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Home Buying in 27604 : Real Estate Advice

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  • Local Info2
  • Home Buying6
  • Home Selling2
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Activity 170
Tue Mar 6, 2012
Ebony Blount answered:
I would love to send you a home search and school report cards for the area. Email me, eblount@fmrealty.com :)
0 votes 11 answers Share Flag
Tue Mar 6, 2012
Nila Maceda Kucharski, GRI answered:
You make an offer with the help of a realtor on a short sale listing that any realtor may have or on the one you found from the realtor's website listing. Your buyer agent will attach a signed short sale addendum in addition to what is needed to write / make /submit an offer (ex. pre approval letter, etc.). Your offer will be submitted to the Loss Mitigation team member of the listing realtor (if she has any). Usually a realtor who does list properties on short sale has a team of Loss Mitigation specialist (an attorney in a law firm). Then, after the homeowner signed your Offer To Purchase and Contract, the Loss Mitigation staff/personnel will submit your offer to the bank/lender of the homeowner. You may have to wait for 45 - 90 days or more to get a response from the bank. When the bank responds to your offer, it will be communicated to all the parties concerned - listing agent, buyers's agent, homeowenr and buyers. Usually the bank will send a BPO to the property so they can work on their numbers too and can determine if they will accept your offer or will make a counteroffer. Whichever, the Loss Mitgation team member of the listing agent will informed us and give you updates. Once your offer is accepted by the bank, you have 30 to 45 days to close. The process can take a long time, if the sellers are not cooperative or the bank delays their response. Other than that, you should be OK and would get a good value of the property. Good luck. ... more
0 votes 3 answers Share Flag
Sat Mar 17, 2012
Mimi Francis answered:
Oh, boy, I could write a *book* on this topic! Here are some of the Top Tips I share with Home Buyers in the Cary/Raleigh/Chapel Hill area of North Carolina:
- start preparing to buy your home 9-12 months before you want to move in, small steps to improve your credit now can have a *huge* impact on lowering your mortgage rate
- drop by Open Houses in different price ranges and different areas - each house you walk thru will teach you more about what you like - and don't like! - in your first home
- organize your financial paperwork. Banks are eager to lend money for mortgages but they are required to collect and verify a ton of information. Set up a filing system that makes it easy for you to locate and copy paystubs, bank statements, taxes filed, etc. You'll be glad you did!
- get a free online copy of your credit report from www.annualcreditreport.com, check it carefully for errors and begin the process to correct erroneous information
- and find a *great* agent! There are some super agents in every area! Unfortunately you may have to cull thru some not-so-good agents to find 'em. Be sure to ask each agent if they are full-time professionals - do they feed their family thru real estate? In this market you want a true professional, not a 'dabbler' to help you navigate the landmines of buying your first home.

Hope this helps and happy house hunting!
... more
0 votes 11 answers Share Flag
Sun Mar 4, 2012
Venita Peyton answered:
The Good Faith Estimate is where you have an opportunity to choose which lender you want. Begin with the interest rate and origination cost. Most lenders will automatically tell you its 1%, and then charge an application fee and others. Study the APR rather than the interest rate.

If the Seller is offering you $5000 in closing costs, you can choose how they are applied.
... more
0 votes 6 answers Share Flag
Fri Aug 16, 2013
John Wesley Brooks Family of Realtors answered:
HI SAHI,

I KNOW ONE LENDER IN MY CITY WHO WILL WORK WITH A 600 CREDIT SCORE, WELLS FARGO. MIGHT GIVE THEM A RING. IF YOU DON'T WANT TO WORK WITH AN OUT OF STATE LENDER THEN I WOULD SUGGEST ONE SIMPLE BOOST FOR INCREASING YOUR SCORE. TALK WITH A LOCAL BANK WHO WILL EITHER DO A SECURE LINE OR CREDIT LIKE A CD OR SOME WILL DO AN UNSECURE CREDIT. A SECURE LINE OF CREDIT IF BORROWED AGAINST EVER MONTH WILL INCREASE YOUR SCORE FASTER.

HOPE THIS HELPS.

JOHN BROOKS
... more
0 votes 13 answers Share Flag
Thu Mar 1, 2012
Nathan Wolf answered:
Surprise 1: Down Payment Assistance Programs for First Time Home Buyers. These programs offer up to $8000 toward down payment assistance-- ONLY FOR FIRST TIME HOMEBUYERS.

Surprise 2: Tax Credits Available Boost Your Buying Power. The Mortgage Credit Certificate can boost your income by as much as $2000 per year to allow you to purchase more home than you may have thought possible.

Surprise 3: Interest Payments are Tax Deductible. Instead of paying rent, save TWICE by building equity in your property and by taking advantage of Homeowner Tax Deductions.

Surprise 4: Sellers will Pay Your Closing Costs. You can purchase with NO MONEY DOWN in some cases.

Surprise 5: Buying a house is often LESS EXPENSIVE than RENT.

Surprise 6: Buyer Agent Realtors offer their services for FREE TO HOME BUYERS. Hire a Realtor because you won't have to pay them-- their fee is already included! Really! Hire a Realtor!

