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Saint Clair : Real Estate Advice

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  • Home Buying2
  • Home Selling1
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Activity 9
Fri Feb 3, 2017
Brucedailey19 answered:
It wouldn't let me type everything.. I want to dig a new trench to make the flow path around the outside vs through the center of the property so that I can build a house on the property. I would dig a trench fill with bedrock, use that dirt to fill in the old creek so that water would flow around the outside of the property giving the ability to build a house where the old creek sat. (rural area near east china, MI) ... more
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Sat Feb 1, 2014
Dee Patsalis answered:
Cash is not a hang up, however what you might be speaking of is government owned properties. These properties are only available to owner occupants typically in the first 3-10 days on market. This is where alot of cash investors lose out, because by the time they are elegible to make a bid, an owner occupant (who usually mortgages) has an accepted bid on the property.

I have a few investors that like to flip properties and they do lose out alot on some of the best, because they are sold before they are even available for them to bid on.
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Sat Feb 16, 2013
Shane Milne answered:
Are you buying this as a primary residence? If so, then an FHA 203(k) loan is another type of rehab loan and the down payment requirement can be as little as just 3.5% of the purchase price + cost of rehab.

You can read at https://www.fanniemae.com/content/announcement/sel1106.pdf (page 2) http://www.freddiemac.com/sell/guide/bulletins/pdf/bll1110.pdf (page 3) that a property condition of C5 isn't deliverable to Fannie Mae (nor Freddie Mac) until the repairs are completed, "deliverable" means the lender doing the loan won't be able to sell the loan to Fannie Mae or Freddie Mac until those repairs are done. There are other types of conventional loans that aren't sold to Fannie Mae or Freddie Mac, but not many, and I'd suspect they'd also require the items you listed to be repaired as well.

However the FHA 203(k) rehab loan can finance the purchase price + cost of repairs, so you can purchase the home and then make the repairs afterwards.

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
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Mon Jul 23, 2012
Carillan asked:
I see most homes listed considerably over the current state equalized values,
but I would like to know what the correspondence has been to either in the actual sales prices , this past…
0 votes 0 Answers Share Flag
Thu Jun 30, 2011
Garyneal answered:
I'm not entirely sure. If you need help from a tax attorney, I'd say check out my friend over at http://www.wagonergroup.com They'd be able to help you out for sure.
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Tue Jun 28, 2011
Steven Abraham First Team answered:
Lob,
Most likely you are wasting your time and more importantly your money!
First of all, you should not be paying money for modification assistance!
Secondly, even if you are a candidate for a modification, you have to prove you are able to afford the modified loan.
Very few loan modifications actually materialize.
You might want to consider a short sale.
In our state, CA, we are an anti-deficiency state (more or less).
I am not certain about MI.
Before you enter in an agreement to short sale your property, you need to consult with your attorney and your accountant.
Good luck and don't throw any more money away on a possible loan modification.
Take Care,
Steven
lagunacastles@cox.net
949.378.4005
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Sat Feb 5, 2011
Michael Patten answered:
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