They say they will approve all short sales? I assume you meant that they will respond in 20 days with an answer. My last one with them took longer than that but there was a 2nd with Wells so maybe that added to it. I still feel there are a lot of sellers with inexperienced agents listing properties as short sales that are not going to qualify for a short sale because there is no hardship. I get calls often where a seller is wanting to short sale a house because they are underwater but still current on payments of a second or investment home. The bank will not even consider these offers so I am curious if BoA will reply at all to those. Time will tell.... more
A pre-foreclosure is exactly what it sounds like. It is a property that is most likely delinquent at least 30 days in their mortgage and the lender has or will soon begin the foreclosure process. That does not mean that the property is for sale or that the seller even has any intention of selling the property!! If the property is listed for sale, it will be listed with a real estate agent and would be available on any website that gets listings from the MLS feed. If it is not currently listed for sale, you would have to go to the door of the seller and make them an offer for their home....I personally would not recommend going door to door...but to each his or her own.
If you would like to know exactly which properties are truly for sale and which ones are not, I would highly recommend finding yourself a real estate agent to work on your behalf as your buyer's agent.
It all depends on what its future value could be. Let's take two examples.
First Example: House Price: 300K. Work Needed: 150K. Top value for home: $400K.
Second Example: House price: 400K. Work Needed: 200K. Top value for home: $700K.
Only one of these homes makes sense to purchase financially. But to figure out where your home fits, you need some help. Find someone who can "fill in" the "work needed cost" and the "top value for the home" boxes, and you'll be able to make a sound decision. A knowledgeable Realtor should be able to do this easily.
Lor, this is a great house. I would have your realtor run some comps in the area to be sure the property is worth the asking price. Another issue you want to consider is; how much money are you going to put into the property to get it into the condition you want. The statistics tell us that in most cases homeowners are LUCKY to get back 60% on their upgrade investment. In thiscase the house is already priced at $50,000 over the assessed value. Granted an assesment is not an appraisal, however, these are isssues you need to be concerned about. I am sure your contract would be subject to the property appraising at or above the purchase price, financed or not. If you do not have a realtor, I would be glad to help you, otherwise these are issues that your realtor should be able to guide you through. Joe... more
Kai, I can get you a list of some properties in the area. Please send your email address to me at firstname.lastname@example.org, along with all the criteria you are looking for including price range and I will have some properties to you this afternoon. I would be gald to work with you as a buyer agent. Thanks. Joe... more
Because so many renters cannot qualify to buy right now. As the mortgage guidelines become stricter, it keeps more people out of the home buying arena. As more people want/need to rent, rent prices can increase. It's a supply and demand thing.... more
Good question. There are many factors to consider in estimating utility costs on a home. It is much easier on a specific home. Then you can ask the owner for copies of bills, or you can usually get info through the utility companies with owner permission. But remember, the costs will be relative to the habits of the family living in the home, as well as the number of residents.
In looking at houses in general you would have to consider, the age of the home, type and # of windows, type of insulation, type of roofing material, which way does it face, floor coverings, age of water heater, heating and AC systems. etc.
When you find a home you are considering, ask to see previous bills, that will give you somewhat of a guideline to follow.