It would all depend on what is owed on the home and if the numbers make sense. The best route to go is to have agent come out and compare and value the property in its as is condition or repaired condition. This is a service that most agents including myself offer for free.... more
You know you canâ€™t afford it based on just your income, probably why the father-in-law joint deal? So he is going to pay about half his annual income for a 6 month residency? It doesnâ€™t sound right to me so be very careful, the same government that audits lenders is the same one that audits you. And currently they have absolutely no sense of humor when it comes to the mortgage industry or consumer misrepresentation. So if pops really isnâ€™t living there 6 months out of every 12, donâ€™t make that claim, they will not play nicely if something goes amiss.
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.... more
Absolutely, Oak Creek is a prominent market and have recently sold (2) properties. I am also a resident and branch office located in Oak Creek also. I would be able to assist you with any questions by calling me direct at 414-378-4858.
Dawn Finger, Realtor
Century 21 Affiliated
Oak Creek, WI
I'm in agreement with Eric but it really all depends on your financial situation. If you can purchase without having a home sale contingency attached to your offer you have fantastic buying power right now and should get a great deal on whatever home you pursue. On the flip side when it comes time to sell you unfortunately will probably not get as much as you want or think you will get.
The lending institutions have tightened and it is difficult (not impossible) to get a bridge loan or second mortgage, even if well qualified. I would suggest your first step be to obtain a market analysis on your current home to find out where it might sell. Then sit down with a lender and go over finances and see where you stand.... more
Hi there, I hope that you are working with an agent - she can help you gauge the strength of your offer. Sounds like this one was underpriced to get this type of action - not uncommon. While there will be a number of factors, the bank will surely consider the $$ at the top of the list.
Impossible for us to comment - sounds good, but we don't know where you stand in relationship to the other offers or how it stacks up against the comps.
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The real question is how the property maintaned and how often they have been doing updates. The next issue is do they have a schedule of the updates and work to been done. Ask for the budget on up and comming expenses. The only exenses that will be paid by the hoa is what is detailed in the condo documents and on a 8 unit condo there will be little common area for work to be done. The items that might be of interest to ensure a large investment would not be required or a special assessment required are: How is the roof, siding, does the complex need painting, how is the landscaping, how is the parking area, and the hall ways. This assumes the heating and hot water is paying for their own utilities (utilities not in hoa dues).
A hoa is like a small business and it can be managed well or poorly. Just understand what you are walking into.
First Weber Group
Certified Distressed PRoperty Exxpert