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Waddell : Real Estate Advice

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  • Home Buying3
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Activity 11
Fri Jun 28, 2013
Jason Coleman answered:
Yes, two yrs after foreclosure va allows new loans. However usually need at least a 600_640 fico score for va. We require a 640 so have your husband g
et a secured credit card and build credit over the next 6 months.
Jason Coleman
602_451_5472
Peoples mtg
Loan Officer
Savingsandloans@yahoo.com
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Tue Jun 12, 2012
answered:
Frank -

The challenging part about your situation is that we are in a community property state and FHA and VA underwriting requires the inclusion of a spouse's debt in your debt to income calculations. However, that is not the case on a conventional loan. If your credit is good, you may qualify for as little as 3% down on a conventional loan where he debts are not included in your debt ratios. If she is not attempting to short sell the property, you may want to consider doing a deed in lieu of foreclosure. You should consult a real estate attorney when considering any options for disposing of the property. If you go the route of a deed in lieu of foreclosure you'll want to make sure to have in your documentation from the mortgage company that in return for her executing the deed that they are accepting the home as full satisfaction of the mortgage debt and that she does NOT owe any deficiency balance. That is an important point for your attorney to negotiate as it will establish that she does not have any debts going forward from the mortgage that must be considered in qualifying for FHA or VA financing for you in a community property state. Going the route of the Deed in Lieu will also likely put a quicker resolution to the situation that waiting out a foreclosure sale. Again, you should consult a real estate attorney for answers to your specific situation and none of this should be construed as legal advice. I am simply advising you on what an underwriter will consider for a loan qualification.

Good luck,
Brian Cardenas, Sr. Loan Officer
AmeriFirst Financial, Inc.
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Fri May 11, 2012
Dwayne asked:
I am interested in obtaining a copy of the home prints/specs.
0 votes 0 Answers Share Flag
Thu Nov 21, 2013
Bill Eckler answered:
d,

Don't change your retirement plans but you should do an evaluation of the real estate market. There is a surplus of near new resale homes in most areas that represent huge savings. If you are still set on new construction...don't make a final decision until you have seriously considered resales.

Good luck,

Bill
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Sat Apr 9, 2011
Matt Puzz answered:
You can google whatever you need to shop for.

Matt Puzz
Amerifirst Financial, Inc.
602-410-9333
0 votes 3 answers Share Flag
Tue Oct 19, 2010
Donald Keys answered:
There are many options you have in order to avoid foreclosure in Waddell.

Start here: http://www.avoid-foreclosure-az.com

Use the RESOURCE page to find the answers you are looking for. ... more
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Fri Dec 5, 2014
Sandra Paulow answered:
It really depends on the terms of the Well Agreement. Any "Share" Agreement can be problematic, before you agree to anything have the terms of the agreement reviewed by an Attorney. ... more
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Mon Jul 20, 2009
Dallas Texas answered:
Many lenders "shy away" allowing a family have more than one mortgage, best invest do required work then sale than two mortgages could be costly ruin your credit scores if you can't make both payments

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911
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Thu Nov 21, 2013
Donald Keys answered:
1) Contact an attorney since you would want to know the legal laws of selling property in Arizona since you are considering not using a REALTOR.
2) The internet will give you the most exposure - try google or yahoo searching "land for sale" and see if there are any sites. Try For Sale By Owner sites.
3) A REALTOR is going to give you the maximum exposure because they know how to market and advertise properties. Example, I currently have over 400 buyers in my database and possibly already have a buyer for your land.

I hope this helps.
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Fri Jun 28, 2013
Donald Keys answered:
1) Hire a REALTOR - The "nice" people in the models represent the SELLER and not you as a buyer. Our services for buyers a FREE OF CHARGE 99% of the time.

2) You can have your REALTOR "Negotiate" on your behalf and insist that if you buy a NEW HOME that you earnest deposit be put in a neutral ESCROW COMPANY that "is not" nowned by the builder instead of the builder's general fund.

3) You can have your REALTOR change the language of the builder's contract back in your favor to meet your needs.

4) Buying a NEW HOME is risky because builders have recently gone bankrupt. Consider a resale in the neighborhood.

I hope this helps.

FREE REPORT: "The market has changed Discover How to Avoid the 6 Biggest Mistakes Homebuyers Make." http://www.thekeysteam.com/buyer_mistakes.asp
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Thu Nov 21, 2013
Keith Sorem answered:
Angela
Thank you for your question.
If I were your agent you would know why your home is not selling. So without knowing your specifc market and circumstances, these are general statements that need to be viewed within your specifics.

1. You should be aware of the overall real estate market in your area. Usually a Realtor reviews comparable properties (Actives, Pendings, Solds, and Expireds) at the time the property is priced and placed on the market.

The guiding principle of real estate is that the selling price of a home is determined when a willing and able buyer agrees to purchase the property. The buyer (who represents the market at large) sets the price. The primary reason a property does not sell is the price.

2. How many properties like yours have sold during the time your property was on the market? How close were the selling prices to yours? How many days did it take for them to sell?

3. How many properties Expired (never sold and the listing agreement expired).

4. The ratio of sold properties to expired properties is a ratio. Let's say that 5 sold and two properties expired. 2 divided by 5 is 40%, so there is a 40% chance a property will not sell. The ratio can change, if your property has been on the market one year, I'd look at the stats per quarter (three month period) and see how they are changing (going up, down, etc.)

5. You should know the number of times the property has been shown, with feedback from the buyer's agent from each showing. This information, along with changes in the market , would be reviewed on a regular basis.

The feedback will tell you the problems and what you need to do to correct them.

6. Assuming that you have had showings, but no offers, the price is too high.
If you have had no showings, the price is too high.

There are a few other remote possiblities however these should cover most circumstances.

Good luck!
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