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46851 : Real Estate Advice

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Activity 84
Fri Apr 16, 2010
Peter Bright answered:
If have at least 20 percent down you should be able to work with a local bank or credit union
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Thu Jan 27, 2011
Aninformedbuyer answered:
Much too long, too many people asking more then the houses are worth and cluess agents as well as brokers trying to scam people into thinking that the 2006 prices of which led to this mess are still prevelant today.

An informed buyer who knows the comps, researches and is ashamed at all the people taking advantage of prospective buyers
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Sat Apr 10, 2010
Sean Dawes answered:
What is that house worth though? They may be asking $144k with upgrades but do the comps reflect it?

Also is the builder moving units rapidly and do you feel like you will miss out? Im assuming you want it locked in before the 30th to get the tax credit?

If they arent moving units, play hard ball. You have cash and should use that as your leverage. 4k isnt much off asking unless they are already undervalued and have buyers lined up to come behind you.

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Tue Feb 23, 2010
Hi Charlie
Although in theory having consistent guidelines that everyone needs to conform to is very desirable, the execution of this seems to me to be off.

The toughest part of it for me has been that costs on the new GFE are a "worst case scenario" as opposed to what the costs will actually be at closing. There are some items which are normally paid for by the seller here in Michigan, such as transfer tax and owners title insurance, that have to go on the GFE.

It takes a lot of effort to explain this to the borrower and not make it sound like you're trying to pull a fast one on them :) It makes it even more important to work together with their realtor to make sure our customer understands. It also makes it imperative that we touch base with the title company early in the process to have them provide the borrower with ACTUAL costs.

I think this creates more work for ethical lenders who've always disclosed things properly anyway. It's just a shame that we're forced to work more to make up for those shady lenders who've relied on the old bait and switch.

Just my two cents...I'm interested in seeing what others have to say
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Fri Jan 22, 2010
Alisha Chen answered:
Yes, there are some banks willing to give out loans without much documentation if you have a large down payment like 40% and up. I've closed several transactions where the bank was willing to take the risk on the foreign buyer who just came to the US to work, so no W2, but with large down payment.

Alisha Chen
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Fri Dec 18, 2009
Jason Roshek answered:
Contact your County Public Trustee's Office, if you are in a State where there are no Public Trustee's Office then go your Local Sheriff. Notify them immediately. This will not stop the foreclosure. It will give you some time. Also Check with your Local Government offices. There are programs that are working on this issue. The BIGGEST and MOST IMPORTANT thing is to stop paying the landlord. Ask for the mortgage statement and talk to them and maybe pay them. ... more
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Sun Dec 13, 2009
Marty G. Shanks asked:
properties in need of Contractor services (trash out, lock changes, lawn care, ect..), does anyone need or know of anybody that would like a professional and timely bid?
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Mon Mar 10, 2014
Emily Alderin answered:
The house is liveable, but there could be possible treat for harm. Here is a website that might answer your question best.

Please, let me know if I can help with anything else.

Emily Alderin
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Mon Dec 14, 2009
Rhonda Bandor answered:
Sheriff’s sales are generally a way for the lending institution to get possession of a property on mortgage foreclosure so the property can be resold. The lending institution can bid their judgment in addition to interest, taxes and attorney fees without putting up the cash. The plaintiff’s bid will also include the cost of the sale. So if you have a mortage on it, it will probably go back to the bank. ... more
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Sat Apr 18, 2009
Mike Linkenauger answered:
I'm sorry to hear you are having difficulties with your home, like many Americans. A short sale may be a good solution. Some of the lenders will give you a little money for the move, and it will not impact your credit like a foreclosure. Unfortunately you would not get to keep your home, but at least you would avoid losing the home and be able to get out from undernegth it! You definately do sould like a good canidate. ... more
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Sat Jun 6, 2009
Jackie Auburn answered:
Find a lender and get qualified and get pre approved..Shop a lender like you would your home. Very carefully..Get referrals from friends, relatives or realtors. Find a good experienced full time Realtor. Shop location 1st, then check out school districts and then your home search.. When you find the right home make sure you have a contingency addendum in contract for a home inspection.. I wouldn't buy anything with out a home inspection from a good qualified licensed inspector to search for any defects in home that you might not be aware of. Good luck. ... more
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Mon Jul 25, 2011
Jody Jones answered:
You will love Fort Wayne! I lived on the SW side of town for 5 yrs, its a great spot. Close to the interstate, shopping, family friendly, lots of parks, tons of restaurants and very affordable as well.

I have moved now, but I still miss it. It has bigger city conveniences but still relatively small town atmosphere.
A good place to research the area is on City Data. You can find tons of information there as well as get feedback from folks who live there already.
Welcome to Hoosierland!
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Tue Dec 23, 2008
Keith Manson- Metro Milwaukee Wisconsin answered:
I you purchase with a purchase money mortgage you should qualify. With a contact for deed I am not sure and you would have to check the regulation. My thought is that it would not qualify because ownership does not transfer until the deed and title transfers on the last payment. ... more
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Wed Jan 21, 2009
Jody Jones answered:
Paul, Have you checked with your local Multiple Listing Office? I am not sure about Allen County, but I know here in Elkhart, we can now designate a property as being a short sale when we input it into the system and can then search by same. ... more
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Wed Aug 13, 2008
Sherrie Railsback asked:
Wed Jan 12, 2011
Jody Jones answered:
If your daughter has a bad credit score, there is not a whole lot that can be done about that these days, according to what I have been told by the lenders and mortgage brokers I work with. If she has a low score, she should try to get her credit cleaned up as much as possible. I would also suggest that she contact the non profit Consumer Credit Counseling Service that has several offices in the Fort Wayne area. This is the link: They do not charge a fee for their services and they may be able to help her.
Good luck!
Jody Jones
Century21 Landmark Realty
Elkhart, IN
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Wed Nov 14, 2012
Maureen & Colleen answered:
There are tax benefits to owning, however, 3.5 years in the current state of the US real estate market may not be enough to be able to relist at the end of that time and not have to 'bring money to the table' to accomplish the closing. Ask a local Realtor what the estimated closing costs are on a home sale in that price range because you could be in a situation where there is no gain. If there is a drop in value, then of course, you are behind.
Also, calculate the benefit in your tax write off to see how that figures in. Contact a local accountant for help with that.
Having said all of the above, I would always favor owing over renting for a variety of lifestyle reasons - stable housing costs, security, neighborhood choice and the ability to make improvements that you want but a landlord would never allow (or you would never want to pay for in a rental).
Good luck to you!
Maureen of That Sister Team,
Meadow Vista, CA
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Mon Jun 2, 2008
Tony Grego answered:
Good question but options are limited. Even though they have split up in the eyes of the bank they are still responsible for making payments on time.

The only way to remove would be for the ex-to refiance in his own name. Now I know you say the payments are late if he can doucment his income and has a good reason for late payments he may be able to qualify for FHA.

Either way each month he pays late effects your girlfriends credit and with guidelines getting tighter and tighter she is headed for trouble down the road.

Let me know if I can be of any more help

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