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84157 : Real Estate Advice

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Activity 133
Mon Jun 24, 2013
Dan Tabit answered:
You have several options here but I warn you, each decision will carry different consequences. My first recommendation is to decide where your priorities are. If you pay any reporting debt late, your credit will suffer. If you fall behind on a car payment, auto lenders will look on this worse than if you are late on credit cards. Mortgage lenders don't like being the lowest priority. When you apply for new credit, which one do you want to feel slighted?
Consider meeting with a credit counselor to sort through your priorities and the consequences. Depending on how severe your debts are and how long you'll need to catch up, it may make sense to talk to a BK attorney and know all of your options.
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Mon Sep 29, 2014
Ranae Morley answered:
The Number one city is Kearns,/ Taylorsville areas, more people purchased homes in the fourth quarter of 2010 than any other city along the wasatch front The median price of homes sold in the Kearns in the fourth quarter was $ 138,000, well below the medin home price of 199,900 and Salt Lake County's median home price of $ 215,000, Buyer's are jumping on these areas, with the interest rates as low and prices as low they can't pass it up. these are also excellent rental areas. ... more
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Mon Aug 26, 2013
Scott Butcher answered:
I suggest you talk to a commercial mortgage banker. Yes, they typically charge 1% for their fee but the time they save you in legwork is worth it. They will have access to all sorts of different lending options assuming the Apartment complex your talking about is a decent size. (ie. over $1M). otherwise, I suggest going to local banks.

I have some good names of national commercial mortgage bankers I know in TX that close loans all over the US if you want to email me offline.

good luck.
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Tue Mar 22, 2011
Clint Carter answered:
Hi there, this is a great program if you qualify. Please go to this website
Feel free to call me with questions.

Clint Carter
PDS Real Estate
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0 votes 7 answers Share Flag
Fri Feb 25, 2011
Clint Carter answered:
Hi Paul, please contact me directly at ccarter@pdsrealestate or 801-651-8333. I know several of the best lenders in Utah and if they can't get it done no one can. These are high quality, honest professionals that I trust my business with. I'd be happy to assist you.

Clint Carter
PDS Real Estate
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Tue Jul 26, 2011
Marge Bennett answered:
as long as your mortgage is the only one, I don't see any big risk. the problem would be if the seller still had a mortgage and didn't tell his mortgage company he was selling. Most mortgages have a due on sale clause that would not allow this. Plus if he didn't use your money to pay the first mortgage, you could find yourself on the street when he got foreclosed for non payment of his mortgage. if the seller has clear titlte with no mortgage, this can be a win-win situation depending on the terms.
Closing costs should be much lower. Interest rates are typically a bit higher.
Good Luck
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Thu Oct 28, 2010
Anna M Brocco answered:
Consider consulting with your tax professional and or attorney, regarding IRS codes--he/she can best advise as it relates to the specific situation.
0 votes 0 Answers Share Flag
Tue Apr 5, 2016
Don Tepper answered:
You'll have to call around and speak to different agents. Or you may have a discount brokerage in your area. You can probably do an online search to determine if you do.
0 votes 15 answers Share Flag
Sun Oct 17, 2010
Ruth and Perry Mistry answered:

check the above web site out.

Good luck.
0 votes 3 answers Share Flag
Mon Mar 28, 2011
Richard "RJ" Kas answered:
Just be prepared that you may be waiting a while for a shortsale. As a shortsale buyer, you need to be patient... however, since you said it is B of A, then more than likely, the offer was submitted online on "Equator" With this system, the listing agent will submit various information "tasks" as they are requested from the lender. In the beginning of the submission process, the system is automated while it is requesting documentation for the file. Once all requested docs are gathered, then a negotiator will be assigned and the listing agent will automatically have the negotiators contact info to direct updates.

If you submitted over a month ago and do not have any further info, just have your agent contact the listing agent and ask them how and where the offer was submitted. Find out what "task" if any, is the system on, or have all tasks been completed. If so, it may take another week or two to get the bpo. Just know, sometimes the bpo can be a driveby and will not contact the agent for interior access and that there is a chance that it was already done. But in all fairness, one month in on a shortsale is still in the begining stages... if it is a good deal then trust your agents but still be on them... The bottom line is all the same to each of you... the sell this property... you want the home and they want their commission, so it may take a little time but any competent agent will do their part to close this deal as soon as possible. Good luck.
Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills East
9388 Santa Monica Blvd, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-273-0670 fax ATT: RJ - - DRE: 01352771
Sellers Buyers Investors Leasing Consulting
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Sun Jul 11, 2010
Anna M Brocco answered:
What is your agent suggesting--if you don't have an agent do consult with an attorney who specializes in real estate, for all related documentation--yes, contact your lender--if you currently hold a mortgage, that mortgage will need to be paid off at closing. ... more
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Thu Aug 5, 2010
Richard Reid answered:
It will depend on the banks standards, and the underwriter that processes your loan. Each underwriter makes their own decision for a number of loan components. Their work is audited, but typically only once or twice a year - so a lot can fall through the cracks in that time.

