It may actually not even be possible for EITHER of those scenarios. The first (80+40) would be above your pre-approved lending amount. The second (50+30) theoretically may work. However, these loans have additional fees and costs that may push the total loan amount above $80,000. For instance, if the scenario were $48k + $32k, FHA would likely require an additional 10-15% "contingency fund" to safeguard against unexpected repairs while making renovations - @ 10% in this case: Purchase Price $48k + Renovation Costs $32K + Contingency Fund $3,200 = $83,200 Loan Amount
A lender would be most knowledgeable on the 203k Loan, especially regarding specifics. Be sure to contact a couple different options until you find a lender that has closed and is currently closing on 203k loans. Don't be afraid to ask how many renovation loans the lender has closed in the past 12 months.
The 203K loan options are a valuable asset to home buyers, however, they can be meticulous and, at times, a real challenge for all parties involved (contractors, consultants, buyers, sellers, municipality, etc) . Having an inexperienced lender handle the transaction can end up being a total nightmare. Some direct lenders may have a "Renovation Loan" specialist, a person who processes all kinds of renovation loans, inluding the 203K & 203k Streamline. That's the lender you want.... more
There's not a searchable field that you can really use to search by date of availability. Right now, most landlords are looking for an April 1 tenant. As we get to the middle of March they'll start considering May 1 tenants. It's a bit of a waiting game!... more
Have you found a property you are interested in yet? Have you spoken with a lender or viewed the Homepath website? There are many programs available and you may be able to repair your FICA score. I think the first step for you is to talk to a lender willing to work on credit repair.... more
Hi there! Especially with limited time to actually see properties, it would be a good idea to get a real estate agent to represent you. We can find properties for you and make sure it is something you want. We can also schedule the showings and guide you through the process. Plus, our services are free in Illinois. We know the market best because it is our job to have that knowledge. If you were worried about finding a good place, I would highly recommend finding assistance. If you have any questions feel free to reach out through email Steven.Johnson@cbexchange.com... more
As many have stated, Brokers can not advise as to whether an area is "safe" or not. In addition to the other resources provided, check out EveryBlock.com. It couldn't hurt to attend the next CAPS meeting.
Great question! There really shouldn't be "an average number of showings before a house sells" because over or under listing a home creates a variance and falsely manipulates the number. The biggest factor in determining how many showings a property can get before being sold is based on its listed price. If the listed priced is over market value, then you can expect a lot of showings before a buyer would submit an offer. If the home is listed below market value, it is much more likely that the home will sell with less showings. If looking to sell your home the quickest and for the most amount of money, make sure your real estate agent first prepares a CMA to estimate the market value of your home. If you have any questions, feel free to email me! Steven.Johnson@cbexchange.com... more
The first step is to select a home mortgage lender and apply for a mortgage if you don't have cash to buy outright. That will tell you how much money you need to put down and how much home you can afford. Generally speaking, a credit score of at least 600 or higher for most mortgage programs.
After that, find a local real estate agent in your area that has the experience and knowledge of the local market to guide you to your home. it should not take too long if the agent is doing their job well. I would be happy to recommend one to you if you like.
You will generally need a money deposit to put down with your offer when you select your home. In our market, that's usually $500 to one percent of the offered price. It is applied to the down payment on your home when you close escrow.
Once the offer is accepted, then I recommend a home inspection to ensure there are no major defects with the home. This can cost from around $50 to $600 depending on the size of the home. If all goes well with the inspection, then you just have to follow your lender requirements to obtain the loan. The lender will have an appraiser go out to determine the value of the home to ensure it is worth what they are lending on. As long as the appraisal comes in at or above the offered price, the transaction generally will go through smoothly. Your local real estate agent can explain more about what to do if the appraisal comes in low.
If you have any questions, feel free to contact me.... more
You should assume all rental listings here are scams. Report them. Find the link on the page named MORE, under it is a drop down menu with FLAG - click it. I would be a majority of rentals on this site are scams. Never Ever send money = those are scams.Never Ever send money = those are scams.... more
When someone has a lease on a property and they want to move during the period in which the lease is valid. To sublease a property means to get someone else to assume the remaining time of the lease and live there paying rent.... more
After our listing expired, we received so much call from Agents, so much that there is no peace left in our household. and because of that we would never relist with any agent who call us on the phone. I realize that their data base service could be benefit to some. but I think overall, the amount of phone call annoy the homeowner so much, that they would never utilize the service of the agents from cold calling.... more