Profile picture for Felicia Randall

Felicia Randall's Advice

Contributions are sorted newest to oldest.

  • 7 Contributions
  • 0 Best Answers
  • 0 Helpful

Felicia Randall wrote:

Do they give RD or FHA mortgages on a manufactured home that sits on its own property?

Answer
The first thing I always like to clarify is if this is a HUD manufactured home or a BOCA modular home.  A HUD home has a metal tag on the outside.  These are not eligable for RD financing unless when they were originally purchased and every time since, they have been mortgaged as a RD loan.  A BOCA modular is an entirely different animal.  In the kitchen, open the cupboard under the sink.  If the lable on the door says the house was built to 19XX construction code you're in luck!  It's a BOCA and eligable for RD financing.  Either is eligable for FHA financing depending on condition.
December 19 2009
(0)

Can I get an FHA Loan for a Foreclosure?

Answer
You can get a FHA loan for a foreclosure.  However, it's subject to the loan limits for the area.  Since you didn't indicate where you were I'll direct you to HUD's websitehttps://entp.hud.gov/idapp/html/hicostlook.cfmIt will be difficult to refinance your duplex unless you have 25% equity because you won't be able to claim it as a primary residence and it will be viewed as an investment property.
November 27 2009
(0)

How can a single person afford a home?

Answer
The biggest expense when you buy a condo are the homeowner association fees.  Typically these fees cover both actual expenses such as getting the lawn mowed, as well as anticipated expenses (what do we need set aside to replace the roofs in 25 years).What some people do not realize is often the association fees end up being more expense than the cost to take care of a home.How can that be?  Easy.  When I own a home, I don't set aside money every month to cover replacing the roof in 25 years, or the siding, or other large elements.  I know that in that timeframe it's unlikely that I will own the home so why should I be anticipating the expense.  AND if I do still own the home, it will be easier for me to pull from my personal savings or refinance a home that's lamost paid off (considering I get a 30 year mortgage when I buy). The other expense like cutting the grass are cheaper for a homeowner.  I can pay someone or cut it myself.  I can elect to do it when I want to or if I want to.  Condos cannot do that.So find a good agent and look at small starter homes that are currently in good condition. 
November 27 2009
(0)

This is our house, but we're trying to figure out what the SEV on it would be, can anyone help?

Answer
Your SEV is $142,600. ($285,200) in value.  That may not be an accurate reflection of what you could sell your property for in this market. 
November 27 2009
(0)

$3,000,000 lakefront home Northern Michigan: sell now or sit tight 1-3 years?

Answer
I'm not sure if you decided to sell or not.  Here are some figures from the Traverse Area Association of Realtors MLS which covers Grand Traverse, Leelanau, Benzie, Kalkaska and a little of Antrim Counties.11/2008 to 11/2009  13 properties over 1 million have sold11/2007 to 11/2008  22 properties over 1 million have sold11/2006 to 11/2007 24 properties over 1 million have sold11/2005 to 11/2006 25 properties over 1 million have soldI think the numbers clearly show that the amount of sales is down.  Which in turn means that demand is down.  Now how does that effect you?  It means if you list your home today and are set on getting close to your list price it may be quite a while before you get an offer. What you can't see from the sales numbers is that there are currently in the same area where the solds above occurred 138 homes listed at over 1 million.  This hasn't changed much from 2005.So regardless of if you list now or list later the timeframe that it's going to take to sell your home is going to be long. Any realtor you spoke with should have reviewed these numbers with you.  Typically, when owners know it's going to be a lengthy listing period, they remain firm in their asking price which in turn keeps the home prices up. So the short answer is, it won't hurt to list your home now. Felicia RandallReal Estate One511 E Front StTraverse City MI 49686231-645-1954
November 12 2009
(0)

Is this currently for sale?

Answer
210 EAST 12th street sold in June210 WEST 12th street was last listed in 2008 for $317,000.  Is this home still of interest to you? Felicia RandallReal Estate One231-645-1954
November 12 2009
(0)

This is our house, but we're trying to figure out what the SEV on it would be, can anyone help?

Answer
Hi!  I tried to log into my tax system but it appears to be down right now.  I'll try again in a few hours. Are you looking to do something like challenge your tax bill?  If you are looking for what your home might be worth in this market, you would be better off with a market analysis.  This will give you details on the homes in the area that have sold recently that most compare to yours.  I would be happy to make one up for you.Felicia RandallReal Estate One231-645-1954
November 12 2009
(0)