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Home Buying in Woodridge : Real Estate Advice

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Activity 6
Mon Oct 13, 2014
Evelyn Santiago answered:
The best way to find out is to align yourself with a realtor that has access to the MLS. It has the latest information on a listing that is for sale and our site is updated in minutes when there is a contract or change of status on the listing. There are many pre-foreclosures that are advertised on various websites that are not actually for sale - only a public notice of a mortgage default (pre-foreclosure) has been filed.

The homeowners may not have made a decision on whether they are going to seek a loan modification, do a short sale or let the property go to an actual foreclosure sale.

I would be happy to add your preferences to an automatic search which will mail you the latest listings that meet your criteria. There is no charge for this service and you have your own website to preview the homes knowing that you have the latest information.

Your first step as a 1st time home buyer is to get pre-approved for a mortgage. This way you know exactly what price range you qualify for and not waste your time at looking for homes that you can't get financing for. I have a list of preferred lenders that I have used in the past that I can mail you to get that pre-approval. With today's constantly changing and stricter lending standards this is your first step before even finding a professional realtor to assist you on your search.

Feel free to contact me and good luck on your search for your new home!
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Mon Oct 13, 2014
answered:
We refer our clients to Jim or Kevin at Illinois Credit Services, Inc. http://www.illinoiscreditservices.com/. They are a fee-based service but I believe are much cheaper than Lexington Law and we've always had good luck with them.

Paying off collections can actually hurt your score in the short-term since it shows a current reporting date on a derogatory item.

Have you tried calling the hospital / medical profession to see if they will remove the collection as a courtesy since they are paid in full? I recently had a large suburban hospital remove 2 collections from one of my client's credit report as a courtesy. It raised his score from 575 up to 660 so he had no problem qualifying for an FHA purchase loan. I called on the borrower's behalf and only took a few minutes once I got transferred to the right person in client accounts.

You can also check out the website http://www.creditinfocenter.com/. There is a lot of clutter on this website and they're trying to sell product but there is some good free information if you can sort through the clutter. One method that I've seen work very effectively in the past is debt validation (it's a link on the left side of the webpage about half way down). You can click on this link to go directly to that section: http://www.creditinfocenter.com/rebuild/debt_validation.shtml. The idea with deb validation is that you challenge the collection agency to prove that they are authorized to collect the debt. If they don't respond within the legal time frame they have to remove the information. Most collection agencies are not going to bother responding if the collection has been paid in full since they've already been paid.

I hope this helps.

Thank you,
Jeff Kincaid
Avenue Mortgage
630-470-6722 office
jkincaid@avenuemortgage.com
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Thu Oct 23, 2014
answered:
Hello Alcantara,
You will probably want to look into an FHA loan based on what you listed in your question. FHA loans are more forgiving with regards to credit score, allow as little as 3.5% down and allow co-signers.
Here are a few points to consider with regards to the FHA loan:
Student loans do not have to be counted in your debt-to-income ratio provided they are deferred at least 12 months after your closing.
Having your parents co-sign with you will help but you will still have to have a high enough score on your own to qualify since lenders use the lowest middle score for all borrowers. There are lenders that say they can close loans with scores as low as 580 but I don't recommend going that route. You really want to get your score to the 620 or higher range. 640 will make a big difference in the rate you can obtain.
Consider how much you want to spend per month on your total payments. Don't forget to consider homeowner's insurance, property taxes as well as any association dues that might apply. What you can qualify for and what you are comfortable spending are two totally different things.
Let me know if I can help review your credit and give you some ideas to help raise your score and get you in better position to purchase once your school is done.
Jeff Kincaid
Avenue Mortgage
630-470-6722 office
630-605-3694 cell
jkincaid@avenuemortgage.com
NMLS 814064
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Wed Jun 6, 2012
sally answered:
To sum up, I feel like I'm always asking him to do things (like a CMA). Is it time for a new realtor or are these experiences common?
0 votes 13 answers Share Flag
Mon May 28, 2012
Dallas Texas answered:
GREAT QUESTIONS: Listing agent forwards to the bank for their approval. Seller is aware an offer has been presented, bank has to approve offer. Banks are overwhelmed with foreclosures and short sale it can take up to week for approval. Executed contract so forwarded to you via your buyers agent. Listing agent does not work for the bank, seller is contacted listing agent.
http://www.lynn911.com http://www.homes-for-sale-dallas.com
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Thu Mar 6, 2008
Christopher Walker answered:
Pretty much the only way will be to wait for the property to become available as a listing with a Realtor. Countrywide will not be able to provide much information to you before then. I have found it pretty effective to secure a note to the door asking that whoever is re-keying or doing any work on the property to call me. If they call, ask them who placed the order for the work. It will usually be the Realtor who is going to be listing the property. You can take it from there. Another suggestion would be for you to get together with a local Realtor familiar with bank owned property and have them do the leg work for you. ... more
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