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Home Buying in 19126 : Real Estate Advice

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  • Local Info2
  • Home Buying21
  • Home Selling1
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Activity 1,368
Tue Apr 16, 2013
Jonathan Unrath answered:
Its not a bad area Sheila. I just sold a condo at 8030 Ditman St, the Berkley Condos.

Are you preapproved? Would you like to go see this property. There is no fee for using my services.

Talk to you soon!

Jon Unrath
Weichert Realtors Media
JUnrath12@comcast.net
267 968 1505
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0 votes 3 answers Share Flag
Sat Apr 13, 2013
Daniel Schwartzman answered:
Hi Billi,

Please email me at dschwartzman@cbpref.com so we could talk more in detail. I want to see how I can help you find your next home. I assume that you are looking to buy rather than rent. In order to get a loan from a lender you would have to talk to a mortgage adviser, and I can certainly refer you to some good ones. After and if you get approved we can then start the process of looking for a home for you.
Please email me at the above address so we can get started.

Have a great day!

Daniel
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0 votes 5 answers Share Flag
Mon Apr 22, 2013
Christopher Blouch answered:
Hi Dean,
If you email me (CBlouch@kw.com), I can email you all available homes that meet your criteria tonight. I'd be happy to help & I live in that area!
Thank you,
Christopher Blouch
Keller Williams Real Estate
www.chrisblouch.yourkwagent.com
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0 votes 10 answers Share Flag
Sat Apr 13, 2013
Scotty Gullaksen answered:
Hi Sharon,

I can do a search for you on our MLS System for lease purchase properties. Just tell me what you are looking for and your monthly budget for rent.

You can email me: Scotty@century21.com
Or call me at: 610.453.9898
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0 votes 3 answers Share Flag
Sat Apr 13, 2013
Tim Moore answered:
Before you close on the property you will get a policy. Let's say it is $600. The lender will bill you for it at closing and they will start adding $50 to your monthly payment so next year there will be $600 in the escrow account to be able to pay for the policy next year with that money that is set aside. Let's say that during the year you manage to reduce the amount of the policy so the bank will be now taking out too much each month and you will have an overage next year and they might just have to add $40 each month next year. The bank's escrow dept won't reduce the monthly amount they are adding until next year. ... more
0 votes 3 answers Share Flag
Thu Apr 11, 2013
Dan Tabit answered:
rgastald,
Lenders look at credit first, income second, the asset next. If your income is part time, chances are it isn't very much. If its part time and short time, which many part time jobs are, they will have a hard time expecting it to be permanent enough to rely on.
Hard money lenders are also called equity lenders. They want a lot of cash into the deal and the rest of the deal has to make sense. They charge higher fees and rates than conventional or portfolio lenders. You have to still show them you have the capacity to pay them back. Hard money loans are also typically short term, so you'll need to have permanent financing lined up in 3-6 months in many cases.
Adding that this is likely to be a non owner occupied property only makes this more complex. NOO loans generally require 25% down to start and they still want the income and assets to make sense.
You can talk to some mortgage brokers; ask if they have portfolio products which offer different guidelines than conventional. I'm not aware of any way to do what you are asking, but that doesn't mean it doesn't exist.
Decide a few details before you proceed though. Will you live in it or not? How much will you put down and what will you have in reserve? Can you go to full time employment or get a second part time job?
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0 votes 4 answers Share Flag
Thu Apr 11, 2013
Philip J. Cunningham Sr answered:
As i have been advising folks please deal with and obtain advise in you market area. I feel that a 4 month pre-approveal is too long since the Mortgage provider is going to require new credit checks and income statements about every 30 days so there will be an increase in cost to you and the market in Philadelphia does not have Seller willing to wait 120 or more days to go to settlement. You should be able to locate a house in 30days and settle in another 30 to 45 days. Maybe you should wait anther month and the look. A Realtor should be able to refer you to someone that can give a good idea of what you can afford.

Philip J. Cunningham Sr
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia,PA 19152
215-725-5700X49
philcunningham2004@yahoo.com
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0 votes 5 answers Share Flag
Sat Apr 13, 2013
Robert Weiss answered:
Hi Kathy,

What is your question?

Robert Weiss
Broker/Owner
Coldwell Banker Hearthside Realtors
215-379-2002
r.weiss@cbhearthside.com
0 votes 6 answers Share Flag
Thu Jan 1, 2015
Allan Erps answered:
In my area they would be things like the inspection, Insurance premium, and any up front fees charged by a Mortgage Broker.
0 votes 6 answers Share Flag
Thu Apr 11, 2013
Cassandra M. Bickel answered:
Yes, of course. You will be responsible for getting all utilities turned on in your name. And each service company is going to charge an "activation" or "turn on" fee. Also be prepared to pay a deposit, especially if you havent had service with them before.

I have seen fees vary from $25-100 and deposits from $25-250. Some of the utilities may include water, electric, gas/propane, cable, internet, ect.

Good luck and congratulations.


