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48601 : Real Estate Advice

  • All7
  • Local Info0
  • Home Buying4
  • Home Selling0
  • Market Conditions0

Activity 30
Tue Apr 9, 2013
Lakisha Bassett asked:
are there any descent 3bdr homes available at a reasonable price
0 votes 0 Answers Share Flag
Fri Mar 22, 2013
Derek Bauer answered:
That sounds very sad. Sorry that is happening.

This is my personal opinion only, not legal advice. I can not and do not give legal advice so you should seek legal counsel only from a licensed attorney in your state.

Perhaps the dying seller could provide power of attorney to someone else? Hopefully they are making the necessary provisions and arrangements that most do as life nears an end. Our contracts specifically address that the obligation to sell binds to the estate, heirs, etc. and thus there still may be an obligation to sell.

If you have an agent, have them address your concern with the listing agent. If you are working directly with the listing agent, discuss this with them.
... more
0 votes 6 answers Share Flag
Mon Feb 18, 2013
Gavin Wilson answered:
Looks like 3626 is listed at 40,000. Email me at Gwilson@realestatebywilson.com for a copy of the listing.
0 votes 1 answer Share Flag
Sun Feb 10, 2013
Tina Lam answered:
Sure, a savvy real estate agent can usually find out that info.
0 votes 2 answers Share Flag
Wed Sep 26, 2012
Terry McCarley answered:
Contact a local real estate professional - they can check this for you.
0 votes 4 answers Share Flag
Wed Sep 26, 2012
Alan May answered:
There is no "rule" or specific percentage to offer below listing price. It's largely dependent on the true market value of the home.

For example: A home whose market value is $100,000 might be listed for $90,000. A full price offer might be called for.

The same home listed for $200,000, clearly overpriced... a 20% offer below listing price, and you'd still be overpaying by a lot.

It's better to determine what the real value is, and nobody better to do that for you, than a local Realtor.
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0 votes 8 answers Share Flag
Fri Aug 17, 2012
Gavin Wilson answered:
Call 989.399.8731 for further assistance.
0 votes 2 answers Share Flag
Fri Aug 17, 2012
Ray Spitler answered:
After 3 years you may qualify for a mortgage since your bankruptcy should be discharged.. Contact a local lender and ask to be preapproved for a mortgage. They can tell you your score and what options may be available to you. If not yet qualified, they can usually help you do what needs to be done to get your score up and perhaps reapply in a few months. ... more
0 votes 2 answers Share Flag
Sun Sep 16, 2012
Tim Moore answered:
I am not sure where you are finding the email addy you are using. I am sure they are either dead or your email is not going through or they would return the contact attempt. Try calling if you see a number. We sometimes are harder to find but most all of us carry cell phones, smart phones and are eager to return your call. Try the Find A Pro feature here to find a Realtor in your area, it doesn't have to be the one listed next to the homes you see. ... more
0 votes 6 answers Share Flag
Sat Apr 28, 2012
answered:
Good morning Nichole,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website. http://consumer-action.org/

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm


The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.


Trevor Curran
NMLS #40140
... more
0 votes 1 answer Share Flag
Tue Nov 8, 2011
Annette Levinson answered:
How could you have been pre approved for a FHA mortgage and now these issues come up? Call the mortgage broker's boss. Ask them what is going on. Your pre approval is not worth the paper it is written on but they still owe you an explanation. ... more
0 votes 5 answers Share Flag
Thu Apr 26, 2012
Kkube answered:
Did u ever find someone to show you any? If so could you email me there info kairakube@gmail.com
0 votes 1 answer Share Flag
Wed Nov 9, 2011
Mary answered:
Is the home on 2006 so. 10th st for sale or is it sold.
0 votes 1 answer Share Flag
Wed Mar 2, 2011
Cicely Brookover answered:
Yes!! Wells Fargo for one. Of course loan is also tied into your ability to repay (a job!)
0 votes 3 answers Share Flag
Mon Jun 3, 2013
Cicely Brookover answered:
Presume you are speaking about transfer taxes. "normally" seller pays - especially if not addressed in the purchase agreement.)(law says if not addressed seller pays) If you are still negotiating an agreement, it can be negotiated that buyer can pay. Check about whether your SEV is lower now than when you purchased - a minor "out" of the tax. ... more
0 votes 8 answers Share Flag
Fri Aug 6, 2010
Christopher Lefebvre answered:
If it is listed for sale by a bank, you can place an offer as you would any other home. I don't see it listed on Realtor.com, so it is possible that the bank just recently foreclosed on it and have not listed it for sale yet.

Check the public records in your area to find out what has happened with the home.

If it is a pre-foreclosure, that is a different ball of wax. You can attempt to contact the owner to see if they are interested in selling, but it is not an easy thing to do. You would have to convince the owner to sell the home and also get it approved by their lender if it is a short sale.

Good luck.
... more
0 votes 4 answers Share Flag
Fri Jul 23, 2010
Tom Webb answered:
This is possible, but more complicated since the sheriff's sale has already occurred. As long as the property is still occupied, the owner has 6 months to "redeem" the property. Some banks will still consider a short sale during this redemption time frame. I can assist you with negotiating the transaction with the bank if you and your neighbor are interested. Feel free to contact me at tom@tomwebb.com or 989-492-0650.

Tom Webb, Realtor
Certified Distressed Property Expert (CDPE)
Acres & Homes Realty Inc.
... more
0 votes 4 answers Share Flag
Wed May 19, 2010
Don Tepper answered:
Here's a link to a blog I wrote on how to find land contracts. (It's actually how to find lease-options and rent-to-owns, but the concepts are very similar. In Michigan, it�39;s mostly done with land contracts. In other areas, it's lease-options or lease-purchases.)

http://bit.ly/findaleaseoption

Hope that helps.
... more
0 votes 1 answer Share Flag
Tue Dec 29, 2009
answered:
I don't think that would be a problem. MSHDA guidelines basically correspond with FHA guidelines which read as follows:

Non-Arm Length Transactions, or as FHA refers to them as Identity-of-Interest Transactions on principal residences are restricted to a maximum loan-to-value of 85%. Identity-of-Interest is defined as a transaction between family members, business partners or other business affiliates. However, maximum financing above 85% LTV is permissible under the following circumstances:
· A family member purchasing another family member’s principal residence.
· An employee of a builder purchasing one of the builder’s new homes or models as a principal residence.
· A current tenant purchasing the property that he or she has rented for at least 6 months predating the sales contract. A lease or other written evidence must be submitted verifying occupancy.
· Sales by corporations that transfer employees out of an area, purchase the transferred employee’s home and then resell to another employee.

If a property being sold from one family member to another is the seller’s investment property, the maximum mortgage is the lesser of either:
· 85% of the sum of the appraised value plus the allowable percentage of closing costs OR
· 97/95/90% of the sales price plus or minus required adjustments including the allowable closing costs.

The 85% limit may be waived if the family member has been a tenant in the property for at least 6 months predating the sales contract. A lease or other written evidence must be submitted verifying occupancy.
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0 votes 2 answers Share Flag
Thu Jul 16, 2009
Michael Thompson answered:
The answer is ..it depends..theres no set time. The redemption period runs for 6months so they couldn't take possession until April 2009 (thats if the former owners moved out at that time, otherwise you have to add eviction time onto that--30 to 45 days). There's one I know of that was foreclosed in May 2008 that's still not on the market...my advice just keep being diligent--see who the REO agents are in your area that list other Fannie Mae homes they may be able to give you some idea about it. ... more
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