Consider working with an agent of your own; short sales are listed with brokers, however not all short sales are such great bargains, therefore don't overlook some traditional sales as may end up being a much better bargain. For available area properties check www.mlsli.com Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.... more
Hi minni3nmickey421,
I'm Andrew Wilkinson a community manager here in Trulia Voices, and so can speak on Trulia's behalf.
Thanks for the heads up on the house update. The best way to update the house facts, and it's value, is for the home owner to do it themselves. After all, who knows the house better than you!
To do that, click on the "Edit Home Facts" button, underneath the photo of your house on Trulia. Make sure to "Claim your house" too. This makes ensures that you have the right to edit the details of this house: http://bit.ly/HQIJSx
Congratulations on your home renovations. Have fun with that new pool!
If I can help you with anything else, just let me know by replying to this answer.
Andrew... more
Rainbow,
You've gotten good advice, and I will add to it with similar advice. You want an agent who will be objective in your purchase, and while agents are capable of being dual agents it is often recommended that buyers have their own representation. As was mentioned I would recommend interviewing several agents and seeing who you mesh with best, that agent will be able to show you other homes that are on the market.
Best of luck to you in your purchase!... more
I mention this only because I see you are discussing multifamily houses and FHA in the same posting. FHA guidelines change substantially if you move into the 3 & 4 unit multifamily homes. The going average rent for those units will be utilized, in that, the 2 (or 3 in the case of a 4 unit) other units' rent must fully support the monthly payment on the new loan dissimilar to a 2 unit FHA purchase. I have seen loans go bad quickly because of this, so make sure you discuss this curve ball with your lender if you decide to move into the 3-4 unit properties.
Good Luck
Ryan McPartland
JPMorgan Chase Bank
Investor Support Forensic Underwriter
ryanjmcpartland@gmail.com... more
Each bank sets their fees to what they feel is competitive for the types of loans they are making to the market they are serving.
Not always, but often it has to do with service as better service usually means more fees, so determining which bank to go with should take into consideration the terms, fees & service being provided - collectively called the "value". Perhaps one bank charges lower fees but will not explain things as thoroughly or doesn't do as much of the work that needs to be done as you would like, perhaps one bank charges a lot of extra fees for services and assistance you can do without, etc. You'll have to thoroughly examine your own needs as well as how each bank can meet those needs and under what terms. Part of the answer will be analytical, part of the answer will be how you personally feel.... more
Dear Newhome
If you are thinking of buying a home, I can help to quickly find your property. I will also, handle all the details for you so that your property will close smoothy and professionally.... more
The New York Times did a nice article about short sales last summer. I include a link to that article on my blog about short sales. Here's the shortened link:
http://bit.ly/aIuxg7
BTW, this is an example where information from brokers outside of the New York City metro area/Long Island can be very useful to you.
The reason is, the banks are the controlling force in short sales, and the banks' back office operations that handle short sales can be anywhere. You'll still have New York-unique closing costs and business practices, but the short sale process is roughly the same nationwide.
The other thing to point out is, this could be a very tough experience for someone who has "fallen in love" with a particular property. If you decide to pursue a short sale, a certain sense of detachment will serve you well!
Karla Harby
Rutenberg Realty
kharby@crrnyc.com... more
Shoumick
You have been given good advice by the professionals on this site for quite some time now. If you have not used any of that advice by now you have wasted your time and the FREE expertise of others. At this point in time your attorney should have asked you if you want an appointment to go over any concerns you may have including how much and the type of funds to bring to closing. As well as advising you to set up the final walk through. If for some unknown reason you are not using a real estate attorney to represent you at the closing the only advice I have for you now is GOOD LUCK! If you do have an attorney call him/her for the advice you need.
Allen... more
See link-- http://www.dos.state.fl.us/grants/index.cfm
If you haven't done so yet, consider visiting with any qualified loan officer(s)--see if you qualify for a mortgage of your own....... more
You will be required to purchase the policy before closing and provide proof to the lender the policy is in effect by the date of closing. You will also be required to add your lender to the policy. Most insurance agents are aware of the mortgagee clause for the lender. Do not assume its the same address as stated on your loan documents. Often, the lender will have a specific address to which the insurance policy must be certified. Failure to include the correct address on the policy may delay and even cancel your closing.
Stick with the more recognizable names such as All State, Geico and any other known carrier. The other less known insurers may have cheaper rates but in the event of a claim it is also extremely difficult to collect.
