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Edenton : Real Estate Advice

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  • Home Buying3
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Activity 11
Tue Jan 26, 2016
Marie Kornutick asked:
I very much appreciate all the possibilities you are sending me. But would like to refine the criteria you are currently using to send me them. House on the water, preferably ocean or…
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Tue Oct 14, 2014
Simon Campbell answered:
There are other loan programs out there that accept less than ideal credit. One of these is FHA. FHA's website states: "Minimum credit score requirements for FHA home loans depend on which FHA loan product the applicant needs. Generally speaking, to get maximum financing on typical new home purchases, applicants should have a credit score of 580 or better. Those with credit scores between 500 and 579 are, according the the FHA guidelines, 'limited to 90 percent LTV'." (Reference: http://www.fha.com/fha_article.cfm?id=200.)

Another option is to see if the seller would handle the financing via a land contract. Then after a few years when your credit is better, you could get a mortgage and pay him or her off.
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Fri Aug 22, 2014
Cory Trevor answered:
I am also wondering how much it would cost to demolish a house. I am finding that it is heavily dependent on the size of the structure. The home that I need removed is fairly small, so I don't think it will exceed my budget. I would suggest contacting local contractors for estimates.

http://www.maddixexcavating.com/services.html
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Tue May 6, 2014
Melissa McCauley answered:
I would be more than happy to supply you with a free list of foreclosures in the Edenton Area that are currently listed in the MLS. Feel free to contact me and we can get you all the information you need quickly. ... more
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Thu Sep 20, 2012
Anna M Brocco answered:
Perhaps your question was cut off.....
1 vote 2 answers Share Flag
Sat Oct 15, 2011
Lot Owner answered:
Beware of this development! Bought a lot in 2007 and still waiting for Waterfront Group to finish. Stuck with a worthless lot that has the note coming due in 7 months. Rumor has it that Chown county is going to call the bond that was placed but I am sure Waterfront Group will find a way to cheat us. Beautiful lot, will sell cheap! Might be finished some day. ... more
1 vote 7 answers Share Flag
Fri Aug 20, 2010
Andres Gomez answered:
As a loan officer I see this type of situation every week. If you can't refi or get a modification, but want to avoid foreclosure or a shortsale, you need to look at these options:

1) You can rent your house to someone if they can cover all your expenses in keeping the property. Do you know what your home would rent for?
2) You can offer the people that rent your house an option to buy it from you in the next few years. I recommend that option be at least 5% of the price you agree to sell them the house for.

You can do this yourself or make a deal with an investor in your area to help you with this. If you have never done this, I recommend you contact an investor and check references and past clients to make sure they will really be able to help you. Regardless of how you decide to handle the transaction, never give title of the property to anyone. They will not need it because the "option money" (w/contract) they gave you, protects them from you being able to sell or refinance the house without their knowledge.

I am a loan officer and real estate investor. If you are interested in speaking with me about your home to see what we can offer you to help you, call me at 704.488.4296.

Best regards,

Andres
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0 votes 6 answers Share Flag
Sun Feb 7, 2010
Eva Foster answered:
Dear Pamhesse,

Go to www.HUD.gov and you will find information and links to all of the alternatives that are avialable to you. Sonetimes foreclosure is the only alternative but if there is some way that you can avoid it that is what you want to do. There are loan modifications and short sale, there is also refinancing but I advise that you speak with a counsler before you jump into that because it may cut you off from any of the other alternative. Your options are determined by what type of loan you have, FHA, VA or conventional. If you have your loan documents you should be able to look at them and tell what type of loan you have, it comes in handy when you sit down to talk with someone to know this piece of information. HUD offers counslers that deal with this on a day to day basis and can explain in detail what might be best for you. If you have any questions that I can help you with or just need someone to help talk you through please give me a call, 252-619-0879. You can also go to my website and you will find links to these sites under,"Are you facing forclosure".

I wish you all the best and I am just a call away.

Eva Foster
Re/Max Coastal Realty
Elizabeth City, NC 27909
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Thu Nov 6, 2008
Emily Erekuff answered:
Hi Nancy,

Thank you so much for alerting us about this. I've forwarded your question to those who provide us with our school information so they can review and update their info as needed.

Best Wishes,

Emily Gibson
Community Moderator
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Mon May 12, 2008
Sonja Babic answered:
Jeremy, I always want 180 days. I work very hard to produce the buyer and I have to protect myself. You are free to sell it if you produce someone but if your agent with his or hers efforts produced that buyer they should get paid. You would not believe how many people are trying to take advantage of us. Good Luck with your sale! ... more
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