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Home Buying in Philadelphia : Real Estate Advice

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  • Local Info304
  • Home Buying1K
  • Home Selling140
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Activity 1,463
jaja, Home Buyer in Virginia Beach, VA
Tue Jan 3, 2017
jaja asked:
Eibradley, Home Buyer in Philadelphia, PA
Sat Dec 31, 2016
Eibradley answered:
Anywhere in the mid-west: MI (Wayne County) Ohio, PA, WI, TN, IL,
0 votes 14 answers Share Flag
Kathy Burgre…, Home Owner in Westchester, NY
Sat Dec 17, 2016
Kathy Burgreen answered:
If the liens are tax related, they never expire. If there are mechanics liens, they can expire depending on state or local laws.
0 votes 1 answer Share Flag
Winn Stelzer, Real Estate Pro in Chicago, IL
Thu Dec 8, 2016
Winn Stelzer answered:
Hello F_ieudy,
It would seem that you have been watching too many "1-800 Gurus".
I have been an active Real Estate Investor since 1972 when I was 18 y.o. attending the Georgia Tech School of Architecture.
While my first property deal was "ZERO" down, the property was uninhabitable at the Close.
NO MONEY DOWN is a misnomer.
My Mentor was the Seller of that first (1st) property and he FINANCED the entire transaction; all-the-while teaching me things that are now "hawked" on the Web/800's as "secrets" to become wealthy.
Those Web/800's spots are designed to pry your cash away from your control and tease you into the belief that you can be successful without "much effort".
Hogwash!!!!
Education is the first (1st) step to getting out of your financial rut.
Being able to recognize opportunity will open your mind and start asking "what can I do to overcome the lack of cash in-hand"?
While you may not have any money to put down, that does not mean you cannot ask a "MOTIVATED Seller" to allow you to "take over" a mortgage.
You may get lucky.
That said, I would suggest that you take stock of "WHY" you do not have much money to put down..!!!!
Do you have a written budget?
If you do not have one, WHY NOT?
Want to further this discussion?
Get back to me,
Winn Stelzer, Trustee/Mentor
winstelzer123@yahoo.com
... more
0 votes 1 answer Share Flag
Winn Stelzer, Real Estate Pro in Chicago, IL
Thu Dec 8, 2016
Winn Stelzer answered:
Wendy,
Lending guidelines are under constant revision due to the Dodd-Frank Act.
I just mentored one of my Students to get a refinance of their Primary Residence.
Their situation was reversed in that the Husband's credit score is superior to the Wife's score.
The Lending Matrix allowed for her income to be added to the mix since her DTI (Debt to Income) ratio was lower, but the her lower credit score was also a part of the criteria.
I will be happy to set-up a 3-way call with a Loan Officer at Network Capital (NC) and then you can work-out a somewhat customized loan package.
An additional upshot is that NC is "quick"..!!!!!
The couple that I just referenced will Close before the end of 2016.
Significance?
The application was only initiated LAST Friday (02 December 2016).
Net-Net going forward they will save over $950/month PLUS their first (1st) payment will be March 2017.
Not to mention, not having to send three (3) payments of $1,800.00 to the current bank.
Want more information?
Get back to me.
Winn Stelzer, Trustee/Mentor
winstelzer123@yahoo.com
... more
0 votes 1 answer Share Flag
Winn Stelzer, Real Estate Pro in Chicago, IL
Thu Dec 8, 2016
Winn Stelzer answered:
Ms. Diggins,
I have Students/Associates in the Philly area.
They have an extensive network of Real Estate Investor related vendors that have augmented their investing goals.
Get back to me and I will establish a 3-way call to introduce you to them.
Regards,
Winn Stelzer, Trustee/Mentor
winstelzer123@yahoo.com
... more
0 votes 1 answer Share Flag
Winn Stelzer, Real Estate Pro in Chicago, IL
Thu Dec 8, 2016
Winn Stelzer answered:
First (1st)..!!!!
Stop letting your "emotional need" for a house drive your decisions.
Second (2nd)
Find an apartment in/near where you "might" want to live for at least two (2) years.
