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78645 : Real Estate Advice

  • All4
  • Local Info0
  • Home Buying2
  • Home Selling1
  • Market Conditions0

Activity 33
Sun Mar 29, 2015
Don Groff answered:
Hello Mrs. Baez,

Find a lender who will work with you both. You do not have any options with a 545 mid score and if you are serious about buying a home you need to focus on getting his credit scores up. First you both need to understand why his score is there and then put into place a system to stop his scores from falling and start to rebuild his credit.

I have written several very long answers to similar questions so you can go back and look at those through my profile. I broker with many lenders and I have several that can potentially work with a credit score as low as 560. Ideally you want to be at 640 or higher to qualify for FHA financing.

Feel free to contact me to discuss further. Hope this helps.

_____________________________________________________
Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | listings@dongroff.com
websites: www.AustinListed.com | www.360LendingGroup.com
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0 votes 4 answers Share Flag
Mon Apr 1, 2013
Carla Pennington answered:
A lender can answer this question the best, but my understanding is you need a minimum of 640 credit score. You aren't far away! My advice would be to concentrate on getting that up, then you'll have a good option with your VA! ... more
0 votes 8 answers Share Flag
Wed Mar 27, 2013
Jason Martinez answered:
Just over nine miles to get to lakeline mall from this property it takes about 20 min.
0 votes 3 answers Share Flag
Tue Sep 23, 2014
answered:
They still have the same number of investors and possibly PMI companies to secure an approval from for this less-than-full amount due, no matter if there is a cash offer or loan involved.

Barbara Coker
NMLS#228545
Licensed Mortgage Loan Officer
100% Home Loans All Over Texas!
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0 votes 4 answers Share Flag
Mon Jan 21, 2013
Don Groff answered:
Hello Amanda,

It's hard to say for sure. I would need to know the exact location of where you were looking to build and I could check with USDA for sure. If you cannot go the USDA route FHA would probably be your best bet as it would allow for as little as 3.5% down. Not as good as USDA I know but still pretty good. There are other conventional options that would allow for 5% down which could have lower monthly insurance rates depending on your credit.

I am a Realtor and mortgage broker who lives nearby in Cedar Park so if you would like to discuss this further please feel free to call or email me and I can look into this for you in more detail so you can understand all of your options.

Best of luck to you,

_______________________________________
Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
listings@dongroff.com | www.AustinListed.com
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0 votes 2 answers Share Flag
Sat Jul 30, 2016
David Drayer answered:
Hi Amanda,
Call me when you can and we can make a plan to go view USDA approved homes.
Congratulations,
Dave Drayer
512-743-8685
0 votes 14 answers Share Flag
Fri Apr 26, 2013
Jason Martinez answered:
Hello, I have several resources for you however a few more details would help get the best information. If you intend to purchase a new mobile home, the seller can often attach a mortgage to the land as well. If you want a used home to be placed on the land there are strict criteria for financing including a HUD label, proper anchorage, and proof that the home has not been moved before. There is also the question of utilities. Does this land need a septic and well system or is it provided by the city or county. Installing new systems or tapping into city lines can be costly. For more specific information contact Cory Beardon at Weststar mortgage ... more
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Sun Nov 4, 2012
Jason Martinez answered:
Hi Toni, how can I help you?
0 votes 3 answers Share Flag
Fri Aug 2, 2013
Carla Pennington answered:
With every listing I take, I create a Google alert for the address and a separate one for the street. If it gets published anyplace, I know about it.
0 votes 2 answers Share Flag
Mon Oct 28, 2013
Carla Pennington answered:
You probably can get a mortgage. You are certainly very close on the credit score. I would be happy to work with you and help you get with a lender to get the definitive answer. I see you are in New York. Have you already relocated or are you coming soon? ... more
0 votes 9 answers Share Flag
Sun Sep 1, 2013
Carla Pennington answered:
Definitely a lender question. That seems like a wide range of scores to me, so I'll be watching to see what the lenders are saying. If you need to talk to a lender in person, I or other realtors in your area can make some recommendations of lenders we have worked with. ... more
0 votes 10 answers Share Flag
Wed Jul 31, 2013
Jason Martinez answered:
Hi Davlo, speaking with a lender is the best way to determine your eligibility. Often there are little things on your credit report that can be remedied fairly easily. If you would like a short list of lenders that specialize in credit repair please let me know. ... more
0 votes 8 answers Share Flag
Sat Apr 19, 2014
Don Tepper answered:
Let's look at your questions:

An investment company purchased the home four years ago for 56k. Some nice interior improvements were made and it went back on the market 18 months ago for over 150k. Months later 130, now under that amount.
ANSWER: The market is saying it was overpriced at $150,000. Still overpriced at $130,000. If it's been at the current price for more than, say, 2 months, it's still overpriced.

Since I was doing homework with an agent friend, I was able to discover the prices then vs the current price. Do I have the right to mention this?
ANSWER: You have the right to mention anything you want. However, what matters is the price today. Markets change. Sometimes they go up. Sometimes they go down. The only valid issue is whether it's sold, which it hasn't. And therefore the only valid question is: What is it worth today? And the logical approach for you to take is to make an offer at or below today's value. Doesn't matter what the property was purchased for. Doesn't matter what it was initially priced at. Doesn't matter what it's priced at now. Besides, while you can "mention" the price reductions, I have a sneaking suspicion that the seller is fully aware of the price reductions.

