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Financing in 12302 : Real Estate Advice

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  • Home Buying5
  • Home Selling5
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Activity 3
Mon Jul 30, 2012
Anna M Brocco answered:
For a personalized answer visit with any licensed loan officer; there are other factors besides credit that determine mortgage qualification, such as income, debt, etc.; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously. ... more
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Fri Feb 19, 2010
Carl answered:
PS & UPDATE >>> I bought under (Nov 2008) with contract stipulation that the property be valued at no less than 80% to value (and purchased it for $125k in dire need of roof, had an old oil hot air furnace, it had a open trench in the basement slab (since repaired), even the interior paint was extremely bad + landscaping looked like Jurassic Park, etc., etc., etc.. Back then listings (and sales) were showing value of $209-229 range last wek appraisal was $140k. . Trulia (today) shows: BRICK RANCH HOME, 3 beds, 1 bath, and approximately 1,612 square feet. UPDATE: The property has a lot size of 14,810 square feet and was built in 1957... I can see taking a 40k hit from 200, but not 60k - any ideas of how to proceed here? ... more
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Thu Nov 8, 2007
Suzanne Walker answered:
At least 1 year due to seasoning requirements. And, IF a lender will due it prior to 1 year you can bet you pay big bucks for it.

Ultimately, what establishes the value of a property is what a seller is willing to sell it for and buyer is willing to able to pay for it. Thus, the underwriter will question the sudden appreciation of the property. In the current lending market I'd say be prepared that they might make you 'prove' the property has appreciated as much as you say it has. ... more
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