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Home Buying in Hammond : Real Estate Advice

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  • Local Info9
  • Home Buying23
  • Home Selling0
  • Market Conditions4

Activity 38
Anna M Brocco, Real Estate Pro in Williston Park, NY
Tue Jul 17, 2012
Anna M Brocco answered:
Ask people you may know for referrals; also see link below...
http://www.nahi.org/ur answer here...
0 votes 1 answer Share Flag
Jim Simms, Real Estate Pro in Louisville, KY
Thu May 24, 2012
Jim Simms answered:
It isn’t as simple as anyone in the industry will normally share, everyone focuses on the minimum timeline and credit score threshold, in addition to those you must meet all of the other requirements as well which will be tricky after a BK.

DO NOT dispute accurate information on your credit report just because it is negative in nature, that is a serious crime regardless of what the “credit repair” experts tell you.

FHA will be the most forgiving avenue available to most people, in addition to the two items mentioned above you must also meet their TOTAL Scorecard, something rarely discussed by LO’s.

Here are a few items I thought may help:

TRADE LINE REQUIREMENT:
The borrower must have a minimum of at least three (3) current, open trade lines with 12 months history of being paid as agreed, regardless of AUS findings. Alternative trades are acceptable with AUS approval. Examples of alternative trades include utilities, auto insurance and rent.

Rental Verification
If the borrower is currently renting, the rental history must be verified. Rental references on the credit report are acceptable if a rating is provided. A minimum of 12 months must be verified via cancelled checks and/or bank statements if renting from an individual or VOR if completed by management company.

Judgments
Must be paid in full or have a satisfactory repayment plan is in effect at time of application, established at least 12 months and there have been no late payments on the plan (documentation must be provided to prove satisfactory payments).

Bankruptcy
Chapter 7
• Two years from discharge date; evidence the applicants have demonstrated ability to handle their credit affairs; and that applicants have re-established acceptable credit.
• Discharged less than two (2) years – NOT eligible.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
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0 votes 2 answers Share Flag
Diane Cline, Real Estate Pro in Schererville, IN
Fri Apr 29, 2011
Diane Cline answered:
There are select mortgage reps that do 203k loans. I suggest you call Chirs Hendron at Select Mtg. His # is 219-864-7539. Chris has lots of experience and will lead you in he right direction.If you haven't found a property, we can help you with that as well.
Diane Cline McColly Real Estate I'm only a phone call or email away 219-308-5455 dcline@mccolly.com
Thanks for the question.
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0 votes 2 answers Share Flag
Ron Rovtar, Real Estate Pro in Boulder, CO
Thu Apr 21, 2011
Ron Rovtar answered:
Hi Mmorris:

Your best bet is to contact a local real estate agent who can sift through the listings to see which houses have been fixed up. You also can look through listings on sites like this one, but you may find that some sellers exaggerate a bit.

Best,
Ron
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0 votes 1 answer Share Flag
Ronda Van Vo…, Real Estate Pro in Michigan City, IN
Fri Mar 25, 2011
Ronda Van Voorhis answered:
You can go to the public records at the county level. I however suggest you go to a local title company and have them run a complete title search on the property. They will check for taxes and other liens and judgements on the property.
If this property is bank owned and you are buying it through a Realtor all of this work should be handled in the transaction and the owners title insurance should protect you after you buy the property of any liens popping up.
If you are not familiar with purchasing on your own call a local REALTOR to assist.
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0 votes 3 answers Share Flag
Nathan Reeder, Real Estate Pro in Hammond, IN
Thu Dec 2, 2010
Nathan Reeder answered:
It expired early last month after 5 months on the market. It is a beautiful home. Im sure the owners are still interested in selling.

I would love to talk more with you about obtaining financing as well as this home. You can always reach me on my cell. Also, my office is in south Hammond on Indianapolis Blvd. We are across the street from House of Pizza. Maybe we can get together soon here at my office and find out the possibilities for buying this house on Kentucky.

Again, feel free to call / text / email anytime.

