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Heathrow : Real Estate Advice

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Activity 41
Mon Aug 22, 2016
Lisa Hart asked:
Sun Jul 31, 2016
Uuvvv asked:
Am planning to bid on Seminole County FL home in upcoming foreclosure auction. Noticed that plaintiff (Bank of America) has recently assigned the mortgage to Citibank as trustee for NRZ…
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Thu Jun 16, 2016
Hparker answered:
It depends on which part of Florida you are purchasing as to who pays for it. In Florida - everything in a Real Estate Contract is negotiable. That being said - since this is new construction you should ask if the builder/seller has a mortgage out on the property. If so, you may be entitled to a new home purchase discount which could give you substantial savings on the insurance.

Typically the buyer and seller will "split" the title and insurance and doc stamps on the deed - meaning one party will pay for the title insurance and the other for the doc stamps since these are usually the two biggest monetary item other than realtor commission.

Keep in mind that owner's title insurance is optional (although highly recommended) so there is no requirement to obtain that. Lender's title insurance including endorsements would be mandatory by any institutional lender with a few rare exceptions.
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Sat Mar 26, 2016
Scott Godzyk answered:
The problem is that it s the second mortgage. We are getting answers on 1st mortgages within month these days. With a second most banks holding them wont release it unless they get something worthwhile. Those offering little to nothing get delayed for at least 3 months in most cases as the bank does not have to approve or have any incentive to move quicker. It is most important the person negotiating with the bank for the seller contact them daily. if they dont, nothing gets done ... more
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Wed Sep 23, 2015
Amelia Robinette answered:
Check your lease agreement. Does it say anything about re-painting? I don't know FL law, but in VA and MD (Md is a very tenant friendly state) I wouldn't have to paint.

I have let my tenants paint, as long as I approve the colors if they want.

HOWEVER, good tenants are hard to come by, sounds like you're very lucky to have a long term tenant that apparently takes good care of the property. It may just be a good idea from a good will perspective. Perhaps you can agree to paint if he/she makes sure the furniture is moved away from walls and covered up to their satisfaction. I'd get something in writing to make sure I won't be held liable for any paint splatters or damage to the tenants stuff.
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Wed Aug 12, 2015
Wael Georgey - Properties In Town answered:
Hi Richard,

Did you end up buying? If not, let me know how I an assist you, if so, Congratulations!! Prices have gone up since.

Wael Georgey
Properties In Town, Inc.
(321) 231-9843
http://www.PropertiesInTown.com
... more
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Wed Aug 12, 2015
Wael Georgey - Properties In Town answered:
Did you end up buying that home in the $400K price range? If so, It should be worth much more by now. Congratulations!!!

Wael Georgey
Properties In Town, Inc.
(321) 231-9843
http://www.PropertiesInTown.com ... more
0 votes 5 answers Share Flag
Wed Mar 4, 2015
Karen Weathers answered:
Hi Helen,

In a short sale, both lenders are notified of your intent to do a short sale. The real estate agent places the home on the market just like any other listing. Once an offer is accepted, a package is prepared and sent to the 1st lien holder for approval. Once the 1st lien hold approves, then a second package is sent to the 2nd lien holder. In the interest of time, both lien holders can be sent a package at the same time. I have done several short sales and have successfully closed on the majority of them. If I can be of assistance, please do not hesitate to call me. Best wishes to you. ... more
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Sat Feb 21, 2015
My NC Homes Team answered:
Do not do it unless you've physically seen the property. Confirm where you're getting water and sewer if it's well and septic you need to look into what this will likely cost you and you'll want the Seller to supply a current, valid perk test indicating how many bedrooms the property can support on the septic system and what type of system needs to be built, then go get this priced. Are utilities at the street or will they need to be bought to the property. What's going on around the property? Is there any development planned that you should know about? Is the property in a flood plain?

Hope this helps, but first and foremost, do not by anything unless you've personally seen and inspected it.
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0 votes 1 answer Share Flag
Thu Oct 2, 2014
answered:
Hey Lisa, sorry for the late response, just saw your question. As a broker, we have over 60 lenders to work with and many of them have much lower credit score requirements than most banks/credit unions. We can also make recommendations to raise your scores enough to qualify, if needed. Please give me a call and we can see what your options are. Thanks!

-Caleb Corsair
Home1st Lending LLC Loan Officer
Direct: (407) 705-2989
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Tue Jul 29, 2014
Michael Joseph answered:
It makes things complicated and it depends on what the charges were. If it was a violent crime, rightly so people wouldn't want a violent felon living next to them. You will certainly have to disclose it as it isn't difficult to find out unless it was as a juvenile. ... more
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Mon Jul 28, 2014
missyandre asked:
How does one who has a felony on record find a place to live?
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Sat May 25, 2013
Shirley Wheeler asked:
0 votes 0 Answers Share Flag
Thu Mar 14, 2013
Broker Dave answered:
I have a couple of lenders that may work for you but I need a bit more information, can give me a call.

Dave Lowe real estate broker

407.451.3145
0 votes 1 answer Share Flag
Wed Mar 13, 2013
Bill Eckler answered:
Absolutely....the home is the possession of the present owner until he bank legally assumes ownership through foreclosure.

Knowing the direction this home is heading, it would be wise to find out what the anticipated timeline on their short sale would be...this is something most often easier said than done however. In these situations it's often a race to the finish between a foreclosure and a short sale. Either way your stay could be shortened by either process. With this said, knowing the conditions this scenario presents could offer you some negotiation power to achieve a good monthly rental break.

Oh, did I mention that as a renter in this situation you can probably plan on regular interuptions by potential buyers wishing to view the property...this again, another negotiations chip.

Either process could take weeks, months or even years....depending on where they are in the process and their level of representation. Be sure you have a clear appreciation of where the owner stands in this process.

Good luck.

Bill
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0 votes 5 answers Share Flag
Wed Mar 13, 2013
Mel Bernstein answered:
Certainly. However, depending upon the breed of dog you have may limit your options. I refer my clients to Wilson Property Management, www.wmgi.net, they are excellent and retain numerous properties. Good luck ... more
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