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Romeo : Real Estate Advice

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  • Home Buying7
  • Home Selling2
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Activity 11
Tue Apr 7, 2015
Debra Rivera answered:
Short Sales have to be approved thru 3rd parties (usually a bank) and if the your offer was declined that should be the end of your offer. Walk away if someone is too pushy. As a real estate agent, I would never want to even try to push anyone regarding a home purchase. This is the largest purchase of your life and you do not need to be pushed into making a purchase. Period! ... more
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Tue Jul 5, 2011
Shane Milne answered:
It depends on what chapter BK it was, what were the situations that caused the bankruptcy, as well as if you've re-established credit afterwards.

What happened in your situation?

If it was a Ch 7...

• FHA requires 2-years BK discharge (only 1 year if it was due to extenuating circumstances, such as medical or death of a wage earner, etc.)
• VA requires 2-years BK discharge
• USDA requires 3-years BK discharge (only 1 year for extenuating circumstances)
• Fannie Mae & Freddie Mac require 4 years (only 2 years for extenuating circumstances)

If it was a Ch 13...

• You can be still *in* a Ch 13 BK with FHA or VA financing, it is just required that:
- one year of the pay-out period under the bankruptcy has elapsed
- the borrower's payment performance has been satisfactory and all required payments have been made on time, and
- the borrower has received written permission from bankruptcy court to enter into the mortgage transaction.
• If it was a dismissed BK then 2 years from the dismissal date for FHA or VA financing
• USDA requires 3-years BK discharge (only 1 year for extenuating circumstances - however there are lenders who will use the Ch 13 BK filing date for this seasoning requirement - each USDA lender has a slightly different take)
• Fannie Mae & Freddie Mac require 2 years from discharge date & 4 years from dismissal date (2 years from dismissal with extenuating circumstances)

In all situations you need at least 12 months of re-established credit and 3 traditional trade lines, some lenders want 3 trade lines of 12 months each. Trade lines that survived the BK, such as a credit card you kept open, a car loan you maintained payments on/didn't include, student loans that couldn't be included, etc. can count towards the re-established credit.

Other than medical collections that can be properly explained, if there are any late payments or delinquent accounts (collections, charge-offs, judgments, tax liens) after the BK then the time seasoning often starts over again from the latest late payment/delinquent mark (underwriter's discretion). Having a verifiable on time housing payment history goes a long way to making an underwriter feel comfortable, as well as taking a pre-purchase housing counseling class with a budgeting/financial model. Practically anything you can do to prove that you have made & kept a vow to make all payments on time will be helpful.
... more
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Mon Feb 21, 2011
Jim McDonald NMLS# 156546 answered:
I am a Mortgage Broker from the west side of the state but our lenders will lend anywhere in the state of Michigan. I have 2 lenders that will lend to borrowers with scores below 620, I have 1 lender who will lend to borrowers with a score of 580 or higher. I would be happy to assist you with this matter if you would like me to. Please contact me for more information, 616.604.4668 ... more
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Sun Feb 21, 2010
Tom Boos answered:
The compensation you provide your Listing agent is negotiable. And yes, what you describe would be perfectly fine. You should discuss all "incentives" with your agent so to benefit from his/her experience. They may suggest other types of incentives that could result in a quick and satisfying Sale for you. Good luck with your marketing plans! ... more
0 votes 6 answers Share Flag
Thu Oct 8, 2009
Dallas Texas answered:
Difficult render an opinion unless all facts are presented. However bank could have their own regulations of not present any offers unless $xxx,xxx in value or above. Many submit low ball offers it does waste time for all parties involved.

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911

http://www.lynn911.com
... more
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Tue Oct 6, 2009
Rudy McDowell answered:
Hi, Janet

FHA approvals are typically good for up to 90 days, so you will have to get preapproved again. Remember: an actual preapproval is when your lender has gathered and favorably reviewed your credit, income, assets/savings, and employment. If that did not happen, then you may have only whats called a prequal. If so, I urge you to get a actual preapproval. That way you know exactly what you're working with, will be able to close that much sooner, and will be in a better negotiating position with sellers. Concerning your next question: depending on what areas your looking for homes in, apart from MSDHA, there may also still be available some local city and/or county based down payment assistant programs that require you to put down as little as 1% and get up to 10,000 in funds that can be applied to both your down payment and closing costs. Hope this helps, and if I can be of any further assistance please feel free to call me at: 800-678-6663 or email me at: rmcdowell@shoremortgage.com. ... more
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Mon Oct 5, 2009
Pam Bava answered:
Hi Duco,
Have your agent check with the sellers agent to see how far along they are with the short sale process. It can be quite a lenghty process, especially if they have just started the process. Patrick's comment below is correct. The seller would have to accept your offer and then present it to the bank, but if the bank doesn't accept it or if you are a back up offer you are back to square one, looking for another property. If you can find a bank owned home or a private owned home, you might have better luck negotiating a price, not to mention close in 2009. Good luck! If you have any more questions feel free to ask. I am also a Realtor in your area.

Pam Bava, e-Pro Realtor
GMAC Real Estate / Kee Group
586-840-0400
... more
0 votes 4 answers Share Flag
Thu Sep 24, 2009
Pam Bava answered:
Think about it this way, for example if the main living floor of a home is 1000 sq ft and it has a full finished basement of 1000 sq ft. A listing agent cannot include the basement in the living space even thought it is finished. I live near you in Washington Twp, just sold a home like that and could not include the basement as part of the living quarters even though it had a full bath, kitchen area, game room, bedroom and fireplace. I don't think I agree with Carol and JR to include the area above the garage in the living space. I would state it in the remarks that there is additional living space above the garage, but not in the MLS listing information as far as square footage. Bonnie is correct. You can also check the county records and see how it is recorded.
I hope this helps, if you need any other information feel free to contact me.

Pam Bava
586-675-46533
GMAC Real Estate
www.thekeegroup.net
... more
2 votes 3 answers Share Flag
Thu Aug 6, 2009
. answered:
In my market banks are consistently pricing homes below market value in order to generate multiple offer and start a bidding war.

The main thing to focus on is the homes actual value vs. the list price.

For example if a 4000 sqft ocean front home was listed at $2,000 dollars would you feel uncomfortable paying more than the list price. I doubt it, if you knew of the existence of multiple offers you would probably look at what recent comparable sales have gone for and base your offer on the homes actual value.
... more
0 votes 10 answers Share Flag
Mon Feb 9, 2009
Rosaria answered:
and maureen, i appreciate your help, as well as others that have given their helpful widsom and advise.
0 votes 9 answers Share Flag
Sun Jan 25, 2009
Derek Bauer answered:
This has already been alluded to, but we would need MANY details to help with the answer to this question. Thus, our blanket answer should be to recommend that you seek legal counsel.
0 votes 3 answers Share Flag
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