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Mortgage Contingency All Locations : Nationwide Real Estate Advice

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  • Home Buying263K
  • Home Selling45K
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Showing results for mortgage contingency [Clear search]
Fri Jun 1, 2012
Jenet Levy answered:
Hi, Tapesandtapes.
I can understand your frustration. I had a recent sale of mine undermined by an incompetent appraiser. In that case it was an appraiser from the suburbs and he used "comps" that were in no way comparable, and he had too little knowledge of the city to know that. I provided an armful of good comps, yet this individual chose to pick what I would call random comps, too far away, and of less value. I'd say in your case, because it was an issue of square footage, and you have two different measurements, there is a decent chance, since it's not that the appraiser doesn't understand the property or the neighborhood. One question I have for you is can you or your agent produce listings in the building in the same line that show the square footage of the first appraisal - whether active, in contract or sold? Secondly, because it is well-known that different "professionals" measure the same space differently, there is good reason for an appeal. After all, the apts. don't grow or shrink. The purpose of the second appraisal really should have been to see if the market has changed to the point of influencing value, not if the apt. is still the same size. Lastly, what does the offering plan say as to square footage (if it's a condo it will say, if it's a co-op it won't).

Hope this helps.

Best,
Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
212 381-4268
http://jenetlevy.halstead.com
... more
0 votes 11 answers Share Flag
Sat Mar 31, 2012
Joseph Hedrick answered:
This was done often in the past. The better option is to close with cash then get a mortgage. This definatly works better on a short sale or foreclosure.
0 votes 9 answers Share Flag
Thu Mar 29, 2012
Edyta Gryc answered:
Absolutley yes. Without being pre-qualified/approved you won't know how much you can really afford and on what terms the lender will lend the money. A pre-approval letter is required once submitting an offer with financing contingency. ... more
0 votes 6 answers Share Flag
Thu Mar 29, 2012
Keith & Kinsey Schulz answered:
Typically if you offer on a property without a financing contingency (paying cash) the seller will want to see proof of funds. This could be a bank statement (make sure you black out account numbers) or a letter from your bank stating that you have the funds available to purchase the property. ... more
0 votes 2 answers Share Flag
Wed Mar 28, 2012
Rey Hollingsworth Falu answered:
The listing agent is not required to disclose the details of the winning bid. You may be a backup offer, but be sure to ask your agent to follow up on the house. Best thing to do is to ut this experience behind you and learn what you can for the next deal. Perhps you will come out swining on the next one.

Like AskReynet on Facebook.

Rey Hollingsworth Falu
Licensed Associate Real Estate Broker
Houlihan Lawrence - Bronxville

Direct 917-855-0277
rhollingsworth@houlihanlawrence.com
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0 votes 9 answers Share Flag
Sat Jun 30, 2012
Michael Dvorkin / Brian Mukerjee answered:
Feel free to contact me at 917-334-8990. Typically one comp is not enough. If you give me your address I would be happy to do a market analysis for your home's value.

Respectfully,

Michael J. Dvorkin
Licensed Real Estate Salesperson
Charles Rutenberg LLC
127 East 56th Street, 4th Floor
New York, NY 10022
917.334.8990 mobile
646.381.3644 fax
mdvorkin@rutenbergrealtyny.com
mjdvorkin@gmail.com
... more
0 votes 24 answers Share Flag
Wed Jun 12, 2013
SAM answered:
Fri May 3, 2013
Suzanne MacDowell answered:
I always tell my clients to shop around for a mortgage. I would strongly suggest you call the other lender, the one that gave you the better interest rate and fewer fees last time. Call one other lender as well. Ask for a Truth In Lending Statements, place them side by side, and choose the best one, the one with the lowest interest rate and the fewest fees. THIS TIME, stick with which ever one gikves you the best deal. I don't know about you, but I try to stick with vendors who give me the best deal, the first time, without me having to play one vendor against the other. ... more
0 votes 11 answers Share Flag
Wed May 10, 2017
Joe and Marianne Malerba answered:
A Hubbard is when someone puts an offer in on your house but needs to sell there home in order to buy the new house. It is simple in concept yet in reality there can be much more to it. There will be a timeline on the hubbard clause. Which means that the potential seller needs to be very realistic about what the market is warranting for a price and then work hard at getting a buyer and of course closing that deal and then moving on to yours. All in all it can be a difficult transaction but with the righ proffesional there to guide you the whole way it can be done! ... more
0 votes 5 answers Share Flag
Fri Apr 6, 2012
Bonnie Robinson answered:
There are other ways to finance...try conventional financing.

