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Dana Kolodney's Advice

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  • 59 Contributions
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Dana Kolodney wrote:

does a bank normally hold offers on bank owned homes (not auctions) to see if a better one comes in?

Answer
I will speak in generalities because all of the agents answers below are correct. Each situation is different depending on the seller. However, there are some key factors to be aware of. 1. Is the seller a governmental agency...HUD/FHA,FannieMae,Freddie. If so investors must wait to make an offer (time varies depending on what agency it is). Owner occupants get first dibbs.2. Price and time on the market. If it a steal of a deal, and it has been just listed expect a highest and best offer counter. If the price isn't a steal and it has been on the market for a while they will answer your offer quickly.3. if the property is non government owned and it has a pool or other item that creates liability for them they will answer quickly.
January 08 2011
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Can I see a list of foreclosure properties on Zillow.com?

Answer
The best way to find foreclosures is to find an agent who specializes in REO's. Tell the agent the parameters that you are looking for and the REALTOR will email you a list. The Realtor will also continue to send you properties based on your parameters as they hit the market. However, if you would like to do it yourself I suggest that you go to the foreclosing entities website. You will find many on the following websites. homesteps.com, homepath.com, hudhomestore.com Also, many agents websites that are linked on Zillow have free search engines for foreclosures that are linked to the MLS system. This will allow you search like the pro's do.
January 08 2011
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Can I pull out from a sale AS IS...

Answer
I am a licensed Real Estate Broker in Florida. There are 2 ways to approach your question. One is legally, the second is ethically. To give a legal answer I would need to see the contract. The Florida Assocition of Realtors, local boards and individual companies have different contracts. Generally however, the FAR BAR AS-IS gives the buyer 15 days to inspect unless the time limit has been inserted into the blank. Look for Licensed Home inspector in the clause and a maximum repair dollar limit. As for the initialing of the contract my fellow Realtors are correct. The bottom of the page does the trick. Now lets talk ethically. Ethically, the seller should let you out of your contract within the inspection period if you are not satisfied with the condition of the home and return your deposit. If the seller does not there are several remedies in the Florida. The most common is an escrow dispute where the Florida Real Estate Commission makes the decision on the return of the deposit. It takes several months for a resolution.They usually side with the buyer when it comes to property condition and inspection. Make sure if you cancel you do it in writing within the inspection period. Holds more water when a licensed home inpection is performed with negative results. You doing your own inspection is not a wise and does not as hold much weight if an escrow dispute occurs. Sounds like your a first time buyer...a little nervous. Don't worry most people are nervous. To alleviate your worries buy a Home warranty. If something breaks it most likely will covered by the warranty. There not expensive. Do a little research by Googling " home warranties" and decide what type is best for you. Good luck.
January 08 2011
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What is the current score needed to secure a home mortgage?

Answer
5/3 Bank will do FHA at a 620 middle score as long as LP (automated underwriting system) is an "accept".
January 08 2011
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I am a military vet looking to buy my first home using my VA loan. What should I look for?

Answer
Shanesta,There is no greater American than an American who has served in the Armed Forces. That's why I am going to tell you the truth with no Fluff. Even though VA does not have a minimum credit score requirement most lenders have a credit overlay to VA guidelines requiring a minimum of a 620 middle credit score. In addition, you must have verifiable minimum of 3 years of continuing income (such as VA permanent disability) . Non permanent income such as educational loans, part time jobs etc..does not qualify for income. 5/3 bank does not have a minimum score requirement. However, that does not mean you will be approved if your score is below a 620. Make sure that your loan officer is experienced, runs you thru the automated underwriting system at loan application, figures your income based on verifiable continuing income and also does the VA residual income calculations BEFORE ENTERING INTO A SALES CONTRACT!!! Best wishes and THANK YOU!
January 04 2011
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FHA Loan Approval w/ Zero down pmt? - Tampa, FL

Answer
The only way to buy with very little money $500-$1000 is to use a loan product called USDA rural. USDA has a zero down payment and allows the seller to pay all loan closing costs and prepaids. If the seller is not willing to pay all the closing costs USDA allows the costs to be rolled into your loan up to the appraised value. Meaning a zero Move in cost. However, the seller most likely will want an earnest money deposit (good faith deposit) to take the home off the market. In many cases your agent can negotiate a $500-$1000 deposit that will be returned to you at closing. In addition your lender will require an application fee and/or appraisal money upfront from $200-400. I know of a lender that requires just $200. That money is also refunded at closing. So the reality is somewhere between $700 and $1200 upfront that will be returned to you if the deal is structured correctly. Yes there are downpayment assistance programs but they also require the upfront money and are full of red tape. Minimum credit score is 620 on USDA. as low as 580 with mitigating circumstances. But that really never happens. 620 is the reality.
January 04 2011
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can closing costs be paid with the loan amount

Answer
The technical answer to your question is no. You cannot roll closing costs into your mortgage on most loans. (USDA is the only exception up to the appraised value). However, the seller can pay your closing costs up to a certain percentage of the sales price depending on the type of loan and the loan to value. FHA allows the seller to pay up to 6% of the purchase price towards buyers loan closing costs and pre-paids. Fannie and Freddie (conventional) allow 3% on 95% LTV. More as the LTV decreases. That's why it is so important to use an experienced agent who understands mortgage finance. Negotiating the contract correctly and selecting the proper financing go hand in hand. If done right from the beginning it saves heartache and disappointment. Be careful though many foreclosure sellers (banks) limit the amount of costs that they will pay at 3%.
January 04 2011
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654 middle score/wife 640..income $128000- each have 1 late in last 12 mo. I can't find VA lender?

Best Answer
VA has no minimum credit score requirements. But many lenders do. These are called credit overlays. Most lenders have a 620-640 minimum score requirement even though VA does not. Score is just one of many factors.... Loans now go thru the underwriting system twice. Once thru an automated system called DU or LP (underwriting computer software program) and if approved by the computer then to an actual human being. In VA's case a VA LAPP Underwriter. A VA LAPP underwriter will not overturn an automated (DU/LP) finding unless there is a mistake on the credit report. But can over turn and decline an approved DU/LP automated finding if that particular lender has credit overlays to VA guidelines. Find a lender that sells direct to FANNIE or FREDDIE that does not have credit overlays. I know of one Bank in Florida that does not have overlays.
January 04 2011
(1)

Major post closing issue, please help

Response
I'm not a attorney and cannot give legal advice. So this is my opinion.1. Federal law under the revised RESPA guidelines prohibit your lender from deviating from the GFE estimate by more than 10%.2. Once it's closed it's closed.3. File a complaint with HUD. 1-800-CALLFHA.
January 04 2011
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Where can I get more information in regards to first time homebuyer grants?

Answer
The Florida State Housing Finance program dells out most of the funds for down payment assistance funds to local governments.Their website links to local agencies.Ship funds are the most common type of assistance. However, these programs are full of red tape and difficult to obtain. The best way to purchase a home with little or no downpayment is to have an experienced agent that knows how to structure the deal to minimize your total out of pocket expenses. Giving you the ability to bypass the hassle of a government sponsored program. USDA offers zero down financing in certain geographic areas. It is an excellent program with little red tape.
January 04 2011
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