About: I love my job! I've been successfully selling real estate for almost 40 years and I love what I do. I've been ranked by my franchise as one of the top 10 agents nationwide twice and I enjoy helping buyers and sellers find and sell the homes of their dreams. Please give me a call and let me help on a...
About: I love my job! I've been successfully selling real estate for almost 40 years and I love what I do. I've been ranked by my franchise as one of the top 10 agents nationwide twice and I enjoy helping buyers and sellers find and sell the homes of their dreams. Please give me a call and let me help on all of your real estate needs!
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Answered: Oct 13, 2017
It is possible. Most folks today automatically apply for a 30 year mortgage and those loans are tied tightly to your credit score. But I also have found some 15 year loans don't care about your credit score, more about your loan and payment history. Another good thing about 15 year mortgages is the payment is only slightly higher (mine was less than a hundred dollars), the interest rate was less than a 30 year mortgage and over the life of the loan I will save over $100,000. When shopping for a loan, always compare the 30 year mortgage side-by-side with the 15 year option. You never know, you might actually live there 15 years and pay it off totally.
Answered: Sep 11, 2017
What's really important here is what property did you include when you got the mortgage on the property? The bank is only able to foreclose on what property you mortgaged. It can include multiple properties - but they all have to be included on the mortgage. If the garage is on a separate parcel and IS NOT part of the mortgaged property, they can't touch it. BUT if everything was included on the mortgage, they will take it all. Check with an attorney in your area to see if you have any redemption rights, or not. Each state has their own rules regarding foreclosure and redemption rights.
Answered: Sep 11, 2017
Good question because on most REO properties there is a restriction. Check the offer package you signed (could also be a deed restriction on your deed). Fannie Mae and Freddie Mac typically require an Owner Occupant buyer to sign an Owner Occupant Certification form - the Fannie Mae form calls for a $10,000 penalty if you don't live there for 1 year following the deed recording - I know of one buyer that had to pay that. There could also be other requirements: HUD may have a restriction against selling within 90 days of purchase, your title company or lender could confirm that. There could also be capital gains to consider - typically you have to live there as your primary residence for at least 2 of the last 5 years, not used for commercial or rental, sale price qualifications, etc, to possibly eliminate having to pay capital gains on your profit. In most cases with an REO Owner Occupant purchase you typically have to reside in the home as your primary residence for at least 1 year, but remember capital gains too for a possibly tax free sale.
Answered: Sep 10, 2017
In answer to: A home with a creek
Your question is a little too open. All of the Realtors on this site would be pleased to help you find a property with a creek. What they would need is more information, like describing the house you would like or the area / state you prefer living in. Would you like a small creek or a larger one, etc. Remember being around creeks, streams and lakes could cause more expenses, like requiring flood insurance. For best success, contact a Realtor in the area or community where you would consider living and describe to them what you're looking for and how much you would like to spend, I'm sure they would be willing to help.
Answered: Sep 10, 2017
The proper time to request a seller contribution towards buyer closing costs is with your initial offer. When banks look at offers, they keep in mind their net $ to the bank. Asking for closing costs reduces that net. When you are competing against another offer and both offers have the same purchase price, if one asks for seller paid closing costs, that offer will have a lower seller net and so they would typically accept the other offer. If your offer has been accepted (even verbally) by the bank and are just waiting on signed documents, you are somewhat late with your request. If you have to have those closing costs, the listing agent is going to have to cancel your approved offer and re-open negotiations. If the bank seller is not willing to accept the reduced net amount, they have the right at that time to place the property back on the open market to any and all other buyers. Basically the bank is not required to pay any buyer closing costs unless it's negotiated and written into the accepted offer. So no, you can't make the bank pay for your closing costs after your offer has been accepted, but, you can still request knowing they have the right to say no and place the property back on the market. Or they might agree if you've added the closing costs to your purchase price. The last suggestion can help sometimes because it barely changes seller net but it's all in negotiations.