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97124 : Real Estate Advice

  • All28
  • Local Info1
  • Home Buying17
  • Home Selling2
  • Market Conditions1

Activity 23
Mon Aug 15, 2016
Patsy.rothert asked:
Mon Apr 13, 2015
Gerald Vonberger answered:
It depends quite a bit on what type of coverage you include in your policy and what type you don't. It's definitely a good idea to check with a few insurance companies to compare prices too. If it's your first home, you might not need as much coverage, but your insurance agent will know better than me what you'll need. Just make sure you are getting enough coverage and not cutting corners on your policy. ... more
0 votes 1 answer Share Flag
Thu Jan 15, 2015
Jason and Michelle Merritt answered:
If you need to finance your purchase, it is unlikely that your lender will loan against the condo while it is in litigation. However, if you are a cash buyer, it is an ideal time to buy because a home that cannot be financed looses significant value because the buyer pool is depleted by about 75%. You can usually get a "cash only" type purchase for 25 to 30% under market value of what the home would be worth if not in litigation. Great investment if you can buy with cash funds and hold for a couple years while the community value recovers. ... more
0 votes 7 answers Share Flag
Mon Apr 29, 2013
Good evening joaneason11,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
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0 votes 2 answers Share Flag
Fri Apr 26, 2013

Unfortunately not. Lenders require 620-640.. If you need help improving your credit scores please visit my blogs here on Trulia or you can contact my office. We guarantee to improve your credit scores so that you can qualify for a mortgage.

Best of Luck;

Christina Solorzano;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Banker of 10 years
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0 votes 8 answers Share Flag
Mon Apr 2, 2012
Tran Ly Baunach answered:
Hi Rachel, I'd be happy to look up the information if you email me the property address. Thanks, Tran
0 votes 2 answers Share Flag
Sun Dec 11, 2011
Dave Sutton answered:
I agree with Belinda (first to answer). Unless you must sell for some reason, just sit tight and you should be alright before too long - surely before your retirement target.
0 votes 5 answers Share Flag
Sun Jan 23, 2011
Summa Real Estate Group answered:
A lot of really good advice has already been provided here. There are options. Short sale is one option. I recommend attempting to get a loan modification while the home is listed for sale. If the loan modification is denied, you have a little weight on your side that you did try to get a loan modification and now that option is exhuasted, you need to obtain a short-sale.

In most cases, if you use a professional short-sale bank negotiator, a letter will be obtained forgiving you of the remaining debt. In other cases, the bank will ask for a promissory note for a small portion of the deficiency at zero percent interest over 15 to 20 years. When a bank signs such a note, it superceeds the previous deficiency debt so the bank cannot come after you for more several years later.
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0 votes 13 answers Share Flag
Mon Dec 13, 2010
Dallas Texas answered:
I some instances a buyers agent can provide closing gifts.... we have paid have a room painted as a gift to the buyer after closing.

Any questions confer with broker OR state

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
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0 votes 11 answers Share Flag
Wed Dec 8, 2010
Cindy Korstad answered:

If there are multiple offers and the house is in need of major repairs a cash offer might be considered over others depending on the amount offered. The banks main focus is the appraisal amount and they want to stay within a certain amount of that figure. Usually they will only accept and consider one offer at a time on a short sale so the terms would only matter if someone was trying to purchase a fixer with the wrong loan.

Hope this helps, good luck
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0 votes 3 answers Share Flag
Wed Dec 8, 2010
Cindy Korstad answered:
Dear Buyer,

Yes you can negotiate the price after the bank has accepted your offer, if your appraisal comes in less than the offer price. Your agent will be able to help you with this.

Good Luck!!
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0 votes 9 answers Share Flag
Thu Oct 14, 2010
Honest John answered:
In my opinion as a honest General Contractor in the Portland Metro area for the last 20 years, the biggest problem is the Ambulance chasing that is going on now. Teaming lawyers, Inspection firms, and siding companies. Even the Property management companies have joined this Biased conflict of intrests. Who pays the bill???? The well intentioned HOA and their residents are talked into going after a builder for construction defects. When it's done. Excessive work is performed. Home owners are assed 10's of thousands of dollars. The Private inspectors, lawyers, and siding companies get rich. And they move to the next HOA. Are there construction defects?? Of course. But can you truly expect the companies that stand to profit MILLIONS to present a non biased report. IT'S A RACKET. ... more
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Wed Sep 29, 2010
William Metzker answered:
It's going to depend on the language and I'd be very careful. If the first trust deed holder thinks someone else is getting money outside escrow, they might be very upset and suspect fraud.

And it's going to depend on the nature of the second lien. If it's a purchase money second, the lienholder is not entitled to a deficiency if the property goes to sale. In a short sale, though, the 2nd lienholder will try to recoup some of its loss by having the seller sign a promissory note that survives the short sale.

