Profile picture for Keith Stout

Keith Stout

Agent

Real Estate Broker, Broker Associate (13 years experience)

Specialties:
Buyer's Agent,
Listing Agent,
Foreclosure,
Short-Sale

Advice

  • (38 Contributions,
  • 1 Best Answers,
  • 9 Helpful)

Contributions are sorted newest to oldest.

What to do after HOA foreclose on my condo?

Answer

Call your lender and ask. Usually there is a binder that the lender has to approve to subordinate the hoa as the lender is in first position. The hoa has a problem trying to get other loans approved when they are in arrears from the community, so try your best to get a cash out refinance to pay the arrears, if you have the equity and qualify with your income.

  (0)
How I can void a SCAM from Zillow ads.

Answer

Hecky, don't give anyone any money up front.Look on here for a local agent to the area.The agent can help you find a rental and protect you so you don't get scammed

  (0)
Electric Range w/problems- replace or include $500 allowance in Sale price.

Answer

Steve, if you know it is not working, I would replace it and keep the receipt to give to the new owners.That way they can go to the place you bought it from if there are any problems, and not thinking you sold them a money pit. If it is in a Hi-end area, those buyers are looking for move-in ready, or a discounted price. New owners like to think that the home is/was well-maintained, I suggest you have it replaced before you show the home, at least before the home inspection and appraisal are complete. Good Luck

  (0)
Effect of installing ductless mini-split on property value (Cambridge condo)

Answer

Look for  a HERS rater or LEED approved contractor and get an assessment. You might even get a rebate from the state or utility company. Have them check the home's "envelope" as far as insulation, windows, etc. These are keys to making your home not only more comfortable, but better air quality. If you make the home more "green" it will help pay off in value when you go to sell.

  (0)
What causes the long wait for a short sale?

Answer

Hi Megan, that's a good question and it can be a long story. So you have  house. If you don't have an agent look for and agent with an SFR or CDPE certification that is knowledgeable. Ask the agent to find out how many liens are on the property and if the history shows if the owner took cash out or had a Home equity line of credit if there are more than 1 loans. if there is an hoa, have the agent ask if that is in arrears and how much $.These will help determine how long the process will take. Then you need to find out if the home is priced below market and the condition of the home. The seller usually does no repairs and if you have a low down payment type loan, it may not qualify for that home.Now the sale is between the buyer and seller, but the bank determines the sales price. The problem in time is how many loans , any other liens and, if one buyer is accepted but keeps looking for other homes and walks away. Then the process starts again. The listing agent sends the offer the bank makes a decision on price and terms and hopes the buyer accepts.If the property is the one that best suits your needs and is in good condition, it will be worth the wait. Good luck

  (0)
Appraisal issue loan question

Answer

jim, thanks for using Zillow's forum. if I were you, I would email Vince Curtis directly. He has contributed more than 6000 comments for this forum. I would be specific on what you did for him to try and help.it appears that your appraisal came in low and your bid was higher and you are required to make up the difference in your bid because the lender is basing the loan amount on the appraised value instead of your offer price. When I used to work in lending for a large bank, the appraisal often came in lower than the homeowner had expected, and I was working in employee lending, so most of the loans were dealing with loan officers, branch managers and VP's so they usually had experience in the business. Here in so cal with inventory being so low, buyers are making bids well above market price, and a good agent will notify you by using a cma (comparative marketing analysis) of similar properties that have sold. Go over the appraisal with the lender and mortgage broker and check the comparables, how far away they are from the subject property, and how recent the solds are. Look for the appraiser's wording of market conditions, amenities of the comparables, and type of sale.If you are buying a standard sale and the appraiser is using short sales and reo's, you might get a bump enough to make the deal work. One other thing you might try if you are using an Fha type loan, and can switch to a 5% down conventional and have another appraisal, from a different lender (pool of appraisers). But if the comparables are recent, close in proximity, and similar in amenities, you are fighting a losing battle. You need to have the numbers to make the deal work, and I have a feeling the agent you are using didn;t do enough due diligence and may have put your earnest money at risk. Good Luck 

  (1)
what do you do you realize an advertised property is a scam?

Answer

Please don't use craigslist. Use a local agent(you ca find here on Zillow) that will use a contract whether purchasing or renting. You don't pay the agent, the agent is paid by the seller or landlord.Craigslist has many scams and they are going to ask you to pay them money. That's how you know its a scam.

  (0)
What does pending mean exactly?

Answer

the seller has an accepted offer and is" pending" sale. If an offer is not so strong for some reason, the agent may use a status as backup. Once the contingencies time period has past an agent will change the backup, to pending. I hope that helps.

  (0)
When is the last time for buyer to have full commit in one bank?

Best Answer

Muriel, you can shop for a better rate, but keep in mind, page 2 of the purchase contract contains your contingency dates and that is the date you need to have full loan approval. The loan officer is the one who orders that appraisal, and it is written for the bank that ordered it. If you change banks, it very well could affect the date that they can give you full approval, in-line with your contingency date. best is to get a good faith estimate from a few different lenders, and pay attention to the apr, that where the cost difference will be in fees. The penalty lies in the date of the contingency, and if their is any per diem incorporated into the contract.Per diem is a daily penalty if you did not know that term.There are a lot of good lenders that comment on this forum. Good Luck 

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