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Home Buying in Woodstock : Real Estate Advice

  • All130
  • Local Info14
  • Home Buying35
  • Home Selling7
  • Market Conditions4

Activity 38
Jean, Renter in Broward County, FL
Mon Oct 24, 2016
Jean asked:
Lisa_william…, Home Buyer in Woodstock, GA
Thu Jul 14, 2016
Lisa_williams58 asked:
f I sell my primary residence, make a profit, buy another residence that is smaller, less expensive and all the profit isn't reinvest, how are taxes effected?
0 votes 0 Answers Share Flag
Alan May, Real Estate Pro in Evanston, IL
Tue Feb 23, 2016
Alan May answered:
Your buyer's agent should be able to guide you as to what's going on, and what you can do about it. If all else fails, you can contact the listing agent's managing broker to complain.
1 vote 1 answer Share Flag
Cassandra M.…, Real Estate Pro in Canton, GA
Mon Jun 15, 2015
Cassandra M. Bickel answered:
Shana looks like you were looking last year. If you decided to rent again, I would love to talk to you about seeing if you qualify to purchase something so you wont have to worry about leases expiring any more.

If I can be of assistance, you can reach me at 678-266-0723.

Thanks,
Cassandra
... more
0 votes 1 answer Share Flag
Jimmy Payne, Real Estate Pro in Alpharetta, GA
Tue Nov 11, 2014
Jimmy Payne answered:
Yes, but not until 2 years after the discharge date in most situations. Many lenders have some programs that if you can show a reduction of income of 25% or more they may allow a new loan sooner. ... more
0 votes 1 answer Share Flag
Jimmy Payne, Real Estate Pro in Alpharetta, GA
Tue Nov 11, 2014
Jimmy Payne answered:
Yes, plenty of them. If you have attended the NACA seminar and have started the loan process, let me know, I have attended NACA training and can help.
0 votes 2 answers Share Flag
Clyde Penton, Real Estate Pro in Kennesaw, GA
Sat Oct 18, 2014
Clyde Penton answered:
Sandra,d

I hope you were able to get qualified. If you have not spoken with a lender yet, I would love to speak with you and breakdown your available options. I live in Woodstock, and work in Marietta.
Clyde Penton NMLS# 979755 Vinings Mortgage 404.604.7013
... more
0 votes 3 answers Share Flag
Terrie Cummi…, Real Estate Pro in Woodstock, GA
Mon Aug 4, 2014
Terrie Cummings answered:
Hi Connie,

Although a Lease Purchase may not be the best option in today's market sometimes it's the best option for you! We will be happy to assist you from start to finish, helping you find the property and making sure you are well protected.

Please contact us at 678-270-7110 or followmerealtyassociates@gmail.com

Looking forward to hearing from you today!
... more
1 vote 2 answers Share Flag
Heidi Wang R…, Real Estate Pro in Woodstock, GA
Fri Jul 25, 2014
Heidi Wang Real Estate GA asked:
http://www.woodstockga.gov/list.aspx * * * * * * * Woodstock, Georgia
July 25, 2014
PRESS RELEASE ANNOUNCING A PROPOSED PROPERTY TAX INCREASE

The City of Woodstock’s Mayor and City…
0 votes 0 Answers Share Flag
Kirsten Well…, Real Estate Pro in Atlanta, GA
Thu Apr 24, 2014
Kirsten Wellborn answered:
Hi Rdoody1984, I answered on your other question. The property for sale is legit, but the rental is a hijacked scam.

Please feel free to contact me if you have any questions. I am the listing agent.

Kirsten Wellborn
Garrett Realty
404-867-5662
... more
0 votes 2 answers Share Flag
Kirsten Well…, Real Estate Pro in Atlanta, GA
Thu Apr 24, 2014
Kirsten Wellborn answered:
Hi Rdoody1984,

I am not sure of your question, but if you're looking for a rental this is a scam.

I am the listing agent for the property, and unfortunately many listings are being hijacked by scammers.

Please feel free to contact me if you have any questions.

Kirsten Wellborn
Garrett Realty
404-867-5662
... more
0 votes 1 answer Share Flag
Hank Miller, Real Estate Pro in Alpharetta, GA
Sun Jul 28, 2013
Hank Miller answered:
Fire hydrant over playground or....why settle for what might be a substandard lot in comparison to the others? Have you looked at competing communities? Usually the last lots are the throwaways because no one wants them. Of course the site agent won't tell you this.... ... more
0 votes 4 answers Share Flag
Betty D. Scy…, Real Estate Pro in GA,
Fri May 31, 2013
Betty D. Scyphers answered:
It depends on the house and neighborhood. One elementary school area is moving fast. Let me know if I can help. bscyphrs@aol.com Re/Max Town & Country
1 vote 9 answers Share Flag
Hank Miller, Real Estate Pro in Alpharetta, GA
Thu Mar 28, 2013
Hank Miller answered:
I just posted a brief overview of the critical steps needed to be a successful buyer -

http://hankmillerteam.com/2013/03/23/critical-steps-for-succ…

You have two "first steps" that are important; selecting an agent and selecting a mortgage rep. I would say interview several of each and cut through the BS that will be dropped on your radar.

An experienced, data centric agent is critical for you as you'll be in a highly competitive price point. You also need to consider the long term - investors buying today will be unloading in two-three years....what happens then? You cannot chase them and overpay.

If we can help, let us know -

Hank
... more
0 votes 10 answers Share Flag
Rodney Mason, Real Estate Pro in Atlanta, GA
Tue Feb 12, 2013
Rodney Mason answered:
HI Fran,
An FHA mortgage is not a program for people with bad credit. Even an FHA mortgage requires that all borrowers meet minimum credit standards. For an FHA mortgage, most lenders require a 640+ credit score for the last 2-3 years now.

