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75032 : Real Estate Advice

  • All20
  • Local Info5
  • Home Buying7
  • Home Selling0
  • Market Conditions1

Activity 13
Thu Aug 17, 2017
Rbranum628 asked:
bedroom. We posted for rent by owner which shares with you. Can you please update your information about this house as it's for rent, $1950 mo. $1950 deposit. New paint, inside and…
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Sat Jun 3, 2017
Kwbailey1088 asked:
I do not remember being asked if trulia could embed data on my hard drive to track my browsing history. I don't want it there and it will not let me delete it. Please tell me how to…
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Sun Dec 27, 2015
Susie Kay answered:
Yes, they can ask for a proof of funds letter from your financial advisor. For whatever reason they are probably afraid that you showed them your stock statements instead of cash. You can definitely select a different home and ask your realtor to rescind the offer in writing. The contract isn't executed yet; however, if you don't rescind and the seller ended up signing you'll have an executed contract. I would suggest that you discuss your concern with your realtor. She/he is there for you and should be the first person that you ask questions from.

Good luck!

Susie Kay
Realtor
Seniors Real Estate Specialist
Certified Home Stager

United Real Estate Dallas
469-371-2899
www.dfwdreamhomes.net
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Fri Jul 24, 2015
Curious Person answered:
Sellers agent is skating on thin ice. She represents the seller and their best interest. It is the seller who decides what is a fair price and not their agent. It is really none of the agent business how and why the sellers decides the buyer is picky or not.

Having said that, it is your agents responsibility to advise you on what she thinks is the best for you in this matter. How do you know the seller will accept your offer over their buyer? Is the backup offer more than the other offer? What is in the works here?
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Wed Oct 1, 2014
Amy Arey answered:
USDA will allow you to purchase in "rural" areas (make sure you check out the USDA map on their website to make sure the area is within the USDA coverage area). Many cities also have programs for first-time buyers that are not heavily promoted to the public. ;-) Contact me if I can be of any assistance.

Amy S. Arey, Realtor
Halo Group Realty, LLC
214.901.1341-Cell
AmyAreyRealtor@gmail.com
www.aarey.HaloAgent.com
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Fri Sep 19, 2014
Steve Russell answered:
I agree with most of my colleagues on this topic. The bank will try to get as close to fair market value as they can after a foreclosure but it also depends on how many homes they are sitting on at that moment and how quickly they want to get it sold and off of the market. ... more
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Thu Sep 26, 2013
Wayne Stewart1 answered:
Banks have gotten smarter these day they get close to true value now and sometimes get the property bidded up. Foreclosures and short sales are not always what they seem anymore. That window has closed! Now most people don't know this but if you buy a foreclosure that was someone's HOMESTEAD and you go in there and fix it up. they still have 2 years to come back and 'settle" on that property. On investment properties the State only gives the Ex-owner 6 months. www.waynestewart.com ... more
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Thu Mar 21, 2013
Joseph Murphy answered:
The short answer would be have an appraisal done to determine value. There are a variables that could impact your property and the value. If you would like more info go to my site.
http://www.buyandsellrockwallhomes.com/ ... more
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Thu Mar 21, 2013
Joseph Murphy answered:
You can find all the info that you are looking for at the tax assessors online site, I would say that you would be assessed in the neighborhood of 1900.00 to 2300.00 . Here's the Link:
http://www.rockwallcountytexas.com/index.aspx?nid=205
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Thu Mar 21, 2013
Joseph Murphy answered:
There have been 21 Properties Sold in Area 34 zip code 75032 from 09/21/2012 to 03/21/2013.
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Tue Dec 18, 2012
Kristi Sigmon answered:
I live and work in the Rockwall area. I stay up to date on the market area and am familiar with the homes available. I would be happy to discuss this with you and show you the homes available that fit your needs.
Feel free to give me a call at 972-951-8496 or email me at ksigmon@kw.com

Thanks! Kristi Sigmon
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Sat Jul 18, 2009
T.E. & Naima Sumner answered:
FHA has 203(k) streamline and 203(k) regular loans which create an escrow account for you to perform repairs after closing. Unfortunately, the streamline version is not intended for repairs of a structural nature.

When the home needs structural repairs, regardless of the amount, the FHA lender will not only have an escrow account for your 203(K) loan but will also assign an inspector to assure that the work was completed by licensed professionals. At the time you apply for your loan, tell your loan officer that the house needs repairs and you want a 203(k) loan. The appraisal that is ordered at that point would reflect both the unrepaired and the future repaired value. No, you don't repair then inspect (the seller can do the repairs first but not you). The appraiser may be called back after repairs for verification of value.

Yes, it is best to start with an engineer's report on the foundation prior to applying for the loan. You want to know what's going on before you commit to buying the property. Bad news is the report is not free. So, get the report, get quotes based on the report from a couple of reliable foundation companies, and then apply for your loan. It is better to spend $400 on the engineer's report before you're committed to the loan and its $400 appraisal fee plus other stuff.

When the home needs less major repairs, such as painting, carpeting, appliances, and so on, the 203(KS) "streamline" can be used. Here funds are normally paid off invoices without inspection. Your lender can fill you in on their procedure. While officially the maximum escrow is $35,000, most lenders limit you to a smaller number from $10,000 to $25,000. If the work does not require licensed professionals, they can also reduce that to something less, like $5 - 10,000 for work done by the homeowner, or suggest a 203(b) instead.

All 203(k) loans require the work to be done in a timely fashion and completed within a timeframe, usually 90 days. After closing the clock starts ticking. You cannot overdraw the escrow account. If you estimated wrong on the repairs, you have to come up with the money out of your own pocket, if you were low. If you have money left over after all repairs are completed, the excess money is used to pay down your principal balance.

Remember the escrow account is money you already borrowed as principal. So, let's say the house is selling for $100,000 and you need $18,000 in repairs according to estimates you got, then you apply for a loan on the $100,000 (maybe $96,500) plus the $20,000 ($18,000 estimated plus a small margin for error). Your mortgage balance would start off at $116,500 plus the UFMIP if you rolled that into the loan.
After 2 months of hard work, you have finished all the repairs and submitted bills totalling $19,000. The $1,000 left in your escrow account would be used to reduce your principal balance to $115,500. (Of course here we are ignoring that you made a monthly payment during the repair period.)

So, do the engineer's inspection and report, get quotes, apply for loan with repair escrow, get appraisal, close on house, do work, draw down escrow, do work, draw down escrow, engineer re-inspects, complete work, appraiser may re-inspect, move any excess funds from escrow to principal balance, close escrow.
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Fri Mar 20, 2009
Dallas Texas answered:
Many issues need to be concerned about
a) How much of a home can you qualify for?
b) Depends on how the lease is authored?
c) If you are searching for a home in Rockwall area we have listing will be posting with pool, gorgeous view, in the $350K - or + the owner might consider carrying the second .
d) I personally own a home for lease purchase with pool.
e) You want to place your home on market "busy season for family moving " is only a few weeks away

CONTACT OUR OFFICE TODAY
972-699-9111
Lynn A. Crosby ~ National Featured Realtor
"...Specializing in Residential, Commercial Properties and Loans..."
Dallas Realtor, and Credit Repair Consultant -
The Michael Group - "Dallas Business Journal 08' list top realtors"
Dallas Loan Officer - Homewise Lending
Dallas Real Estate Office: (972) 699-9111
Dallas Real Estate Website: http://www.lynn911.com 60,000 listings Dallas homes for sale
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