Profile picture for Nicole Bostrom

Nicole Bostrom's Advice

Contributions are sorted newest to oldest.

  • 5 Contributions
  • 0 Best Answers
  • 0 Helpful

Nicole Bostrom wrote:

what is benefit of paying cash

Answer
A cash offer removes a lot of uncertainty in the transaction.  There is no approval needed from a lender, no deadlines to meet for the buyer, and since their is no lender there will also be no closing costs or points to be paid by the buyer.Another benefit of a cash transaction is the feeling of satisfaction in knowing that you literally just purchased your home rather than "leasing it" from the mortgage lender until the balance is paid in full.Some people might say, but you will miss out on the mortgage interest deduction. However, you also don't have to pay that $5,000 - $20,000 to a lender to take that deduction.  In my opinion, it is always far better to own your home outright than to pay interest on the loan just to take a deduction on your taxes.Best of luck!
October 26 2013
(0)

First time home buyer deployed. How much of the process can I do while overseas?

Answer
I agree with the previous comments.  You can do a lot of the work via email, but remember this is a very large investment since unlike renting it takes a good amount of effort to maintain and eventually sell a home.I know it is hard to wait, but looking at homes is the best part.  Trying to determine what you want in a home and then finding it in person is really a rewarding process.One other thing to consider is, let's say you have a very close friend or relative look at the house in your absence and something that might be really important to you (like not being on a busy road or near railroad tracks) is overlooked.  What would that do to your friendship?  Would you begin to resent your friend every time you heard a train go by?That being said, I did have a wife of an enlisted solider write an offer to purchase a house while he was overseas and he arrived back state side three days before closing and approved the sale.  If he didn't like the house I think they could have gotten out of the contract because the seller was also a vet and understood the issue.My best advise would be to be upfront with the seller if you decide to go ahead with an offer without seeing the home first.  In my case, the seller was okay with it because he knew and understood the circumstances.Best of luck and a sincerely thank you for your service to our country.  
October 26 2013
(0)

Seller gets appraisal numbers DAYS before buyer??

Answer
I agree with the previous comment.  I am located in Wisconsin and it is not typical for the seller to have access to the appraisal.  My guess is that the appraiser was having a difficult time finding comparable homes so he/she reached out to the listing agent to see what they used for comps.  Either way, the price came in lower than your offer price, so it doesn't appear to have affected your position negatively.  You will likely be able to pay a little less for the home.  I personally wouldn't lose any sleep over it.Best of luck.
October 26 2013
(0)

Agent relationship

Answer
I am based in Wisconsin, so it will depend on your local area.  However, in our area, you can choose to work with whichever agent you choose unless you sign what is known as a buyer agency which is a contract allowing your agent to work as your agent.  Having a buyer's agent allows you to know the agent is working in your best interest vs. the sellers when it comes to getting the best price and possibly handling issues that arise during a home inspection.  Without a buyer agency, the agent is actually representing the seller.My best advice would be to interview some agents and find one that you really connect with.  Make sure they have experience and will be able to guide you smoothly through the transaction.  Then I would sign a buyer agency and know that you have someone working for your best interests.Best of luck to you.
October 26 2013
(0)

My short sale was July of 2010

Response
I agree with some comments above, it is good to talk to a qualified lender in your local area.  That being said, I had a customer purchase a home 3 years and 2 months after her short sale, so I know it can be done after the three years.  However, she had 20% to put down on the new place, so that might make a significant difference.Best of luck to you.
October 26 2013
(0)