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Benton County : Real Estate Advice

  • All5
  • Local Info0
  • Home Buying4
  • Home Selling1
  • Market Conditions0

Activity 93
Tue Nov 3, 2009
Sergio Casas-Silva answered:
Banks seek 2 things in these transactions, best net price and ease/speed of transaction.

For the first issue (net sale price), make sure your offers are priced right through your agent and unless its absolutely necessary, cut down on the concessions you're asking for. Remember that the bank is losing money on the vast majority of these transactions so they want to give up as little as possible. The less you ask the bank to pay for, the less the bank loses and the stronger your offer is. Some of the smaller concessions like transfer taxes and home warranties may add up to $1k-$2k but it may also mean the difference between you getting the house of your choice and not getting it.

For the second issue (ease/speed of transaction), what type of financing do you have (Cash, Conventional, FHA, VA)? Banks prefer them in the order that I listed them so if you have an FHA offer sometimes you'll find yourself losing out to Conventional or Cash offers repeatedly. If you're an FHA and its at all possible, try asking your loan officer to qualify you for a Conventional loan. It will require a slightly higher down payment but it will greatly increase your chances of your offers being accepted.
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Thu Oct 1, 2009
William Roach answered:
as a realtor here in Kentucky, I follow the 7% rule depending on the circumstance. Most good, workable deals in our area usually start in the range of 7% of the asking price and work from there. The 7% offer would usually start negotiations without insulting the seller. In our area,most sales fall in this spread if the house has been priced correctly to begin with. Have your Realtor check sales for the area in which you are looking to see where the majority of the percentage of sales to listing prices lie and then go from there. Hope this helps. ... more
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Sat Sep 26, 2009
Leeann Wills asked:
I am in need of a lease to own option home for my wonderful family. Looking for 4 bdr or 3 bdr with office, min 2 bath in Rogers, AR. Having a hardtime finding such! Is there anything o...
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Thu Jun 30, 2011
Marcus Necessary answered:
You're going to need to consult your tax professional to get a clear understanding of what your actual penalty will be. You should have been repaying the credit for the last few years so it's doubtful that you owe the entire credit. ... more
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Thu Oct 14, 2010
Memphis Owners answered:
Not to worry. The foreclosure only affects your credit history, not the mortgage on your primary residence. As far as obtainting a mortgage on a new home or refinancing your primary residence, you will just need to wait 3 years from the date the foreclosure is complete.

All the best to you; I hope this helps. :)
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Sat Jul 25, 2009
Chris Payton answered:
I am not aware of any special Arkansas requirements, so I would ask your Broker for a written copy of those requirements. I work for a full commission Real Estate Firm, so I just may not be aware of the law surrounding the flat fee Brokerages.

Also, if they are placing it for sale in the Multiple Listing Service (MLS), then you must be offering a commission to the agent that sells your home, correct? Make sure that offering is in writing on your listing agreement. Also, make sure you receive written copies of everything you've signed so far.

Please know that if your Broker is placing your home on the MLS for a flat fee, then they must be a Realtor, and thus must abide by the Realtor Code of Ethics. Go here to see what that means to you: http://www.realtor.org/realtororg.nsf/pages/consumersplash

To protect yourself, make sure you disclose in writing anything pertaining to your home that might affect value, or anything that may be wrong or broken. Your Broker should send you a copy of the Arkansas "Seller's Property Disclosure" for you to fill out and give to all prospective buyers.

I wish you good luck in the sale of your home!
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Mon Jul 20, 2009
Judy Luna answered:
You might look into an FHA 203K loan to finish the properties. Each buyer would have to get his own loan, and an estimate of what it would take to finish each home. There is a guy at Wells Fargo in Springdale named Dennis Peterson who specializes in these loans. You might want to consult with him. His phone number is 756-4891. There are also FHA approved inspectors who determine what is needed and provide approved estimates. Philip Brunell in Rogers is one of them in our area.Hope this helps. ... more
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Sun Apr 29, 2012
Beverly Usher answered:
First, the key is when you closed on the FHA loan. Guidelines for flipping a house indicate that the buyer of the home has to hold it for 90 days from the time the deed was recorded before it can be sold and a new buyer can close a new FHA loan. If the house has been deeded to the buyer that closed at $80,000 for more than 90 days, then becoming a seller, you need to carefully read your loan documents to see if there is any hinderances to paying off the FHA loan. Typically you should be able to sell it by having a buyer that will use a conventional loan prior to the 90 day requirement from FHA. As to the housesitting buyer, unless you have a written option to buy or a written agreement, that spells out terms, the seller can cancel or you can cancel. However, you should consult an attorney as there are circumstances unknown to give a specific answer to this question, my answer is generall in nature as a Realtor but this question may require legal advice. ... more
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Wed Jun 10, 2009
Hogie answered:
I was curious why you would ask if this house is in forclosure. Did someone tell you that it is? The reason I ask is that I live in this house. The house is not in forclosure. I do have an x wife who is a realtor who has been spreding misinformation regarding me and my new wife for the past 3 years. She uses my information to suggest that we are in financial trouble to enroll us in all sorts of dating services and anything ugly she can think of. If you found this out from Dana Schuster please tell me so I can finally put a stop to this harrasment once and for all. I thank you for your response.

