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Essex County : Real Estate Advice

  • All8
  • Local Info1
  • Home Buying6
  • Home Selling0
  • Market Conditions0

Activity 447
Wed Apr 25, 2012
Frank Dolski answered:
Fri Jan 11, 2013
Louis Wolfson answered:
Depends on your reason for buying - to live in and enjoy or as an investment?

Investments are always a good time to buy, but you must know that the income will support the debt, expenses, reserve and provide a cash flow.

Homes rise and fall based on many factors, also salem has some very nice areas and others that are not as nice. Best to have an agent in the market that can guide you properly.
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Fri Mar 30, 2012
Wen Farina answered:
Pauldro what is the question you have?
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Sun Apr 19, 2015
Marie Souza Team answered:
Wed Mar 28, 2012
virginia broadhurst answered:
Sun Mar 11, 2012
Scott Godzyk answered:
Holt the person to ask is the listing agent. you can find owner info at your town or cityhall's assessors office.
0 votes 3 answers Share Flag
Sun Apr 29, 2012
Michelle Gonzalez answered:
Yes of course. FHA loans only require 3.5% down payment
0 votes 12 answers Share Flag
Mon Mar 26, 2012
Tim Moore answered:
Yes. I have a buyer that has a 5% down loan for about $350,000 so they are out there.
0 votes 6 answers Share Flag
Mon Mar 5, 2012
Aaron Wluka answered:
Yes, So long as the loan amount is at least $75,000
0 votes 7 answers Share Flag
Thu Mar 1, 2012
Nathan Wolf answered:
Depends on your credit or price range.

Generally, NO, you do NOT need 20% Down.

FHA Loans require 3.5% Down. HomePath Loans require 3% Down. USDA Loans require 0% Down (No Money Down).

There are many programs for first time home buyers to also give you money to help with down payment.

So, Call a REALTOR in your area. HIRE A BUYER AGENT / REALTOR. Their services are FREE to Home Buyers and already included in the price of the homes. So, HIRE A REALTOR! They can answer all your questions.
Give me a "BEST ANSWER" or "THUMBS UP" if this answered your questions. Thanks!
If you have more questions, post them, email them or call me: 704-858-2345
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Tue Feb 28, 2012
Jim Simms answered:
FHA is not limited to a first time homebuyer if that is what you are asking. Owning a rental property does not necessarily keep you from getting an owner occupied FHA mortgage if you qualify for it. The second loan application will question the rental property income:

When using current leases to analyze rental income, the borrower can provide a current signed lease or other rental agreement for a property that was acquired since the last income tax filing, and is not shown on Schedule E. In order to calculate the rental income:

Reduce the gross amount by 25% (or the percentage developed by the jurisdictional HOC) for vacancies and maintenance Subtract PITI and any homeowner’s association dues, and Apply the resulting amount to income, if positive, or recurring debts, if negative.
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Sat Jul 21, 2012
Ron Thomas answered:
If you did not sign a non-disclosure agreement.....
As a matter of fact, there are a lot of people out there gathering information about every sale to use in their statistics books. Don't be surprised if someone approaches you.

A lot has changed in my lifetime, (I'm an O.F.), when I was young, people talked: Didn't worry about it. Nowadays; people are afraid to say the wrong thing or talk to the wrong person. Too much paranoia out then; rightly so.

Good luck and may God bless
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Sat Feb 18, 2012
Scott A. Nelson answered:
Well first question would be do you have a buyers agent and attorney? If so what are they saying and with the current property is this to be expected? Was there a negotiation item brought up as a result that would make them question the retaining wall, it's costs/expenses as it pertains to the accepted price or negotiated price? Hopefully the "team" of professionals you're working with can best answer to the specific property but at times some unexpected expenses may come up and you would have 3 choices, accept, reject and walk away and negotiate some sort of expense sharing but HUD may not go for it.

One of the reasons the HUD properties are priced so attractively is that items like this can come up, the property may need repairs/upgrades etc. You should refrence the disclosure documents that were produced by the HUD inspection of the property prior to marketing, your own home inspection and any issues that your appraisal might have brought up. That might be where the issue is and more investigation could be done with you home inspection and the appraisal report.

Hope that helps,
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Mon Mar 5, 2012
Anna M Brocco answered:
If you are looking to sell, consider inviting a few local agents from different realty companies and ask for a cma, comparative market analysis; review the data, ask opinions and determine worth; cma's are provided free of charge by most agents. ... more
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Thu Feb 9, 2012
Ellen Friedman answered:
Not really, although there should be a disclosure stating either that they are not working or that their condition is unknown. Certainly the statement that there are two fireplaces without such a disclosure implies that they are working. Good luck.

Ellen G. Friedman, Keller Williams Realty,
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Mon Jan 23, 2012
Christine Moran Realtor & Notary answered:
You have would to call the schhol district. I have heard of drug free and gun free.
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Wed Apr 8, 2015
Tim Moore answered:
Asbestos will cause a problem at some point when the house needs to be torn down. Until then it should not be a problem really. It will hurt the value, to some degree, because buyers don't understand it and so they fear it and will shy away because they have heard bad "things", sort of like how people incorrectly think a modular house is inferior to a stick built one. ... more
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Fri Jan 20, 2012
Don Tepper answered:
A couple of quick thoughts:

Are you sure you can't refinance? If the two-family homes in your neighborhood aren't comparable to yours, then an appraiser shouldn't use them as comps. Don't automatically assume that because, say, a couple of duplexes sold recently, that your appraisal would come in the same as theirs.

Would converting the property to condos raise the appraisal value of each unit? Impossible to say for sure, but probably yes, if your description is accurate.

Your main challenge is likely to be zoning issues--converting a single-family home into condos. That could take some time and run up some legal fees. The paperwork then to condominiumize your property is going to take more money.

Check with a good real estate lawyer in your area for more guidance.

Hope that helps.
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Thu Jan 19, 2012
Amy Mullen answered:

Chase has never put it on the market? It could still be in probate with the family.

0 votes 10 answers Share Flag
Mon Dec 19, 2011
Jeffrey Carter asked:
I'm working with a pre-approved, married couple looking to purchase a single family in Beverly. 2 bedrooms, 1,600 SF with a garage or potential to build. They can close in 30 d...
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