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27605 : Real Estate Advice

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Activity 396
Fri Dec 7, 2012
Larry Story answered:
Infoseeker,

banks versus broker is a long standing discussion. What you can definitely do is to get a pre-approval from more then one lender. Now as long as you are going to buy a home within 30 days you will not damage your credit but if you constantly shop around and too many lenders are pulling your credit it will actually start to lower your score.

Now when speaking to a lender any money saved will be in the closing costs and of course the interest rate. Some brokers will actually discount some of the closing costs because they actually make more money down the road when they sell your loan to one of those larger banks.

You seem to be doing your homework so I encourage you to continue to do your research and just call the lenders to see what their closing costs are and the interest rates. If someone has a lower closing costs but a bit higher interest rate you need to understand that will cost you more in the long run.


Hope this helps,
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Thu Dec 6, 2012
My NC Homes Team answered:
Joe,

I've not heard of any loans that aren't going to require PMI with so little down, other than through State Employees Credit Union which if you have access to using would be who I would suggest speaking with. Even they may require some sort of PMI.

Good luck, I'll be interested in seeing what some local lenders have to say in their response. Might be I'll learn something new and useful.
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0 votes 11 answers Share Flag
Sun Dec 2, 2012
Mike Jaquish answered:
You will have no problem finding a good buyer's agent.
Deal honestly with the agent.
Be sure any agent you talk to knows you respect their time.

Bear in mind that any agent who has an exclusive buyer client with the same needs as you will probably run good properties past that exclusive client before showing them to you.




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0 votes 10 answers Share Flag
Tue Dec 4, 2012
Skye Creech answered:
I as well am looking to do the exact same thing in the coming months. I have been doing much research as I don't want to let me current home go. Putting 20% down would be best and I doubt the bank would deny you a loan. Or I would try to get the mortgage balance of your home now to $193,000 and still come with a down payment of 5%. Overall I would speak to your bank or lender, as they will know better than any agent. ... more
0 votes 6 answers Share Flag
Tue Jun 14, 2016
Joseph Domino answered:
You know this question gets asked daily. First off, the contract for commission is between the seller and the Listing agent. There is no where that it states that not using a buyer's agent lowers the commission to the Seller.

Secondly, how many purchase contracts have you written? Do you know all the pitfalls that can occur when purchasing?

believe me it is a lot more than just agreeing to purchase price. I have seen numerous buyers screw up thinking "Oh the Seller (or Listing Agent) is so nice, they would not take advantage of me." Wrong!

You can go cheap, or you can go smart, it is your choice. just do not come back to this forum complaining about how you got taken advantage.
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0 votes 43 answers Share Flag
Mon Jan 14, 2013
David Worters answered:
I think the best way to answer that is to provide you with a resource that I think you'll find very helpful, which is a mapping tool the City of Raleigh has developed. You'll quickly discover that ANY neighborhood has its fair share of crime reports, it's just a question of understanding the data and comparing to neighborhoods that you are familiar with so that you can develop your own personal level of comfort with any particular neighborhood... http://www.raleighnc.gov/home/content/Police/Articles/OnlineCrimeMapping.html ... more
0 votes 3 answers Share Flag
Tue Dec 6, 2016
Lidah Saylor answered:
You can't go wrong with either area. We have a lot of families relocating to the area; and I recently worked with a super family from San Diego! More than willing to forward web links for the area...and neither of you should have any trouble finding employment given your expertise. Do suggest you plan a visit and I would welcome the chance to be your ambassodor! ... more
0 votes 18 answers Share Flag
Sun Nov 11, 2012
My NC Homes Team answered:
Your agent must "claim it" on Trulia. They hopefully have already established themselves on Trulia and know how to log on and take control of the listing.
0 votes 11 answers Share Flag
Tue Nov 13, 2012
Don Tepper answered:
Ummm . . . what???

You've started the business and NOW you want to know if it's profitable?

Kind of backwards, don't you think? What research did you do before starting the business?

Quick answer: It CAN be profitable, if you know what you're doing. Still, this whole cleaning foreclosures business totally mystifies me. And I worked for an association for 8 years that represented janitorial and cleaning companies. I've written books on the subject. (Check Amazon.) And I still don't get it.

There is money to be made in residential cleaning of all types--scheduled cleaning, move-in/move-out cleaning, and foreclosures. But there's more to be made in the other types. Besides, why limit yourself?

Before you do anything else, do research on the business. Try http://www.bscai.org Especially, look at what's there on marketing and bidding. You absolutely need those.

