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Home Buying in Milwaukee : Real Estate Advice

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  • Local Info34
  • Home Buying121
  • Home Selling23
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Activity 175
Laura Molden…, Real Estate Pro in New Berlin, WI
Wed May 21, 2014
Laura Moldenhauer answered:
I'm not an attorney but...
If the offer to purchase was written correctly and the bank accepted the offer you are with in your legal rights to walk away. They don't have a legally enforceable contract.

How much earnest money did you put down and who's holding it? Worst case scenario you walk away and don't get your money back if the bank is playing hardball and you don't want to pay an attorney to fight them.

Good Luck,
Laura Moldenhauer
New Horizons in Real Estate
19090llc@gmail.com
262-227-0725
... more
0 votes 7 answers Share Flag
Laura Molden…, Real Estate Pro in New Berlin, WI
Wed May 21, 2014
Laura Moldenhauer answered:
Hi Kevin,

You could a a lease with option to purchase if you don't get the mortgage or a favorable rate. I've worked with several clients and this option has been successful in getting them into the house they want while they're getting their job situation/credit in order.

Feel free to contact me if I can help or answer any question.

Warm regards,
Laura Moldenhauer
New Horizons in Real Estate
262-227-0725
19090llc@gmail.com
... more
0 votes 2 answers Share Flag
norciakim, Home Owner in Jersey City, NJ
Sat May 10, 2014
norciakim answered:
I have crackled paint in garage does this mean its lead paint, not thinking as I was painting with dry lok I saw some sections that the paint was chipped or crackled does this mean it is lead paint ... more
0 votes 8 answers Share Flag
Anna Nacar, Real Estate Pro in New York, NY
Thu May 8, 2014
Anna Nacar answered:
The biggest issue I see is with your credit scores. For most loan programs (basically all) the minimum required credit score is 620. FHA minimum is 620. Do you know which agency it was that you checked with? Most banks will pull 3 credit scores for each borrower (TransUnion, Experian, and Equifax) and go by the middle credit score. Then they take the LOWER of the 2 borrowers' middle credit score.

Example: Person A and person B are applying for a joint mortgage. Person A has credit scores of 800, 790, and 750. Person B has credit scores of 700, 615, and 590. Then the JOINT credit score will be 615.

The next thing you need to think about is your debt-to-income ratio (DTI). What will your total monthly debt (mortgage payment, property taxes, homeowners insurance, private mortgage insurance, credit card debt, car payment, student loans, personal loans) be compared to your gross (before taxes) monthly income. Different programs have different guidelines, but for FHA the max DTI is 43%.

With all FHA loans you must pay private mortgage insurance (PMI) for the life of the loan as well as an upfront premium of 1.75% of the loan amount. You are allowed to finance the upfront premium (that means add it onto you mortgage) but that means that your loan-to-value (LTV) will be 98.25%(100% purchase price - 3.5% downpayment + 1.75% PMI premium). Then for loans less than $625,500, you pay a 1.30% premium per year. The only way to get rid of PMI on an FHA loan is to refinance once the value of the mortgage is less than 80% of the value of the home.

There are also closing costs, also called finance charges. A general rule is to assume that closing costs will be about 4% of the purchase price, but it's different state by state. If you don't qualify for any kind of down-payment or closing costs assistance, then you'll have to pay that as well.

As far as down payment assistance programs, you need to research what is in you area. A great place to start is Neighborhood Housing Services of Milwaukee. Set up an appointment with them to see what you are eligible for. They can help you apply for grants, improve your credit, and find homes that are in your budget. There are other non-profits that can help as well, but you'll have to do your own research there, as I'm not sure what is in your area.

I hope this answered your question!
... more
2 votes 1 answer Share Flag
pattersonleg…, Home Buyer in Milwaukee, WI
Wed Apr 9, 2014
pattersonlegal answered:
The telephone number shown in an answer below for Jeff Patterson is actually his fax number. His phone is 262-240-0915.
0 votes 3 answers Share Flag
Mark Person,…, Real Estate Pro in Brookfield, WI
Sun Apr 6, 2014
Mark Person, MBA answered:
Hello Yvette and thank you for your question.
Roosevelt Grove in Milwaukee offer affordable choices for home ownership as well as a feel of city living with nearby access to Sherman Park. If you're a number cruncher, here is a wide area of data of the neighborhood. http://www.city-data.com/neighborhood/Roosevelt-Grove-Milwaukee-WI.html
Good luck on your search!
... more
1 vote 1 answer Share Flag
Laura Bingen, Real Estate Pro in Lomira, WI
Thu Mar 27, 2014
Laura Bingen answered:
If a house is $10,000 there is something VERY wrong with the property...location, condition or both.

Talk to an agent. Ask about the area, if it is high crime you may want to reconsider owning the property even as a rental.

Can you purchase it for cash? Financing a fixer upper isn't impossible, but it is difficult. Talk to a lender, which could be a bank or someone who can privately lend you the funds.

