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64146 : Real Estate Advice

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Activity 320
Thu Apr 5, 2012
Ron Thomas answered:
Are you trying to compete with him?
0 votes 6 answers Share Flag
Wed Apr 4, 2012
Dale Weir answered:
It depends on many things, none of which we can answer here

Your credit will be affected for 5-7 years from the foreclosure, but if your credit scores are really high, they may still be high enough to qualify. They will also look at your debt to income ratios and how much money you have to put down for a downpayment.

I HIGHLY recommend that you sit down face to face with a GOOD, LOCAL lender to discuss your situation. Note that a bank will typically only lend only their own loan packages, while a mortgage broker can look at different banks to see which has the best package for you.

You may also want to talk to a local HUD/FHA counselor about your situation. They will have no vested interest in whether you buy or not
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0 votes 2 answers Share Flag
Mon Apr 2, 2012
Debra (Debbie) Rose answered:
Well, several things might be at play here:

1. sellers are giving the home a "rest" (not what I would suggest , however)...and this is a strategic move - it may be relisted soon

2. the listing period is often for 6 months, so it may have expired........and they simply decided not to relist the home..........and, perhaps not to sell at this time

3. they are currently deciding who to relist with (might be looking for a new agent), so keep an eye out as it may pop up on the mls again soon....hopefully with a lower list price

4. they tried selling at a certain price, and that number didn't work out...........maybe they can't sell for a lower number.............they might be upside down on the mortgage at a lower list price

You can always call the former listing agent (or ask your own agent) and ask if they know what the current status/plan is.

Good luck!
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0 votes 8 answers Share Flag
Wed Mar 21, 2012
Marie Souza Team answered:
This is a question for a mortgage officer. Contact one directly to see what you qualify for.
0 votes 9 answers Share Flag
Mon Apr 9, 2012
allan erps,ABR,SFR answered:
Probably not, but repairing old problems and the fact that you actually may be considered "credit light" is a present issue. Take out two-three CC cards and if you charge something, pay it ASAP. THink your FICO score can climb quickly but also get some advice from a professional in the field. Best of Luck, Allan ... more
0 votes 5 answers Share Flag
Thu Mar 15, 2012
Tim Moore answered:
Unless you take a poll I have no idea how you will know or how you would think we would know?
0 votes 4 answers Share Flag
Fri Mar 9, 2012
Scott Hulen answered:
The greater Kansas City metro area is a large sprawling land mass consisting of 2 states (Kansas & Missouri) and 15 counties with a land mass estimated at 7,952 sq. miles! This is one of the largest areas of sprawl in the United States. With that being said we do have areas which are doing well and areas which are doing poorly. It would be impossible for a Realtor® to give their opinion on a city wide area so I will give my opinion on the areas which I work. I work north of the river, this area encompasses two counties which have a manufacturing base close to the city, and suburbs as you go farther North. The areas of Platte City, Smithville and Kearney have been “hot” spots because of lower taxes and top tier schools but have come under pressure as of late because of accelerating fuel prices (3/9/12) Areas in and around the new Zona Rosa shopping district have seen some appreciation as of late. The Liberty area also continues to see strong growth and the schools play a huge role. The new state of the art Staley High School is increasing home prices in the area which it serves. In a nutshell the better the schools the better the housing market in and around the Kansas City area. For those reading, this is not an attempt at steering only my opinion as to the current Real Estate market in my area. ... more
0 votes 4 answers Share Flag
Thu Mar 8, 2012
Scott Hulen answered:
Picking a Realtor®; you should interview several Realtors® before making a decision. Do not solely rely on a referral! Do the work yourself and interview several. Here’s a short check list of questions to ask & things to consider:
1) The paperwork involved in this process is extremely complicated, having stated this It is important that a Realtor be “practiced at our trade” pick a Realtor® which has completed 15+ transactions the previous year
2) Interview 3-5 full time Realtors® (very few part-time agents have the same skills as a person who works Real Estate on a full time basis)
3) Do a basic back ground check on your Realtor® use a site like PIPL or just goggle their name, this usually turns up items such as lawsuits, bankruptcies or other items which you feel might interfere or conflict with a Realtor® representing your best interest. Ps: this does not work for a John Smith
4) Once you have interviewed your potential Realtors® and if you are still unsure and want a “trail run” sign an exclusive buyers agency for 48 hours with the Realtor® and explain if all goes well in the beginning then you will be willing to commit for 1- 3 months.
5) Work with a Realtor® which is local to your area. Meaning a 10-20 mile radius, they will know the schools, shopping and the growth potential of the area without having to go look it up!