Third (3rd)
Start driving around the area during the second (2nd) year.
Get involved with some of the community associations and visit schools,, banks, libraries, even the fire station to get the TRUE VIBE of the area.
Even BEFORE you get married, WRITE a budget that helps you put away NO LESS THAN six (6) months of reserves to cover every one (1) of your anticipated living expenses.
Live BELOW your means for this two (2) year learning curve as you get to REALLY KNOW your Spouse.
Life has a way of throwing mud on your plan for life and it will be up to you to clean-up any mess, stay out of the mud-filled rut and look downrange.
I was VERY LUCKY to have had EXCEPTIONAL mentors when I went to Georgia Tech and being "young & dumb(ignorant)" I purchased my first property at 18 y.o.
The difference is that my Mentors "educated" me away from ignorance and lit my fire to separate "Wants FROM Needs" that enabled me to retire from Corporate Architecture in 1986 @ 34 y.o.
I have Students/Associates in the Philly area that could actually help you purchase a home as a FSBO (For Sale By Owner).
So much for my "advice" is up to you to execute, but if you want more "words of wisdom", get back to me at: winstelzer123@yahoo.com
God speed,
Winn
... more
0 votes 1 answer Share Flag
Sally Grenier, Real Estate Pro in Boulder, CO
Fri Nov 11, 2016
Sally Grenier answered:
Did you mean Seller? Or Buyer? Typically the seller pays the commissions for both buyer's agent and listing agent. However, there are some brokerage firms that charge a client (either buyer or seller) a small administrative fee. If you're the buyer, you should ask your Realtor about this. ... more
0 votes 1 answer Share Flag
Maria, Home Buyer in New York, NY
Fri Oct 14, 2016
Maria asked:
I was looking to purchase a house in bucks county, Pennsylvania. It had an oil tank and the seller agreed to remove the tank. Upon removal they found the soil to be contaminated. So they…
0 votes 0 Answers Share Flag
Maria, Home Buyer in New York, NY
Fri Oct 14, 2016
Maria asked:
I was looking to purchase a house in bucks county, Pennsylvania. It had an oil tank and the seller agreed to remove the tank. Upon removal they found the soil to be contaminated. So they…
0 votes 0 Answers Share Flag
Glauber Dias, Renter in Philadelphia, PA
Wed Oct 12, 2016
Glauber Dias asked:
looking for a house of about $160.000 and I do have good credit
0 votes 0 Answers Share Flag
Jake, Home Buyer in Philadelphia, PA
Tue Oct 11, 2016
Jake answered:
Understood, and you are correct I could have inspected and tried to wiggle out under normal circumstances but the buyer has the deposit at stake to lose.

Doesn't the seller have obligations to uphold the contract as well? The word that comes to mind is "damages" ... more
0 votes 2 answers Share Flag
John Burke, Real Estate Pro in Austin, TX
Thu Sep 29, 2016
John Burke answered:
Hi 123shapes,

It depends. What were you doing before you started your current job? Where you working somewhere else or going to school?

How are you paid on your job? Are you paid w-2 or 1099? Is your income straight commission or hourly?

There are several things that come into play so we need to know more about your situation in order to accurately answer your question.

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
Apply Online: https://secure.smartapp1003.com/102471/?loanofficerid=106115
(877)228-9069
NMLS# 787231
http://www.trulia.com/mortgage-lender-profile/MTG%20Banker/#reviews
... more
0 votes 2 answers Share Flag
Asmanaz79, Home Buyer in Philadelphia, PA
Wed Sep 28, 2016
Asmanaz79 answered:
what is the meaning of off market foreign portfolio investment means?
0 votes 8 answers Share Flag
123shapess, Home Buyer in Philadelphia, PA
Sat Sep 10, 2016
123shapess asked:
I also am currently living rent free at the midway point between my job and where I would like to live and have the option to continue to do so if I choose which would mean that i would…
0 votes 0 Answers Share Flag
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