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Beverly Savage's Advice

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  • 7 Contributions
  • 0 Best Answers
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Beverly Savage wrote:

messed over by 2 agents

Answer
Agents just should not ever recommend an inspector.  When they don;t find something the agent is then facing blame.  As far as the short sale, once the sale goes thru, if the home is in the same neighborhood and condition as your home then it is an acceptable comp.  What people don;t realize is that when they buy a home for $150K in a $200K neighborhood guess what the new neighborhood market price is....  If you pay $150K for a house that is now what it is worth.  All of these transactions is what is declining the market.  I know its very upsetting, try to move on.
June 28 2011
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Are there any creative solutions for a high DTI low LTV ratio.

Answer
I would simply go to a community bank and apply for a line of credit using the home as collateral. 
June 28 2011
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I need some advice, a 5/1 adjustable or 30 year fixed.....

Answer
Answer it this way.  Is your income going to go up when the interest rate goes up?  That is something you really need to consider.  Interest rates are so low right now.
June 28 2011
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What is the key reason for buyers to hesitate in this market?

Response
We still have our first time buyers, its the move up buyers we are missing.  People who already own a home maybe a starter home are not moving.  They are hesitant because of the economy and they will not profit on the sale of their home as they had originally projected.  This gives them less money to go into the move up home however I must add that they can make up the loss on the buying side because all homes have dropped in value to some degree.
June 28 2011
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Time to Buy???

Response
It's an excellent time to buy.  Prices of homes are down and interest rates are at record lows.
June 28 2011
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If I don't qualify from one company, can I go with a different one?

Answer
Mortgage brokers all have different investors and another company may have an investor that takes higher risk at a slightly higher rate.  You may also want to try a small community bank that will keep your loan in house.  You should have a pre-qualification letter before making an offer.
June 28 2011
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What's your best advice for those who are under water on their mortgage, but want to sell soon?

Answer
Contact your mortgage company and advise them of your total situation.  They may be willing to work with you on a short sale.  Contact a real estate professional about the true fair market value of your home.
June 03 2011
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