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30127 : Real Estate Advice

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  • Local Info3
  • Home Buying24
  • Home Selling4
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Activity 41
Mon Jul 31, 2017
Hopefoxley asked:
Mon Jul 17, 2017
Princessaliya98 asked:
My husband left me the business, I was helping him but was not getting paid. I am selling my current home and looking to downsize. Thank you!
0 votes 0 Answers Share Flag
Fri Jan 13, 2017
Tanyaleverich44 answered:
Can someone remove cabinets from a home that's been for closed on
0 votes 7 answers Share Flag
Sun Oct 4, 2015
Levar Wilson answered:
Chris and Rodney, I see a major difference in your answers. One of you states that Conventional appraisals are good for 90-days and the other for 120-day. Which is correct?
0 votes 3 answers Share Flag
Wed May 13, 2015
thinz answered:
I'd be more concerned about "WHY the buyer would not ordinarily be qualified" before I offer any hint of financing to them. They could consider a hard money lender if conventional financing doesn't work.
You will need to have your other mortgage paid off...if you transfer the deed to their name, I would believe the due on sale clause would kick in for your note. Land trusts are not permitted in every state...just need to be sure the kind of trust you use is best for your transaction...check with an attorney or tax advisor...
Tom Hinz www.shortsaletosell.com
... more
0 votes 9 answers Share Flag
Wed May 13, 2015
thinz answered:
First thing they should do before agonizing over 10 things to do is to do a thorough CMA and get the best comps from the past 3-6 months. Most likely in this economy (with the exception of preferred locations) increasing the value by paying for improvements could be money down the drain. I'd rather a client know on the front end that improvements/labor/etc to try to increase value may be overkill when looking at the past solds. Don't over improve thinking it will get you more - it doesn't many times...unless, you have a diamond in the rough. Many times, I see this illusion with agents and their clients as they price the homes too high, the listing expires, the seller is now getting behind in payments, and a short sale or deed-in-lieu is on the table as a solution to avoid foreclosure.
Better the homeowner keep a cash buffer to use for the sale at whatever price and with whatever selling solution is used. Many times it makes more sense to hold on to the spending until you have a contract, inspections are done, and if the buyer is requesting any type of improvement or repair, then that would be the decision point for doing something...not really to increase the value, but to get the home sold for whatever someone is willing to spend. Good luck Tonya. Tom Hinz www.shortsaletosell.com
... more
0 votes 3 answers Share Flag
Wed May 13, 2015
thinz answered:
Yes... they are around and very helpful when conventional financing is not an option.
If you type in google "hard money lenders 30127 (or city name...)"
Make sure you ask the following when evaluating -

WHAT ARE THE TERMS?
- how many points they charge - (usually between one and five points)
- what is the interest rate and how do you calculate interest?
- can I roll the points or interest into the loan?
- what is the term (length) of your loan and what is the penalty to extend? (assuming you can..)
- what is your down-payment or equity requirement?
- do you fund construction?
- what do you need from me to underwrite the loan?
- can I get 3-4 references from you from people that have taken out loans with you?
(very important to get references...just like with ANY service provider!

Good luck in your search. Tom Hinz www.shortsaletosell.com
... more
0 votes 1 answer Share Flag
Wed May 13, 2015
thinz answered:
You should look into getting a short term affordable adjustable rate mortgage. If that doesn't work, look into a hard money lender...they can get you funds quickly....given you want to refi in a year, the higher interest rate may not be as much of an issue.

If you type in google "hard money lenders Georgia" you will get a ton of links to check out.
Many will have different terms for interest rate & security, be careful going to someone just because their rate seems low...there could be more to it...ask the same questions to each to get an apples to apples comparison.

Remember the following if evaluating hard money lenders -

WHAT ARE THE TERMS?
- how many points they charge - (usually between one and five points)
- what is the interest rate and how do you calculate interest?
- can I roll the points or interest into the loan?
- what is the term (length) of your loan and what is the penalty to extend? (assuming you can..)
- what is your down-payment or equity requirement?
- do you fund construction?
- what do you need from me to underwrite the loan?
- can I get 3-4 references from you from people that have taken out loans with you?
(very important to get references...just like with ANY service provider!

Good luck getting this property! Tom Hinz www.shortsaletosell.com
... more
0 votes 1 answer Share Flag
Mon Mar 30, 2015
Ron Krauch answered:
Good evening, David,

The VERY best way to accomplish this is to work with a broker who works in the area you desire. They can set up alerts broken down by dozens of criteria including subdivision and street. In some systems, perhaps street number also.

No website outside of the multiple listing service will give you more accurate or timely information. As it stands now, Trulia can be a day or two behind the MLS.

