Closing costs are usually negotiated with the seller. You do not need public assistance for this. The issue is whether the seller will agree or not. As a guideline, in hot selling markets, sellers will refuse to assist with closing costs. In slower housing markets, sellers will agree because it takes more to sell a home. I don't know the market where you are, but a local realtor can easily tell you if sellers will pay your closing costs or not.... more
The benefits of a buyer’s agent are many, the most important of which is representation. We use this analogy often: would you want to use your spouse’s divorce attorney if you were getting a divorce? Of course not. Using the listing agent to represent you on a house is a poor choice as they have the seller’s best interests in mind.
In my opinion, the key is not just having a buyer’s agent, but the correct one. Your buyer’s agent should strive to understand your wishes, match your style and communicate in the way you want to be communicated with. You will be spending a great deal of time with this person so make sure you mesh well at all levels... more
The answer is ‘it depends.’ And, yes, I realize that is probably not the answer you are looking for. The bottom line is that this question is best left to your attorney, but here are some things to consider. If the seller is actively working to cure the snag that is preventing the transaction from closing, then no, you probably cannot just walk away. If the seller has simply refused to comply with the contract, then you generally will have the ability to walk away or sue them for specific performance (i.e. — close according to the contract.) But if there are legitimate issues that will take time to resolve, (title issues come to mind) then I think you have to ask yourself if you are willing to wait. Hard issue for sure — speak with your attorney for your options.... more
There are so many things to consider, but probably the most important is the long term goal. If you are interest in cash flow, then a more moderately priced home tends to cash flow a bit better, but a more expensive home may appreciate faster and sell more quickly when you need to divest of the home. The other major factor is time. If you don't have a great deal of time, consider and town home or condo that included some level of maintenance. Similar, if you want to be your own landlord, make sure you have the time to... more
I would start with interviewing buyer’s agents. The selection of an advocate to help you navigate this weird world we call real estate is hugely important to the process.
Secondly, I would begin to talk to a lender. You should get a sense of the loan products, process, and costs. The mortgage process can be tricky so don’t get too far before working with your lender.
The last thing is begin to get familiar with housing and values. Never forget that it is a financial decision and making a good deal on a home should be a big part of the goal. Understanding what your money will buy is a critical step in making the best decision for you and your family.... more
General rule of thumb on this is you can exclude the debt IF you have proof that the other party has paid it for at least the last 12 months & the other party is also on the note.
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Many times going from a 500 to a 580 doesn't take a lot of effort. I can take a look at your credit if you would like me to. We have aced it score simulator that shows me how to get your score up quickly in most cases. This costs nothing.
Then once your score is above 580 you would qualify for an FHA loan that only requires 3.5% down payment and allows you to roll closing costs into the loan.
If you have any questions or would like help with this you are welcome to get in touch with me.... more
Condo values are trickier than they look. Most condos have height and four corners (or more!) of view meaning that a 3rd floor condo facing the street is far different than a ground level condo facing the alley. I would be surprised that a 750 SF condo in the Fan has no recent comparable sales that would indicate value. Condos are a specific skill so make sure your agent understands the condo market.... more
Typical closing times can vary, but it is hard to get a closing done inside of 30 days, unless it is a cash sale. When there is a loan involved, 30 days is a minimum — but even that can be challenging as the spring market heats up and the volume in the system increases sharply. There are many other factors to consider, including the type of loan, buyer employment history and down payment, appraisal requirements, and repairs. Title issues or association documents can also slow down the process. If you are in need of a quick closing, make sure to use a Realtor, lender, and attorney that are all familiar with working with one another.... more
All contracts require several pieces to be considered binding, but in your typical contract you will see a price, financing terms (deposit, mortgage amounts, down payment, rate and amortization), inspection dates and closing dates. There are also numerous Standard Provisions that cover a host of other aspects in the contract including the pest, well and septic inspections (when required) and title conditions (to name a few).
In addition, the expiration date for a contract is another important part of any contract and something that can be used as a strategy.
At the end of the day, a contract can be written in a manner that benefits the buyer or a way that benefits the seller. A good agent understands how to use language to shift the risk away from the party that they represent and onto the other side.... more
in real estate, everything is negotiable. you should know the terms and types of upgrades that are important to you. as with any negotiation, knowing your 'walk away' point is key to getting what you need.
i recommend you interview several different agents to see if any are prepared and experienced enough to represent you in this huge purchase. you need someone who is highly experienced in new construction. builder contracts are quite different than the standard local and state contract forms.
if you have an agent experienced w/new construction, they should know how to negotiate with builders. even better, if you have an agent that has negotiated with THIS builder, you have a leg up.
spend significant time interviewing agents. many people spend more time researching TVs than they do interviewing their representatives to help them with the biggest purchase of their lives. it's OK to talk to a dozen agents if you need to in order to get a rep that works well for you.... more
All homes are most likely va homes. I have used my va loan before, the VA loan does not refer to a home per say, you still have to qualify for a loan then the VA basically co-signs for you. The main benefit is you can do 0% down. Most homes qualify for va loans but there are few that do not accept va loans... more
First American is the best Home owners warranty in my opinion, they are the only one that i know off, that cover improper install, improper repair or improper modifications, specially to A/C. I had 2-10 Homeowners warranty and it 's a joke, Big joke. I called for a claim on my A/C in May 2016. My house is fully renovated and everything is brand new and under warranty. 2-10 send 6 different contractors for a simple A/C failure. Every 2 weeks, they send a contractor, and never hear from hem again, Spend at least 5 hours to speak to someone every time i called. and they they say their big world. OHH we did not received the diagnostic yet. And finally after 4 month, they denied my repair saying that the unit is installed improperly, it's just improper installed and that's not covered under your 2-10 home owner warranty. I'm like what???!!!. I get a hold go the contractor who installed the A/C and there was nothing wrong with it at all. Both unit are brand new and covered under the warranty for 5 years . All it was that the evaporator need to be cleaned, that's all. After they cleaned it, the A/C is blowing like a freezer. Guys please stay away from 2-10, it's nothing but a rip off. I'm surprised they still in business. First american take my voice, They save my pocket from a 8 thousand dollars repair, It's more money, but worth every dime i spend with them. It cost me about $732 because i took the A/C coverage and the first class Upgrade coverage that cover the improper installation, improper repair, improper modifications and so on. Make your homework and you will realize that I'm correct on this one. And if i'm not. Please let me know if you find a company that cover that for a lower price and i will shift too. Thanks guys for reading. Sam... more