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Buying or Selling a Home/buying a second house
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Question
My uncle is selling his house in clearwater, fl. Zillow.com estimated it for $176, 000.00. I understand that thehouse need to be appraised to get an accurate price. I have a house here in NY that my family resides. The house here in NY according to zillow.com, again is worth $426 or 446? I want to buy my uncle's house. I do not know if I should use the home equity of our house or loan the whole amount of $176,000.00 to pay my uncle. By the way, my uncle's house has no loan at all, it isfully paid. If I use my NY house equity, i believe, it's $50 -60 k. Can u please give me an advice on this matter?
Dear Siena;
I suggest that you talk to a lender to see what the difference in monthly payments will be and if you can qualify for a full loan on his home. Loans are very tight right now and even though the interest rates are low, they may be much more difficult to get. Home equity loans may also be difficult depending upon your qualification. I suggest you start with a lender and discuss your interest, get qualified and see what your options are.
Good luck and best wishes,
Jessica Bryan
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Jessica Bryan
Expertise
buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.
Experience
Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.
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