Mortgage Appraisal Disclosure
Should I (could I) sell my condo myself FSBO?
I have a strong background in mortgage and title, have practical knowledge of real estate law, and an MBA (meaning, good with numbers and marketing). I *am not* a realtor, but have a working knowledge of comps, real estate contracts, disclosures, and the sales process. We have recent sales in our relatively small building, so we have a good source for comps and plan to get an appraisal. We would really like to try to sell on our own. I’ve heard of companies that allow you to pay to list on the MLS and would like to do this. My impression is that I would have a lock box and the buyers agent would have access to show our condo at their convenience (and we’d make ourselves scarce). Does this sound right? What are the pros and cons of FSBO? How much should be offer in commission to the buyers agent?
You will likely be buying your own lockbox, and around here (NE) you would be showing your own house, doing your own opens, and marketing. You might be paying a lesser commission but you will pay for it eventually, in the way of mortgage, taxes, insurance & utilities. It will take more time to sell. I know that when I see a listing that is listed with one of these types of brokers I do everything I can to avoid it. Which doesn’t take much because that agent doesn’t typically call back and I really don’t like talking directly to sellers about their own property. You sound Intelligent enough to get the job done, but that’s not all it takes. Having a history in the industry don’t you know an agent that will cut you a deal. I will say that all the marketing agents talk about is not what sells the house, the MLS is the best marketing. See if you can negotiate with an agent to put up an electronic lockbox, sign and put it on the MLS and field the calls, but not do all the print advertising. You could also try to negotiate a variable rate commission (i.e. 2% if you find the buyer, 3% if the agent is a dual agent, and 5% if there are 2 agents involved). A buyers agent usually gets paid 2.5%-3% for a transaction…..Just a heads up on selling condos. Underwriting is very hard on a condo when the buyer is getting and FHA loan (which as you know is the main type of financing people are getting lately). Have all of your association bylaws, financial statements, and contact information ready to go.
Mortgage Disclosure Improvement Act
Wednesday news and tips
■ Capital Shopping Centres (CSC), formerly part of Liberty International, today confirmed it is close to agreeing the purchase of Manchester’s Trafford Centre in a deal worth £1.6bn.
The above mentioned are the basic requirements in order to qualify for a home loan. Secondly, I was interested to know how big a home loan I could get considering Mortgage Appraisal Disclosure. As soon as I knew how much, I could start searching for a house.
Mortgage Appraisal Disclosure
can i back out of a mortgage loan if i already signed the disclosures?
I went through a mortgage broker and i was pre-approved, i just found a property that im interested in so yesterday i signed the mortgage loan disclosures is it too late to back out? I just realized when i saw the amount id be paying monthly is just something i wont be able to afford. I havent done the appraisal on the house and im still waiting on the inspection report.
My answer is for the UK – I have a suspicion that you are in the US (despite this being in the UK and Ireland section) in which case your system is probably different.
When you formally apply for a mortgage loan you usually pay an application fee. There will also be a valuation fee for the property you are buying and some legal fees.
Any of these fees will be non-refundable once the relevant work has been done.
I’m not sure what you mean by the disclosures – I assume this is part of the initial application. If your application has gone through you won’t be able to get the fee back, but you should be able to cancel the application and avoid further costs.