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John Souerbry's Advice

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  • 71 Contributions
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John Souerbry wrote:

Foreclosure purchased at court house. Do prior mortgages get attached?

Answer
Previous answers are correct, but not having a mortgage does not mean the home is "free and clear."  Tax, mechanic's, and other liens may still exist, which is why buyers need a good title insurance policy that protects from liens that may not be uncovered during the purchase process.
May 04 2011
(0)

Should you pay off the house?

Response
Sunnyview - I understand your point, but there should be a balance between peace of mind and financial planning.  The purpose of sound financial management isn't always just to pay lower taxes or to put the most $$$ in the bank.  Sometimes financial security is achieved through risk management that provides peace of mind.  For example, when we tell our tax preparer to take out a deduction that will raise our tax payment, but will also lower our potential for an IRS audit.  Financial success and security isn't always measured in dollars and cents.  And there are a huge number of better ways to generate tax savings than the mortgage interest deduction.
April 06 2011
(1)

Should you pay off the house?

Response
For a qualified opinion on your personal situation, see a CFP or a CPA.  My personal opinion - home ownership isn't just about money.  It's about a place that is part of you and your family.  It's something that is part of our legacy that we leave to future generations, along with the memories that were created there.Let's face it though - if you never pay off the mortgage, you don't own the home.  You're just paying rent to the bank.
April 06 2011
(0)

Why do banks take weeks/months to consider an offer on a short sale?

Answer
There certainly is a method to the bank's madness, for all the reasons you suspect and that have been explained in previous answers.  But let's face it, the process is not that complicated and banks can close a short sale within a few weeks if they want to.  As Michelle points out, each short sale is a loss on their books.  Taking an operating loss and letting go of an asset - albeit an underperforming asset - is a double whammy to a banks financial statements.  There is a balance to found in taking the loss and reinvesting whatever cash the bank gets from the sale.
April 05 2011
(1)

What exactly does this mean?

Answer
Cynthia is right on all points.  It also means, if a potential short sale, that it could take a longgggg time for approval to arrive from the bank.
April 05 2011
(0)

RENT TO OWN??

Answer
Big part of me wants to disagree with wetdawgs, but the stats support his argument.  There is a gamble to be taken by tenant and owner - will value be up or down when it's time to exercise the option.  Tenant also has to consider if their credit, savings, employment, etc. will be just right at option time.  Since there is usually a non-refundable deposit, something tangible is at stake.  Might be better to either save until you're ready to do a purchase, or - if you're ready - take the plunge.
April 04 2011
(1)

Where can I get commercial real estate listings?

Answer
Another online source of listings is CommercialSource.com, a Loopnet.com competitor owned by the National Association of REALTORS(R).  Many commercial and multi-family sales in my area are taking place "off market" - which means the property sold is not being listed on an MLS or similar site.  The typical scenario is that a broker representing a buyer contacts an owner and says "hey, I know your property isn't listed for sale, but my buyer will give you $X for it."  Buyers prefer this scenario because 1) they are making an offer on a property they really want, not just for what is listed for sale, and 2) there is no competitive bidding.  Some sellers prefer to let their broker put the word out among other brokers that their property is for sale, but with instructions not to list the property in the MLS or other places.  These sellers often pick their buyer based upon a past business relationship or the buyer's existing investment in the neighborhood.  Unless a buyer is working with a broker who is in the network of the broker representing this seller, the buyer may never hear of this opportunity.In short, searching online is ok, but working with a broker will give you access to off-market and "pocket listing" deals, too.
April 03 2011
(0)

To Buy or Not to Buy...

Response
I agree that "the right time to buy" can only be determined by looking at a person's individual situation.  Market conditions should take a back seat to the individual's overall financial situation.
March 26 2011
(0)

preparing to look for a realtor?

Response
Before you get pre-approved, create a personal financial plan.  If you need to, meet with a professional financial planner to look at the impact of home ownership on your total financial picture.  As a broker, I prefer that first time buyers have a personal financial plan and a pre-qualification from at least 2 lenders before we start looking at homes, 3 lenders would be even better.
March 26 2011
(1)

what is the frist thing i need to do to get a home

Answer
Before contacting an agent or a mortgage guy, talk to a financial planner.  Discuss how a home purchase will affect your total financial picture.  Create a personal budget with a "what if" scenario for a home purchase.It doesn't matter if you qualify for a mortgage if buying a home is not right for your total financial plan.
March 26 2011
(0)