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Counter offer with sooner closing date?

Mon, 20 May 2013 23:28:00 GMT

I recently put an offer on a Fannie Mae owned home. I offered 5k OVER asking, 1k hand money, and NO seller's assist, and a closing date in 2 months.( We are using a 203k loan) They did not accept our offer, but countered our offer with a closing date of next month instead of 2 months. We countered back with our original offer, we need at least 45-60 days to close with a 203k loan. Has anyone ever dealt with this? I have seen counter offers for a change in cost, or seller's assist, but not a sooner closing date...

6 replies

Don't Wait Too Long To Take Advantage of Low Prices

Sun, 12 May 2013 22:22:00 GMT

What comes down must go up. If you are willing and financially able to purchase, please don't wait for the robins to come out for good weather, because spring will be over before you can blink you eyes. This is a time to take advantage of rates and the low payments that come with having the ability to afford more house or square footage. Seek a professional agent, we are very helpful in negoiating prices and will hold your hand every step of the way.

0 replies

VA Home Loan and Income Based Repayment on Student Loans

Wed, 17 Apr 2013 01:15:00 GMT

I am applying for a VA home loan. I graduate from law school in May and will use Income Based Repayment (IBR) to pay back student loans. I've heard the mortgage lenders will NOT calculate my income/debt ratio using the IBR repayment amount, rather they will use the standard repayment amount, which is much higher in my case. Any advice/guidance on what I need to do to get the mortgage lender to use my IBR repayment amount?
Thank you for taking the time to respond.

2 replies

Dipping my toes into the world of real estate...

Mon, 11 Mar 2013 21:29:00 GMT

I am not yet a licensed realtor, but I am meeting with some local real state agencies to discuss some training options and scholarship programs. I want to gather as much information as possible, especially from real people.
1. Is starting in real estate something that can be done part-time/on the side, at least to start? I should add that I am lucky to have a full-time job that has flexibility as far as personal days and no real set schedule.
2. Are the fees worth doing it part-time?
3. If an agency is willing to train you for free, what is the catch?
4. Do agencies typically give you listings to help you jump-start your business?
Anything else I should know?
Thank you in advance!

2 replies

Will including my high-earning, low-scoring partner on my mortgage app help or hurt?

Tue, 19 Feb 2013 20:24:00 GMT

My (unmarried) partner and I are looking to buy a house, but are unsure if we should apply for preapproval together or separately. My credit score is in the low 700s, but my annual salary is only in the low $30s. My partner has a bad credit score (550) because of some financial difficulties 5-6 years ago. But he's been paying his new bills for the past 3 years or so and makes over $80K a year. We're looking to buy a house in the $150K range with 10% down. We'd both be first-time homebuyers. Are we better off applying together, or just me on my own? Any advice is very appreciated!

5 replies

Install Hardwood and Granite Counter Tops in Kitchen or Not? HELP!

Fri, 15 Feb 2013 12:55:00 GMT

My home has been on the market for 8 months. It's in the higher bracket at $599,900 which is already $45K less then what I paid for it. So we are already taking a loss. Problem is we have hardwood in the living room, dining room, foyer and powder room but do not have it in the kitchen or morning room and we do not have Granite counter tops which seems to be the main feedback from buyers YET they wont make an offer for a reduced price.

So we were contemplating whether we should put in the Granite and Hardwood which is going to cost us about $15,000 with no guarantee that the hardwood will match the existing hardwood! That's alot of money to spend when the potential buyers could still come in and now complain that the flooring doesn't match.

The existing flooring is a High Grade Laminate that actually looks like Ceramic Tile with Grout - the floor company actually thought it was Ceramic Tile thats how high grade it looks.

We don't know what to do. PLEASE HELP with suggestions and advise!! We really need to sell the property this year.

13 replies

Can I get a mortgage using my foreign income?

Tue, 27 Nov 2012 17:20:00 GMT

US citizen. 2 yr contract in foreign country. DTI with foreign income = 9/25 (credit.com). Current credit score 720. Graduate 2011 + one year full time position in USA. Looking ot buy a home in Pittsburgh PA.

3 replies

Mortgage contingency

Tue, 20 Nov 2012 01:42:00 GMT

I was told on the mortgage contingency date that my loan would be denied because the condo association is under litigation. On the same day, my buyers agent told the sellers agent that I am no longer interested in the place unless the seller is willing to bring down the price to some cash value that I can afford. I also found out that the association has a number of other issues. A day later I got a message saying that even with the litigation that the condo is approved (but still no loan commitment as more things need to be reviewed). The mortgage contingency clause stated that a desire to terminate should be given in writing. My agent only conveyed this over the phone on the mortgage contingency date. When I realized this should be in writing I had my agent send an email. Shouldn't this be a non-issue for me to get my deposit back?

3 replies

Is there any limitation for putting more funds in Escrow account (for buying New home)

Wed, 29 Aug 2012 17:07:00 GMT

Is there any limitation for putting more funds in Escrow account for buying NEW Home. Suppose today I have funds for securing or covering ONE year worth of Taxes. And I need to pay in advance.
Appreciate any suggestions and guidance. Thank you...

1 reply

Home Buying - NEW Construction in South F Sch Dist.

