Zillow Advice RSS: Discussion,All Real Estate Advice Topics,KY

upside down in condo and trying to sell

Mon, 13 May 2013 14:47:00 GMT

My mortgage is about $27,000 more than what condos around me are selling for. I bought the condo in 2005 and the value has depreciated around $30,000. I cannot rent my condo due to HOA restrictions. What is my best bet here? I recently got married so it is sitting empty and I am making HOA and mortgage payments every month.

3 replies

Should you sell your present home before making an offer on another home?

Mon, 29 Apr 2013 22:31:00 GMT

Often, I am asked if a buyer should make an offer on a home before selling their present home. Contingency offers are most always tough to get to a closing. Especially, when there is a kick out clause to make them remove the contingency to sell their home first. Then they have to start over.

My best advice would be to get it cleaned and staged, then let your Realtor get it professionally marketed and a contract. THEN, start looking at homes to buy. You could accept the offer on your home contingent on you putting an offer on and successfully closing on a new home. There are many ways to look at this for a buyer and seller . Lizette Fitzpatrick - Principal Broker of Lizette Realty

3 replies

After a appraisal should not the seller and buyer both be aware of the appraisal value?

Mon, 25 Jun 2012 17:58:00 GMT

6 replies

Trying to relist a house that info is still listed on Zillow

Sat, 27 Apr 2013 22:19:00 GMT

My house listing has expired, I'm trying to relist same information.
How do I relist my house?

1 reply

Harp 2.0 & Hamp

Fri, 04 Jan 2013 15:16:00 GMT

I have 7 investment properties that are not through Freddie or Fannie. All have mortgages and looking to go from 7.625% to lower..perfect credit but all are under water but rented very well...Any options to refi?

2 replies

Appraisal values

Wed, 03 Apr 2013 16:54:00 GMT

Why would a house that has 2 acres more than mine get a $30,000.00 negative deduction during an appraisal and a house with 9 acres less get no positive adjustment.

4 replies

Ask our community...

Wed, 06 Mar 2013 17:28:00 GMT

I have made an offer on a FannieMay Homepath property, the listing agent tells me I am considered an investor because I own a home even though it is on the market for sale and my offer will not be considered for the first 15 days. I sighned the owner occupant document. Does anyone know if this is the norm?

1 reply

Ask our community...

Tue, 26 Feb 2013 17:09:00 GMT

I purchased a foreclosure home in Dec. 2012. We have come to find out that the roof ahas extensive hail damage. The damage was not disclosed because it is a foreclosure but it was not reported in our home inspection either. My insurnace will not pay for the damage because it was pre-existing and the home owner warranty will not cover it either. I was told prior to buying the home that some roof repairs had been made with I thought would have taked care of anything the roof had but now the cost ot fix the rood are close to $10,000. I can't pay for that. Please advise on who is responsible for the repairs????

2 replies

VA 100% Cashout Refi from Conventional - 15 Yr.

Thu, 16 Feb 2012 12:18:00 GMT

Is anyone doing the VA 100% cash out refi? We got a funny loan in 2006. The 1st loan at 80% and a 2nd at 20%. Freddie Mac owns it. Both are with the same bank. Rates are 6.5 and 8.5 respectively. We are looking for a VA 100% cash out refi for the full amount of the two loans combined. Our credit scores are both around 775. We owe 150K on the house and are underwater on it by about 10K.

7 replies

Real Estate is Trending Up!

Mon, 28 Jan 2013 01:57:00 GMT

I hope everyone else has noticed that the number of sales in Madison County and Richmond, Kentucky have increased in 2012 and 2013 has started off even better than last year. Values have not quite started to come back in any significant way but the number of closed residential homes has increased. I believe values will follow in late 2013 and 2014.

7 replies

Did you know you can lock you interest rate for up to a year EVEN BEFORE YOU FIND A PROPERTY?

Thu, 31 Jan 2013 21:42:00 GMT

[promotion deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]

1 reply

Wetdawgs

Sat, 15 Dec 2012 21:21:00 GMT

I would like to take a moment and thank you for your input that you put forth on Zillow. I have to say that nearly everything I read that you comment on is spot on, and it is clear that you aren't doing this for any personal gain. In the Holiday spirit, THANK YOU from those that dont know how much time you put in to give people an educated and well thought out answer to their questions.

