Profile picture for Steve Neuenschwander

Steve Neuenschwander

Premier Agent

2 Recent Sales (last 12 months)

Real Estate Marketing Consultant (14 years experience)

Specialties:
Buyer's Agent,
Listing Agent,
Legal,
Purchase Loan

Advice

  • (284 Contributions,
  • 5 Best Answers,
  • 38 Helpful)

Contributions are sorted newest to oldest.

Should I buy a new Quadrant Home?

Answer

I would gather all the information on their program along with all my financial data and either seek out a financial counselor or a real estate attorney for advice.  Quadrant Homes builds track homes.  In other words they have about 4 or so models and build the same home multiple times in the same housing development.  They generally cater to lower priced homes and first time home buyers.  If you do purchase a home from any one always get an inspection.  It is worth the $400 to be secure in your purchase decision.  There are other buyer assistance programs available through the Washington State Housing Authority Home Buyer Programs.  If you are near Thurston County I can assist you in getting into one of their educational classes.  It will open the door to more options and more builders or resale homes that can fit your needs.  It is always good to have options.

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Wanting to know about buying a home with a VA loan and how that process works moving to JBLM.

Answer

Thank you for your service and Semper Fi!!  Purchasing a home via VA should be no more stressful than a conventional or FHA purchase other than they do have a stricter guideline on the condition and limitations on out-of-pocket costs to you the veteran.  Keep in mind that a 100 percent financing and no-money-down does not mean you come to the closing table without out of pocket expenses.  It also does not mean that you can get the seller to pay those closing costs.  Most sellers bulk but will probably agree.  There are other avenues in Washington State that allows you to get grants and other money to assist with closing costs.  You need to find a lender that is connected with the Washington State Housing Assistance Program to find out what is available.  I would recommend you attend a home buyers seminar near you.  It is five hours and qualifies you for different types of assistance.  You will learn a ton of knowledge and walk away with both more opportunities and information to empower you as a good buyer than simply going about it in the blind.  My office provides a monthly class and next year will be providing the class twice per month.  The classes or no pressure and neither a real estate broker or loan officer can solicit your business at the class.  Most who attend the classes are already working with a lender and a real estate agent.  The instructors honor those relationships.

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Should I refinish the hardwood floors before listing my house.

Answer

I would obtain an estimate from a qualified refurbish company or two, compare prices and then determine how much it would effect the selling price.  Anytime you upgrade a home you seldom realize the total cost of the upgrade in the purchase price of the home.  Of course that depends on the cost to upgrade.  By refinishing the floor you will add luster and appeal to the home.  Only a buyer's offer can tell you if you will recoup the full cost.  The question then becomes how much will I lose from my asking price by not refurnishing the floors.  That is a discussion I would have with the real estate agent you select to sell your property.  Without personally viewing your floors I could not provide you a qualified answer.  As a general rule you will probably attract more buyers via online photos of your refurnished floor.  The more buyers the better your chance of getting an offer more to your liking.  So in closing if you spend $10,000 to refurbish but it results in $5000 in a higher price of your home is that better than simply trying to attract buyers with the current floor condition and accept the price they offer.  Keep in mind.  you don't decide the purchase price of your home.  The buyer decides.  You are only compromising to their decision.  As you can see there is not a definite answer but I hope this helps.

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How is Credit Score affected if I stop making payments

Answer

Carl is correct.  However, it is not simply that alone.  It also deals in how you have made your other payments on credit cards, utilities, etc.  If other payments have been current then a drop of 200 points would sound about right.  Like Carl stated, you will need several years to rebuild your credit.  It will take at least 7 years to get the foreclosure off your credit score.  Until then even with a lot better credit it will still be an obstacle for you to overcome as the basis for your scores was the foreclosure which means you did not manage that type of loan very well.

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Lived abroad for five years, now back in the US, is a mortgage possible?

Answer

You could try and get this on your own without your husband's information.  It takes a solid marriage as you would be the sole homeowner until such time you refi and put both names on the deed.  If you are in a community property state you would probably have to get a signed statement from your husband as well.

