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53406 : Real Estate Advice

  • All9
  • Local Info1
  • Home Buying1
  • Home Selling1
  • Market Conditions3

Activity 34
Fri Aug 9, 2013
Sunnie Zemaj answered:
The term "nice" is vague.Please send me your criteria (neighborhood,area,school district,price range,etc).....I would be more than happy to assist you!

0 votes 1 answer Share Flag
Fri Feb 7, 2014
Dan Pederson answered:
Sturtevant is a fine municipality to live with quality homes(mostly 1 story)
0 votes 1 answer Share Flag
Tue Oct 9, 2012
Eric D Lenz answered:
You bet! A 10 year mortgage is not commonly used, but you can get it, just ask your lender. You might even get a break on the interest rate of the loan.
0 votes 3 answers Share Flag
Tue Jul 24, 2012
Sue you for what? Need to narrow it down a little,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
0 votes 2 answers Share Flag
Tue Mar 15, 2011
Dallas Texas answered:
Confused are you wanting to purchase another home in CO I am assuming ?

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
... more
0 votes 0 Answers Share Flag
Mon Nov 29, 2010
This is a tough call. Generally when someone declares bankcruptcy, they look for well established credit afterwards. Does he have an explanation for having a repo after a bankcruptcy, and how long afterwards was it? Seeing as you have had issues before, whether they approve you or not, you should take a hard look at what you are doing, and make sure that you feel comfortable with the payments you will have, and your debt ratio. There are times that desktop underwriting will approve a ratio up to 55%, but after having taxes, social security, possibly insurance and other things deducted, you are not left with that much to pay your other bills and buy food. I would say that if your debt ratio is relatively low, let's say a total of 38% including the new payment, you should be fine. That is the old fashioned ratio, and it's possible that we never should have gotten away from that. Even if you put a minimum amount down, you are paying off principal with every payment, and you wouldn't want to lose any of that if you couldn't make your payments. ... more
0 votes 6 answers Share Flag
Wed Sep 15, 2010
Jeffrey Kropp answered:
It is based on loan amount, starting October 4th 1% for upfront and in most case 95 basis points for monthly (a big increase).
0 votes 2 answers Share Flag
Sun Apr 8, 2012
David Bellovary answered:
Dear Joy,

Absolutely, you should be talking to a local lender. As much as everyone thinks that nationwide/internet based lending is the way of the future, there is something still to be said for having a real live loan originator that you can personally talk to when something "screws" up. When you never see or meet that person, and only communicate through emails and voice messages, it is often very nerve wracking. Considering that this person is helping to coordinate what may be your largest purchase of a lifetime, I feel it is best to have them local rather than in another distant city or state. Add to that the differences in state lending laws and practices which can create some very interesting problems. Many states are what are known as "escrow states", which Wisconsin is not. Having lived in both types of states, I can tell you that the way a real estate transaction is closed in Wisconsin is totally different than it is in California. If you are going to use an out of state lender, make sure they understand the differences. Otherwise you might end up at a closing table in Racine waiting for funds that are delayed for hours or days.

If you need some names of reputable lenders in the area, call or email me and I will be happy to supply you with a list of folks that will treat you right. Lots of luck with your move!

Dave Bellovary
Broker Associate
RE/MAX Newport Realty Corp
Racine, WI
262-939-0935 (Direct)
... more
0 votes 4 answers Share Flag
Sun Jul 18, 2010
Mini Samuel answered:
your best bet would be to speal to a loan officer..If you need a referral to a local lender, please let me know..Thanks! Mini Samuel
0 votes 3 answers Share Flag
Tue May 11, 2010
Dan Tabit answered:
Step one is get pre-approved for you mortgage. You may find you are qualified for a different amount. Once you are pre-approved get a good local agent and have them run all the sold comparables in the price range and see what percentage of the original list price most of the homes sold for.
I tend to show my clients listings around 10% over their price range, with the understanding that some may be willing to come down and others won't.
Best of luck in you home search.
... more
0 votes 5 answers Share Flag
Sat May 1, 2010
Don Tepper answered:
It depends, in large part, on market conditions. It also depends on the motivation of the seller. Realistically, in most cases, I'd say look at everything below $225,000. Don't set a bottom limit on it. If you set it at, say, $170,000, you might miss a really great deal at $155,000.

So at least start off and see what's available at maybe $225,000 and below that meets your criteria--location, number of bedrooms, number of baths, age, style, etc. Then take a look at what $225,000 (list) will buy you. Then take a look at what maybe $200,000 will buy you, and $180,000, and $160,000. That'll help you narrow down the price range.

