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Lees Summit : Real Estate Advice

  • All105
  • Local Info13
  • Home Buying29
  • Home Selling4
  • Market Conditions5

Activity 52
Thu Apr 1, 2010
The Sherri Oaks Team answered:
Yes, I believe there are still funds. One of the requirements is that you are a current resident. Missouri still has funds available in there program. If you would like additional info, please feel free to call or email me.

Sherri Oaks
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Sun Feb 21, 2010
Anna M Brocco answered:
Speak to your tax consultant regarding qualifying IRS Codes and see IRS website link--unfortunately, it's a credit that will be issued after the transaction has closed.

www.irs.gov/newsroom/article/0,,id=206293,00.html ... more
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Mon Dec 28, 2009
The Sherri Oaks Team answered:
Unforetunately,the MI companies will not insure anyone below a 680 on conventional. I spoke with 2 of the lenders that I work with and both told me the same thing. FHA is the only option at the moment unless you can get your score up. You actually may need to be over 700 to only need to put 5% down. If I can be of any further assistance do not hestitate to contact me. ... more
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Sat Nov 28, 2009
The Sherri Oaks Team answered:
Lilyrose,
If you have established a relationship with the agent in one of the towns, simply ask them if they would be willing to show you the homes in both locations. Since they are in different states, the agent has to be licensed in the state that they sell real estate, so you may need 2. The reason that it would be nice to only have one agent is that that agent gets a feel for what you are looking for and may actually find exactly what you are looking for when it first enters the market. As far as asking questions about a property, just be up front with the other agent or homeowner that you are working with an agent. ... more
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Tue Nov 24, 2009
Tony Grech answered:
Hi Joy

Only owner-occupied (principal residence) homes are eligible, so a 2nd/vacation home or investment property would unfortunately not qualify.

For more info see: http://www.federalhousingtaxcredit.com/faq2.php

Tony
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Fri Oct 16, 2009
Stacey Wyatt answered:
Antoine,

I have always been a proponent of Home Ownership and the advantages it has over renting. When owning a home you get the following benefits:

1. Tax Deductions for the Mortgage Interest you pay over the life of the loan;
2. Tax Deductions for the Real Estate Taxes you pay over the life of owning the property;
3. As long as you don't finance the property with an Interest Only Loan, you will get the benefit of Principal Pay Down meaning everytime you make a payment you build equity in your property unlike renting where you give it to the man and never see it again;
4. If you buy a property right... meaning at the right price and in a good location, you will most likely get the benefit of appreciation... even though millions of Americans have watched their properties depreciate over the last 2 years... if you were to buy now you should be in a position to take advantage of some really good deals where you either get instant equity or will gain some over the next few years. Remember, residential real estate is cyclical so buying in the down turn and selling in the upturn is the way to go.
5. Real Estate has created more wealth than any other asset class... even though the last couple years have rocked everyone's world, the market has bottomed and is on the rise again!

This is a great time to be buying a home! As a former resident of MO, if you need a good Realtor referral just let me know! Good luck and best wishes!
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Tue Oct 13, 2009
Patrick Thies answered:
There is probably not enough time to do a short sale by the deadline. Short sales take months to get approval and even longer to close. Even non distressed properties will have a hard time closing by the deadline. ... more
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Mon Aug 31, 2009
Joan Lorberbaum Moore answered:
Where do you want to insert it? I know how to do it in Word but it's too complicated to explain here. So, why don't you just Google or Bing your question.
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Thu Aug 27, 2009
Bill Eckler answered:
Michael,

We would certainly agree with getting started "sooned than later" with the mortgage process however your unique situation may make things more challenging.

Our recommendation is to obtain a letter of verification from your future employer in the United States. Consider applying for funding through several different sources. Remember to request a "good faith estimate" from each....this is a written account of the programs and rates the agent quotes you on.

Best wishes with your move.

