To start with a sale with financing is always subject to a finial loan approval, as this offers all parties a protection should a loan not be approved. So before addressing what happens it is more important to learn why a loan is not approved.
If it is something that can be overcome by making the lenders UW with providing new or different documents to make the loan, then you move forward with the sale. If it is an issue of the home being purchased not being appraised for sales price then you can go back to seller and see if will take the lesser or pay something in between and you the buyer pay the difference.
If there is no way to get your loan approved, or seller will not accept a lesser value then you have an out for your purchase. This will cancel the transaction and any funds you have paid to the escrow company would be refunded to you.
To help you out I would start by sitting down with a mortgage banker like me to go over your options and do a pre-approved mortgage prior to making an offer. This way we can together go over any type of issues that may come up. Let me know if I can help.... more
Some people are lucky enough that they can afford more than one home at a time, but a majority of people are like yourself and will not purchase a new home until they are able to sell their current home. Once you do get an offer on your current home the key to finding your next home is speed. We have three agents in our group that just show homes, they are online everyday many times a day looking for new listings. When they find a great home, that's when the speed comes in to play. They is always one of my agents that can show you the home right away. Feel free to contact me with any other questions you mat have.... more
The short answer is: YES. They do award GNND homes thru the lottery process. I'm unaware of why this particular home was not awarded (as of yet). I would be happy to help research this for you if you wish.... more
Lending requirements have tightened up over the last few years for home buyers. I suggest you speak to a mortgage broker to determine what is your best course financially. If you would like a few referrals for local brokers I can help you with that.
Oregon Realty Co.
Trulia doesn't have a search option for multi family residences. I would advise you to get in contact with a real estate agent who has experience with purchasing residential investment properties. If you would like, I could refer you to a qualified agent specializing in Portland residential investment properties. Send your contact info to Tjackson@c21mm.com
Century 21 M & M Associates
Sounds odd. Have your loan officer determine exactly what your closing costs will be that the seller is allowed to pay than include your request in your offer. Typically a seller will add the closing costs to their bottom line price so adding too much will raise the price further. The only thing I can think of is if the seller and your loan officer are connected in some way and the loan officer is planning to add closing costs ?? I hope thats not the case. Maybe the agent is looking for a way to raise the asking price knowing that if the money is not used the seller will net more?? Go to Your-Road-Home.com. and read the articles on financing. Will serve you well. Good Luck... more
You need a buyer's agent looking out for your best interests first. The problems in the past have been with attached homes that the builders were building and the water issues between buildings but free standing homes usually don't have those issues when we were building 5 years ago. When you see the model home ask what are the upgrades? Most models have $20000-$40,000 in up grades and when you have your house built and ask where is the tile you liked then they say that was an upgrade. Be content with what you see and what you get because every change from light switch to out let will cost you money. You might use there lender or at least compare who they are using but usually you cannot beat the builders lender because they want to sell homes for the builder. Good luck to you. Tom Inglesby, Broker RE/MAX Equity Group... more
You would have to check with the city, but I do not see why not. It would still be two tax lots and you might want to request an adjustment in the taxes if there is no structure or improved value, once you have torn down and removed the old house. If at some time in the future, you could rebuild or sell the lot to someone else. Good luck.... more
find a Realtor in Alaska, in the area her son lives who is experienced with foreign buyers. She may also want to talk with a tax attorney who is familiar with Alaska's tax laws.
She is welcome to our country!... more
Its a great time to buy! If you are looking to purchase a condo you should get in touch with a local Realtor. I could refer you to an experienced Agent dealing with Portland Condos. They will be able to provide you with valuable insight and guild you through the buying process. Send your contact info to Tjackson@c21mm.com
Century 21 M & M Associates
The best way to come to terms with any seller is to present a strong offer that shows that you are qualified and have the ability to close the transaction. An experienced Realtor will be able to represent your interests, help negotiate the terms of sale, and help navigate the transaction to closing. I would be happy to meet with you and discuss how I can assist you in the buying process. Please contact me at 503-720-9393 or Jon@portlandhometeam.com.... more