You are required by the lenders to maintain a policy which covers the full amount of the loan but will not include your personal belongings. Therefore if you would like additional coverage to include your personal claims or items you should request a policy above your loan amount. Again, discuss this with your agent and attorney before making any decision.... more
The only thing that I can add to this is that if you are purchasing a newly constructed home, the cosmetic issues will apply. In fact since you will most likely be under warranty for the first year (at least ) on major systems, then you really want to look for scratches on appliances, dings in bathtubs, cracks in tile work and paint and drywall blemishes, cabinetry flaws, masonry flaws, among others that the builder can take care of before closing, but may not be willing to do after closing. Your home is new only once, and those items will not usually be covered in a builder's warranty. We always encourage buyers to get an inspection, whether they are buying new or previously owned home. You never know what an inpection is going to find. Good Luck!
Stephanie Kelley, ABR, CRS, GRI
Keller Williams, Legacy
http://SanAntonioHomeQuest.com... more
Attorney fee can vary from $200-500 hour and up. A good buyer broker can asisst you through the offer process and save you money, If it is a standard purchase and sales most items are standard, if it was written by the seller, you would definately want it reviewed by a lawyer.... more
If your offer is accepted, the first thing you will need to do to is get an home inspection done. If there are any major concerns you can ask the seller, via the listing agent, to address them. Unfortunately you clearly do not have your own buyer's agent so you are at the mercy of the listing agent or sub agent guiding you. After the home inspection, and everyone is on the same page, contracts will be sent to your attorney of choice. Your attorney will go over the contract with you, the contracts are pretty standard with slight variations. A copy of the contract will be sent to your mortgage rep of choice. I'm assuming you have already selected an lender because a pre-approval would have to been submitted with your offer. Once yourself and the seller have signed the contract, you have a fully executed contract and you will have 45 days to secure a mortgage commitment. The whole process from beginning to end typically these days take 2-3 months. Once everything is done and you have a clear to close, you go back to the house for a final walk through. The house should in the same condition or better as you remember it. If they were any agreed up contingencies from the home inspection, they should be completed. That's it in a nut shell. If it doesn't work out for you, give me a call, I service Valley Stream and I'm a buyers agent.
Janet Nation
646-321-9649... more
When making an offer to purchase an home the seller is looking at the bottom line. What are they going to net out of the offer. Seller concession is when you are asking the seller to pay some or part of your cost to purchase this home. It you are asking for seller concession they may not be willing to come down on the price. Alway remember a seller is looking at bottom line what they are going to get out of this deal. Now when I am working with a buyer I make sure I know if they need the seller to help in thier closing cost. I make sure that I am speaking with their lender so I know how to write the offer. This needs to be included in the offer to purchase. So make sure it is in there if you need it. So you may get a lower price on the home if you do not ask for it. You are the only one that knows what is better for you. Is it better to have some extra money in the bank or is it better to have a lower monthly payment. Work the numbers. You can always ask. But always remember the seller is looking at the bottom number.
Debby Homestead Realty Inc
www.debbyrealtor.com... more
Arlynn, thanks for the recommendation. Gioconda, I will definitely return your call today, but one small correction on the phone number, 516-972-1687.
Arlynn, as well as all other agents I work with know one thing, if I say that I can get you a loan, I can. There is no need for this "pre-commitment" that is being talked about. All that does in my mind is take time away from my underwriters, who are working on loans for people who are in contract. I am sure that once you are in contract, you will want your loan approved as quickly as possible, and this is what we feel works best. If anything is truly borderline, we might have the underwriter take a look, but the majority of times this is not necessary.... more
There is no law that says you have to have an attorney to sell. However, on Long Island, in NYC and pretty much all the way up to Albany, attorneys are used when selling. Because your buyer will more than likely have an attorney, I would recommend using one. I would also recommend that you utilize the services of a real estate professional. In this market, using an amateur to sell (you) will not net you the greatest return. If you have not chosen a realtor, please feel free to contact me. I have sold homes from Flushing to Riverhead.
Ralph Windschuh
Associate Broker
Certified Buyer Representative (CBR)
Senior Real Estate Specialist (SRES)
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties
Top 2% of Century 21 Agents Nationwide... more
Hi Cynthia! You have asked a question(s) that require many additional questions to be answered by you!
However, I believe I can safely say without asking you any questions, no, you cannot sell your house for
more than it is worth. Your home mostly likely will have to be appraised by the purchaser's lender, and
they are not going to mortgage it for more than 80% of market value. So, unless you have a cash buyer that
is willing to pay over market price, you cannot sell it for more than it is worth.
If you would like to start the process of selling your home you need to call a realtor to get your house listed.
At Prudential Douglas Elliman we have recently completed a joint business venture with Wells Fargo,and
have a company called DECapital. With NO obligation our representatives would be happy to discuss with
you your credit questions. They also have the ability to work with other banks outside Wells Fargo.
Hope to hear from you soon!
Candi Rosenthal
Prudential Douglas Elliman
516-330-7608... more