Kelly Bistodeau: Of course banks loan money to make a profit - that is their business.It is primarily YOUR task to find mortgage funding. You shouldn't even begin looking at houses until you've prequalified with a lender so you know your true limits.
Jayson Brod: My immediate response to your first question (before I got to the details) was NO, because the "right to rescind" law does not apply to real esate, nor does the "lemon law" apply.Now, after having read your question completely, it is of your choosing who you elect to finance your purchase. Your agent can make recommendations, but the selection is totally up to you.I think what you meant to write was "debt-to-income ratio" and, yes, you are correct; that is of critical criteria when seeking approval. Just get on the phone and call around to various banks and mortgage brokers for answers to your questions that will give you the quick-n-dirty, "Do I or do I not qualify?" If you are a first-time buyer, be s! ure to let them know and see if they don't offer special financing. Although, to finance less than $16,000 sounds like more of a personal loan than a mortgage...another question to ask as well.While $19,900 is remarkably low, it isn't totally unsual to find given the many, many distressed properties available on the market now. What you probably should find out first and foremost before proceeding, should be the question, "Will you be providing clear title at that price?" If not, then your closing costs may involve more than you'd bargained. If there are liens, judgments, back taxes or encumbrances of any kind, they may be only selling to cash buyers. You just have to know what questions to ask.Best of luck to you!!...Show more
Jesse Japak: First, you need to look through the real estate listings (newspapers, catalogs, & online) for your home town and see if homes are available for $20,000 or less in any part of town that you would want to live in. Start with re! altor.com or yahoo's real estate site.My gut instinct tells me! that you will find very little at that price and what you find isn't what you want. Given the disaster in the real estate market, it is possible to find real estate below $40,000, but it is limited to particular kinds of property, usually in the worst part of town or in need of massive repair work. Second, you need to pull your credit reports (for free) and review & fix any errors. Then contact a buyers agent (a particular kind of real estate agent) and see if she can hook you up with a mortgage company that can run your credit (also free). If your score is less than 620 ("very bad"), you will not qualify for a mortgage (financing) right now.Third, you need to think carefully about why you want to buy a house. In general, it is expensive and it ties you down to one place for a good bit. For example, on average it costs between 5% and 10% of the price of the house to buy AND sell real estate. If you don't have a good reason for wanting to buy a house, rent. It will ! work out better for you in the long run....Show more
Stevie Kizziar: once you're dropping promises, then perhaps you should bid greater. How lots earnest money you place down truly relies upon on your realtor. that is everywhere from 1000 funds or extra. that's often a million to 5 % of the acquisition value of the abode. i think of the extra earnest money you place down, the extra extreme the realtor will see you as. Legally, you do not ought to apply any actual factors agent to purchase a house. yet while it is your first time in identifying to purchase a house, then that is on your superb activity to apply an experienced one. each so often the technique is going quicker in case you have outdoors help. in case you have not have been given any theory what you're doing, it ought to take longer to close. in case you do not, maximum possibly you are going to ought to hire a actual factors attorney to enable you to on any questions you will desire. notice of warning. stu! dy all documents, in spite of in the event that they look complicated a! nd long. maximum documents you will sign will shelter individuals, not you. in spite of you sign, faster or later, you could lower back out of the technique. it is going to declare the words on your papers. in no way sign something you do not comply with or do not understand. i won't rigidity this sufficient. identifying to purchase a house is a troublesome and time eating technique....Show more
Joeann Hoyt: In my area, Realtors do not get involved in financing, it is your responsibility to shop around for your mortgage. But to answer your question, no, buying real estate is not like buying a car, the lending restrictions are much tougher than buying a car.
Dwight Siniard: It is your responsibility, not your agent's to secure financing for your home. Your agent may be able to recommend some people, but he/she is not going to do the legwork.
Alane Antes: I agree with MVD34.
Jeannetta Gaffigan: The house is already there, and it's price is $19,900. ! I wasn't making up a fairy tale ideal home.First answerer answered my question perfectly :)
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