Profile picture for Mindy Dotson

Mindy Dotson

Agent

Broker Associate , Real Estate Broker Associate (11 years experience)

Specialties:
Buyer's Agent,
Listing Agent,
Relocation,
Foreclosure

Advice

  • (70 Contributions,
  • 1 Best Answers,
  • 5 Helpful)

Contributions are sorted newest to oldest.

Need assistance in purchasing home with cash

Best Answer

As far as buying the home with cash, I believe that it would be a great idea. Avoiding a mortgage is a good thing if you can swing it. You do miss the tax benefit of the interest payment, but to me, if you can buy the home outright, that is awesome!  Now, let me advise you about actually buying the home. If you had been through the home buying process before, I might suggest you try this on your own, but with no experience, you need a helper through the contract phases. There is no substitute for the experience of a Realtor in this case. As far as getting a better deal, my experience says that you may or may not. It just depends on the seller's motivation and time frame. Since cash deals can close much quicker, that could be one of your best bargaining tools. Also, if you find a home that you want that is for sale by the owner, they may not want to pay a Realtor's fees. If that is the case, you need to make the decision if you want to pay the Realtor for their time and pay the commission yourself. Granted this is rare, but I still feel that you will appreciate the experience of someone in your corner taking your through all of the trials and tribulations of a home purchase. FYI, if it is a FSBO (for sale by owner), you will still have the right to have the home inspected. Make sure that your contract has the inspection contingency in it, so that if the inspection turns out to be unacceptable to you, you can get your earnest money returned and you cancel the transaction. I wish you all the best, and hope that this home will be a blessing to you and your family. I hope this helps.

  (0)
Best part of town to move to?

Answer

Hello,Most of the new residents to the greater Jackson area are very interested in the Madison, Ridgeland, Brandon, or Flowood areas. All of these towns that surround Jackson have great reputations for top rated schools, shopping and/or commercial growth (which always triggers greater residential growth), lower crime rates, greater per capita income levels, and lower tax rates. Depending on where you end up buying a home, most of these areas are within 30 minutes of downtown Jackson. Also, if you want a little land to go with your home purchase, you will be more likely to find it in the surrounding towns mentioned above.  I would highly suggest that you consider looking into these areas. There is much more new construction to be found in the above mentioned areas as well. Feel free to contact me for further details. I have an abundance of information there for anyone moving to the area. 

  (0)
I would like to buy a foreclosed home in canton who do I contact

Answer

Hello,Who you contact will depend on what type of foreclosure it is. You must have a real estate broker make an offer on a Fannie Mae or HUD foreclosure. Other foreclosures from differing banks, may not require the broker. My best advice, however, would be to contact a real estate broker or agent and let them help you through the process. There are different types of financing that may be available on the properties and they can help you with it.

  (0)
Percent off asking price for an offer?

Answer

Most agents suggest to the sellers a  price a few thousand over the expected selling price, in order to have some wiggle room with the offers. However, 10% - 15% is not how much over the target price that most selling agents suggest that a seller price their home. Honestly, I think that 10% to 15% off of the sales price is too low an offer, unless the seller is in a stressful situation. It all depends on the condition of the home, the number of available similar properties, the amenities and the location. So many factors go into it. Most of the sellers that I deal with would not like to receive an offer 15% below asking. Some will be not be happy enough to either not counter or to reduce the home a very small amount in order to weed out an offer that they think may not be serious enough in their eyes. Even foreclosure sales rarely go below 85% of original asking price unless the home has been on the market too long of a time. One other factor to consider will be the equity that the seller has in the home. If they have not been in the home over 5 years, and did not put much down, the likelihood of your getting a low offer accepted diminishes greatly.

  (0)
how do you bid on auction home

Answer

There will be a buyer's premium or extra charge to pay as the buyer at an auction. You will have to register to bid. You could have an agent register on your behalf. You will be expected to pay a certain amount on the day the auction closes if you win the bid. Be advised that in some cases, even if you win the bid, the seller may have the option to not take the bid. Be sure to read the fine print. Never go into an auction without the funds to buy secured, or you will find yourself in a mess with a legal obligation to buy.

  (0)
looking at a home for 40000.with 20% down what should I expect the payments to be with good credit

Answer

There are certain lenders that do the rehab loan. Not all of them offer it. Ask to see if your lender carries the 203K loan product.When you are inquiring about a loan, make sure to ask that question. If it is a Fannie Mae foreclosure, you may be able to get the HomePath renovation mortgage with approval from FannieMae. As far as your payments. that will depend on how much renovation cost will be added on to the sales price. That total will be your mortgage costs.

  (0)
who do you contact regarding a house you are interesting in?

Answer

Do you live in the area of interest? If so, just call the name off of the sign. If it doesn't have a sign, then I would contact any local real estate agent and have them to search for it in the local listing service. Is the home in Clarksdale?

  (0)