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Home Buying in Northdale : Real Estate Advice

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Activity 33
Fri Mar 31, 2017
Hello, I'm a mortgage professional.

Your question is cutoff but if the bankruptcy was in 2012 it should not impact your ability to get a mortgage.

We have a lot of programs that are easy to qualify for.

If you have any other questions or would like help with this you are welcome to get in touch with me.
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Thu May 12, 2016
Jimmycruz2002 asked:
Thu Feb 11, 2016
Ann Ryan answered:
Try Grant Simon

He's near Orlando, but really a lender can be anywhere in the country.
0 votes 1 answer Share Flag
Wed Feb 4, 2015
Jim answered:
Watch out the guy named Ricard - EI Bey.
He is a fraud. He cannot get you any loan at all. What he does is cheat your money for appraisal which he will never done. Once if he got the money, he will not answer your phone or email anymore. You can search at Georgia License website, he does not have license at all. Just a fraud. ... more
1 vote 7 answers Share Flag
Thu Nov 27, 2014
Simon Campbell answered:
In my experience, lenders only consider the income at the time of application. Future income is never guaranteed - that is unless you have an employment contract. In that case, with a signed contract from your employer, it is possible the lender MAY consider future income - but don't hold your breath. ... more
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Thu Aug 28, 2014
Simon Campbell answered:
Option #1: Negotiate a separate installment plan for the down payment. Sometimes the seller will allow you to pay the down payment on a monthly basis.

Option #2: Trade something other than cash. This could include land, a car, a boat, jewelry or valuable collectibles. Find out what they want and need. Maybe you have, or can get, just what they are looking for. You could also trade services such as carpentry, auto mechanics, painting, dental work and other services that you can do for the seller over time.

Option #3: Find an investment partner. Look for an investment partner who will put up some or all of the cash in an equity-sharing partnership. You make the monthly payments and the two of you split the eventual resale profits.

Option #4: Get owner financing or a land contract. Another option is to have the seller act as the bank. You make your payments, including interest, directly to the seller. Then after usually 3 to 5 years you make a lump sum payment to the seller. During this time, you should have enough equity to qualify for a standard bank loan.

Option #5: See if you qualify for any down payment assistance programs locally (though I think they are for owner occupied properties).

Option #6: Hit up mom and dad for an early inheritance payment.
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Wed May 7, 2014
Alma Kee answered:
Dear James,

It's crucial to hire a highly experienced inspector to see if there are any visible signs of subsidence.

One of my clients was saved a lot of problems when a very experienced inspector was able to identify clues that may indicate a soil sinking problem. This was on a Westchase house and typically in Westchase we don't have a high incidents of sinkholes. Out in Pasco County you will find a more prevalent problem with sinkholes.

Here's the very detailed, highly qualified Inspector that helped my clients avoid buying the wrong house:

John Astl, Avail-A-Pro Home Inspection Services, Inc.813) 972-5206

This same inspector also helped another client that was purchasing a 9 year old house. The roofing structure was installled incorrectly and fortunatelly for the Sellers they were still within the 10 year structural warranty. The ceiling had to be opened up and the whole support structure had to be re-engineered! Was probably a $50k repair job! These Sellers did not hire a home inspection when they bought the house from the builder brand new. They thought they could rely on the county inspectors. It's crucial to get a home inspection, even on a brand new built property.

I also bought a house in Waterchase that was in the process of being built. My home inspector went out and discovered the builder had actually used a deteriorated, warped Truss!

Hope this helps.

All the best,
Alma Kee
Sold On Tampa Team
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0 votes 2 answers Share Flag
Wed Jan 8, 2014
Bill Eckler answered:
A. Wit,

I would encourage you to consider renting month-to-month for a period to allow yourself some time to get a good feel for what area(s) will best meet your needs.

The average home owner is Florida sells every 5-6 years. There are a number of reasons for this. One being that many northerners coming down settle into the first place they see with sunshine, warmth, nearby water, and palm a relatively short period people find the right and perfect location in another area.

We would be happy to hear from you and help you process this important life decision.

Best regards,

Bill Eckler
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2 votes 3 answers Share Flag
Fri Jan 3, 2014
Alma Kee answered:

I can help you with this if you're not already working with a Realtor. Has your Realtor already shown you this property? If so, have your Realtor do the homework for you asap! The auction is ending in just over 4 hours! The current high bid is $34k but the minimum "reserve" price is not yet met.

