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55379 : Real Estate Advice

  • All15
  • Local Info1
  • Home Buying7
  • Home Selling4
  • Market Conditions0

Activity 13
Mon Aug 22, 2016
Debbie Kay Cline Yoak answered:
ON DEED BUT NOT MORTGAGE HOME IN FORECLOSURE, WHY CAN'T I GET A LOAN FOR A HOME. MY HUSBAND PASSED AWAY AND I HAVE BEEN TRYING TO GET A HOME LOAN BUT THEY TELL ME SINCE I WAS ON SURVIVOR SHIP DEED I COULD NOT GET A LOAN I HAVE TO WAIT AT LEAST 3 TO 4 YEARS. HOW COME OTHER PEOPLE CAN DO THIS BUT I CAN'T AND I HAVE A GOOD SCORE?????? ... more
0 votes 10 answers Share Flag
Mon May 11, 2015
garypuntman answered:
I don't know any in that area. I know my sister has been doing some research though. It's always a good idea to check with friends and neighbors and see what they suggest. You should also research the agents that have been suggested. http://www.ianhewitt.com.au ... more
0 votes 5 answers Share Flag
Sat Apr 19, 2014
Dan Tabit answered:
ressiet,
Probably, but then you'd have a home in foreclosure too. Adding or changing the name on a deed won't cancel the mortgage. In fact, you may accelerate the process due to a "Due on Sale" clause in most mortgages.
If you want to avoid foreclosure there are several things you need to do and start yesterday. A; meet with a real estate attorney who works in this area full time. Your situation needs and deserves a full review. Based on what your situation is, they attorney may suggest;
A loan modification, which while rare could save the property and either lower your balance or make it affordable to get caught up.
A short sale where the lender allows you to sell for less than what is owed, and may forgive the difference.
A bankruptcy where the process is stalled until a solution is found.
A deed in lieu of foreclosure to resolve the matter quickly and certainly.
An outright foreclosure via the standard time.
Just remember that no one here knows enough about your situation to truly advise you which will be the best for you. As agents, we are quick to jump on the short sale answer, and often it's a good one, but not always.
Time is not on your side, but sale dates can get postponed and often do. Get with an attorney immediately so you at least know your full options and the consequences you'll be living with for many years to come.
... more
0 votes 1 answer Share Flag
Fri Nov 1, 2013
Mike Westphalen answered:
A realtor is the answer for sure. Realtors can tell you what your home is worth by doing a Comparative Market Analysis (CMA). By doing this, you can determine how much you can walk away with from your home for a downpayment on the next home. Mortgage company will qualify you for a mortgage. Some homeowners can purchase a new home without selling their current home. But, most need to sell their current home first.

Mike Westphalen, Realtor
RE/MAX Advantage Plus
612-978-9786 cell
952-226-7701 fax
www.advplus.com/michael.westphalen
Helping sellers and buyers in the Twin Cities and surrounding areas since 2002
... more
0 votes 11 answers Share Flag
Mon Oct 14, 2013
Christopher Pagli answered:
Have your agent do a comparative market analysis so you can get a good idea where they would comfortably list the home. Nobody can say for sure what it will actually sell for but you are always in control. If you aren't getting offers that will work then you don't have to sell it. I wouldn't make an offer contingent upon your sale until you have a solid buyer that is in contract and close to getting their mortgage commitment. The most important thing to keep in mind is you have to listen to the market when it speaks to you. If the comps are all coming in much lower then what you need to sell for you most likely won't get a buyer to pay what you need. Supply and demand could work in your favor as it is in my area. Just because comps come in low doesn't mean a buyer won't put up more cash needing less of a loan, it depends on how much they want your home.

Christopher Pagli
Accredited Buyer Representative
Licensed Associate Broker
William Raveis Legends Realty Group
914.406.9023
... more
0 votes 9 answers Share Flag
Mon Oct 14, 2013
Alan Mackenthun answered:
As others have mentioned, I'd look at renting the smaller home until you're ready to sell. You can look at doing a short sale, but I wouldn't recommend it as it's hard on your credit and I simply don't think it's good to walk away from a debt you can cover. Talk to a real estate attorney to see if a short sale is possible for you.

Assuming you're not going to do a short sale, you need to figure out how to come up with the difference between what you own on the loan + closing costs and what someone will offer for your home. If you don't have savings or other liquid assets available, then you can consider refinancing your other home. If you have a 401k, you might be able to take a loan from your own 401k account. There's trade offs and additional expenses with either of these options. If you don't have liquid assets, I like the idea of renting the home out for a while. If you can rent it out and get enough to cover the mortgage and all other expenses plus bank a couple hundred a month, then you can use the rent to give you time to save the $s needed to bring to close and the rent can even help build up this sum.

Good luck,
Alan
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0 votes 4 answers Share Flag
Mon Jun 6, 2011
Chris Block answered:
Sun Oct 3, 2010
Monir Mamoun answered:
Hi Estherk, I did some research and found a link for the IRS page about deducting points. It's actually form 530. I have included the link below. I hope it helps clarify matters. There is a flowchart. Any questions or if you need a referral for a Shakopee agent let me know -- I have a great friend nearby who is a top agent. ... more
1 vote 8 answers Share Flag
Thu Jan 28, 2010
Ryan Bretzel answered:
There have been many good answers. It comes down to if the extra things that make the house that much more YOU is worth the ~$50K then yes it might be worth it. You also get the state warranty with a new construction home: 2 years on all mechanical/electrical/plumbing systems and 10 years on all structural defects. Many of my builders are able to build homes for much less than existing because building prices are down much more than from 2005.

Let me know if you would like a referral to a good builder.
... more
0 votes 6 answers Share Flag
Mon Jul 20, 2009
Aaron Dickinson answered:
I have one client building in Countryside and another considering it. Buying new construction has many advantages but it is also very easy to go overboard on upgrades that nickel and dime you to death. If you're a 1st time buyer and buying a to-be-built it will be tight to get the house done by November 30th but should be possible for the builders... timing is critical on that. ... more
0 votes 6 answers Share Flag
Thu Dec 18, 2008
Cindy Hanson Welu answered:
Hi Estherk,

We are both in the real estate profession and own a few properties we have posed this exact question to. We base our decision on:
Will we own the property longer than 10 years? If not, we don't feel the savings versus the closing costs outweigh the process. If you are planning on staying in the home, than yes, the savings will be worth it.
Can we afford the monthly payments and how drastically will they change our payment? If it will save us less than $100/month, for us, that is not worth it as at any time plans can change and we would have to sell earlier than later.
With a recent purchase and with the stricter guidelines for refinancing and the current market values stable or declining, would we really qualify for the best rate if we don't have 10-20% equity in the property?
Are closing costs going to run 2%? Adding the closing costs into the loan will add to the payment, not improve it and do we want to pay the cash out of pocket?

It's an individual decision. If we had 15-20% equity in a property and were planning on holding on to it for at least 8 years, we would most likely re-finance as long as closing costs were at a minimum. We would go to who currently holds our mortgage first as that is the best best to have the lowest closing costs.
... more
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