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You need to hire a real estate attorney if you don't already have one. The legal ramifications all depend on how the contract(s) that you signed are written. Also, depending on where you are in the process, you may be able to get out of the agreement through the mortgage financing contingency. Again - you need to consult with an attorney to see what options are available to you. If you need more time to get the money together, you may be able to extend the closing date. Hope this was helpful. Best of luck, Scott
"Bad credit" can be repaired...with time & proper guidance. Lenders can tell you which debt is good debt to have and which is not. Don't just assume, the more debt you pay off, the better your credit will be. In fact, paying off certain debt can hurt you more than help you. This is why you really need to talk with a lender. Lenders will also take into consideration the reason for the "bad credit." Sometimes credit issues can be easily explained. Temporary job loss, injury, divorce, death in family, reduction of pay, etc. If the lender believes the debt could be easily explained, they'll ask for a "Letter of Explanation" from the borrowers. Worst case scenario, the lender will tell you what you need to do in order to get your credit scores up in order to buy a home. Hope this was helpful :) Best of luck, Scott
It's not only unethical but it's also illegal. You CANNOT enter into multiple binding contracts at the same time; unless you have the financial ability & intention to purchase all properties you've made Offers on. If each Seller accepted your offer, you would be on the hook to purchase multiple homes. Losing your deposit(s) could end up being the least of your problems. Seller could sue you for specific performance.
First things first, you need to find out if natural gas is available on your street? Call the gas company OR look at your neighbors homes to see if they have gas meters outside of their homes. If natural gas is not available, you'd have to install propane. Propane is not very popular. Should propane be your only option, I would recommend you keep the oil. All of that being said, it would be very difficult for an agent to argue switching over to gas increases your value. Absent the "increased adjustment" on an appraisal, it's a subjective value. The bigger questions: is the rest of your home in good marketable condition? Is your home located in a desirable town or community? If the answers are yes - then I wouldn't spend the money. There are plenty of buyers out there looking for a nice house & they aren't going to not buy your home because it has oil heat.
SIMPLE ANSWER - (Short Sale)Short Sale Offers - write in your offer, "buyer reserves the right to withdraw the Contract to Purchase for any reason prior to the lienholders written acceptance of said Offer." This allows you to continue shopping for homes. In the event you find another home, you simply withdraw your first offer. Course, if I were you, I'd only look at non-foreclosure or short-sale homes going forward as all you'll be doing is resetting the clock if you jump from one short sale to another.TRADITIONAL SALE I would absolutely put a time of expiration in the offer.You don't want to give the seller or their agent extra time to shop your offer. 24 hrs is more than enough. Sellers have had plenty of time to play out the offer/negotiation scenario in their heads and should be able to respond to your initial offer within 24 hours. Course, this assumes there are no complicated layers on the sellers side. i.e., Estate Sale, Multiple Owner's, Corporate owned, etc.ABOVE ALL Find a Realtor (not just an agent) who is certified to represent buyers. You can ask the Realtor if they have their CBR or ABR designation. (in state of MA.) This distinguishes the professionally trained Buyer Brokers apart from those who have had no formal training. Next, seek out a Realtor who is not only trustworthy but also has the knowledge & experience to properly advise you at every turn. If they haven't been around the block a few times, you could get burnt! At the end of the day, you can't ask a question if you didn't know what or who to ask :)Best of luck,Scott Gordon, GRI, CRP, CBR, SRES, LMCPresident / Owner BrokerRealty Edge, LLC
Hi Stephanie,Step 1 - Come up with a monthly budget so you can figure out what amount you have for a housing payment. Don't forget to leave yourself some breathing room. Allocate some of your monthly budget towards a savings, even if it's not alot. Don't forget...you need to "have a life" too. You don't want to live & work just so you can pay the mortgage each month. I'm sure your daughter will have some needs as she gets older too, so make sure you set aside some money in your monthly budget.Step 2 - ask your family, friends & co-workers if they know a good Realtor. Why? Read on. You want to establish a good working relationship with a professional you like & can trust. Let your Realtor know upfront that your looking for an agent who will take more of an Advisor role than just that of a salesperson. A local Realtor is like having the "Golden Ticket." They are by far your most resourceful tool available. Realtors know who the best lenders are, who gives the best interest rates & who has the lowest closing costs, etc. Just as important - which lender will take on the same "advisor" role & take the time to educate you on your financing options. Step 3 - Get a recommendation of a reputable lender in your area from your Realtor. Figure out on your own what you can afford to spend each month for a housing payment. For example: let's say you decide $1,200/month is a comfortable payment for you so that you don't have to eat Mac N' Cheese everynight. Ask you lender how much of a home can you afford to buy a house if your payment was no more than $1,200/month; or whatever the number is you are comfortable spending each month. Tell them you want ALL of the PITI expense figured in. (PITI -stands for Principle, Interest, Taxes & Insurance) Getting Pre-Approved this way allows you to buy smart! Good Luck :) Scott