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Ann Thai's Advice

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  • 4 Contributions
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Ann Thai wrote:

I would like to know much is my house worth?

Answer
Hi Ish-J,In order to help you, I have 2 questions:#1 IWhere is our house located? Is it a single family home, townhouse or condo?#2 Demand and Supply-is there a lot of houses for sale in this area where this house is located at? Keep in mind, real estate is very local. If there are not many houses around there for sale, and there are more buyers looking to buy in that location, you should sell it ASAP.  Ann
July 21 2009
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This house is listed for $1,175,000. Would $975,000, be too much to offer?

Answer
Hi Sandra,It depends on several factors:#1 Is this an REO/Foreclosure, Shortsale or Regular Sale?It makes a whole world different in listing price.#2 Is there a lot of deferred maintained (repairs) that needed on to the house? You should consider offset that off the listing price.#3 Demand and Supply-is there a lot of houses for sale in this area where this house is located at? Keep in mind, real estate is very local. If there are not many houses around there for sale, and there are more buyers looking to buy in that location, you might not get the house. Your real estate agent should be your best bet when it comes to recommend if you're paying to too much or too little :)Hope this helps...and good luck!Ann
July 21 2009
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What should you do when you are up-side-down on your mortgage?
You have several options:#1 Contact your lender to work out a payment plan if you are behind.#2 Try to ask for a loan modification-make sure you follow exactly the lender's guildlines-This process may take from 3-6 months, and you may or may not qualify. I know, it's frustrating. Sometimes, lenders even come back to tell borrowers that they are qualified for a lower interest rate, and yet their monthly payment ends up higher than they were originally (since many of these mortgages are interest only loan with an adjustable rates, now lenders only want to refinance or modify the loan with both interest and principal-this results a higher monthly payment that there are no ways the borrowers can afford! But, now here is another problem that the borrowers have to face, a 'ding' to their credit since they are late on their payments while waiting months for the lenders's approval on their loan modification. There are no turning back now that their credits have just been ruined. So, often, borrowers just give up and let things go without hope.  In reality, the problem is still there but many unhappy and angry homeowners just don't know what to do next.  They don't where they will move to now that they are on the verge of loosing their homes.#4 If this is what happening to you, to your friends or family members you should immediately contact your real estate attorney and your real estate agent to explore your options.The sooner you find out about your rights and what options available to best suit you, the better you are in negotiating with your lenders.Note: All cases are varied from one another, should you have any questions on loan modification, shortsale, or foreclosure, feel free to email me [content removed by moderator for being self promotional]
July 21 2009
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call me
May 21 2009
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