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Home Buying in Louisville : Real Estate Advice

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  • Local Info41
  • Home Buying216
  • Home Selling24
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Activity 148
Thu May 17, 2012
Joe Hayden answered:
That's funny you asked... I'm updating that page on my site now... Please see the link. You can also read a few blog posts on real estate education - http://www.joehaydenrealtor.com/blog/category/real-estate-education/ ... more
0 votes 8 answers Share Flag
Mon Mar 5, 2012
Ronnie Bramer answered:
If you are going FHA you can ask the seller to pay up to 6% of the sales price in your closing cost. As far as actual fees each bank mortgage can vary in each region of the country . Could be anywhere from $300 to 1800. You just need to shop and compare.
Some lenders or Loan Officer may waive or pay some of the smaller lender fees. You can also get a lender credit with a slighlty higher interest rate.
good luck
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Mon Mar 5, 2012
Brian Taylor Clark answered:
There are always going to be things that arise, whether you are a first-time home buyer, or a seasoned vet. A good agent will help minimize and mitigate these items, but no transaction is truly seamless. Things that come to mind are first budgeting. You really have to sit down and figure out what you are truly comfortable spending house payment wise, after you've added up all of your other expenses. All of the little things, entertainment, lattes at the coffee shop every morning, gas, etc. add up, and you have to include them to get an honest picture. No one likes being house poor! Proper preparation and budgeting is just one aspect of how to make your first time home buying experience a positive one. ... more
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Fri Feb 24, 2012
Suzanne MacDowell answered:
There are a lot of factors that go into getting approved for a mortgage. Really the only one who can tell you is a mortgage lender. I don't mean a big bank, but a bank that specializes in writing mortgages. They will look at your particular situation and tell what you can do today, and if not today, when and what you need to do to qualify at some point in the future. They will even give you an idea of when that future date might be. There may also be programs available for first time home buyers, grants and down payment assistance and so on, that they are aware of that may benefit you. If you don't know a lender, call a real estate brokerage and ask to be referred. Realtors will be happy to help in hopes that when you are ready to buy you will reward them by allowing them to act as your buyers' agent.

Good Luck and let us know how it goes!
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Sat Mar 3, 2012
Mary Bishop answered:
Usually " subject to" ... are short sales. In this instance properties are in preforeclosure and are subject to the seller's mortgage co agreeing to take less than what is owed on the property. If you would like more information about the real estate market here in Ky, I would love to help you. I can help you find your new home. Call me anytime at 502-905-8121. or e-mail me at marybishop@re-mp.com Thank you! Mary Bishop - Real Estate Marketplace ... more
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Sat Sep 21, 2013
Michael Thacker answered:
I LOVE open houses on Sundays! I go to them even on days that I am not "working"!

Great question!

Michael
0 votes 2 answers Share Flag
Sat Feb 18, 2012
Cammianne answered:
Bad credit, mostly, LOL.

We're currently renting and love the neighborhood, so we'd like to stay here. We found a home we like, but it's in pre-foreclosure. We haven't had much luck with the bank (BOA) because of the pre-foreclosure status. They told us our best bet would be to contact the owner. We've done a lot of research and have discovered the owner died a couple of years ago, out of state. Before he moved, he got divorced and the wife filed bankruptcy. We located his father who stated that because of the large amount of debt owed, no one wanted to become executor of his estate. We're pretty much stuck at this point, but not sure if we would have been able to afford the house anyway.

We like the above house the best, but again, kind of in limbo with that. There's another house being offered by Fannie Mae down the street that we've looked at. The last selling price back in 2006 was $80,000, Fannie Mae is asking $161,500. Again, like the first one more, so not sure if we even want to offer on this 2nd one.

We rent and our lease will be renewing soon. We've been in this rental house for 2 years and pay about $925 a month, if I'm not mistaken. Neither my husband nor myself have good credit, although we've always been great renters, LOL. Also, I'm a vet and have never used my VA loan, so I have that still.
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Wed Mar 7, 2012
Oggi Kashi answered:
Out here in SF Bay Area it seems that way. Prices are high and most 1st-time homebuyers can't afford to work on the property after purchase. That makes move-in-ready properties much more attractive.

