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55372 : Real Estate Advice

  • All9
  • Local Info2
  • Home Buying1
  • Home Selling1
  • Market Conditions0

Activity 12
Thu Jun 16, 2016
Dan Tabit answered:
If you are building a custom home, or a spec home on a separate lot not part of a development, my experience is that you would be responsible for obtaining the construction loan. I did a few of these when I was a licensed lender and you must work with your builder on a developing the plan into various phases including the timeframes for each one for the lender to fund each aspect of the construction project.
If you are buying a home in a new development, the builder will have established a loan for the project and you will only need to arrange a final loan upon completion.
There are, or at least used to be "one loan" construction to permanent building loans where portions are paid at various milestones and the final loan is set upon completion. Speak directly to a couple local lenders about the current options available and what you may qualify for.
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Sun May 19, 2013
Elizabeth Fuller answered:
This varies from community to community; it also depends on what kind of addition you are making. Will it have a basement? Will you need additional heating? How much added electricity and plumbing work will be needed? Will you do some of the work yourself? What is the value of your home, the lot value and the median value of other homes in the area? Will the remodel price your home out of the market? Get three estimates and consider the goal and the results. You might start with a market analysis by your favorite realtor. If you don't have one, I will apply for the job! Liz 612-986-4105. ... more
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Mon Jun 27, 2011
Matt Jahr answered:
I believe "Loan Modification" is what you are referring to. They are extremely difficult to come by because on one hand you need to exhibit the hardship and drop in income to support it, but at the same time, you need to show the ability to repay the loan according to the modified terms; kind of a Catch 22.

We specialize in short sales, so in the event that you do go that route, I'd be happy to help you out. We can usually get our clients qualified for up to $12,000 in relocation assistance money under one of the 2 or 3 government backed short sale programs.

Loan modifications are tough, so good luck. I wish you the best.
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Fri Jan 27, 2012
Rick Thram answered:
Mud bay is historically a challenging bay for some years people living on that bay were unable to get their boats in for an entire season (or so I've heard). However, it is not exceptionally weedy. It is exceptionally mucky (thus the name ... more
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Tue Jan 31, 2012
Anna M Brocco answered:
Before considering your short sale--in order to best protect yourself an any other assets you may have, consider consulting with an attorney who specializes in real estate--as for your question--much will depend on your lender and your hardship. ... more
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Tue Sep 22, 2015
Lenny Frolov answered:
Sat Oct 4, 2014
Lisa Cannata answered:
Redemption Loans are the choice for those that have filed Chapter 7 bankruptcy. It is the new alternative to the standard dealer Bankruptcy Auto Loan. If the amount you owe is more than what your vehicle is Blue Booked at then a Redemption Loan can help you get out of the bind you're in. Applying for a Redemption Loan could help match you with a lender that will Lower Your Monthly Payments and Loan Balance!! ... more
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Fri Jun 10, 2011
Anna M Brocco answered:
Depending on your complaint, you can try the local better business bureau--see link--
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Fri Apr 17, 2015
Brad Anderson answered:
Jake, I don't know of a place to review a builder, but you cab file a complaint with the BBB.
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Wed Feb 17, 2010
Fred Glick answered:
Sorry, but based on IRS rules, nothing is deductible on a refinance.

If you pay points, you can spread them out over the life of the loan.

For example if you paid $3000 in points and had a 30 year loan, then you can deduct $100 per year.

Good luck!
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Thu Apr 11, 2013
Aaron Dickinson answered:
Your price should be higher than 2003 but by what amount is hard to say without having been inside your house. My guess would be $290k - $300k +/- but that is purely a guess. Appraisers have many variables to look at today and if your loan to value (LTV) ratio is greater than 80% on the refi you might find you have to pay mortgage insurance now when you didn't before. Appraisals and lenders are getting quite funky lately... one lender & appraisal might give you what you want, another may not. Just bite the bullet and have a lender do an appraisal. $350 tells you definitively whether you can do it or not.

If you need a couple names of lenders I recommend, let me know.
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Sun Mar 24, 2013
L answered:
Walk Away it's a Buyer's Market! Don't get yourself in a situation where you can't afford to keep your home. We had a home we bought in the early 1980's and it was several years before we could even think of getting what we paid for it. The bottom of the market has yet to arrive since they continued to give Liar's Loan's through 2007 and if you find yourself in a bind you will not be able to sell your property for MANY years without a Loss! In addition to the Liars Loans many people with traditional mortgages are now beginning to default and with the high costs of gasoline, food, heating fuel, etc., that number will only rise making it even more difficult to sell if you should encounter hardship.

Look at it this way the Seller will either come around or you will find another property that won't put you in financial hardship.
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