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McKinney : Real Estate Advice

  • All313
  • Local Info33
  • Home Buying108
  • Home Selling13
  • Market Conditions6

Activity 154
Mon Aug 17, 2009
Abe Mills answered:
I would consider a lease purchase or owner financed home if I were you.

Good Luck!
0 votes 6 answers Share Flag
Mon Aug 3, 2009
answered:
Sounds like the loan officer sending your info to credco is doing a rapid rescore for you.
This is a good thing.
Do you have any credit card debt that you can pay down?
If you do, what is the balance/limit ratio expressed as a %
?

Not all loan officers are good at helping borrowers with minor credit report corrections.
The judgment will remain for quite some time after it is 'released/satisfied' but should be reported correctly. If not, then maybe rapid rescore will help that.
... more
0 votes 8 answers Share Flag
Sun Jan 1, 2012
Wayne Warshawsky answered:
If you are already involved in a short sale than the HOA will have to be paid by the mortgage company or the buyers at closing. I would worry more about the mortgage company that the HOA. Be sure you have a Realtor experienced with negotiating short sales helping you in the process. ... more
0 votes 14 answers Share Flag
Sun Feb 15, 2015
Bill Eckler answered:
Yes, it could be a good sign.....however, it's important to not read anything into this that isn't there. Agents often take the opportunity of time like this to make a point or form comparisons between homes....this requires time and may or may not have anything to do with your home. ... more
0 votes 10 answers Share Flag
Thu Jul 9, 2015
Jackie Rankin answered:
Well, I wish I had better news for you but RJ hit the nail on the head! Cash it is, or be prepared to pay a high interest rate if you can get qualified. Give RJ a call and see if one of his lenders can help you out! Good luck, I hope it works out for you!


Jackie
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0 votes 6 answers Share Flag
Fri Jun 5, 2009
Terri Hayley answered:
Kristi,

If you buy in an area that qualifies for USDA loans, there are 100% loans out there. You can contact Katie Sparkman at ksparkman@houseloan.com at CMC Mortgage or call 817-807-5367 and she can help you. There are areas of Little Elm and places north in the metroplex that qualify for USDA.

We did have someone try to use NACA once in the hundreds of homes we've sold and it just never panned out for them. Keep in mind, though, your experience could be different.

Thanks,
Terri Hayley
The Hayley Group, Keller Williams
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0 votes 6 answers Share Flag
Tue Jun 23, 2009
Voices Member answered:
Here, Need Home Fast .... http://public1.co.collin.tx.us/ccclerks_notices/default.aspx

http://www.co.collin.tx.us/tax_assessor/auctions/forsale.jsp ... http://www.co.collin.tx.us/constables/constable_1/current_sales.jsp ... http://www.co.collin.tx.us/constables/constable_3/current_sales.jsp

http://public1.co.collin.tx.us/sheriff_sales/default.aspx

It's a start!

Dunes
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0 votes 2 answers Share Flag
Sat May 30, 2009
Need Home Fast asked:
and make arragmanets to pay deposit the same month. owner forclosed bank wants me to move. I have 3 children and credit issues. I have a company that Im working with to fix my credit an...
0 votes 0 Answers Share Flag
Fri Jun 5, 2009
Emmanuel Scanlan answered:
Hello Home Seller,

I would expect that if you read the buyers loan paperwork there is most likely wording allowing the mortgage company to do this. I would doubt that they would decline financing without the ability to do so. Of course this is really a matter for the buyer to explore with a RE Attorney if they feel the mortgage provider is reneging on a valid contract. I've been through a number of financings over recent years and have seen clauses allowing mortgage companies to cancel for nearly any reason. Unfortunately with what is going on today mortgage providers are more apt to exercise those rights than not.

Emmanuel J. Scanlan
PS Inspection & Property Services LLC
www.psinspection.com
214-418-4366 (cell)
TREC License # 7593
International Code Council, Residential Combination Inspector #5247015-R5 (Electrical, Mechanical, Plumbing and Building)
Certified Infrared Thermographer (ASNT-TC1A Standards)
Texas Residential Construction Commission, Third Party Warranty Inspector #1593
Texas Residential Construction Commission, Inspector, County Inspection Program
Texas Department Of Insurance, VIP Inspector # 08507061016
Hayman Residential Engineering Services, Field Technician
CMC Energy - Certified Energy Auditor

Knowledge is power, but sharing knowledge brings peace!!
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0 votes 5 answers Share Flag
Wed Jun 24, 2009
HL answered:
Needhome, since the recent mortgage crisis banks have become very strict on their loaning practices. I would suggest you speak with a mortgage professional or specialist who can give you the answers you seek. As Real Estate Agents, we know from experience that it would be very difficult to purchase a home with a low credit score with the exception of a huge down payment and high interest rate. Something worth mentioning would be looking into a OWNER FINANCE property. They may be willing to work with you. Sometimes there are no qualifying, lower interest rates, flexible terms and down payments coupled with fast closing.
There are some great sites online that can give you all kinds of information on improving your credit score. Couple of my personal favorite credit experts are Bud Hibbs and Dave Ramsey.

If I can help in any way, feel free to contact me. I know some mortgage professionals that can contact you directly or I can pass along their information.

Best Wishes!
TX Cyber Homes
... more
0 votes 6 answers Share Flag
Wed Sep 8, 2010
Don Tepper answered:
Why the difference?

Often, with new construction, the tax appraisal reflects the land and the previous property that stood there. So, if it was a vacant lot (or, more likely, a lot with a tear-down on it) and the tax assessment is supposed to be at 100% of fair market value, the tax assessment is reflecting what was there prior to the new construction.

