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First Time Home Buyer Poor Credit All Locations : Nationwide Real Estate Advice

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Showing results for First Time Home Buyer Poor Credit [Clear search]
Sun May 6, 2012
Fred Yancy answered:
It sounds like you really need to hire an agent to represent you. Keep in mind that the buyer does not pay my commision, the seller does. So it doesn't cost you to hire an agent and you gain the benefit of his/her knowledge. Below is a list of very good reasons to hire an agent:

You’ll have an expert to guide you through the process. Buying or selling a home usually requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multi-page settlement statements. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes.

Get objective information and opinions. Real estate agents can provide local community information on utilities, zoning, schools, and more. They’ll also be able to provide objective information about each property. A professional will be able to help you answer these two important questions: Will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?

Find the best property out there. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties.

Benefit from their negotiating experience. There are many negotiating factors, including but not limited to price, financing, terms, date of possession, and inclusion or exclusion of repairs, furnishings, or equipment. In addition, the purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.

Property marketing power. Real estate doesn’t sell due to advertising alone. In fact, a large share of real estate sales comes as the result of a practitioner’s contacts through previous clients, referrals, friends, and family. When a property is marketed with the help of a real estate agent, you do not have to allow strangers into your home. Your agent will generally prescreen and accompany qualified prospects through your property.

Real estate has its own language. If you don’t know a CMA from a PUD, you can understand why it’s important to work with a professional who is immersed in the industry and knows the real estate language.

Real estate agents have done it before. Most people buy and sell only a few homes in a lifetime, usually with quite a few years in between each purchase. And even if you’ve done it before, laws and regulations change. Real estate agents, on the other hand, handle hundreds of real estate transactions over the course of their career. Having an expert on your side is critical.

Buying and selling is emotional. A home often symbolizes family, rest, and security — it’s not just four walls and a roof. Because of this, home buying and selling can be an emotional undertaking. And for most people, a home is the biggest purchase they’ll ever make. Having a concerned, but objective, third party helps you stay focused on both the emotional and financial issues most important to you.

Feel free to review my references as well as my website.
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Fri Nov 10, 2017
Jenny Linich answered:
Size of the loan is more dependent on debt to income ratio than on credit score. I have lenders that can do FHA loans with your credit score as well as work with you to raise your credit score. Give me a call at 803 372 8033. ... more
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Wed May 9, 2012
Patty Allen answered:
I'd ask family, neighbors, and friends who had great experiences in home buying to suggest a good realtor or real estate company. They are better to deal with this than the many scams you see on the internet. For the very reason you are looking for a home when credit improves for you, these scammers know this from home foreclosures and/or job losses have many on their radar! They could care less that your credit is in such a sad state of affairs and want to make money on you and others through their greed and take advantage of everyone that comes along giving false hope. Don't just trust anyone. The big bad wolf is still out there and will be for a while.

I've heard of scammers who even show a house saying it's for sell by owner, but they would consider a lease purchase or homeowner financing. The people sign contracts and give money to the scammers. When they try to move in, the "new owners" or "new lease purchasers" find out it's owned by someone who was on vacation! Always talk to neighbors in the home area to find out what they know about the house and it's owners or previous tenants when the :scammers" aren't around. Sometimes, though, these "owner biz" companies promise these wonderful homes or new homes together in a subdivision to bring out the lust and desperation in a person or couple who want a home so bad that the whole subdivision is one of these rent- to-own places who don't know yet that they are being scammed.

California, Nevada, Florida, and Colorado is swimming with these sharks! The finance rate could also be hefty!!! Other states are having the same problem with these companies who are on the verge of legitimate but it's only6 as matter of time before it comes out what's really going on.

I hope you are utlizing the correct government agency to improve your credit for FREE and NOT paying anyone for this "service!" There are plenty of those scammers out there, too. I've seen and heard of so many "creative" crooks out there. It happened to my parents when I was a teenager! The owner took us from our home we loved, friends, school, and forced us into poverty for 2 years in a townhome projects out in the country with crime. It was horrible but could have been worse. At the time it looked like no way out.

