Zillow Advice RSS: Question-Discussion-Guide,Home Buying,UT http://www.zillow.com/advice/UT/home-buying/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate I'm buying a HUD home, appraised by HUD at $65,000. The comps in the area showed it was worth about http://www.zillow.com/advice-thread/I%27m-buying-a-HUD-home-appraised-by-HUD-at-65-000-The-comps-in-the-area-showed-it-was-worth-about/442293/ If your agreement of sale had a mortgage contingency, you can probably terminate the contract and get your escrow back. Did you have an appraisal contingency in your contract? If so, you may be able to get HUD to lower the price to the the appraised value but in my experience, that's extremely difficult. You might be better off canceling the contract then resubmitting your offer at the appraised value. <br/><br/>Speak with your buyer's agent. He/she can counsel you on the specifics of your deal. Each state is different. If you don't have an agent, I'd suggest checking with an attorney.<br \><br \>0 replies Thu, 10 May 2012 16:41:00 GMT http://www.zillow.com/advice-thread/I%27m-buying-a-HUD-home-appraised-by-HUD-at-65-000-The-comps-in-the-area-showed-it-was-worth-about/442293/ 2012-05-10T16:41:00Z Real Estate Myth: A Cash Offer Trumps All http://www.zillow.com/advice-thread/Real-Estate-Myth-A-Cash-Offer-Trumps-All/487291/ Appraisals are not required in a cash transaction. &nbsp;If a buyer is coming in with a financing for the purchase an appraisal will be required by the mortgage company. &nbsp;When buying a foreclosure that may not fit FHA standards a cash transaction may be necessary.<br \><br \>0 replies Wed, 27 Aug 2014 16:33:00 GMT http://www.zillow.com/advice-thread/Real-Estate-Myth-A-Cash-Offer-Trumps-All/487291/ 2014-08-27T16:33:00Z What doesn the Recently Sold price mean in a nondisclosure state? http://www.zillow.com/advice-thread/What-doesn-the-Recently-Sold-price-mean-in-a-nondisclosure-state/352463/ Recorders office in a nondisclosure state do not have the sales price, so how could that be the source.&nbsp; Does that mean the sales price listed in the amount of the mortgage the buyer has?<br \><br \>2 replies Wed, 02 Jun 2010 20:57:00 GMT http://www.zillow.com/advice-thread/What-doesn-the-Recently-Sold-price-mean-in-a-nondisclosure-state/352463/ 2010-06-02T20:57:00Z Is building a new home a bad idea for a first time home buyer? http://www.zillow.com/advice-thread/Is-building-a-new-home-a-bad-idea-for-a-first-time-home-buyer/474259/ I think you should profit from having a word with a few mortgage brokers to discuss your finances first of all and take it from there<br \><br \>0 replies Mon, 14 Jan 2013 02:33:00 GMT http://www.zillow.com/advice-thread/Is-building-a-new-home-a-bad-idea-for-a-first-time-home-buyer/474259/ 2013-01-14T02:33:00Z Is it possible to get a loan for a cheap house (60,000 under) if you are a student with no job? http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-loan-for-a-cheap-house-60-000-under-if-you-are-a-student-with-no-job/566215/ With our lenders you would need a job or other income to quality for a mortgage.<br \><br \>0 replies Tue, 11 Nov 2014 17:07:00 GMT http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-loan-for-a-cheap-house-60-000-under-if-you-are-a-student-with-no-job/566215/ 2014-11-11T17:07:00Z how do i go about finding the bank who took posetion of a condo i live by so i may purchase the cond http://www.zillow.com/advice-thread/how-do-i-go-about-finding-the-bank-who-took-posetion-of-a-condo-i-live-by-so-i-may-purchase-the-cond/198505/ If the bank now owns the property you can contact a <a href="http://www.zillow.com/directory/real-estate-agents/">real estate agent</a> or <a href="http://www.zillow.com/directory/lenders/">mortgage broker</a> and they can look it up for you.&nbsp; Some parts of Utah are not "searchable" via the internet.&nbsp; This property will soon be assigned to a real estate agent and listed for sale and you can make an offer at that time.<br \><br \>0 replies Thu, 22 Oct 2009 00:04:00 GMT http://www.zillow.com/advice-thread/how-do-i-go-about-finding-the-bank-who-took-posetion-of-a-condo-i-live-by-so-i-may-purchase-the-cond/198505/ 2009-10-22T00:04:00Z hOW MUCH are typical closing costs? http://www.zillow.com/advice-thread/hOW-MUCH-are-typical-closing-costs/254001/ The costs associated with settlement will vary with the terms in the sales contract and whether you are buying or selling. typically buyer and seller split the document preparation charges. The cost of title insurance is based on the amount insured, the seller is insuring the net sale price. The buyer's policy to the lender is based on the <a href="http://www.zillow.com/mortgage/">loan</a> amount so it will usually be less.