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Home Buying Companies Legitimate All Locations : Nationwide Real Estate Advice

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Activity 253
Showing results for home buying companies legitimate [Clear search]
Tue Oct 19, 2010
Jaryd Takushi answered:
Hey Dawn,

REO = real estate owned. Some folks consider these homes the best deals out there because the banks want to unload them.

Aloha,
Jaryd
0 votes 8 answers Share Flag
Fri Apr 8, 2011
Leslie Reed answered:
I would recommend finding an experienced, competent property manager and rent it out. That way you can cover your costs (and hopefully more) while you wait for the market to move up. If tenants are well screened, renting can be a great avenue. I wish you the best! ... more
0 votes 57 answers Share Flag
Tue Oct 19, 2010
Gerard Dunn answered:
Both of these processes will severely impact your credit.

After a short sale - you can be eligible to qualify for a mortgage loan after 2 years.

After a foreclosure - it can take up to 7 years to be eligible.

Good Luck!

If you like the answer - please consider making it a "Best Answer" !

Gerard Dunn
Associate Broker
Licensed in Maryland, Virginia and Washington, D.C.

Assisting Homebuyer's and Seller's for 28 years
703-216-9100
... more
0 votes 35 answers Share Flag
Mon Sep 16, 2013
Kevin Olson, Jessica Laude answered:
Yes you can based on what is stated above. It sounds like what they have is a pre qualification letter and not a commitment letter. Generally in a contract the commitment date is set to be approved for the loan. Ideally by this date all conditions have been met in order to get the loan. It sounds like they are just starting the process over again.

Remember, it could have been the lender that was holding things up before, and the buyer is really doing their best to get things done. If they are going to pay for a 2nd appraisal I am assuming they are putting forth effort, so you should take that into consideration. I've come across lenders who just didn't have their act together and it was necessary for a buyer to go somewhere else. You don't want to throw out a good opportunity to move on with things. What is your agent suggesting?
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0 votes 15 answers Share Flag
Fri Apr 11, 2014
Gerard Dunn answered:
VERY CAREFULLY!

In this economic and litigious environment selling on your own is a road littered with mines.....

Unless you are VERY COMFORTABLE with legalese - and are willing to research the proper disclosures needed to do so - think twice.

If you do decide to act on your own - you can list the property in the local MLS by finding a discount broker that will enter your home into the local MLS for a flat fee.

Good luck!

Gerry Dunn
Associate Broker
703-216-9100

Serving Maryland, Virginia and Washington, D.C. for 28 years
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0 votes 81 answers Share Flag
Mon Oct 4, 2010
Don Kelbick answered:
20% certainly be easier. A couple of years down the road it might be easier for financing as well.

It also really depends on what you are buying. Today, financing for a condo, in general is very difficult. If you can find a lender who will finance a condo, they are asking for downpayments significantly higher that 20%. I am only aware of a couple of condos in all of South Florida that are FHA approved, where you can get a lower downpayment.

However, if you are looking for a house, there are many more programs where you can get an FHA, 5%, 10% financing.

I am a realtor and I am saying don't ask realtors for this answer. You search for a new home should start with financing. Call a Mortgage Broker, portfolio lender (Quicken Loans, Lincoln Financial, Lend America, etc.) or a traditional bank. Ask them your questions and see what they can provide for you.

You are in the middle of a perfect storm that could really provide you with great opportunities. Who knows if we will ever again have this combination of low prices and low fianance rates. Start with the money and then see what it will buy you.
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0 votes 11 answers Share Flag
Mon Nov 7, 2011
Jennifer Buchanan answered:
Sorry Home Buying in Orlando...your Realtor probably can't afford your plane ticket. The market is tight right now and you shouldn't expect your Realtor to pay any money up front, if anything, if you are serious, you should pay an agreed upon amount to prove you are serious to your Realtor. You'll find they will work harder when they are guaranteed a paycheck. ... more
0 votes 325 answers Share Flag
Fri Apr 13, 2012
BayAreaHomeRebate answered:
John,

Sounds like you had a bad experience with them. I know title companies sometimes don't return emails, calls, etc and its a pain in the ass to get info when you really need it. I don't know exactly what happen, but you should write a letter to the owner and let them know your feelings. Also, do a review on yelp and other sites.

