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Dale Weir's Advice

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  • 14 Contributions
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  • 3 Helpful

Dale Weir wrote:

I have a contract with a closing date specified and that date has passed but closing never happened.

Response
Every state and every area handles this situation differently. I would you sit down with your realtor and talk to them and their broker about the situation. I would also suggest that you talk to the lawyer who is representing your side in the sale. Note that short sales and foreclosures often have issues with their closings. When they discovered that the closing was going to be late, did anyone do a contract amendment or had they already addressed the situation in the basic contract or with an addendum earlier?
October 23 2012
(0)

Foundation Check before Selling the House?

Answer
disclose, disclose, disclose - if you don't and a buyer discovers that you had any reason or knowledge that their might be issues (and your posting here is evidence of knowledge of an issue) then you could be sued after closing.I would NOT use a foundation company. Their business is to find foundation problems otherwise they won't get paid. I would suggest a home inspector who is a structural engineer or has a lot of experience in your area with the soil. Their inspection report will give you a heads up on what you need to fix before you put the home on the market - in all areas, not just the foundation.Consider that when you discover the issue, you can fix it on your timeline and typically at a much lower cost, then if you wait to have a buyer's inspector find it and they negotiate to have you fix it - then you are on a tight timeline to get it done before closing and they will want specialized repair people which typically costs you more.If you have to have any foundation problems worked on, make sure that you get a transferable warranty that can be transferred to the new buyer - that will help to ease the buyers mind.
October 23 2012
(0)

inquiry before closing

Answer
Yes they will check your credit ratings and call your employer before closing to make sure that you still qualify to buy a home (I can't tell you how many people have blown closing because they bought new furniture fo the home before closing instead of waiting until after closing) Let your lender know what is going on. They can address it upfront with the underwriter if it is a problem and if it's not something that is valid, they can provide the guidance on how to get it off your report.  It is better to take care of it right away then to wait until right before closing and discover an issue.
October 23 2012
(0)

I did a short sale 2 years ago this August, and would like to buy again. Looking for advice.

Answer
A short sale typically goes against your credit for 3-5 years, while a foreclosure goes against it for 5-7 years. I have seen individuals with great credit who had a short sale which pulled down their credit rating, but because their rating was so high to start with they were still able to buy again within a year.  I would start by sitting down with a HUD counselor to go over your options - look at your debt to credit ratio, your credit rating, your overall financial status and have them help you develop a timeline for buying your next home.  Find out if there are any issues on your credit report that you are unaware of and then take the appropriate steps to fix them (the HUD counselor can help guide you on how to do this).  many good local lenders and Realtors are also willing to provide guidance and assistance.
October 23 2012
(0)

Best St. Louis suburb?

Response
My colleagues have all given you some good starting points. I would suggest that you look at your lifestyle. Do you want to have a short commute to work?  Do you want to be close to family or friends? How about the places that you normally "hang out". Which social/fun places do you normally go to? Then start looking at the neighborhoods around the location that is the most important to you. I've had clients buy close to the gym they work out at, others buy in a walking neighborhood with pubs and restaurants nearby. Some want to be close to a dog park. Sit down with your Realtor and go through your priorities for location as well as your priorities in a home. You may find that the home you want doesn't exist in the area that you want at your price point, then you'll have to decide what factor is the most important to you.  A good Realtor will help guide you to the right neighborhood to meet your needs and wants.St Louis is a fantastic city with a lot of options. You'll find that there are many places that will meet your desire to be in a fun location near other young people who share similar interests.  Please let me know if you have any questions about specific neighborhoods - I love to talk about St Louis
October 23 2012
(0)