We lost our cars even though we were paying faithfully on them. The embarrassment of sheriffs taking away our cars was also tearful and frightening. Mom even locked herself in one of them, but their attorney on the phone told her to get out of the car, or she'd be arrested by these sheriffs! My folks tried to get another car to be able to work, and one dealer said he had the perfect answer for my dad and mom. I saw him that night pull out a revolver from his drawer and push it towards my dad saying that this was his answer. Can you imagine that and my being a teen seeing that and hearing what I also heard. We ran out of there! I purchased a car for dad from a long term dealership falsely saying I was 21. My folks backed me up. Dad was able to go to work. We felt so bad that I had to lie, but I said there was no other way. I had all the furniture placed in my name, so no one could take that either. I had made out the checks and paid them in person when driving dad's car downtown a ways from where we lived from our lost home. About 1 year later later their attorney friend said they needed to file for bankruptcy. We were not hiding assets from the bankruptcy judge as that's a federal crime we would never commit!
"Caveate Emptor" (Buyer Beware!)
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Thu Dec 7, 2017
Thom Colby answered:
They need to tell you in writing EXACTLY what has changed and why they want to charge you more %. Is this a national lender such as one of the big banks or is it a Mortgage Broker, etc.
I suggest you call a reputable company and ask them to pre-qualify you to see what they say.....
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Thu Oct 15, 2015
Marlene Gumbiner answered:
There are a lot of homes available in the Cherry Creek District that you can afford. Having been a former teacher, I understand your concern trying to relocate to a top school district. It is still possible to do so in the Denver area at your price range. ... more
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Sun Apr 29, 2012
Greg Olson answered:
Feel free to give my Wells Fargo Lender Dominic White a call at 847-977-8111 and he can run through all of your options with you!
Greg/REMAX Suburban
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Fri Apr 27, 2012
Paul May answered:
We would first need to work on the credit and the seek out the programs that fit your needs-
Text or email me- and I will place you with the people who can help you.
Paul May
0 votes 6 answers Share Flag
Tue May 8, 2012
Linda Jokbengboon answered:
You will find that a majority of brokerages will charge a broker's fee or transaction fee, charged by the agent's office. This usually is not additional commission. It goes towards the processing of paperwork,etc. My particular office charges $299. I've seen some as low as $199 or as high as $499. But the verbiage is clear- charged to all buyers or sellers that my office works with to process the transaction and not counted towards additional commission- which is usually paid by the seller.

As for the Buyer Brokerage agreement, I see why the agent is asking you to sign that but doesn't mean it's right. Basically, she wants to make a minimum of $3000 and if she's doesn't receive that amount from the sale then she's passing on the deficiency to you. I don't agree with this practice. On the flip side though, agents are only asking buyers to sign this to protect themselves. I personally don't get buyers to sign this upfront unless I feel like there isn't a level of trust or rapport. And when there that important foundation of trust or loyalty is missing, then perhaps this isn't the right business relationship to begin with.

I've closed many deals with Canadian investors- both looking for income with short term rentals in the Disney vacation areas or long term rentals in the more residential areas. Please let me know if you'd like any assistance!
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Sun Nov 26, 2017
Patrick Fields answered:
I recommend you approach the decision much the same as you would a marriage proposal from a boyfriend that all your friends and girlfriends have bad things to say other words, try to resist the romance of a model home and trust your research. ... more
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Mon Apr 23, 2012
Dan Tabit answered:
Congratulations and deciding to buy your first house. You will need two good professionals to be successful and have a smooth transaction, a lender and an agent. Usually when you find one, the other can give you a referral to the other. As a first time buyer you need each of these professionals to be willing to take the time necessary to assist you as you learn quite a lot.
The best answer to your specific question will come from the lender. Meeting with a lender early on is critical as you need to know about the loan programs, how much you qualify for and if there are credit issues you need to address. Fixing errors, omissions or fraudulent reports can take several months, so it's not too early to begin this process.
You'll also likely need to save up some down payment money. Meet with someone at your bank soon to see what they can do and then decide which step is next. Best of luck to you.
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Mon Jan 11, 2016
garypuntman answered:
You should find a real estate agent to help you. I'm sure you would be able to find a home that will work for you specifically. You should look into this more with your bank as well. ... more
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Fri Apr 13, 2012
Gail & Tom Bucker answered:
Esssentially a short sale is when the bank agrees to take less money from a sale than is owed against the property as payment in full. We are short sale specialists and are Certified Distressed Property Experts. This is a very viable way for home owners to get out from under homes that are "under water." ... more
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Wed Feb 6, 2013
Victoria Kleber answered:
Despite all of the information out there these days for a buyer to become educated with, many are still "wowed" by updates. The initial viewing will tell if the buyer has future interest, and it is sometimes hard for buyers, no matter how savvy they may be, to look beyond dated kitchens and bathrooms. Can you take a middle ground and do some updates vs a complete redo? Painting is a short term "mess" vs new countertops, tile, etc. New hardware and inexpensive lighting updates to be had at many home improvement stores for your bathroom and kitchen and are a simple weekend project. Uncluttering and fresh paint make such a big difference! The other thing to look at is who is your competition? If you are truly in Squirrel Hill and your home is solid, you are in a demand area vs an area saturated with competition. If someone wants your area and you don't have many competing homes, then I would say you need to do less. Feel free to contact me off line if I can be of further assistance: ... more
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Wed Oct 11, 2017
Tamara Stoebe answered:
Hello Shade47,

