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Hannibal : Real Estate Advice

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  • Local Info0
  • Home Buying7
  • Home Selling1
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Activity 28
Thu Nov 9, 2017
Herman Gardner answered:
Fri Oct 13, 2017
Rwalden answered:
Try equifax.com. I believe they have a trial membership available. Otherwise, it's about $15/month. You can check your credit report, which will provide you with information on your negative accounts, including those which have been sent to collections or which are in default. Hope this helps. ... more
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Wed Sep 14, 2016
Mfindlay2002 asked:
We are in the process of buying a home since June of 2016. That is when we signed the original contract for the purchase of a home. Since then we have had to change the finance company and…
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Thu Aug 30, 2012
harleybling007 answered:
I have a felony and im am currently in school online for my associates im real estate studies, and i do believe it might depend on what your criminal history is. all you should have to do is go to a real estate company and find out if they do hire ones with a criminal back ground but as far as school goes you an go to college for that with a criminal history. and you know every job i have gotten that people say you cant do wih a back ground well let me tell you i was able to do nursing and child care with a history, of course i had to write a letter of when ,where, how and why and also took full responsiblity for my actions and they approved both of them. show them that and prove to them that you are a productive citizen in society and with time under your belt your past will not affect any positive thing you try to accomplish in your life!!! Take that chance and work your hardest and you will succeed!!!!!!!!!!!!! ... more
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Sun May 20, 2012
Mike Papantonakis answered:
There are many alternatives to help you buy more properties. It all depends on your specific situation. If you have equity in your home, you can use that to obtain down payment money to purchase another home. You can also use a self directed IRA. If you have an IRA that is not performing as well for you as you'd like, roll it into a self directed account and then you can use it to buy investment property. Make sure, however, that you learn all the rules of doing this. The IRS governs the laws of using IRA's and you have to be very careful not to get yourself into trouble. I've recently bought an investment property through my self directed account. It's a great way to diversify.
You can also partner with people or find a local real estate investment club to join and get some ideas from other investors.
Be very careful out there, Real estate can be a great way to earn extra income. It can also be devistating if you don't know what you're doing. Do some research and find a good real estate agent who specializes in investment properties. Many normal agents don't understand the numbers and how to chose a good investment property. If you'd like, I'd be happy to help you find one in the St Louis area.

Let me know 303-913-9129 or mikep1@remax.net
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Sun May 20, 2012
Mike Papantonakis answered:
As real estate agents, we are not qualified to answer that question. The correct advice to you is to contact an attorney. Real estate agents shouldn't be advising you at all on this question.The best thing you can do is ask an agent for names of real estate attorneys or use your own attorney.
Good luck with that.
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Sun Jul 10, 2011
Dale Weir answered:
your category is real estate pro, so I am surprised that you are asking this question.

The laws, rules and regulations are different for every city, county and state. They can differ between incorporated areas and unincorporated areas a block away. You need to check with:
a) the local board of realtors that you belong to
b) ask your broker for the rules he will require you to follow if you are renting out your own property or handling rental property for others (determine if you are just handling the rental contracts and finding the renters or are managing the properties as well)
c) the local city gov
d) the local county gov
e) read up on the state laws on tenancy
f) if you intend to rent to section 8, make sure you contact the people running that office as well
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Fri Jul 8, 2011
King Osiris asked:
Thu Jul 7, 2011
answered:
Hi Demetrus F,

The main difference is an investment property is one that you rent out and a secondary home (vacation) is a home that you stay in periodically through out the year but do not rent out. ... more
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Fri Jul 1, 2011
Jan Brown answered:
Any title company can confirm closing costs on a local level. In our area title search is $335, title search is $100, closing fees $150, warrent deed is $50. Estimated total would be $635. Other figures the consider are required insurance prepaids or conference fees that some lenders charge. Hope this helps you. ... more
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Fri Jul 1, 2011
Jan Brown answered:
There are over 3000 counties in the US and eanch one has something a little different about the way the ydo things. There are some good books specializing in Tax Lien and Tax Deed Investments. Author and attorneyLillan Villanova would be a good source. Here are are some simple steps you can begin with. Contact the Tax Collector or Treasurer's office in your county and find out: 1) when will the county be conducting the next tax sale? 2) Where will the sale take place (address, room, and time of sale) 3) How can I get a list of the tax lens/properties to be auctioned? There may be copies available at the office, or local newspaper that prints the sale notice. 4) You will ned to het the Rules of the Sale which gives the terms and conditions of the sale including pre-registration requirements and methods of paymnent. 5) If a it's a lien sale, what is the interest rate? How is it calulated? 6) Does the county have any unsold tax lien certificates or propertys from the last sale. If "Yes", you should ask how to see a copy of the that list. In many counties there may thousands of unsold certificates. If the answer is "no" they will say "Such and such department keeps that list" or "They are held by the county". It may time to learn the terminology but can be profitable.. Another good place to access the various counties across the US is www.naco.org ... more
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Mon Jun 20, 2011
Sameer Punjani answered:
Demetrus,

I use a company called 1st class home inspection. Here is a link of a sample report of what they check out. Cost depends on size of the home. Usually run between 275 to 500.


