In today's mortgage economy you'll need a credit score in the mid 600's to get a loan. Pull your credit report (free once per year). There's www.creditkarma.com/. Look it over and make sure it's correct. If not, dispute any errors. If it is correct see what you can do to make arrangements on any collections. If you have balances of more than 50% on any credit card, pay them down below the 50% ratio. If you don't have enough credit try getting a credit card or even a secured credit card. Make small purchases and pay monthly payments.
If you don't understand any of this, find a local mortgage lender and have them explain how to raise your credit score.
Karen Paytas, GRI, CMS
Real Living Kee Realty
Nicole, Below is a practical guide for renters and landlords. Your answer may be in the booklet. most real estate professionals are not real estate lawyers and cannot give you a complete answer.
I wish you luck, and if you need somewhere to move look on http://moveinmichigan.com or http://mihomehunt.com these are public sites from the area MLS and Detroit News/Free Press.... more
What was reposted, the house listing or your contract?
If it was your house listing you should contact the listing agent at once. In some cases the listings you see here are part of a feed, it means they sign up for a company that scans their mls listings and posts them on various sites getting more exposure, they may have signed up for a new site that grabbed the listing and posted here automatically.
If the agent changed teh status back to active you realy need to know, so csall them at once to make sure your sale is till ok. good luck with your purchase... more
Generally the smaller the loan the less profitable it is for the lender as there fixed costs associated with lending money whether it's $1.00 or $1 million dollars.
Your best bet when attempting to get a 'smaller' loan is to 1st check where you currently bank. You can also check with some local banks and credit unions. I think you will be able to find a lender willing to do a 40-50k loan, but the pool of willing lenders does get smaller as the loan value goes down.... more
Contact either Janet Cordero at Mortgage One 810-531-1315 or Bob Eaves with Bank of America 586-549-9525 or any branch of Bank of America that does mortgages in your area. You can ask them what you need to do to get your credit on track if you don't currently qualify for a home.
Karen Paytas, GRI, CMS
Real Living Kee Realty
Hello Laura and thank you for a great question. You are not alone in this dilemma. Have you talked with a remodeling contractor about modifying you current home? Ken Kowalski with Upstairs Downstairs Remodeling can assist you or answer any questions you may have. You may contact him at 313 645 6400 or visit him at http://www.usdsremodel.com/. As for searching for a home to move to, it is not common to see handicap accessible in the description. I would recommend if you decide that you want to move that you look for homes with a first floor master and with as few steps as possible into the home. This is easily doable in any MLS search or searching yourself on Trulia. I would be happy to answer any further questions you may have. You may contact me at 248 567 3895.
Thank you and good luck.
John Gitre... more
I may be able to help you, please give me a call to discuss what you are looking for in a house and what
kind of land contract terms you would be able to afford.
Keller Williams Realty
A licensed Realtor in your area should be able to help you with obtaining a land contract. If you are trying to buy land without a Realtor, then you can visit a local board of Realtors and in most cases buy one or a package of them. Most of our forms now are on a program called zipform and they have agent specific information on them so most agents if you are not working with them are not going to want to send you a blank one.
