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Nancy Velazquez's Advice

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Nancy Velazquez wrote:

Hi how do i go about listing my home for sale if it's even possible to list it for sale by owner?

Answer
http://www.zillow.com/for-sale-by-owner/Also here is an article about the Do and Don't of FSBOhttp://www.forsalebyowner.com/sell-my-house/preparing/dos-donts-selling-owner/Good Luck!
June 15
(2)

No house showings

Answer
Over the last few years, the level of showings it takes to get a home sold has decreased substantially. Before the internet, we as Realtors were the only ones that had access to homes for sale. Now, buyers are able to see every home that's on the market, interior pictures, and even virtually walk down the street.In most cases before a buyer schedules an appointment to see a home they've already seen it online, and driven by to see the outside and location. So essentially you've already been through a two-step elimination process before they walk in your front door.I would also have some pictures that do not do justice to your home, like the ones showing the back (siding), the baby room (looks small). In my experience, images need to show the home like a model home would look like, to resemble like no one is living at the home. The cleaner, brighter images, the more showings you will have. You want to show enough to interest buyers, but not all that buyers feel that they do not longer have to come see the home. Give them enough that leaves them wanting MORE. 
June 15
(1)

Can You Negotiate the Closing Costs on a Home Purchased with a VA Loan?

Answer
Allowed closing costs that can be paid by the VA buyer, common way to remember which costs a veteran is allowed to pay for is to remember the acronym ACTORS. That stands for:A  AppraisalC  Credit ReportT  Title InsuranceOrigination FeeR  Recording FeeS  SurveyNon-allowed closing costs, that can not be paid by the VA buyer are:AttorneyUnderwritingEscrowProcessingDocumentTax ServicePaying for a buyer's closing costs is considered a seller concession, and is limited to four percent of the sales price of the home. If a home sells for $200,000, then the seller can only pay $8,000 of the buyer's costs. VA closing costs can also be paid by the lender, real estate agent with a credit. If the house appraises for more, the closing cost can be financed into the loan. If you are asking for $200,000.00, but home is $10,000.00 below appraisal value, the purchase contract can be for $208,000.00 seller to pay for closing cost.
June 15
(3)

How long must you occupy an FHA approved house before selling it?

Answer
Owner-occupants of HUD homes must live in those homes for at least 12 months before selling them. On FHA there are not limitations on when you can sell your home, You can sell your FHA loan whenever you want with no penalties.
June 15
(1)

As a buyer I want to back out from buying the house. What actions can the seller take against me?

Answer
You may want to contact an attorney, but the sales contract should spell out default clauses. Do you have a selling or buyers agent to help you with this situation? is this listing agent representing both: You and the seller? You could always email the broker of the listing agent if there were no selling or buyers agent. At any rate, You have the right to do a final walk-through, with its primary purpose to make certain that the property is in the condition you agreed to buy, or in this case to make sure that agreed-upon repairs were done. If there are any repair issues, work them out with the seller at closing. You can ask him to compensate you for uncompleted repairs or newly discovered damage to the property. To eliminate tension, your requests for credit should be reasonable.
June 15
(1)

Is it possible to rent a foreclosure instead of buying?

Answer
A lender may consider offering to rent vacant apartments if it home more likely they will not, unless this home is purchased at the courthouse or bought by an investor to rent out the home. Depends on the circumstances and telling us more will help us to give you better answers. 
June 15
(1)

Buying House from Parents

Answer
WOW, this one is a hard one to answer, perhaps an accountant might be the best person to ask. In my experience, I say that option one is cleaner and safest. Putting aside the tax ramifications. Loans are becoming very difficult to qualify and fund. My question is if you go with choice 2 and after you get the deed to the home, you can not get the loan, then what?I believe choice one is safer, this way you can make sure you pay off your parents. The downpayment will be gifted by your parents (I do not think you have to report it) what about closing cost? There is technically $37,000.00 in equity that your parents have, closing cost and prepaid on a home like this are or could be close to $10,000.00 plus your down payment. On an FHA,  your parents could give you up to $3.5% down payment and up to 6% in closing cost.Sitting down with a lender and figuring out what kind of loan you are qualified for might be good, since from the $200,000.00 that your parent need to NET, you have to calculate the down and closing cost, and that will be the total purchase price.On an FHA loan,  you are looking at more or less: On a $237,000.00 Loan (lets say you want to finance the appraisal value)3.5% down is $8,295.006% for closing cost that will cover, finance cost, taxes, insurance (prepaid) title insurance, etc. you are looking closer to $10,000.00 to $14,000.00 ($14,200 is the max allowed)That leaves about $14,000.00 to either finance this amount less, or if the home needs any remodeling, updating, etc.  You guys can do a bill for this amount at closing payable to someone else other than you since lender WON'T allow this, to be paid to you, BUT it is OK if paid to someone else like a handyman or contractor or cousin with a different last name, etc.Good luck and hope your find the best outcome.
January 03
(1)

How many mortgage preapprovals should I get?

Answer
I think is important to choose wisely, by asking the right questions, reviews or references. Once you feel comfortable with ONE lender, I recommend you stick to ONE. You can NOT have several lenders on one home transaction; there are too many things that a lender needs to do to get your loan, like an appraisal, WOULD YOU PAY $400.00 to each lender for this appraisal? NO! After deciding on a lender, stick with him, that the probabilities of that lender doing you wrong, are slim; since it is all based on your credit scores. BEWARE: There are several ways of packaging a loan and lenders making money on a loan and masquerading a loan to look like a better deal. There is no FREE ride; they will either make it in the front end (interest rate) or the back end (closing cost). Don't get into this game; choose ONE and stick to him!
January 03
(2)

I don't have great credit,How do I go about fixing this? Will want to buy in the near future?

Answer
It is near impossible buying a home without a credit score, unless you are a foreigner; there are foreign  national loans with 30% down. But if you have a social security, the easiest way to start establishing credit is to go to a local bank, and open a secured credit card, where you deposit the amount of the credit limit and the bank gives you a credit card of those funds, NOW the key is to use credit SMART.Once you have any credit card use up to 30% if you credit line is $1,000.00, Use ONLY $300.00 make the small payments a month ON TIME, never be late.  Once you have one credit line, you want to go apply for 2 more, like a department store or hardware store.  You need a minimum of 3 OPEN credit lines, with favorable credit payment history. One of the fastest way to establish credit, is to have someone you know that has had a credit card, perhaps your mom or a close relative, make sure is NOT a high credit card limit with a high balance (otherwise this will affect your income to ratio), and if they have perfect credit, and have always being on time with their payments. They can add your personal information as a user to it, and within 30 to 60 days, that credit history from that particular credit card, will attach to your social security; BEWARE if it is NOT GOOD credit, the bad credit will attach too.Some lenders could also use alternative credit such as light power bill, water bill, cell phone bill, insurance bill, etc.
January 03
(1)

we are looking for an investor interested in buying some of our properties

Answer
I recommend you sit down with a local Realtor in your area to find out what the average value of these properties are at, once you have a better idea you can always bundle them and offer them as a package and sell them to investors or you maybe able to get more if sold at a low market value, it really depends on the Real Estate Market where you are at.
January 03
(1)