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Home Buying in Wyandotte : Real Estate Advice

  • All30
  • Local Info1
  • Home Buying14
  • Home Selling2
  • Market Conditions3

Activity 13
Wed Apr 30, 2014
Gabrielle Stroia asked:
Tue Jan 21, 2014
lizieb asked:
Wed Oct 30, 2013
Karen Paytas answered:
In today's mortgage economy you'll need a credit score in the mid 600's to get a loan. Pull your credit report (free once per year). There's‎. Look it over and make sure it's correct. If not, dispute any errors. If it is correct see what you can do to make arrangements on any collections. If you have balances of more than 50% on any credit card, pay them down below the 50% ratio. If you don't have enough credit try getting a credit card or even a secured credit card. Make small purchases and pay monthly payments.

If you don't understand any of this, find a local mortgage lender and have them explain how to raise your credit score.

Good Luck!!

Karen Paytas, GRI, CMS
Real Living Kee Realty
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Fri Mar 23, 2012
Martin Popp answered:
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Fri Mar 23, 2012
Martin Popp answered:
Hi Rina

Good answers below. As Realtor we should not be giving advise about mortgages unless we are licensed as such. Again good advice below, but contact several lenders to get there minimum loan amounts. ... more
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Sun Apr 3, 2011
David Cooper answered:
Get a couple of credit cards, even secured cards, and start making monthly payments. You will get your best interest rate with a better FICO score. I would also get your credit reports from all 3 credit bureaus, they are FREE once a year. I would NOT let any lender pull me reports, it becomes an inquiry and lowers your score

David Cooper. Las Vegas Foreclosure Investor in Bank Owned Cash flow Houses. FReee List +1-7024997037...selling 20% below market
not a real estate agent. ask for 10% down investor financing
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Fri Jul 9, 2010
Michael Warren answered:
Hi Leah

I may be able to help you, please give me a call to discuss what you are looking for in a house and what
kind of land contract terms you would be able to afford.


Mike Warren
Keller Williams Realty
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Wed Jun 9, 2010
Leah Mcmahon answered:
YES! I really need help finding land contract homes downriver.
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Sun May 9, 2010
Crazy Lady answered:
Thank you for your replys. I was wondering if the listing agent knew what they were talking about pricing the house the way they did. They told my agent, the price wouldn't go down at all because it was a HECM loan. I don't think the listing agent ever looked in the crawl. It is in worse shape then the basement end. I really love the area, the house would be perfect for me and my husband. My husband's family does that type of work on basements and my husband is a mason. The price for fixing would still be $33,000 to get the house in living condition. House down the street was a foreclosed house and sold for $65,000 and it had more property, new two car garage, 4 bedrooms and 2 baths, new kitchen, new bathroom. I missed that one! But this is a ranch which suits us better. I don't need a garage, we can build a cute shed. It has 3 bedrooms and one bath. So I don't know how they came across setting the price at $62,000. Puzzles me.
So, I should get an appraisal on my own and then send it to who? The broker would probably not even look at it. I don't even know if she sent in my bids at all. Can I get a paper from Fannie Mae, (not them) that they denied my offer? Thank you!!!!!
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Sat May 1, 2010
Dp2 answered:
Of course that listing agent won't budge, because his/her money isn't on the line.

It might help to get at least 2 more repairs quotes from other GCs, because the lender will probably ignore your brother-in-law's feedback. Yet, if his feedback is corroborated by at least 2 other pros, then the 3 repair estimates should stand, and it will help to strengthen your case.

Do you have BPOs/comps for similar properties that also lack a garage? Did you take any pictures of all of the problem areas?
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Fri Apr 23, 2010
Pam Bava answered:
Hi Crazy Lady,
You didn't say if the house was a short sale, foreclosure or private owned because it can make a difference on hearing back on your offer. You won't know how many offers so that can make a difference. The seller is probably looking for the highest and best offer. Also, I have to assume that you are getting a mortgage and not paying cash. As far as accurate information on the property, you can go to the city offices where the property is located and find out that information on your own. I would suggest you work closer with your agent and don't be afraid to ask questions. Your agent is working for you and should work to get answers to the questions you have. You did sign a agreement to work with that agent and vs versa.
Remember, information is only as accurate as the person who puts it into the system, there could of been a typo.

