Bond New York, a Manhattan-based real estate broker, has started accepting the digital currency better known as Bitcoin for real estate transactions. Will other real estate brokers follow suit and is Bitcoin quickly becoming an understood and accepted currency here in the U.S.A.?
WetDawgs in response to your question, I read a little further online this afternoon before answering your question, I wanted to ensure that I came with accurate information. The new regulations (Dodd Frank Law) now opens up the possibility that homeowners can sue the mortgage companies if they somehow find themselves in a tough situation throughout the period of the loan and unable to pay their mortgage. The homeowner will now have the legal right to come back on the mortgage companies and say "We are suing you because you should have never allowed us to borrow this money and now we are unable to repay the loan because of your careless lending practice."
I cited my source and Zillow removed the link. Please Google "3 Ways Dodd Frank Law Will Roil Real Estate in 2014" to see the cited source and where they came up with the 20%. This post was not meant to be an argumentative piece, rather just a topic that I read on Yahoo Business Daily.
I think there are many people out there that are able to purchase a home but are unable to do so because of the new regulations. I have always been a huge proponent of buying what you can afford and not over extending just to keep up with the "Jones." I think the future of home sales in the United States will be smaller home purchases and then adding all the custom amenities a person could want.
Are you planning on buying a home in 2014? Did you know that 20% of all people who currently hold a home mortgage loan would not qualify for that same mortgage loan starting January 1st 2014. [deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
Great Question, You should however direct your question to a local mortgage broker. A mortgage professional will be able to sit down and review your income, income to debt ratio, current credit score, and of course your employment information before determining what your target price range should be.
You have to pay PMI for 5 years regardless of how much you pay down your original loan amount even if it drops below the 80% of appraised value. Excellent question, for more detailed information you should speak directly with your Well Fargo representative.
You can call our wonderful Zillow agent representative (Jamie) at the following number [deleted] and let her know that William Sheehan sent you from the "Ohio Real Estate Guys." Jamie is awesome, knows Zillow strategy well, and will do anything and everything in her power to help you succeed.
I had this question posed to me the other day by a new agent, "Does anyone farm anymore?" I asked her to be a little more specific and she responded, "Knocking on doors in one specific neighborhood." I can honestly say, I think door knocking and "pounding the pavement" days are long gone. First of all, I don't think many people welcome door to door solicitation anymore. Secondly, I think the new definition of "farming" would be am agent website geared towards a specific area.
I would say the average amount of time to purchase a home after going through the [website removed by Zillow moderator. Please see our Good Neighbor Policy.] would depend on a few factors. 1) Size of down payment?2) Source of the home loan? 3) credit/payment history since short sale?Addressing number one, (size of the down payment) you will generally need at least 30-40% down to purchase a home within the first couple of years after going through the short sale process. Generally, banks view short sale subjects as "more of a liability" than they would a Bankruptcy due to the fact of late payments.Addressing number two (Source of the home loan) you are going to be more likely to qualify to purchase a home through any one of the following government agencies and government sponsored loans (FHA, Freddie Mac, Fannie Mae, Ginnie Mae) than you would a traditional bank.Obtaining a home loan from a private bank (Wells Fargo, Bank of America, or Key Bank) after going through the short sale process within the first four years is going to be counterproductive in my opinion. The reason I use the word "Counterproductive" is because the interest rate is going to be so high, you may just find yourself unable to make the mortgage payments and back in short sale process.