The Eckler Team
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Wed Aug 26, 2009
Ask Cathy Marketing Group answered:
The best thing to do is to get a Good Faith Estimate on the different types of loans you are considering. This document will bring all the information down to an "apples to apples" level. You can compare closing costs, prepaids, interest rates, etc. Once you have all the choices in front of you it will be easier to make a choice. Sometimes a lender will raise the interest rate to cover the PMI. The only way to know for sure is to compare the Good Faith Estimates. I'd be happy to compare them with you and help you make a good choice. My phone number is 816-365-2225 and my email is AskCathy@kc.rr.com. Call or email any time! ... more
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Sat Aug 22, 2009
David Baker answered:
Some banks and lenders absorb a commitment fee for consumers that lock rates with them - but that would be about the only thing that I can think of. Most banks and lenders do not charge rate lock fees or commitment fees - but it does happen. I don't know who you are speaking with, but they may be referring to obtaining a particular rate for a certain price? If this is the case, they are referring to a rate lock period. A standard rate lock is 30 days. Some lenders may offer a better rate on a shorter lock period, such as 15 days. ... more
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Fri Aug 14, 2009
David Baker answered:
You can lock anytime, or could have locked already. Anyone that tells you any different is either misleading you or their company has an internal policy stating otherwise.
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Mon Aug 3, 2009
Ask Cathy Marketing Group answered:
Good question! Everytime you write an offer on a house and then miraculously there are other offers... you start to wonder. The first step is to look at the price of the home. Is it priced below what other homes like it would sell for? Is it a steal? If so, then there probably are other offers. Think of it this way.... there are buyers out there right now that are looking in the same price range as you. They have seen what is available, just like you, and have decided not to buy those homes. When a home that is "worth it" becomes available they will jump on it just like you did. So, the answer lies in the VALUE of the property, not the ethics of the agent. Plus, you never know what the other offer is.. yours may be better terms, if not a better price. The agent can not tell you the amount of the other offer. From my experience, an REO agent is judged by how quickly they sell a home and by how close the contract is compared to the asking price. Therefore, a good strategy would be to price the house below the value and then have the price bid up with multiple offers. I think that is what many of the REO agents are doing. Just because it's a foreclosure does not mean you should offer a ton under asking price. You should look for the value and then offer what you are willing to pay. Your buyers agent will be able to pull comparable homes and their statistics as well as show you other comparable homes. These are two valuable tools in deciding what price is right for you to offer. I hope that this helps answer your question. If you have any other questions, please contact me at 816-365-2225. ... more
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Mon Aug 3, 2009
Anna M Brocco answered:
The bank can decide as to which offer to accept and more than likely the other offer was higher than yours. How badly do you want this property--if you do, do give your best offer asap.
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Fri Jul 24, 2009
Dallas Texas answered:
If you are not looking to purchase in 2010 way go thru all these steps lending coullllddddd change between now and 2010

However I have do credit repair consultanting, owned a successful credit repair company, lectured to 1000's it does not matter if you take a loan or not your credit scores were pulled it will drop scores approx. 5 -10 points per pull.

I instruct anyone don't ever allow anyone pull credit till you are ready to purchase anything from a car, home and etc.

EVEN WITH MY personal purchases from real estate , to cars I have standards when my scores can be pulled,

NOW you can talk general terms if you have a estimate what your scores are.

Scores naturally increase daily when you pay your bills on time, reduce your debt ration by at least 50% or more never close an account.

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911
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Fri Jul 24, 2009
Dallas Texas answered:
At anytime when your credit report is pulled it lowers your scores approx. 5 - 10 points. GREAT QUESTION, never have your credit pull till you are ready to purchase or apply for credit card.

EXAMPLE; If I am not paying cash for my cars I test drive cars, talk general terms when I am happy with all particulars ready sign take possession then pull my credit.

NEVER give your SSN out to anyone they will immediately pull credit! I don't as a loan officer I know the damage it does to a credit report. Those few points can cost a buyer $1000's per year

Once you are approved for a loan you have approx. 60 days to close if not your scores would be pulled again for another 60 acceptance letter

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911
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Tue Jul 21, 2009
Michelle Rottach answered:
When the properties are listed with a real estate company, the seller typically pays for the commission of the real estate agent representing the buyer. The details will be specified in your buyers agency agreement.

With a FSBO you will need to negotiate with them on what they will pay. Such as your real estate agents fee or a real estate attorney fee etc.
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Tue Aug 11, 2009
David Chamberlain answered:
About 30-60 days but it is not as clear cut as that, when your purchase is going through you will need to provide updated information and you will need to continue to have the same qualifications.It also depends on whether you have locked a rate in, if you have a rate lock then you will have to deal with that timeframe. ... more
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Tue Jul 21, 2009
Sol Skolnick answered:
It is too early to seek a true pre-approval. These typically are dated to last 30 to 90 days. A prequalification simply means that soemone has asked you a few questions but has not pulled your credit or examined your finanaancials. A pre-qual wont' give you traction with a seller insist, on a written pre-approval which involves pulling your credit which will cost you a small number of points on your score. ... more
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Mon Jul 20, 2009
Tony Grech answered:
Yes Mortgage Insurance (MI) is required if you are putting less than 20% down payment or if you are doing an FHA loan.

On a conforming loan you can normally pay PMI monthly or it can also sometimes take the form of a rate increase out of which the lender pays your PMI for you. The monthly amount or rate hike can vary depending on your down payment and credit score. The riskier the loan, the higher that figure will be.

On an FHA loan, HUD charges an upfront mortgage insurance premium (UFMIP) as well as a monthly mortgage insurance amount. It is important to note that UFMIP and monthly MI is assessed on FHA loans regardless of the down payment unless the term of the loan is 15 years or less.

Hope this helps
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