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Enfield : Real Estate Advice

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  • Home Buying4
  • Home Selling2
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Activity 27
Tue Mar 28, 2017
Alan May answered:
You could have a pool expert come out and give you an estimate on the repair costs (and plan on having to pay them)... or you could walk away from the sale.

Don't anticipate that the seller will pay any portion of the repair. ... more
0 votes 1 answer Share Flag
Sat Jul 23, 2016
Bryanrehor asked:
1st time home buyer, age 24. ~60k in cash, saving >2k more per month (living with parents). Annual income 70-80k depending on bonus. Pay $300 per month car payment, otherwise no debt.
0 votes 0 Answers Share Flag
Fri Aug 14, 2015
Sorrynoemail4u answered:
comment by Austin is valid....look at Trulia/Zillow/etc and chuckle....remember real estate is local, lcal...for example a house in Enfield on South St east of Amtrak and a similar house on South River St. with direct Connecticut River waterfront west of the Amtrak may show about same value on websites, but fact is the tranquility and view of the waterfront home may increase it's real 2015 value and enhanced value in next 5 or years likely by 30% to 50%! So, both houses may show same $130,000 on various websites but South River St. house likely worth $169,000 - $195,000 if both are similar size, condition, amenities. Remember.....location, location, location...and 'they ain't making any more waterfront property" that is well above the FEMA flood zones! ... more
0 votes 3 answers Share Flag
Sun Jun 21, 2015
Marciaf answered:
Most lenders look at credit scores from all three bureaus. The middle score is used to determine eligibility for a mortgage. If 650 is your mid-score, you should be eligible now for mortgage financing. Send me an email @ marciaf@fairwaymc.com and I will be glad to answer any questions privately concerning mortgage financing. ... more
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Wed Apr 1, 2015
Tratn answered:
No its isnt an ideal area for a family, especially with children. If possible, stay away from inner Tville Just my personal opinion, but I have lived in Enfield almost all of my life, and have lived down in that area...Good luck! ... more
0 votes 2 answers Share Flag
Tue Mar 31, 2015
Zakia Kamara asked:
Fri Apr 4, 2014
Lisa Orme answered:
I see below that Jill (the only Connecticut lender who has answered your question so far) says that you may be able to get another mortgage of your own. There are many variables that come into play to answer that question with total assurity, including your current income/earning history and credit scores to start with.

Even so, as long as your name remains on the other mortgage, no matter who is paying it right now, you remain liable for the debt. If your ex-girlfriend ever defaults for any reason, you will have to resume payments or it will also affect your credit rating. While you MAY be able to get a new loan with this one still existing, you need to really explore if that is really in your best interests. If she can prove that she has been making the payments on her own for more than 12 months, then she should probably be able at this point to get a new loan in her own name on the property.

If she defaulted, are you in a position to pay both mortgages? And if you could not, are you ready for that situation to impact your personal credit rating?

Just want to make sure you consider all the implications...Good luck...
... more
0 votes 4 answers Share Flag
Thu Apr 3, 2014
Julie Paul answered:
I have a 2 bedroom Ranch in southern Enfield. It has been freshly painted updated new kitchen. Laundry off kitchen
the rent is 1250 including heat, hot water electric. I can be reached at 860-212-3228 ... more
1 vote 3 answers Share Flag
Tue Mar 11, 2014
Michael Reinhard answered:
There is a first time home buyer program for Enfield, CT that started again this year.
www.enfield-ct.gov/filestorage/91/12798/788/FTHB_Guide.pdf?

