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11787 : Real Estate Advice

  • All20
  • Local Info1
  • Home Buying8
  • Home Selling7
  • Market Conditions0

Activity 18
Sat Jan 13, 2018
Hollie asked:
My husband and I have been living in my parents home, the house I grew up in, for five years now since my father passed away. They purchased the home in 1963. My mother remortgaged the…
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Sun Sep 4, 2016
Donnaz362 asked:
Mon May 16, 2016
Unilang asked:
Wed Oct 21, 2015
Dan Tabit answered:
Probably, but you may upset the other four. If you can't buy it on your own, what options do you have? Sometimes in situations nostalgia overwhelms some and causes them to make difficult decisions.
You'll need to consult an attorney to see what your legal options may be. My suggestion is to proceed in a way that would make the person who left you the home proud of their beneficiaries, not miserable.
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Wed Oct 21, 2015
Sorry George, No income verification loans don't exist any more because the federal government has made laws forcing lenders to verify a borrower's ability to repay the loan. Uncle Sam feels (rightly so) that a large reason the real estate market collapsed was because thousands of borrowers were given loans that they had no realistic hopes of affording long term.

With that being said, there are some specialized loans out there that will document your ability to pay based on:
-an asset depletion model where if you have a very large amount of assets they use this as proof you can afford to pay, OR
- a model where they review bank statements for 24 months for a self employed borrower, and if your regular deposits reflect a sufficient amount to qualify they can use that.

These programs are generally going to require a large down payment (check) and the rates are going to be higher than for a conventional loan.

Feel free to give me a shout and I can fill you in on how these work

Tony Grech
Sr. Mortgage Loan Originator – NMLS #977416
Luxury Mortgage Corp
29200 Northwestern Highway, Suite 300
Southfield, MI 48034
Mobile: 313-622-7383 | Direct: 248-714-4914 | Fax: 248-415-1522
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Sat Jul 11, 2015
Diana Hellman answered:
Only real estate professionals are allowed to list on Trulia. Try Zillow.
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Mon Apr 20, 2015
Jeffrey Hopkins CBR answered:
What colors should I paint the outside of my house?

As you look at homes on Long Island, you will find that the overwhelming majority of LI homes are painted with neutral colors. When I say neutral, I mean colors like white, beige, browns and grey's. The reasons is simple, they work, they don't stick out like a sore thumb. They remain congruous to the rest of the neighborhood and for that reason the upkeep and grooming of a home become the real factors in the homes curb appeal. The better a home is groomed the better the curb appeal.

If brighter, less neutral colors are used they should be concentrated primarily on the trim.
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Fri Mar 20, 2015
Anna M Brocco answered:
Fri Mar 20, 2015
Anna M Brocco answered:
Be aware that scams do exist; be mindful that such web sites are third party sites, they are not real estate companies and used for advertising purposes; the information is fed by various sources, therefore data is not really verified. If you choose not to work with an agent of your own always verify ownership before exchanging any money/personal information--make certain they are who they claim to be. Never wire any money, if it sounds too good to be true, it is. For scam related information see link.
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Tue Sep 16, 2014
Josh Barnett answered:
Sounds great, click on the rent tab above and check you local classifieds.
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Mon Aug 19, 2013
Synthia Noble answered:
My experience lately with Bank of American has been generally positive. I am involved in their cooperative short sale program. the bank asks me to reach out to home owners to let them know they qualify for a preapproved cooperative short sale. the cooperative short sale has several serious benefits over a traditional short sale. The bank agrees up front to waive their right to pursue the home owner for the deficiency, the bank sends a appraiser out to the property to let me know the suggested list price, plus the bank offers the home owner a relocation incentive, OH and the homeowner does NOT have to supply the mountain of paperwork (financials, hardship letter, etc). the home owners that have been through this program have generally been very happy.
there is also an option for me to request evaluation of a homeowner for the program (agent initiated short sale). I am so glad to see BofA working cooperatively with home owners on short sales.
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Mon Aug 19, 2013
Ronald S. Cook, LLM, JD, MBA answered:
If you accept the house with the fence as it currently exists, and if it truly is illegal as is, then the town could eventually hold you responsible to correct the issue. If your attorney cannot come up with a solution, and you really want THIS house, then you need to decide if you’re willing to take the house with this blemish. If you want the house, but not the risk, hire a handy man to rip it down. That doesn’t cost much at all. ... more
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Mon Aug 19, 2013
Ronald S. Cook, LLM, JD, MBA answered:
I'd suggest calling a few reputable and established real estate attorneys in your area and ask their opinion on who they have come to find to be good buyer’s agents.
0 votes 20 answers Share Flag
Mon Aug 19, 2013
Ronald S. Cook, LLM, JD, MBA answered:
This question is unclear. If the buyer has delayed the closing date, then different kinds of things need to be adjusted at closing. For example, there are extra days of property taxes now involved. Most lawyers I know would push that cost to the seller because they still had title up until the closing. ... more
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Thu Jun 6, 2013
Ronald S. Cook, LLM, JD, MBA answered:
Is there a reason, for backing out, where they have the would not be in breach of the agreement? For example, suppose they found the engineer report unsatisfactory? That would be a good reason. Supposed they could not obtain financing? That would be a good reason. ... more
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Wed Dec 12, 2012
Javier Meneses answered:
I wish I can explain all these things you over the phone. There's several things going on. First, rental history is always a plus. In your case it's a double plus because, even though it doesn't appear in your credit, it'll also serve as a trade line. Second, is it possible that your scores are low due to high balances? When your scores are where they are, it's usually not something that stands in the way of qualifying. DO NOT CLOSE ANY ACCOUNTS it will hurt you big time. Also don't open anything else. Third, only the income of those applying will be used as effective income to qualify you. If she is a part of your household income, it can be used solely as a compensating factor.

The best thing you can do is meet face-to-face with a loan officer and let him/her pull your credit and take a look at your paperwork and go from there. Will you qualify TODAY? Maybe not, but it doesn't mean that if you're willing to take the necessary steps to improve your credit that you'll be ready in just a couple weeks.

I encourage you to call me or any other loan officer and go over all these things in detail. You should have everything in order as far as financing and obtain a pre-approval letter before you start working with a Realtor, which I can also give you some names an numbers depending on where you're looking to buy.

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
(516) 606-9648
... more
1 vote 6 answers Share Flag
Sun Jul 27, 2008
Chris Capitelli answered:
I'm not sure of your situation.. But if your buying the home and it hasn't closed yet and your commitment needs to be extended because the seller needs more time normally you would be responsible for the extension. ... more
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Thu Jun 5, 2008
Cheng answered:
According to my experience of helping thousands of homeless families to move off homelessness, it seemed to me you did not pay car loan, and your car was repo by the bank or lender.

Basically, they would monitor your driveway to see when your car would be there, and they will repo your car in early morning, like 4am while you are sleeping to avoid confrontation.

So, if you or any one who was not able to pay car loans, one experience Two Income Trap, the book written by Harvard Law Professor, says is not to park your car at your driveway, one husband parked at the elementary school parking lot and walk home so that driveway has no car.
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