As for what you can offer the seller: You can offer anything you want. Recognize, though, as noted above, the $265,000 probably doesn't reflect the new construction. And, frankly, even if it did, never ever base an offer (or an assumption of fair market value) on a tax assessment.

Contact a Realtor and have him/her do a CMA on the property. It may be tricky--it often is when a neighborhood has multiple foreclosures or short sales--but it's much more reliable than relying on a tax assessment that may not even reflect current construction.

Hope that helps.
... more
0 votes 12 answers Share Flag
Fri Apr 17, 2009
Patrick Jackson answered:
Hi Agnes,

Arbor Glen is a great neighborhood. Lots of cul-de-sac areas. This is one of the safest areas of McKinney. There are only two entrances to Arbor Glen and only local traffic. No thru streets to other neighborhoods. Lots of kids and the elementary is Wolford which is an Exemplary school. The MISD web site for Wolford is http://www.mckinneyisd.net/Campuses/elementary/wolfordelementary/ .

Arbor Glen is part of Stonebridge Ranch which has two community pools (one is a sandy bottom beach syle pool with a kid size water park), jogging trails, lakes, and tennis courts. There is a Kroger around the corner and Market Street about a mile away.
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0 votes 5 answers Share Flag
Mon Apr 13, 2009
Bruce Lynn answered:
Kristi,

I have never heard of a program in today's market that does not have income limits.
There were programs in the past, but those have pretty much been eliminated.

There are some HUD foreclosures that you can get in for perhaps as little as $100 downpayment.
In reality you probably need more money than that since you can have closing costs, inspections, earnest money, etc, I think realistically you probably need $1000-$2000 to even do this program.

Typically the minimum down payment with FHA financing will be 3.5%, if you can get the seller to contribute all your closing costs and/or have the lender roll them into the loan. This is possible, but getting harder to do and still have the home meet appraisal.

There are perhaps some different options though. Can you borrow from 401k and then pay it back with 1st time homebuyer tax credit for example?
... more
0 votes 6 answers Share Flag
Fri Jan 9, 2015
Rob Purifoy answered:
I'd rent the home out as it's a hot rental market right now. Homes' values are okay but could be better. Depending on your situation, and tax bracket, a write off with rental property could be nice. However, Keeping the debt load on your income ratio could prove a problem with buying your next home. Lot's of considerations here... Feel free to give me a shout, we do loans as well so I may have more of a well rounded insight for you vs. just your average Realtor. ... more
0 votes 8 answers Share Flag
Mon Jun 14, 2010
Eunice Waller answered:
Hi Tony,
Are you still planning to purchase another home and would you use that agent are questions you need to decide. If not, You might want to talk with your realtors broker if you want out of your buyer representation agreement if you are not planning to purchase another home. I would never hold someone to a buyers representation agreement if things were not working out between us. Good Luck! ... more
0 votes 9 answers Share Flag
Mon Dec 21, 2009
Terri Hayley answered:
Hi Grace,

They are different sections of the same community. One of the nice things about La Cima is that you are in McKinney, but it goes to Prosper schools. Is there a home there that you're interested in?

Thanks,
Terri Hayley
... more
0 votes 5 answers Share Flag
Sat Nov 8, 2008
Melissa Hailey answered:
Grace,
Both of these subdivisions are part of the Stonebridge Ranch masterplanned community. Darling Homes builds in both subdivisions. Drees also builds in LaCima Manor which is also part of Stonebridge Ranch. These homes will be priced around $300K +.

The Stonebridge Ranch community has many other subdivisions and builders, with a wide variety of prices. Additionally the community boasts a beach club & swim lagoon, 2 country clubs, hike/bike trails, 14 lakes, tennis, and even it's own YMCA. You can find more info on-line at: www.StonebridgeRanch.com.

Please know that as a buyer you are able to receive representation from a Realtor at no cost to you. Regardless of what kind of home you want to buy, (pre-owned, new construction, townhome, etc.) having a professional Realtor on your side is important to help guide you through the process.

If you would like any further information, please feel free to call me at 214-418-0180 anytime. I would be happy to answer any questions that you have and to assist you in your home search. You can also contact me via email at melissa.hailey@coldwellbanker.com.

Melissa Hailey
Coldwell Banker Jane Henry Realtors
North Texas Top Team, Realtors
... more
0 votes 4 answers Share Flag
Sat Oct 11, 2008
Josh Thomas answered:
Yes. The contract is likely contingent upon your qualifying for the appropriate financing. Otherwise, it is a valid and enforceable contract.
0 votes 14 answers Share Flag
Wed Oct 1, 2008
Emily Erekuff answered:
Hi David,

If you have information to share about this area why don't you try blogging? Blogs are a great way to showcase your knowledge and Trulia Blogs are free and easy to use. Adding videos and photos is a snap and will make your post stand out among the rest. Check out our Top 10 Blogging Tips below if you're interested and since you're new to Trulia Voices, please be sure to review our Community Guidelines and our Agent Best Practices.

Community Guidelines: http://www.trulia.com/guidelines/
Agent Best Practices: http://www.truliablog.com/2007/08/13/trulia-voices-agent-best-practices/

Best Wishes,

Emily Gibson
Community Moderator
... more
0 votes 1 answer Share Flag
Sun Sep 28, 2008
Jeanine Wheeler answered:
Call a trusted Lender to run your credit. After speaking with you and getting answers to questions about your job and past credit issues, then they can tell you what you can afford, how much the monthly payment will be and how much you will need to put down. The pre-approval is a good tool when making an offer to show you are a qualified buyer for the property you are interested in. ... more
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