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Lynne Logan's Advice

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  • 38 Contributions
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  • 2 Helpful

Lynne Logan wrote:

SHOULD I GET ANOTHER AGENT??!!! WILL I MISS OUT ON MY DREAM HOME!?

Answer
Ultimately, if you are getting a mortgage (I am assuming you are) the home must be appraised and the bank will determine the worth of the home.  The bank will review recent comparable sales to determine the value of the home you would like to buy.  What the seller's paid for the home and what $$'s they spent improving the home, is irrelevant.  The only thing that matters is what the home is worth in today's marketplace.  Upon your request, the agent representing you, should provide the recent comparable sales, not the active listings, for you to use as a gauge to determine value.  The agent working for you (And yes FL is a transaction broker) does not owe you fiduciary duties, however, she should be working on your behalf, and if you feel she is not and her interests lie with the seller, then find a different agent-as long as you are not under contract with her to purchase.  If you do find a new agent, make the new agent aware of the situation so there won't be any issues with regards to commission earned.  
April 16
(0)

Byer agent commission

Answer
If a credit is offered, it would be consider a seller concession to you, the buyer, and depending on your loan there is a maximum % allowed.  Check with your loan processor to find out why they are saying this?
April 16
(0)

What is the difference and meanings between Pre-Foreclosure and Foreclosure?

Answer
As a buyer it puts you on notice that the home will be foreclosed on.  The bank doesn't offer these homes for sale until they get through the pre-foreclosure process, meaning....the bank determines what they feel the property is worth, if it needs any necessary repairs and the cost of those repairs, etc.  This process can take considerable time.  Once through the pre-foreclosure process, the bank places the home for sale with a broker in the MLS for your area.  
April 16
(0)

Signing FHA Amendatory Clause and Real Estate Cert after closing????

Answer
Curious....the bank must have overlooked this form when they cleared the buyer to close on your home. The form is standard with all FHA loans.  It states that if the home doesn't appraise for the sale price then the buyer can cancel the contract.  It also states and all parties must agree and sign off that the bank is aware of all aspects of the deal.  At this point, the deal is done.  
April 16
(0)

Can renters become home owners?

Answer
Absolutely!  Talk with a lending originator to establish your mortgageability.  If the renter cannot obtain a pre-approval or a pre-qualification at present, the lending originator will tell the renter what they have to do to repair their credit within a reasonable time line.  
April 16
(0)

Can a seller counter multiple offers without disclosing the fact they'r responding to multiples?

Answer
First of all a seller can do what ever a seller wants to as long as he abides by the fair housing laws.  If the contract clearly stated that the counter must be responded to by 5 pm and another offer came in, then seller can accept it.  If the seller's agent was working in the best interest of the seller, he should have called your agent to let her know that there was another offer and given you the opportunity to improve your offer (if you so wished).  Maybe they thought that 2nd offer was adequate and were happy to accept it. Your agent should have called the listing agent and told them that your offer couldn't be signed by 5 pm and asked for an extension.  
March 21
(1)

I am a first time home buyer. I work full time and have been pre-approved for a mortgage. I

Answer
You should be looking at all available homes in your price range as many of the foreclosed homes may not be be mortgageable.   If not mortgageable, you most likely will qualify for a 203K rehabilitation loan.  This loan allows for you to make the necessary repairs.  You will need to qualify for not only the price of the house, but the estimated repairs too.
March 21
(0)

Would like to sell my house which is old house taking lot of money for past 7 yrs, not satisfied .

Answer
You should make appointments with 2 or 3 different local real estate brokers.  They will give you a value on your home so that you have an idea of the equity that you will receive from your sale.  Then you need to talk with a loan originator so that you may determine what you qualify for with the money you will have as a down payment.  Then the agent you select to work with, will provide not only the services for your sale, but can also let you know what properties are available in your price range so that you can determine if the move you are looking for is attainable.  If after doing these things and it looks as if you can move into a "newer" home, you list your house and either negotiate for a longer closer period which provides you an adequate amount of time to find your new home, or tell the buyer it is subject to finding suitable housing with a time limit on your selection time frame.  The first option is the best as many buyers will not waiting around to see if you can find a house.  
March 07
(0)

What are some basic pros and cons of buying a house from owner?

Answer
The obvious pro is that the seller is not paying a real estate commission, therefore he may sell to you for less than if it was listed with a broker in the MLS.  However, market value is market value and he can sell the house for that value.  It is a proven statistic that for sale by owners sell their homes for 12% less than the market value because they lack experienced advise from an agent on what the actual value of their home is.  On the flip side, if you do not use an agent to buy a for sale by owner home, you run the risk of paying much more than the house is worth, due to not knowing true market value of the home, or the experience to acknowledge the condition of the home and possible repairs that will be needed on the home. Lastly, many for sale by owner transactions fall apart before closing because the parties lack the knowledge of how to get the transaction closed.  
March 06
(0)

I have a buyer who wants to look at homes listed on Zillow as Preforeclosure

Answer
If it is listed in the MLS (most likely it will be a short sale), then yes.  If it truly is a pre-foreclosure, the bank or institution foreclosing on the property will not offer it for sale until it is given to a broker to do so.  
March 06
(0)