Karl W Detlefsen

2 replies

Construction loan Burlington, KY

Wed, 28 Nov 2012 19:06:00 GMT

My wife and I are looking to build I house in Burlington, KY. We have a lot on hold and are building with a local custom builder. We are trying to figure out the financing. The two options are us taking out a construction loan or our builder financing it and we buy it from him at the end. Obviously, the builder prefers for us to take out the construction loan because it's less risk to him. Him and our realtor also say that I will save money in closing costs if I do this. Here is the problem; the builder, myself, and our realtor have talked to several banks and mortgage companies in the Northern Kentucky area and are about out of resources. Very few offer construction loans to start with and the few that do require 20% down. I do not and will not have 20% to put down. Including house and lot, our goal is for a total cost of $200,000. I will have $20,000 to put down which is 10%. Does anyone know of a solution to this situation as the banks we have talked to cannot come down below 20%?

0 replies

Best option for HARP on 2nd home/rental?

Thu, 11 Oct 2012 06:56:00 GMT

I have what is now a 2nd home in Northern KY that I attempted to sell after a job & life change/move. Was unsuccessful; however, I have been able to rent it out.

Long story short, currently with Wells Fargo on a 30yr interest only at 6%. With aprox 270K remaining on the loan and value more realistically around 230K I have tried in the past to refi with Wells Fargo and have been rebuffed due to their classification of it as now an investment property.

After pulling my head out of the sand and calling back asking about a HARP refi (Fannie Mae has the loan) they are now willing to work with me and have offered a 30yr fixed P&I at 4.1%. Figuring as long as I have a tenant this may be a better option for me long term as I wait for the market to rebound and therefore I'm interested in pursuing; however, while I understand why they wouldn't advertise the HARP option to me initially.... I'm still a little put off that they didn't and am wondering what my best options might be.

For what it's worth when they pulled my credit score they told me it was at 760. Sorry to be such a noob... just looking for some advice.

Many thanks

1 reply

How to rent out my condo?

Thu, 13 Sep 2012 21:55:00 GMT

Me and my wife woud like to rent out our condo (being that the market it so weak right now as far as selling )and we would like the know where we should start? We want to get a house and would like for this to be our first investment property. 3 bedroom 2 bath 1350 sq ft

3 replies

Louisville First Time Buyers Are Quickly Becoming More Comfortable With The Buying Process.

Thu, 16 Aug 2012 03:34:00 GMT

They understand the significance of the rates under 4%. They also understand that there are still some bargains to be had in our market. Congratulations to those bold enough to research and purchase just as the economy is showing some signs of life.

1 reply

Typical first time home buyer is .........

Wed, 15 Aug 2012 18:16:00 GMT

31 years old. Bought a 1570 square foot home for $155,000. Plans to spend 10 years in their new home. Searched for 3 weeks before contacting an agent.

0 replies

First Time Home Buyer Facts.

Mon, 13 Aug 2012 17:48:00 GMT

First time buyers by household type: 54% married couples, 21% single women, 12% single men, 12% unmarried couples. Surprised? Info from Aug, 2012 Real Estate Report from Buffini Co.

5 replies

Bank of American won't respond to offer on foreclosure.

Tue, 22 May 2012 17:53:00 GMT

My fiancee and I submitted an offer on a foreclosed house owned by the Bank of America and listed through a Realtor and have been waiting forever for a response. We submitted an offer 3.5% over the listing price on May 7 (the house had been on the market only 1 day) and still have not heard back from them after three weeks. Our buyer's agent has been in contact with the listing agent daily who claims the BoA has not responded to her about this house or another house she has listed.

10 days after we submitted our offer the listing agent forwarded us a document from BoA notifying us of multiple offers that we signed and promptly returned. We have not heard anything since then. What is our next course of action to obtain a response from the bank? Is there a way to find out who to talk to?

2 replies

Neighborhood

Fri, 18 May 2012 23:51:00 GMT

When and how did the Eastland Park neighborhood get lumped in with the section known as Dixie? EP needs to maintain it's own identity, the two areas have nothing in common except geographics.

0 replies