Oggi Kashi
Broker Associate, Paragon Real Estate Group CA DRE 01844627
All data from sources deemed reliable but subject to errors and omissions, and not warranted.
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Wed Feb 1, 2012
Mary Beth VanMeter answered:
I agree with the three items you selected. Three things that I believe help me stand apart from other agents, prompt professional communication, educating the client as to what to expect before any issues arise, being willing to reach out to the cross selling agent to solve problems and negotiate a contract so that it will close. ... more
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Sat Nov 19, 2016
answered:
Your PMI depends on your actual loan a amount (not the purchase price), the type of loan program you choose (FHA, Conventional, etc.) We need a bit more information to answer accurately. ... more
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Thu Dec 22, 2011
Anna M Brocco answered:
For accurate and up to date listings, consider working with an agent; keep in mind that various sources feed into online sites, and sometimes the information may not be posted, not updated, not accurate... ... more
0 votes 9 answers Share Flag
Thu Dec 8, 2011
answered:
I have financed many trades in Louisville. Make sure your team, Realtor and lender are on board, these transactions require a little extra TLC. You’ll need to do much of the foot work yourself to help your agent because of time constraints. But, yes is is possible, good luck, ... more
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Sun Dec 11, 2011
answered:
Research the subject in depth before jumping in. They are probably not what you expect. In this type of transaction the underlying assumption is the seller will be able to perform in addition to the tenant/buyer. That is a very big what if, sellers are not subject to the same federal regulation as banks, do you really know the seller well enough to give them your hard earned money? I have discussed this in the blog entry linked below. Other entries in my blog will also shed some light on the subject. Most of the sellers interested in entertaining one of these transactions will already owe money against the property so they will not (should not) want to record any contact that might trigger the due-on-sale clause in their mortgage. Unrecorded contracts are difficult to protect should something happen to the seller, divorce, illness, death just to mention a few.

Finally, the reason most people seek this type of transaction is because they are not eligible from a mortgage from a traditional lender. Any work around to side step the mortgage underwriting guidelines shifts the risk from the lender to your side of the ledger, greatly increasing the odds of disaster. The guidelines are actually fairly liberal despite what most people believe. I hope my observations keep you away from harm, good luck.

See the link below,
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Sat Sep 7, 2013
Terry Bell answered:
Top of my list would be:
1. by referral from a trusted friend
2. by going to open houses and seeing agents in action
3. Looking for someone on Trulia and reading their blogs!

Most buyers are trying to be their own professionals and not stick with one agent because they are afraid that they will be pushed sooner than they want, instead of seeing the benefits of learning from a professional everything about buying! Hopefully their Mortgage broker will recommend that they stick to one agent! ... more
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Wed Feb 1, 2012
Charlene Kline answered:
The general rule for real estate is that "if it is screwed in or nailed on" it remains. Therefore the gas range would remain, but safer to name it in any offer to purchase. A built-in dishwasher remains. ... more
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Wed Nov 9, 2011
Tim Moore answered:
Start where every buyer should start - Step #1 = Talk to a lender or two and find out where you are.

Then go from there to steps #2, 3, etc.
0 votes 18 answers Share Flag
Wed Oct 26, 2011
Syndi Chesser answered:
Kacy, it has been my experience that court review of offers to purchase on estate-owned properties is largely to ensure that a fair and reasonable price is being paid to the estate.

Is the heir who accepted your offer acting as an estate administrator (appointed by the courts) or instead as the estate executor (designated in the decedent's will). Especially if the latter is the case, and assuming that the court finds that the contract documents -- terms and price -- look reasonable and fair, I think you stand a very good chance of success.

Hope this helps. If you have further questions/comments, you can post here or privately to ChesserMeadeGrp@aol.com. Wishing you the very best of luck!

Syndi Chesser, 100% Club, Broker Associate, Builder
Senior Partner - Chesser Meade Group
Accredited Buyer Representative (ABR)
Certified Distressed Property Expert (CDPE)
RE/MAX Associates of Louisville (Kentucky)
O/C: 502.222.9167
Fax: 502.222.9030
Email: ChesserMeadeGrp@aol.com
Web: www.ChesserMeadeGroup.com
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Thu Sep 29, 2011
John Burns answered:
In Kentucky, if a property is classified as a farm, then the land can only be valued, for property tax purposes, at the agricultural value of that land. The "farm" has to be at least 10 acres, and would have to be zoned Ag / Residential or Ag / Urban in some areas. In some rural areas of Kentucky there is little or no zoning. In the Louisville area, there will be. There are also some incentives for various crops and animals through the Dept. of Agriculture. Good luck!
John
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Wed Sep 21, 2011
Cassandra Kraig answered:
I think I have a lender you should talk with...at least I know she has had success with others in what sounds to be a similar situation to yours. Of course you can discuss the details directly with her, but I am happy to pass along her info as a referral.

Just an FYI note, REALTORS are under new guidelines about representing any type of financing products, so here is a disclaimer that I am required to include by law, “This communication is provided to you for informational purposes only and should not be relied upon by you. Semonin Realtors is not a mortgage lender and so you should contact the lender directly to learn more about its mortgage products and your eligibility for such products.”

Go ahead and send me an e-mail and I will reply with the lender's contact info. It is a great time to buy, so I hope I can help you find a way!!

All the best!
Cassandra Kraig
Semonin REALTORS
ckraig@semonin.com
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0 votes 2 answers Share Flag
Wed Aug 17, 2011
Bill Eckler answered:
Firsttime,

Your options should be spelled out in your purchase agreement but as it been described the fact that you have missed the bank's targeted closing dates at the very least would be an indication that they have encountered soe type of problem.

It's unfortunate that the listing/selling agent has not been in touch with you. Try contacting him/her via their broker also making them aware of your concern and interest to not continue persuing this property.

As always, review your agreement for the specifics and if it is unclear consider consulting an attorney.

Best wishes,

Bill
... more
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