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Dan Tabit's Advice

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  • 475 Contributions
  • 15 Best Answers
  • 150 Helpful

Dan Tabit wrote:

how can a bank help with a upside down mortgage?

Best Answer
Judith, In most cases, for the bank to help it's going to take a long and uncertain process called a short sale.  It's a shame they didn't do their homework before putting the home on the market or accepting your offer.  It's possible that they may be able to pay the difference out of pocket or get a loan for that, which would keep you on track, more or less.  You could agree to pay some of the difference if you really want the house and feel it's worth the increased price.  Keep your eyes open and see what they get back to you with.  Don't be in a hurry to solve their problem, let things work themselves out before you change your offer.   
2 days ago
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Qualifying for a mortgage on a new home?

Answer
Assuming your score is accurate, and many consumer derived scores are not, you shoud be able to find a mortgage.  If not, it won't be due to your score at least.  A score in the 660 range affects pricing but rates are still very good and may be better now at that score than they could be in 6 months with a higher one.  As you start the process, you'll need a great local lender.  Some lenders assist in credit repair, through advice if not outright dealing directly with the reporting agencies.  If you find a lender who does this, they may have tips on how to improve your situation enough to get better terms.  I wouldn't focus on your current loan servicer, I would find that great local lender and see what they can do for you.  You'll get the best service and a competitive rate.  Best of luck. 
3 days ago
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I am getting no callbacks from flat fee brokers for Sioux CIty, IA. Any ideas?

Answer
Medrosa,One if the issues with Flat Fee brokers is that they have no incentive once they have your up front fee whether your house sells or not.  They receive a guaranteed fee up front and receive no benefit from your success or expense from your failing.  If they are not being responsive to the one area where they have an incentive, how responsive will they be after they've been paid and you have questions or need to make changes?  Every business model exists for a reason.  My perspective is that this one exists because too many agents took high fees and did low quality work. My suggestion is that finding a high quality agent and you'll net more in the end. A great agent is worth more than whatever commission you pay, but a bad one or none at all can cost you way more than a commission. Best of luck however you proceed. 
3 days ago
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Should I try to keep my house?

Answer
Brian, You're situation is tough, but the clock is ticking and decisions will be made for you if you don't act quickly.  You have a few choices, but will need more specific counsel than we can offer here as to which you should select.  A lot will be based on your finances and goals to get back into home ownership.  Your options include; You can walk away and let the bank foreclose.  You can work with the bank for a deed in lieu of foreclosure.  You can work with the bank for a loan modification or forbearance that may allow you to keep the home, at least for a while.  You can look into a short sale.  You can look into Bankruptcy depending on your other debt situation.  I am not advising any specific plan listed, but suggest you become familiar with these options.  When I meet someone in similar circumstances I offer to arrange a legal consultation with a firm that specializes with distressed home owners.  They review the clients finances, goals and entire situation and advise them which situation may work out best for them, and also fully inform them of the consequences of each choice. While you still have options, find a law firm who does this.  The consultation fee is not much, sometimes even free and the advice is critical to your long term financial well being.  
3 days ago
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Is it possible to sell a a house in 30 days.

Answer
Asc, Yes, but you need to take the right approach and be committed to it.  There is no way to guarantee you'll do it without offering way low and taking the first offer, but the right strategy can get it sold quickly for a good price.  Find a great local agent, review both the sold comparable properties and your active competition.  Price aggressively to draw in many offer.  Make sure your home shines in every respect from every angle, and if it doesn't consider this with your pricing strategy.  Best of luck.  
3 days ago
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Can you get out of buying a home when it's really close to closing?

