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203k fha mortgage
Ask Our Broker: Think Outside the Box for Ways to Spark Interest in a Well-Priced House
By Peter G. Miller/Content That Works Q: We live in a small town and have a nice brick home with an updated kitchen on two acres. The property also has a two-car garage and a pole barn. Before selling we painted and fixed up. The property was for sale at $166,900 for seven months but did not sell. Now the asking price has been reduced to $159,900 – but still no buyers. Brokers say the house is well priced. What can we do? Peter G. Miller, author of The Common-Sense
mortgage, specializes in real estate. You may e-mail questions to peter@contentthatworks.com . Sorry, he can't make personal replies. A: Buyers compare properties according to their criteria – and those interests and preferences may be very different from those of sellers. If you believe the house is competitive in terms of condition and that the price is right, then perhaps it would be useful to change your offer. For example, instead of reducing the price again you might offer to pay the first $3,000 (or whatever number) of the purchaser's closing costs. For a buyer with limited cash, help at settlement may be more important than a cost that will add a few dollars per month to a 30-year
mortgage. Q: We own a house that needs renovations worth $70,000. We would like to tear our current house down and buy a manufactured house for $70,000 to put on our one-acre lot. We still owe $50,000 and our lender will not lend us additional funds. What can we do? A: By itself the land has value, so you have an asset. Look into an FHA
203k mortgage – this is financing designed for those who want to fix-up a property. However, because you now owe $50,000 and you want to borrow $70,000, you will need financing worth at least $120,000. Is such debt comfortable for you? If not, it may make more sense to sell the current property "as is" and to find another residence. Q: I have been in my home for 12 months and seen what I believe to be about 28 percent appreciation. Our loan is now equal to less than 80 percent of the home's market value and yet our lender refuses to end private
mortgage insurance (MI) coverage. Are they required to end this cost? A: No. Lenders are only required to end MI when the original loan balance is reduced 22 percent. Lenders might end MI coverage before then. However, they typically want a "seasoned"
mortgage – a loan that is perhaps two years old so they can assess the borrower's payment practices. Q: We're buying a house on a land contract. We have five years to pay monthly installments of $500 and at the end of five years we have the option of paying a large sum of money for this house. Do we have to stay five years before we can get out of this contract? The house needs more work than we ever imagined. The value is $20,000 less than what we are being asked to pay. A: A land contract is an installment purchase. You will not have title until some or all payments have been made. The monthly payment is for the use of the property; some of the rent, or all of it, may be applied to the purchase price. Also, you are buying a home where a price has been established five years in advance – so if local home values increase you could be getting a bargain, but if values fall you'll likely re-negotiate or buy elsewhere. To determine what you can or cannot do – and what the penalties might be for doing something you shouldn't – you have no option but to have an attorney or legal clinic review the actual agreement. Q: I'm interested in the Florida real estate market. I've been thinking of getting involved and seeing what's available. However, I live in Pennsylvania and don't really know too much about which areas in Florida are safe bets. How can I find the right connection? A: I'm one of those who believe that the best real estate investments are local – wherever "local" is for you. The reason is that you can then closely monitor both the property and local market trends so you have a good idea of what's going on. If Florida or some other area is of interest, then make a point of spending time there. Subscribe by mail to a local newspaper. Check the local MLS online on a daily basis. Get to know local brokers and lenders. At the same time, look for properties in your local community. You never know what may turn up. Do you have a question or a quandary about buying, selling or renting? Peter G. Miller, author of The Common-Sense
mortgage, specializes in providing real solutions to real estate dilemmas. E-mail your questions to peter@contentthatworks.com . © Content That Works
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