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Susanne Novak's Advice

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  • 23 Contributions
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  • 4 Helpful

Susanne Novak wrote:

How soon can I rent a property if I acquire it with a FHA 203K?

Answer
Any type of FHA loan is a loan made for buyers who plan on using the property as their primary residence. You have to be living there for a minimum of 12 months before you can sell or rent the property. 
October 18 2012
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What if the VA loan appraisal comes back lower than the contract price? What happens then.

Answer
Hi, just as Dan already mentioned, you really only have two options. Either pay the difference out of your pocket or ask the seller to reduce the contract purchase price so you can move forward. If none of these two options work out, you can cancel your contract and get your earnest money deposit back. Hope this helps!
February 25 2011
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how long after hud removes the listing do you get an answer?

Answer
Hi, in my experience the status "U" as in "under review" won't change, even days after an offer has been accepted. Typically, if your offer was either cancelled, accepted or a counter offer issued it will happen the same business day. Your realtor can ask the listing agent if he/she has received an email from the asset manager disclosing who the winnig bidder was. I know this process can be frustrating, but it is what it is. Hope this helps!
February 06 2011
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Looking for a 3 br 2 full bath home/townhouse in Columbus OH subur

Answer
Hi Vreeves, I'd be happy to set up a custom property search for you if you want to share with me what exactly you are looking for - area, price range, aamenities etc. Feel free to contact me anytime!
December 13 2010
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When can I buy a property after Bankruptcy/Foreclousure and what type of loans can I qualify?

Answer
Hi, the general guideline is that you are eligible to apply for an FHA loan as eearly as 2 yrs after your BK discharge. If the properties were part of your BK then that would take of those, of they got foreclosed on then you would have to wait 3 yrs. I suggest you consult with a capable loan officer.
July 05 2010
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how does buying a pre-foreclosure house work?

Answer
Hi John, a pre-foreclosure is usually a property where the owner (seller) has fallen behind on mortgage payments. Question here is: once the loan and any other liens are paid off by a prospective buyer, is there any equity left? If that's the case, you can come to an agreement with the seller. Otherwise, if the seller's lender has to take a loss, then it's up to the lender to approve a short sale and this process can take months.
June 30 2010
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Are bank owned homes being sold as is still allowing home inspections?

Answer
Our standard Board of Realtor contract ALWAYS has an inspection contingency. Most banks will allow up to 10 days for inspections and a few days to agree on remedies. Of course, if a cash offer without an inspection contingency comes in, you may never get your offer approved ... My advice: if you are buying as an owner occupant (to live in the property) and nnot for investment purposes, please ALWAYS have a home and pest inpsection done!
June 30 2010
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Is a bathroom considered a full bath if it only has a shower. No tub

Answer
Hi, here in Ohio we call it a FULL bath if it has a toilet, sink and either shower OR tub.
June 30 2010
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Can the bank not give contract ext on contract for a home they own when the hold up is there fault?

Answer
Hi Doss20ss,Sorry to hear about your ordeal. Your agent should have researched this property and given you a heads-up ... There is no reason for the seller to extend their contract since you have tied up the property till the 15th. Make sure to submit a 30 day extension by the 14th so nobody else can get the house, if you have decided to stick with the property. You can try to estimate a probable closing date by finding out when the property has been sold at Sheriff's Auction. Based on my experience, it will take a minimum of 5 months after the auction date to get the Sheriff's deed recorded. It could take even longer if there were any mistakes on any of the paperwork submitted by the attorneys. The bank can only close the transcation when the deed has been recorded. I hope this helps. Good luck! Susanne Novak
February 08 2010
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I am looking to buy a home built in 1920. What should I be aware of?

Answer
Most of the obvious things you or your agent can probably see when viewing the home: does it have new windows, a new roof, a new furncace, AC and water heater? The residential property disclosure should tell you if there are issues not easily discovered.Last but not least, you definitely should do a home inspecion once you are in contract. Items like the wiring (electric) or adequate insulation in the roof or moisture in the crawl space cannot be seen when casually looking at a property. Good luck!
October 18 2009
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