Good Luck with everything and hope your next transaction is better with another escrow company.
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0 votes 9 answers Share Flag
Fri Aug 21, 2015
Aaron Zapata answered:
Yes - as long as it is stated in the Escrow instructions you signed. I've always seen cancellation fees stated in the instructions but often times the escrow company will choose not to charge them even though they can. ... more
0 votes 10 answers Share Flag
Thu Jun 11, 2015
Pete Cook answered:
Independent of how the transaction is funded, the traditional split is that the seller will pay title insurance and the lender / buyer policy will be the same but at a great discount. Usually less than half of the price of the seller's policy.

All the major title companies will have insurance rates on their websites. As a cash buyer, you are not required to get title insurance, but your policy is very affordable and recommended.

There is a link below to Canyon Title if you want to see rates.

Call or email if I can provide any other information.
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0 votes 20 answers Share Flag
Sun Aug 1, 2010
Thom Colby answered:
Buyer -

If you have a loan contingency and you have a legitimate "Denial" from the lender you indicated you were going to use, you should be ok to cancel escrow and get your deposit back less any fees paid on your behalf. Most [Independent] Escrow Companies (not affiliated with a Brokerage) will not charge a cancellation fee unless it has been a very difficult escrow. $400 seems VERY high even for difficult escrows -Base fee is $200 plus $2 per thousand is typical escrow fees on closed escrows.

Talk to your REALTOR or their Broker - if you don't get satisfaction there, find an Attorney. Don't sign anything that gives any of your money to anyone. No funds can be released to anyone unless all buyers and all sellers sign the cancellation instructions and release of deposit instructions.

Best of luck,


Thom Colby
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
We NEVER DOUBLE-END a Transaction in our Brokerage. It is never beneficial to the Seller or to the Buyer and it is only beneficial to the Agent.
888-391-5245 Direct Cell
thom@thomcolby.com
www.thomcolbyproperties.com
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0 votes 9 answers Share Flag
Sun Jul 18, 2010
Cameron Piper answered:
Wei-min Chang,

I have found that the vast majority of title companies won't negotiate their fees. Before everyone jumps in to tell you that title companies should negotiate, tough economy, work for the consumer, blah, blah, blah - I should point out that shady title companies are not something you want to mess with. Imagine how you would feel if you found out later that you thought the previous mortgage was paid off, but it wasn't. Think it doesn't happen? In my home town the city used a title company to compensate a home owner for the purchase of their property in a eminent domain suit - title company took the money - didn't send it to the previous mortgage company - city had to pay the mortgage themselves. Thats right, they bought the same property twice.

Be careful in what you go shopping for, most title fees are fixed (state taxes, etc.) the only real fee is for the closing services and possibly some title searching, but I would strongly caution you against 2nd rate service here.


Cameron Piper
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0 votes 6 answers Share Flag
Tue Jan 18, 2011
Dp2 answered:
I suspect you meant to inquire about loan-mod/refi brokers, because the seller for a short-sale wouldn't need to refinance. Although I'm not sure whether you'll find any brokers who do this, I know of several investors (myself included) who do this.

Also keep in mind that this isn't the only way for your friend to handle his/her transaction. There are other ways to structure this deal. However, one would have to know more to be able to advise him/her further.

Please feel free to drop me a line.
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0 votes 4 answers Share Flag
Thu Jan 26, 2012
The Stephen FitzMaurice Team answered:
They will negotiate with the bank directly, or if the home is not underwater try to buy it from people for less than it is worth. I wouldn't give them the time of day! At least call a Realtor first to find out what you can get from your home in the current market. I highly doubt those businesses will have your best interest in mind! ... more
0 votes 9 answers Share Flag
Fri Jul 9, 2010
John Barry answered:
Hi Dredre,

Sorry to hear about your situation. When a seller accepts an offer from a buyer with FHA financing, the seller is not required to agree to pay for the repairs required by the FHA appraiser - they have the option of declining. Just because the MLS listing said they would accept FHA offers does not mean that the seller is agreeing to pay for all FHA required repairs. The fact that your offer was accepted with the FHA financing disclosed shows that they WERE willing to work with an FHA buyer, so the agent was not wrong in the least for posting that the property "will go FHA" - this simply means that the seller is willing to consider offers with FHA financing (which cannot be denied, as your FHA offer was indeed accepted).

