One of the problems with sites on the Net that only sell ads or just collect email addresses to resell, is that the info on their pages is often meant to cause you to provide an email address and name or phone number for them to sell.
I'd spread the word to use actual real estate professionals' sites rather than ones where the correctness of the data is not as important as gathering and selling your name and email to the highest bidders.
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No offense, but your verbal acceptance is as good as the paper it's written on. I don't know the protocol in your state, but here we do not consider it a 'deal' until there is a timed, dated & initialed confirmation. In other words, if you were my buyer and accepted the counter offer, I would not consider it a completed contract unless I had the seller or their agent initial the confirmation of acceptance and send it back to me. What happens if the bank sent out multiple counter offers and multiple buyers accepted? Does this mean you don't have a deal? Not necessarily. Sometimes the banks are really slow to perform their side of the tasks and maybe that is the hold up. Talk to your agent and get the details. This is one of the most important decisions of your life so make sure there is good communication with your agent.... more
I am sure that you are not going to be able to fix your credit in the short amount of time that is remaining. If you problems are late payments, there is no way to correct that other than to start paying on time, and hope that you have accounts that have stayed open. If so, start paying them down as well. As far as your fiance goes, he should see what he still has open, and start to use the cards for small amounts and pay back immediately.... more
I am not in Illinois, but I would talk to a mortgage broker or someone in your bank if they do mortgages. My state of Massachusetts has a MASS Housing program that still does 100% financing options with certain income levels and credit scores. There are FHA programs out there, like 203k where you can put some money down and roll the repairs into the mortgage amount. In this marketplace, unless you have some cash saved to put down on a house, it could be tough to get approved for a mortgage. But you won't know that until you talk with a local mortgage professional - and make sure it is local and not some company you find online with representatives that may not even be in your state. Good luck!... more
Hi you are not alone unfortunately, I do not know where your intended home is located but it may be that your home is located within a declining market area. We have seen this impact. First I would sugges that you speak to your lender and as you have paid for this appraisal request a copy- once you have the information on the comparisons which were compiled then do your own homework with the assistance of your Realtor or real estate agent you are employing to represent you in this transaction. A knowledgeable agent will be able to determine if there were other circumstances which diminished your property value which the lender may take into consideration. I am told that when it comes to FHA property appraisals that the appraisal follows the property and is assigned a case number so no use trying to locate another lender, they will see the information so if you are still interested in the property and the seller is not willing to renegotiate to the appraised value then it is best to try and resolve this appraisal by providing accurate information. Unfortunately a number of appraisals are being conducted by appraisers who are appropriate in their own markets not the market where the appraisal is being conducted. Do not be fearful to work with your agent/Realtor and determine the validity of the comps used in this transaction and determine if they are using a factor if the property is located in a decreasing market.
Should you have any other questions I would be most happy to assist you or your Realtor.
You can reach me at my corporate email address of MaryBeth@TradeWindsRealtyGroup.com... more
It's risky but call their bluff and hold firm on your request. The truth is its hard for us to give you great advice without knowing the details of the deal and property: how long was it on the market? were there other offers? how much did you discount off asking price? etc. All of these things combined will tell you whether the risk of calling their bluff might actually work (given the touch market ... the seller should bend and focus on selling) or not (they are confident they can find someone else).
What is your buyers agent suggesting?... more
It is different for every individual and different at any given point in time
It will depend on what else is in your report at a moment in time. Change one variable, the outcome is also changed.
There are more than on bureau, each using a different formula, so it will also depend on which score you speak.
See http://www.myFICO.com for more information... more