Profile picture for Ann Rudd

Ann Rudd

Agent

6 Recent Sales (last 12 months)

Broker/Realtor, North Carolina, South Carolin (8 years experience)

Specialties:
Buyer's Agent,
Listing Agent,
Foreclosure,
Short-Sale

Advice

  • (11 Contributions,
  • 0 Best Answers,
  • 1 Helpful)

Contributions are sorted newest to oldest.

Should I build a new house or buy????

Answer

In my neck of the woods, home builders are doing pretty well. Many home buyers are concerned about the condition of unproperly maintained homes (distressed properties specifically) and the new home builders are competing pretty well in our market. My business is a little diverse. I do short sales and foreclosure and represent new home builders. I find that many times buyers thay start looking at distressed properties and end up in new construction because the condition issues of some of the homes totally freaks them out. I believe a newly constructed home is a good value in many parts of the country. If you decide to go that route, do your homework. Hire a Realtor to help you find neighborhoods that are holding their value.  Many builders are going back into existing neighborhoods where they were partially finished because they are getting a good lot price from the developer, which results in a better price for the consumer. Did I mention hiring a realtor? Find someone that has sold new construction homes. It doesn't cost you anything to hire one, but it could cost you if you don't.

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I want to know all or any incidents, accidents or deaths?

Answer

Have you asked the homeowner about the history of the house? You might be able to do a little investigation. Google the address. Also, most libraries will give you access to their files from the local newspapers. It might mean you looking through those old microfiche slides, but you might come up with an answer.  I know every state is a little different, but the states that I am licensed in (MD, PA and NC), owners do not have to disclose haunting, suicides or deaths in a property. If you have a rent to own option, you certainly can walk out at the end of your option period if you are uncomfortable living there. Good luck.

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If I get my Loan Modified, and a while later I decide to sell my home. What are the repercussions?

Answer

IF you are successful in completing the loan modification, there are no issues with selling your home down the road, unless the documents from the bank say there are (although I've never seen any that did). However, if you list your home during the loan mod process, it will stop the loan modification. Many times folks that are working on a loan modification list the home as a short sale to start the process "just in case." But they stop the loan mod dead in it's tracks. Unfortunately, the reality is a loan modification rarely works for a home owner and a short sale is their only option. Statistics tell us that most folks that complete a loan modification will be back in foreclosure in less than a year.  Find a good short sale agent to give you some advice. Those of us that are dedicated to the process will have a lot of experience and will be able to give you some good advice.

  (0)
short sale

Response

Hi,actually, there are waiting periods for purchasing again after a short sale. Here's what you're looking at:Currently, Fannie Mae will allow immediate purchase of a home with a Fannie loan after a short sale and if you were less than 60 days late--For a short sale with borrowers that are more than 60 days late, Fannie will lend after 2 years with increased LTV and reestablished credit regardless of meeting extenuating circumstances criteriaCurrently, Freddie Mac requires a 4 year waiting period for short sales, or 2 years if extenuating circumstances are met.VA- The waiting period for short sales is 1 year after certain requirements are met, or 2 years with reestablished creditYou really need to talk to a lender who can help you with these issues and help you figure out where your situation falls. Feel free to contact me- I do work with a lender in Charlotte who is really educated on these requirements. And she's really nice and helpful. She'll advise you what you need to do. Also, if you do find out you qualify, be sure to hire a Realtor that is a short sale expert. Mecklenburg County has 522 active short sale listings and as of today, only 24 have settled for the month of February. It's just as important to have an experienced short sale expert as your buyer's agent as it is to have a good one sell your home. Good luck and feel free to contact me if you have any questions. I'm primarily a short sale agent and have been doing short sales for the past 4 1/2 years.

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Why do I need a realtor?

Answer

I totally agree with Steven's post. It doesn't cost you anything to have a buyer's agent, so why would you choose to go unrepresented? Also, a seasoned agent has completed hundreds of real estate transactions and most homeowners go through less than 10 in their lifetimes. Our experience gives us the ability to see issues that might come up and try to head them off before they arise. Also, I hate to say it, but sometimes personalities don't make the transaction easier. A buyer's agent will buffer you from that, so someone's lack of people skills won't inhibit your purchase. Again, it doesn't cost you anything to hire a buyer's agent, but it might cost you a lot if you don't.

  (0)
Why do I need a realtor?

Answer

I totally agree with Steven's post. It doesn't cost you anything to have a buyer's agent, so why would you choose to go unrepresented? Also, a seasoned agent has completed hundreds of real estate transactions and most homeowners go through less than 10 in their lifetimes. Our experience gives us the ability to see issues that might come up and try to head them off before they arise. Also, I hate to say it, but sometimes personalities don't make the transaction easier. A buyer's agent will buffer you from that, so someone's lack of people skills won't inhibit your purchase. Again, it doesn't cost you anything to hire a buyer's agent, but it might cost you a lot if you don't.

  (0)
Do I have to go through the foreclosure.com site to buy a home listed with them?

Answer

I agree with the replies. Those websites post what is listed in the MLS. Find a Realtor who is knowledgeable in helping buyers purchase foreclosures and have them check it out. Many times the home has been sold already. Most websites like that don't purge out the sold and expired properties, just to gather more leads.

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When purchasing a short sale, how do you determine what to bid on the asking price.

Answer

Have your agent run some numbers on closed homes in the area that are similar to yours. If a bank can net somewhere around 80% of current market value (give or take a few thousand), there is a good chance it will be approved. Although I've had some go through that netted in the high 50's, it's not ideal for the bank. Submit that comparison to the listing agent by making it part of your offer. If I had a buyer's agent that submitted that with an offer, I sure would send it onto the bank. Although I do that myself on all my short sales, but I don't think many listing agents would refuse to send that as part of the short sale package.

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