Answer
Gaoshuemoua, What does your contract say?  Not only about getting out of the deal, but the condition they promise to leave the house in?  If the damage you are finding is new, it may not be consistent with what was promised and this could open a door to either get them to repair it, or provide you a legal way out.  As Mack said, you're worst case "may" be the loss of your earnest money if you just walk away.  Again your contract will dictate whether this is the case or not.  
3 days ago
(1)

Offer was made for asking price + 3%

Answer
Im,Your agent needs to sit down with you, go over the offer and ALL of the terms and break down what you will receive based on the terms of this offer. I'm confused. My initial reading was List price with an added 3%, so for example, if your list price is $300,000 and they offer list plus 3%, the offer total would be $309,000.  If, as others have mentioned the buyer wants you to pay 3% toward their closing costs, the net effect would be $300,000 minus $9,000 or $291,000.  If you're priced aggressively on the low side and there may be other offers coming in, they may be making a high offer to avoid competition.  If you are priced fair to high, they may be asking for funds to help them buy the house as opposed to a discount.  The net affect to you is roughly the same as a 3% discount.  Ask your agent to prepare a Net Proceeds Estimate.  This will break down all the fees, subtract what you estimate your payoff is and come up with an approximate amount you'll walk away with if you accept this offer.  You'll know exactly what this means and can decide if it's acceptable or not.  Best of luck. 
3 days ago
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Consufsed about how to deal with credit report for refinancing

Answer
Credit repair is real and can happen fairly quickly if you have the resources and the time to devote to it.  If you do what you've always done, you're going to get what you've always had.  Your scores reflect your past delinquencies and present lack of available credit.  To begin to address these things review your report and dispute in writing, to each agency that reports (TransUnion, Experian and Equifax) any errors you find in your past.  Resolving old delinquencies with proof can make a quick difference in your scores. Next, pay down any balances you have to 1/3 or less of the high credit available. With the one source that keeps lowering your limit, ignore them until you have the other accounts down.  Build available credit by paying on time, more than the minimum focusing on one card or account at a time.  When Account A is at 1/3 or less, start making extra payments on the next account. Start with the lowest balance account first to gain the quickest momentum and build up from there. If you have few open accounts, consider getting a secured card through your bank or credit union.  You deposit $500 and have a $500 credit line. Use it to buy gas, groceries and other normal expenses and pay it off monthly.  Do not close any old accounts or pay off any old collections. Both of these actions will lower your scores and put you further behind.  Let me also be honest, you appear to have had a history of financial difficulties and you are looking for another loan to resolve your problems.  I don't know you, your issues of health or employment difficulties or if you just had too much fun for a while.  Whatever caused your past issues needs to be in the past.  If you need help to learn to budget and anticipate expenses, get it.  There are people who are really good at organization and others who aren't.  Get a system to organize your finances, pay your bills, plan for emergencies and normal wear and tear expenses like car breakdowns and broken toilets so you can get on the right side of this and stay there.  If necessary, get a second job or sell some things to fix your finances and start to get out from being stretched so thin.  The sooner you have a real plan in place and can live within a well designed budget, the easier life can be.  I wish you the best.  
5 days ago
(1)

I have come across 2 scams on this site from a person claiming to be an owner.

Answer
This is a very common scam all over the internet. Please continue to be careful.  Scammers will copy a listing, changing the terms to rent with them as the contact person. They offer it way below market and have a story about doing some charitable work overseas or far away and just want someone trustworthy to care for the house.  Don't fall for it. If it's too good to be true it probably isn't.  Deal locally with someone you can lead the police to if things still go wrong.  Flag the listings that you believe are scams to protect others from being victimized.  
6 days ago
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Does a showing automatically warrant the procuring cause? (a question about buyer agent)

Answer
The issue of procuring cause is a murky mess that some agents love to fight over.  The truth is the law varies from state to state so all the answers here won't clear much up for you.  Is showing a home procuring cause?  If that were the case, all agents doing an open house could claim this if a buyer shows up at one and later writes an offer with another agent.   Agency Law varies from state to state.  In WA, we are required to deliver a pamphlet on the subject before we do any work with a client. It explains agency law in Washington where we have Buyer's Agency, Seller's Agency and Dual Agency.  Some states have variations, others have transactional agency and I'm sure there are other options too. Consider talking to the agent you hope to use and get some advice from them on the subject.  If you still have doubts, get any similar pamphlets in your state to our Agency Law and see if that clears anything up.    
6 days ago
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