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02917 : Real Estate Advice

  • All34
  • Local Info0
  • Home Buying21
  • Home Selling1
  • Market Conditions1

Activity 29
Thu Oct 17, 2013
Ryan Rossi answered:
Hi Juan, thank you for your question here. If it's in regards to this property on 3 Friendship Lane in Smithfield, I am the listing agent. The reason the Value/list price ratio seems so off is that it was a distressed property when purchased by the Seller. People who buy in that particular area, stay for a very long time. The seller has taken this home and renovated this property from top to bottom and added other amenities such as CA/CV, hardwoods, and a state of the art heating system to name a few. If you look in the lime Rock area where this home is being sold you'll notice that there are homes that have sold well above this asking price in the upper $400's and low $500's. The town has also not updated the assessed value. So, if you saw the home, the sq ft, and the lot/neighborhood you would see it was not easy to comp it out, I had to use the cost to build and finishes per sq ft adding and subtracting for things with those other solds to come to a Sales price. Unfortunate for the Seller, there are no comparable comps available, and too often agents weigh everything on that and that alone. So, we shall see what happens, he is ready to reduce the price but not because the value isn't there, it's just one of those properties that stands alone. ... more
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Thu Oct 17, 2013
Ryan Rossi answered:
Hello, I am sure you've been offered much advise. I would refer you to a lender her name is Anna Akaian, from Best Mortagage New England in Cranston she where they are located. She can pre-approve you. You can get up to 3 that does not affect your credit rating. Contact for Anna is:
Akaian@bestmortgagene.com If you get pre-approved, then we can meet to discuss what your looking for, where your looking for it, and what your payment comfort zone is. I am an ABR that works with Buyers, and I am also a listing agent so if you need a free CMA on your condo I can help you with that too.

Thank you,

Shelly D'Amico, ABR e-Pro
Member of the National Association of Realtors
401-486-0157 Call/Text
shellydamico01@gmail.com
... more
0 votes 7 answers Share Flag
Mon May 21, 2012
Elva Wormley answered:
Hi Helene,

This is from the FHA handbook:

2-6 STABILITY OF INCOME. We do not impose a minimum length of time a borrower must have held a position of employment to be eligible. However, the lender must verify the borrower's employment for the most recent two full years. If a borrower indicates he or she was in school or in the military during any of this time, the borrower must provide evidence supporting this claim, such as college transcripts or discharge papers. The borrower also must explain any gaps in employment spanning one month or more. Allowances for seasonal employment, such as is typical in the building trades, etc., may be made if documented by the lender.
To analyze and document the probability of continued employment, lenders must examine the borrower’s past employment record, qualifications for the position, previous training and education, and the employer's confirmation of continued employment. A borrower who changes jobs frequently within the same line of work, but continues to advance in income or benefits, should be considered favorably. In this analysis, income stability takes precedence over job stability.

I suggest you speak with a local mortgage professional to discuss your situation.

Best regards,

Elva A. Wormley
C2 Financial Corporation
2845 Moorpark Avenue, Suite 209
San Jose, CA 95128
... more
0 votes 1 answer Share Flag
Sun May 20, 2012
Rich Homer answered:
That is a question for good local Mortgage Broker. Find one here http://www.trulia.com/voices/directory/02917-mortgage_broker_or_lender--41723
http://www.naplesrealestateguys.com/
0 votes 1 answer Share Flag
Sat May 5, 2012
Irina Karan answered:
Hello Helene,

You can call a gas company to check on this.
However, when changing oil to gas, be very careful re. environmental hazards that come with oil tanks being removed...You got to have a very good company to do this for you.

Service Magic referral service worked great for me and my clients - highly recommend it.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
... more
0 votes 3 answers Share Flag
Sat May 5, 2012
Irina Karan answered:
Hello Helene,

You got to call in a local electrician for this - you can ask your agent, your friends/family, or Service Magic referral service for a reputable electrician.

Best to get 3 quotes to see which will be less costly.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
... more
0 votes 2 answers Share Flag
Sat May 5, 2012
Irina Karan answered:
Hello Helene,

Per diem income is sort of like self-employment income when it comes to calculating the monthly income, used to figure out your debt to income ratio.

This means the income will be averaged for the past two years (if 2011 income is bigger or same as 2010). The Income Verification form will be sent to your employer - to see that 2012 YTD is within the average income for 2010-2011.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
... more
0 votes 1 answer Share Flag
Mon Apr 16, 2012
George Raymondo answered:
Experian is most widely used so it seems to be the highest. Depending on what area of the country you live, you will have completely different scores. Trans Union is usually the middle score based my personal experience. ... more
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Fri Jan 20, 2012
Scott Burch answered:
I'm a Rhode Island Realtor and would like to help you every step of the way. Please contact me at 401-722-HOME (4663) or at

www.buyahomeinRI.com

I would like to sit with you and go over all your options ... more
1 vote 4 answers Share Flag
Fri Jan 20, 2012
My NC Homes Team answered:
You misunderstand how lenders work. The more foreclosures there are the less likely they will be to offer anyone 100% financing, why do you think there are as many foreclosures as there are.

Any traditional bank is not going to offer 100% financing. There may be some local credit unions who may as they tend to hold their loans in house and do not have to worry about the loan meeting FHA standards.

