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Sycamore : Real Estate Advice

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  • Local Info0
  • Home Buying2
  • Home Selling0
  • Market Conditions1

Activity 11
Wed Oct 26, 2016
Pinewoodsvillaadm answered:
I am so concerned for my son. He has a deposit on a good faith estimate on a property and can not come up with the total they told him for closing as a down payment. He wants out of the deal. Can he get his money back.. I was suppose to co-sign to help him as a non-occupant so he could qualify using my income and credit, however, I have not signed any agreement. Can he get his money back? ... more
0 votes 12 answers Share Flag
Sat Jun 20, 2015
Bob Brandt answered:
I believe they are trying to cover their risk in case another heir comes forward. What does your attorney say?
0 votes 1 answer Share Flag
Wed May 7, 2014
Bob Brandt answered:
I would suggest you use the phone and call up the local Realty office there to ask an agent to work with you on this.
1 vote 1 answer Share Flag
Mon Mar 31, 2014
Kelly Robinson answered:
It can take up to 30 days before the bank will even look at approving a short sale. They have to first decide if you qualify for a loan modification. If you don't qualify for the modification, then they consider you for a short sale, and there is wait time for that. As you can see, short sales can take a very long time. They have to go through all the steps as it is required. Good Luck! ... more
1 vote 10 answers Share Flag
Sat Feb 8, 2014
The general rule of thumb is that your monthly debt to income ratio be 43% or less of your gross income. This includes all housing related expenses, plus credit card debt, auto loans, students loans, alimony/maintenance, and other trade lines. Re your credit card balances, the minimum payment amounts will be used in the calculation.

This may be a helpful calculator... you plug in all factors, including loan amount, interest rate, monthly expenses (there's a line item for each), etc. and it will tell you the income you need for that loan amount:

Your credit score is critical. And assets will be closely reviewed. You'll show two months bank statements, all pages. If there are lots of overdraft fees, that's a red flag.

Get a pre-approval as soon as you can. You should not be charged for this. If you are asked to pay an app fee, call a different lender.

Good luck.
Jennifer Zuithoff, Mortgage Loan officer, Avenue Mortgage, Naperville
... more
0 votes 8 answers Share Flag
Wed Apr 24, 2013
Foresman Lee answered:
Most sellers will have records that they can provide to serious buyers. All you need to do is ask!
0 votes 4 answers Share Flag
Thu Mar 7, 2013
Debra (Debbie) Rose answered:
Way to go Jim!............... Bravo!

Talk about an agent reaching out to help...............he deserves a "best answer" for that one Laurie, and he gets a thumbs up from me! ... more
0 votes 4 answers Share Flag
Tue Jun 28, 2011
Rich Homer answered:

This site won't help you but it will help you find a qualified Realtor in your area. Pick a good one and let them guide you with your question.
1 vote 1 answer Share Flag
Tue Jun 8, 2010
Richard Sanderson answered:
I agree with Scott and Jim. But don’t overlook a key resource available to you: Your local assessor. Or at least visit their web site to get some facts. Most assessors have a public relations outreach program designed especially for helping property owners, and potential property owners, understand assessments and taxes.

For each reassessment the value is estimated by the local assessor as of a specific “effective date” that considers sales studied for a specific timeframe. You want comparable sale as close to the effective date as possible (say January 1, 2010) so don’t get comps through May 2010, they’ll just be ignored. And be sure to have some sales during the period studied by the assessor. If the assessor has an effective date for assessments of January 1, 2010 (hypothetical), he or she may have studied sales through September 30, 2009, in order to complete their work and send assessment notices out on time. The reason sales after there study period may be ignored is the fact that assessors are more concerned about assessment uniformity than they are about estimate market value. If all residential property assessments for 2010 after considering sales though September 30, 2009, it’s uniform (and fair) that he consider that same time frame when reviewing your assessment on appeal. This time delay has always been present, however, it’s not noticed until market values head downward. The real estate tax rate applies to all properties uniformly so assessment must be uniform to fairly distribute the tax burden.
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0 votes 3 answers Share Flag
Thu Aug 7, 2008
Greg Zaccagni answered:
Buying foreclosures isn't the easy way to find your 1st house. Clearly the attraction is potentially receiving a great value but you have to ask yourself if it's worth the rejection & heartache along the way. There are so many great values out there today and nothing stopping buyers from making an even lower offer on homes owned by motivated sellers. Find yourself a good buyers agent and concentrate on listings with lot's of days on market and make the offer you qualify to purchase and see what happens. At least you will have immediate answers from the buyers without having to wait endlessly for a bank's reply. If you would like the names of buyers agents skilled in making seller concession offers please call. ... more
0 votes 1 answer Share Flag
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