Another strategy, if you're ready to go now would be to contact the owners directly and see if they are ready to sell. A broker can do this for you to keep your interest private.

Good Luck!

Ron Krauch
Managing Broker
Emerald Estates Realty, Inc.
Palos Heights, IL 60463
... more
0 votes 1 answer Share Flag
Fri Aug 15, 2014
Veronica Medellin answered:
We are using First Citizens Bank for our build.

http://www.firstcitizensonline.com

They have a 10% down payment, 5/1 arm, interest only payments while building. You have to have 700+ credit score.

Contact Info

Deanna Turner
Deanna.turner@firstcitizensonline.com
www.firstcitizensonline.com/dturner
... more
0 votes 4 answers Share Flag
Fri Feb 14, 2014
My NC Homes Team answered:
As long as you still own the house you may take a fence down and get rid of a shed unless you've received specific instructions from the Court not to do any work on the home. If you're about to lose your home in Foreclosure the question is why are you doing this work? You might be better off seeking legal advice on how to keep your house rather than lose it, or at a minimum get some money for turning over the deed in lieu of foreclosure. ... more
0 votes 3 answers Share Flag
Wed Oct 16, 2013
Rodney Mason answered:
Hi CJ,
FHA mortgages are the least restrictive for a previous bankruptcy. HUD requires that a minimum of 24 months must have elapsed from the DISCHARGE date of a Chapter 7 Bankruptcy before a borrower can be eligible for an FHA mortgage.

For a Chapter 13 Bankruptcy, then you must have made at least 12 on time payments. Additionally, you must also have permission to purchase from the Bankruptcy Court.

In the time since the Bankruptcy, there should be no new derogatory items such as late payments, collection accounts, liens, judgments, etc. Having late payments after a Bankruptcy is often viewed as a disregard for the importance of credit. It also reflects that you are still having financial struggles.

If a mortgage was included in the Bankruptcy, HUD requires that you must wait at least 36 months from the foreclosure date to be eligible for an FHA mortgage. Sometimes, the foreclosure happens well after the Discharge Date of the Bankruptcy. If the mortgage was not re-affirmed, there is not much that can be done until the property get foreclosed on.

Also, if the original mortgage was a government backed loan (i.e. FHA, VA, USDA), you must wait at least 36 months from the date that HUD paid the claim on the defaulted mortgage. This can sometimes be months after the original Foreclosure Date Until the 36 months on the claim has passed, you will not have a clean CAVIRS report which is required for an FHA mortgage.

Anything less than 24 months on a Chapter 7 would require an exception. To qualify, you must have experienced an "economic event," which is any occurrence beyond your control that resulted in a loss of employment, loss of income or a combination of both. The event must have caused a reduction in household income by 20% or greater that lasted at least six months or longer.

You must have recovered from the "economic event" with the re-establishment of satisfactory credit for a minimum of 12 months. You must also attend housing counseling from an approved HUD Housing Counseling Agency for a minimum of 30 days, but no more than six months, prior to submitting your loan application.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. Once you are ready to get Pre-Qualified for your purchase, you can submit your request online at www.rodneymason.com to get started.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
... more
0 votes 3 answers Share Flag
Wed Oct 9, 2013
Michael Kirkutis answered:
In the mortgage lending area, ARM mortgages have a advantage of starting lower rates as compared with fixed rate loan but the disadvantage of possibly higher payments over time as the loan adjusts. With any ARM mortgage, once you get to the adjustable period the loan will adjust based on the current index and predetermined margin usually subject to caps on the adjustment. You need to analyze your situation and try to project how long you plan on staying in the property/loan. If you feel uncomfortable with the risk of the higher payments then maybe a fixed rate loan is more suited to your needs. Speak to a licensed mortgage person in your area to look at the mortgage options. Good luck! ... more
0 votes 8 answers Share Flag
Wed Oct 9, 2013
user978212 answered:
0 votes 3 answers Share Flag
Tue Sep 17, 2013
My NC Homes Team answered:
I do not have anything against reverse mortgages and for some individuals they can be beneficial. However this is a complex question and there's simply no one good answer. Seniors would be well advised to sit down either with their own financial planner /counselor or perhaps a Certified Senior Adviser (CSA)
before getting involved in such a significant financial transaction. Getting advise from someone who is actually selling these mortgages is not in the best interest of consumer.
... more
0 votes 4 answers Share Flag
Tue Jun 18, 2013
Marcus Necessary answered:
It really depends on the market type: urban, suburban or rural. It's hard to justify anything over 10 miles in a rural setting. Most importantly, document why you traveled the distance you traveled in the report. ... more
0 votes 4 answers Share Flag
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