Cassandra Bickel, REALTOR
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0 votes 6 answers Share Flag
Mon Jan 26, 2015
R. Eric Axelson answered:
Hi Malita, as soon as you have a property identified, or after you sign contracts. You need to have an address to give them. It only takes a few days to get, so you can wait until after you're sure the deal is going to go through. ... more
0 votes 12 answers Share Flag
Mon Apr 8, 2013
answered:
My company has no overlays of minimum trade lines for a 664 score. The one tradelien will be fine. How many months history do you have for the one credit card?
0 votes 6 answers Share Flag
Sat Apr 6, 2013
R. Eric Axelson answered:
Hi Chris, first let me say that I am sorry this has happened to you. Second, I must disclaim that I am not an attorney and these are just my thoughts, but should not be taken as legal advice. If you are unsure, you should contact your Realtor and/or an attorney. As i see it, you have a few options available to you:

1. The Seller's insurance is liable up until settlement. If it's that important to you, ask them to submit a claim. Make sure that claim will not be affected if owner sells house before decision and payout.

2. If you don't want to postpone closing, get proof that the claim has been submitted and agree on a replacement value with the Seller. Set that amount aside in escrow (with the title company) to ensure that the Seller is motivated to pursue the claim. If the insurance company denies, you may be able to have these funds redirected to a vendor to replace these items. You, however, cannot receive the funds. Document it in writing exactly what happens to these funds should the insurance company not approve claim.

3. Agree on a credit with the Seller. You usually cannot walk away with funds, so this may involve decreasing the sale price. If you and the Seller decide/agree on this option, you should do this NOW as settlement is fast approaching.

4. You say they are valuable, but if it is not a historic mansion and simply an older home, you can choose to accept the home as-is (you can still try to get a reduction in sale price as mentioned in item 3 above) and have the "fun" and adventure of finding replacement items online or from architectural salvage stores (there's a great one in Philly). This way you can "add" to the story of the home and add your own touch.

Hope this helps and good luck to you!

Eric Axelson, Associate Broker
Licensed in NJ and PA
Kurfiss Sotheby's International Realty
eric.axelson@sothebysrealty.com
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0 votes 2 answers Share Flag
Fri Apr 5, 2013
stephen webber answered:
Hi Malita
The Grant may include an interest rate or to be paid down each month. The lender should know what to factor in when you applied for the grant ?? Maybe they are waiting for the agency to approve your total monthly obligation. Some agencies must approve your monthly obligation, ratio, before they will approve the grant. No fun waiting. Best of Luck, Stephen ... more
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Thu Jan 1, 2015
Fred Glick answered:
Fri Apr 5, 2013
Philip J. Cunningham Sr answered:
Now since you are in Philadelphia you need to go to www.HUD.gov or WWW.NACA.com since you did not say weather your buying or not you need to check it out because if not free then it is the next best thing and keep my number 215-725-5700 X49 this way your information will be kept off the internet

Philip J. Cunningham Sr.
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia, PA 19152 215-725-5700 X49
PhilCunningham2004@yahoo.com
... more
0 votes 2 answers Share Flag
Tue Apr 2, 2013
Robbie Mahallati answered:
There sure is Tanesha! Im 100% sure we can help!!! Just check out what we do>>>>>>>>>>>>>>>>>>>> www.phillystoprenting.com
0 votes 5 answers Share Flag
Mon Apr 1, 2013
Ryan Garrity answered:
As a buyer purchasing a short sale, the process is not too different from a standard transaction. Traditionally, when a buyer purchases a home they just have to get the seller to agree to their terms. With a short sale, the terms are subject to bank approval (the seller's lender), and that can often times be a lengthy process depending on the lender. So, patience is a must. Other than the bank's involvement, not too much else changes. There may be a few bank required addendum/forms that you may have to sign off on.

As a buyer, there aren't necessarily benefits or advantages. They come into play more for the seller, in that a short sale is an alternative to foreclosure and the seller is getting the bank to agree to accept less for the property, then the seller currently owes. But as a buyer, you will still be paying market value based on present day conditions.

If you would like to discuss further, then please don't hesitate to reach out. Thanks.


Best,

Ryan C. Garrity
U S Spaces, Inc.
2043 Locust St., 1F
Philadelphia, PA 19103
215-829-8850 x208
215-514-9424 (cell)
ryan@usspaces.com
... more
0 votes 7 answers Share Flag
Tue Apr 2, 2013
Don Sherman answered:
There isn't a special mortgage needed in this situation.You will be occupy the home & the city allows up to 3 unrelated people to live in a single family residence. You can use an FHA mortgage or conventional mortgage.
For more information and discuss you needs in the home,please contact me
Don SHERMAN-SRES
Century21 Advantage Gold
Cellphone-267-716-8228
Email-realtor94@gmail.com
... more
0 votes 5 answers Share Flag
Thu Apr 4, 2013
R. Eric Axelson answered:
Hi Jehana, congratulations on deciding to buy a home, and for maintaining good finances. I am a multi-million-dollar producer in Center City. My office is on Rittenhouse Square and I am intimately familiar with all neighborhoods and price ranges in Center City.

Feel free to contact me for a phone interview or a cup of coffee to see if we are a good fit for each other.

Eric Axelson, Associate Broker
Kurfiss Sotheby's International Realty
267.507.2287 direct
axelson@kurfiss.com
... more
0 votes 17 answers Share Flag
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