are 1st timers so we saw problems, but did not know that the basement will have to be gutted...how would we know that? So thinking 25K worth of fixes is what we thought...not 46K
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Thu Jul 8, 2010
Tess Bonaguro answered:
Hi there,

I would say you have a chance of being the one who has the best offer. 3% closing help this is a standard for some bank to give knowing its buyers market. Some ask for 4% closing help or even 6%. You're not asking too much. Just be prepared that this might take a while to process but keep your fingers crossed and be positive. Add a prayer...and make sure you check realtess.c21nm.com

Good luck

tess
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Thu Jul 1, 2010
Voices Member answered:
Ganttsrus

My thought is How well do you know what's happening in the Market you are in...Are Properties selling?

Multiple offers..Fact or Fiction?....

Something to consider and decide if it applies to your Market area..

"Foreclosures accounted for a third of all sales -- and sold at a nearly 30% discount -- during the first three months of 2010. "

"These foreclosure sales include properties sold in short sales or after a bank repossession, known as REOs in industry terms. It does not include transfers from borrowers to banks, as in a sheriff's auction."

"The average REO sold for 34% less than conventional sales while pre-foreclosures averaged only 15% less."

The above Quotes come from the June 30, 2010 CNN article, please read the Entire article to understand the Point they are making or describing...http://money.cnn.com/2010/06/30/real_estate/discounts_on_foreclosures/index.htm?section=money_realestate&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_realestate+%28Real+Estate%29

Foreclosures/Where does your State Rank...http://money.cnn.com/news/storysupplement/economy/gapmap/index.htm

The Decisions to be made are YOUR Decisions so be sure you know your Market Area well enough to make wise ones.....
Making Decisions based on Zillows Guesstimate is not wise IMHO

NEW YORK (CNNMoney.com) -- The experts expected home sales to drop once the homebuyer tax credit lapsed at the end of April, but the depth of the decrease was shocking.

According to the National Association of Realtors (NAR), pending home sales fell a whopping 30% in May. Their index, which measures signed sales contracts but not closed sales, plunged to 77.6 from 110.9 in April. It's even off 15.9% from a year ago when the nation was barely emerging from the recession.

"The pending home sales report is a disaster," said Mike Larson, a real estate analyst for Weiss Research. "Sales fell off a cliff after the tax credit expired. It's the biggest monthly decline ever and the index is at its lowest level since NAR began tracking it in 2001."
http://money.cnn.com/2010/07/01/real_estate/may_pending_home_sales/index.htm?section=money_realestate&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_realestate+%28Real+Estate%29

Here's a link to a site where you can easily moniter RE News in one place...http://webpartner.com/RealEstateBabbl#3141d21fa4c35938833f

Look at your Market and it Unemployment situation, amount of Sales, Sold Prices ect....That will help YOU answer your question better that a Zillow Questimate...

Good luck
Dunes
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Thu Jul 1, 2010
Ganttsrus answered:
Don Tepper,

That helps ALOT! I am worrying myself silly. Ok, the house has only been on the market for 14 days, so it has been pretty early. It does need a few repairs and fixes. The CMA that I did myself shows a vast range from the 140's to the lower 200's so I am hoping our starting offer won't offen them as we can go up in the negotiations but not by much...maybe another 10K to 15K. ... more
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Thu Jun 24, 2010
Brian Gormley answered:
You can escalate several ways - either to/through the servicer and have them talk to a higher up in the MI company, or you go directly. you have a federal right under RESPA to know your MI company name, unless the investor on the loan bought the insurance directly (do you recall if you signed up for this or not?) if you go the latter route, then start calling around to find out your rep handling the file....

i'm an attorney and help with these sorts of situations for folks if you need some help. let me know.
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Fri Jun 18, 2010
Ganttsrus answered:
We've been waiting since Feb 19th. I do not think all short sales are approved, but our offer is 8,000 more than the BPO came in so they would be stupid not to accept. I have read that asking the seller for a contribution is one of the last tactics they use before approving. I am just trying to see if once the listing agent said "no that is impossible" when do we hear something? The next day, next week, another 4 months?

We are dealing with Indymac/OneWest Bank, and the invester is Freddie Mac.
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