Before you even start this process consider purchasing the book by Dave Ramsey “The Total Money Makeover” this will provide valuable information in regard to having a successful financial life & make a prudent home purchase!

That’s your list! Good Luck!
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0 votes 3 answers Share Flag
Wed Mar 7, 2012
Aimee Paine answered:
Macken Park in North Kansas City, Penguin Park in Gladstone, or there is also a park located off 152 and Platte Purchase. Or check out http://platteparks.com/parks.html.

Let me know if you need anything else.
Thanks!
Aimee Paine
Reece and Nichols Parkville
816-805-8113
Aimee@ReeceAndNichols.com
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Fri Aug 31, 2012
Marcia Kelly answered:
Things Renters Should Be Know Before Signing a Lease:

.1. Have the Better Business bureau or local landlord-tenant organization advise you if any of the landlord's renters have had complaints. Also, ask the landlord to provide the names of current or previous tenants so you can obtain references.
2. Specify exactly how much you will have to pay each month & upfront , & who pays for which utility or landscaping expense,
3. Ask if the landlord intends to return your pet and security deposits in full.
3. Ask the landlord if the property is insured and whether or not he is current with his own payments for the property.
4. Make sure you discover if the property has or has had any environmental problems, i.e., mold, pests, or has been a meth lab. Also find out if these problems have been rectified and verify this with the contractor who corrected each situation.
5. Find out if any registered sexual predators live in the building.
5. Have the landlord conduct a walk-through inspection and initial any damage that exists before you move in. Get a copy of this or videotape the walk-through. Film yourself with the landlord holding a sign showing the date.
5. Ask the landlord who is responsible for repairs and how the landlord will handle such repairs.
6. Find out how much notice a landlord can give you before entering the premises.
7. Ask the landlord if the rental has or has had any environmental problems, i.e, mold, termites, or if the property has been a meth lab.
5. Read a copy of local landlord-tenants regulations. You can obtain this from a local landlord-tenants organization. Know your rights as tenant.
.6. Ask whether pets are allowed & what type. If the landlord will not agree to pets or more than 1 pet, ask if you can put down a larger pet deposit.
7. Find out if you can sublease your rental.
8. Also, find out if you can have roommates, if you plan to have them.
9. Find out if the landlord has hazard insurance on the property. If not, do not move in here.

Negotiating a contract:

1. Find out if you can obtain a discount for agreeing to a longer-term lease, i.e., 2-3 years.
2. If you feel the rent is too high, ask if the landlord can lower it. What the heck? The Landlord may agree to a lower rent. (Bring letters of reference from other landlords so you can promote yourself as a wonderful, trustworthy tenant.)
3. Ask the landlord upfront if he or she will repair problems that are obvious when you first visit the rental, i.e., paint the premises or improvements.. If he won't, try to make this a condition of your renting the rental.
4. Bring a copy of your credit report to show the landlord. He'll check it anyway; but if your report is good, you'll make a better first impression. If more than 1 person is vying for the rental, you'll make first on the list.
5. Find out if there is an "escape clause."in the lease. You may get transferred to another area, for example. Also determine if there are any penalties for leaving early. If no escape clause exists, ask to have one put into your contract..
Be sure to have the landlord initial every change or addition to the contract.
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0 votes 3 answers Share Flag
Wed Mar 7, 2012
Dale Weir answered:
LONG

find a good realtor who is used to working short sales

see if good realtor does them, themselves, or do they use a company that specializes in doing short sales to assist (esp imp if they are representing the seller). If they do themselves, how much experience do they have?

work up the comps on the property and determine what you are willing to offer with realtors assist

ENSURE - that the lender you are working with understands that you are putting an offer on a short sale, since some loans will not work with short sales and a preapproval letter for a regular sale is NOT what you need

