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Erika Doyle's Advice

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Erika Doyle wrote:

Owner Financing search...

Answer
If you haven't found a good selection of properties noting owner carry on the web, definitely touch base with one of your local Realtors.  Our MLS systems allow us to filter by specific loan types, including Owner Carry.  It is the easiest & fastest way to get an accurate list of available properties meeting your specifications.  Good luck...that is a great way to go & can be a win-win for both Buyer & Seller!!!
August 30 2013
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The pricing for my listing is considerably low

Answer
I believe you are asking about the Zestimate noted on your property by Zillow.  If I recall correctly, I was told by a Zillow representative last week that you can submit a "Zestimate Correction Request".  They are open to reviewing a property, on a case by case basis, for potentially missing information (i.e. recent upgrades or additions that were unaccounted for in the Zestimate).  Can't hurt to try!!!
August 14 2013
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is a pool a plus for a rental home?

Answer
Unfortunately, this is not a yes or no answer.  On any given property, you will have a tenant/buyer that LOVES or HATES one or more features.  A pool can mean wonderful access to relaxation & entertainment for one occupant or an endless amount of additional work, liability, & expense to another.  If they don't plan on utilizing the pool...it's not a benefit.  It comes down to finding the right fit between the property & the tenant.  Good luck!!!
August 14 2013
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who pays closing costs?

Answer
Closing costs are always negotiable.  I find that the bulk of my FHA buyers are able to save their down payment, but require assistance with their closing costs which can be 2-3%+/- of the sales amount.  Sometimes, that can be a deal breaker for a buyer.  They might move on to another property whereby the Seller is willing to pay those costs if you turn them down.  However, you may be in a Seller's market & will have more offers down the road.  In my experience, many times the first offer is the best! Definitely have a thorough conversation with your Realtor.  He/She will know how best to guide you in your market. Good luck!!!
August 12 2013
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What are the up front cost to purshase a home ?

Answer
Up front costs vary dramatically depending on several factors.  The first cost, once you have selected your home, is typically your earnest money deposit that you submit with your contract.  In our area I have seen it run anywhere from $1,000 to 2-3% of the price of the home.  The Seller sets this number when they list the home.  The earnest money deposit is held in escrow & typically applied to your down payment when you close the loan.We then recommend hiring a home inspector (even if it is brand new).  I recommend calling several inspectors to interview them on exactly what you get for your money.  I have seen charges anywhere from about $250+ depending on the size/age/location of the home.  Sometimes you might hire specialists if you have a specific concern (i.e. foundation engineer, plumber, contractor, roofer).Your lender typically has a few upfront costs (i.e. credit report & appraisal).  Call your lender for specific pricing (ask for a Good Faith Estimate), but I have seen appraisals fluctuate from $350-$500+/-. Lastly, you will need your down payment & lending closing costs. These too vary depending on the type of loan you are acquiring (i.e. are you going to owner occupy or are you using it as an investment). Depending on the intended use & it's location, we have programs in our area for no money down (Rural areas or VA Loans) to multiple increments right up the scale.  Closing Costs & Prepaids are what your lender charges to give you the loan and I see them all over the board.  However, depending on your market, Sellers may be willing to contribute to these costs to get their house sold.  My reccomendation, call your local, mortgage specialist & have a quick meeting as the above noted example numbers will be highly dependent upon where you live.  They will give you all your options so that you are well informed about the costs & process.  Then, you and your Realtor can start shopping for the perfect home!!!
August 12 2013
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