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Home Buying in Mchenry County : Real Estate Advice

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Activity 123
Tue Aug 29, 2017
Prestine Sheppard answered:
i closing on september 7th 2017 the cost of the house is $42,000.00 property taxes are $3,300.00 annually i am paying with cash. what is my estimate closing cost.
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Sun Aug 27, 2017
Jennie Sparks asked:
Does he know the ins & outs? The tricks of the trade? I really want this property & I don't feel like he's doing all he can do. The edict, the customer's always right seems to be foreign…
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Thu Apr 20, 2017
Lovey Jeffery answered:
hello my husband and I are looking for a rent to own property my credit is not good at all and his is fair can you help us?
0 votes 19 answers Share Flag
Mon Aug 29, 2016
Sally Grenier answered:
Yes, but it's just part of the normal settlement calculations, and not for "paying down buyers settlement charges". Sellers owe taxes for the days they owned the home in 2016. But those taxes don't get paid until next year. So the seller gives a credit to buyer for those taxes. Then buyer is responsible for paying the full year of 2016 taxes. ... more
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Thu Jul 21, 2016
Bob Brandt answered:
There are many extra filters that Realtors use in the Realtor MLS that then trickles out to these consumer sites that are designed for advertising.
You may want to hook up with your favorite Realtor and have them do all the work for you at no charge. ... more
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Sun Jun 26, 2016
Bpasiewicz asked:
There are pictures on realtor.com and redfin.com but not on your website?
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Thu May 19, 2016
Debbie Schweikle asked:
I have been reading that you just need a Title company. Isn't that just for the closing? I still need my lender in the loop, don't I?
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Thu Feb 11, 2016
answered:
2 years from discharge date to disbursement date and 4 years from dismissal date to disbursement date. Bankruptcy is not factor for higher interest rate if you complete your waiting period. The down payment requirements will be same as regular conventional loan. ... more
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Thu Jan 7, 2016
answered:
FHA as low as a 580 score.

Mike Decman
Cherry Creek Mortgage
630-427-4668
mdecman@ccmclending.com
0 votes 2 answers Share Flag
Tue Jan 5, 2016
answered:
I won't give you the "build your credit" speech, other than to say if you did then you would have options.

There are a very few options out there for credit scores as low as 500, but the catch is that they are so risky to the lender that they require a really high rate of interest and a huge down payment- like 30% down. If you're on that strict of a budget then I'm guessing you don't have a 30% down payment just sitting around. So while yes, there are a few lenders that will work with a 500 credit score, the options aren't great or even attainable for most buyers. So in a case like that, what's better - paying a huge down payment to get a 9% or 10% mortgage, or just renting?

FHA requires a 580 credit score and 3.5% down payment (although not many lenders will go below 620) and Conventional financing requires a 620 credit score and 3-5% down. So you are not there yet.

I'd advise you to rent within your means until your finances/credit are in order to buy. Owning a home is not a basic right, it is a privilege, and it's not throwing money away on rent if you can't qualify for a loan. So work on making yourself able to qualify for a loan. It's not easy, but if you can set a gameplan and follow directions to a tee then owning a home will turn from a dream to a possibility. I work with plenty of buyers that come to me in rough shape but are willing to work at it.

I hope this feedback helps!
... more
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Mon Nov 9, 2015
Anthony Cavalea IV answered:
Apparently you need to be an agent to list here now. Give me a call and we'll talk about how I can help you.
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Sun Sep 27, 2015
My NC Homes Team answered:
Be careful what you ask for. Rent to Own is more urban myth than reality. There are only two situations where someone like yourself will encounter "Rent to Own" and neither is desirable.

In the first situation the Seller has been unsuccessfully trying to sell their property often for a year or more and they cannot find a buyer. The reasons for this can be many such as; high crime rates, terrible condition of the property, stigmas the house may have such as some one murdered in the home, or a home used as a meth lab for example. There are others but I'm sure you get the idea. In this case the seller is so anxious to sell their willing to do anything, but Buyers should ask themselves why would I want to inherit this Seller's headache?

The second situation is in my opinion actually worse: it's when very savvy Sellers set out to intentionally take advantage of less savvy Buyers. They never have any intention of the Buyer owning the home and the contract they prepare almost ensures that a Buyer will never be successful in meeting the terms. Their intent is to get above market rental income with the promise that one day you'll own the property and if by chance you actually were able to fulfill the terms of their agreement their OK as they got well above market price for the property, but what happens 95+% of the time is that they simply take the home back when a buyer fails to fulfill one or more of their contract terms and they then repeat the process.   I've been active in all aspects of residential real estate for more than three decades and can honestly report that I have never once met a single buyer who was successful with "Rent to Own" 

Right now we're in a strong sellers market, and frankly there's no reason any legitimate seller would offer a Rent to Own option.
... more
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Sun Jul 12, 2015
Bob Brandt answered:
You should ask a Realtor or 2 in Florida and maybe engage a lawyer if they use them there. A good Realtor may be able to save you some extra cash.
0 votes 1 answer Share Flag
Mon Jul 6, 2015
Robert asked:
Wed Jun 10, 2015
djennifer009 answered:
It can't hurt to ask. If they've been wiling to lower their list price already, they might be open to the idea. If not, though, it might not be a deal-breaker for the house. Furnace repairs and replacements are common for older houses, and many new homeowner find themselves getting that done. http://mitchellplumbing.com/heating-cooling/furnaces/ ... more
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Tue May 19, 2015
Scott Godzyk answered:
Trulia does not allow for sale by owner listings. If you are willing to pay a fee to a web site that only posts listings, why not hire a good local agent who can list your home and bring about a quick sale more than covering teh fee you pay ... more
0 votes 3 answers Share Flag
Fri Mar 27, 2015
David Follmann asked:
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