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48362 : Real Estate Advice

  • All18
  • Local Info2
  • Home Buying10
  • Home Selling1
  • Market Conditions0

Activity 16
Mon Mar 28, 2016
Paul answered:
Use to fully understand + analyze all real costs of homeownership, including purchase price, down payment options, closing costs (title insurance, bank fees, inspection/appraisal, legal), mortgage financing- interest rate, term, points, pre approval requirements, RE Taxes, HO Insurance, utilities/maintenance/condo fees, selling costs (broker commission, capital gains tax, state transfer taxes). is educational, in-depth, easy-to-understand. Invaluable especially for serious first-time homebuyers. ... more
0 votes 1 answer Share Flag
Thu Sep 24, 2015
Dan Tabit answered:
I'm sorry. This is just one of the many reasons I discourage people from pursuing these schemes. You are a renter and only a renter until you complete the purchase. The current owner may have defrauded you into believing that you could purchase, but you'll need an attorney to review your documents and see what may be possible. I realize that means spending more money to pursue what you may have already lost, but it's truly the only option. If your total loss was within the jurisdictional limits of small claims court, you could file there and see what a judge says, but this will take a lot of time.
Find another place to rent, fix your credit or whatever is keeping your from qualifying to buy and do it right next time. I'm very sorry for your situation.
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0 votes 2 answers Share Flag
Sun Jan 18, 2015
USMortgageRanger answered:
Hi Rebecca,

Congratulations on your decision to purchase a home. The initial documents that are required in order to be approved by a Lender are: Your most recent pay-stub for the past 30 days for W-2 employee and your past two years of tax return for self-employed along with last two years w-2, 30 days of bank statement all pages identifying your closing cost and down payment along with any reserve funds (can be retirement IRA or 401K) if any. A copy of your drivers license or other federal ID along with a copy of your social security card. As an FDIC bank we have the ability to lend nationwide. As your lender of choice we are here to help you make the best decision for your family based on sound responsible, knowledgeable financial guidance.

During the approval process, we will do a down payment and closing cost analysis where we tell you exactly how much down payment you will need and exactly how much money you will need to have in closing cost, And if you need help with either we can point you in the right direction to get assistance.

I recognize that you are very busy, so I am only asking you to spend 6 minutes with me to discuss your needs so we can determine if we can be of service to you. After answering just a few simple non-credit related questions (I do not need to pull your credit report in advance) I will be able to email you some options that will allow you to immediately determine if we are the right choice for you and your family.
I look forward to working with you to make your dreams a REALITY.

Lowell Sterling
Mortgage Banker
NMLS# 968898
The Federal Savings Bank
Mobile: 469-347-3572
Direct: 512-717-0403
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0 votes 1 answer Share Flag
Sat May 24, 2014
Derek Tunison answered:
I would like to know a little more about your situation. I am a mortgage specialist in Macomb County. I would be more that happy to help you get pre-approved for a new mortgage, and answer any questions you have.

If you are interested in getting pre-approved by taking a brief 20 minutes application give me a call, I am available all day.

Good Luck!

Derek Tunison
Sr. Loan Specialist
First Mortgage Corporation
41950 Hayes Rd
Clinton Twp, MI 48038
NMLS 162605
Cell: 586-306-8994
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0 votes 1 answer Share Flag
Fri Apr 11, 2014
Peggy O'Dwyer answered:
You will probably need to rent an apartment until the divorce is final. Single family homes in the Lake Orion school district are far and few between for less than $1,000.00 per month. Rental units are very highly priced right now due to the demand generated when so many people lost their homes during the last 6 or so years when the economy tanked.
Once your divorce is final you can take all the important docs to a reputable mortgage company and find out what you will be able to afford as a mortgage. The docs will back you up as to what income to expect. Having pre approval for your mortgage is key in finding and procuring the right home.
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0 votes 4 answers Share Flag
Tue Mar 11, 2014
Hi Ruth,

Assuming that you are not a veteran, you likely have two main options:

1) USDA loan and property which limits your choices possibly, but requires no down payment
2) FHA loan with a local or state govt. grant to cover the down payment and/or closing cost requirements

I have a loan officer working for me that specializes in USDA loans and I could put you in touch with him if you wish. As far as the local grants, a realtor is your best bet for being on top of these programs. I could also give you a list of realtors that we have done business with in the past in your area if you wish.