I would stronly advise you to save up some money and not look to buy a home with 100% financing even if you can find someone who offers it. Finally foreclosures are rarely the deal most buyers think they are. I encourage you to read a recent blog I posted here on Trulia about Foreclosure sales.
... more
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Sun Jan 8, 2012
Annette Levinson answered:
Even if your charge off for the auto is older then 7 years old it would probalby still show up on your credit report. Many companies report charge offs every couple of years so that it will show. Also did they get a judgment against you? If so it will also show on your title report and you would not be able to close on the mortgage. ... more
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Sun Jan 8, 2012
Annette Levinson answered:
0 votes 1 answer Share Flag
Sun Jan 8, 2012
Bob Movin-On answered:
Did you check all 3 credit reporting agencies?

If it was charged off and there was no law suit or judgement you could let it ride, depends on how you feel as a person.

Good Luck
Bob Patrick
Buy a home after foreclosure, short sale, deed-in-lieu-of or bankruptcy expert
Movn-On LLC
Helping families/people that have lost or will loss their homes get back into another in as little as 6 montrhs
... more
0 votes 1 answer Share Flag
Fri Sep 30, 2011
Robert Crudale answered:
RI Housing is your best bet for the silent second. It is a great way for first time home buyers to take advantage of some extra money. There are also some great "Stepped Rate" programs through RI housing. These allow you to take advantage of a low rate that gradually will go up over a period of time. RI Housing's interest rates are not based on the 10 year bond like most other banks and mtg companies. In the past, that meant you could get a lower rate through RI housing opposed to the competition. Recently, however, rates have sunk to record lows resulting in interest rates being lower through your bank or mtg company as opposed to RI Housing. If you need more information please let me know!! ... more
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Wed Jan 12, 2011
William Polack answered:
If you want someone to help you "fix" your credit, then contact RJ. I'm in GA and not familiar with NY laws with regard to credit repair. With regard to your repossessions, if they are reported more than 12 months ago, then they are not affecting your score. Bad credit does not affect score after 12 months. So, the next thing you have to look at is if you've opened any credit since then. You need at least 2 lines of credit and each should be at least a year old each. If your score is above 620 as Mnavoian mentioned, then the lender is probably not comfortable with you having a recent car repossession. You have 2 choices: Get a credit company like Crednology (crednology.com) to remove the account from your report (ask for Gail Simmons) or set up a payment plan. If you set up a payment plan, then after 6 months of on time payments, you should be okay to try again for a loan. Now, beware. If that account has not been reporting in the last 12 months and you start making payments on it, you will re-activate an old collection account and your scores are going to take a bad hit. They'll eventually climb back up. You can always ask the company to remove the account from all 3 bureaus if you pay them back. Get everything in writing (always). If you pay them with cash, get receipts (better to pay with money orders or checks from an account that is not a primary checking account). Credit repair companies usually cost around upwards of $500 or more. Be careful and do your homework on them (Federal Trade Commission, Better business bureau, references). ... more
0 votes 3 answers Share Flag
Thu Dec 31, 2009
Bob Sparn answered:
I understand your need to sell the property for a certain amount. There are many factors in the market place affecting value, it may be your properties condition, location, how it being presented to the market or even the price. You need someone who can tell you what realistically you can sell it for and what you need to do to get it sold. It sounds like you have several options that maybe open to you such as a market value sale effectively done, short sale, "cram down" with the bank or a cash offer now! I have several investors that are willing to make a cash offer now. If you are interested or have any other questions, feel free to contact me. ... more
0 votes 9 answers Share Flag
Tue May 19, 2009
Sandra Brown answered:
Hi Helene,
Just because the property has a gas stove it doesn't mean that gas is available in that area. I have a gas stove, (I would rather cook with gas) I use propane tanks for it because gas is not available in my area. I have oil heat. I agree with the advice from the first answer, call the gas company, give them the property address and see if gas is even connected in that area. If it is connected then yes, you can convert to gas. Keep in the mind the whole heating system might have to be converted, and that can be costly ... more
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Fri Apr 24, 2009
Christopher Cox answered:
Hi Helene,

I am not trying to be rude here, and please don't take it that way. But that really is a question that can only be answered by a mortgage broker who actually takes a credit application and looks at all of the information including credit, debt/income ratio, assets, etc. And not just a pre-qualification, you will need to have a full pre-approval done. I can refer you to a couple of morgage brokers in the area if you are in need. Good luck.

Happy Hunting,
... more
0 votes 1 answer Share Flag
Sun Apr 19, 2009
Christopher Cox answered:
Hello Again Helen,

I am a little confused. The vantage score should be higher? It is on a scale with a max score of 990 instead of a top score of 850 for FICO? It utilizes a completely different set of criteria, so maybe that explains it.

The exact details of the formulas are as top secret as the KFC's Orginal Recipe, but here is an overview.

Vantage score
Payment history 32%
Utilization 23%
Balances 15%
Depth of credit 13%
Recent credit 10%
Available credit 7%
Total 100%


FICO score
Payment history 35%
Length of credit history 15%
Amounts owed 30%
Types of credit uses 10%
New credit 10%

Total 100%

Happy Hunting,
Chris
... more
0 votes 1 answer Share Flag
Sun Apr 19, 2009
Helene Moretti asked:
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