Take this to your principal broker or to an attorney.
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0 votes 3 answers Share Flag
Mon Dec 28, 2009
Heather Mash answered:
EPA and Consumer Product Safety seem to be a bit slow at keeping us consumers and real estate professionals aware of this threat of Tainted drywall. Lenders need to get informed too, people that can't afford to fix this problem will walk away from their homes. Hope that Oregon and other states get the consumer some support and that Real Estate agencies become more informed to address this with potential buyers and sellers. This may not be seen as a responsibility of real estate agents if not regulations from the feds, state and counties involved maybe able to do something for buyers and sellers. If there is away to avoid going to court to solve this problem I'm all for it, who the hey has time, we got to go work. I want to solve the problem in the most equitable way for both seller and buyer and mainly avoid having the problem all together. Are HOA's aware of any problems of tainted drywall and are they suppose to inform potential buyers? We need to organize or encourage a solution. ... more
0 votes 9 answers Share Flag
Tue Nov 17, 2009
William Metzker answered:
I would say yes. In a short sale situation, an accepted offer almost always has a letter of prequalification from the buyer's lender attached, which means the buyer has gone through all the loan underwriting stuff and isn't likely to get bounced. All the buyer has to do is pay for the appraisal, and if it comes in, the offer goes through.

I would have a hard time asking a seller I represented to take a lower offer just because it was cash. Remember, that seller is liable for a deficiency judgment, and if the offer is less--cash or not--the amount of the deficiency would be more.

As a side note, some people assume that there's no deficiency in a short sale, because they are restricted under Oregon's foreclosure statutes. But short sales do not fall under state foreclosure laws, so neither do restrictions on deficiencies.
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0 votes 4 answers Share Flag
Mon Aug 24, 2009
Carla Muss-Jacobs, Principal Broker/Owner ~ Exclusive Buyers Agent ~ ABR, CEBA answered:
Reddy -- roads can be problematic. It depends on certain things though, and without knowing the lay of the land . . . hard to say sight-unseen. A few things to consider: is the noise "visual" and/or "audio" -- can the road be both seen and heard? If so, it's not a good thing. If the road isn't seen -- visual noise is not a factor. Does the noise level subdue after the rush hours calm down, it might not be that bad of a thing.

I've lived on a very busy street, but the way the acoustics, sound bounced off the road, it wasn't bad at all. And the visual noise was cut down from trees, fencing and plantings. The master bedroom was off-street, so it was peaceful. The home had vinyl windows, which were great in cutting down noise too. The front door was not on the major street, but similar to your situation, it was the backyard.

The current owner didn't seem to mind -- they bought the place. If your budget and the current inventory suggest that this home would work you might want to consider it. If you're currently being represented by an agent this is the type of discussion they should be having with you.

Carla Muss-Jacobs, Broker/Owner
EBA Portland, LLC
Exclusive Buyers' Agent
Assisting Buyers in Metro Portland since 1999
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0 votes 4 answers Share Flag
Tue Aug 4, 2009
Shelby Bateson answered:
In Oregon, you do not have to have any relationship at all to your co-borrower.
Gift funds are permitted for FHA loans, as long as they are from immediate family of one of the borrowers. Your partner's father would certainly qualify as immediate family.

There is no "seasoning" requirement for gift funds. But an FHA gift letter is required, which states that the person "gifting" the funds is an immediate family member, and that no repayment of the gitt is ever required. If your loan agent at Wells Fargo was not able to answer this question for you, perhaps you should be looking for someone more qualified to do your loan. This could prove to be just the first of many questions you have, and a lender who cannot answer??? Is that what you want to deal with?

In any event, if you are already committed with Wells Fargo, I wish you all the best.
I hope this helped.
I have been in this business a long time, so I believe you can rely on my answer.
Shelby Bateson
Town & Country Mortgage
... more
1 vote 5 answers Share Flag
Thu Jul 9, 2009
Carla Muss-Jacobs, Principal Broker/Owner ~ Exclusive Buyers Agent ~ ABR, CEBA answered:
Buying property is not a good investment?? Hmmm . . .

Look, Gina . . . buying ANYTHING is a "caveat emptor" proposition. I bought a pack a gum last week since I saw an Orbit commercial. WORST tasting gum I had ever had. Maybe someone else likes the taste, but for me . . . ICKY!!

Reports are generalized. So if you want to apply the index for what is going on, that's fine. But, the index was designed for other users -- institutional, etc. who deal with real estate on a much larger (bulk) volume. A single home buyer wouldn't probably not be as affected as institutional investors by the report. Real estate is localized, and it might even be on a home-by-home basis. What ANY seller will want to net (be it a banked owned, owner occupied) is the basis.

As far as home buying is concerned, would you want to pay the mortgage . . . or the rent?

Real estate, if bought for the right reasons, will be a good investment. And, the tax write offs are helpful to some people. And with the $8000 tax credit (which is a limited time offer) it might be a good time.

Without knowing your situation, it would be hard to generalize. Perhaps renting is a better option for you at this time. But buying, IMHO and NOT because I'm a real estate agent, is a better option then renting. And in that regard, being a home owner is a good investment!

" . . . a house is never a good investment" what tripe!

I do agree that you will need to follow interest rates. When they start to creep up, it will add to the monthly PITI.

Please understand that without knowing your situation, it would be hard pressed for any professional to ascertain if buying a home would be a smart move/investment.

If you wanted to do a simple "rent vs. buyer" analysis, there's a good program I can plug in your numbers for you. No obligation . . . ;-)

Hope that helps.

Carla Muss-Jacobs, Broker/Owner
EBA Portland, LLC
Exclusive Buyers' Agency
Assisting Buyers in Metro Portland since 1999
... more
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