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14202 : Real Estate Advice

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Activity 402
Tue Nov 29, 2011
Anna M Brocco answered:
For any necessary legal advice, do consult with an attorney who specializes in real estate; also review your lease agreement, does it specify damages for release of contract....
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Mon Dec 12, 2011
Anna M Brocco answered:
Before considering either option, protect yourself and do consult with an attorney who specializes in real estate for all related paperwork and necessary legal information...
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Sat Mar 30, 2013
Dan Tabit answered:
Joe,
Self employment is tougher, but with 2 years in you have lasted longer than most start up businesses. If your self employment is in the same line of work you were in previously it may be helpful. You'll have to apply with a lender to know for certain. They will look at all 3 credit scores and use your middle score for determining rate & programs.
Your income will be gone over with a fine tooth comb and they will likely average out the past two years to set your approved debt ratio and loan amount.
Improving your score may be possible as well. Some quick steps are to reduce any outstanding balances to 1/3 their credit limits. The more freed up credit you have the better it impacts your scores. Dispute with proof any derogatory information which may be inaccurate to each reporting company that has the inaccurate information. The higher you can get your scores, the better chance you'll have for approval and a great rate.
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Mon Nov 7, 2011
Anna M Brocco answered:
In order to make an informed decision and determine what will work best for you, do consult with any licensed loan officer(s); he she can best advise as to what should be done, so that you can be prepared when the time to purchase arrives; 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. Also consult with your financial planner and or tax professional... ... more
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Fri Nov 4, 2011
Terry Bell answered:
Well, I guess it depends what State and what area you are in. Out here in California sellers often offer a 3% cash back towards non-recurring closing costs, sometimes an allowance for new carpet or if there is a pest report, an allowance towards repairs on section I work. I think it's up to the agent to decide if there is a lot of competition in the market with foreclosures and something needs to be offered to make the house more competitive and easier to get into. Best, Terry Bell, Realtor, Santa Rosa, CA ... more
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Thu Oct 20, 2011
Tim Moore answered:
Talk to some other loan officers with banks or lenders. I had a loan denied and moved the whole package over to Wells Fargo who closed it in 23 days. It can happen. Some lenders just are not easy to deal with, but others are. Make some calls. ... more
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Wed Nov 16, 2011
Joe Sorrentino answered:
This is a lender question that most real estate agents in WNY can't answer because we don't have the expertise. Every mortgage product and even lender may have their own guidelines. If you need Private Mortgage Insurance, the Mortgage Insurance companies also have their own guidelines. It is probably best to call a local based bank like HSBC, First Niagara or M&T mortgage departments. ... more
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Wed Sep 28, 2011
Ryan Walley answered:
Many young couples and small families, moreso that ever before, live work and play in Buffalo. I would highly consider talking to a real estate agent in either the Allentown or Elmwood area to discuss the lifestyle of the city. If you do not have children now, you are at least 5 years away from school.

If you must be in the suburbs and want the best school district, Williamsville is it. The elementary/middle high schools all have different strengths - some excel in science, others in sports or math.

See the link below for specific info on the WIlliamsville schools. Hope this helps. Let me know if you need any more information.
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Fri Sep 16, 2011
Ryan Walley answered:
The only trouble you should have is the 20-25% equity requirement, and that the rate will be significantly higher than one on your primary residence. Other than that, HSBC and Key Bank both offer them to non-owner occupied investment properties up to 4 units.

Email me and I can refer you a great banker at Key Bank if you'd like.
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Tue Dec 6, 2011
Robert & Lisa Measer answered:
Congrats on getting married. The best thing to do is start saving as much money as you can for your first house. HSBC offers a first time home buyer program that you should take advantage of. This program offers $4 in grant monies for every $1 saved over a 10 to 24 month period. Which will help you obtain a maximum grant of $7,500 for opening an account at HSBC Bank USA with only saving $1875.00.

Check out the link I provided for more details.

If you have any questions give me a call at 716-912-2915
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Wed Aug 3, 2011
Elva Wormley answered:
Hi Dewiggle,

Yes, seller concessions are allowed on 203k purchase money mortgages.

Best regards,
Elva Wormley
C2 Financial Corporation
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Fri Jul 29, 2011
Bryan Block answered:
Hi,
we manage the sale of properties in the Buffalo area. The properties are all renovated, tenanted and managed by our local professional property management company. Price range between $25,000 and $50,000 with yields of 15% - 20%. We offer the complete hassle free package for the armchair investor including the set-up of an LLC if required.
Please visit our website for further details or contact me on. bryan.block@abbotsinchcapital.com
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Wed Jul 6, 2011
Anna M Brocco answered:
Any local agent/realty office can give you an actual current status--the property could have been withdrawn, it could have expired, could be in contract or sold.
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Wed Jul 6, 2011
Michael Algawani answered:
Hello Meirad, what is the address of the property?
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Wed Jun 22, 2011
Orin Helfrich answered:
BCG is a fantastic Property Management company and all around Real Estate firm and I don't just say that because I work there! Please take a look at our website and feel free to reach out to me directly. Orin Helfrich ... more
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Wed Aug 3, 2011
Anja Wright answered:
Hi Flamingo!

My advice is always to never take the first offer. Make a counter-offer that is a little sweeter for you around $5 to $7k higher and see what happens. Be sure to consider though how long your home has been listed. You might not want to play games if your house has been on the market for a while and this is your first offer. Otherwise, go for it!

Best wishes,
Anja
... more
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Tue Jun 21, 2011
Ryan Walley answered:
Look through Craigslist or the local paper. There are many apartments that fit your criteria but the more bedrooms and the bigger the apartment, the less desirable area you will be in. There are very few 4 bedroom apartments. A single family home rental, in the Riverside, Black Rock or South Park area may be your best bet. ... more
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Sat Jun 18, 2011
Dan Tabit answered:
Bonluty,
You should have a contract and the terms prepared by an attorney, agent and/or mortgage professional. Among the terms will be price, down payment, rate, term, late fees. Will the title be transferred to your name with them as lien holder or will they retain title until you replace the loan?
Commonly seller financing is for a limited term like 2 or 5 years with a balloon note due for the unpaid balance. What if you don't qualify for a loan at that time? Will the rate be fixed or subject to change? Are you allowed to modify the home, as in remodel or improve it without their prior consent?
These are just a few things which come to mind for starters. You don't want to do this on your own, get professionals involved for all concerned. A well thought out, explained and prepared set of contracts are beneficial for all involved. Best of luck.
... more
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Fri Jun 17, 2011
Ryan Smith answered:
Hi Letha,

Unfortunately a Realtor can not answer that because we have a "code of ethics" that prohibits us from steering clients to and from certain neighborhoods. Try searching crime statistics and databases on the internet and look at school information and maybe that will help you come to a conclusion.

good luck!
... more
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