***************
If this answered your question, please give me a "THUMBS UP" or "BEST ANSWER".
***************

Call me if you have more questions or want to get FREE PRE-APPROVAL for FIRST TIME HOMEBUYERS: 704-858-2345
... more
0 votes 2 answers Share Flag
Wed Nov 28, 2012
Don Tepper answered:
Yes. But if you're a home buyer (for a primary residence), hard money lenders won't be willing to lend to you. They'll lend short-term (6 months to a year) on investment property, generally lending about 60% of the value of the property. And they may charge 3-5 points and 12%-15% interest. That's not what you want if you're looking for financing. ... more
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Wed Feb 15, 2012
Mike Jaquish answered:
http://www.realtor.org/realtororg.nsf/pages/respasec8b?opendocument

I don't discuss pros and cons of other brokers' business models. Everyone needs to be legal while building their business with a fee structure that will sustain their business with transparency to the consumer, IMO.
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0 votes 7 answers Share Flag
Fri Jul 28, 2017
Tim Moore answered:
The bank is allowing a person they let borrow money, and who is now not paying them back, sell the home at a loss to the bank. The bank is going to want to make sure whomever buys it can get a loan. The bank will only accept offers that are accompanied with a letter from a lender stating in their professional opinion you can get a loan to buy it. If you can get that, you can make an offer on any house. Remember, the current bank is not giving the new buyer a loan, it will be some other bank. The current bank is washing its hands of the train wreck to some other bank to deal with. ... more
0 votes 5 answers Share Flag
Mon Mar 4, 2013
Mike Jaquish answered:
Sat Dec 24, 2011
Tracy Williams Pender answered:
There is no set percentage. Offers should be based on the condition of the home and compariable sales in the area. Feel free to contact me if you need a Realtor to assist you along the way! ... more
0 votes 10 answers Share Flag
Thu Feb 2, 2012
Ebony Blount answered:
Wed Jan 11, 2012
Thomas Bohlmann answered:
Olivia

Our MLS shows it sold and closed 02/12/2002

If there is anything else we can help you with.

Tom
0 votes 2 answers Share Flag
Wed Nov 2, 2011
Mike Jaquish answered:
http://www.ncrec.gov/pdf/LicensingBooklet/law.pdf
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http://www.ncrec.gov/pdf/LicensingBooklet/studyguide.pdf
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http://www.ncrec.gov/continuing-education/General_Information.html
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http://www.ncrec.gov/pdf/PostlicEdGuidelines.html
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http://www.ncrec.gov/pdf/LicensingBooklet/PrelicensingSchoolsList.pdf
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There's some good reading there...
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0 votes 2 answers Share Flag
Wed Mar 21, 2012
Seth Pollinger answered:
It does. Since values are driven by demand, and the split level is less popular in demand, that results in lower values. Of course, split levels vary. Some are buried in the ground and smell like a musty basement--buyers count them more like a basement. And that sq footage may only be worth about 1/2 of the prime space on the first floor. Meanwhile, are totally above grade and they can be dressed up to look more like a traditional two story. Since they often have great lots, focus on its distinctives--large living rooms and large lots--rather than the out of popular features. For more on value, see http://www.nccapitalhomes.com/my-homes-value ... more
0 votes 4 answers Share Flag
Tue Sep 24, 2013
answered:
Regardless of the asking price, you should make your offer based upon the recently sold comparables and the condition of the home with relation to the other comps. HUD always pays for you to have buyer representation so you should hire a buyer's agent to assist you. Expect to get a fair deal, not a steal. ... more
0 votes 16 answers Share Flag
Sun Oct 16, 2011
Venita Peyton answered:
I've never heard of USDA rejecting any applicant without an explanation, however, I also have not heard of the Seller allowing possession before closing with an USDA loan. Your loan officer has a contact at USDA who should be able to get a better answer.

If not contact the Raleigh Regional Office at: 919-875-4880, 4405 Bland Road, Suite 160, Raleigh, NC 27609 Fax is: 919-875-4915.
... more
0 votes 7 answers Share Flag
Thu Feb 2, 2012
Venita Peyton answered:
There's no easy answer. You can pay $1200 month rent w/no tax advantage (following someone else's rules) or have a mortgage of $850 month which you can write off on taxes for (likely a minimum) of 5 years. ... more
0 votes 12 answers Share Flag
Fri Jan 25, 2013
Edward Knox answered:
There are many areas that meet your criteria. The Apex and Holly Springs area come to mind. They are next to Cary and Raleigh, easy commute to any of the shopping events, museums, State Farmers Market and such. Wake Forest on the North side of Raleigh is great also. Feel free to contact me if you want more info or to be shown around. I am working on getting my aunt in Ashville (right below Columbus)OH down here soon, she can't wait. You will love the area and all we have to offer. Would love to discuss more of your needs in your homes if you get the chance. Edward Knox, Realtor with Coldwell Banker Howard Perry and Walston, knoxe@hpw.com ... more
0 votes 23 answers Share Flag
Sat May 14, 2011
Jay Music answered:
They have different addresses? is it one parcel of land or two? Is it 2 different owners or the same owner on each address? If it's an extra building that is habitable on the same parcel in the same owner's name then it may convey with the first house but it may not. I recommend you get a title search and look for evidence of ownership and liens on the guest house before you apply for the loan. If it doesn't exist in the record than check and make sure the guest housse was built to code because that would also be a potential loan impediment. good luck! ... more
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