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Coventry : Real Estate Advice

  • All35
  • Local Info0
  • Home Buying12
  • Home Selling0
  • Market Conditions3

Activity 16
Wed Nov 27, 2013
Josh Greenwald answered:
There is a lot out there, but why rent per se, when buying could save you money on monthly payments and mortgage could be less than rent, for a better deal of a house? Write me at joshg@alumni.brown.edu. Would love to talk with you. Best, J ... more
0 votes 3 answers Share Flag
Wed May 20, 2015
Andrew answered:
I would get in touch with a local realtor that specializes in rental properties in your area. Otherwise I'd do a Google search or ask other landlords in your area.
0 votes 6 answers Share Flag
Mon Aug 6, 2012
Laura Feghali answered:
Hello Bob,
The banks are eager to sell their foreclosed homes to a qualified buyer no matter what time of year it is as they just want to reduce the amount of properties in their inventory.

Laura Feghali
Prudential Connecticut Realty
... more
0 votes 5 answers Share Flag
Mon Dec 19, 2011
Marc White answered:
I am not a CPA, but if your income is the same for both years, I think buying sooner (with a mortgage) makes sense. If you are buying an investment, there are a lot of variables, you will want a CPA to guide you. ... more
0 votes 6 answers Share Flag
Mon Dec 19, 2011
Christopher Cox answered:
HI Bob,

That is a difficult question to answer. A lot of variables will go into answering a question like that.

1) How efficient is the furnace? Today's furnaces are a lot more energy efficient than older furnaces, therefore it costs a lot less to run them.

2) How warm do you like to keep the house? There is a big difference between keeping the house at 60 where I would like to keep it and 75 where my wife would prefer to keep it.

3) How energy efficient is the house. Advances in technology have led to several cost savings that can be realized in a home by using proper insulation, proper air flow....etc.

This is why I never recommend sellers to supply heating cost information in their listing, just too many variables. All of that being said natural gas is a much cleaner and generally more efficient than oil.

Good luck in your home search and if you haven't reached out to one yet, you should look at finding a buyer agent to help you in your home search(ex: Me :) )

Happy Hunting,
Chris
... more
0 votes 3 answers Share Flag
Sun Dec 18, 2011
Anna M Brocco answered:
Have you considered working with an agent of your own.....or perhaps your question was cut off....
0 votes 3 answers Share Flag
Sat Sep 14, 2013
Laura Lass answered:
Each one of those will vary. I couldn't say wich is best because each circumstance is different. There is no reason why you can't talk with any and all of them. In fact its wise to "shop around". This is one of the biggest decisions of our lives... You want to know about all your options. Getting an approval letter doesn't obligate you. if you would like some guidance, please do not hesitate to contact me.

401-829-3633

Best of luck!

Laura Lass
... more
0 votes 10 answers Share Flag
Wed Nov 30, 2011
Janet Nation, CBR answered:
I can tell you right now, no one on this forum can answer that specific question. A loan officer will need to know your income, see your last two tax returns, last 4 pay stubs, pull your credit to also review your debt, understand what the taxes are for the area that you want to purchase and know the available funds that you are working with. My suggestion is for you to connect with a live loan specialist OR find a good buyer's agent that will not only work in your best interest during your real estate experience but will probably have a loan specialist that he or she can recommend. Good luck. ... more
0 votes 7 answers Share Flag
Mon Aug 6, 2012
Lillie Fuse answered:
Hello,
Each case is an individual decision based on salary and other criteria that may be used by the loan officer and mortgage company. shop around and see you can best serve your particular need. ... more
0 votes 7 answers Share Flag
Tue Nov 29, 2011
answered:
A 650 score will meet all lenders minimum score requirements for an FHA loan as far as I am aware of. But what is on your credit that is bringing your scores down to a 650 level (vs. say a 750 score) are also taken into consideration when applying for a loan approval. With FHA financing generally you need to be clean of all delinquent marks for at least 12 months, and in the situation of a bankruptcy 2 years and a foreclosure 3 years (1 & 2 years can be OK if your situation was due to extenuating circumstances).

$40k/year of income could be OK depending on how much your payments are on your consumer debt (car loans, credit cards, student loans, personal loans, etc.) and also how much of a sales price you are looking at purchasing. Generally FHA loans want the housing payment to be no more than 31% of your gross monthly income, so at $3,333/mo ($40k/year) that would be $1,033/mo. When your other debt is considered, no more than a 43% ratio is preferred, or $1,433/mo, giving you $400/mo to spend on other debt and still be within those ratios. With FHA financing, higher than 31/43% ratios can qualify with relative ease though, with a 650 score I've had housing ratios in the low 40's & total debt ratios in the low 50's qualify. Having some money in the bank beyond the 3.5% down payment & whatever closing costs you have to pay can help allow you to get approved with higher ratios as well.

I'd be happy to review your situation if you like, most loans I do are FHA and I do business in Rhode Island.
... more
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Sat Jun 11, 2011
Brenda Fernandes answered:
I cannot speak for everyone, but having sold one of the properties recently and viewing many of them with clients, the executive style homes / neighborhood are finding many of the homewoners re-locating to other areas due to their employment. ... more
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Tue Jun 7, 2011
William Friedman answered:
You cannot pass over another owners land without either their permission or an easement. An easement is recorded with the deed and has certain covenants. As far as building an apartment, even if you had driveway access, you would need to seek an approval from the building inspector and have a building permit issued, otherwise, at a later time, they may make you dismantle the entire modification. One other thing, in the event of a fire or catastrofe, you may be help liable for damages a tenant suufers as a result of an illegal unit. (i.e. accidental death due tro a fire, etc) ... more
0 votes 2 answers Share Flag
Mon Apr 11, 2011
Elizabeth Herbert answered:
I think it's a great idea! However, a lot of sellers want to put as little money into the property as possible, and they don't realize the value of spending a few hundred dollars beforehand and fixing everything BEFORE they accept a bid, it could save them hundreds if not thousands of dollars in negotiations. ... more
0 votes 14 answers Share Flag
Tue Aug 31, 2010
Erin Diaz, Broker ~ Owner answered:
Hi Artsy
This home is 1154 square feet and the association fee is $355.00 per year. I have emailed you with this information as well! Feel free to call with any other questions you may have!

Erin Diaz, Broker ~ Owner
Beaches & Backroads Realty
(401)491-9890 Office
(401)862-9492 Cell
... more
0 votes 1 answer Share Flag
Mon Jul 19, 2010
Sandra Brown answered:
The best thing to do is call the town hall in the town that the house is located in. The city or town hall would know if that area is prone to flooding. Enjoy your day!
0 votes 4 answers Share Flag
Fri Apr 8, 2011
Amanda P. Herring answered:
Get to an attorney immediately!

Amanda P. Herring
Realtor-Broker, ABR
0 votes 8 answers Share Flag
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