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Franklinville : Real Estate Advice

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Activity 6
Thu Aug 25, 2016
Dcarlson1129 asked:
We will be asking a little more than appraised value as there are many desirable features not normally considered by appraisers ( 100 acres, wildlife, ponds, recreation, etc). Bank financing…
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Sat Jul 30, 2016
Rdallas23 answered:
Iam Robert Dallas and iam feed up withhabimg to live with family and friemds most pf them are mpt to clean and i dont like cleaning up for free behide others that why i wont to get my own place of i dont fell like cleaning my home i could get a maid service to do ot fot me family.wont help you when you are not able to help one self. And they put you out pwn the streets.neen there done that just getting over my sickness Subcontractor home inspector need a little help ... more
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Mon May 13, 2013
Trevor Curran answered:
Good afternoon Sam,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.
http://www.consumer-action.org/

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.
http://www.consumer.ftc.gov/articles/0058-credit-repair-how-help-yourself

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
... more
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Thu Apr 25, 2013
Simon Campbell answered:
When banks are selling their foreclosure inventory, they sell them "As Is." It is very rare that they will negotiate for repairs. You are better off looking into some different types of bank loans that will wrap repair costs into the mortgage. Here are some options:

Credit Card: Use this to fund the repairs and then refinance to a mortgage.

Personal Loan or Line of Credit: Similar to a HELOC but without using the house as collateral.

Financing:
Wells Fargo Renovation Loan: https://www.wellsfargo.com/mortgage/articles/renov_loan
Home Path Renovation Loan (on a FannieMae property): https://documents.efanniemae.com/sf/ns/hpreo/pdf/renomortmatrix.pdf
FHA or HUD 203(k): http://www.fha.com/fha_article.cfm?id=37

There are other options available, but these are the top ones.
... more
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Thu Aug 21, 2008
Pascual Paul Tarrats answered:
If you have equity in the home, try for a second mortgage. I know of no grant for expanding your family.
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Fri Oct 26, 2007
Donna Saylor & Carolyn Mitchell The Power of TWO! answered:
It sounds as if the owner is looking for an optimist to purchase this home. We know from the statement that the current system does not work. If it did, it would be useable now. So, as it stands, the mobile home is uninhabitable. Now the existing septic MAY be useable with updating but then again it's more likely that it MAY NOT. In order to figure that out you would need to have an expert come out, evaluate the system and the property and tell you some potential solutions. Sometimes there are no good solutions and the only option would be to have a holding tank that must be pumped out by a septic company periodically. That gets expensive over time. Replacement of a system is expensive all at once, up to $30,000 in our area. If this were something other than a mobile home we might encourage our client to look into it further if the price was right and the deal was contingent upon buyers approval of a qualified system. But mobile homes do not have the same potential for appreciation that another home would. Unless this home is in incredible, up-to-date condition (doubtful in our mind) and you can get it for just slightly more than the cost of land we would suggest looking elsewhere. ... more
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