First Time Buyers

Response
To user 0985550 - there are many different types of loans available.  Some are based on the geographic area you are buying in (such as a USDA rural loan), some  on how much money you have saved for a downpayment (an FHA loan requires less money down then a conventional loan), some on the type of home you are purchasing and whether it will need work or not (a rehab loan may be your best bet if you are buying a fixer-upper) or if you are buying a foreclosure, the bank or governmental agency that is selling it may have some special loans available to you. If you are a veteran, you should use a VA loan. You may also be eligible for local state and county financing.Where to start?  Typically I recommend finding a good LOCAL mortgage lender. A bank or credit union will typically only loan their own money and will have a more limited portfolio of loans available. A mortgage banker broker will be able to loan money from the bank that he works for AND he will be able to shop the other lenders to see if one has a better program for you then he has. A mortgage broker doesn't lend his own banks money, but he shops banks and other lending institutions for a loan for you.  If you expect to be using any first time homebuyer grant monies, then you will need to check with the agency handling those funds since only certain lenders are typically authorized to issue them.How to find a good LOCAL lender - you may want to start by talking to friends who have purchased a home recently, or your bank or credit union. An excellent source for a referral to a good lender is your Realtor.  They will want you to use a local reputable lender since they know that will get you to a much smoother closing.A good lender will give you alternatives - he or she will go over the programs that you are eligible for and will help you to determine which program is the best fit for your needs.  He'll discuss with you if a 15 or 20 or 30 yr loan would be your best alternative based on how long you intend to be in the home and how you expect your income to change over that time.One thing I always recommend is that you ask the lender to run the numbers 2 ways - the standard way is how much buying power do I have based on my credit rating, debt to income ratio and overall financial picture. That way you know how much you can afford if the right home pops up. I typically do not recommend that anyone buy at the top of their price point - people who do have a tendency to be house poor.  When all your money is going toward your house payments and you don't have money to go out to eat or to a movie or to socialize with friends, you will end up hating your home.  As a result, I tell buyers to ask their lender to run the numbers a second way - tell the lender how much you want to spend each month on your house payments and ask them to run the numbers in reverse and tell you what price point of a home you should be looking at.Good luck
October 23 2012
(0)

First Time Buyers

Response
We all have to start somewhere.  Very few people start out with a high salary, they work their way up to it.  Meanwhile, for those who want to buy a home, they work at making sure their credit scores are good, their debt to income ratios are good and they are realistic about what they can afford so they don't become house poor.  Most also start by putting away some money every month - the best way is to have it taken out and sent to a savings account before you get your paycheck.  Those savings will grow and help you afford a downpayment.  I would suggest that you find the local HUD counselor in your area.  They can help you set up a budget and a timeline to help you be able to buy a home.
October 23 2012
(0)

What if a buyers agent wants to show customer my FSBO home?

Answer
Most agents will check with you first to see if you are willing to work with them if they bring you a buyer and if you are willing to pay them a commission if they bring you a buyer.  They will ask you to sign a form before they show the home to their client as a result to prevent any legal issues later on.  If you tell them they can't show your home or that you won't work with them, or you won't pay them a commission, they legally can't show your home to their client.  Keep in mind that the majority of buyers are working with agents, so if you don't work with them, you will lose that potential pool of buyers.The statistics show that when someone who doesn't have a realtor is a buyer for a fsbo, the first thing they do is subtract the cost of the commissions (figuring that you are keeping that for yourself) from your list price, then make an offer based on their new calculated price.Most agents don't want to have their clients buy a fsbo, because 9 times out of 10, the fsbo isn't aware of the required documents (sellers disclosures, lead based paint, subdivision or condo docs, etc), they don't know the timelines that everything has to be done by, and the agent for the buyer ends up having to "handle" both sides in order to get the deal to close, but is only paid for doing one side
December 19 2011
(1)

How long can a house be on the market on a short sale

Answer
That question has so many layers to it.  Each STATE has their own foreclosure rules, procedures and timelines, so that will impact it.  Each BANK has their own formula for how many missed payments before they start foreclosure proceedings and what they want done before that - many banks are telling people to do short sales rather than have the bank foreclose.  If a bank sees that a home is being actively marketed and the homeowner and his agent are trying to sell it, they may keep moving back the foreclosure date, esp if there is a contract being worked. Many times the home owner may be behind in his payments, but he ensures that he makes enough payments to prevent the home being foreclosed on.  I've seen some homes where the home owner wasn't attempting a short sale and had stopped making payments and the bank didn't do anything for a couple years. I've seen others where the person was foreclosed on when they missed the 3rd payment.There is no one answer and there is no easy answer.  You should start by working with a short sale expert in your area who is familiar with the bank that holds the loan
December 19 2011
(0)

What counts as a room

Answer
Real Estate is local. You need to ask what the LOCAL multi-list rules are.  In my area, they have changed over the years and things that could once be counted can't anymore.  You should also check and see what your county and municipal rules are, since they sometimes differ.It doesn't matter what people in other areas tell you, it only matters what your local rules are.  Here, if we put in our listing something that doesn't agree with what the county records state, we have to show proof to the multi-list system of the difference or we can be fined and have them change the data to match the county records.
December 19 2011
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