Holger Schuster
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Wed Apr 28, 2010
Auri, Executive Bilingual Broker & Certified Relocation Specialist answered:
You get a lot of negotiating power if using cash. For one thing closings using cash are quicker and less time consuming than a regular transaction which is subject to lender's requirements, fees, appraisal, and a lot more paperwork. Usually, cash offers are attractive because it minimizes time in the market. Sellers like that.

On the strategy question, there is not a simple general strategy. It's important to analyze each case, property, client's objectives, including financial matters before making an offer. It's here where a qualified Realtor will pull information needed, analyze it, and provide recommendations to the Buyer. If you need further details about any real estate questions please feel free to contact me. I will love to help.
auri@aurieves.com
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Tue Jul 6, 2010
Auri, Executive Bilingual Broker & Certified Relocation Specialist answered:
Casey ,
We have had a tremendous growth in population and housing for the past ten years. Within the size you inquired about there are many subdivisions in this city. There are factors to consider when looking at each house, when were the houses built, the quality, amenities, location, neighborhood, conditions, and others. In general, some neighborhoods may price higher than others. At the present time, we have approximately 93 houses listed in our system within 2000-2500 ht sq ft. 23 Homes are under contract and 44 have sold for the past 6 months. Based on the sales for the past six months of homes within that size the average price is $188,00 and the median is very close for about $186. The lowest priced paid was about $19,000 and the highest $268,000. Hope this information helps. Let me know if you have any questions.

Auri Eves
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Tue Sep 22, 2009
Steven Blackwood answered:
The price per square foot (ppf) varies signficantly depending on the area, neighborhood, etc.
Regardless of who owns the home, if it has been foreclosed, the lender/servicer is going to market the home at what they consider "fair market value". Many of them will reduce the price about every 3 weeks until it sells.
As for the ppf, the larger the home the less per square foot in most circumstances. But remember, that would be if you are comparing apples to apples....both apples are on the same tree and in the same field.
Reason is that you will only have one kitchen, many times the same number of bathrooms, one lot, one driveway, one garage, etc. Each of those variables, as well as others, dictate price that is specific to that improvement regardless of the total square footage in the home.
Hope this helps.
Steven Blackwood
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Wed May 27, 2009
Steven Blackwood answered:
http://www.homesteps.com/
You can contact them directly but understand that they have an obligation to the seller to sell the asset at "fair market value". That can sometimes be a hard thing to determine but just because a property is a foreclosure does not mean that it doesn't sell at or close to other homes in the neighborhood.
Depending on what the home is worth, what you offered, what all your offer included, how it was structured, etc. will influence their response.
Many times a buyer on a Home Steps property can benefit from the special promotions and financing opportunities that they extened to the buyers of their properties.
Hang in there - stay focused on the home if it is the one you want. Revisit the offer you made and evaluate what you think the property is worth to you. There are far more variables the purchase of a home than the purchase price. And remember, the house will sell. The longer the home is on the market, the lower the price will get - watch it for 21 days and see what happens :-) but remember...... someone will buy it when the price gets right - whatever that price may be.
Good luck.
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Thu Jun 26, 2014
Ben Roberts answered:
There are The Shoppes at Pinnacle Hills as well as Village on the Creeks and the Promenade Mall. The Shoppes are generally small Boutique stores with prices to match..so is Village on the Creeks. The Promenade offers some nice upscale options across the board as well a dining like P.F. Changs and Mimi's Cafe (my personal favorite).... ... more
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Mon Jan 7, 2013
D answered:
Hello,
Consider buying FSBO? We have a place FSBO, newer home, open floor plan, approx. 2900 heat/air sq. ft., 3 car attached garage on 27.78 acres in rural Rogers, 72756. Beautiful Beaver Lake area Home, not a cookie cutter type, great home in a great location, Close to Rocky Branch Marina and adjoining Hobbs State Park. Asking well below 800k. ... more
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Wed Jun 22, 2011
Mike Kelly answered:
Is your divorce in progress? Is it final? Have you asked your lawyer about this?
One option might be for you to sign a Quit Claim Deed, if his name is still on the house.
Talk to your lawyer or feel free to contact me.
Thanks,
Mike
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Tue Dec 23, 2008
Scott Godzyk answered:
it depends on what you are referring to, if it is in teh deed it is all rights that run with the property. Some states do have a slightly different definition than others but the land rights , air rights and what is include din the deed usually known as addendum a. hope this helps. ... more
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Mon Dec 15, 2008
Dallas Texas answered:
I would be more concerned with your credit scores, than worrying about anything else. If you lender goes "belly up" another lender will buy out the loans at a discounted rate. Thus the richer get richer during slow period find deals. People are truly not receiving all kinds of deals potential foreclosures home owner has signed a note lenders held responsible, trash credit, lenders work trying to structure a loan works for both parties. GREAT QUESTION ! ... more
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Wed Nov 19, 2008
Ben Roberts answered:
2309 West Willow Street in Rogers was sold on 10/17/08 for $132,000. Let me know if there are any others you have questions about. I'd be happy to help.

To answer your second question....Valuations on sites like Zillow and Cyberhomes use algorithms to calculate value. To accurately determine the worth of a home you really need a Realtor to provide an analysis of the sold homes in the area around the subject property. This service is usually free as is buyer agency in Northwest Arkansas (Seller's pay buyer's agent's fees, not buyers). I highly recommend using a Realtor to help you with your home purchase. ... more
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