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Home Buying in Pawtucket : Real Estate Advice

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Activity 8
Tue Dec 17, 2013
Robin Silverberg answered:
I am not quite sure what your question is, as this house is listed for $85,000, and you are talking about a $90,000 loan. If you are considering an FHA 203K loan, then you would be paying MIP, which is the FHA equivalent of PMI.
Paying PMI is never an "option", nor is homeowner's insurance when you have a mortgage. If you put down less than 20%, unless you can split the loan between a first and second mortgage, such as in an 80-10-10 deal, you would have to pay PMI in some form, either monthly or 1 time up-front on a conventional loan, or as previously mentioned MIP.
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Thu Aug 9, 2012
Debra (Debbie) Rose answered:
what do you need to know?
you need to know that you can't be sure if a closing will ever take place...............

why do you want to buy a short sale?

If you are interested in buying a home and knowing you can plan your life around a specific move in date - imo, stay clear of short sales.

Also, many buyers mistakenly think a short sale is automatically a great deal........that might not be the case, as the banks are looking for market value, too. You, as the buyer, cannot do anything to "speed up" the process, except be patient......some will tell you that you need to find an agent who is a "short sale" expert, and that will make all the difference.........I still contend that if you are a buyer who wants to have a "controlled" purchase that mopves along - don't buy a short sale ......
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Mon Apr 16, 2012
Joseph Del Sesto, GRI, SRS answered:
Helen. The down payment is 3.5%. I also have a lender who will do a conventional loan for 3% down payment with no up front or monthly PMI. Contact me at Joe@joedelsesto.com or visit my web site below to contact me for more information. Thanks. Joe ... more
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Mon Oct 8, 2012
Tina Lam answered:
Sure, there are plenty of financing programs available to allow that. But, much more importantly, you need to have a stable and sufficient source of income to cover the monthly mortgage payments to be able to buy. ... more
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Mon Oct 17, 2011
Alan May answered:
harold - in today's funky lending market, many lenders will not allow a 6% credit at closing. Check with your lender, first, to make sure they will allow such a credit (and in what format... such as "credit for closings costs and pre-paids) before considering such an offer. ... more
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Mon Oct 17, 2011
Eric Hanlon answered:
Hi Harold. That is a difficult question to answer. It has more to do with how the house is priced and knowing what it is really worth than trying to figure out a "percentage";. Do yourself a favor and get a buyers agent. They will be more help than any general answer someone can give you from trulia.

If you need help, let me know. I will do some research to find the best agent in your area.

Be well, and good luck!
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Fri Jun 19, 2009
Christopher Cox answered:
Hi Rebeccalee,

It will depend. If you buy it at a "foreclosure auction" then yes, you would be responsible for any municpical liens(taxes, water, sewer...etc). However, if you buy it after the auction and the bank has bought the property back it becomes what is called an R.E.O(real estate owned) property and the bank then be responsible for keeping the taxes and everything else up to date or at least responsible for paying them at closing. I hope that helps. You can check out my blog here on Trulia called Distressed Properties 101, it may answer any more questions you have.

Happy Hunting,
Chris
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Wed Nov 5, 2008
Alayna Berek answered:
Unfortunately, the question does not link to the property so I don't know which property you are referring to.
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