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Alice Adams Group's Advice

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  • 12 Contributions
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Alice Adams Group wrote:

What is more important? Lower DTI ratio or higher downpayment?

Answer
Hi If you have 640 credit score or better, you do not need a lot of money for the down payment. The 20k additional on the mortgage will be approximately $140 month. Im assuming your monthly payment is much higher than that on your car. So it should benefit you to pay off the car, rather than use as a down payment on the house.If you have a credit score less than 640 the larger down payment could be beneficial if you look for non traditional financing. Best of Luck
February 08
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How to get people to sell?

Answer
If they are downsizing then there would still be a monetary savings.If moving up then there must be a value placed on the benefits of the new home. They are choosing to sell because they want something different. Is it for more space, a bigger yard, closer to work? Monetary gain is important but secondary to the benefits the home provides.
July 25 2013
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HOW CAN I FIND OUT HOW MUCH A PROPERTY OWES IN TAXES

Answer
A title company or abstractor can look up back taxes owed as well as any other recorded liens.
June 13 2013
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How do I get only sellers? I am not interested in buyers at this time.

Answer
Earn a referral fee by referring the buyers to other agents in your office/area.
June 13 2013
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what is the best way to flip a property with no moneny down

Answer
Its possible to Flip properties with Almost No Money Down. You can "option" a house for very little money. Take an option to purchase at x price by x date and give yourself as much time as possible to find an end buyer. If its a great deal that will not allow an option, for instance a foreclosure, then you can put under contract which will probably require a little earnest money. Now you will likely be wholesaling the property to another investor, because you need the end buyer to  be a cash buyer. (When selling to a buyer obtaining a  loan, you have to be the owner on title before you are able to execute the Purchase and Sales Agreement) I have completed wholesale deals for as little profit as 5k-10k (but have investors that have made closer to 20k). The option purchase price on different properties ranging from 15k-60k, the later being more typical. It will require an in depth knowledge of your real estate market and the cost of repairs. It also is important to have a database of potential buyers for wholesale properties or at a minimum have a strong marketing plan.You can do it!
June 13 2013
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Where or how can I find non traditional LENDERS?

Answer
Do you have 20% down payment available for the new house?
June 10 2013
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Anti Flip Regulations and Foreclosures? Please see details

Answer
Hi Kendall I had previously discussed exactly what you posted w her loan officer. Their underwriters are claiming its a problem that the current mortgagee and mortgagor are related. Even when I made clear my buyer is un related. I believe they have confused arm length and anti flip rules as well. I cannot find the rules in writing any where. What publication addresses anti flip waivers?
May 02 2013
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Anti Flip Regulations and Foreclosures? Please see details
If a man owns an investment house and his father (mortgagee) foreclosures on him, does the father have to wait 91 days from the date of foreclosure to sell to an unrelated FHA buyer? Or is the 91day anti flip regulation waived because it was a foreclosure? Someone has said bc the foreclosure was non arms length that is poses a problem? However the buyer is Arms Length and unrelated to any other party involved.
May 01 2013
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What can I do to get more (or better) quotes for my loan request ZR-GBTJQZD?

Answer
HiI was trying to think outside of the box to help you... Im not sure you will be able to do a cash out refinance until you are 2 years out of ch 13 and even then cash out refinances can be a little tricky. I dont know how much you need for repairs but is it possible that you have a vehicle that may be paid off you could take a loan against? Any other assets that the bank/ credit union could loan against so they would have a secured loan? Thats all the ideas I could come up with but I hope that you are able to make something work! Best Regards
April 20 2013
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Process of Buying a Fannie Math Home Path Property, please help with advice

Answer
HiWhen purchasing a Fannie Mae home you will need a licensed real estate agent to make an offer on HomePath.com. Once your offer is accepted your agent will receive all of Fannie Mae's  Addendums (paperwork) for you to review and sign. My experience is Fannie Mae gives a 10 day home inspection period. If you complete the home inspection within that time frame and find a reason you would not want to purchase the home then you would be able to Terminate or Cancel the Contract and receive your earnest money back.After your offer is accepted and signed by the seller, you will have the Fully Executed Sales Agreement. At that time typically you will pay for the Home Inpsection. You only do a home inspection after the have an agreed Contract between buyer and seller because otherwise you may not get the house and would have wasted your money. Once you approve the home inspection, your loan officer will order the Appraisal for you. You could have an attorney help you with the process as well but you will need a licensed real estate agent to submit your offer. It should not cost you any money to hire/ use a Buyers Real Estate Agent. However it will be a lot of help to you to have an agent assist you with the buying process,  Best Regards
April 20 2013
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