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Heather Peck's Advice
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5 Best Answers
Heather Peck wrote:
how does a home buyer purchase a pre-forclosure property or foreclosure
Whether buying a preforeclosure (also known as a short sale) or a foreclosure, get a buyer's agent to help you. It costs you nothing because they're paid by the seller's lender. And you get someone who can help you pick out the right property, negotiate to help you get closing costs, inspections, etc. done during escrow. But your first step is to get prequalified to see what you can afford and what your loan options are. That way you buy something that works for you budget and aren't disappointed because you either fall in love with a house that's way too expensive, or buy something a lot less than what you wanted because you didn't know you could afford it. Also, most agents and sellers require a prequalification before showing homes.
I have a seller that refuses to close on house contract
Depending on how your contract was written you can sue the seller for non-performance.
College Grad and a Home Loan?
Your biggest problem is even though your credit may be good, you or your husband don't have a track record on income. That's a big way lenders evaluate how you handle money. Just starting work only tells them he has a job, not how good he is at keeping it.You may want to lease option a property instead that gives you the option to purchase when you can qualify for a loan, getting credit for deposit and loan payments, while you build a track record.
Is it better to negotiate on a home with the listing agent, who is also your agent?
Do yourself a favor and get your own agent. It costs you nothing as the seller pays the commission. The seller's agent is looking out for the seller. You need an agent looking out for you.I've been a licensed agent for 10 years and although I've been a dual agent, I always offer and usually recommend the other party have their own agent.
Does Zillow use listing prices or closed prices in its estimates?
Actually, that's not entirely correct. Zillow lets you know what your neighbors bought for, and if the property is on the market, it will show you what its listed for. What it doesn't tell you is how long it was on the market for that price, and often doesn't update the status of the property very quickly. In other words, I see lots of houses on Zillow that show available but are actually under contract in escrow (have an accepted offer on them). Zillow also doesn't let you know if the property is a short sale or bank owned (sometimes it tells you if its bank owned, but not consistently.) If you want to know what your house is worth, you need to compare apples to apples, similar age, similar square footage, similar lot size, and then adjust for condition, something else Zillow can't help you decide. It's great to find out who's selling, and what they paid for their house the last time they bought, but you need more detailed info to determine what your house may sell for. Of course, your house is only worth 2 things: 1 - what someone is willing to pay for it AND 2 - what a bank is willing to loan on it.
What can be done about lender overcharges?
The HOA charges this fee to verify the dues are current, not the processor or lender. And NO, there is no way not to pay it. The second appraisal is becoming more common right now because our market is so unstable. A larger lender may not require 2 appraisals, however Wells Fargo does.If you're not happy with what you're being charged, you can check with other lenders and/or loan brokers. Some bigger banks have less fees but may not have as attractive rates or lenient lending. Shopping around for lenders with less fees which have to be disclosed in a GFE (Good Faith Estimate) is when you're made aware of what fees might be involved. The HOA fee is usually paid for by the seller, so technically your aunt should be paying it unless you didn't write the contract that way.I'd be discussing this with my agent. If you didn't use one, this is why you're unaware of what fees are involved in a Nevada Real Estate transaction, because no one is looking out for you or your interests.
I am looking for a rent to own
There are a few but very few. The deposit varies depending on the property and the owner. You can't be picky. And you have to be ready now.Email me and I'll be happy to send you what few properties are available. I need to know your budget and what type of property you're looking for as well as what side of town you hope to live on.Heather Peck[Contact information removed by Zillow moderator. Please see our Good Neighbor Policy for more information.]
Looking for ratings on Las Vegas home builders
Treat any builder like you would a private seller. Once you have a deal, and you're house is ready, have a home inspection to find all the defects then make them fix the things that are wrong. All new homes come with a warranty, usually 12 months.
my 2 year old daughter is american citizen i am not
Your daughter can not sign a contract so you can't use her to buy, nor can she be on the contract. As others have stated, you do not have to be a citizen, or have a visa to buy although you're taking a bit of a risk buying a property sight unseen. It will only affect you when you sell, as part of the FIRTPA act, regarding foreign nationals selling property and taxes being collected as part of the sale price because they can't tax you or exempt you when you sell.It can be done with cash, wiring funds from your bank to title (this may take a bit longer depending on the country the funds are coming from). Also, it is recommended you have a home inspection done on the property prior to purchase so you know what condition the house is in.We have very little inventory right now and if the property is a short sale, it could take awhile (that means the seller owes more to the bank than the property is worth and the bank has to agree to take less than owed on the mortgage).Do your homework and make sure you work with someone who understands working with foreign buyers.
What is home listed as a foreclosure if a sale is pending?
Nan is correct. A buyer has submitted an offer and the bank accepted it, but these deals fall out every day so keep an eye on it in case it becomes available again. You local real estate agent can put a watch on it for you so you'll get notified if the status changes.Good luck.
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