https://www.homegauge.com/buyerseller/samples.html

Hope this helps.
... more
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Sun Jun 19, 2011
Dale Weir answered:
as a realtor, I typically ask the lender to wait until we are done negotiating the building inspections. I do have to watch the loan commitment date to make sure it's done by then if it's a conventional loan. If it's a FHA or VA loan, then their riders allow it to be done right up to the point of closing. (drives the agents crazy, but it's how their riders are done). I have at times put in the contract that I want the appraisal done BY loan commitment, but in reality the other agent has very little control over that, the bank has more control, but with the new laws in effect, it's difficult since we can't call an appraiser directly to schedule the appraisal ... more
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Wed Jun 15, 2011
answered:
Hi, Demetrus. Each local down payment assitance program may/will vary from county to county and state to state. You best bet is to ask a local lender/loan officer what programs are available. That said, typically all will require that get preapproved and then take a first time home buyers course. These courses can require the taking of a single 4 hour class or 8-10 consecutive 1 hour classes. For greater detail and information, I would also just Google "down payment assistance program + the state and city/county you're looking to purchase in. Hope this helps ... more
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Mon Jun 13, 2011
Justin Ruzicka answered:
Demetrus:

This is what you need to "shop" around for! Closing costs can range from additional 10% to as low as 4%. The normal fees, which are tax prorations, title insurance, state and county taxes for sale are all the same, those will likely add up to 3%+/- the other fees can be costly. Mortgage Fees, Mortgage Broker Fees yes they often have a few different fees, home owners insurance, inspections, appraisals, ect, can often add up to 5%+... And it seems that mortgage brokers don't want to give GFE because this allows you to show around. But without a Good Faith Estimate, you are walking blind into a storm. ... more
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Sun Jun 5, 2011
Sarah Klamm answered:
As a realtor who has rental property and has also flipped homes, I have some ideas. Your specific market will dictate some of your strategy. Under $25k property can have a lot of unknown problems. As a responsible landlord, you will need to put the home back into proper working order. Know rental rates and vacancy rates in your area. Check backgrounds, require a deposit. We have found that pets and rentals are not a good mix and don't allow pets or smokers in our properties.

What you do to a home to flip may be different than if you are keeping it for a rental. You may want to go with higher grade carpet and finishes in a flip home. Don't go with all white walls, don't use the cheapest flooring you can find, make sure the property you purchase has good bones. Plan on being there everyday to keep things running smoothly.

Get a good realtor with a background in these properties and make them your ally, they will be worth every penny of commission.
... more
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Sat Jun 4, 2011
Karen Parsons Fiddler answered:
Hi Demetrus,

First....you need to find a local Realtor to give you a feel for your market. Are home values going up? down? stable? That's the first thing....so the timing makes sense.

I have a lot of clients right now who have had cash on the side they took out of the stock market and are now investing in properties to rent. My husband and I have a real estate portfolio also. The main thing is to identify the purpose of the buy....are you going to pay cash and rent? or flip? What is your goal? If you are a first time investor....I'd stay away from flipping, you need to really know what you're doing. But buying a property to rent out and also wait for value appreciation is a great idea.....I think.

Good luck with your plans,

Karen
... more
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Thu May 5, 2011
Jeff and Ginny Mitchell answered:
In some cases you must inspect before you make an offer, such as auction properties. However, most of the time, your Realtor will write an offer based on the inspection contingency that provides a set amount, such as 1.5% of the sale price that the seller commits to repair if any covered item. These vary state by state but typically include structural concerns, windows and doors, roof, appliances, and so forth noted as needing repair or replacement by a licensed inspector. Usually everything must be in proper "working condition" whereas "cosmetic flaw" such as a crack in the tile or discolored paint are not included. Ask your Realtor to show you a copy of the standard real estate contract for sale and purchase and explain the inspection contingencies.

On the other hand, a buyer may also choose or a seller may choose to sell "As Is" only. Foreclosure and short sale properties are almost always sold this way. After the buyer and seller agree on price and all terms, the buyer can then hire a licensed inspector. Contracts usually provide that the buyer may then cancel the contract or re-negotiate the price and terms if the inspection results are not satisfactory. Once again check with your Realtor about the contract language in your state so that you know how to proceed.

At any rate, don't pay for an inspection until you have proceeded as far as possible to secure an agreement with the inspection as a contingency. Feel free to contact us for any further information.
... more
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Fri Apr 29, 2011
Dale Weir answered:
look at the homes in your neighborhood and area. go to open houses, view new construction, get a feel for what is happening. If you over-improve, you won't get your money out of it, if you under-improve you will have wasted the money you put into it. Determine how much longer you intend to live in the home, and do the things that you will enjoy first, since you will never get all your money out of improvements unless you really got a great deal when you bought. Take care of small maintenance issues, since others presume if there are small issues that the big issues haven't been taken care of either. If your basement is unfinished, finish it. Check your systems - heating, cooling, water heater, roof, etc - if they need replacing better to do it while you can enjoy it and before there are issues then when you are under the gun with a contract that has to close on a certain date. Look for rebates and discounts when you buy things - check at the store and online with the manufacturer, also check for things like state, national and utility company rebates and tax credits ... more
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