I have a lot of experience with these type of REO auction properties so if you're not working with a Realtor, call me and I can dig out a lot of the crucial info you need before bidding.

There is no disadvantage to you to get the help of a Realtor and you can even bid directly and name your Realtor. Your Realtor will get paid the typical Realtor fee.

So again, if you don't already have a Realtor to do the investigative work, let me know and I'll get you a lot of info about this property before you bid.

Call or me asap, the auction ends in just over 4 hours. Again, if you're working with a Realtor already, call your Realtor to get this info asap. It's crucial to see the condition "in person" or at a minimum a Realtor opinion of the smells, etc.

Let me know if you want my help.

All the best,
Alma Rose Kee, PA
Future Home Realty
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0 votes 1 answer Share Flag
Tue Nov 12, 2013
Richard- El Bey answered:
Foreign National Loans

Borrowers using TIN Okay
Borrowers with NO CREDIT SCORE
Borrowers with NO SSN
Foreign Nationals {Expatriate}- NO PASSPORT {Must have valid work visa or 30% Down}
70% LTV Purchases
65% LTV Rate & Term Refinance
50% LTV Cash Out {Possible higher if financials are up to par}
Multiple properties OKAY
Corporation purchasing and refinancing OKAY

Richard- El Bey
Avarice Investments
(706) 399-7813 cell
(678) 752-8062 Office
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0 votes 2 answers Share Flag
Tue Oct 15, 2013
Irina Karan answered:
Banks look at 2 past years and current YTD in net income for self-employed individuals.
The current year should be equal to the previous year or better - in income, or the lower of 3 years will be counted as income.

Usually, it is 2 full years.

Have your loan officer to check with another lender about your switching in the same industry -
it may not be an issue.

Hope for your sake 6K per month was net, not gross income...because banks only look at the net income.

Some deductions could be added back - so I'd look for a 2nd and 3rd opinion - to make sure
you get the best info.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
Miami, FL
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0 votes 7 answers Share Flag
Wed Jun 26, 2013
Rhonda Augustine answered:
Hi Rama,
Thankfully, you have good inspectors who are doing their jobs well and earning their fees. You are much better off spending a little up front to avoid a headache down the road. ... more
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Sat May 11, 2013
theresa56 answered:
What if a short sale contract does not say "as is" anywhere on contract
0 votes 13 answers Share Flag
Wed Mar 20, 2013
Lisa Reeves answered:
Depending on how long you have had your income and what type of income it is will determine if a lender considers all of it. If some of your income is based on your income property - you will have to show a two year rental history on your tax return. The biggest problem is that you have no down payment. Unless you are purchasing in a rural area or are a previous veteran you will need a minimum of 3.5%-5% of the purchase price plus any closing costs that you can't get as seller concessions. So total down payment and closing costs would be around 6-8%

Based upon your income and using a general number of 31% towards your housing debt ratio - you could afford about 1800 a month in a house payment. As a rough estimate - $250K home. However you will want 15K-20K in the bank to start this process. You can use other sources besides savings to help with your down payment. Contact me if I can answer any other questions.
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Tue Mar 5, 2013
Ann Ryan answered:
Interesting, because the market is voting now... and in most place prices are increasing. If you can find a distressed property that has $100 per square foot, I suggest you buy it now... because I doubt it will last long.

Right now I'm hearing a lot of news media reporting that goes along the lines of "Is now the time to buy?" When I hear that, I know that the time to buy was last year, and that people are already paying higher prices. There's a significant lag between economic trends are reporting.
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Wed Apr 25, 2012
Lisa Reeves answered:
Since this is a cash only complex - ROI is over 20 and the more commonly used CAP rate averages over 15. This is a good investment. Unknown are special assessments which could distinctly change these numbers. But using standard apartment calculations 1/1's should be bought under 30K and 2/2's under 45K in class B- ... more
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Sat Oct 8, 2011
Alan May answered:
I'm gonna guess that this post will get you more calls than you were looking for. Good luck.
0 votes 9 answers Share Flag
Fri Apr 1, 2011
Alma Kee answered:
If you find a VA owned foreclosed home (not any available right now in Tampa), there is VA Vendee financing that would allow zero down even if you are not a Veteran.

Also as mentioned earlier if you and the property qualifies, there is the USDA mortgage with zero down required.

All the best,
Alma Rose Kee, PA
Future Home Realty, Inc.
13045 W Linebaugh Ave
Tampa, FL 33626
PS you're welcome to sign up for a free listingbook account on my website.
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