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I have a 581 FICO score and would like to get a mortgage.

Answer

The 580 credit score does not leave you out.  However, it does make it very difficult.  First you have to find a lender that will go that low.  There are a few out their.  You will most likely have to have more than normal money to put down or face higher interest rates.  Each lender has their own underwriting rules.  Find a good loan originator or mortgage broker who has access to lenders that meet your credit score issues.  If that does not work, you may be able to buy this house under a land contract with the seller.  Generally, that means a down payment, probably higher interest rates and a short time to pay off the loan with possibly a balloon payment at the end.  It will depend on what the seller is willing to do.  I own a home in Cleveland  [Content deleted by Zillow moderator. Please refer to the Good Neighbor Policy for more information.]

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How does an interested party pursue purchasing a foreclosed property?

Answer

This home should be listed for sale by a real estate pro. Once you see the sign on the yard contact an agent and have them walk you through the process.  I would like to caution you that buying a foreclosure in this market is riskier than normal due to all the mortgage fraud.  The vast majority of homes were foreclosed by the wrong lender and that could be issues for you later as you may be buying a clouded title.  You need to insist the lender who foreclosed can prove they legally own the home by producing a clear title.  You also need to ensure the local title company will issue title insurance on the property.  Many title companies are now refusing to issue insurance due to the mortgage fraud mess.

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What Do You Know About Federal Trustee Services?

Response

There is one exception to the FTC new rules and that is if your are a private organization.  FTS reorganized under a non-profit trust in order to circumvent that particular rule.  In there case, however, it is a scam as even under their new name the same old practices, and failure to do the work, failure to pay their agents and employees still exist.  It is true that a forensic audit and securitization audit do not in and of themselves avoid foreclosure for you.  What they do do is prove who is doing the fraud, who does nor does not own the note.  From that information you contact a real estate or loan experienced attorney and go for a quiet title action via the judicial process.  While there have been minimal success outside the courts, the only sure way is through the courts.  I also point that the judicial process is two steps.  You have to go through the federal courts to get a favorable decision that the lender, servicer, etc., has not legal right to your property.  You then have to go through the local circuit courts to obtain the quiet title relief.  It is all time consuming and very expensive.  It still does not relieve that fact that if you are a seller and considering a short sale, deed in lieu or a foreclosure sale, if you do not know who actually owns the note then you are passing a clouded title to the new owner.  It also leaves you on the lamb for potential legal civil action.

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Are real estate agents really necessary anymore? If so, in what way?

Answer

The problem with the real estate profession is little is done to really promote the profession.  Yes, individual agents are out promoting themselves, but the industry as a whole is perceived as an expensive burden on the public that a seller wants to avoid.  The biggest complaint is the commissions.  While as an individual agent is not your fault that one charges the seller for the entire commission it has put one an enormous burden on the seller and a significant loss on the equity in their home.  This practice also has deminished the perceived value.  Another area which was started as a way to even the playing field between agents and also put a dog in the fight for buyers is the MLS concept.  Unfortunately, the industry as once again found a way to demean that purpose by agents taking both sides of a commission and basically conning a buyer into believing they are getting equal representation when they are not,  As you should recall the original purpose was two fold.  First, primarily to protect the buyers but also opening the market up so everyone had an equal opportunity to list and find buyers for any given property.  Right now the industry has the same approval as used car salesman and attorneys.  All there are perceived to be no more than wallet grabbers and the product or service they offer is questionable.  With the market as it is, now is a good time to get back to some very old, tried, and proven principles.  The first being each side is responsible for their own commission.  After all, the buyer selects and uses the services of their chosen agent.  Buyers need to be responsible for their own closing costs and down payment.  No one steps in except, perhaps a family member to take care of closing costs and down payment on other goods or services.  As far as the MLS is concerned there needs to be a return to its true intent.  A sharing of a listing with another agent bringing the buyer and an open market for all to benefit.  I am sure their are other issues as well.  This puts our services back on an even playing field that agents, sellers and buyers can all equally benefit.

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