Two Ways Home Owners Can Hurt Their Home Appraisal

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  • Having incomplete remodeling projects. If you must, make sure you include details of the complete project and when it is to be finished to the appraiser. 
  • Failing to list improvements or upgrades made to the home. Compile a list of upgrades and home improvements made to the home and offer it to the appraiser. While some items, like a new roof, may not help raise the appraised value, other items might. 
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Best Area in Which to Purchase

Best Area in Which to Purchase

Excellent buyer video explains how to choose a great place to live.

Why Could a Home Short Sale Take Long to Be Approved?

There are a number of decision makers involved in a short sale. And it’s a fact – the more parties involved, the more complex the decision process becomes because all parties must be in alignment before a home can be sold. Image

  • Ultimately, the decision rests with the investor, who is the owner of the loan. For instance, most large bank own  a very low percentage of the loans they service. The higher percentage is owned by investors (Fannie, Freddie, FHA, private investors, etc.). Most of the time, banks are under contract to handle the servicing for those investors., so in those cases they are acting not as the owner but as the investor’s agent with their fiduciary interest in mind. Each of these investors will try to decrease their losses and their unique contractor guidelines must be followed.
  • In addition to the investors, there are other interested parties, too – such as mortgage insurance companies and second lien mortgages holders.

Who Can Buy a HUD Home?

Almost anyone! If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.

What About Financing?

HUD does not give direct financing to buyers of HUD Homes. Buyers must get financing through either their own cash reserves or a mortgage lender. If you have the necessary available cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. While HUD does not give direct financing for the purchase of a HUD Home, it may be possible for you to qualify for an FHA-INSURED MORTGAGE to finance the purchase.

What is a 203K Loan?

–This is the Department of Housing and Urban Development’s primary program for the rehabilitation and repair of single-family properties. Image

–The program operates through FHA-approved lending institutions, which give applications to have the property appraised and have the buyer’s credit approved.

–To buy a dwelling and the land on which the dwelling is located and rehabilitate it, and to refinance existing indebtedness and rehabilitate such a dwelling, the mortgage must be a first lien on the property.

The best feature of this loan is that it can be rolled into the mortgage.

Time Frame For Getting A New Mortgage After A Short Sale

  • Mortgage program lending guidelines after a short sale depend on the lender. For loans that are federally backed, such as those from the Federal Housing Administration (FHA), you’ll have to wait at least two years from the short sale before you regain eligibility. That’s as long as you were current on your old home loan. If you weren’t, eligibility could take as long as three years. Private lenders, of course, are free to set their own time requirements. 

Of course I am NOT a mortgage professional. This information is based on my research. 

Own For Less Than $325 Per Month

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Any investors out there? Bank has directed me to cut substantially the price of this SHORT SALE LISTING. This is a HAFA pre-approved SHORT SALE. BANK will give final approval within 10 days of receiving agreement to buy property. Searching for a “ready and willing buyer” ASAP. I just update the listing price few minutes ago and you are among the first ones to be notified. If you are paying cash, make sure to have proof of funds. If you are financing, make sure to have a pre-approval letter, not pre-qualify letter. Pre-approval means only contingency is appraisal 🙂 IT IS ONLY $72,600. Click on mortgage calculator to see for yourself how little will it take to own this property. Current interest rates are hovering at 4%