At least one benefit would be your ability to obtain a VA loan for the home purchase. With a 0% down payment and the potential to get up to 4% seller assist towards closing costs, you may actually be able to purchase a home with very little cash required. Just make sure you get in touch with a good lender who is knowledgeable about VA loans and does them regularly.
Brian,I assume you changed your Zillow account to reflect your new brokerage information. While logged into your Zillow account, go to one of your listings. Under "Edit", click "Claim This Listing".
Try the following:Once you pull up the property listing on Zillow, click the drop down menu labeled "Edit" under the main photo. Select "Claim this Listing". Once you have claimed the listing, go back to the "Edit" drop down menu and select "Edit Home Facts" or Edit Listing Info". You may then be able and edit the home facts or listing info which would include the photos.
Ultimately, the title company or attorney handling your settlement will dictate how the funds should be brought to settlement. They or your agent should advise you on this for your specific situation.In general, however, in Southeastern PA, the buyer only needs to bring one check to cover the total outstanding amount due at settlement. One exception to this may be if you're buying some personal property from the seller which is not part of your Agreement of Sale.The outstanding amount due will be calculated something like this: Add the closing costs and any required lender escrows to the purchase price of the home. From that amount, the buyer's deposit monies (not down payment), mortgage amount, and any seller credits are subtracted. The remaining amount is the outstanding amount due from the buyer at settlement.Again, you should check with your agent for help with this calculation for your specific situation and for advice on an amount to bring to settlement. I usually recommend bringing a check for slightly higher than what is expected to be needed at settlement. Any overage from what is actually needed just gets refunded back to the buyer at settlement. Lastly, checks for settlement typically need to be in the form of a cashier's, bank, or certified check (or wiring of the funds). Personal checks are usually not acceptable.
I can send you an email with a copy of your tax record and tax map. These show the assessor's square footage of your house and your lot size. Email me with your email address and I'll forward these to you or let me know that it's okay to post those dimensions here.
Feel free to give me a call or email, I would be glad to help; whether it's to actually help you purchase your first home or just to answer any questions that you have at this time. I do have a lot of experience helping first time buyers in general and of course with the home buyer tax credits. I'm also local to the areas you're targeting; I live just outside of Lansdale in Towamencin Township and have my office in Harleysville.-Scott
If you go to "Listings" under "My Zillow", it will pull up the list of your listings. For the particular listing that you want to change, select "Cancel" instead of "Edit". This will not immediately cancel your listing, but will bring up another page in which you can change the listing status.
I don't believe you can have the Zestimate edited or changed, but you can "Create an Estimate" by clicking that link under the tools menu bar. You will need to claim your home as the owner first. Once you go into the Create and Estimate tool, you can add features and change the details of your home which will add or subtract from the Zestimate value to determine the "owner's estimate". You can choose to have the details of your owner's estimate published or kept private.
There's no down payment requirement for the tax credit. However, FHA loans are generally the ones with the lowest permissible down payment right now and it is these loans that currently require a down payment of 3.5%.At this time, FHA loans do allow for the seller to cover up to 6% of the buyers settlement costs which can help minimize your total cash requirement. FHA is in the process of reducing this allowable "seller assist" from 6% to 3%. So for now you could conceivably get 6% back from a seller, but in the coming months that's likely to be reduced to 3%.
There are many other factors besides the negative equity in your home and the monthly rental loss that should be considered in your decision.A loss of $5k per year on the rental is tough to take, but taking a $60K+ loss on the sale would make me think real hard about just continuing to rent the house. If you depreciate (on your taxes) the property, the rental loss might end up being a valuable tax deduction for you (of course, you should review this with a CPA or competent tax advisor). Another consideration might be to look at the sales of both townhomes in total which would appear to be close relieving you and your husband of the mortgage debt. Depending on your other finances, that may put you in a position to purchase a home that meets your needs better and allows you to take advantage of the market from the buy side.There are many other considerations as well and my best recommendation is to sit down with someone who can discuss those with you and help you look at the big picture in total. Feel free to email or call me if I can be of help. By the way, I have sold in Lower Macungie and am familiar with that area.