Do a web search for Enfield first time home buyer and you will find a PDF document with the details. ... more
0 votes 2 answers Share Flag
Tue Nov 12, 2013
Lisa Orme answered:
Asking price does not always equate to what the bank will accept when offers are presented. The bank is generally looking for the highest guarantee that the sale will actually close without unforeseen delays, so the stronger your ability to purchase, the better. I have actually had a bank owned listing that received 14 offers between 120,000 and 185,000. They chose an offer at about 155,000 that was all cash over four higher offers that required the buyer to obtain some type of financing. On the other hand, I have had cash offers rejected for offers that were only a few thousand higher and financing was required, but the buyer was very strong and had a 20% down payment. If you would like to discuss this further, please give me a call at 860-688-1400. ... more
1 vote 1 answer Share Flag
Sun Jun 3, 2012
Seth Winkleman answered:
Fri Apr 13, 2012
Michael Reinhard answered:
0 votes 2 answers Share Flag
Fri Sep 16, 2011
Fran Rokicki answered:
I would need to know more about the program, within CHFA, that this banker is offering to you. There are communitties, throughout Ct, that have what they title as, Pilot Programs. In this situation, the CHFA terms are a bit different. Some of the towns have offered to pay some of the expenses for the buyer, with additional stipulations on the homeownership. The rates are the lowest that they have ever been in the last thirty years. If you are able to buy a home now, you would be very fortunate to grab these low rates. ... more
1 vote 5 answers Share Flag
Mon Apr 11, 2011
Vincent Carrieri answered:
Just because you qualify for a higher mortgage amount does not mean that you should buy a house that you can not afford comfortably. Pre approvals do not take into concideration real life things like child support, or utilites on the home exc... Please keep in mind that this is a payment that your stuck with for 30 years. Instead of thinking in terms of what you qualify for, think in terms of what payment you are comfortable with. If you approach things this way your sure to be buying within your means and almost guarentee an approval when your ready. ... more
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Mon Apr 11, 2011
Andrea Rodriguez answered:
The best advice I can give is to consult a loan officer and an attorney for this case and is very, very risky, if you do not understand the whole procedure into foreclosure, because you can lose everything If you do not do it the right way ... Well, buy in cash, which would be the best option, you will not risk a lot because it goes to the set.
if you need any help with a real estate transaction, please call me, there are also many types of loans that can work for you, and thousands properties. ...

Andrea Rodriguez
Coldwell Banker Premiere RE
8603315156
... more
0 votes 4 answers Share Flag
Mon Apr 11, 2011
Natale Terranova, Jr answered:
Valerie,

I agree the first answer is very good. I do want to mention that bank loan officers are on a commission and would love that deal to close for them, ( I don't know many that have a salary).

To Rudy's point: Today...A mortgage loan officer working for a broker or Mortgage Banker is required to:
register, take classes, pass federal and state tests to be granted a license, Then a FBI background , credit check. The bank loan officer is just required to be registered. (Some loan officers that couldn't pass this test or background or credit ran to work for the banks). It will take some time for the banks to weed them out. Buyer beware!.

Now, to answer your question: Banks have stricter qualifying guidelines when running your debt to income ratios. Brokers/mortgage bankers have more flexibility.
The bottom line is that you should feel comfortable with the monthly payment regardless of how much you can qualify for. At the end of the day if you know you will struggle to pay it, don't take on the debt.

Hope this helps
... more
0 votes 6 answers Share Flag
Mon Apr 11, 2011
Natale Terranova, Jr answered:
Are you looking at the $75k max threshold because that is the mortgage you can qualify for? If not you should speak to a mortgage loan officer to determine how much of a home you really CAN afford.

The reality is Slim and none on finding a home that is in move in condition at $75k . Frankly, It wouldn't sell that cheap if it was ready and in move in condition.
Your options as stated below: 203k is an FHA program full or streamline that will finance the repairs needed, you must qualify for the full amount. Keep in mind that the FHA premiums will be going up for case numbers pulled after April 17th. Make sure that you are requalified based on the new premium if you do not find a home prior to this date.

The Home path program is for homes that are owned and on the books through Fannie Mae.
You buy the home as is, no appraisal needed and no mortgage insurance due on a monthly basis.

Some properties allow for the Home Path renovation loan and others do not.

worth repeating: You are buying the home "as is" and if it isn't eligible for the renovation program, it doesn't mean that it is in move in condition. It still may require some work. If you are cash strapped to make these repairs because you used most of your savings for the down payment, chances are you won't be able to make the repairs after the purchase.


Hope this helps. Good luck on your search!
... more
1 vote 8 answers Share Flag
Sun Apr 10, 2011
Seth Winkleman answered:
You would have to get a loan secured before you put in an offer. The bank requires a cashiers check as a deposit. Foreclosures are very risky. You have to make sure all their taxes have been paid, that there are no liens on the property, it is very important to have a clean title. I would definitely consult a good attorney. If you need any referrals give me a call Seth Winkleman 860-985-5816 SethWinkleman@PrudentialCT.com I work with a lot of bank-owned properties! ... more
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