I am not getting a huge bargain and feel without a lot of negotiating power. New cabinets in the kitchen are needed as the current ones don't close and drawers on broken or missing runners, no refrigerator, and I have impressed the need for no carpet.
ANSWER: You earlier said that some nice interior improvements were made. Sounds as if a lot of improvements WEREN'T made. The property shows like crap, according to your description. That's one reason it hasn't sold. While I agree that the current price (whatever it is) is no bargain--otherwise it would have sold--the real question is: What's it worth today? Stay focused on that one question.

Since my agent is somehow working or affiliated with working with the seller alot, would it be unwise of me to indicate my knowledge of this pricing difference?
ANSWER: Huh? YOUR agent is working with or affiliated with the seller? That's not good. You need your own agent, one without a potential conflict of interest. If this is a dual agent situation--the same agent representing both parties--you absolutely need your own agent. Even if "your" agent isn't representing the seller in this case, you'd probably be better off with your own agent. And, again, I've got a sneaking suspicion that your agent--regardless of relationship with the seller, already knows about the pricing adjustments. Look: Get your own agent.

ps. i saw the home last year, and the only difference I notice is new carpet& new lumber under deck
ANSWER: And how does that qualify as "nice interior improvements"? Again, doesn't sound like it's in the best of condition.

Summary: You're focusing on the wrong negotiating issues. You seem to think that somehow your knowledge of the pricing reductions might--or might not--give you leverage. That doesn't matter. Here's what matters to the seller: The seller bought the property for $56,000. He put some minor improvements into it. Probably $5,000 or so. He's trying to sell it for something close to $130,000. He's had 4 years of carrying costs (or lost opportunity costs). He cheaped out on really fixing the property up. He wants out. So, find out what it's really, truly worth in its present condition. Then find out how much more you'll have to sink into it (cabinets, appliances, etc.). Make sure you get a good home inspection. (Check especially the plumbing and HVAC. Likely they're both bad.) The investor might be willing to let it go for, say, $60,000-$65,000. If it's worth less than that, make an offer for less. If it's worth more, start out at $60,000. But don't go above its true value in its present condition.

Hope that helps.
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0 votes 4 answers Share Flag
Thu May 24, 2012
Edith Karoline Jasser answered:
Well, I am not sure if you are a Realtor or a buyer / seller, but it does not matter.

I always tell my potential clients that they should select their Realtor as carefully and with the same intentions as they select their family physician, attorney, dentist, hair dresser etc. etc. Someone you
trust, a Realtor who listens to your needs, adjusts to your urgency in finding or selling the home in other words has patience or takes off running because you are in a hurry. Then you want a Realtor who has time for you, takes his services to you super serious, runs his business with attention to every detail, in your and only YOUR very best interest, with the intention to find you the RIGHT HOME FOR YOU and one who adheres strictly to the Code of Ethics of the Association of Realtors....

And if you find that Realtor, YOU WILL KNOW, you will have great communication, reach your Realtor any time, and by the way, the right and best Realtor is the one who puts the facts in front of you and not the one catering to your wishes and hopes as far as what you want to sell your home for.....in this market you need a Realtor who is straight forward and honest and puts all the facts of your market place in front of you THEN YOU WILL BE IN GOOD HANDS :)

Hope this helps


EdithSellsHomes@gmail.com YourRealtor4Life! Working always in the very BEST interest of her clients covering for @Properties Brokerage the city of Chicago, all N and NW suburbs and the fine homes on the NorthShore...and worldwide and anywhere in the US services with my partner agent
Edith speaks English, French, German, Spanish and more
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Mon Apr 30, 2012
Bruce Lynn answered:
I doubt it, but I guess it could happen.
The problem is the taxing authority will not reveal what methods they use to determine your value.

Being in 90210 for example in LA might add value.
Sometimes it might be better sometimes worse.
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Mon Apr 30, 2012
David Longoria answered:
Also needed to add that i could put 20% down on a loan of 180K
0 votes 9 answers Share Flag
Tue Jul 29, 2014
Stuart McWilliams answered:
If you would like to email me your property address I would be glad to run a CMA to determine market value of your home and give you a better idea of what the closing costs will be. Stuart@beyondrealtytx.com I could also recommend a few ways for you to sell your home ... more
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Fri Apr 6, 2012
Alain Picard answered:
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Sun Apr 27, 2014
Michael Roberts answered:
Margaret,

I specialize in the Leander area. 2acres is plenty big enough to support a well and septic. I fact most lots you find in Leander will require both. Let me know how I can help in your search.

Regards,

Michael Roberts
North Lake Real Estate Group
michael@austinpropertymanagementpros.com
512-699-5735
512-994-4355
... more
0 votes 6 answers Share Flag
Sat Apr 19, 2014
Bruce Lynn answered:
Victor,

If you will send me an email I can send you a couple of names of people I think might can help you.
0 votes 4 answers Share Flag
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