<br/><br/>For sellers other costs that may be included in the settlement are: commissions, taxes, survey, inspections, even all or part of the buyer's expenses. Basically anything agreed to in the contract.<br/><br/>Buyers will usually have loan origination and other lender fees, <a href="http://www.zillow.com/mortgage/help/Private-Mortgage-Insurance.htm">mortgage insurance</a>, (if the down payment is below the guidelines), taxes, <a href="http://www.zillow.com/mortgage-glossary/Homeowner%27s-Insurance/">homeowner's insurance</a>, funds for a reserve account, and&nbsp; inspections all due at settlement.<br/><br/>In some cases assessments&nbsp; and personal judgments will have to be settled before a transaction can be completed. Always ask the lender, agent or title company for an estimate of the expenses before you make a move.&nbsp; A good rule of thumb is 2-3% of the purchase price (excluding commissions).<br/><br/>Consider negotiating who is to pay. In this market a seller offering to pay some or all of the costs may gain an edge on the other sellers. A buyer with less cash may be able to ask the seller to pay the cost and leave more cash for a down payment.<br/>&nbsp;&nbsp; &nbsp; <br/><br/><br \><br \>0 replies Sat, 18 Jul 2009 01:43:00 GMT http://www.zillow.com/advice-thread/hOW-MUCH-are-typical-closing-costs/254001/ 2009-07-18T01:43:00Z Purchasing homes from the bubble http://www.zillow.com/advice-thread/Purchasing-homes-from-the-bubble/543384/ Remind your agent that market value is not determined by what the owner owes on their mortgage, but what similar homes are selling for.&nbsp;&nbsp;&nbsp; What can you do?&nbsp;&nbsp; Say "<em>thanks but no thanks, contact me if you change your mind ... I might still be interested</em>" and move on.&nbsp;&nbsp;&nbsp; (35 to 50 d on the market really isn't that long in most communities)<br/><br/><br/><br/><br/><br/><br \><br \>0 replies Fri, 30 May 2014 23:14:00 GMT http://www.zillow.com/advice-thread/Purchasing-homes-from-the-bubble/543384/ 2014-05-30T23:14:00Z Down payment and re-established credit after a double Bankruptcy. http://www.zillow.com/advice-thread/Down-payment-and-re-established-credit-after-a-double-Bankruptcy/453819/ The best suggestion I can give you is to try to contact at least two mortgage brokers to see what programs are available to you and your fiancee.&nbsp; Even if you are not quite ready the mortgage broker should guide you as to what needs to be done to purchase what you want.&nbsp; The best of luck on your journey!<br \><br \>0 replies Thu, 02 Aug 2012 22:07:00 GMT http://www.zillow.com/advice-thread/Down-payment-and-re-established-credit-after-a-double-Bankruptcy/453819/ 2012-08-02T22:07:00Z Does the Purchase Price of the house need to be added for non-structure upgrades? http://www.zillow.com/advice-thread/Does-the-Purchase-Price-of-the-house-need-to-be-added-for-non-structure-upgrades/289256/ It is not as much the law as the type of <a href="http://www.zillow.com/mortgage/">mortgage</a> you are using.&nbsp; Ask your lender.<br \><br \>0 replies Sun, 18 Oct 2009 02:07:00 GMT http://www.zillow.com/advice-thread/Does-the-Purchase-Price-of-the-house-need-to-be-added-for-non-structure-upgrades/289256/ 2009-10-18T02:07:00Z Can I get a home loan if I've done a short sale six months ago but I have a credit score that's over http://www.zillow.com/advice-thread/Can-I-get-a-home-loan-if-I%27ve-done-a-short-sale-six-months-ago-but-I-have-a-credit-score-that%27s-over/393349/ The major question here is did you have a mortgage late during the short sale? Were foreclosure proceedings started as a result of a Notice of Default? <br/><br/>As for the mortgage late, you cannot have any mortgage lates in 12 months.<br/><br/>If an NOD was filed you are looking at 2 years until you are able to obtain financing again.<br \><br \>0 replies Fri, 15 Apr 2011 17:51:00 GMT http://www.zillow.com/advice-thread/Can-I-get-a-home-loan-if-I%27ve-done-a-short-sale-six-months-ago-but-I-have-a-credit-score-that%27s-over/393349/ 2011-04-15T17:51:00Z Buy, Rent, or rent-to-buy? http://www.zillow.com/advice-thread/Buy-Rent-or-rent-to-buy/538464/ I have to ask you to turn this around - why would you lease/option your property, and under what terms?