Prospect Mortgage is one of the few direct lenders to offer an FHA 580-639 FICO loan program. Credit profile is a major factor in a mortgage approval. Generally, there should be no late payments, new collections accounts/charge-offs/liens/judgments in the last 12 months. It is required that all open collection accounts must be paid in full if their cumulative balances exceed $1,000.

The 3.5% minimum down payment can be from the borrowers own funds or it can be gifted from a family member. Two months of reserves for the PITI (Principal + Interest + Taxes + Insurance) payment + HOA Dues will be required. This must be from the borrower’s own funds and not a gift.

A HomePath mortgage has much more stringent requirements that an FHA mortgage does.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
... more
0 votes 4 answers Share Flag
Tom Inglesby, Real Estate Pro in Portland, OR
Tue Feb 12, 2013
Tom Inglesby answered:
Talk to a lender before you spend to much time thinking about this. Lending rules have changed 100% in the past 5 years. Good Luck to you , Tom Inglesby, Broker RE/MAX Equity Group
0 votes 4 answers Share Flag
Tom Inglesby, Real Estate Pro in Portland, OR
Tue Feb 12, 2013
Tom Inglesby answered:
I don't think you an get a loan under 660 credit score today. You need to speak to a lender on line here but the lenders are really tough in today lending market. Good Luck to you. Tom Inglesby, Broker RE/MAX Equity Group ... more
0 votes 8 answers Share Flag
Tom Inglesby, Real Estate Pro in Portland, OR
Tue Feb 12, 2013
Tom Inglesby answered:
The home path is Fannie Mae-owned property for owner occupied loans that give the first shot to owner occupied. If you are an investor you have to wait 15 days to make an offer to let the buyers that will buy to own get the first chance. As was mentioned low down good terms and closing costs can be included. Good luck to you. Tom Inglesby, Broker RE/MAX Equity Group ... more
0 votes 4 answers Share Flag
Sonja Tani, Real Estate Pro in SNELLVILLE, GA
Tue Jan 22, 2013
Sonja Tani answered:
Hi Greg,

With a Credit Score of 547 it will take some time to resurrect. There are only a few ways to get your Score up. You can dispute items that are one your Credit Report that shouldn't be but that does little unless you can get the creditor or collection agency to take it off the report. Another is to pay off your creditors. Depending on your income, that could take some time. You can open a few small Credit Cards, if you can get them with that Score and pay them on time but you will need a couple of years to make a difference. What you need is time.

In the mean time the excellent Real Estate deals are passing you by. If you look into a Private Lender, you may be able to do a end run around that Credit Score and get a Home Loan to get you into your first home.

Private Lenders, licensed to issue Home Mortgages will require a larger down payment than Conventional Lenders and their Interest Rates will be much higher. That's the down side.

The "up side" is that they will not base their decisions on you Credit Score, which after a Chapter 7 must be in the tank. The will pull your Credit Score but only to make sure you haven't gambled you money away in Las Vegas or drank it up in the neighborhood Pub. If you Score is due to the consequences of the past 4 years of financial disaster or the fact that you're Self Employed and most Loan Officers don't know how to read a tax return beyond the bottom line of the 1040, they will take that into consideration.

They will consider your Income and Assets to enable you to repay the loan. The last thing they want is to abet you in getting into a financial situation that you can't afford to pay back.

They will look at the Appraised Value of the property, verses the selling price. That, along with the larger down payment will give them an idea of the approximate equity in the property. This is important to them because, in the event you have to default on the Mortgage, they need to make sure they can recover their investment.

They will loan for a shorter period of time than a Conventional Lender , usually 12 years, and most do not include a Pre-Payment Penalty clause in there Contracts. That should give you ample time to get that Credit Score where it needs to be to qualify for a Conventional Mortgage at a much lower rate. They full well realize that you will want to refinance as soon as possible to a more economical rates of Conventional Financing.

Now, what's in it for you? They will lend when other Lenders won't touch you for 2 to 3 years. You can purchase now when the Market Values are (hopefully) the lowest. Appreciation is a great way to create equity in a property. Waiting 3 to 4 years may find that you paying considerably more for a comparable property than you would if you bought it today.They will not put through the hoops that Conventional Lenders will and they will Close more quickly than any Conventional Lender that I have encountered.

If you're interested in researching this method of financing, let me give you the contact information of a Company that I have worked with and have gotten some of my non-conforming clients financed when it seemed impossible. Call them and see if they can help you.

The Westmoore Group, LLC
www.westmooregroup.com
Ph: (646) 801-6190
Fx: (646) 619-4291
The Westmoore Group, LLC is a licensed lender in the State of Georgia and operates under the license #30544.
Good Luck!
... more
0 votes 2 answers Share Flag
Donna Broadus, Real Estate Pro in Woodstock, GA
Mon Jan 21, 2013
Donna Broadus answered:
Depends on the bank AND if there is only a first mortgage. Most of the larger banks such as Bank of America, Wells Fargo, have a bottom net that the investors will take. They won't negotiate as suggested by a previous agent if they have a pre-approved price. They will just turn down your offer and you will have to re-submit. Some smaller banks may take a lower offer but if its not anywhere close to an appraised value they won't. It just depends on how bad they want to get rid of a property. The other variable will be if there are liens against the property. I had a bank accept the short sale offer but the lien holders wouldn't release their liens or negotiate a payoff. ( one was for a repossed car!) Minimum you are looking at is 60 - 90 days to close if the short sale has already been pre-approved AND you offer that price. One thing that buyers are failing to realize is that usually the price its listed at IS a great price! Good luck!!! ... more
0 votes 12 answers Share Flag
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