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Silver Bow County : Real Estate Advice

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Activity 26
Mon Jun 5, 2017
Sunny_me2003 answered:
Thats my question above, I do not live in Michigan. Dont know where that came from. Property is in Butte, Montana. I am just trying to find a lender that will do a conventional mortgage with 20% down for active-duty military with a good DTI and 17 years active duty no breaks, but a FICOS in the early 600s just below 620. ... more
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Tue Jul 26, 2016
Joe Borelli answered:
Just because a lender is approved by FHA does not mean they will offer the standard 203K or the Streamline K. You need to work with FHA lenders in Montana who have prior experience in funding renovation loans under the 203(K) guidelines.

http://203klenders.org/montana-mt/
... more
0 votes 5 answers Share Flag
Tue Jul 26, 2016
Joe Borelli answered:
Just because a lender is approved by FHA does not mean they will offer the standard 203K or the Streamline K. You need to work with FHA lenders in Montana who have prior experience in funding renovation loans under the 203(K) guidelines.

http://203klenders.org/montana-mt/
... more
0 votes 6 answers Share Flag
Tue Aug 18, 2015
rebel_heart asked:
My tenant contacted me a few months ago initially complaining of a "sewage smell in the upstairs bathroom emanating from the toilet."I called a licensed plumber and he checked it out.Tenant…
0 votes 0 Answers Share Flag
Tue Jul 7, 2015
Viperassasin asked:
If a non-short sale appraisal comes in on a home that was so low that it puts it into short sale can the sellers bank use that appraisal for negotiation purposes?
0 votes 0 Answers Share Flag
Tue Mar 24, 2015
mitchell bachman asked:
Mon Aug 4, 2014
Mary K Sutherland answered:
There is now, as of about a month ago.
0 votes 1 answer Share Flag
Thu Jul 10, 2014
Annette Lawrence answered:
I've been in foreclosed homes that were vacant over a year and found my clothes covered with fleas. They seem to survive well without an obvious host.

When called by agents to show my listing permission was preconditioned on not visiting that house before coming to my listing.

Now, are your tenants co-operative or combative. If you choose the path of 'dong what's right' are they going to punish you further? Meaning, are they going to attempt to stick you with the bill for alternative housing during remediation? Cost of dry cleaning and washing of dishes after event? Are they going to hold you the cause when headaches and allergies flare up in the next month or two?

If you have trustworthy folks on the other side, have the house fumigated. If not, have the tenant take care if it themselves. You place was flea free when they moved in.
... more
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Tue Jan 21, 2014
ewelk answered:
Wed Nov 13, 2013
Belal Mohd answered:
First, you must see when the lease expires. Then, have a nice discussion with the tenant. Assure him that he can stay till the end of lease if he wants to (legally, he can). Keep in mind, a non-coperating unhappy tenant can be a real obstacle to selling. ... more
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Wed Jul 24, 2013
answered:
Let your loan officer know that you are unable to put another 5K in the bank as you may need it for your wedding in September. I suggest that you shop around and switch lender if necessary

Abida Mumtaz
Mortgage Consultant
Evolve Bank & Trust
11605 Haynes Bridge Road, Suite 125
Alpharetta, Georgia 30009
678.907.5973 Cell
678.387.1434 Fax
NMLS# 269753
amumtaz@getevolved.com
... more
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Mon Jul 15, 2013
Alison Hillman answered:
Check out some local homes here on Trulia: http://www.trulia.com/MT/Butte/59701/

Ali
0 votes 1 answer Share Flag
Mon Jun 4, 2012
Edith Karoline Jasser answered:
First step is if and when you want to buy a property, to sit down with a good lender, a mortgage broker is fine as they have access to various different programs to suggest to you based on your available down payment, but they also will be able to pre-approve you and you will find out how much money they will let you borrow to purchase a home.... remember that this does not only depend on your down payment, but also on your credit score, your income and all other debt, and then they will look at what you intend to buy, because if it is a condo and there are monthly assessments and the taxes all will
be rolled together to come up with the program and answers for you.

You may be able to fall into one or the other available programs..... First figure out the finances
before falling in love with a property...

A little bit of advice, DO NOT OVER EXTEND YOURSELF, remember if and when you lose a job,
God forbid, you may not be able to pay your mortgage and the taxes anymore....

You also should not look on your own for a property, once you find out that you can afford a loan, and you know what that amount is going to be, then you need a good Realtor to show you only
those properties that fit into your budget and fit your needs as size and location may be concerned.

