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Christine McGinty's Advice

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  • 252 Contributions
  • 3 Best Answers
  • 45 Helpful

Christine McGinty wrote:

how do you determine what flood zone a home is in

Answer
Most counties have a flood plain division complete with maps.
May 22 2011
(0)

How many days into escrow can you back out of the contract without facing penalties?

Answer
You need to refer to your contract terms. Consult your agent for clarification of when you would be in breach of contract.
May 20 2011
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Offer just got accepted

Answer
Immediately talk to your lender and they will guide you accordingly.
April 18 2011
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Erneast Money

Answer
The contract could be considered null and void, but like Brian said, consult your agent and if you don't have one, it would be a good idea to get one.
April 15 2011
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Our Short Sale happy ending

Response
That's great to hear maroongirl. The "big" banks have not had the best track record so it's nice to hear this one went so well. I'm working one with Bank of America right now. It's been slow, but it's moving along. Sounds like you had a good team working on your behalf and that's a good share of the battle.Enjoy your new home.
April 15 2011
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Our Short Sale happy ending

Response
What a great read for a change! Congratulation on your successful closing. Kudos to your team of experts, including your agent, for smooth sailing in this rocky times of short sale negotiations. May I ask what lender you were dealing with? It's always nice to know who is closing short sales the way they all should. Enjoy your new home.
April 13 2011
(1)

BOA SS timeline in 2011

Answer
I agree, your agent should be making weekly update calls to the listing agent. Your agent can also check on Equator, but pushing the selling agent is a must to make sure it's still on track.Did you sign a short sale addendum? In AZ we have a separate short sale addendum. which includes the buyer's ablility to walk away from the contract anytime prior to short sale approval and get their full earnest deposit returned. Check your contract to see what your options and go over it with your agent.I have a B of A short sale we've been negotiating now for 2 months. Most short sales with the big lenders take a minimum of 90 days.Has the appraisal been ordered on the property? That will have to be done then all the paperwork will be submitted to the investor/underwriting for approval. Make sure your agent checks back to ensure the property is not slated for foreclosure.Many times the biggest hold up is the seller's lack of required paperwork to be submitted to the lender. If the lender doesn't have the full package, the entire process is held up until all required documents are in.The wait can be months and unfortunately B of A is one of the big lenders so their timeline is very slow.
April 08 2011
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MI-can parents buy house and I just pay them or should co-sign?

Answer
I would suggest you sit down with your loan officer and go over your credit to determine when you might be able to obtain a loan on your own. You need to address the mortgage your name is still on. Late mortgage payments are very detrimental to your credit. The longer that goes on the longer it will take your credit to recover. Have you found a lender that will do a co-sign situation with you name on the loan with your credit issues?There are some lending institutions that will refinance a home based on ownership on the deed, not who is on the loan. This is why I suggested you check into having your name put on the title after close of escrow if you are not on the loan. Ask your lender about that and check that possibility out with other lenders if they do not provide that option.The tax benefit for your parents might be advantageous to them and might be a nice payoff in light of your circumstances. Right now I would suggest you work on improving your credit by tackling the mortgage you are currently on and work at rebuilding your credit after the bankruptcy. Renting isn't the worse thing, but if you have parents that are able to help you purchase a home, consider yourself very lucky to be able to take advantage of a good time to buy.Good luck to you.
April 07 2011
(0)

MI-can parents buy house and I just pay them or should co-sign?

Answer
You've gotten some good advice here, but one thing I would want to add is the tax consequences. Your parents, if they obtain the loan and you just make the payments without your name on the loan, will get the tax benefit so you will have to be aware of that. It may be worth it to you for them to have that benefit, but you will need to talk to your tax person regarding that issue. I agree with both answers that co-signing is very risky for your parents credit if something happens you miss payments. If your parents get the loan and you make the payments, you may want to see if you can add your name to the deed after closing. This won't make any difference on the current loan, but may be a benefit if anything were to happen to your parents and in the event you are able to obtain your own financing, it may be easier to obtain refinancing rather than getting a whole new loan depending on your lender.
April 07 2011
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can I use the sellers agent as my buyers agent

Answer
You can but it's not always in your best interest. The seller is paying the listing agents commission so who do you think will be the agent's fudiciary responsibility? You're better off getting a buyer's agent to represent you.
April 06 2011
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