Your credit score is above what is generally required. These days qualifying can be a little intense because of past lending policies. If this is a forcclosure and you have requested renovation financing, as well, it may be that an issue continuous income or ability to pay is concerning the lender. That being said, it appears you're still in the game and it is now wait and see. Apart from increasing your income or lowering your debt, and if finances allow, ask your lender how much of a difference it would make if you put more money down up front. Usually, this allows for a lower credit score in this type of loan, but maybe asking for less of a mortgage could turn the tide in your favor. Underwriters can appear unfeeling and it's all numbers to them, but their job is to protect the lender and to avoid their incrimination. I wish you the best of luck. Hang in there.... more
The number of condos for sale as of last week numbered in the 40's. Orononoque is a 55 and over community and has had some long time residents. I have met several where a spouse has died and the other wants to move. But there may be more pressing economic reasons. This complex has 900+ units. That causes fairly regular assessments to be levied. It also has what is termed a district tax in addition to regular property taxes and common charges. You need to plan on annual expenses from the above levies in the vicinity of $12,000, give or take a few dollars. One last point is many of the units have some of the original baths and kitchens. Some residents want something better and do not want to spend the money on the upgrades, while others have made the improvements and are now attempting to capitalize on them. The latter can take the form of either the current resident doing that, but more likely and investor of sorts buys it and fixes it up for sale. If I can be of help in your search, please feel to call me.... more
This is a regional thing, in some areas it is customary for the sellers and in some the buyers. In either case you can write it in the offer and say who will pay for it, that is the best way. Hopefully your Realtor will know all bout this.... more
In your situation, you have an advantage:
If you want to invest in a particular neighborhood, you can knock on a few doors and determine what the RENTS are in that area:
Then you can work backwards; determining how much you can spend to make the ROI you want.
You will want to involve your Tax person.
(understand that you may have to settle for red-ink for a few years.)
Good luck and may God bless... more
Hi Home Owner,
The information comes for two places the first is the Multiple Listing Service and the second is public records.
I can check both place for the information for you. Feel free to call me with the address.