<br/><br/>If you had a rental property that you were thinking of selling, what would make you sell it on a lease/option? Especially to somebody that can't get a mortgage?<br/><br/>In my experience, the typical lease option goes something like this: the seller requires a significant down payment, maybe 10% or so. Non-refundable, of course. Then, the rent is somewhat higher than market, maybe 5-10% or so. There's an inevitable dispute about maintenance and repairs, and when the time comes to exercise the buyer's option, one of three things can happen:<br/><br/>1. They can't get a loan, so they've lost their down payment and the excess in rent that they've paid.<br/>2. They can get a loan, but now that they have buying power, they'd rather buy another home.<br/>3. They can get a loan, but the house they're trying to buy doesn't appraise.<br/><br/>Since you know that you are likely to move in five years, I would suggest that rather than risk 10% of the purchase price of a home, you invest a little bit of that money into a counselor to help your child make this transition and the next TWO easier.<br/><br/>All the best,&nbsp;<br \><br \>0 replies Tue, 29 Apr 2014 03:23:00 GMT http://www.zillow.com/advice-thread/Buy-Rent-or-rent-to-buy/538464/ 2014-04-29T03:23:00Z Salt Lake City- Is it better to buy a bigger house or a small one? http://www.zillow.com/advice-thread/Salt-Lake-City-Is-it-better-to-buy-a-bigger-house-or-a-small-one/533801/ Hi Toogblebob,<br/><br/>In my opinion I would go for something that makes financial sense for you but also meets your family's needs. Taking into consideration that when you have kids if your spouse stops working, can you still afford that mortgage payment. If the budget is not an issue I would recommend to get into a bigger house now to lock down a lower interest rate. As a general rule of thumb, if you plan on stating in that first house 3-5 years then the appreciation (assuming the market doesn't correct again withing that time frame) then you should be fine to sell and cover your costs of selling (settlement fees, RE commissions, taxes-at roughly 7-8% of the sales price). But if you will need to move into something bigger sooner that that, then your cost to get a mortgage (origination fees) and then your cost to sell that house and get a new mortgage might put you in a tight equity position. <br/><br/>If you found my answer helpful please be sure to rate it, that helps me in return, thank you!<br \><br \>0 replies Thu, 27 Mar 2014 22:01:00 GMT http://www.zillow.com/advice-thread/Salt-Lake-City-Is-it-better-to-buy-a-bigger-house-or-a-small-one/533801/ 2014-03-27T22:01:00Z senior community living http://www.zillow.com/advice-thread/senior-community-living/258943/ Depending on the area that you are looking at there are a few out there.&nbsp; Olympus Ranch in Murray, Sunrise in SLC and Sandy.<br/><br/>If you need financing a popular trend is to purchase senior housing with a reverse mortgage. It eliminates you writing a check for the monthly payments. Below was a great article about Reverse Mortgages.<br/><a href="http://www.myfhamortgageblog.com/2009/07/reverse-mortgages-how-do-they-work/" rel="nofollow">Reverse Mortgage: How do they work?</a><br \><br \>0 replies Wed, 22 Jul 2009 19:28:00 GMT http://www.zillow.com/advice-thread/senior-community-living/258943/ 2009-07-22T19:28:00Z terrible cedit, where can we turn for refinance help? http://www.zillow.com/advice-thread/terrible-cedit-where-can-we-turn-for-refinance-help/196403/ I agree with Lewis get moving right away. If you have been current on your mortgage for three years maybe things aren't as bad as you think. You are entitled to an annual credit report free of charge from each of the three major reporting agencies. Inquiring into your own credit won't hurt your score. Get the report at <a href="https://www.annualcreditreport.com/cra/index.jsp" rel="nofollow">https://www.annualcreditreport.com/cra/index.jsp</a><br/>Look for any errors and dispute all you find. Getting your FICO Score will cost and it may not be necessary. When you do look for a loan talk to different lenders but keep the time frame short. If there are several inquiries within a week or two it appears as if you are shopping around. that typically won't hurt your score. Over a longer period than a few weeks it may hurt the