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48188 : Real Estate Advice

  • All25
  • Local Info4
  • Home Buying9
  • Home Selling6
  • Market Conditions1

Activity 83
Fri Nov 1, 2013
Tony Grech answered:
Shoot me an email with your contact info and some brief details. We offer these programs and I may be able to help
Tony.Grech@wcslending.com
0 votes 2 answers Share Flag
Mon Aug 22, 2016
Andy Hargreaves answered:
While I am not a lender, it is my belief that it's generally two years from your discharge date from your bankruptcy before you will be able to obtain a loan.

I am sure some lenders will chime in, but if I were you, I'd spend the time post-bankruptcy to work on rebuilding your credit as high as possible (most lenders require a minimum 640 score) and saving up as much cash as you can before you even consider purchasing a home.

Bankruptcy allows you to start over, save, and get yourself back on your feet. Use the time wisely to plan, budget and enable yourself the optimal lending environment for when you're ready.
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0 votes 9 answers Share Flag
Sun Apr 13, 2014
Haig Istamboulian answered:
Hello,

The answer to that is YES you can still short sell your home. I am guessing you are dealing with a Realtor? Have your Realtor send the offer and any necessary documentation, to the lender IMMEDIATELY and open a line of communication with them.

It is obviously too late to postpone the Sheriff sale (if it happened on the 12th). If for some reason it has not happened yet, talk to someone at the lender and ask them who you need to talk to, to postpone the Sheriff Sale.

If it is too late, don't worry, you still have a 6 month redemption period in order to try and accomplish this. It would have been better if you were trying to sell your home sooner than you did, what were you doing the past few months, was your home listed for a while and JUST got an offer?

Whatever you do, start on Monday and make some calls, or have your Realtor do it. You need to get the offer "in line" at the lender along with their other Short Sales to get the process started. There is still NO guarantee the bank will accept the offer but you never know with a short sale.

Best case scenario would be that the Sheriff Sale has NOT occured yet. Get on the phone and start making some calls to see which department you need to reach and who you need to talk too.

Good Luck!

HAIG
(248) 379-6547
realtorhaig@aol.com
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0 votes 6 answers Share Flag
Wed Apr 10, 2013
Andy Hargreaves answered:
Well, if the property foreclosed, the prior landlord isn't the current owner -- the bank is. Or, in your case, the city is as you say.

You'd be best served talking with an attorney, as Realtors can't give legal advice, but I think I'd find it difficult to make a payment to someone who isn't the owner of the property. Additionally, I doubt any court of law would award an eviction to someone who doesn't own the house.

For this reason, I make it part of the lease terms my clients sign that the sellers submit quarterly updates showing they are current on their mortgage payments.
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0 votes 1 answer Share Flag
Wed Apr 10, 2013
Jon Ruud answered:
a COUPLE OF DIFFERENT SCENARIOS in your question. Whoever bought the home at foreclosure must honer your existing lease. The former owner that lost the property can evict you during the 6 month redemption period. If the city owns your property as indicated in your question, they may have lost it at tax sale. You may want to check with the register of deeds to verify dates and who bought the property.

Jon Ruud
248-229-3203.
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0 votes 3 answers Share Flag
Tue Apr 2, 2013
Andy Hargreaves answered:
The association fees are listed as $240/mo.

As far as the association reserve -- not sure. You'd have to likely contact the management company with the HOA to get the condo documents to view the current budget YTD.

Today is the first day on market for this condo and it is bank owned. These move FAST -- let me know if you want more info or need to take a look.

Thanks!
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0 votes 7 answers Share Flag
Tue Feb 26, 2013
Andy Hargreaves answered:
It really depends on many factors -- what price range you're in, which style of home you're looking for, how old the home is, which school district it's in (Plymouth-Canton, Wayne-Westland or Van Buren) and by which neighborhood, zip code, etc.

If you want to seek a more refined answer, I recommend you use the service of a skilled agent who can more clearly refine your question and give you an accurate answer. In the general scope of things, price per square foot is a poor comparison for what a home is worth, in my opinion.

Let me know if you want some help.