The bottom line is - you are better off with everything on hand. I'm not sure what your time to close is - and it may affect your best course of action. You might think it's best to ask the processor to go ahead and send them, but that could result in the underwriter starting the process over. I have seen several scenarios where the process starts over when anything in the file changes.

This seems insane, but it is a side effect of the number of loans being processed by banks at this time. If the processor is comfortable with the information submitted, and you are comfortable with the processor, I would probably follow their advise - and keep the information available, but not submit them unless requested at this point.
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Thu Jun 3, 2010
Daniel Walker answered:
Subject to bank approval or third party approval is simply another contingency in the contract, just like the due diligence condition or appraisal and/or financing condition. The contract is between buyer and seller. The bank is not a party in the contract. As long as you were under contract with the seller in the first or primary position before the end of the day April 30, 2010, you should qualify for the tax credit. Assuming you have a valid, enforceable real estate purchase contract.

Dan Walker
Walker Realty
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Tue Dec 6, 2011
Kent Gagon answered:
An appraisal from 5 months ago may still be accurate or it may not, generally speaking anytime a buyer is qualifying for a loan thier lender is always going to order an new appraisal. Who did the appraisal when you listed the home and was it for an FHA loan? FHA appraisals are typically good for 6 months when they are assigned to an FHA case number but even in todays market they are often updated after 3. But if it was just an appraisal that you or your realtor ordered to determine a realistic listing price, the lender is not going to be able to use it. Appraisals are now ordered through a 3rd party system, the lender does not have any communication directly with them.
Hope this helps
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0 votes 9 answers Share Flag
Sun Apr 25, 2010
Kevin Muhlestein answered:
I would probably work your butt off in finding a new co-signer. Odds are you can find someone that will do it without taking that much of the profits. Or I would find a new property where the owner is offering seller financing, you may have to wait longer to find the perfect property but I have quite a few owners that I work with, that have duplexs and apartment buildings that would consider doing seller financing on a deal for you. Contact me through my website or email me at I think I can help you out.
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Tue Apr 20, 2010
Anna M Brocco answered:
Not knowing any specific details--Protect yourself and consult with an attorney, see exactly what options you may have.
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Wed Feb 17, 2010
Troy Critchfield answered:
HELLO COLLEN, I appreciate your question on the cost associated with the kitchen and master bedroom addition. Keep in mind this is an average cost, being that so many factors would go into the total cost like the
type of kitchen and the material in the kitchen form high end cabinets to granite counter tops.

Are you having to tear the old kitchen out?

Choosing the right contractor is also a big decision based on price, I can assist with this as well. I have created some very valuable relationships over the years and I know that decision can save you a ton of money!!

Price per square foot without any tear out expense is going to run you close to $75.00 a square foot!!
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Fri Jun 10, 2011
Mark LeMenager answered:
Let me tell you a true story. I'm pretty good with technology so one of the agents in our office asked me the help her out by creating a list of properties in foreclosure in a local subdivision. Wasn't too hard and when I was finished she took it excitedly and said, "I'm going there right away to set up short sale appointments, but I won't bother to stop at any body who has a Bank of America loan. They are a waste of time." Is it different any place in the US? Doubt it. ... more
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Fri Aug 8, 2014
Adam Harward answered:
You don't owe them anything. If it were me and the sale fell through and you used me as your agent on the condo you referred to I think that would be sufficient. Agents work on commission and should be looking out for their clients best interests. It sounds like this home wasn't in your best interests.

If you feel totally obligated by them lunch!
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Wed Oct 1, 2014
Todd Anderson answered:
If you are willing to walk away from your earnest money and that makes more financial sense than purchasing the home, then yes, you should walk away. Make sure that you and an attorney look over the contract(s) you have and make sure that there are no other pitfalls in walking away, but by all means, do what is best for you. ... more
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