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  • 4 Contributions
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Rising Realty wrote:

What percentage of mortgages being processed never close due to low appraisal issues?

Response
It is close to impossible to say what the actual rate is, but as an office that sold over 800 bank owned properties last yeat, I can say that too-low-appraisals have NOT been responsible for deals falling apaprt.  Most REO properties are sold at somewhat of a discount, so appraisals are rarely the issue.  In fact, on more than one occassion the appraised value the bank received was much higher than our recommended list price.When it comes to 'normal', that is, non-distressed properties, the situation may very well be reversed.  This is because pricing of such properties is not always done with the market being the absolute guide.  If a home owner is into a property for $200,000, it is going to be tough for them to list and sell for lower than that.  In cases like this, if the area in question has experienced priced drops, it may very well be that the appraised value will be lower than the list price.
June 14 2010
(0)

I HAVE A FRAMED HOME WITH AN INFESTATION OF TERMITES I WANTED TO KNOW CAN I SAVE MY HOME?

Response
Yes.  In many southern states there are termite inspection and remediation companies.  The general practixe is to Tent the entire house and 'bomb' it with chemicals.  You'll need to remove all occupants for a few days, get rid of food, open containers, etc.  They should be able to provide you with a check list in preperation for the work.  It is unpleasant to deal with termites, but it certainly does not mean the property is lost.  As many Floridians say "Houses are in one of two stages: either they have termites, or they will."
June 14 2010
(0)

do you have any loans for a poor credit score but i want to rebuild my credit

Answer
It is very smart to take on a new, even if small, loan in oder to rebuild ones credit.  The catch of course is that is is hard to get anyone to extend any type of  credit.  If you are hitting a brick wall time and time again going after traditional credit instruments like asking for a mortgage, or home equity loan, aim lower.  Much lower.  As in borrow $1,000 against a CD you purchase and give as collateral from a local bank - that way the bank has no risk.  You have given them 100% security and all they see is upsides.  If you own a car free and clear, go to a car dealer and ask them for a $500 loan against the car (again, depositing $500 with them as security, so it is a zero risk transaction for them.)  As long as the lender you are working with reports to the credit agencies, so make sure you verify that.
June 10 2010
(1)

HOW LONG WILL IT BE BEFORE THE ACUTION AND SHERIFF SALE

Answer
Hard to say without knowing the specifics, but in Cook County IL it generally takes a good 8-12 months from the time the foreclosure law suit is filed, until the auction, assuming the process isn't interrupted by objections, bankruptcies, etc.  This is based on the larger than usual foreclosure numbers in the past couple of years.  When/if volume comes down to a normal level, one can expect the process to get shortened. It is always best to contact the bank's attorney and try to get status updates on the file, or alternatively, hire an attorney to represent you and look after your interests.
June 10 2010
(0)