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Home Buying in Norwich : Real Estate Advice

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  • Home Buying9
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Activity 19
Thu Aug 4, 2016
Alysse Musgrave answered:
Either the seller has to reduce their price, you have to pay the difference in cash, or a combination of the two. You should also have the right to terminate the contract if you can't reach agreement with the seller.

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Alysse Musgrave
Consumer Advocate
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Best selling author of Buying a Home: Don't Let Them Make a Monkey Out of You! US, Texas, and Spanish versions available.
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Mon Mar 7, 2016
We3devegas asked:
I posted it on Zillow and it was automatically posted to other websites. I need to delete them on the other websites.
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Fri Jul 17, 2015
Marge Stockbridge answered:
Heck, if your spending a relatively insignificant amount (unless $8K is downpayment?), surely u can come up with another $500 or so to be represented by attorney. The value of a real estate attorney can be the difference between losing funds or being delayed, which can cost you money due to unforeseen events.

Once, I built home. Attorney included clause in sales contract that in event builder did not meet construction deadline--which he agreed to in signed P&S Agreement between us, and upon completion to convey home to us, he would forfeit the house in whatever state it was at the time, including land, with no further payments due from us (we paid builder upon completion of trades: e.g., foundation done, he got $5K, roof put on, he got $2K, and so on until house completed, all funds paid out.).

Near deadline, I heard builder really scrambling, pulling guys off other jobs, etc., in order to meet that deadline. Do you think builder would have done that if not for agreement made by attorney (we never would have thought of that) to which builder agreed in order to get money to start job?

In end, although we always hate to pay money for 'advice', sometimes (not always) it's route to go--but again, as first paragraph states: depends on how much ya got to lose.
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Sun Jun 28, 2015
Joseph Domino answered:
Commissions are negotiable by all parties. Real estate agents get paid by commission. If they do work for you, they are probably entitled to a commission. When you do work for someone you would want to be paid.

If you have found a house that is not currently listed, it is your choice whether to use an agent and to negotiate the commission. If your agent found you the house, has negotiated on your behalf and is handling the sale, then pay them what is typical for your area.
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Sat Nov 22, 2014
Tim Moore answered:
First of all, yes there will be legal documents. The contract to purchase is a legal document which speaks to the earnest money and what price will be paid. Also the deed must be recorded to protect you, the buyer, and that must be drawn up by a lawyer.

As a sellers agent I would insist on seeing proof of funds before I allowed the property to be taken off the active for sale list in the MLS.
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Fri Nov 7, 2014
Km133688 answered:
You can look at as many houses as you want. There is no illegality to it. You must have misinterpreted what your agent told you. Your agent is likely not interested in showing you other properties if he/she figures you are not serious about them since you have another under contract and thus it is unlikely you will sign another contract before the first one is figured out one way or the other. Your agent may feel showing you more properties when you have one under contract is a waste of her time. In reality, it probably is.

Additionally this agent may not want you to look at too much more stuff because you may come down with a form of "pre-buyer's remorse" so to speak and decide you have changed your mind and don't want to buy the property you have under contract.

I suggest that if the house has way more work than you expected, then back out of the deal. Your contract does have contingency for this right? Then keep looking.

Illegal for them to show you more? Absolutely not.
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Tue Jun 24, 2014
Tiffany Holtz answered:
In WI it is not only unethical but against state law to tell a buyer that their other offers on the property when there are not.

They can say:

a. we have written activity
b. we may be receiving another offer, but nothing in writing yet

False representation of offers on a property, in our state, would get the agent removed from MLS for at least 6 months.

But they could have more offers so you have to play the game I guess!
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Tue Jun 24, 2014
Tiffany Holtz answered:
A.) You could lose out if you start to low b/c another buyer could start higher
B.) You could insult them and have them straight out reject your offer
C.) The seller could counter back and you could come to terms
D.) The seller could accept your offer straight up, you don't know their motivation

It is up to you how bad you want the house and what your comfort level is as far as max price.

Your agent is working for you so they are trying to give you advice so you don't lose the home but they also do not know the sellers situation. What if the seller lost a job and wants to sell ASAP???
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Tue May 13, 2014
Aaron-James Puzzo Kerouac answered:
Look Casanova,

What you want to do is get hookuped up with a 203k specialist asap. I love working with FHA 203k candidates because its really a great way to have instant equity in your home. At the $65k price point you will also be competing with "investors" looking to make a quick buck so be aware.