Thanks!
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0 votes 4 answers Share Flag
Sun Sep 15, 2013
Shanejobrien answered:
FYI: We would be both 1st time home buyers, and worried that being denied a mortgage would really hurt our credit.
0 votes 12 answers Share Flag
Sat Aug 3, 2013
Miles Sampson answered:
Hi Nikia! If you are still looking to rent I would love to help you out! To prepare to rent a home make sure you have a copy of your credit score enough cash to pay a security deposit of 1 1/2 months rent. Also if you have any pets a lot of landlords do not like to rent out to pets so make sure you have records of recent shots and even a letter from a previous landlord of how your pet did in their home. If you would like for me to send you a list of rentals give me a call 734/956/0723 or email me miles@3dxonline.com ... more
0 votes 1 answer Share Flag
Tue Feb 5, 2013
stephen webber answered:
Yes they can. You will find a very good article on short sales at Your-Road-Home.com. Scroll down the colum on the left. Very informative. Stephen Webber
0 votes 6 answers Share Flag
Fri Jan 17, 2014
Karen Paytas answered:
Nobody can predict the future but it's been my experience that prices are slowly going up in most areas. Now is the perfect time to buy with historical low interest rates and affordable homes.

Good Luck,

Karen Paytas
Realtor
Real Living Kee Realty
586-709-8465
Kpaytas@mirealsource.com
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0 votes 5 answers Share Flag
Thu Jan 3, 2013
Andy Hargreaves answered:
Thanks for the question and Happy New Year to you!

Please feel free to add to your original question in order to help us out to be able to assist you in your home search for rentals locally.

If you can kindly provide some added info (i.e. desired rental payment, the proposed term of your lease, etc) we can get you more information on this and possibly other rentals.

Just as a note -- I am noticing that it's costing about $400-500 more per month to rent a home comparatively to buying it in today's market. Rental prices are way up while mortgage rates are low, so you can always try to figure out the best solution for you and your family.

Feel free to follow up directly with me for more information if needed.

Thanks!
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0 votes 3 answers Share Flag
Fri Nov 2, 2012
Derek Bauer answered:
Given the current underwriting rules, you would not be able to use an FHA loan for this second purchase as you are not allowed 2 simultaneous FHA loans. The main reason for this is that FHA is to ONLY be used for primary residences ... and obviously someone can have but one of those. As long as your borrowing ability (credit score, debt-to-income, etc.) supports a conventional loan, certainly you could explore that as an option. Do not be surprised, however, if you are required to put 20% or more down on that 2nd home. Good luck and keep us posted! ... more
0 votes 5 answers Share Flag
Sat Oct 27, 2012
Jeff Gushman answered:
If you can be approved to buy with the existing mortgage then you can do that. However no one guaranteed that your short sale is going to be approved and go through. Be advised that if you choose to buy and then short sell the house, that you could be stuck with both houses.

Keeping that in mind, please drop me a line at the below email address with any additional questions. If you decide you want to buy and/or list, I would love the opportunity to help you with your real estate needs.

Jeff Gushman - REALTOR
JeffGushman@gmail.com
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0 votes 4 answers Share Flag
Mon Dec 3, 2012
Andy Hargreaves answered:
Depends...

If you signed an agency agreement for a set period of time, you're technically signed with their brokerage for that duration, not just the agent.

If you are truly unhappy with your agent, let him know that you want to be terminated from your contract. If he fails to do so, approach his broker and give them examples of why you feel you should be terminated. In the likely case, the broker will try to assign another agent to work with you, but you reserve the right to decline.

I highly suggest you do some additional research and/or interview an agent or two that you identify with before committing to one.

If you need more insight, please feel free to let me know - I'd love to help.
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0 votes 8 answers Share Flag
Thu Aug 9, 2012
Bob Schweiss answered:
Lynn street is a nice area of canton. You will be as safe as anywhere.
If i can be of assistance please feel free to call, i can help you in your search.

Thanks
Bob Schweiss
Remerica Hometown One
(313)779-6188
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0 votes 2 answers Share Flag
Sat Jul 28, 2012
Alan Stokfisz answered:
Michelle,

At this time in Canton a condo with 2 bedrooms and 1.5 bathrooms with a basment the lowest priced condo is $1150.00 if I take out the basment the lowest piced condo is $850.00 and another is $950.00 an owner may ask for more rent per month or a pet deposit with your 2 dogs. If I can help you can call me at 734-420-3400 ext 294 ... more
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Wed Dec 19, 2012
Andy Hargreaves answered:
Well, I just read a report that online estimates of home prices on this and other sites are accurate around 14% of the time.

So, I wouldn't sweat it too much -- rely on a professional in the area who can help you with accurate information.

Good luck!
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0 votes 2 answers Share Flag
Mon Jul 16, 2012
Homie asked:
I guess in a semi private area......Don't have to worry about bad neighbors moving next to or across from you after spending good money on a new home.
0 votes 0 Answers Share Flag
Mon Jul 16, 2012
Cheryl Nothnagel answered:
Hi there,

How much land are you looking for...5 acres, 10 acres? Would you prefer to be more rural or closer to shopping and entertainment? Give me a call and we can discuss what would be the perfect fit for you.

Cheryl Nothnagel
Keller Williams Realty

734-323-7596
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