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Status:
"Mike Johnson stand your ground"
(set 1 day ago)
Location: Glen Mills
938 posts, read 1,227,773 times
Reputation: 617
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Gotcha!!!! Keep this in mind. If you pay off debts to a point that is less than 50% of the balance outstanding your credit score increases. If you payoff any debt the source of those funds may be required to be sourced (proven) before closing. Residual Monies help increase Mortgage acceptability. If you have a family member who trusts you; or, who you could entrust your kids with (kidding) taking monies as a Gift (Note there is Gift sourcing and availability proving required) and depositing them in your bank account thus increasing funds you will have on hand that will not be used in the purchase may help your cause. Sometimes liquidatable assets are never given to the loan officer as a liquid asset because we just don't think but any insurance policy that has a cash value (Not loan value) is also a liquid asset. As in any mortgage transaction don't do anything without first checking with your loan officer. He may not always be right but he generally will be more righter than wronger. Credit scores -- I saw them in their infancy and fact is they still behave like a kid.
Status:
"Mike Johnson stand your ground"
(set 1 day ago)
Location: Glen Mills
938 posts, read 1,227,773 times
Reputation: 617
Yesterday my friend lost her listing on her cousin's home to another Realtor. The home is a 2 BR home in a neighborhood of townhomes. It had been listed since November. The property was continually reduced in time to meet further reductions on its competition. In other words after being continually advised that the property was not properly priced it was only agreed to be reduced when that reduced price also was out of line. The new Realtor reduced the price $1K. The footprint of the home is generally the same as the 3 BR's but the 2 BR's even when the development was new sold for 12K to 15K less than the 3 BR's. Cousin couldn't even be bothered with this as an explanation for reducing the price. Well I hopes she ready for another 7 months since the home across the street is a 3 BR and 10K less than her property. You have to price your home reasonably and this means you also have to know the market or you'll be sorry!!!!!
Status:
"Mike Johnson stand your ground"
(set 1 day ago)
Location: Glen Mills
938 posts, read 1,227,773 times
Reputation: 617
Disabled veterans???
When buying a home be aware of certain advantages you have in your "bag of tricks". Your VA Mortgage Funding fee is waived proviso you meet the percentage of disability required. You can use the benefit more than once. A Disabled veternas Wife is entitled to the same benefits. Some Counties, Municipalities have tax forgiveness or amnesty for disabled veteran. Your income will be calculated based upon the grossed up benefits you receive not the net benefits. This all comes to mind as a friend who lives on Childs Ave in Drexel Hill is looking for a home and as I researched. It may be the time to step out if you needed a change of home to accomodate your needs now or plans for the future.
When buying a home be aware of certain advantages you have in your "bag of tricks". Your VA Mortgage Funding fee is waived proviso you meet the percentage of disability required. You can use the benefit more than once. A Disabled veternas Wife is entitled to the same benefits. Some Counties, Municipalities have tax forgiveness or amnesty for disabled veteran. Your income will be calculated based upon the grossed up benefits you receive not the net benefits. This all comes to mind as a friend who lives on Childs Ave in Drexel Hill is looking for a home and as I researched. It may be the time to step out if you needed a change of home to accomodate your needs now or plans for the future.
Awesome information! I know we were chided when we bought our first house using a VA loan. Yes we could have gotten a tad bit lower interest rate if we wouldn't have used the VA, but we didn't have money for the down payment and closing, and also would have had PMI. The lady that chided us, gloating on the smaller interest rate? She is in Cali, her property value plummeted and is still stuck paying PMI on a mortgage that is almost double the current value of her home.
ETA: I know alot of people think no money down loans are terrible. I'm sure some people abuse them, but that's not our intentions. We just figure why not buy, especially since we have 4 pets. Rent would have been higher than our mortgage had we rented back there or our currnet location due to pet fees. We got the 1st loan Jan 2007. We sold the house Oct 2009 due to a job transfer. We actually made money on the sale even tho we had put no money down. & yes, our current house was bought with a VA loan.
Status:
"Mike Johnson stand your ground"
(set 1 day ago)
Location: Glen Mills
938 posts, read 1,227,773 times
Reputation: 617
Huntingdon Valley Open House - stellar results!!!!
A friend had an open on a home in Huntingdon Valley PA. In this market a good open house results in maybe an attendance of 5 or more. How about 18!!!! That is right 18 potential buyers came to the open house. Why?? The school district has a great reputation. The locality has a large number of affluent emigrants. The property was in wonderful condition repainted, new roof, the whole 9 yards and priced reasonably. The location was very private and homes meticulously well kept. One thing is for sure this home on Roy Lane will sell before the week is out. The three "P's": "Prepare it, Price it, Promote it".
You shouldn't go around tricking people into thinking open houses are good ways of attracting buyers. Less than .01% of homes that sell are because of open houses.
Status:
"Mike Johnson stand your ground"
(set 1 day ago)
Location: Glen Mills
938 posts, read 1,227,773 times
Reputation: 617
Thanks for your humorous comment!!!!!!!
Quote:
Originally Posted by Brandon Hoffman
You shouldn't go around tricking people into thinking open houses are good ways of attracting buyers. Less than .01% of homes that sell are because of open houses.
Tricking People - are youuuuuuuuu serious? Your an active Realtor. How many of your buyers go unescorted though an open house. You're there for the commission why not for the showing of the house. You have a right to an opinion - I was reporting what happened I don't even see a mention of how is the best way to promote a house. Open houses gives exposure - if it isn't effective why do Realtors/Brokers have open houses? Brandon what is the average sale price of your last 4 sales?
if it isn't effective why do Realtors/Brokers have open houses?
To find unrepresented buyers.
Old trick.
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Disabled veterans???
