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Plymouth : Real Estate Advice

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  • Local Info5
  • Home Buying15
  • Home Selling7
  • Market Conditions2

Activity 25
Fri May 23, 2008
Myke answered:
Don't start by asking how much off asking you can go. Asking prices are not nessicarily any reflection of market value. Asking prices are based on "how much do i still owe the bank? how much do i need for a down payment on a new house? can i stretch it and pay off my car loan too? how about a trip to hawaii when all this is over?"

First thing you have to do is look at the market, and try to determine the fair market value of the property.
This is where either agents, or doing a lot of your own research comes in. Comparing your property you're interested in to similar properties on the market, and similar recently sold homes. Find out if you're in a declining market - and appraisers are automatically knocking a percentage off. Take that into consideration.
Once you get a number that you - and assumably your agent - feel is correct Now compare that to the
asking price. If they're in the same neighborhood, you're in business. If the asking price is much harder - things could get tricky. If the asking price is much lower, you'll probably be best to stay closer to asking.

All of this really depends on the property, and the cirumstances though. Needless to say - there is no golden rule of "X off of asking price is the way to go". Base your offer on the market value of the home, not the asking price.
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Sun Dec 12, 2010
Pam Winterbauer answered:
Valerie....

I am feeling your anquish here. If a foreclosure will effect your husband's background check....will a short sale or a deed in lieu of foreclosure? Both of these effect your credit scores so they may also effect his annual check.

If it is feasable to rent./lease it out and not have to much out of pocket that may be the best thing for now. It would help keeping your credit in tact. There is always the option to bring money to the table to close but it sounds as if you are getting tight on cash.
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Wed Jun 14, 2017
Lenny Frolov answered:
Valerie: Every lender is different, some will deal with you before you are delinquent to spare the foreclosure and some will only work with you after you have got behind. Doing a short sale yourself is something I would not suggest. I would pick an agent that has a lot of experience doing it because that could be the difference between the lender accepting a decent offer or asking too much for the house. If you do decide to work on the short sale yourself some of the things the lender will ask from you is: recent pay stubs, tax returns, financial and bank statements, and hardship letter explaining why your in the position to stop paying and why they should accept what you are proposing. Also, typically they will need an offer to purchase to work on your short sale file.

If you decide to have an agent help you with the short sale ask them how many they have successfully closed. Do research on them because your house is in their hands. No matter which way you go always tell the potential buyers the process may take a while.
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Sun Mar 16, 2008
Zachary Epps answered:
Talking to a local loan officer or mortgage broker in your area might uncover some opportunities.
Although some down payment assistance programs have gone away, perhaps there's something locally that you've missed which a mortgage professional in the Plymouth area can help you find.
It sounds like something's changed for you that you're trying to correct since you're already there and you like where you are.
Perhaps you can rent for a short time until you can handle the change or improve your financial situation?
I know that's not the answer you're looking for so consider also checking with a
Realtor for affordable housing you may not be aware of as well as consulting with a local lender for programs you may have missed.
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Fri Oct 12, 2012
Katie Roach answered:
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