I am available to help you at your convenience if you wish.

I also offer credit score improvement programs for free while we work on your mortgage.

If you like my answer above, consider clicking on a “Thumbs Up” or “Best Answer”


Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
NMLS# 695929

Rate quote or live chat with me at the link below:
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0 votes 4 answers Share Flag
Sat Sep 28, 2013
Brandon French answered:
The property may still be for sale. We as agents are selling homes so fast in this market that some agents (not myself) are not even putting signs up before the home sells. If you have a property in mind you can call an agent with the address and he or she can let you know if it is for sale or not. Feel free to contact me for any question you may have.
Good luck!
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0 votes 9 answers Share Flag
Tue Nov 6, 2012
Chris Riebe answered:
Great question because it exposes what a complex market we are in. Like others have said, so much depends on where you live.

In general, prices are rising. Here in Orange County, CA there are not enough homes for sale to meet demand. As you would expect low-supply/high-demand is forcing prices higher. It's currently the standard for multiple offers to come in on homes priced below $700,000 here.

Other factors that traditionally come into play such as mortgage rates, seasonality, jobs, etc. are hard to take into account right now because supply is such a dominating issue. Once owners start selling and inventory levels rise it will be interesting to see what happens to prices and how those other factors will influence the market.

Now is a great time to sell!
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0 votes 7 answers Share Flag
Fri Aug 24, 2012
Michael Parks answered:
That's a very significant commission cut. I've never seen anything that sever before. I would have personally tried to re-submit to the bank or re-negotiate with them. However, in reality there's no way I would drop a client over a commission reduction in those circumstances. I completely understand how she would be very upset after she's put in so much hard work to not only sell the house but to also negotiate the short sale with the bank. I negotiate short sales all day long and it's extremely time-intensive and very stressful. However, it's not your fault that the bank reduced the commission, so leaving you without representation is not a very classy move on the Realtors part.

At the end of the day real estate is a very tough profession to be in; there's a lot of work and often times very little compensation. Although if you take good care of your clients you will be rewarded many times over with referrals & repeat business. I'm sure you'll find another local agent that would be willing to jump in and basically take a free ride at the reduced commission. Since all the work is basically done, it's not a bad deal for the next agent. Good luck on that one. BTW: what bank or banks are you working with on this short sale?

Michael Parks
Broker (CDPE, CSP)
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0 votes 10 answers Share Flag
Mon Aug 6, 2012
Karen Paytas answered:
Colony Bill,

I don't understand how you can inherit a mortgage. If your name is not on the mortgage you are not liable for it. You would have to talk to an attorney to find out the process you would need to go through. Possibly getting your own mortgage on the property in your name. Are you on title? These are the questions you need answered.

Good Luck,

Karen Paytas, GRI, CMS
Real Living Kee Realty
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0 votes 1 answer Share Flag
Mon Aug 6, 2012
William Hadley asked:
I have been living in a house that was in my mothers name for the last 9 years, upon her passing I inherited the property and it's outstanding mortgage. The mortgage company has said…
0 votes 0 Answers Share Flag
Thu May 20, 2010
Bob McClure answered:
good afternoon..the information you asked about is available at 1200 n. telegraph rd. in pontiac at the oakland county reigister of deeds (first floor)...during normal business hours..the redemtion is typically six months from the date of sale with a couple of exceptions..if you abandon the home, and the lender's collateral manager (or other buyer at the sheriff's sale) records an abandonment affidavit..the redemtion then is decreased to 30 days from the recording of the affidavit...if the sheriff's deed was recorded beyond the required twenty days of the sheriff's sale, then the redemption is six months from the date the sheriff's deed is some instances, there can be up to one year to redeem..if you have five acres or more or other offsetting cercumstances..etc...ask for the help of a real estate attorney to properly guide you...hope that regards..
bob mcclure-
first preferred mortgage-
southfield, michigan-
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0 votes 5 answers Share Flag
Thu Nov 5, 2009
Dan Chase answered:
Sadly, it appears that the tax credit is coming back. This time it appears to apply to those who owned a house for 5 years or longer for $6,500. The bill should be signed within a week. Look at the details on a government website after that. Or just go to the IRS and ask.