Realistically, not too many homes listed at $225,000 will come down to $180,000. But some will. And you may find something at, say, $219,000 that can be negotiated down to $189,000 that you'd be happy with.

So--start out fairly broadly. Then narrow it down.

Your Realtor can give you more information and more strategies.

Hope that helps.
... more
0 votes 2 answers Share Flag
Thu Apr 22, 2010
Joan Braunschweiger answered:
I am not sure what statistics will show you.
You need to interview agents. Interview them until you KNOW you have found the right one. Be picky, take your time and don9;t settle or get pushed into anything.
For the largest purchase of your life (at least for most people), it pays to be picky. The difference between a great agent and a mediocre (or worse) agent is like night and day.
Remember the agent works for you so you have to think of it like they are interviewing for a job, which is in fact what they are doing.
Agents should not only be knowledgeable but they should be willing to answer any and all questions you have thoroughly and patiently. If they don't know the answer, they should say "I don't know, but I will get back to you ASAP" and then do it. They should be flexible (within reason) about working around YOUR schedule.
They should listen to what you say and stick with it. If they don't (say on price) they should explain why. All phone calls and inquiries should be returned on a timely basis.
They should be willing to take you through and explain the process thoroughly from beginning to end.
You need to be able to trust your agent completely and know, without doubt that they are advocating for you.
I hope I helped at least a little.
... more
0 votes 7 answers Share Flag
Fri Apr 16, 2010
Don Tepper answered:
There may be a mathematical average. Who knows? 8%? 5%? 2%? Maybe they're paying above asking price. I can identify areas where homes are, on average, selling for more than their asking prices.

It really, really, really doesn't matter what the mathematical average is. Not unless you're an economist doing research.
... more
0 votes 4 answers Share Flag
Fri Apr 9, 2010
Hi Jjohnson,

If you're putting 20% down, you should be able to go with a conventional loan.

With FHA, regardless of the down payment, you are required to have mortgage insurance. There's the Upfront Mortgage Insurance Premium of 2.25% of the loan amount that is financed for you and then there is the monthly premium of 0.55% or 0.50% depending on the loan-to-value.

Best regards,
... more
0 votes 8 answers Share Flag
Tue Mar 2, 2010
Kathy Persha answered:
A deficiency judgment is the difference between the amount that the lender receives on a short sale and the amount owed on the property. in most states, the lender has the right to pursue the homeowner to pay that difference. But a "no deficiency judgment" means that the lender is giving up their right to go after the homeowner anytime in the future to collect any additional money.

Some states, like Michigan, have a 6-month redemption period. This is the period immediately following the sheriff's sale (or foreclosure sale) where the homeowner has the right to redeem the proprty for the amount of money that the lender paid at the sheriff's sale. Usually, the lender will pay the full amount that is owed on the mortgage plus late fees and legal cost to purchase back the property. This would be the amount that the homeowner would have to pay to get their property back. But about 30% of the time, the lender will "underbid". That means that the amount that they pay for the house at sheriff's sale is far lower than what is actually owed on the mortgage. In these cases, the homeower can buy back (redeem) their property for that amount. Or, the homeower can sell their property, payoff the lender that smaller "underbid" amount and keep any money that is left over.
... more
0 votes 4 answers Share Flag
Wed Feb 24, 2010
Joseph Domino answered:
Probably not. The property is probably listed at a price where the Seller has no room to give and accepting a low bid will kick in the Short Sale. Your agent should be able to find out what the Seller owes on the property and determine how low they can go. If you want to bid low, you might get it, but you may have to endure the lengthy Short Sale process to get it. ... more
0 votes 3 answers Share Flag
Fri Jul 21, 2017
Sally K. Hanson answered:
Do you have spirits visiting you ? Seriously if the home was listed in MLS...we can tell you the owners for the past 7 years. Before that,,,or if the house transferred ownership in some other way...inheritance, quit claim, for sale by owner...the county register of deeds office will be able to help you with the chain of ownership. As to who died there...hmmm...Google past owners names or obituaries in the area after researching the ownership. We know people who have said they have friendly and unfriendly spirits in their homes...and do everything from talk to them to having them of luck ! ... more
0 votes 18 answers Share Flag
Fri Jan 15, 2010
Terri Vellios answered:
The best way to sell anything in a Buyer's market is price it right for the condition and amenities. Make it stand out and shine above all the others so that a buyer can see themselves in it and the value. Usually 5% below the most recent pending, depending on your market segment. ... more
0 votes 6 answers Share Flag
Thu Apr 8, 2010
Mini Samuel answered:
Im not sure what sort of restrictions you are referring to..Please call me (262) 960-0468 and I can address all the questions you may have..Thanks! Mini
0 votes 2 answers Share Flag
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