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Home Buying in Pennsylvania : Real Estate Advice

  • All539
  • Local Info16
  • Home Buying308
  • Home Selling58
  • Market Conditions8

Activity 7,602
Sat Sep 23, 2017
Caitlin Lion asked:
I am interested in a house that has been on the market for a long time, but the listing agents are acting weird, slow to get back to me, not sending me info they promised. They have misrepresented…
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Thu Sep 21, 2017
Mallorietoulson asked:
Thu Sep 21, 2017
Dana Tippit answered:
I concur with the others and add this: Get a buyer's agent familiar with your area, especially one who knows about buying foreclosures. In most states, and most foreclosure situations, buyer's don't pay the buyer's agent commission; the bank/seller does. However, there may be other 'buyer fees' unrelated to the agent's commission. A good buyer's agent will know or find out about those fees upfront so you can make an informed bid/decision, and help you prepare a winning offer. Sellers and banks are professionally represented, you should be too. A professional vested in your interest will make all the difference in securing a good purchase. ... more
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Tue Sep 19, 2017
Michaelmcfarland asked:
Mon Sep 18, 2017
B3lynn3 asked:
We are thinking about making an offer on a house but having trouble deciding what to offer. A few details about the house: it's an estate sale, the roof and ac unit were last replaced…
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Sat Sep 16, 2017
Dianakieta115 asked:
Thu Sep 14, 2017
Mon60136 answered:
I reside in Asbury Park NJ .I purchased a condo with one last deeded parking space..Since parking is very scarce.I am in process of buying a deeded parking space on the tax records from the developer.I needed to do this since on Street parking is very scarce.I have a question which can create a headache.The space in the master deed is numbered as parking but I found out it's a handicapped spot .I have no disability..Can I get it removed ? Can other people park on my deeded spot

The complex lot is on the land behind complex with gate.Its deeded with a small HOA fees.It will be in my name deeded to me.. There are three spaces handicapped for36 spaces. I get so many different answers..I do not know the laws.I am in a bind . Parking is non existent in summer and snow on.the ground would further create inconvenience. Even though it's private and deeded already. It's a deed transfer. A concise answer would help thanks!
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Tue Sep 12, 2017
Tigerkarei asked:
other offer had multiple contingencies, because the other offer was financed through the same bank. Is this legal for the bank to do?
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Mon Sep 11, 2017
Stormkristina67 asked:
My credit karma credit scores are 600. I have 75000 down payment. 3500 credit limit with only 9% utilization used. Only have medical debt on report. No missed payments on credit cards in…
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Sat Sep 9, 2017
Kathy Burgreen answered:
The seller does NOT have to repair anything. It's possible the seller doesn't have the time or money to fix it. Your advantage - NEGOTIATE!!! You need to re negotiate the contract price. Tell the seller or their realtor that you are willing to replace the furnace PROVIDED the new contract price is $XXX less than what you originally offered. Get estimates on how much it will cost to replace the furnace. Then lower the contract price with proof of the estimate.

This way, if you get the furnace fixed / replaced, you will be in charge of the quality of work done and it will be done to your satisfaction. Second - your monthly mortgage loan payments will be lower because your contract price is lower.

Start negotiating and get estimates of costs. Time to lowball your offer. If the seller refuses to negotiate or replace the furnace - WALK AWAY!! Cancel the transaction asap.
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Fri Sep 8, 2017
Kathy Burgreen answered:
Yes you can see homes within your pre approval for $100K. The bigger question is if there are homes in the Poconos region for $100K or under and whether it will fit your needs.
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Thu Sep 7, 2017
Chris Heinemann answered:
If I get a seller that wants to camp out during the inspection (rare but it happens), I request that their agent be present not the seller. My position is that I am an associate member of the local real estate board and I find it unlikely they would allow me to continue that membership if I were damaging or taking sellers property.

I had the same thing happen when I purchased my home and my inspector defended our right to an impartial and undistracted view of the home. There is a reason realtors use the term "Sellers are yellers" and this is clearly an instance where they are correct in that statement.

If sellers are so concerned, it is recommended to obtain a sellers inspection. This is actually better for the seller, their agent and the inspector. It speeds up the process and in all the cases I have supplied the seller with a property inspection, their buyer just used my inspection to walk through the home themselves. I post a disclaimer encouraging third parties to obtain their own inspection. It is not the buyers property at that point. It is merely an opportunity to see one persons opinion. I make myself available to answer questions only if the buyer has read the report. Contrary to popular belief this a far superior way to eliminate this part of the process or at the very least go through it with confidence your home is priced right.
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Thu Sep 7, 2017
Solomon David answered:
if your credit score is poor a friend refer me to who just help me improve my credit to excellent grade and he help me clear my debt ,he is a professional in this job ,he is reliable and honest,thanks to him..tell him smith refer.. ... more
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Thu Sep 7, 2017
Kathy Burgreen answered:
Start with your own bank first. Ask for the home mortgage department. You already have an account there, so they will be very happy to talk to you. Realtors will need to see a pre approval BEFORE they show you any homes. Most realtors have lenders they work with or thru their brokerage. BEWARE - their lender may not give you the best deal. This is why you need to start with your own bank first. You can always compare lenders later on for interest rates, fees, terms, etc. The difference is your own bank wants to keep you as a customer. The realtor's lender won't care as much about you.

Lenders will verify the following:

Employment / Income - Full time? Part time? Independent Contractor? Self Employed?
Do you receive a W2 or a 1099? Fixed Salary? Hourly wages? Commission?

Savings / Investments - Savings account? 401K? Stocks? Annuity? Checking Account?
Types of Outstanding Debts - Credit cards? Car loans? Student loans? Medical Debts?
Credit Score and Credit History - What is your FICO credit score? It should be at least 620 - preferably closer to 700 for better interest rates
Debt to Income Ratio - what is the percentage of your fixed monthly debts owed compared to your income? Should be less than 36%.
Tax Returns - the last 2 years

Beware - if you receive a 1099, you need at least 2 years employment because lenders cannot verify your wages easily by computer. If you receive a W2, for the most part you just need 30 days employment because your income can easily be verified by computer.
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Thu Sep 7, 2017
Mlbaker0822 asked:
Tue Sep 5, 2017
Jessica Bateman answered:
There are legit rent to own programs, but there are also some scams and you are taking a risk. You can get approved for a home loan with your credit score. FHA loans only require a 580 score and 3.5% down. Check out The Lenders Network, they can refer you to a lender that works with lower scores.

Good luck!
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