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23323 : Real Estate Advice

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  • Home Buying2
  • Home Selling1
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Activity 149
Sat Oct 29, 2011
Anna M Brocco answered:
Have your offers been fair or have they been on the low side--have a discussion with your agent, if your chat is unsatisfactory, and have no signed agreement, you are free to work with whoever you please... ... more
0 votes 15 answers Share Flag
Fri Nov 4, 2011
Carolyn Guy answered:
Is there a particular property you are interested in? On the City of Chesapeake's website there is a map with the flood zones and is easier to look up an address to see what the property is zoned for. Please feel free to contact me with any questions or concerns and I will be happy to assist you in finding the answers.

Carolyn Guy
The Real Estate Group
757-373-7248
... more
0 votes 6 answers Share Flag
Mon Sep 10, 2012
Drew Hitt answered:
If the price is right it always make sense to buy. You just want to get it less the cost of all the repairs and less a little hassle factor.

So if a house is worth $200,000 fixed up and needs $15,000 in work, don't pay any more than $185,000. Because after all you'd still be paying full price. A house with that kind of work needed (the 15k number) you'd want to get for $150,000 - $180,000. Obviously the lower the better a deal for you, but you should still try to get a discount for the fact it needs work. You want to build in some equity for all your hard work.

Now that is assuming you're buying with a bank loan. You have an upper hand on the fixer because you can get a loan. But if the seller is offering some type of financing, whether owner financing or a rent to own, you couldn't expect to get such a discount. If they were financing you, you'd probably need to pay the full price because they are offering you an opportunity to own.

Just don't over pay for a house that needs work. And make sure you have the reserves in the bank to afford those repairs. Buying a house is expensive, last thing you wan to do is spend every bloody cent you have and not be able to fix the house up for months or years later.

-Drew
... more
0 votes 11 answers Share Flag
Tue Jul 17, 2012
answered:
A 680 score is pretty decent for a mortgage - not perfect but it'll qualify for nearly all loan programs. As little as 0% down if it's your primary residence and using USDA Rural or VA financing (I noticed you mentioned NFCU which makes me think you may be or have been in the military), 3% down with conventional financing, 3.5% down FHA financing, 2nd home or an investment property with a 10% down payment. You will get better interest rates with a 740 score however (or if you take a 15-year fixed or shorter term then credit score doesn't matter).

With regards to your credit history, usually lenders want to see that you:

A) Have a credit score (at least 2 credit bureaus are reporting a credit score)
B) Have an open trade line with recent activity (credit card, car loan, etc.)
C) Have at least 12 months of credit history (past closed accounts count towards that as well)

If you were planning on using your credit in the next 3-6 months I wouldn't go out and open up a new trade line quite yet, as opening a new trade line can actually hurt your scores for the first few months after it's opened. As far as maintaining a healthy credit history, I feel it's good to have at least 3 credit cards and (if needed) an installment loan like a car loan or student loan, and a mortgage if you want to have one. Diversity is important, as well as how long each account has been opened (so don't close any unless you have too many - 8-10 would be approaching too many), keeping a low balance on revolving accounts/credit cards, but most importantly you need to have on time payments reporting each month and so that can only be accomplished by having open trade lines. Credit cards are perfect for that since you don't even have to use or have a balance on them every month in order for an on time payment to report - they just need to be used responsibly (and somewhat often or they may close the credit card on you).

Depending on what you are aiming to do, your credit as it is now may be OK, so figure out what your end goal is (is it to qualify for a mortgage?) and let that be your guide on what you should or shouldn't do to your credit. If you have resigned to just purchasing a home 12 months from now then opening up a couple credit cards right now shouldn't have a negative impact since your score should fully recover from the impact of opening new accounts, just keep the balances low & payments made on time.

