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52803 : Real Estate Advice

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Activity 36
Wed Apr 3, 2013
stephen webber answered:
A couple of thoughts for you. Before yu spend money on fixing your credit have an experienced loan officer look over the credit report.
So many times people do what would seem like a good idea; pay off a past due or pay off a credit card and close the account to later discover they actually lowered their rating.

Loan officers work with credit continually and many times can suggest a notification or two and presto the rating is up. Maybe there is a late pay that didn’t happen or maybe should have fallen of the report months earlier.

Go to and read article #5A. Good information on credit and also you will find Consultation Interviewing Loan Officers and Consultation Interviewing Real Estate Agents will serve you well.

Also an article on FHA and FHA 203K.

Be sure to read about the MCC tax credit

Hopefully gathering this information will shorten your time line to owning your own home. After you gather all the information yu can find, and Trulia is a good source, you will also find that Trulia is a good source for loan officers and real estate agents offering their services in your area.

Best of Luck, Stephen
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Tue Mar 26, 2013
Le Ann Dunne answered:
This may not be doable; however the lender can make the call. I would suggest you or your friend discuss this with the lender and see what options you have. A local lender may be your best bet for some flexibility.

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Fri Jan 25, 2013
Yo Phelps answered:
This is a question better suited for a lender, they will be more than happy to answer your questions. If you need help finding a lender to ask for help let me know and I will help you get a hold of one. Yo ... more
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Sat Oct 26, 2013
Steve Widmer answered:
Check with Wells Fargo they can do some FHA loans down to a 580 credit score with 10%a down payment Depending on the reason for the lower credit score. They may also be able to look at his credit report to make sure something on there that could possibly not be his which could boost his credit score 20-30 points quickly. Several lenders can do a FHA loan with 3 1/2% down payment and 600 middle score. So you are very close to being there!! Good luck! ... more
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Wed Feb 26, 2014
Anna M Brocco answered:
Check with the landlord/management...
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Mon Aug 20, 2012
Alex Wolking answered:
Hi Jochristian,

Absolutely! A foreclosure's bidding process is slightly different than an arms-length transactions' bidding procedure. It all depends on who the bank is. Most of the time you write your offer the same way you would any other offer. With foreclosed homes owned by HUD, Fannie Mae, Freddie Mac, Homesteps, et cetera, they have their own systems designed for submitting offers. When your offer is accepted, you have a certain amount of time to send in your purchase packet.

There is a misconception that foreclosures can be purchased for pennies on the dollar. While in some cases that is true, that is not typically the case these days. Today, incentives are being offered to owner-occupied buyers (I.E. - Freddic Mac "First Look" incentive), delaying the process for investors to purchase these homes as to allow owner-occupant buyers to bid on these homes first. Most of the time, the bank prices the home in "as-is" condition, and rarely reduces the price, unless the home has been on the market for a long time. Usually the bank has a certain number they need to net in order to close. For example, about one month ago, I wrote an owner-occupied offer on a HUD. The offer was approximately 80% of asking, and was rejected. But I received an email from HUD stating the exact number HUD needed to net in order for our offer to be accepted. Although HUD told me their bottom dollar, it was still an unacceptable figure for my buyer, and we continued to look at other homes.

There are an influx of buyers looking to snatch these homes up, when in all reality, this influx is creating bidding wars between rather than getting homes for 50-60% of asking! And if you are an investor in a multiple offer situation, competing against an owner-occupant offer, the chances of you winning are greatly reduced.

If you need assistance, or wish to speak more in person, please don't hesitate to call me at 309-948-3656, or send me an email at I appreciate the opportunity to help!