Bonnie Robinson
Broker/Associate

Resident Realty
0 votes 10 answers Share Flag
Thu Mar 22, 2012
Joseph Gus Saar answered:
You should have your own representation, its that simple
0 votes 9 answers Share Flag
Thu Apr 5, 2012
David answered:
Wed Mar 28, 2012
Katriel Calderon answered:
I tell all my clients this.... EVERYTHING is negotiable, there is however a norm. If you are bringing something enticing to the table it will help you. If you're purchasing all cash it would be wise to place funds in escrow to at least show serious intent. ... more
0 votes 15 answers Share Flag
Wed Mar 21, 2012
Tim Moore answered:
Seller is not "required" to do anything. You can ask and they can say yes or they can say no but nothing is required to be done unless someone wants to do something. You have the right to walk away or you can have it mitigated later or never. It is all 100% negotiable just like a leak, broken this or that, nonworking dishwasher, etc. ... more
0 votes 5 answers Share Flag
Thu Aug 31, 2017
Peggy Edwards answered:
Hello, it appears you are confusing "down payment" with "deposit". The deposit amount listed on the contract is the amount both parties have agreed to contractually to make sure the purchase agreement is legal. It is held in escrow and will be applied to your total amount due. The down payment for a loan is between you and your lender. ... more
0 votes 10 answers Share Flag
Mon Sep 17, 2012
Meir Aloni answered:
Hi, you are are asking a legal question, which should be addressed to a legal pro.
However, if you buy subject to a loan, with your new medical situation and medical/tests results, your lender may turn you down, therefore you can not close (IF you buy subject to obtaing a loan), therfore you should keep your deposit....
Again, I suggest you consult a real estate attorney; I'm not one and this is not a legal advice....
Best of luck
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0 votes 12 answers Share Flag
Mon Mar 19, 2012
Dorene Slavitz answered:
It means you will have some difficulties getting repairs done on the property. That doesn't mean it's impossible to get things fixed by the owner, but normally the property is very low priced to make up for the things that might need to be repaired. ... more
0 votes 6 answers Share Flag
Sat Mar 17, 2012
Tim Moore answered:
The seller needs to take a chill pill. Unless there is a term in your contract that says Time is of the Essence then the closing date can pass without penalty to you for some period of time. What period is what is customary in your area, here you can go 2-3 weeks and close as soon as possible. As long as those words are not in the area about closing, and you are not doing anything to delay on purpose you should be just fine. Your seller is being a turd. Speak to a lawyer and have them contact the seller or his attorney and straighten it out. If those words Time is of the Essence are in the contract, you could be in trouble. WHY WHY WHY would the seller want to start all over when you might be able to close in just days? ... more
0 votes 6 answers Share Flag
Thu Apr 6, 2017
Danielle Sharp answered:
Why wouldn't a seller want a cash sale? No appraisals, no lenders to potentially deny borrowers the loan, faster closing.

Not that financing a purchase is bad. Most sellers will choose cash over finance due to less fuss, stress and waiting. ... more
0 votes 17 answers Share Flag
Tue Mar 27, 2012
Jeremy J. Geppert answered:
With your current credit score, income and low DTI ratio, you'll have a fair chance at obtaining a loan from a mortgage lender or credit union. However, depending on the price of the home you're seeking, $3,000 is not a very high down payment. Secondly, the pool of sellers willing to work with lease-purchase contracts can be limited at times. I'd recommend speaking with a mortgage professional first to see if you can qualify and then look into the benefits of leasing, lease-purchase or possibly purchasing outright. ... more
0 votes 8 answers Share Flag
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