Good luck.
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0 votes 3 answers Share Flag
Wed Jan 15, 2014
Jim Laudate answered:
Hi Sarah,
Wake County offers what you are looking for and more. From an outstanding symphony, to 2 minor league baseball teams nearby, great restaurants, hospitals and churches. You will fit right in for day one. Contract me at: jimlaudate@yahoo.com I would love to help. ... more
0 votes 18 answers Share Flag
Fri Nov 1, 2013
Guy Gimenez answered:
Generally speaking, if more than one person is on title (deed), all parties must be in agreement in order to consummate a sale unless a court order states otherwise. Assuming the divorce has been finalized, a review of the divorce decree should be considered, along with a consultation with an attorney. ... more
0 votes 4 answers Share Flag
Thu Nov 15, 2012
Bill Eckler answered:
Hi Patti,

This purchase approach has become very popular for those that do not have the borrowing power to implement a conventional mortgage.

"Rent to own" is an agreement between the buyer and seller that allows the buyer to rent the home with a portion of the monthly rent being credited toward the agreed upon sale price. This usually involves a considerable deposit along with a written contract the outlines the terms of the agreement.

Hope this helps.

Bill
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0 votes 5 answers Share Flag
Sun Oct 21, 2012
answered:
Good afternoon Patti,

The ONLY difference between Prequalification and Preapproval is the spelling. The fact is, according to HUD Guidelines, we Lenders are not supposed to "Preapprove" anyone! It's just semantics and marketing hype.

I have seen many real estate agents here on Trulia and elsewhere write the difference is that we Loan Officers only run a credit report for Prequalification but we look at all the Income and Asset docs along with the credit report on the Preapproval. More nonsense hyped by BAD Loan Officers.

When you are starting out to become a homeowner you want to get Prequalfied by a Licensed Mortgage Loan Originator (MLO) with at least 15 years experience in the trade. You can verify the License of any MLO at http://www.nmlsconsumeraccess.org/

An experienced Mortgage Loan Originator (Loan Officer) will take the time to review Income, Assets and Credit documentation in detail with a prospective Borrower. As you begin your journey towards homeownership, you'll want to sit down with a Loan Officer who does that. Anyone who only runs a credit report and does a telephone interview about your income and assets without reviewing documents is wasting your time.

BECAUSE...

In the "Final Approval" for a mortgage loan:

1. You'll have identified a property to buy and signed a purchase agreement/contract of sale
2. You'll have made a formal Loan Application to your Lender for the loan
3. Your Lender verifies your Employment, Income, Assets, Credit, Appraisal value of the home you are purchasing and title report.
4. Based on the acceptability of all those criteria by the Lender's Underwriter according to accepted Underwriting Guidelines to approve mortgage loans, the Lender Approves your loan and issues a written "Commitment To Lend." That's the Real McCoy; the "final approval" if you will.

So you can see when a Loan Officer reviews Income and Asset documentation up front at the Prequalification stage, the experienced mortgage professional that she is can best assess your chances of a loan approval. And, at the end of the day, that's what a Prequalification truly is: an assessment of your chances of getting approved for the loan. The more experienced the mortgage professional, the better your chances.

Good luck!

Trevor Curran
NMLS #40140
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0 votes 5 answers Share Flag
Thu Jan 24, 2013
Rich Homer answered:
Your best bet is to contact a local Mortgage Broker before doing anything else at "Find a Pro" in the header of this website. http://www.naplesrealestateguys.com/
0 votes 1 answer Share Flag
Thu Nov 22, 2012
Daniel Harmon answered:
Yes, I am Daniel Harmon with the Jim Allen Group in Raleigh. I can take you to see some homes and find on that is suitable to you. My email is Daniel@jimallen.com or give me a call at 919 341-9723

I'll just need your requirements and I can research a number of options for you!

Thanks Joanna!
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0 votes 4 answers Share Flag
Thu Oct 11, 2012
Sheri Moritz answered:
You may want to post that question in a Missouri question board to get better responses. This is posted in Raleigh NC and gets emailed out to agents in that area. If you post in the area you would like to know about it will send and email to the appropriate agents. ... more
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Tue Oct 9, 2012
Thomas Bohlmann answered:
That is the "link" to .a mortgage application web site.
0 votes 1 answer Share Flag
Sat Apr 27, 2013
Alison Hillman answered:
That's a really interesting (and scary) observation! Trulia reports on crime maps here:

http://www.trulia.com/real_estate/Raleigh-North_Carolina/crime/

Stay safe,
Ali, Community Manager ... more
0 votes 3 answers Share Flag
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