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Mark Novak's Advice

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  • 13 Contributions
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Mark Novak wrote:

Our agent told us to not counter and accept the offer...why?

Answer
I like Stephanie's answer too. You have to ask your agent, post his or her answer here and I am sure you will get some more valuable feedback. Good luck with your offer!
July 01 2010
(0)

Short Sale Earnest Money Down

Answer
Ok I guess I have to be more specific. In cases where a borrower purchased a home with an 80/20 or an 80/10/10 etc. the lender will typically be more forgiving if it becomes necessary to negotiate a short sale. In a case where someone purchased a home and then a year or two later you applied for a line of credit that they used to pay for a vacation, high interest credit cards or maybe to pay off an auto or student loan etc. In the case of the later, the banks will generally be less forgiving. The banks stand will usually be that the seller spent the money and is keeping whatever it is they bought so they should have to pay it back. By the way, here in MD, we use a Deed of Trust, which is the security instrument and a mortgage that will determine the terms of the note.
June 19 2010
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Is now a good time to buy?

Response
Are rents going down? Uhh I don't think so. I read some of your previous post, you are the tax genius. What are the tax savings for renting? Compare them to interest and property tax right offs and uh… I believe that if the monthly cost are the same then the cash flow will be greater for the homeowner because Uncle Sam likes homeownership more then NAR. Not only do they want you to own a home but they would much rather you finance it. You have a lot of anger in you and it might serve you well to talk to someone about it. You cast judgments like I have never seen. You call me a con artist? What the hell is that? I don't pretend to know what the future holds and know one not even you my wise friend can tell us when the bottom hits until it is history and opportunity is lost.
June 15 2010
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Is now a good time to buy?

Response
YES YES and YES.... Affordability is at a 40-year low period. We have had periods of low prices and we have had periods of low interest rates but for the first time in 40 years, we have low prices and low interest rates! The average age of the first time buyer last year was 32. That is the high age for generation Y which just happens to be 50% LARGER then the baby boom generation and housing starts compare to population growth is also very low. So in a couple years we could be headed for housing shortage! Bottom line if you have the 3.5% down payment and a decent stable job then find a great deal (they are out there) let the seller pay your closing cost and rate buy down to mid 4's somewhere and start building wealth! You are going to pay to live somewhere right? Well if you find something with a monthly payment close to or even a little higher then your rent you will be saving money every month. Do it! Go confidently in the direction of your dreams. Live the life you have imagined.-- Henry David Thoreau
June 15 2010
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Short Sale Earnest Money Down

Answer
Sounds like the seller didn't have a second mortgage but an equity line of credit. I have run across this scenario many times and I would have to agree with the bank on this one. If the bank is requiring the deficiency note, more than likely the seller took out a line of credit and spent the money on cars, credit cards etc. so why shouldn't they have to pay the money back? Short Sales are intended to help homeowners who are under water, have experienced serious hardship and can no longer afford the payments or have been relocated to another area.
June 15 2010
(0)

Emailing Favorites

Answer
Have you tried viewing your favorites and then copying the URL at the top? If you paste the copied url in an email that may work.
June 15 2010
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Short Sale Earnest Money Down

Answer
It depends on how the contract is prepared I know that here in Maryland once a seller signs a contract it is a ratified agreement contingent on third party approval and this contingency is treated just as a home inspection, appraisal contingency etc. Therefore, as soon as the seller signs the contract earnest money must be placed in the escrow account. Do you know if the seller's agent tried to get the sale approved through HAFA?
June 15 2010
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What's the minimum downpayment percent for conventional loan (w/ excellent credit- 750)?

Answer
I only suggested 10% because it might be beneficial to avoid PMI. However, on an investment property I think even a 203k specialist will agree that 5% is probably not an option.
May 17 2010
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How do I request a new Zestimate?

Answer
Have you thought about reaching out to a trusted Realtor? A CMA buy a professional will take into account many things that will affect the value of your home. More importantly, a skilled agent is not just going to pick the homes closest but the ones that are most similar. If you really want a solid opinion of value than a professional, CMA or an appraisal is your best bet. Good luck!
May 17 2010
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