score. <br/><br \><br \>0 replies Tue, 24 Mar 2009 18:43:00 GMT http://www.zillow.com/advice-thread/terrible-cedit-where-can-we-turn-for-refinance-help/196403/ 2009-03-24T18:43:00Z I want to buy a house, but I have to sell the house where I live now. What do I do first, buy or sel http://www.zillow.com/advice-thread/I-want-to-buy-a-house-but-I-have-to-sell-the-house-where-I-live-now-What-do-I-do-first-buy-or-sel/508521/ You can't buy without selling first unless you want, and can qualify for, a bridge loan. The bridge loan is the new loan on the new house which allows you in the new house while you try and sell the old. The down side is that you have two mortgage payments until that old house sells. And what if it does not sell, how long can you pay two mortgages?<br/><br/>So put your house up for sale and keep an eye open for something you like in case your house gets an offer. Once you get an offer you can put an offer in on your next home. Then coordinate the closings one day apart and it can work out. Your Realtor knows all about how to do all this. <br/><br/><br/>tim<br \><br \>0 replies Sun, 25 Aug 2013 18:09:00 GMT http://www.zillow.com/advice-thread/I-want-to-buy-a-house-but-I-have-to-sell-the-house-where-I-live-now-What-do-I-do-first-buy-or-sel/508521/ 2013-08-25T18:09:00Z How are new house values affected in an already established old neighborhood http://www.zillow.com/advice-thread/How-are-new-house-values-affected-in-an-already-established-old-neighborhood/538945/ While it is true that a neighborhood is a very important part of the equation when determining value and while it is also true that in many neighborhoods, the values are going up and may be the reason the newer homes are trying to garner a higher amount than the price of older homes in a stable neighborhood, you should still be speaking with a local real estate professional since value is determined by comparables recently sold , as well as condition, location and size. If you are going for a mortgage, you will need an appraisal done and the appraiser will be basing his determination for the bank (lender) partly on what has recently sold in the area that is comparable. If you are not going for a mortgage, that issue is not a concern as long as you view the purchase as an investment in a neighborhood with rising prices.&nbsp;<br \><br \>0 replies Thu, 25 Dec 2014 17:31:00 GMT http://www.zillow.com/advice-thread/How-are-new-house-values-affected-in-an-already-established-old-neighborhood/538945/ 2014-12-25T17:31:00Z Can I buy a home? http://www.zillow.com/advice-thread/Can-I-buy-a-home/551456/ Visit the link below for a quick comparison on renting vs. buying http://www.bankrate.com/calculators/mortgages/rent-or-buy-home.aspx Cheer!<br \><br \>0 replies Tue, 26 Aug 2014 21:21:00 GMT http://www.zillow.com/advice-thread/Can-I-buy-a-home/551456/ 2014-08-26T21:21:00Z How to buy at a Foreclosure auction http://www.zillow.com/advice-thread/How-to-buy-at-a-Foreclosure-auction/520134/ If you are attending a foreclosure auction held by a sheriff or other legal entity - you will be bidding against the bank.&nbsp; The foreclosure auction is the last step in the legal foreclosure proceeding before the bank can take possession.<br/><br/>The bank will bid up to the entire amount due to them including the outstanding mortgage balance and any fees which have accrued.&nbsp; The bank will win the bid. The sale is cash only.&nbsp; No financing options are available.<br/><br/>Realtors do not assist you in this type of acquisition unless you are willing to pay them out of your pocket.<br/><br/>If you want to buy a foreclosure find a buyers agent and look at homes which have already been through the auction process.&nbsp; There are no deals at foreclosure auctions.<br \><br \>0 replies Tue, 26 Nov 2013 13:13:00 GMT http://www.zillow.com/advice-thread/How-to-buy-at-a-Foreclosure-auction/520134/ 2013-11-26T13:13:00Z I live in Utah and I own one home and have been renting it out and want to buy a new http://www.zillow.com/advice-thread/I-live-in-Utah-and-I-own-one-home-and-have-been-renting-it-out-and-want-to-buy-a-new/483618/ get yourself infront of a mortgage&nbsp;broker and see what your options are... but be prepared to have reserves<br \><br \>0 replies Tue, 19 Mar 2013 18:18:00 GMT http://www.zillow.com/advice-thread/I-live-in-Utah-and-I-own-one-home-and-have-been-renting-it-out-and-want-to-buy-a-new/483618/ 2013-03-19T18:18:00Z