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48236 : Real Estate Advice

  • All22
  • Local Info1
  • Home Buying13
  • Home Selling1
  • Market Conditions0

Activity 20
Fri Sep 16, 2016
Keith C Monzillo answered:
For this answer assume you are asking me for the loan. Of course you can get financing. This haw I make my living.

Regardless of your credit score the process is the same. The hardship you anticipate is not as painful as you think. Here is what you need to be prepared to answer.

1. How can you afford to buy the home you what?
2. Since your credit rating is lower than some, you need to demonstrate you are committed to the purchase and your obligation to repay a loan. That means a downpayment of your own money. You lose your downpayment if you stiff me on the loan.
3. I assume risk by lending you my money, after all I want to make money not own a house where you painted all the walls black. The greater my risk, the more I worry about getting my money back, so your Credit Rating is my worry line. You make me worry, I charge you more than people who don't make me worry. That is in the form of the percentage you pay on the loan.
4. Bottom line is question number one. Can you put down enough of a deposit so that you can afford the slightly higher risk/percentage you pay for the loan?
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0 votes 7 answers Share Flag
Mon Jan 18, 2016
Lem_reynolds asked:
Thu Apr 10, 2014
William Bieke answered:
Is there anything you can do to raise your credit rating? I am a lawyer as well as a Realtor, let me know if I can assist you at all.

From my experience your credit score needs to be at least 580 before any mortgage company will be able to work with you. The majority of the lenders that advertise lower rates are generally scams with upfront costs and huge closing costs, if you ever get approved. ... more
0 votes 4 answers Share Flag
Wed Jan 8, 2014
Wayde Koehler answered:
1. GO look at the other homes, cheaper homes do not mean well maintained or managed?
2. Why are these other homes on the market so long, see question #2?
3. Is it worth moving for $ 300.00?
4. Are you happy with your current residence, home, size, management?
5. Sind current management pics and prices or three other rentals in your area and ask if $ 25.00 a month is worth your moving!
6 Offer to split the difference request a $ 12.00 increase and see what happens!
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0 votes 3 answers Share Flag
Mon Nov 18, 2013
Haig Istamboulian answered:

Contact a lender to be sure but I can give you an opinion if you like. The property value is NOT substantial enough for an equity loan to be done on it. Even if it was possible to do a loan on it, after the costs were rolled in versus the loan to value to ratio needed in order to do the loan; the amount would be very small and not worth the time for any lender.

Just my opinion but it could be wrong. I have heard a few of my investors say they pooled all of their properties together and obtained a Credit Line against them, so maybe that is another avenue for you to look into, a Credit Line or a Credit Line against your multiple properties, if you have multiple properties.

Thank you and Good Luck!

(248) 379-6547
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0 votes 1 answer Share Flag
Thu May 2, 2013
Kathy Persha answered:
Yes, there is a bank that I am working with who has offered portfolio loans to my clients. If you would like more information, call me at 248-930-0198.

Kathy Persha, Assoc. Broker
Nextage Advanced Realty
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0 votes 1 answer Share Flag
Sun Jan 13, 2013
Michael Delaware answered:
It is getting harder to find such deals, especially if you are area specific. They might consider a land contract and use all or a portion of their money as a down payment if their credit does not permit them to buy immediately. I wrote a book available on Amazon that could help you with this. It's called Understanding Land Contract Homes: In Pursuit of the American Dream ... more
0 votes 9 answers Share Flag
Wed Jan 2, 2013
Bob Schweiss answered:
Thu Oct 25, 2012
Michelle Payne answered:
Please make sure you seek the advise of an agent certified in distress properties. I would be happy to help guide you in your decision at this point. There are many options before foreclosure, but make sure you look at all of your options not just a short sale. Feel free to call or email anytime. ... more
0 votes 11 answers Share Flag
Wed Oct 17, 2012
Terri Vellios answered:
Just as Susan stated, Tax Liens take priority. Usually the lender will bring it current first before the county takes the house.
1 vote 2 answers Share Flag
Thu Oct 4, 2012
Keith Dunn answered:
Hi Jennifer, if your credit scores are good your better off with a mortgage. Land contract can be risky.
There are first time buyer program available for you to look at online and you will find all the info you need to qualify.