See if the area the home is in requires an occupancy inspection in order to get an occupancy permit before you move in. NOTE - sellers are selling as is, if an inspection is required, you will have to pay for it, cord to ensure utilities are on and then take care of anything that is found that the municipality requires be fixed before you can move in - in many cases, your lender may not lend you the money to purchase the home unless you can get an occupancy permit prior to closing. NOTE - some sellers will allow you to fix up the home prior to closing, BUT, you run the risk that their lender will put the home in foreclosure throughout the short sale process, so if you have for example replaced the hot water heater in order to meet the municipal code, then the bank forecloses on the home, you are out the cost of the water heater and the installation cost and permit cost, etc. Check out 203 K rehab loans as a backup

Be patient, my last 3 short sales took 8 months to get the sellers lender's permission to close, after we got a contract from the buyer. then another month to close - some will close in a month, however with the majority, you will not even have an answer back from the bank by then

NOTE - the price you negotiate with the seller is subject to approval by the bank, they OFTEN, come back and renegotiate the price point, after you have been waiting for months for them to acknowledge that they have even received your contract offer

Do not be surprised if after the price is negotiated, when the final closing docs are done and approved, the bank comes back and states that they have to get XX amount of money regardless of contracted price and they don't care if the buyer, seller or whomever brings it to the table (this is typically due to the amount of taxes, etc that are prorated on the final closing docs

Some of the short sales are in great shape, others are not - they are sold AS IS - get a good inspector and inspect everything. Note that the seller has no money for preventive maintenance or minor repairs so you will probably be taking care of a lot of small items when you first move in

Ensure you use a good title company who will thoroughly research any liens against the property and ensure that they are cleared before closing

be patient, have somewhere to live where if you have to keep extending your stay it's ok, or if you need to move out without a month's notice it's ok

Good luck
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0 votes 4 answers Share Flag
Mon Mar 5, 2012
Scott Hulen answered:
Mon Mar 5, 2012
James Hopkins answered:
I think it depends on your current situation and what you feel most comfortable with. Have you spoken to a lender about a home loan? What are you currently paying in rent? There are programs available for first time buyers that can help with down payment assistance & other costs associated with buying a home, depending on where you are looking. Feel free to contact me if you'd like to discuss it in more detail. Visit my website below for more information or to contact me! ... more
0 votes 7 answers Share Flag
Wed Mar 7, 2012
Dale Weir answered:
First and foremost, get preapproved so you know you are looking at homes in the correct price range. DO NOT make the mistake of looking at homes that are above your price range and presuming that the seller will come down to your price range. If you do, you will find homes that you love, then the seller won't come down and you will find yourself comparing all the homes you see later to that first home and hating them because they don't match up, because they are a lower price range so the amenities, neighborhoods, etc will not be the same.

It is typically best to use a LOCAL mortgage lender, one who will come to closing with you when you are a first time home buyer. If you have a friend in the area you are moving to, ask them for referrals. Once you find the realtor you want to work with, they will be able to give you good solid local references as well.

Second, keep in mind that all real estate is LOCAL, I note that you are coming from the San Francisco area, I have relatives there and as a result, know a bit about the market there. It is NOT at all like the market in Missouri or Kansas.

Third, Find a good local realtor who is familiar with the area that you are looking in. Now if you haven't quite figured out where in the Greater Kansas City area you want (or even if you are looking at the MO or the KS side yet), then start with one who fits your personality and is good with first time homebuyers

Give the realtor good complete info. You will find that as you look at homes, your ideas about what you want will change. TELL THE REALTOR when that happens, don't leave them in the dark.

When you find the home you want, put in a realistic bid. If you low ball the seller or get to the point where you are nickel and diming the seller to death, they won't want to work with you and the deal will be miserable for everyone. A good deal should have both the buyer and the seller feeling like they got a good deal, if one feels like they were sucker punched, everyone loses.

When you get to the building inspection, keep in mind that you are looking at big items that require a licenses contractor to fix or that will cost over $100 to fix. Do not make the mistake of trying to ask the seller to "upgrade" things, or to fix nit-noys.

