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Home Buying in Texas : Real Estate Advice

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  • Home Buying418
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Activity 11,597
A few hours ago
Sheryl Arndt answered:
Hello Ac88, the VA is the loan that would fit your needs. I am a Veteran and love assisting Veterans if you have any issues with your lender. FYI, many lenders may have their own overlays and guidelines and brokers like us have banks with none.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
Credit Repair Advice At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
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Earlier today
Daeyenu asked:
Looking for a minimum 2 bed 2 bath 2 car garage single story under $225K
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Yesterday at 3:39pm
Detroit asked:
I am looking for a basic starter home.. HM is listed for 196000. 2239sq 4/3. On market for 7 months. What should I offer? Lot is sloped & yard is tiny
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Yesterday at 10:18am
Gonzalesnorah62 asked:
Fri May 19, 2017
James Farias answered:
Stumbled upon this thread and I find it disconcerting that the agents answering the question seem to know less about the TREC 1-4 contract, and Third Party Financing Addendum. While it is an old thread, there are likely many people still reading the question and the answers and being misinformed.

The number of days in the Third Party Financing Addendum applies to *buyer* approval only - *not property* approval. Property approval is not subject to that time frame, as that is at the discretion of the lender, who is not a party to the contract.

That being said, just because a house did not appraise at contract price, does not mean the buyer can just terminate the contract. The person asking the question is more correct here than the agents giving advice.

From TAR:

"Maybe. A low appraisal doesn't always give a buyer an automatic right to terminate the contract. It depends on whether the lender approves financing for the amount written into Paragraph 4A. If the lender doesn't approve the loan because of the appraisal, the buyer can terminate at any time before closing and receive his earnest money back.

However, the lender may still approve the loan despite the low appraisal. This could happen if the buyer is making a large downpayment. If the lender still approves the loan, the buyer may not use a low appraisal as a reason to terminate under Paragraph 4A. "
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Fri May 19, 2017
Susie Kay answered:
Is your aunt paying the entire monthly mortgage now? I think it's best to pick up the phone and talk to the lender.
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Fri May 19, 2017
Fred.hall answered:
The Professional Program for Attorneys, Physicians, Dentists, and CPAs has improved since the last post. Here are some highlights:

95% loan up to $1.25M
90% loan up to $1.5M
85% loan up to $1.75M

90% to $1.75M (with a 720+ credit score and 3 months of total new mortgage payment in reserves)

No mortgage insurance
700 minimum credit score
No reserves
Can close on new home up to 60 days prior to starting new W-2 position

Not available in all states.

For more info, text me at(916) 586-1706.
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Thu May 18, 2017
Poodleandbearcub asked:
Thu May 18, 2017
Poodleandbearcub asked:
Thu May 18, 2017
Kathy Burgreen answered:
If you are foreigners on a visa, you will need to have a higher down payment - about 20 - 30% + cash to pay closing costs.
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Thu May 18, 2017
Mcweaver43 asked:
Thu May 18, 2017
Kathy Burgreen answered:
You need to learn that owner occupied housing means the home needs to be "a REASONABLE DISTANCE" from your job. This means no more than 1 - 2 hours driving distance - not 4 hours. The lender is correct. If this home is 4 hours away, you are buying as investors and you need at least a 10 - 20% down payment.

