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6 Best Answers
are there mortgages with no money down?
Yes you may find some. But recognize that you are making a bet and not buying property.
Is this right time to buy home
The question is too general. In several parts of the country it is a very good time to buy a home. In other parts of the country it is NOT a good time to buy. In addition to the location where you wish to buy, you need to look at available inventory (low inventory implies higher prices) , how prices have done over the last three years, etc. The steeper the rise in prices over 2011, 2012, and 2013 the hotter the market and the higher the risk of overpaying by buying into an overbought market.
When will be a good time to buy in Petaluma?
It is a fact acknowledged by leading economists that the San Fransisco bay Area Real Estate market is in the mist of another bubble. I cannot say when the bubble will pop but I would not buy now in the San Fransisco as the downside risk far outweighs the upside potential.If you can wait till end of 2014 wait it out. If you cannot wait, enter the fray and buy now - you will overpay.
Sending listing reports to sellers
Before agents get too excited - did you get your clients permission to provide their email address to a third party? Many clients will not agree to a third party obtaining their email. A better solution is needed.
once offer is submitted how much detail can sellers broker give other buyers to outbid current offer
This unfortunately is market as well as agent dependent. It is common practice in many areas to shop a "best offer" enticing another buyer to beat the current best offer. Sometime the so called better offer is non-existence, sometimes it is real but perhaps with some contingency, etc. - the point is to get someone to beat the current best offer.Best course of action: Offer what the property is worth and be prepared to walk away if the agents inform you of a better offer.
Is 5-ARM a good plan for me?
I would not exchange your current mortgage for a 5-year ARM. You will take on the risk of higher interest rates and are effectively betting against the banks - do you think you can bet against them and win?
Buy vs rent
It is most unlikely you will break even in 3 years - if you are comfortable loosing some money for the living in a home than go for it. Despite what the agents say financially it will not make you money in 3 years.
Buyers/Listing Agent for a new construction ?
Jim -I stand corrected. It says under Buyer Agency from NH:"A buyer agent is a licensee who acts on behalf of a buyer or tenant in the purchase, exchange, rental, or lease of real estate. The buyer is the licensee's client and the licensee has the duty to representthe buyer's best interests in the real estate transaction"1. A licensee can only be a SALESPERSON!2. More over a licensee's only obligations are Confidentiality (even here NH advises clients NOT to disclose to agents any information that harms the bargaining position of the customer), b) Loyalty, c) Lawful obedience, d) Promotion of client's best interest, and e) For a buyer - put the buyers/sellers interest first!NH is better than most states, something I need to concede as it actually defines a "buyers agent" as a salesperson who should consider the buyers best interest. But this definition also fails to legally define the obligations beyond the vacuous, subject to the readers interpretation, "buyers best interest". But the definition does exist in NH wheras in most states (for example California) in the agency declaration legal RE contract, there is no mention of buyer agent. Only selling agent and listing agent can be found.
Issues with the seller, does she really want to sell the home now that we are almost closed??
Chris writes "I hate hearing stories like this because this sort of crap shouldn't be happening. Something tells me you're attempting this purchase without representation and this is why you're now having problems. " Implying that things would be smoother if somehow an agent was involved. Here are some recent posts from consumers who had agents:1. Buyer drags feet on applying for financing. Agent cannot or has not solved issue. Suggestions from agents go to an attorney.2. Selling agent working with buyer changes form and goes on vacation after gaining listing from consumer.3. Seller agent (apparently) left no contingency for seller to back out though seller could only move after seller could buy another property.4. Buyer terminates contract during due diligence period. Agent working buyer demands 3% even though buyer did not buy property.5. Buyer signs exclusive Buyer Agent agreement and agent says he can get buyer into a $250K with $1K down. Agent demands SS# and bank account - says its needed for bank approval though the buyer is pre-approved already. Agent not returning calls.This is only the tip of the iceberg.Chris - things still would be better with an agent for this seller?
I was wondering what lenders offer special mortgages specifically to doctors/dentists.
Dustin -I am the last person to support affirmative action - I do not support it for school, college admissions and absolutely hate it for job selection.I am arguing that mortgages be based ONLY on credit worthiness. If you are worthy (ability to pay back) of a loan you should get the loan. If your are not worthy (questionable ability to pay back) of the the loan you should be denied the loan. This should be true if your are white, black, blue or brown or even if you are a janitor, doctor or professor!!!You have more faith in lenders/banks and in Government than I do. Lenders/banks will use every leverage they can to minimize risk and maximize return (including using some loophole to bypass US laws) and Governmental organizations cannot (or do not) move as fast as lenders/banks do to fact checks and understand the implications of the laws they create.
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