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20187 : Real Estate Advice

  • All17
  • Local Info1
  • Home Buying8
  • Home Selling2
  • Market Conditions1

Activity 16
Fri May 19, 2017
Robert Murphy asked:
I need more pics on this listing, how do I go about that and what about changing the 1st pic?
0 votes 0 Answers Share Flag
Fri Mar 31, 2017
Homrgirl/63 answered:
I f you sold a property as rent to own, And the buyer's never asked if the electric or plumbing had been inspected. Is it the mortgage holder' responisble for any damage after seven for any damagd after seven year's lining there.? ... more
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Wed Aug 24, 2016
Scott Godzyk answered:
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Tue Apr 12, 2016
Kebbekus asked:
Bought a house and in doing some remodeling found that there are NO vent stacks in the whole house. House dates from 1950's. It was inspected prior to purchase. Impossible that seller didn't…
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Fri Mar 4, 2016
MCM_STL answered:
You can sue anyone for anything at any time. These lawsuits are usually messy, drawn-out affairs (we're talking YEARS) that generally end up costing way more in legal fees than it would have cost you to just fix the problems yourself.

You have to be able to prove the person who sold you the house knew about these things. Do you have proof? Thinking they "should have known" is not proof.

Secondly, what you're describing - particularly with the drain seems like something that would have shown up on a basic inspection. Did you get one? Does it make any mention of plumbing issues?

You can go talk to an attorney but you're facing an uphill battle.
... more
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Wed Mar 2, 2016
Ellievdavis55 answered:
It really just depends on what was supposed to be inspected. If the inspector you went to doesn't normally check plumbing, then there's no reason that he would have. If you have a contract, I would look at that. Once you have an idea of what was expected, then you can figure out what kind of recourse you have. One major thing you should definitely do though is get the problem fixed, and make sure it's completely resolved so more problems don't come up.
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Thu Sep 17, 2015
Nora Moore answered:
It would probably take a lawyer to get anything out of this. If I were you I might have a consultation with a lawyer and see what they think of the situation. Do the plumbers know what you'd have to do to get this problem fixed permanently? ... more
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Thu May 21, 2015
Lorri Jackson asked:
Before I closed on my house, my contractors discovered the septic was backing up in the lower floor bathroom. I reported this to my agent. i also spoke to the neighbor who was aware the…
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Fri Dec 5, 2014
Jean-Leon Magnotto answered:
I would check your contract and talk to your broker, maybe even an attorney. Most contracts have a clause that addresses changes or damages during escrow. Good luck !
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Thu Nov 20, 2014
Ali Qureshi answered:
Wed Dec 28, 2011

You have some great answers. I echo most of them. Yes it happens but if the loan officer is doing their job correctly then it should be extremely rare. Did the loan officer review credit AND income AND assets BEFORE they gave an approval letter? Unless it's some problem down the road like the appraisal or if it's a condo that the loan officer wouldn't know about or control. As far as speed it depends where you went. I have one in UW today and will close Friday unless as I said the appraisal is a problem. When I was a broker I would never have been able to do that but as a local banker have more input to help speed it along. Hope this helps and please let us know how it goes.

Brent Mendelson
Monarch Mortgage
... more
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Tue Dec 27, 2011
Heather answered:
Everything else is fine, they already reran mine and my husband's credit and said everything is good, I have never missed a payment on my rent and have been living at the place i am at now for almost 2 years and my husband and I have both been at our jobs for over 2 years. My lender told me to pay off ask much as possible on my credit cards to get my credit score up so I could get the best interest rate possible, so that is what I did, so my bank statement may look like a lot is going out, but I did exactly what he told me to do and got my credit score up where he wanted it. ... more
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Fri Jul 15, 2011
Elliott R. Oliva answered:
Plyman1, anything is possible with enough time and money but you need to speak with a lender that can analyze your credit, income and assets to give you a solid determination of what your real options are. It looks like you are testing the waters but once you are ready to get down to brass tacks for a real world solution you need to sit down with a lender and show all your cards so to speak. ... more
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Fri Jul 15, 2011
Elliott R. Oliva answered:
Yes it is possible but there are many details you need to share.

1. How long ago did the foreclosure proceedings start?
2. Did you end up having a loan modification?
3. Are you done with the modification period?
4. Are you currently up to date with the lender?
5. How are your credit scores and are you showing any late pays in the last 12 months?

I am actually closing a loan for a client next week that was in a very similar situation. The client was able to document everything and we were able to approve the loan.

If you care to share more details off-line so we can determine if we can help you please contact me at your convenience. Thank you.

Elliott R. Oliva
Mortgage Banker
NMLS #353884
202.681.1636 direct
... more
1 vote 1 answer Share Flag
Thu Jan 24, 2008
Cindy Jones answered:
Don's information on doing the math to look at pricing is good but you also need to look carefully at the condo building and assocation as well before you make an offer. What is the financial situation of the assocation. Look over the condo documents VERY carefully and make sure that there are enough reserves in the acounts to cover any major repairs needed for the building. How much has the condo fee gone up per year over the life of the building? Also check to see the owner occupany rate vs investors. If there are to many investors you may not be able to get financing or the best financing. ... more
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