I think you will need to show that you will occupy the house you are buying. But again, the details are waiting until the actual signing into law happens.
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0 votes 11 answers Share Flag
Sun Aug 30, 2009
Rulferts answered:
I will have to double check with my Realtor. I understood that the bank made a written offer that we accepted. They just didn't aknowledge that they recieved it because they made the counter right before closing on Thursday. Are they obligated to us when they come in on Monday? because I don't believe there was a time limit that we missed. Another thing I'll have to ask my Realtor. ... more
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Fri Aug 8, 2008
Maria Morton answered:
it's good that you are thinking ahead. As has been mentioned, passing the required time limit is just the first step. Since you know what you want, putting a plan of action in place now will help you be ready when the time comes.
I suggest you meet with a local lender to ask their advice on how best to proceed.
They will probably tell you to pay your bills on time, don't accrue any more debt, and start saving--even if you can only save $20/month. Savings and investments are what is meant when the financial gurus tell us to pay ourselves first. (Not saving for a shopping spree; saving money that will accumulate over the years)
Besides a mortgage lender, meet with a realtor. Make a commitment to that realtor and ask the realtor to commit to you. S/he can help keep you apprised of the housing situation in your area as well as informing you of changes in real estate law and mortgage lending practices. Being well-informed will put you in a better position when you are actually ready to purchase. Your realtor can also set you up with daily, weekly, or biweekly email updates describing the houses for sale, sold, pended, etc in your area. S/he can also get you a list of Open Houses in your area on Sundays. Then you can spend an hour or two some Sundays visiting homes in person to familiarize yourself with the neighborhoods and condiition of homes in your desired area.
When it is time to buy, you will have a good idea of what you'd like in a home.
Your realtor can help you determine what you can get for the money.
They can also help you see what could be done to improve the house and make it more of what you want in the way of finishes.
When you buy, ask your realtor to help you find a house needing the least amount of corrections.
Location is #1.
Find the best house you can afford in the area you'd like to live in.
Find one with a floor plan that suits your lifestyle.
Then look at foundation and mechanicals. These are the critical elements.
Paint color, cabinets, countertops, appliances, built-ins, are all fluff and can be changed.
Pay attention to things like insulation and windows.
Ask your realtor to help you figure out the cost of thermal windows. If the home you purchase does not have these, adding them will increase the home's value, lower your utility bills, and provide an additional tax deduction for you. There may be funds available to you for the actual purchase and installation of the thermal windows. Same with insulation and doors.
If the house needs painting, try adding this powder to whatever paint you select:
Hy-Tech ThermaCells - this is a ceramic additive that gives paint insulative qualities; it is used by NASA, USFS, FEMA, FAA, Army Corps of Engineers, and more. The additive costs money up front but saves you money by lowering your utility bills. Hy-Tech is located at 159 Parkhill Blvd. W. Melbourne, FL 32904
phone # 321-984-9777
One of my clients introduced me to this product after showing me a 25% reduction in heating/cooling bills after applying the paint.
Your realtor will have tips like these for you after the purchase of your home too. Most of us keep lists of vendors that work on home's; we provide these to our clients so you don't have to spend a lot of time looking for someone who will do good work at a fair price.
By working with a lender and a realtor now, you can develop and stick to a plan that will get you where you want to be in the next year.
Best wishes for your success,
Kansas City
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0 votes 6 answers Share Flag
Thu Mar 13, 2008
Susie Moceri answered:
I work fin Oakland Township sell Luxury New Construction Homes and out of the 50 people that visit our model home weekly, 85% of them are finding us from signage. It is just another way to advertise your home.
I would also recommend that you allow your agent to show your home -- even if it is at a moments notice, whenever they would like. There are several homes that have been sitting for long periods of time because the homeowners have stringent restrictions on showing appointments, meanwhile we have had 10 sales most likely because we are available to show them at their convenience.
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