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Home Buying in Warsaw : Real Estate Advice

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  • Local Info1
  • Home Buying7
  • Home Selling2
  • Market Conditions2

Activity 10
Tue Dec 17, 2013
Amanda and Dan Harstine answered:
I would first suggest that an elevation survey be completed to establish the flood zone area. This may show that the structure in not in the flood plain and flood insurance would not be required to have a mortgage on the property. You can also file for a LOMA or Letter of map amendment with FEMA and US army corps to remove the property from the flood plain if the elevation survey shows that the ground is higher. As for premiums for flood insurance, this will vary greatly with the value of the property and proximity to the flood plain. Contact Dan Woods at Hall & Marose insurance for a specific quote for your address. 574267-3266 ... more
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Sat Apr 13, 2013
Carolyn Leiter answered:
With a Homestead, Supplemental Homestead (this property must be your primary residence) and Mortgage Exemption your taxes could drop by as much as one half of current taxes.
Your best bet is to call the Kosciusko County Auditor or Treasurer's office and they can give you an estimated range of future taxes with the exemptions mentioned. The main switchboard number for Kosciusko County Government is 574-267-4444.
While checking you could ask them about other exemptions you may qualify for.
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Sat Mar 23, 2013
Mark Skibowski Team answered:
The average list to sale price in Warsaw is 95%. So on average, a home priced at $114,000 would sell for around $108,300. But....there are many factors that go into determining what to offer on a home; condition, location, how long has it been on the market, what type of concessions is the buyer asking for in an offer, what is the sellers motivation, etceteras.. Hope that helps! ... more
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Thu Jan 24, 2013
Hi Sarah,

No you do not. In fact, the home you're interested in,, is in an area that's eligible for the no money down USDA mortgage!

One of the best things about this mortgage is the monthly mortgage insurance is substantially less than an FHA or conventional mortgage and that's with no money down.

Here's an example: An FHA mortgage of $155,000 is going to have a monthly mortgage insurance payment of $161.45 but on a USDA mortgage it's only going to add $51.66 to your monthly payment.

The other nice thing is you can actually roll your closing costs into the loan as long as the appraised value supports it.

Please feel free to contact me for more information or help. You can also find info on my USDA Mortgage website by clicking the link below.

John Burke
Senior Mortgage Banker
Peoples Bank & Trust
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2 votes 3 answers Share Flag
Mon Sep 3, 2012
Joe Shoemaker answered:

Great question. The answer is - as it often turns out to be - "it depends."

I'd highly recommend talking to a real estate attorney whom you trust. There are specific transactional details which might give a Buyer the ability to terminate the Agreement based upon inspection findings, even if the Seller is willing to make repairs.

The Sellers Disclosure, for example, may need to be amended prior to closing to adjust for newly discovered facts. A Buyer is NOT required to accept the amended Disclosure, and may terminate the deal if the new Disclosure does not suit them.

For example, it may have been discovered subsequent to an inspection that the Seller did not get proper permits for some work which had been done to the house. The Seller would be required to amend the Disclosure prior to closing to reflect that fact. There is nothing which forces the Buyer to accept that amended Disclosure, and the Buyer might choose to terminate the deal as the result.

Good luck!

Joe Shoemaker
Principal Broker, REALTOR®
MacDuff Realty Group, LLC
317 413.8501!/jojosmojo
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Fri Aug 31, 2012
Mark Skibowski Team answered:
Hi Katie...none that I'm aware of! There is a program USDA~ Rural housing that is a 100% financing program~ however there are income limits to qualify. VA (Veterans Administration) financing is available if you are eligible.
I'd recommend that you contact a local bank or mortgage broker. They'll help you pick the best program for you! Feel free to contact me at 574-269-0657 and I'd be happy to make some recommendations for you!
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1 vote 1 answer Share Flag
Mon Apr 25, 2011
Joe Shoemaker answered:

Good question.

My initial question is this: when you say that the REALTOR® said that she wasn't sure if your offer was enough, are you referring to the agent with the sign in the yard, or are you speaking about your agent?

If you do not have an agent working exclusively for you, I encourage you to find someone you trust who can help guide you through the process. The agent with the sign in the yard has the obligation to work exclusively in the interest of the Seller. That agent has no fiduciary duty to you, and anything you tell them may be told to the Seller and used to negotiate against you.

In this specific instance - not knowing the nature of the house you're referring to - it may very well be that there's a bank involvement or some other investor which would, in fact, respond with something like, "your ofer isn't high enough for us to consider." Even a provate party seller has that right. They might simply say, "Thanks but no thanks. Your offer isn't high enough for us to even consider a counter offer."

Good luck in your search!

Joe Shoemaker
Principal Broker, REALTOR®
MacDuff Realty Group
317 413.8501
... more
1 vote 1 answer Share Flag
Sat Mar 12, 2011
Mark Skibowski Team answered:
Seller financing such as land contracts or lease options are pretty hard to come by. Sellers need to own the house outright or in many cases they are violating the terms of their existing mortgage. There are options to assist buyers in purchasing and believe it or not some 100% financing programs still exist. I work with a few lenders who are specialist's in working with those with less than perfect credit and would be happy to put you in touch with them. The programs they offer are designed to assist buyers like yourself! ... more
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Fri Jul 2, 2010
Mark Skibowski Team answered:
Michelle... Erik's answer hits the nail on the head. The only addition I'd make is to discuss your concerns with your agent and the home inspector who completed the inspection and then make a decision! Good Luck! ... more
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Tue Jan 27, 2009
Mark Skibowski Team answered:
Cathy~Typically the standard purchase agreement is superseded by an addendum provided by the property owner~the bank~ that clarifies and/or overrides the terms of any state/local real estate contracts. The language within that addendum will provide language that spells out the conditions specific to sellers performance. One of those items is generally to provide you with good marketable title that a reputable title insurance company will insure~ unencumbered and clear title~ which is really in the buyers best interest! This process can take longer, especially in the case of foreclosures, to make sure that all claims against the property are identfied and removed before completion of the purchase. Hopefully that provides some explanation as to what's going on behind the scenes! I've experienced seamless~ cash closings within 20 days along with significantly longer timeframes when there are title issues that need to resolved. Good Luck~ Mark ... more
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