The answer could be yes or no ....

Yes - if you signed a Broker/Buyer agreement with your agent, they may be able to claim the commission.

No - did you contact the seller's agent direct to write the contract for the purchase, and you do not have a buyer/broker agreement in place with your existing agent.

I recommend that if you like your buyer's agent - they are there to protect YOU the buyer in the transaction. Many times (but not always) the listing agent's first priority is their seller, and they will do everything they can to assist their seller complete the sale of their home, and you may not receive 100% of the guidance you should obtain as a buyer, whereas your buyer's agent is only representing you in the transaction.

I wish you th best of luck in your home purchase.

Tamara Stoebe, REALTOR/Notary
DRE License #01827461
Prudential Troth REALTORS
1801 W. Ave. K
Lancaster, CA 93534
(661) 466-6849
Fax (661) 422-3006
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Wed Mar 22, 2017
Jennifer Evans answered:
My husband and I purchased our first home with a VA loan & have never regretted it. There is some extra paperwork involved, and you need to make sure your credit report is clean, & they perform an inspection as well to ensure you are buying a good property without major defects. VA does not pre-approve homes currently on the market. Your real estate agent should be able to give you an educated guess as to whether or not the home you are interested in will pass the VA inspections. FHA loans have similar requirements. The best person to explain the differences in the loans is your loan officer who will help you obtain your pre-approval letter. So, ask around & find a good loan officer in your area to assist you. Hope this helps! ... more
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Wed May 1, 2013
Deirdre Love answered:
Hello. Your lender can easily give you a preapproval that will tell you the price range you should be looking in. Its always great to get out there and see what you like.
If you would like some assistance, please let me know. I would love to help. Thank you
Deirdre Love
Keller Williams
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Sun Apr 1, 2012
Scott Nowling answered:

I am an agent in the Chicago area but used to live in Hartland. I know your area. My suggestion is to start looking now for an end-of-July closing and work with an agent who can share with you the benefits and pitfalls of traditional sales, short sales and foreclosures. You may find that the "deal" you get when buying a foreclosure isn't really because of deferred maintenance, etc.

I encourage a quicker start because even if you don't find something quickly it can help you get a better sense of the market so you're confident when you do pull the trigger. I'll waive hello as I go by on I-94 to our cottage this summer! Best!

Scott Nowling
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Wed Apr 11, 2012
My NC Homes Team answered:
You probably could look at homes up to $75,000 or even a little more assuming that you could negotiate them down to $70,000 however I would tend to agree with your Realtor. $70,000 is the maximum you can afford per the lender, and just because you can doesn't mean you should. Trust me and your Realtor, if you can find a home you can buy for $60,000 you'll be much happier. You'll be able to make your payments easily and won't be pushing the envelope. This is as true for you as for someone who could get a mortgage for $700,000. There's nothing wrong with living slightly below your means. I applaude your Realtor for not pushing you to the max, it sounds to me as if you're in good hands.

I wish you the best of luck and happy house hunting.
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Fri Mar 23, 2012
Janet McCarthy answered:
Why are you focusing on short sales and foreclosures? In many, many cases they are not the best deals on the market. Consider the fact that you have to wait for the bank to respond to your offer, which could be 4 or 4 months and then they tell you what they will or will not pay. On a foreclosure many banks will not pay for termite, pay for a home warranty and the do not pay for repairs, so a physical inspection is for your information only.
Although some Realtors who have REO accounts know that a property will become available they don't accept the first offer - in fact they usually take offers for a 5 days before they select. There are other ways to win the deal and you need to know how to write a clean offer and what the bank is looking for - this will benefit you more.
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Wed Apr 25, 2012
Jeff Strand answered:
Just be honest with the seller and try and sit down face to face to work something out with all parties being present.
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