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Trevose : Real Estate Advice

  • All10
  • Local Info0
  • Home Buying5
  • Home Selling1
  • Market Conditions0

Activity 8
Fri Nov 19, 2010
Patrick Cashman answered:
Hello Megan,

I see you posted this a year ago. Have you purchased a home yet? I hope you have. I just joined this site today but do have answers for you.

Budget - Budget - Budget
What is your budget and how much can really you actually afford for housing?

From a lender's perspective you should definitely get prequalified first. I and a few others can offer FHA loans for credit scores below 620 which is one of your challenges. I would have immediately recommended that you discuss you financial situation with a lender to determine the best course of action to get your debt and credit scores in the best position to finance whether now or in six months. I highly recommend that you find a good lender that can coach you going forward. My opinion is that you find out your budget before you look at your first home in that it is a very emotional, in a good way, undertaking. Typically you can not even present an offer of any credibility if you are not prequalified. As far as finding you the home of your dreams you are in luck because you have the best and hardest working real estate agents in the US right here to help you find your new home.

I wish you the best of luck and am available for any of your questions.
Patrick Cashman NMLS#215938
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Fri Nov 19, 2010
Patrick Cashman answered:
I know this answer comes late in the game and I hope you have already closed on your sale.
Here is a perspective from a Pennsylvania mortgage lender.

Your buyer's lender should be able to quickly assure you that that you have a vaible buyer. Additionally, you should know the buyer is serious if they are procedding with inspections that cost them money.

Most mortgage loans might not be obtained for properties that are in need of repair determined by the appraiser. If it is small in scope and cost sometimes an acception can be made where 1.5 times the amount of repairs can be held in escrow by a closing attorney but this is a rare exception.

As I stated before a roof that is in bad need of repair might be an impediment to you getting a clean appraisal and the property being in a condition that your buyer's bank will see as safe collateral. Assuming it is that bad might limit you to cash purchasers only which are a very small and picky group traditionally. You might have to be unnecessarily flexible on your price if you offer you home in an unavailable for traditional financing or even if you expect the buyer to make repairs upon moving in.

There are lending options that can be research on called the FHA 203K and its streamlined version. These loans allow for a purchase or repair project to be financed. This product knowledge could be used as a selling point in that you allow the buyer to do it their way. These programs are perfect for over coming objections on any property whether it is repair items, expansion, upgrades or just the new owner wanting to personalize the home to their taste. You do not have the ability, to my knowledge, to refinance if your home is currently or has in the last six months been listed. I would recommend informing your listing agent of this as a potential selling point and then contacting your local mortgage lender found through HUD to go over the details of the loans ability to help you in your sale. If you have other questions concerning your options please do not hesitate to contact me directly to discuss in detail. Best of luck!
Patrick Cashman NMLS#215938
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Fri Apr 23, 2010
Jenny C answered:
Hi C,

Thank you for using Trulia Voices! You can submit an email to to look further into the matter. Please provide the complete address and direct URL to the listing on Trulia.


Jenny of Trulia
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Fri Apr 16, 2010
Alan Openshaw answered:

It's frustrating but it is not uncommon. A short sale means that when the house is sold there is not enough money to pay all the obligations. When there are two mortgages that tends to complicate the process and the second mortgagee can be a fly in the ointment in an attempt to get a few extra dollars out of the transaction. ... more
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Sun Sep 20, 2009
Chino Hills Homes answered:
In today's market I would say 3-6 months time frame is enough time. So many short sales on the market today the process is a bit longer.
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Tue Jul 21, 2009
Chris & Stephanie Somers answered:
Junk Removal Man,

1) Join Forces with local Realtors, Homeowner Insurance Companies, Mortgage Companies and related businesses that are advertising in local papers. Ask to have your business name and number on their ad for a small fee that will help them off set the cost of their full ad.

2) Post your services for free on and do it every week.

3) Drop business cards at all of the local Real Estate offices with a tray of soft Pretzels or a bowl of chocolate kisses or something small to grab their attention. Explain to the front desk person that you just want to introduce yourself and offer your services.

4) Make a website and blog about your services so people can find you on line.

5) Keep your past clients on a mailing list and send them a note every 6 months to keep your name fresh on their minds. Referral business is your best marketing tool.
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Wed Jul 30, 2008
Chris & Stephanie Somers answered:
Builders typically have a decent amount of room to work with. I would recommend working with a buyers agent to wrap the deal up. Maybe less than $350K would work or at least get some nice upgrades included if need be. Do you have a buyers agent ? If not, feel free to email me as I can refer you to my Trevose/Bensale expert on my team. You can send me an email from the "contact us" info from my website below. Good luck ! This is certainly a great take to take advantage of the market conditions. Smart move either way. ... more
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