Good luck!
Glad you came to Trulia with your questions.

Pam Bava, Realtor
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Tue Mar 16, 2010
Roger Danielski answered:
Regardless of the determination of the appliances you have larger issues. if the loan is being held by a lender as a Portfolio Loan this may not apply. If the loan is being written to Fannie Mae and Freddie Mac standards or FHA you have a problem.

The Seller contributions are meant to pay for expenses associated with the purchase of the property. These are items covered in your Good Faith Estimate like Origination fees, Title Insurance, Underwriting etc. They can also cover Inspections, Homeowners initial policy and escrows associated with taxes and insurance. The MCC tax credit may also be paid out of this fund. In most cases, unless the home is in the below $80,000 range these items can be covered by utilizing about 3% to 4% seller contributions. This would include a normal 1% origination fee.

Contributions are allowed 3% (new FHA Guideline).

5% down 3% allowed.
10% down 6% allowed.
20% down 9% allowed.

The term that you are using "Concessions" means something different. It is considered that if you are getting a concession from a seller that this is an undue influence to the sale and the loan amount would need to be adjusted downward to cover this discrepancy. If the purchase price was $103,000 and you were getting a 3% down loan your loan amount would be $100,000. If you negotiated a 3% "Concession" your new loan amount would be $97,000.00 and you would need to bring $6,000 as down payment rather than $3,000.00.

If a seller is to participate in the restoration of the home by paying for repairs, those repairs would need to be itemized and competitively bid. The highest bid would be used as the number to establish an escrow account which would be increased to 1.1/2 times the bid amount to ensure that the works gets done in a workmanlike manner. The escrow account is usually administered by the Title Company and will normally last no longer than 30 days after closing. The work should be completed by then. This work is considered part of the total deal and is itemized on the purchase agreement as an integral part of the transaction.

If you want to negotiate the appliances be sure that they are on placed on site prior to closing and include them in the offer. The offer, not the listing card determines the contract.

Hope this helps.

Roger Danielski, Loan Officer
Lake Michigan Credit Union
616-242-9790 x 9275
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Tue Mar 16, 2010
Roger Danielski answered:
You are using two different terms interchangeably.

A MODULAR home is what amounts to a "Stick Built" home built in a factory. It is built to BOCA standards. In the mortgage world they are treated the same as an regular old stick built home. All types of financing is available for them. Modular homes are able to be financed through MSHDA. But unless there is a compelling reason to use MSHDA there are much better financing vehicles available today.

A MANUFACTURED home is usually called a "double wide". This is a home that has a metal carriage which is used for transport and is generally built to lower standards. Parts of the carriage may be removed when it is placed on a pad or foundation. A manufactured home is treated like a motor vehicle and "Titled" in the same way.

The 1976 standard is one that was initiated when FHA and other lenders established guidelines for standardization of these homes. Other guidelines require certain foundation and tie down requirements. There may be other guidelines that are established by the municipality that are not in conformance with the standard guidelines and are therefore more difficult to finance. You can expect that these home will tend to loose more value even if they are situated on land and the title is effaced and the home and land become "real property". They have fallen out of favor by lenders because of fraudulent activities by Dealers and Brokers and their propensity to lose value.

Difficulty in getting financing is the biggest factor in a value decline as there is no easy way to market these homes.

Smaller local banks are usually more apt to finance these homes but they will charge a premium in both the interest rate and closing costs to do so.

I am not aware of any lender offering FHA financing for these now. Many were financed that way previously. If you happen to want to buy one ask if the underlying mortgage is FHA. You may be in luck because FHA mortgages are assumable by a "formal" assumption. You must qualify both income and credit wise to assume the financing and interest rate that the owner has with their current FHA loan.

Roger Danielski, Loan Officer
Lake Michigan Credit Union
616-242-9790 x 9275
... more
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