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87107 : Real Estate Advice

  • All14
  • Local Info2
  • Home Buying4
  • Home Selling3
  • Market Conditions1

Activity 11
Thu Aug 11, 2016
Potter.isabel asked:
We are looking to move to New Mexico from NYC, and wanted to know if it would be wiser to buy a house now, since we have good jobs, and can therefore show stable income to the mortgage company,…
0 votes 0 Answers Share Flag
Fri Sep 11, 2015
Karen Peyton answered:
I wouldn't worry too much. Homes that have been condemned "can" be sold, though cannot be lived in until repairs are done and a Certificate of Occupancy is issued by the city. You can also contact the listing agent to express you concerns. ... more
2 votes 1 answer Share Flag
Mon Apr 16, 2012
Mark DeWitt answered:
Hi Martha,

We lend on mixed use properties (not hard money). I would be happy to disucss with you.

Regards,

Mark DeWitt
National Residential
858-212-7054
mdewitt@natresdirect.com ... more
0 votes 2 answers Share Flag
Wed Apr 11, 2012
Don Tepper answered:
They're not supposed to--whether it's home warranty companies, home inspectors, title companies, insurance companies, lenders, etc.

Having said that, there sometimes is common or shared ownership. That's the case where I'm at with the title company, an insurer, and a lender. We as agents are required to disclose this relationship. And, yes, I'm sure our parent company profits if those particular providers are used. However, the agents don't get any sort of referral fee. Most agents strongly encourage their clients to check with other providers. Usually it turns out that the related providers (in the case of the company I'm with) are very price-competitive and give good service. But clients are absolutely free to use whoever they want.

Hope that helps.
... more
0 votes 3 answers Share Flag
Fri Oct 21, 2011
Joan Braunschweiger answered:
Larissa, real estate agents aren't going to comment on the trashiness of a neighborhood or if the people who live there are nice. Its not only a professional no-no but one person's definition of nice may be another person's nightmare. ... more
1 vote 1 answer Share Flag
Fri Sep 30, 2011
Shane Milne answered:
Bonus & commission income is averaged over a 2 year period. So if you are paid W-2'd income for 2 years, and if it is all bonuses & commissions, then a 2-year average of bonus income would be put into one category, and a 2-year average of commission income in the other, and then added together. It also has to be analyzed to see if there was a major increase/decrease in either category from one year to the next, as if there is a severe change it may result it only the most recent year being used or not being used.

1099 income is self-employment income like Alex laid out as it is reported to Schedule C of your personal tax returns, and most lenders require 2 years of self-employment income. So if you are paid 1099'd income, and the composite of your 1099 income is bonuses & commissions, it is all just reported as income - there is no further analysis to determine if it was per contract income, commission income, hourly rate income, a 1 time payment of income, etc... it's just simply self-employment income. The income is analyzed like Alex indicated, your gross income minus any actual expenses you claim on your Schedule C.
... more
0 votes 2 answers Share Flag
Wed Jul 13, 2011
Shane Milne answered:
Q: do i need an FHA Amendment for a short sale?
A: It appears you likely do, as a short sale is considered a pre-foreclosure sale. The below link is the official FHA guidelines/handbook, commonly called the 4155.1 & 4155.2.

http://www.fhaoutreach.gov/FHAHandbook/prod/infomap.asp?address=4155-2.6.A.5.d

The amendatory clause is not required on

• HUD REO sales
• FHA's 203(k) loan program
• sales in which the seller is
- Fannie Mae
- Freddie Mac
- the Department of Veterans Affairs (VA)
- Rural Housing Services
- other federal, state, and local government agencies
- a lender disposing of REO assets, or
- a seller at a foreclosure sale, and
• those sales in which the borrower will not be an owner-occupant (for example, sales to nonprofit agencies).
... more
1 vote 1 answer Share Flag
Wed Sep 22, 2010
Joshua Christensen answered:
Purchasing a home in this condition raises lots of concerns for a lender. Lynn911 from Dallas mentions below that it's important to have the cash for repairs and that NO Lender would approve without the roof being repaired.

As a mortgage lender, I can tell you that on an owner occupied residence, there are some programs still available for a purchase / construction rehab type deal. You will need a 10-20% down payment based off the after repair value & credit worthiness. It sounds like your scenario may fit that bill. If you plan on living in the home and want more information, I'm happy to help.

Joshua Christensen
Southwest Funding - Integrity
(505) 250-1944
... more
0 votes 8 answers Share Flag
Tue Dec 11, 2007
J R answered:
I would also question the condition of the house. Lots of wallpaper? Bad colors? Of course this would also point to price, but maybe a bit of cosmetic work would help.
1 vote 6 answers Share Flag
Thu Dec 6, 2007
Veronica Gonzales answered:
The albuquerque housing market has always been better than the rest of the country. You can sell your albuquerque home fast if you do a few things. Stage your home and market it aggresively. These days the internet has made selling a home much cheaper than years before. Listing websites like http://www.elbosqueatandaluciadelaluz.com/ and whats called "Listing Syndication" has your listing on thousands of websites and looking better than a typical listing. There are more things but those 3 things, done correctly, will get your albuquerque home sold fast and for a great price. ... more
0 votes 11 answers Share Flag
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