Good Luck
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0 votes 5 answers Share Flag
Tue Sep 25, 2012
Tom Lipinski answered:
I am not the listing agent, but I can help help you determine a fair price for this property. Please contact me at 586-774-2300.

Best regards,

Tom Lipinski
0 votes 2 answers Share Flag
Tue Sep 18, 2012
All good answers. What I will add to that is that "re-establishing credit" usually means having a minimum of 3 lines of credit open for at least 12 months - preferrably 1 of those with at least a 24 month history AND ALSO record of some sort of housing payment. And there can be no late payments or collections in the last 12 months.

Lenders are looking to see that your credit problems are in the past and that you've been on the straight and narrow since then. i.e. it was a one time circumstance and not a recurring issue going forward that jeopardizes their chances of getting paid.

Sounds like the best course of action is just to put some time between you and the foreclosure and prepare for the future. If May of 2013 the earliest you can get approved, then start talking to a lender now. We can look at your credit now, identify any areas of concern, and make sure to put you in the best position come spring time to get that loan.

Best of luck
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0 votes 4 answers Share Flag
Tue Sep 4, 2012
Darrul Stocks answered:

My name is Inspector Darrul Stocks, certified home inspector, member in good standing with the International Association of Certified Home Inspectors, and owner of Stocks Home Inspection located in Detroit, Michigan. If you have any home inspection related questions I will be happy to answer them, or if your interested in scheduling a home inspection please feel free to either call me at (313) 377-6967 or send me an email directly at .

Stocks Home Inspection Inc.
Inspector Darrul Stocks
(313) 377-6967
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0 votes 5 answers Share Flag
Wed Jun 1, 2011
Suzanne OBrien answered:
Wed Apr 6, 2011
Spirit Messingham answered:
As Realtors, we can not answer a question like this, however all the stats are available online. Please consider Googleing it or look it up at your city web site, I have them for my buyers here in AZ but not there. Best of luck.
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1 vote 6 answers Share Flag
Thu Feb 10, 2011
Maureen Francis & Dmitry Koublitsky answered:
Hi B.

How creative of you. I certainly hope you enjoy your special day and future lives together.

Trulia does not typically have a lot of tax professionals on it, and I am not one myself. Personally, I cannot imagine such a tax credit. Tax credits are for donations to non-profit and you and your fiancée are not non-profits.

Maybe you have some friends with a nice house who would like to help you with your dream?
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0 votes 1 answer Share Flag
Fri Aug 6, 2010
Jeff Smith answered:
Are you looking for the most sales or the agent looking out for your best interest? Any agent can sell your home for the lowest price. That is easy.
0 votes 3 answers Share Flag
Wed Sep 2, 2009
Cicely Brookover answered:
It appears that it is sold. My multiple listing services reports a closing date of August 18th with a purchase price of $20,113.
0 votes 1 answer Share Flag
Tue Sep 23, 2008
Ed and Cindy Knight answered:
Mark when you say horrible mortgage what do you mean? Do you have a rate adjustment coming? Do you owe more that your home is worth? These are very common today. As an econ major I am sure you know that markets go up and down. You can not buy a home and expect to sell in a short time in a declining market and not expect to pay on the way out. You may find work else where but I can say this their markets are doing the same. This is a global problem and if everyone continues on the path you are suggesting we will Never see the light nor will our children.

As for the ramifications? It is hard to say what will happen because each bank reports these things different. It also depends on how and when you leave. To correct Deep River MI has a 6 month redemption and if you abandon the home they can take it back much quicker. Read the info below for more detail on the process.

Mark contact your mortgage company and see if they can assist you. Be honest with them and tell them what you are planning on doing. But Why ruin your credit. Look for another job and stick it out. MI will come back around. It sure did after the early 80's.
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0 votes 3 answers Share Flag
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