Unfortunately, the fees that you pay for he appraisal and inspection are fees that you will just have to write off if you do not end up going through with the purchase - that is the reason you pay to have these done, so by investing a small amount in the investigations, you can save yourself possibly many times over that amount or more if you go through with the purchase then discover a major problem, giving you the opportunity to back out of the transaction if you find something you do not like (such as multiple repairs the seller will not agree to pay for). As far as the escrow cancellation fee, that is not uncommon to be charged by escrow companies, and is usually divided between buyer and seller. This fee should have been disclosed in your original escrow instructions - take a look and see.

Hope this info is helpful - sorry again about your unfortunate situation. Good luck in your search for a great home!

John Barry
DRE #01856079
Coldwell Banker Residential Brokerage
Cell: 323-810-7976
Email: john.barry@coldwellbanker.com
Facebook: http://www.facebook.com/RealtorJB
Twitter: @RealtorJB
... more
0 votes 6 answers Share Flag
Thu Feb 9, 2012
Fred Glick answered:
All commission are negotiable.

That being said, interview many agents. From big firms to boutiques, agents are different.

But, don't be swayed by fancy brochures. Selling your home is about fantastic information about your home in the form of excellent pictures and a real video.

Also, make sure that the listing agent only works for you. The listing agent should not be the one who also represents the buyer. This is called dual agency.

If the agents you interview don't mention it, kick them to the curb!

Good luck,

Fred Glick
... more
0 votes 14 answers Share Flag
Fri Jul 9, 2010
Alma Kee answered:
Hi Rhee,

The HAFA short sale program is "voluntary", and not required participation by lenders.

10 business days from when they receive all of the required paperwork. Has the Seller submitted everything requested? This often delays short sales.

So keep looking for the right place until you get the written approval letter from all lienholders. It may never close or they may require a significantly higher sale price that may make it not such of a bargain.

All the best,
Alma
... more
0 votes 17 answers Share Flag
Thu Feb 2, 2017
Scott Godzyk answered:
Lana unfortanately there are far more fraudalent companies than there are legitimate companies. There are more scams trying to get you to sign over your deed and take advantage of your situation. Your bets bet is to get a listing agent who is expereinced in your area and your type of house. They will prequialify buyers, protect you from scammers and get your house in front of the most potential buyers. Be careful if you want to go at it alone, a good agent will more than pay for themselves with peace of mind, the best possible price and a quicker sale, good luck with your sale. ... more
0 votes 5 answers Share Flag
Tue Jul 12, 2016
Dan Chase answered:
If flipping is so rewarding financially WHY are they trying to sell anything instead of flipping?

The problem with flipping is finding a buyer. You might do it. Then again you might not. If no buyers appear (how long is the average listing in the mls before it sells?) how will you handle the payments until they do?

Usually the person giving the seminar realizes they make more money talking about something than in doing it. Otherwise they would not do the seminar.
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0 votes 88 answers Share Flag
Fri Aug 3, 2012
Richard Schulman answered:
It is up to the property owner to select which offer to send to the bank, possibly with the advice of their Realtor. It would behoove them to select the best offer. Keep in mind a couple things though: The highest offer is not necessarily always considered the "best offer". The terms may be important too, along with how much cash is being put down (or all cash) vs. loan. Another point, there is a lot of competition now. So just because you offered at list price, does not mean that there weren't others who offered at list or higher, even in the first day. I have seen this many times. The listing agent is required to show the seller/owner all offers (unless they have made other written agreements). You can follow up with your agent, and be sure that they are following up frequently with the listing agent. Often times short sales buyers may back out in the time it takes for a short sale to get approved. So don't give up hope yet. Follow up and persistence may be key (and this is the job of a great Realtor).

Good luck and let me know if you have any other questions.

Richard Schulman
Keller Williams Realty
#1 Buyers Agent KW Los Angeles Region
(310) 482-0173
schulmanrd@yahoo.com
... more
0 votes 12 answers Share Flag
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