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Buying or Selling a Home/Buying A short Sale
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Question
I make about 130,000 a year but I do have a NY state tax lien. My credit is not good but the income is stable (and is from 2 jobs). I do have a sister in law that make about $50,000 a year and her credit is about 600 points. My landlord is about to loose the house and give it in a short sale. What are my chances of getting the house? They are going to sell the house for less than 200,000 (original value about $400,000) and I have $10,000. Should I try to buy using my sister in law? Should I try to buy using my own credit? Could we combine? I do not know who to trust. How could I get a very good realtor that can guide me during this process?
Thank you
Dear Hector;
The mortgage market is very tight right now and I suggest the first thing you do is to find out if you can even qualify for a loan. A real estate agent will not be able to help you or even advise you on this. You will need to talk to a lender. Choose one who is with your bank or with a large reputable bank or mortgage brokerage. If you are at a loss as to who to go to, ask a real estate agent for a referral. We usually have several lenders who are reliable.
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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