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Farmington : Real Estate Advice

  • All18
  • Local Info7
  • Home Buying2
  • Home Selling1
  • Market Conditions2

Activity 37
Fri Jan 8, 2010
Rudy McDowell answered:
Hi Ryan Her

For FHA, you credit score is fine. Unlike Conventional, it will also afford you the best current rate without having to pay any discount pts. Concerning paying off debt, if not to increase your score, the only other reason to pay off (not down but off) debt is to increase the loan amount you can qualify for. What is the price range your looking to get approved for? What is your current monthly income gross? Do you have more than 2 years on the job? Are you looking to include overtime or bonus? If so, you'll need to receipt of both over the past 2 years as well. All these are common and key questions a loan officer will ask you in the qualifying process.

With regards to your DTI, FHA requires that it does not exceed 43% w/o strong compensating factors. For Conventional its now 45%.

With regards to your installment loan, you are correct, paying it down won't decrease your number of remaining payments.

Finally, its always more advantageous to show and keep as much cash reserves as possible. I'm a local lender, and if I can be of any further assistance in getting you approved, you may contact me at your earliest convenience.

Rudy R. McDowell / Senior Loan Officer
NMLS#: 141856
ShoreMortgage
770 S Adams Birmingham, MI. 48009
o: 800-678-6663 Ext 5154 / f:248-594-6156 /d: 313-410-1344
email: rmcdowell@shoremortgage.com
corp: www.shoremortgage.com
"Referrals are the Best Indicators of My Service and Your Satisfaction"
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Sat Jan 16, 2010
Cicely Brookover answered:
It should not affect your purchase. If a trust is selling the property, the title company should see the trust to make sure the proper person is signing off. Good title is your goal. No disclosures - just inspect to your satisfaction. ... more
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Mon Sep 28, 2009
Derek Bauer answered:
Do not be surprised if your value is 30% to 40% LESS than an appraisal from 2 years ago. If enough equity is there, and you will be at the property long enough, you may be able to justify a refinance, but I doubt it if currently at 6.25%. ... more
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Wed Mar 28, 2012
Staci Eddy, Real Estate Consutant answered:
Realtor.com is great, but I find that it can often be incorrect as to the status of a property. When my business was primarily listings, I had Realtor.com auto-post my listings when I entered them into the MLS, but that never meant that it would auto-update or necessarily go inactive until the property was sold (even though a house may be in escrow, it is still marketed on Realtor.com).

hope that helps!

Best,

Staci Eddy
staci@stacieddy.com
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Thu May 14, 2009
Shirley Coronado answered:
Hi Cathgrl,

There is a status of "CHGP" within the multiple listing system. Is this perhaps what you mean? If so, it means "Change Price". It merely means that the last status change was the change the price, normally a lower price.

Good luck to you in your search.

Shirley Coronado
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Fri Mar 12, 2010
Jeremy Sulak answered:
Sam,

I am glad you're here! Are you dealing with a local lender? Go in person or get them on the phone. Many real estate agents dealing with short sales have found that you need to get a human being on the phone to make things happen. Even then some banks are going to make you dance around for 45-60 days.

If the email has not worked yet, it probably wont work tomorrow either.

Here is a link to the government program you are referring to:

http://www.makinghomeaffordable.com/

Best Wishes

Jeremy
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Wed May 6, 2009
Cicely Brookover answered:
Try Mark Dundon. 248 399-4788 He's reasonable and has a lot of expertise. Mention my name.
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Tue Feb 10, 2015
Cicely Brookover answered:
The market is great for buyers. It's great for sellers who will be buying "up." Cities are not reducing taxes, they are just getting less money as property values decline.
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Wed Jan 21, 2009
Mike & Darlene Anderson answered:
You need to research this in your county. If you cannot get a clear title search you may not be able to sell the property if the buyer cannot get title insurance. You can get a clear title but it can cost you thousands of dollars more than you would want to pay. Usually the county has to run an ad in the state paper in your area on all property up for tax sale. Contact your local paper and see when they will run the ad. You can also contact your county office and someone there should be able to give you a date. The home owner does have 12 months to pay the taxes in our area in S.C. but you would be paid the interest on that the amount they owe if they pay the taxes. ... more
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Mon Apr 6, 2009
Howard Novetsky answered:
I just got off the phone with them. They were very helpfull. Like most associations, they can be difficult at times. They ave been around a long timke ad manage many different properties. My overall experience has been favorable. I have been selling hom,es and condos for 22 years and think they are as good or better than most. Please visit my web page for more information www.novetsky.com ... more
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Thu Aug 28, 2008
Linda answered:
Let me start by saying that some of what is portrayed on HGTV is not realistic in terms of time or cost required to stage a home. Your best bet is to find a stager in your area and contact them to provide you with a proposal for costs associated with your project. Staging can definitely help your property stand out from the competition and a professional stager can make recommendations to help you get the most return on your investment. Best of luck! ... more
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Sun Nov 24, 2013
Derek Bauer answered:
Good morning, Sam.

Well, I wish I could tell you the qualifications were more stringent then they actually are here in Michigan. Although some capacities of Real Estate are dictated at a national level, most are at the state level. In Michigan, all that is required is taking and passing a 40 hour class (which can now even be done online at sites like www.realestateexpress.com), taking and passing a state-administered test, and then passing the state's background check.

At this time, no degrees or further education are required, and the annual continuing education requirements are only 6 hours per year (on average ... that has been changed recently).

I hope that helps. If you are interested in speaking further, feel free to email me at Derek@DoorToDreams.com or phone me at 734.678.4745. I have been licensed for nearly 7 nears and have completed my Broker training/licensing as well.

Best wishes.


Derek Bauer
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Wed Jul 2, 2008
Mark C. Smith answered:
Hi Sam,

Unfortunately thats very commonplace in the overall market we are in now, especially down here in Central Florida you are just past the average For Sale time here. I would ask your agent to give you an updated Comperative Market Anaylsis and see if you need to make any small our drastic price changes to stay ahead of what is probably still a declining market in your area. God Bless, Mark ... more
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Tue Jul 15, 2008
Farida Touma answered:
Hi Sam, Be happy to assist you. Feel free to give me a call. 248 797-5511
0 votes 14 answers Share Flag
Thu May 6, 2010
Jim Johnson answered:
They are often broken into by vandals and vagrants.
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Fri Nov 16, 2007
Cindy Maves answered:
A realtor can handle leasing your home for you. The commisssion is negotiable. It is paid by the lessor. Typically it can be one months rent that is divided betwwen your agent and the agent who brings a tenant and then the agents respective brokerage companies.
Not all agents handle rentals. You may want to ask when calling a company who in their office deals with them. Some companies require agents who are going to work with rentals to have additional certification.
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Sat Oct 22, 2011
Deborah Madey answered:
I would not recommend that you close on a property prior to finding out what enforcement actions the town might take. I have seen towns requrie the complete removal of decks, sidewalks (with very expensive pavers) and more. I have also seen towns simply send out an inpector and pass the completed work.

I am not in Michigan, so I am unfamiliar with permit requirments for occupancy for resales. In locations where no certificate of occupancy is requried, I have seen buyers take title and possession without any problems. Where it becomes an issue is when those same people become the seller in the next transfer and those buyers discover a lack of permit. So, even if you are able to achieve a short term resolution, be aware complications could further arise.

If you want to add a bathroom, you could hire a plumber who files for permits and triggers the town's awareness of prior missing permits.

Visit the town, see what is needed to correct past oversights and enter into a contract knowing what the procedures are to right everything. If you proceed without knowing, this might end up being a much bigger expense than you budgeted for.
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