The best solution is to SACRIFICE or compromise! Instead of buying a house, buy a condo instead. You will live much closer to your job and it will be affordable. You're nuts to buy a primary home 4 hours away. You will regret it.
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Thu May 18, 2017
Florguerra_03 asked:
I want to know what to do before looking at homes. where do I get help to find out what my price range is etc
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Tue May 16, 2017
Digitaldart answered:
My impression is that rather than spend the time and effort building a soundly constructed house (as one would expect their mission to be), that they instead invest their greatest money in combating negative comments about them on the web. When we were looking to buy a house, we found all kinds of negative comments and such. Even heard about five deaths on the west coast somewhere, when a shoddy constructed balcony fell off a house they built. Only thing is that they all seemed to disappear after we found them (could not find again). This stuff disappears, and then it comes back somewhere else. They must sue people, or pay money to keep things quiet. In our case, we bought KB home, and regularly visited the property while it was being built. Spotted all kinds of things, reported them to our county, and the county investigated. Then the building manager told us, you are now on the county's radar, so all that free stuff we were going to do...we won't. Ok, but we wanted a safe house so... glad we are on someone's radar! We sent them a list of unfinished things in the house since the day we moved in. They fixed a few token things. After a year and a half of not finishing the work, they finally started telling us, you aren't under warranty anymore! Excuse me!? You don't even fix the stuff you're supposed to fix...you delay a year and a half, then tell us not under warranty? This is absurd! They were mad at us when we moved in because we got our own financing (it was a big difference in cost), and somehow they made us pay some bizarre $7,000 tax fee for the state. The state paid us back, so it was no real harm done, but it was such a petty thing for making us have to pay more because we didn't go with their finance... so petty. They even let their finance ping our credit once a month for the first year, and with all those excess pings to the credit, we could not refinance because of so many inquiries. Something really wrong about that one. Just beware. More interested in getting your money than in delivering a quality product. Funny thing is all the broken stuff is really simple and cheap stuff...would take any reasonable person 5-10 minutes for each thing, so nothing major or earth shattering. We were even replacing our sump pump once a month because they didn't finish hooking up the resivour and outside dirt kept running inside...thank god they fixed that one...I hope! ... more
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Mon May 15, 2017
Kathy Burgreen answered:
It doesn't work this way. You need to understand when a realtor takes a listing from the seller / owner, the owner decides at that time how much the listing realtor gets and how much the buyers realtor gets. The percentages are written in the listing contract. When your realtor (buyers realtor) submits an offer on a home you want, your realtor will either accept the percentage from the seller OR will ask you (the buyer) to pay the difference between what the seller is offering and what your realtor feels he/she should be paid. Most realtors will accept the stated percentage that the seller is offering. Beware - some realtors are greedy and expect buyers to pay the difference. Do NOT use these greedy agents. Make sure you discuss this up front.because I have seen questions from buyers stating their agent asked them to pay the commission difference AFTER the offer was submitted. This is pure greed.

Back to your question - There is NO guarantee the listing agent will get a qualified buyer. The majority of the time, the buyer has their own realtor. Let's say for example the seller offered 5% to their listing agent if they get a qualified buyer to submit an offer. This is a double ended transaction. The seller's realtor will keep their mouth shut and will never tell you how much or what percent commission they are receiving. So there is no way you will know whether the seller's agent is receiving 3%, 4%, 5% or even 6%. Agents are real good at zipping their lip. All they care about is getting the house sold for the most money and quickly so they can get paid. If you are not working with your own buyers realtor, a listing agent can easily manipulate the comparables and show you only homes that prove the asking price is legit. It may not be. Agents are also experts at manipulating the MLS system to benefit them. Having your own realtor means they are working for you - not the seller.

Your only recourse is to review all the comps and offer a fair and realistic price for the home.
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Sun May 14, 2017
Susie Kay answered:
I would suggest that you pick up the phone and talk to a local realtor.
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Sat May 13, 2017
Jm025075 asked:
Sat May 13, 2017
Susie Kay answered:
I would suggest that you pick up the phone and call a local realtor to assist you.
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Fri May 12, 2017
Vitalik43 answered:
Hello Roy,
I am a construction worker and recently I worked on a garage that's less then 100 feet from powerlines. As I was installing the soffit and fascia made of alluminum which is 15 feet off the ground I noticed a little sting thru my work gloves which are rubber. The weather was in the 70s and the more humid it got the stronger I felt the sting from the alluminum. At one point I had to push a piece up for maybe 30 seconds and as I move my hand off it actually shocked me. If you ever got shocked by an outlet you know how that feels. The next day it was in the low 80s and more humid. I couldn't touch the alluminum because it would shock so hard. I also walked around the garage and would touch exposed nails on the garage and would feel a slight sting not as bad as up top.. In my opinion if you can feel a shock that hard on a building little less then 100 feet away, pretty sure it's not good. Especially you are planning to live there for a long time. ... more
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