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Military Relocation Team www.hrmrt.com's Advice

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Military Relocation Team www.hrmrt.com wrote:

Rental property income?

Answer
There are many variables here. Many loan types will require that you have rental history and a large number of reserves in the bank if you are going to keep that one and rent it. The rental income will be counted toward the debt reduction on the first, but you wont typically see a 100% credit for it...so your loan amount with typically be reduced by a 20% deficit if that makes sense. Plus, the reserves to cover both mortgages for a defined period of time.  You'll probably need a lease in effect before the new loan closes too. Best bet is it get on board with an agent and lender who can help you make a plan. I live and work in the Hickory school district and would be happy to discuss.
August 13 2013
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Can I acquire two VA loans, one under my husband's VA eligibility and one under mine?

Answer
DO you both have a VA entitlement? Then, yes you may! You can even slit entitlements. Its tricky and you need someone who knows what they are doing. My loan officer with Veterans United can offer a referral for his company in your new area if you'd like.In order to qualify for the second loan, you'll need to qualify with both mortgages or have a lease executed with enough reserves in the bank to cover both for a specified time. I would recommend connecting with a loan officer as far as a year in advance so that you can make a plan together.Im happy to help with listing or property management questions in Hampton Road anytime.Best of luck to you!
August 13 2013
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Do sellers have to pay closing costs? Why do buyers feel entitled?

Answer
Sellers have no responsibility to do so. Its been sort of the tradition for the past several years in my area in Chesapeake, VA. However, that has shifted a bit and we are seeing lots of deals with no cc assistance and above asking price offers. This is a market-driven concession.
August 13 2013
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Renting current home and buying a New Home.

Answer
Wells Fargo, in my experience, has been very difficult to work with. Find a local agent you trust. Ask them for a recommendation for a LOCAL lender. I do believe you need to show rental history unless its a VA loan. But, I thought if you didn't, you just needed 6 months reserves in the bank and have a lease starting immediately. Maybe it varies by area.
August 13 2013
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Is it normal for the buyer to sell the seller the results of the home inspection done.

Answer
I can certainly understand why it would be helpful for you. But a couple thoughts:1. Anything you are disclosed in that report must now be shared with any potential buyer. Anything. So, big or small...you have to disclose upfront. 2. The buyer has spent the money on an inspection on a house they are not buying. That's sort of a waste. I mean, it could have saved them money in the long run, but they now have a report and no house. So, they have in a way thrown away hundreds of dollars on a house they aren't buying. What is their incentive to help you? Its only fair that you share in the cost of that, in my view. If you were difficult and didn't try to work with them to fix issues and hold a deal together...I would, as their agent, have made sure you got a copy before you could refuse so that you were then required to repair items or disclose before next buyer wasted money. Hope that helps!
August 13 2013
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Is adding on a sunroom a good idea?

Answer
Area is definitely going to make a difference, but that seems like a very big investment for a short amount of time. We don't really see much of a return on that investment in my area of Virginia. Good luck to you!!
August 13 2013
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Guardian at Litem before closing?!

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Anything is possible, but I wouldn't expect that it would take long so long as there is no debate from the minor child or the guardian of said child.Since its not your fault and they didn't handle their side in a timely manner, I would suggest asking for early possession. Not sure how common that is in your area.....but it would certainly help you with a place to stay...and since you may have the right to "walk" before long...it would help the seller by keeping you "tied" to the property.
August 13 2013
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My home is for sale and my agent hasn't listed without Zillow. How can I show my house as "for sale

Answer
A lot of MLS's feed the listings to Zillow,etc. And, some offer the ability for agents to stop that feed. There is the theory that since other agents can advertise and "get their leads" on Zillow, some agents stop their listings from showing. This, in my view, is a huge disservice to a seller. I believe that my listings should get exposure anyway I can get it. And, while its nice to get buyer leads and be able to show and sell them other properties, it is not right to withhold a listing. We cant serve every client in every transaction. Greed always hurts someone. Not suggesting that this is definitely the case...but its something Im seeing and hearing more and more. I would definitely have a conversation with your agent and ask him/her to get to the bottom of it.
August 13 2013
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hi, my name is ernaud oge i'm buying a home for the first time.can you help me save real money?

Answer
I would disagree with a previous post, at least as it pertains to my area. In order for an agent to serve as your representation and give advice, you have to be in a buyer brokerage relationship. We can write an offer for you as a customer but cant give advice unless you are a client.It would be silly not to sign a buyer brokerage agreement. In my area, the sellers pay the buyers agents commission, so there is no reason you wouldn't want to have someone looking out for your interests. I would find that agent who "gets" you...and get them to work for you. I would NEVER recommend using the agent who has the house you want listed. Their job is to get the seller the best deal possible. You need someone working to get YOU the best deal. :-)
August 13 2013
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Taking over mortgage payments?

Answer
If you are making payments to the owner and they are paying, this is probably renting...possibly with the option or owner finance type situation.I always worry about these sitautions. The owner could take your money and not pay and then you are left with a foreclosed house. Happens all the time. SO, if you are going to take over the mortgage....just take over the mortgage. You can call the mortgage company and see if the loan is assumable. Then, just truly take over....that means the seller is no longer tied to the property. Otherwise, it sounds like the seller still gets the tax benefit but you are stuck with repairs and such. Hope that helps!
August 13 2013
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