Do not do this on your own.... Hope it will work out for you, just careful when doing your calculations,
make sure that at the end YOU are going to be comfortable with the monthly amounts to be paid

Good Luck to you...
EdithSellsHomes@gmail.com
@Properties North Shore, 30 Green Bay Rd. Winnetka Il. 60093
Edith always works in the very BEST interest of her clients Buyers, Sellers and Investors alike,
covering the city of Chicago, all N and NW suburbs and the fine homes of the North Shore.
Edith always goes the x-tra Mile with a Smile for all her clients.
Feel Free to visit my website
Have a wonderful Day :)
... more
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Sat Apr 7, 2012
Mary E Perry asked:
I,m interested in a cheap property that property intriques me.
0 votes 0 Answers Share Flag
Mon Mar 12, 2012
Ron Thomas answered:
How about a more important question:
Do you how your Offer compares to the Market Value of the House?
Have you had your Realtor do a CMA?

Did you want a Buyer's Agent who just tells you what you want to hear?

Good luck and may God bless
... more
0 votes 3 answers Share Flag
Thu Jun 23, 2011
Don Tepper answered:
That's good.

As Sally explained, that means they're reviewing your entire loan application. Typically that's done by an "underwriter." He or she goes through the application and makes sure everything is OK. Usually the underwriter will come back with a few questions. Don't panic. Just comply with what they want. It might be a more recent copy of your pay stub, for instance. Or a more recent bank statement. Things like that.

After everything is assembled and updated, the underwriter makes a decision about whether the bank will underwrite--or fund--your loan.

Good luck.
... more
0 votes 2 answers Share Flag
Tue Dec 28, 2010
Red_as_copper answered:
After speaking with the lender again today, they are sticking by their guns and telling me it is an FHA requirement. He even went so far as to tell me the FHA underwriter didn't understand the guidelines, and that his underwriters are correct. He has stated he is "busy looking for a loop hole" and even though my locked-in interest rate of 4.25% expired today he is doing me a "big favor" by extending it another 15 days at a cost to the lender of $675. What a guy huh?!? It would never have expired if not due to his "ineptitude" as Mr. McDowell said in his post. I agree that there is some underlying issue with the appraised value of the house. So basically he was not expecting me to take the initiative to contact FHA and call him out on this nonsensical reasoning. Rudy hit the nail right on the head. My agent is about to blow her top, and the seller's agent has gone postal on this lender. Her client is nearly in a foreclosure situation because this has gone on so long. Thanks to everyone for your feedback, help, and suggestions. I will keep you posted. I hope none of you ever has to deal with something like this, ever. ... more
0 votes 9 answers Share Flag
Sat Dec 11, 2010
Tom Priester answered:
Red,

It sound like you may have a relationship with an agent working on your behalf and you really need to get with them for answers to your questions. It would be highly unethical for another licensed agent to become involved when you have a relationship in place as we are bound by a Code of Ethics.

Your best bet is to sit down with your agent and go though everything in detail and make the appropriate decisions.


Best of Luck,


Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
tom@tompriester.com
... more
0 votes 4 answers Share Flag
Mon Sep 27, 2010
answered:
Hi there ...
so sorry for your situation. Wells Fargo, in my opinion, is one of the worse in closing times. I as a mortgage broker, and lender in all 50 states, have the ability to rush a file BUT 203k loans do have some additional paperwork. Have you researched and gotten a registered contractor to work with? If all of your team, i.e., realtors, contractors, etc would move expeditiously it can be saved. Oct 22nd is your close date so that is less then a month. I think you have to make the decision if you want to persue it and rush like crazy to get all done that needs to be done. Get appraisal done asap, general contractor in to give a good estimate / cost breakdown and zoom zoom with anything else you may need documentation wise.
Sincerely,
Celia Butler
... more
0 votes 1 answer Share Flag
Wed Sep 15, 2010
Red_as_copper answered:
Some of you mention the original "purchase contract" - are you referring to the buy/sell agreement? This is the third home I've offered on and in all of the transactions (we're in Montana), we put an inspection clause in the contract, but repairs are not mentioned in the contract. I was told by my agent that repairs would be discussed post-inspection on the inspection notice. Today when I went to fill out the inspection notice, my agent basically told me the seller (the executor of the estate) priced the house to sell and is probably not going to help us out with repairs. Would've been nice to know this before we ever placed an offer because the house needs a ton of work - more than we even anticipated. When we made our initial offer we were told there was an insurance claim on the roof (made by the now-deceased owner), that an $11000 payment for a roof had been issued, and so we thought that meant that money would go towards a roof - surely that's what the insurance company thinks too. I am looking into the 203(k) loan, so thanks for the info on that; that might really help us. The land the house is on (house aside) is worth more than what we're paying, so we don't want to lose this deal. Thanks for the help. Sounds like the agents (yes, I've had several in the course of my home search) might not be up to snuff (they're all REALTORS) because none of them have done any of the things you've mentioned. ... more
0 votes 6 answers Share Flag
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