I have worked in Norwich for over a year and have some great contacts if you or anyone else is interested in this specialist FHA program.

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Wed Aug 7, 2013
Jessica Tracy answered:
Sat May 18, 2013
Laura Frisch answered:
You may qualify to be considered a loan with a 608 credit score but getting a loan is more than just your credit score. The lender will look at why your score is 608, when was the last time you had a late payment on any of your debts, and your job history. This overall picture is a better determinate if you will be able to secure financing. ... more
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Sun Mar 31, 2013
Mark Sanner answered:
You should be aware that FHA now requires condo associations to be recertified EVERY TWO YEARS. Ask the property manager and/or association board of directors if they intend on keeping FHA certification indefinitely.It's a task they'll have to keep doing every two years and they should budget for the cost as well.

Whether or not an association maintains FHA certification is likely to have an impact on values in the future, meaning it'll impact resale value and may therefore influence how much a buyer is willing to pay today.
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Thu Jan 17, 2013
allan erps,ABR,SFR answered:
If the new job is in the same field with higher income, it may be fine with the lender.
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Sat Sep 1, 2012
J.M.Halcrow answered:
Well, the attorney's fees is about $700, the title insurance $1,000, search $250, recording fees at town hall $150.
Aprox. that we experienced at Cicchiello and Cicchiello(lawyers office) in Norwich. - An all round good experience with lawyers I thought of as human and good ones too, as opposed to other lawyers I've met in the past.
I'd certainly hope to be able to use them if we ever had to move again.

Then there are real estate agent's fees and banks charges(the worst part).
The attorney/legal fees are modest in comparison to the bank fees for the loan charges, underwriting fees, bank points for the loan, there's also flood search costs that the bank charge you. And of course the prepaid interest!

That's about all I can think of, hope it helps.
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Thu Jul 2, 2009
Don Fabrizio-Garcia answered:
The person to ask is your mortgage broker who is handling the CHFA financing for you.
They will be able to inform you of any limitations, particularly if there are any limitations as to the condition of the home you buy. ... more
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Thu Jul 2, 2009
Don Fabrizio-Garcia answered:
The person to ask is your mortgage broker who is handling the CHFA financing for you.
They will be able to inform you of any limitations, particularly if there are any limitations as to the condition of the home you buy. ... more
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Mon May 11, 2009
Dan Ross answered:
You will NOT lose your earnest money. You have a legal right to back out of this deal, and the deposit will be refunded. Ask your mortgage broker if the appraisal has been done yet. If not, you souldn't lose that money either. ... more
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Thu Nov 13, 2008
J answered:
The best advice I can give is PLEASE, PLEASE stay within your housing budget ($200,000 or less) first and foremost. If you are going to incorporate your closing cost which can be around 3%-5% then your target home price would be around $190,000 or less.

Families that continue to over-extend themselves when it comes to purchasing a home have placed themselves in many undesirable financial postiions. Please do not allow yourself to get sucked into a negotiation frenzy if the home is not within your budget. There are an abundance of great homes on the market that I am sure will fit your needs and wants full circle.
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Mon Oct 13, 2008
Dan Ross answered:
A pre-foreclosure, by itself, doesn't need a bank to answer or accept anything. If the loan will be paid in full, there is nothing for them to decide. If it is also a short sale, the sale doesn't pay back the full amount owed, then it is up to the lender to accept the offer or not.
In a short sale situation, there are a lot of variables that make up the length of time it will take. Some of them are:how well prepared the seller is with documentation and paperwork (financials, tax returns, hardship letter, etc.), the amount of the shortage, the price of the house, how the offer compares to the value of the house, just to name a few. In my experience, it is taking a minimum of 8 to 12 weeks, and steadily increasing. As more and more of these are piling up on the desks of the lenders, it is taking longer to process them. It doesn't matter what state you are buying in because the lenders are national.
The bottom line is, if you are bidding on a house that is a short sale, it will take a long time to close. You have to make sure that you discuss this with your loan officer, because you won't be able to get a rate lock for that long. While it may not be likely for rates to go up significantly in the next few months, anything is possible with the current turmoil in the lending industry. You have to make sure you can still afford the house at whatever rate you end up with at closing so that you don't end up in the very same situation down the road.
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