If you need help figuring things out I'd be happy to, I'm actually working with a civilian contractor out in Afghanistan who is buying an investment property in South Carolina. Communicate via email & Skype too if they had it.
... more
0 votes 19 answers Share Flag
Tue Aug 2, 2011
answered:
Hello,
Your question is a legal one. I suggest you seek legal counsel and ask them to review your rights under your existing lease. Susie Ochsenbein The Real Estate Group 757-403-2540 ... more
0 votes 5 answers Share Flag
Wed Aug 17, 2011
Charles Lewis answered:
In the Low $100's...depends on how many bedrooms you have and the size.
0 votes 1 answer Share Flag
Sun Nov 13, 2011
Vicky Chrisner answered:
Wed Jun 22, 2011
Bill Eckler answered:
Rochester,

Unfortunately this is a matter between your wife, her former boy friend, and the lender. By co-signing for a loan your wife has guaranteed its payment and is also responsible for satisfying it. Is it reasonable for any lender to excuse someone from guaranteeing repayment of these funds?

You best advice, will likely come from an attorney.....

Good luck,

Bill
... more
0 votes 3 answers Share Flag
Tue Jun 21, 2011
Sally Grenier answered:
What does your agent say?? Your agent will likely advise you to sign an amendment, extending the deadlines out.
0 votes 3 answers Share Flag
Mon May 30, 2011
Tim Moore answered:
There is a pretty big difference in a modular home and a manufactured home, also known as a double wide. Modulars should be allowed anywhere a house is allowed. manufactured homes are more regulated but if you add a permanent foundation they are allowed in more places. Unless the one acre lot is in a subdivision with covenants against them it should be ok. I just depends where the lot is. ... more
0 votes 1 answer Share Flag
Tue Apr 23, 2013
Leanna McKee answered:
It is really up to the seller as to whether they will allow showings on their property. Most sellers don't do showings after a contract unless they feel the deal is shakey. Hang tight and maybe they will call you back because of an issue in the contract. Good luck! ... more
0 votes 10 answers Share Flag
Mon Aug 8, 2011
Georgia White answered:
Hello!
Thanks for your question. Here in South Carolina we have some programs offered through State Housing loans. There are special qualification categories for people that have disabilities and a lower income. Many offer down payment assistance. The best thing to do would be to contact one of your local lenders and they can put you in touch with someone who offers a similar product. I hope it all works out for you. God bless you! ... more
0 votes 6 answers Share Flag
Wed Apr 27, 2011
Terri Vellios answered:
Sun Mar 27, 2011
Tim Moore answered:
It's about 1.5 hrs north of me so I will not be attending today.
0 votes 1 answer Share Flag
Sun Mar 27, 2011
Sally Grenier answered:
Every short sale is different and no one on here can tell you when you'll get short sale approval. Key is to stay patient. Short sales can take months. Good luck.
0 votes 4 answers Share Flag
Sun Mar 13, 2011
Tee Williams answered:
The last listing activity shows that it expired in March 2010 @ $185,000. If it went to FC it has not been re-listed yet.
0 votes 2 answers Share Flag
Tue Mar 8, 2011
Denise Mann answered:
In some cases you can~depends on the circumstances of the individual home in question. Do you have one you are looking at?? I would be happy to look it up and let you know??
0 votes 12 answers Share Flag
Mon Mar 21, 2011
Cindy Jones answered:
The seller pays the agent fees unless otherwise stated in the MLS. The lender determines the real estate commission they will pay and the listing broker provides that information in the MLS. ... more
0 votes 13 answers Share Flag
Thu Apr 12, 2012
Sally Grenier answered:
Unfortunately, yes. It happens all the time. It's pretty easy to get pre-approved for a loan, that's why I always take so called "pre-approval letters" with a grain of salt. It's also why I encourage buyers to use a lender or mortgage broker I recommend to them. From a listing standpoint, if we get an offer and the buyer is using a lender I've never heard of, I'll ask the buyer's agent if they've had experience with that person/company. If not, I may ask the buyer to get pre-approved through a lender of my choice, just to be safe. ... more
0 votes 9 answers Share Flag
Thu May 29, 2014
Jim McCowan answered:
The first thing you need to do is contact your current lender(s). Don't assume. You have to prove to them that you qualify for a short sale!
0 votes 15 answers Share Flag
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