Make sure your loan approval condition is checked - appraisal is a condition of the loan approval.
If the appraisal doesn't come in at purchase price or above, the offer will need to be renegotiated.... more
Sometimes when the data is put into the MLS by the listing agent, they vary where they include certain fees. They can be lumped into another category such as "Space Rent" or "Other Fees" so other websites pulling the data don't know which category to use and what is exactly contained in those fees. This is what happened with the Westwinds listing you referenced. On 3 recent listings, the same fees were put in by the listing agents as either HOA fees, Space Rent, or Other Fees. Other MLSs may have different names for these categories too!... more
We can certainly help you out. You can check us out at http://www.TheMortgageOutlet.com and give us a call. One of our loan officers will look at your situation and present you with some options.... more
All of the information below from Tony is great. The one that is active is 5140 N River Rd. #F. I would be happy to arrange a showing for you. Also worth mentioning that you need to go cash or conventional on this project and need a sizeable amount down due to low owner occupancy. Contact me if you would like to go take a look.
Real Estate Broker/ RealtorÂ®
McAllister Homes Real Estate
Residential Sales & Property Management
email@example.com EMAIL... more
You are doing awesome and you have a goal! You are well on your way to becoming a homeowner. It is very possible to purchase a home by the end of this year. Keep your debt to ratio low and factor in if you can afford a mortgage with the income or projected income you plan on making once out of and even during school?
check out this website to help determine you debt to income ratio the lower the better (check with a mortgage lender): http://www.credit.com/calculators/dti/
Also please take into consideration, I am not sure about your area, but there are other out of pocket expenses that you will have to pay such as:
Down payment, home inspection(s), survey, appraisal, retainer fee for a Realtor (if they are asking for that), doc stamps (for a bank owned property if you are in an area that requires you to pay them), escrow (deposit to seller), closing cost (your Realtor can sometimes get some or all paid on your behalf for you), etc... There could be more or less costs and cost varies in your area, check with you local Realtor. Many of these expenses are non-refundable.
If your debt to income ratio is low, 9 times out of 10 you will still be able to buy a house. What I mean by debt to income ratio is your income super exceeds your debt, no matter how high your debt is if your income can pay for that and you still have money to spare in a good amount that is a good thing. The lower the ratio the better.
Check this website to determine your ratio--- http://www.credit.com/calculators/dti/
The 511,651 is most likely what the total outstanding balance owed to the bank was so that's the amount that gets recorded as the sales price. When the bank lists the property for sale they most likely won't list it for that price, they will most likely have an agent check the current market and see what comparable homes are selling for and list it for that price and the bank will most likely lose a lot of money.... more