Thanks,

Nathan Reeder
Reeder Co LLC
7007 Indianapolis Blvd
Hammond, IN 46324
2197127150 (cell)
2198447007 (office)
NAR@ReederCompany.com
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0 votes 3 answers Share Flag
Joanna Sharp, Other/Just Looking in Indianapolis, IN
Thu Mar 18, 2010
Joanna Sharp answered:
Usually you have to be pre-approved with a lender before you can put a bid in on a HUD home. Once the bid is accepted by HUD, then you proceed with the processing of the loan. Not sure what the laws are in Calif, but here in Indiana, HUD homes already have an appraisal which the lender has to use that appraisal barring some rare exceptions. That appraisal is what the lender bases it's loan amount/value off of. Now, if you are utilizing FHA, then you will have to have a home inspection so we can determine that the utilities are working properly. You would go through the normal underwriting process with updated information eg: income, assets, etc., titlework would be ordered and then everything would be submitted to underwriting for final approval. Typical closing time is 30-45 days.
Hope that helps. If I can answer anything else for you, please feel free to email me.
Joanna Sharp Mortgage Consultant MetLife Home Loans
jsharp@metlife.com
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0 votes 3 answers Share Flag
Kim, Other/Just Looking in Hammond, IN
Mon Feb 8, 2010
Kim answered:
Vivian Janka…, Real Estate Pro in Schererville, IN
Wed Feb 3, 2010
Vivian Jankauskis answered:
There is a 3 bedroom 2 bath tri-level in Hammond that will rent with option $1050 per month. It has a fenced in yard and 2 1/2 car garage. Also a 3 bedroom 1 bath brick ranch in Whiting that will rent for $990 per month. It has a 2 car garage. If you would like me to send the listings to you please email me at vivfindmeahome@live.com Thanks Vivian ... more
0 votes 1 answer Share Flag
Scott Gallag…,  in Crown Point, IN
Sun Dec 13, 2009
Scott Gallagher answered:
august, you might want to think on that awhile longer. just because it looks like it's for sale doesn't mean it is. the address you gave doesn't exist on the assessor9;s page. so, if it is a foreclure like the other agent implied then it may have never have been for sale to begin with. BE WARY of websites that claim to know that kind of junk. if it isn't on the association site, then it isn't for sale. that's why THAT SITE is linked to my association's site. houses owned by banks just drift in the void forever, and no one ever saves money tring to buy them at auctions.call me and i'll find you something nearby. scott 219-588-6787 ... more
0 votes 3 answers Share Flag
Alex, Other/Just Looking in Boring, OR
Sun Sep 20, 2009
Alex answered:
Check the bottom of this site.
http://www.foreclosurenest.com/
Has a list of foreclosure auction companies with there local listings.
0 votes 4 answers Share Flag
Gina,  in Crown Point, IN
Wed Jul 15, 2009
Gina answered:
Andy,

The home also can't have a large amount of mold. Also, there is a limited on the amount of the loan. For example a bank cannot lend on a home that is priced $25,000, so it also depends on the amount of the purchase price. ... more
0 votes 2 answers Share Flag
Dana Schuster, Real Estate Pro in Slidell, LA
Tue Apr 14, 2009
Dana Schuster answered:
Your best option is to contact a local realtor who can locate these properties through the MLSat no cost to you.
0 votes 1 answer Share Flag
Gina,  in Crown Point, IN
Wed Mar 25, 2009
Gina answered:
El,

There is no real amount of time that a home sits as Contingent SI. Contingent SI means that the home is Contingent upon the buyer’s home inspection and allotted time for a response between the parties. If the buyer has found there are issues then the buyer can request further inspections. The home goes pending once the buyer and seller have both responded to the inspection report and signed off.
Hope this helps.
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0 votes 1 answer Share Flag
Gina,  in Crown Point, IN
Mon Jan 12, 2009
Gina answered:
As well as the contract the bank makes you sign addendums, review those as well. Also, like the other posts contact your real estate professional, have them talk to their broker and you can contact a real estate attorney. Some larger companies have attorneys their brokers can contact, but if you pursue the bank you will have to hire an attorney for yourself.

Good Luck!
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0 votes 4 answers Share Flag
Terri Griffis, Real Estate Pro in Columbus, GA
Fri Dec 12, 2008
Terri Griffis answered:
When writing an offer for my buyer clients, we usually ask for nearly all closing to be paid by the seller. Of course that depends on many factors such as List price vs our offer, how much money my client has in reserve, how many days on market, etc. In your situation and in my dealings with foreclosures in the past, I have found that if a person offers full price the bank generally pays all or most of the closing costs. The bank wants to get rid of the property as soon as possible. ... more
0 votes 7 answers Share Flag
Kimber, Other/Just Looking in Indiana
Tue Nov 20, 2007
Kimber answered:
Depending on your situation, Highland, Indiana is much better as far as school districts. Your affordability factor may depend on where you are looking for. Hammond is much more diversified due to the fact that it's larger. ... more
0 votes 3 answers Share Flag
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