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Home Buying in Shelton : Real Estate Advice

  • All33
  • Local Info2
  • Home Buying9
  • Home Selling3
  • Market Conditions0

Activity 8
Patrick James, Real Estate Pro in Middletown, CT
Tue Oct 18, 2011
Patrick James answered:
0 votes 9 answers Share Flag
Jill and Matt…, Real Estate Pro in Dunkirk, MD
Mon Oct 10, 2011
Jill and Matt Crofcheck answered:
We are not local in your area, however have done many 203k loans for our clients. The 203k is a very nice loan product for properties that need some fix up and/or may not qualify for other types of financing. As far as a pro/con approach - Some of the pro's would be that you get to fix up a property the way that you want to, with your contractor, and have the cost rolled into your loan. It is a great way to get into a home that you otherwise might not be able to.

As far as the 'cons' to the 203k (and many of these CAN be avoided if you choose the right lender and agent that knows what they are doing) - It can be a lengthy and frustrating process. Your contractors need to know how to submit quotes the right way, and you need to make sure you budget properly for any repairs that will be required by the FHA 203k consultant (who is basically a check and balance for the bank and makes sure required items get done). Good, open lines of communication need to be had by all parties' in the transaction. Some banks, who shall remain nameless, have a reputation of not being very helpful or diligent AFTER the loan closes if you have any problems... and also may give a hard time in paying your contractor. Be sure to investigate your 203k lender up front to get a better idea of what to expect once work actually begins.

Overall - we have a lot of success doing 203k's for our clients in our area due to the amount of foreclosures on the market that need significant repair. If done right, it can be a smooth process - it is very important though to work with competent contractors, lenders, and real estate agents who are in good communication with each other... otherwise it could be a bumpy ride.

I wish you the best of luck with the house and hope you find a good roof contractor!
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Christina Mo…,  in Fort Myers, FL
Fri Oct 7, 2011
Christina Morabito answered:
AS IS just means you acknowledge you are buying the home AS IS and WHERE IS.

On your contract, you should see a paragraph that explains your "Inspection Period". During the inspection period you are able to get your inspections done and be happy with the results. If you wanted to renegotiate or withdraw, it would be during that inspection period.

If your agent seem confused, maybe hire an attorney to read over your contract and better explain it.

Good luck to you!!
Christina Morabito
Florida Future Realty, Inc.

“The opinions expressed herein are those of the author and/or commenters and may or may not represent the views of Florida Future Realty, Inc."
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0 votes 15 answers Share Flag
Kevin Lemons, Real Estate Pro in St Louis, MO
Tue Oct 4, 2011
Kevin Lemons answered:
I agree with all the previous answers. Sellers need to be informed on what their home is really worth. In today's world we really need to do our homework on CMA's. The bottom line is THE APPRAISAL, unless it a cash deal. You can take offers all day long but without it appraising for the purchase amount, you wont close without the buyer bringing more cash to the table. In Saint Louis we have an appraisal rider to attach to the contract which makes the offer contingent on financing and appraising not lower than the purchase price. ... more
0 votes 5 answers Share Flag
John the Bru…, Home Buyer in Connecticut
Fri May 8, 2009
John the Bruce answered:

The bright light you see is the train that is about to impact the Connecticut real estate market. Connecticut has been slow to adjust in the face of the national crisis, but the housing correction is now here in full force.

Enjoy the show, but be sure to step off the tracks first.

Jill - the easiest way to arrive at a fair market value for the home you're looking at is to run it through Zillow. Determine what that house sold for, or what comparable homes were valued at, in the 1999-2000 time frame.

Good luck,
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0 votes 7 answers Share Flag
Rk Ruthman,  in Connecticut
Sun Feb 1, 2009
Rk Ruthman answered:
Hi Jill,

I am the listing agent for 10 Brae Loch in Shelton. Presently the price has been reduced to $750,000. If you, or any other buyers out there are interested in this property. (And neighborhood comparables), feel free to give me a call at 203-400-5355.

RK Ruthman
Ruthman Real Estate
CT & NY Licensee

Ruthman Real Estate also has a Buyer's Agent Commission Rebate on all properties. Just ask. 203-400-5355
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0 votes 3 answers Share Flag
Dan Ross, Real Estate Pro in Southington, CT
Mon Oct 20, 2008
Dan Ross answered:
here is a link to the zoning scetion of Shelton's website.
If you look at what is required for a multi family property, you will be able to understand what will be needed for a conversion. Any conversion will have to meet all of the codes a new multi would need to meet. You have to consider things like: sewer or septic, road frontage, lot size, parking availability, etc. There is no simple answer to your question, you will have to look at each property individually and see if it meets the requirements. ... more
0 votes 2 answers Share Flag
Sam,  in Carlsbad, CA
Sat Oct 4, 2008
Sam answered:
The website below show provide most of the information you are seeking , it will also provide a timetable so you may see what the trends are.
1 vote 3 answers Share Flag
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