Tue, 21 Aug 2012 17:11:00 GMT

I am a first time NEW home buyer in SouthF School Dist area. What are the closing costs which will pay Builder(Seller) and Buyer. As I know that generally Seller pays Gov Recording and Transfer (city/county Tax/stamps) charges not Buyer. Please give me guidance about closing costs and their breakdowns.

Thanks in advance. And appreciate your time.

1 reply

Walkable North Suburbs?

Thu, 16 Aug 2012 16:00:00 GMT

My husband and I currently live in the Strip District. We love the neighborhood and its proximity to downtown, but would like to move a little further north (towards Beaver County) to be closer to family. We would like to be located in a walkable neighborhood close to shopping, restaurants, bank, etc. We like Sewickley, but are wondering if there are any other towns/neighborhoods with similar character that we should consider? As a reference, Beaver is too long of a commute for us. And the Mexican War Streets area is too far from our family. We would also like a good public school district for when we have a family, and we have not heard great things about the schools for the North Shore neighborhoods.

1 reply

Buyer's Agent

Wed, 08 Aug 2012 02:04:00 GMT

I am considering to buy a house as first time home buyer. I came across a new housing community and thus dropped by the sales office to get more information. I wonder if it is still ok for me to get a buyer's agent? I read across a lot website that mentioned I should get a buyer's agent before visiting the sales office.

4 replies

What is a buyer "walk-through" & when should it be done?

Fri, 16 Dec 2011 19:17:00 GMT

Watch my VLOG for my take.

13 replies

Getting a loan while working for a family business?

Wed, 30 May 2012 14:39:00 GMT

I work for a family business and have been working here for less than 2 years. Per the lender I'm currently speaking with this is a problem. Would someone please explain how/why this is an issue and if there is a workaround?

The business itself has been around 10+ years and I have 5+ years of taxed income.. from current employment and past.

Thanks!

1 reply

Do I qualify for an FHA construction loan?

Sun, 01 May 2011 23:43:00 GMT

I am a 30 year old, who is living in an apartment in Pittsburgh. I still own a home in VA with a VA mortgage, I currently have the home rented out and have hired a property manager to take care of the process. Rent checks are direct deposited as planned.

I am looking to purchase a 2-3 unit home in Pittsburgh, live in one unit and rent out the other 3. Cost would be about $300k to buy and then spend another $60k on renovations. Current base salary is $110k but I will make $10-50k on top of that in bonuses etc. Latest FICO is 641. 83% of available revolving debt available, 2 Credit inquiries will fall off on the next credit report. Monthly debt payment is $2050.

9 replies

Investment property and would like to borrow from it to purchase another property.

Sun, 20 Nov 2011 02:37:00 GMT

I have a few investment properties that I paid cash for and would like to borrow from one of them to purchase another property. Please direct me the best way to go. I live in Pittsburgh, PA

4 replies

Sketchy real estate deal?

Sun, 25 Mar 2012 23:19:00 GMT

My parents (in Europe) are thinking of buying property in what seems to me like a sketchy deal. They are being offered a home near Pittsburgh, PA, for $50,000, as an investment. They are guaranteed a rent of $800 per month for the first two years (which works out as 19% a year). The whole thing seems very sketchy to me, but it seems they want to go ahead with it. Does anyone have any information about this?

3 replies

Pittsburgh Home Buyer Seminar

Sat, 31 Mar 2012 15:07:00 GMT

Looking to buy a new home? Take the mystery out of the home buying process by attending a local "Home Buyer Seminar" in the Pittsburgh area. There are a few seminar dates rapidly approaching so take advantage of this free wealth of knowledge and take the first step towards owning a new home (not to mention the free coffee and bagels).

Each seminar will offer speakers dealing with different stages of the home buying process.
These include:
- Mortgage Loan Officer (Pre Approval Process, Mortgage Process, Loan Programs, etc.)
- Realtor (Selecting a realtor, finding a home, home inspections, etc.)
- Insurance Agent (Insurance coverage, types of policies, etc.)
- Settlement/Title Representative (Liens/Judgements, Closing Process, etc)

Don't forget that Free Coffee and Cookies/Bagels will be provided!

See you there!

Seminars around Pittsburgh:

South Hills:
Saturday, April 7th, 2012
10:00am – 11:00am – Panera Bread (meeting room) (Galleria in Mount Lebanon)
Address: 1500 Washington Road, Mount Lebanon, PA 15228

Pittsburgh North:
Saturday, April 14th, 2012
2:00pm – 3:00pm – Panera Bread (meeting room)
Address: 20111 Rte 19, Cranberry, PA 16066

Pittsburgh East:
Saturday, April 21st, 2012
10:00am – 11:00am – Panera Bread (meeting room)
Address: 4172 William Penn Highway, Monroeville, PA 15146

Pittsburgh West:
Saturday, April 28th, 2012
10:00am – 11:00am – Panera Bread (meeting room)
Address: 250 Mcholme Drive, Pittsburgh, PA 15275

0 replies

. r

Sun, 25 Mar 2012 23:09:00 GMT

How a $30 part can cost you a closing...

Fri, 25 Nov 2011 17:00:00 GMT

[self promotional link deleted by Zillow moderator. Please see our Good Neighbor Policy]

7 replies