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Home Selling in Stockbridge : Real Estate Advice

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  • Home Buying33
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Activity 7
Mon Feb 17, 2014
answered:
Hi Alma,
As Kirsten indicated, more research is needed to be able to answer your question. You would need to get Pre-Qualified to see if you might be able to afford both mortgage payments at the same time.

You really do not want to start looking at homes until your Pre-Qualification has been completed. Your Pre-Qualification will give you an estimate of your monthly payment and potential cash to close. It is VERY important to make sure this reality matches your expectations. If not, you could be looking in a wrong price range.

Getting Pre-Qualified prior to beginning the home search is critical. To do this, you would need to submit a Pre-Qualification request along with your financial documentation. The following documentation will be needed:

• Two most recent years of W’2’s/income 1099’s
• Two most recent years of Federal Income Tax returns
• Two most recent pay stubs
• Two most recent months of bank statements (all pages)

A loan officer who does not ask for and properly reviews all of the above documentation along with your credit report is doing no service to you and may not be very experienced. Experienced loan officers know that many issues come to light only once the actual documentation has been reviewed.

A Pre-Qualification is valid for 90-120 days from the date that the credit report has been pulled. At the time of closing, most documents (i.e. credit report, income/asset documentation, appraisal, etc.). Should anything be older than 90-120 days old, an update will be required. For credit, this is simply the loan officer obtaining a new credit report.

As one of the largest direct lenders in the country, Prospect Mortgage offers one of the largest selections of loan programs available. In addition to the standard conventional, FHA, VA, USDA, and Jumbo, we also offer a wide range on Renovation loan programs. Our Renovation programs include FHA 203(k) (Streamline & Consultant), HomePath Renovation, and HomeStyle Renovation. In addition, we also have an FHA 580-639 FICO program for borrower with previous credit issues.
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Thu Jun 2, 2011
Manesh Hardeo answered:
Jennifer,

The average days on market takes into consideration too many variables to accurately predict days on market. Otherwise, they would just call us soothsayers. :)

In all seriousness, it depends on the property condition, price point, floorplan, lot, and the time of year. There may be some other variables I may have not mentioned, but I suggest finding a realtor that is considered an "area specialist" as they would probably give you the best advice.

Depending on your situation you may want to consider owner financing it as well as that's a great option. I blogged about this topic recently and it could be of help to you.

Good luck with the sale.
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Sat Oct 17, 2009
Jenet Levy answered:
This really depends upon the market. In Manhattan, the best comps are in the same building (co-ops and condos). Going just a few blocks away can make a radical difference. In Manhattan, particularly the east side, each avenue further from the subway makes a big difference in price. A few blocks north or south in many locations and you are no longer in the same neighborhood at all, e.g. no longer on the Upper West Side. The answer is, therefore, that there is no generic answer. A competent appraiser should know where the boundaries are that make crossing them a matter of being in a different community with different values.

Jenet Levy
Halstead Property
jlevy@halstead.com
(212) 381-4268
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Thu Sep 24, 2009
Bill Eckler answered:
The information provided is very insightful. We would like to add that many areas will not allow a room to be considered a bedroom if it does not have its own direct access. Passing through one bedroom to access another is not allowed. ... more
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Wed Sep 23, 2009
Wendy Rocca answered:
Your best answer will come from your zoning/building department. It depends on the size of the window, heated or unheated and you city, state requirements.

Wendy Rocca
Century 21 Commonwealth
617-383-8330
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Sun Dec 30, 2007
Joshua Jarvis answered:
As Lee said, investing is always a good idea. The key is making your money going in or on the front end of the deal. If you do that then it does not matter where you buy.

Stockbridge is the better of the cities in that area, but I wouldn't expect an outstanding appreciation percentage for it at least for not another few years. ... more
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