Thank you,

Alex Wolking
REALTOR® Licensed in Iowa
Keller Williams Realty Greater Quad Cities
1225 E River Drive, Suite 110
Davenport, IA 52803
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Fri Jan 11, 2013
Brenda Nolting answered:
A cosignor or co borrower can be used on a FHA loan. They are used to help qualify for monthly income. They cannot be used to help with credit if the borrower has credit issues. Best to contact your mortgage loan officer and have them tell you, your options. ... more
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Fri Feb 28, 2014
As far as crime rates, I would suggest a call to the davenport police department. As for the house you are talking about, I toured it a couple of weeks ago and I would highly recommend it. If you are a fan of a ... more
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Wed Apr 11, 2012
Cindy Schlee answered:
Hi - If I were you I would meet with a credit repair specialist and get your credit score up. I think it is your best bet. Land contracts and owner financing can be tricky and leaves you open to becoming a victim of fraud. Find a reputable mortgage broker. They should have names of credit repair people in your area. Good luck -

Cindy Schlee, Realtor
Grand Rapids MI
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Tue Aug 2, 2011
Ked asked:
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Fri Jun 24, 2011
Anna M Brocco answered:
For an accurate answer as it applies to your specific situation, do ask your tax professional the question....
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Tue Aug 17, 2010
Caroline Beckford asked:
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Sat May 1, 2010
Anna M Brocco answered:
If you have questions regarding the homeowner's association, any local agent can help you--contact any realty office(s) and inquire or contact any local Trulia contributor(s) directly and ask--or visit management directly. ... more
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Sat Jan 2, 2010
Hi, Simon

That would depend on whether or not the foreign national is looking to purchase a primary home or investment property. Criteria for each or significantly difference and can/will vary from lender to lender.
If you're currently working with a realtor (and you should be) he/she should be able to recommend a local or locally licensed lender/broker to assist you further.

Best Regards,

Rudy R. McDowell / Senior Loan Officer
NMLS#: 141856
770 S Adams Birmingham, MI. 48009
o: 800-678-6663 Ext 5154 / f:248-594-6156 /d: 313-410-1344

"Referrals are the Best Indicators of My Service and Your Satisfaction"
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Sun Dec 20, 2009
Anthony asked:
Would like picture, couple of sentences stating experience and how you can help foreign nationals with loan process. ThanksAnthonyAgent (Davenport FL)
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Tue Nov 17, 2009
Sean Dawes answered:
When the home is suppose to go to settlement (day which ownership is transfered).

So if you are talking about an agreement of sale, here in PA, we have it written "settlement on or before xx/xx/xxxx"

So once the deal is accepted and we move forward then you schedule settlement.

Sean Dawes
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Thu Oct 15, 2009
Lucky Lang answered:
The RIA has had hundreds of people who have transferred out of our area with previous BRAC relocations, etc. The supply of homes in the $150,000 and up are still good. The supply of homes in the $150,000 and below has dwindled immensely because of the First Time Home Buyer Tax Credit program.

If you are looking to head to the Quad Cities, you should find a REALTOR(R) that you trust to guide you through the process and find a property that fits your needs. How about me? :)
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Tue Jul 10, 2012
Eileen Lobel answered:
Hi. The home buyer doesn't pay the commission the seller does and its negotiable if they list there home for sale with a real estate company. There are many good reasons to work with a realtor but if this is a for sale by owner you or the seller are not under any obligation to the realtor at this point. However, that being said, I am helping a buyer & the seller for a smaller % to the seller and acting as a dual agent. In this instance I pre-qualified the buyers, handled the contracts and everything else involving the transaction. These were not friends of mine but seperately a buyer and a for sale by owner who needed the expertise of a real estate agent. Do you know what other properties in the area that are similar have sold for in the last 6 months close to the property. You don't say where your located but here in NJ we have a couple of good programs that if you were to qualify its 100% financing. Your agent may know of programs in your area & if this home qualifies.

I hope that this has helped you and if I can be of further assistance to you or anyone on this board feel free to contact me. 856-776-3264.

I wish you luck in your home search and have a good day.
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Wed Jul 1, 2009
Mickey Turner answered:
The best way is to have a relationship with a Realtor. They can tell you when a foreclosure comes on the market as soon as it hits. Look for a Realtor that has experience in working with hud homes and investors. It takes time to find the right home and you have to have your financing in order so you can make an offer as soon as the home hits the market. If you're not going to pay cash for the property most foreclosures won't be for you. If you have any other questions you can contact me and I would be glad to meet with you and give you a more complete picture of the Quad Cities market in foreclosures. ... more
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Sun May 31, 2009
Lee asked:
are building works still ongoing. Will it be good for short term rental? Any opinions?
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