 Buying a house...advice please!? |
| We accepted the sellers counter offer. But they said someone else was going to come look at it today. So, if these people put a bid for it that is higher than what we accepted, can the seller than ... |
|
 Who gets house? |
| I meet my wife amost 3 years ago , dated a year and married for almost 2 years. She has a son age 7 that also has been living with us. I have bought a house a year ago with my name on the loan and ... |
|
| If I like a property marked at 190k, what offer is reasonable considering the current market at the moment? |
| Of course we all want a bargain. Is anyone a Uk estate agent who can give me ideas of what offers are being submitted compared to asking price??... |
|
 Will the new mortgage bill help families who have already lost their homes to foreclosure? |
| It says it will help homeowners who currently are in peril of losing their homes, but what about those who have already lost their homes this year? Will this bill help them to obtain a loan to buy ... |
|
 Who has to pay for apartment utilities not specified in the rental lease? |
| Recently the sewer bill for my apartment came (it apparently only comes once every 3 months). My lease states I am responsible for hot/cold water, electricity, and heat. It also says that the ... |
|
 How does joint or co-ownership of a farm work in terms of decision making? |
| My wife and her 3 sisters will be inheriting 160 acreas of farm land. Since there are actually 2 farms, 120 acres of good land and 40 acres of mediocre land, the trust is set up for each sister to ... |
|
 Can my landlord do this? |
| My husband and I are currently renting and our lease isn't over until February. Our landlord drops by the other day and informs us that he has come in contact with some potential buyers and ... |
|
 What are my rights? Its long but PLEASE help!? |
| Our landlady recently dropped round unexpectedly (she left a message on the phone but didn't speak to us in person as requested). She has written a note to complain about the state of the flat. I... |
|
 I just got a 30 day note to vacate the place I signed a 1 yr lease on due to foreclosure, do I have to leave? |
| I moved in 3 months ago, just got a notice that I have to be out in 30 days due to landlord foreclosure. I definately do not have the funds to do the whole moving thing again with only 30 days to do ... |
|
 We are buying our first home, is it better to to talk to banks to be pre approved or let the real estate agent? |
| We are buying our first home should we talk to banks ourselves to be pre - approved or go through our real estate agent and let him work out the details with the banks?... |
|
| As a tenant with an expired contract, how much notice do I need to give? |
Hi,
I had a 6 month rent agreement with my landlord. After the contract expired I have continued to live there regularly paying the rent. I now want to move out.
Q) How much notice ... |
|
 Spanish Word for gun? |
| writing a story and I need the spanish word for "gun"... |
|
 What are the risks to me in allowing someone to take over payments on my mortgage? |
| This has been a rental house for 3 years and is much more trouble than it's worth. I'd like to sell it outright, but don't have the money to fix it up enough to get a good price and I ... |
|
 What is the cheapest or free way to list my Condo for rent? Condo is located in Orange County, CA? |
| I have a 3 bedroom 2 1/2 bathrooms in Orange County, CA and I am looking to rent this property.What is the cheapest way. Attach 1 car garage, Washer and Dryer hook-ups....please let me ... |
|
 How do I know that the advertisement on craigslist is not a scam? |
| I responded per email to an ad on craigslist. The person wrote back...with very poor grammer and overall, not very good english. She said she was a doctor who was "out of state" and gave a ... |
|
|  |
rose s | I bought my home about 3 years ago and since have gotten married now i am? |
tryn to sell my home ,i set a price and the people went to the bank to see about getting a home loan to buy my home the man called back and ask if we would come down on the price because his intrest rate was gonna be high due to the fact that i had bought my home from a repo dealer. is this true that they can charge him a higt rate because of where i bough my home?or is this man tryn to get me just to come down on my price....i thought your instrest was due to your credit rating. thank you |
 |
 
rbfcamber
|
HERE'S WHAT'S PROBABLY HAPPENING:
The only effect who you bought your home from would have on their loan is they might not be able to justify the value of the house. When you buy a home, the loan is based on the lesser of the appraised value or the purchase price. Since you bought your home for a lowered price from the repo dealer, I would assume, this is most likely affecting the appraised value their lender is working with. Appraisals and lenders not only base their value on neighboring home sales but also incorporate previous selling prices. A big jump from the previous sale and to the current lisitng price would need to be justified and this guy is probably not doing what he needs to to make that happen.
Say you are selling the house for 500K and the buyers have 100K down. This would be 80% financing, great position for a good rate. Now say the appraisal and lender are only willing to take a 400K value on the home due to the previous sale to you...they take the lower because if the house does go into foreclosure in four months, they only expect the house to sell for 400K This means the loan would be considered 100% financing and the rates would be in the toilet.
If this is the situation, this guy is not doing his job. He needs to prove to the lender that your original reduced price had nothing to do with the house and was due to it being repossesed or foreclosed on. Since they priced the house to sell asap, you got a deal. There are many ways for him to justify the current purchase price and appraised value. He is just being lazy asking you to lower your price and even lazier to not explain himself better. I would be curious to find out if this is the case... |
|
TONYA R
|
He is trying to scam you. Interest rate is based on credit, not on who you purchased your home from. |
|
Blade
|
This guy is just trying to get the house for less money plain and simple. His DTI (debt to income) might be the reason he needs you to lower the price because he doesn't make enough money afford the home. |
|
Leo F
 |
The buyer is full of BS his intrest rate has nothing to do with where your home came from or bought from. Its more likely his credit is the problem. |
|
daeve930
|
I've never heard of anything like that after 20 years in the real estate industry. |
|
Judy1
 |
He's making it up. What terms he can get on a loan have nothing to do with where you bought the house or how you acquired it, as long as you have a clean title. |
|
my brain hurts
 |
I'm 99.9% sure he's lying. Don't sell for a price that you can't afford. And even so I wouldn't sell to this guy, he sounds like trouble. If you've already accepted his offer, you have every right to back out and give him his deposit back. |
|
Christiane
|
Sounds like his credit is the issue. Talk to your realtor. |
|
Barry M
 |
How you acquired the home, doesn't really have much to do with a current buyer qualifying for a particular loan program. The present appraised value is what the lender would consider although lenders can make their own evaluation or review of the appraisal and adjust the appraised value accordingly. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
8 | 27 minutes(s) ago
| | | |
8 | 2 hour(s) ago
| | | |
9 | 7 hour(s) ago
| | | |
9 | 11 hour(s) ago
| | | |
9 | 2 day(s) ago
| | | |
9 | 5 day(s) ago
| | | |
9 | 6 day(s) ago
| | | |
10 | 1 week(s) ago
| | | |
8 | 3 week(s) ago
| | | |
9 | 1 month(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