Good luck with your purchase
West USA Realty
If the home was already foreclosed on and fannie mae is the owner (you are not talking about a short sale) . Fannie Mae sets the price by utilizing usually at least 2 broker price opinions and sometimes an appraisal in addition to. What the former owner owed is not considered when pricing a home. The unfortanate thing is fannie mae only knows what is reported to them in teh initial bpo and site inspetion. The listings agents job is to find these items up front and report them to fannie mae so they can set a realistic price. Not all agents are experienced in reo homes as others and some have too many listings an dcant take the time to put in what the home deserves so fannie mae can price the home correct the forst time. The problem is once the price is set, it can only be reduced certain percentages every 30 days. As far as your offer, banks do not counter offer, you can submit a new offer, and keep submitting until you get close enough to a price they CAn accept. They can only write down so much loss at a time and this procedure slows down losses. You offer should be accomopanied by a letter of explanation, a copy of the report, at least 2 bid estimates and lots of pictures of teh damage. Remember they have never seen the house so you need to show them what they dont see by using pictures and estimates. Your buyer agent shoudl be expereinced enough to be guiding you through this. If you choose to go it alone, you may be missing out on these tips i have listed and a few other things you need to make sure you do and dont do. Dont list contingincies, keep your offer clean and keep trying.... more
Wanted to add, YES, they did accept the offer. They wanted $65,000 and I offered $65,000. Now there seems to be at least $30,000-40,000 needed to fix the foundation and basement walls, plus redo the brick outside. No garage, no central air, not even a garbage disposal. My first offer was $53,000, they said NO. Second offer was $57,000, they still said, NO. I thought if I went in with the inspection.....they would go down. As of right now I would offer them $25,000 and they would be getting a deal. I don't think anyone will buy it. Cute house though, upstairs it is so beautiful. What a shame. Any information would make me feel better.....I hope. I want to walk away, but the area is awesome and the street has beautiful houses. House around the corner is up for sale for $150,000. Please advice....... more
This is too difficult to determine without all details. People do list on Trulia and sometimes even when they have an accepted offer. So just because it is on Trulia does not mean they did not accept an offer. Then again... Maybe they did not get the price they were looking for.
Square footage difference... maybe they got the info from somewhere else or perhaps a typo.... more
The internet seems to be always mentioned at the #1 tool. Referrals from previous clients often is better.
To convince a seller to sell I would try to show reasons prices could drop. Increasing interest rates as the fed stops buying MBS this month. Free $8k going away that will reduce prices and limit potential buyers.... more
You say you BID on a home ~ most auction purchases are AS IS & have little recourse for the buyer but if the home was listed on a licensed real estate service, like MLS, the appliances should have been detailed therein. I always use an addendum for appliances in question, usually washers & dryers, sometimes ceiling fans or water treatment systems, and also specify in the contract. This was helpful on a closing when the washer became an item of dispute & we were able to show that we specified in the addendum that it was a "repair" issue as well ~ my buyers got their washer repaired by the sellers and were VERY grateful that i had made the point.... more
You are using two different terms interchangeably.
A MODULAR home is what amounts to a "Stick Built" home built in a factory. It is built to BOCA standards. In the mortgage world they are treated the same as an regular old stick built home. All types of financing is available for them. Modular homes are able to be financed through MSHDA. But unless there is a compelling reason to use MSHDA there are much better financing vehicles available today.
A MANUFACTURED home is usually called a "double wide". This is a home that has a metal carriage which is used for transport and is generally built to lower standards. Parts of the carriage may be removed when it is placed on a pad or foundation. A manufactured home is treated like a motor vehicle and "Titled" in the same way.
The 1976 standard is one that was initiated when FHA and other lenders established guidelines for standardization of these homes. Other guidelines require certain foundation and tie down requirements. There may be other guidelines that are established by the municipality that are not in conformance with the standard guidelines and are therefore more difficult to finance. You can expect that these home will tend to loose more value even if they are situated on land and the title is effaced and the home and land become "real property". They have fallen out of favor by lenders because of fraudulent activities by Dealers and Brokers and their propensity to lose value.
Difficulty in getting financing is the biggest factor in a value decline as there is no easy way to market these homes.
Smaller local banks are usually more apt to finance these homes but they will charge a premium in both the interest rate and closing costs to do so.
I am not aware of any lender offering FHA financing for these now. Many were financed that way previously. If you happen to want to buy one ask if the underlying mortgage is FHA. You may be in luck because FHA mortgages are assumable by a "formal" assumption. You must qualify both income and credit wise to assume the financing and interest rate that the owner has with their current FHA loan.
Roger Danielski, Loan Officer
Lake Michigan Credit Union
616-242-9790 x 9275... more