Be Realistic - if you are looking for a home that you only expect to be in 3-7 years, pay attn to the Realtors advice about resale. If you are looking for a home you expect to be in for 15-20 years, focus on the bones on the home, not cosmetics that are easily changed. (Today's updated home will be dated by the time you sell it)

Good luck - there are lots of wonderful homes out there and wonderful Realtors to work with!
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0 votes 5 answers Share Flag
Thu Mar 8, 2012
Dale Weir answered:
When buyers ask for closing cost, they are typically worded, "for closing costs, prepaids, points, principal and/or interest" The buyer then works with his lender to determine how best to apply the costs.

Note that if it's worded only for closing costs, it cannot legally be used for the prepaids, points, principal or interest. In some cases if it's mis-worded and the amount that the seller is crediting the buyer is over the buyer's actual closing costs, the seller gets to keep the portion of the money that is over the closing costs.

You also have to talk to the lender FIRST to make sure that you know the max amount that the seller can credit the buyer. If you write a higher amount in the contract than the type of loan will allow the seller to pay, then again, the seller keeps the money.
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0 votes 4 answers Share Flag
Wed Mar 7, 2012
Trisha Lee answered:
Dear Home Selling in Kansas City -
Call a local REALTOR to guide you in what is needed for the age, location and price range of your property. Their job is to help you spend as LITTLE as possible yet look as great as you can for resale. If your house is $900,000 a new kitchen might be in order, if it's $130,000, replace the dated cabinet pulls and paint the walls. Basically - Clean, Clean, Clean (then clean some more) - Declutter (that's why show homes look so great - you're selling SPACE so make it look like there's a lot of it) - Paint (your front door, anything that's dirty, go with bright neutral colors, there's a reason for REALTOR beige) - Curb Appeal (clean the yard, trim plants, edge the lawn, plant flowers in the sping). These are some basics but a REALTOR can help you with the rest. Also, go to REALTOR.org and read some of the articles on what to do to sell your house faster and for more money.

If you need a few recommendations on terrific Kansas City REALTORS, just let me know. I'm in Columbia and have connections with several outstanding REALTORS that would love to work with you to prepare your home. for future sale.
Trisha Lee REMAX Boone Realty, Columbia, MO
(573) 999-1000 or (573) 876-2897
TrishaLee@Remax.net
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0 votes 4 answers Share Flag
Sun Mar 11, 2012
Stephen King answered:
Some suprises a first-time buyer might encounter are finding out there are more than tradtional loans available to help save you money. Besides FHA or VA loans, there are Homepath Mortgages, Jumbo Loans, USDA Rural Development Loans, and more.

Getting up to $10,000 dollars free to help with your down payment is another suprise a first-time buyer might not know about until after they have already bought a home. These government bond money programs are available to help people get into their first home and after talking with professionals lenders you can determine what amount you qualify for.

Speaking with a professional lender is the best step to finding the savings you want. A professional lender knows the in's and out's of the paperwork, processes, & options that can turn a conventional loan into a major discount or thouands in overall savings.

Overview: Talk with a professional lender, explore all the options available with them, qet qualified for loans and free money for down payment assistance, and then have the power in your hand to buy the home you desire.

Feel free to contact our professionals at 1-888-643-0004 or visit our website listed below.
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0 votes 4 answers Share Flag
Mon Feb 20, 2012
Alain Picard answered:
That could be the reason. I would call the county and ask them if someone just forgot to update this or if it was done without the proper permits.
0 votes 4 answers Share Flag
Mon Feb 20, 2012
Marie Souza Team answered:
Try contacting your local town departments. They should be able to direct you to whom to ask regarding your questions
0 votes 3 answers Share Flag
Fri Feb 17, 2012
Joel Upchurch answered:
Izzy the basic answer is you will have to have been discharged over 2 years ago The homepath program is basically underwritten with conventional loan guidelines Generally speaking you have to have a credit csore of 660 or better and your debt to income would need to fall within the Guidelines for conventional underwriting I noticed that you are in Kansas City I am in Georgia but will be more than happy to put you in touch with a mortgage that can answer questions more specific to you situation . Homepath .com also has loads of information

Have a Great Day and Good Luck!!!!

Joel Upchurch
Re/Max Results LaGrange
706-845-7000
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