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Newberg : Real Estate Advice

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  • Local Info2
  • Home Buying2
  • Home Selling0
  • Market Conditions1

Activity 11
Nancy Hruska, Home Buyer in Warren, OR
Fri Apr 22, 2016
Nancy Hruska asked:
1610 crestview circle, newberg, or 97132
0 votes 0 Answers Share Flag
love2decorat…, Home Buyer in Sherwood, OR
Thu Jan 29, 2015
love2decorate219 asked:
Denise Otto, Real Estate Pro in Newberg, OR
Wed Oct 22, 2014
Denise Otto answered:
There are two Sushi restaurants in very close by Sherwood. Both are worth the trip. One is Crazy Sushi and the other is Fuji's. Only minutes away!
0 votes 5 answers Share Flag
Denise Otto, Real Estate Pro in Newberg, OR
Wed Oct 22, 2014
Denise Otto answered:
I would recommend that you search the internet for "safest cities Oregon" and you will find several links that point to articles that reflect crime rates for the various cities in Oregon. These articles are very informative and help you to evaluate without biased influence. Good luck! ... more
0 votes 6 answers Share Flag
Kenneth Burr…, Real Estate Pro in Stateline, NV
Sat Jan 19, 2013
Kenneth Burrows answered:
You can sell the home 1 day out of a refinance. Only if there was a pre-payment penalty would you have to pay that.
0 votes 3 answers Share Flag
Chuck Simpson, Real Estate Pro in Gresham, OR
Mon Oct 10, 2011
Chuck Simpson answered:
If the home is going on the block next week, you might want to get an offer in right away, and see if the listing agent can forestall the sale. At this point it's not likely, buy you never know. If you have cash, you can always go to the courthouse, as an option. I am a Short Sale and Foreclosure Resource, and have the SFR certification from the National Association of Realtors. Been doing short sales and foreclosures for about ten years.
Feel free to contact me with any questions.
Chuck
... more
0 votes 10 answers Share Flag
Skylerasue, Home Buyer in Fort Worth, TX
Fri Oct 7, 2011
Skylerasue answered:
It is possible. Whether or not it makes sense would depend on the loan to value and when you closed on the FHA original loan. From the sounds of it you do not have "life of the loan" MIP. This means that it will fall off at 78% as long as you pay for 5 years. Depending on how far below 4%, what your credit scores are and what your loan to value is, you may be better staying put.

Find more about FHA Refinance : http://fhamortgageinfo.com/
... more
2 votes 6 answers Share Flag
Dave Sutton, Real Estate Pro in Portland, OR
Thu Sep 15, 2011
Dave Sutton answered:
I think Shane answered your question but if you want a local mortgage broker who's sharp on both FHA and conventional, talk with Mark Boeck at Windermere Mortgage MBoeck@Windermere.com (503) 497-5367 ... more
0 votes 5 answers Share Flag
Bob Movin-On,  in Hartford, CT
Sat Jul 24, 2010
Bob Movin-On answered:
Call your bank explain the situation and ask for a modification anything other will be a form of foreclosure and have life changing ramifications.

Ramifications of Foreclosure, Short Sale or Deed-in-lieu-of Foreclosure

Here are some of the ramifications of foreclosure, short sale or deed-in-lieu-of-foreclosure, there are many more like; insurance rates, your job (yes employers are checking credit records these days).

Your credit score will be reduced by 200-400 points, short sale and deed-in-lieu-of a little less 100-200 points.

All forms of foreclosure stay on your credit report for 10 years.

After you have gone through foreclosure, short sale or deed-in-lieu-of-foreclosure there will be what is known as the "waiting period", this period of time varies for each and can be reduced if you had some type of extenuating circumstances that caused the foreclosure:
Waiting Periods to Buy After Foreclosure – “YES” Short Sale and Deed-in-lieu-of are forms of foreclosure
• Buying after a Walk Away Foreclosure
The waiting period is 7 years
• Buying after a Foreclosure
The waiting period is 5 years with 20% deposit up to 7 years.
• Buying after a Foreclosure with Extenuating Circumstances
The waiting period is 3 years with 10% deposit up to 7 years.
• Buying after a Deed-in-Lieu-of Foreclosure
The waiting period is 2 years with 20% deposit, 4 years with 10% deposit up to 7 years.
• Buying after a Deed-in-Lieu-of Foreclosure with Extenuating Circumstances
The waiting period is 2 years with 10% deposit.
• Buying after a Short Sale
The waiting period is 2 years with 20% deposit, 4 years with 10% deposit up to 7 years.
• Buying after a Short Sale with Extenuating Circumstances
The waiting period is 2 years with 10% deposit.

In addition to the waiting period and minimum down payment, you will be required to have a minimum FICO score and the home purchase must also be the principal place of residence, not a rental nor a vacation home.

Lastly, most loan applications will ask the dreaded question "Have you ever been foreclosed on?" this stays with you for life, many think that because it will not show up on the credit report after 10 years they can answer "no", well lying on a loan application is a felony that carries a major jail term, so be aware.

Good Luck
Bob Patrick
Buy a home after foreclosure expert
... more
1 vote 3 answers Share Flag
Kelly Hagglu…, Real Estate Pro in Newberg, OR
Wed Dec 30, 2009
Kelly Hagglund answered:
Mary,

The most powerful tool that agents and Buyers have are the local RMLS and the search tools that are proven to have the most hits. Example; www.realtor.com, RMLS both Portland and Willamette Valley Multiple listing services with the most pictures as possible for the given property are the most incredible tools for selling property. These two sites alone have the greatest audience. To have your agent be a member of more than one RMLS is huge and would be very important to draw the most attention. There are many other sites that are proven to be very powerful world wide such as Lands of America which draw buyers from all over the world verses small little websites that bring little or no traffic.
Good news for you may be that if your home is near Wilsonville which is the "Lake Oswego" of our area then all a buyer has to do is put the street name of Wilsonville and will most likely find your property.
Our experience has shown that virtual tours increase traffic tremendously and that price changes create increased activity each time a price change has been made.
Have a great day!
Kelly
... more
0 votes 1 answer Share Flag
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