IF the area is good then it must need repair. Set up a showing (if you are not familiar with construction cost, bring someone who is). If the repair cost is less than or equal to the going rate for homes in the area buy that baby and watch the awesome transformation!
... more
0 votes 3 answers Share Flag
jfrieseke,  in Wauwatosa, WI
Thu Feb 6, 2014
jfrieseke answered:
The underwriter should not have to count the business loss against your income. You may want to wait for your divorce to be finalized before applying for a mortgage.
0 votes 2 answers Share Flag
and223kw, Home Buyer in Milwaukee, WI
Fri Jan 3, 2014
and223kw answered:
How much are you looking to spend on rental. One of my friend is renting a house for $900 a month no appliances. I know of house being rented around 6th and capital. I've seen it recently while dropping my mom at work. i could get number for you. I also could check with some of my friends who know of people who rehab houses. ... more
0 votes 3 answers Share Flag
Eric D Lenz, Real Estate Pro in Greendale, WI
Fri Dec 13, 2013
Eric D Lenz answered:
Kris gives a great explanation. Take her wisdom with you.
1 vote 6 answers Share Flag
Lisa Packard, Real Estate Pro in Brookfield, WI
Mon Dec 9, 2013
Lisa Packard answered:
I will try to clarify for you. The seller of the home is a client of the listing broker because they have a listing contract. Once you signed a WB-36, you became a client of the listing broker as well (if you did not have a wb-36, you would be a customer not a client). The problem here is that now you and the seller are both clients working with the same agent of the listing broker, yes? In a situation like this, now the agent is not to give advice to either party and remain completely neutral. You are in a multiple representation relationship but right now do not have designated agency. You are correct that designated agency gives you your own agent to negotiate on your behalf.

Do you have your signed WB-36? You should check and see if you have line 94 initialed - that is the one that gives you a designated agent. If you initialed line 95, it means you consented to using the same broker without your own agent. If you initialed line 96, you rejected multiple representation completely (which I doubt you did).

If you chose designated agency and did not then get an agent, you should contact the broker and have them rectify this.

Line 97 notes that you can withdraw your consent by written notice to the broker at any time. Double check what you signed on for and then feel free to exercise that right of withdrawal if you need to.
... more
0 votes 1 answer Share Flag
Ashley Pimen…, Real Estate Pro in Lombard, IL
Mon Dec 9, 2013
Ashley Pimentel answered:
You will probably have to lower the loan amount. It's possible to get a loan with 50% (sometimes 55%) DTI but the rules are changing in Jan where you will have to be below 43%. I would be happy to play with the numbers for you and try to get you a loan, but you will have to act fast because some lenders are already implementing these new rules. I work with over 40 lenders, which allows me to provide my clients with more opportunities. Feel free to contact me with questions or to get started!

Thank you,

Ashley Pimentel
Market Place Mortgage
Lombard, IL 60148
Phone: (630) 217-7013
apimentel@marketplacemc.com
... more
0 votes 3 answers Share Flag
Mandy Fritsc…, Real Estate Pro in Delafield, WI
Sat Nov 23, 2013
Mandy Fritsche answered:
Ashley Pimen…, Real Estate Pro in Lombard, IL
Tue Nov 5, 2013
Ashley Pimentel answered:
I am a licensed loan officer in WI who works with over 40 lenders to provide the best possible financing. We go down to 500 fico scores and offer free credit repair. I am determined to find every buyer the right loan to fit their needs. Feel free to contact me with any questions or to get pre-approved for a mortgage loan.

Thank you,

Ashley Pimentel
Senior Loan Originator
Market Place Mortgage
246 E Janata Blvd. Suite 220
Lombard, IL 60148
Cell: (630) 217-7013
apimentel@marketplacemc.com
... more
0 votes 4 answers Share Flag
Mandy Fritsc…, Real Estate Pro in Delafield, WI
Mon Nov 4, 2013
Mandy Fritsche answered:
I cover the state of WI. We are like 1 stop shopping fitting the mortgage with the customers needs. Renovation Loans - FHA, Conventional & HomePath. We are able to consider financing a home down to a 580 middle credit score. And 1 year our of Bankruptcy & Foreclosure under the certain circumstances. Please contact me if you would like to discuss your situation further.

Sincerely,
Mandy Fritsche, Prospect Mortgage, Mortgage Loan Officer, NMLS# 557211
I am able to originate in WI
262-327-5700 Cell, 877-868-9198 Fax, mandy.fritsche@prospectmtg.com
www.MyProspectMortgage.com/mfritsche
... more
0 votes 3 answers Share Flag
anthonyklen…, Real Estate Pro in Aventura, FL
Mon Oct 28, 2013
anthonyklenke answered:
Taxes are likely $4,000 but in most foreclosures around the area the city has assessed fees to the taxes as special assessments since the people weren't taking care of the property. Water bills, grass cutting, snow clearing, there was a new alley that they may still owe money for as well. ... more
0 votes 3 answers Share Flag
Kathleen Dav…, Real Estate Pro in Shorewood, WI
Tue Oct 8, 2013
Kathleen Davis answered:
Hi. You are not being unreasonable. You can get a 3 BR 2BA house within your price range, especially with your willingness to look in multiple communities. Wauwatosa homes with 2 baths might lean towards bungalows or an expanded colonial. Do you have a certain type of home that you like the best? Germantown has lower inventory right now but newer houses and architecture. When are you expecting the baby? Would love to talk to you about your options if you like.
Kathleen
... more
0 votes 9 answers Share Flag
Lisa Packard, Real Estate Pro in Brookfield, WI
Thu Oct 3, 2013
Lisa Packard answered:
 marywishne, Real Estate Pro in Whitefish Bay, WI
Sat Sep 28, 2013
marywishne answered:
Real Estate agents in this city..particularly in the North Shore have for years have been artificially inflating home costs or deflating costs to maximize their sales. during the economic slum they were low balling house costs to turn over as fast as they could. When the economy was good they were inflating costs and initiated bidding wars, home sales far over appraised values,etc. and as a seller I know they have asked clients to make unreasonable changes, costing$$$, that only represented their own interests. I have had horrible experiences with CB. I would not buy any house that they represent. I did have a fabulous experience with another agent who has since retired she was not with CB or Federated which used to be the big agency in the north shore. People who worked for them had a reputation with other agencies of conducting very shady business practices. Thus anyone that came from their learned a whole lot of bad practices The agent from CB, I learned later came from Federated).. The other (good) agency was honest and I felt really had our best interests in mind as a buyer and seller. Good luck. ... more
1 vote 13 answers Share Flag
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