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Asked 08/01/2009 08:10 pm CT (Aiken, SC)

IF I HAVE BEEN APPROVED FOR A USDA LOAN AND THE SELLER THAT I AM PURCHASING THE HOME FROM IS OFFERING TO PAY 3% CLOSING COST IF MY OVERALL LOAN IS 142000 IS THAT GOOD

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Asked 05/03/2009 11:25 am CT (Atlanta, GA)

Hello, i bought a property through a land contract from someone in Seattle, WA --I Live in Atlanta, GA and the property is in Fairmount, ND i have paid the seller off, he answered me when i paid it off, now he will not call or e-mail me back, where should i hire an attorney. Thanks, Tom

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This is a legal matter and you should be tallking to an attorney. If you do not have one call a loc...

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Asked 04/29/2009 11:51 am CT (Atlanta, GA)

Hello, how much time is reasonable time for a seller to send my deed for property i bought and paid in full, i have a buyer for it, and i am stuck, thanks, Tom

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Sometimes it could take 45 days. I would call the closing attorney and find out if it has been reco...

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Asked 04/28/2009 04:37 am CT (Atlanta, GA)

Hello, i purchased two lots from a seller on e-bay in North Dakota, we have a land contract, i have paid all money to him, now i cant get him to send my deed, what should i do.

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If ou have a land contract that spells out the terms and you have met all the terms...then you will ...

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Asked 12/16/2008 06:18 pm CT (Albany, NY)

I purchased a home at a real estate auction with a 10% buyers premium. My bid price was $80,000 making the total purchase price $88,000 with the 10% buyers premium. I had to give a deposit of $5000 the day of the auction (earnest money). Now I am approved for a loan with a commitment letter but the bank will only finance the bid price of $80,000 instead of $83,000 which I owe the seller. They also want an addendum to the sales contract to state the total purchase price is $80,000 instead of $88,000. They say the buyers premium is a cost to the borrower. Most real estate auctions have a buyers premium. Is this right what this bank is doing, do most banks include the buyers premium for total purchase price like my contract is written?

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Asked 10/29/2008 10:56 pm CT (New Orleans, LA)

Hi! I am new to the whole mortage game.. My Husband And I are trying to purchase our first home. We are very low income, however we have the ability to put down at least $20,000. He has had steady employment history for the past 2 years but he has ABSOLUTELY No credit history. I have gathered four sources of alternative payment history for a 12mo. period with no late fees (entergy bill, car insurance, phone, and a hospital insurance policy on our oldest son) I was employed with the same company for over two years but have been unemployed since I left the clinic I worked in to stay at home with our premature newborn..whom is now 8 mo.'s old. I have credit, however it is very low at this time due to the last statement mentioned. I am in the process of paying all my debts off. My mid score is 520 at the time :( We applied for an FHA Loan and an Urban Development but we where turned down due to my husbands change in employment (although it was for the better monetary wise) and for no savings are proof of alternative payment. My Husbands monthly income is $1920.00. Our only monthly bill is 250 for car insurance and 263.15 for 7 more months for our eldest sons tuition. The home we are trying to purchase is $129,900.00 with seller to pay $4,000.00 in closing costs. ANY advice etc. would be greatly appreciated.

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Lauren, it is possible to to be approved for a loan if you have no credit. The situation has to be t...

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Asked 07/09/2008 06:35 pm CT (Ragley, LA)

We ordered a new mobile home. The seller has changed the price on the home twice. Now the home is on our land and the seller is trying to change the price again. Can he do this? Our home also has water damage and mold due to the manufacturer not tightening our water lines in the house properly. Can we send the home back without hurting our credit or am I stuck with a 115,000 home full of damage that no one will come fix?To top it off the seller hired contractors to due the improvements for the land and went over the cost we agreed on in writing. My runners have cracked and the contractor won't fix it, but wants full payment.Now my wall is cracking due to the crack in the concrete. What are my rights?

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Asked 06/30/2008 06:05 pm CT (louisville, KY)

If I wanted to purchase a new home that was worth 400k but got the seller to sell for 320k could I still get a loan for 400k to consolidate some other debts in the home loan.

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Jason, Unfortunately I know of no lender that will allow you to roll in other debt into the mortg...

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Asked 06/20/2008 09:24 pm CT (phila, PA)

I LOAN A PERSON 15K(DID THIS IN A MORTGAGE) TO PURCHASE A PROPERTY THIS PERSON ALSO TOOK A LOAN OUT WITH THE BANK TO PURCHASE THIS SAME PROPERTY FROM THE SELLER. I RECORDED MY MORTGAGE BEFORE THE BANKS. THE COUNTY RECORDS SAY THAT I HAVE 1ST PRORITY, THE BANKS CLAIM THAT EVEN THOUGH IM LISTED AS 1ST SINCE THEY ARE A PURCHASE MONEY MORTGAGE THEY ARE 1ST. I SAID THAT IM A PURCHASE MONEY MORTGAGE TO. THE TITLE COMPANY SEND ME A SUBORDINATION AGREEMENT WANTING TO PAY ME $1000 IF I SIGN, IF I DON'T THEY SAID THEY WILL GO INTO LITIGATION. IM LOCATED IN PHILADELPHIA PA.

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Asked 04/24/2008 10:37 pm CT (little rock, AR)

We are set to close on our house next Wednesday, and we had some of our closing costs rolled in, and the seller paying some as well. However, we were still told we need $1100 to close, and we do not have the money in the bank (or will have it by Wednesday) Can we put the closing off for another 2 weeks until we have more money? And/Or, should I consider taking out a personal loan to pay for the costs, we already have been approved for the mortgage, it's just the darn closing costs.

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Didn't you get a Good Faith Estimate at application about how much you'd need to close? Putting the...

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Asked 03/25/2008 10:45 am CT (Greer, SC)

How does Fannie Mae Regulations effect my mortgage loan? I was getting 80% financing on a home in Greer, SC (for my daughter) - and our contract with the seller stipulated the Seller pays closing costs. Halfway through the process, the loan person contacts me and says "Fannie Mae has changed their regulations," and all of a sudden I have to pay $2K in closing costs. (This was two weeks ago.) Do you think this is legal and valid? I wasn't financing through Fannie Mae. How is this allowed to happen? He wanted me to sign an addendum to the contract and everything - agreeing to these terms.

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Asked 02/01/2008 03:16 pm CT (Ashburn, VA)

We are going to make an offer on a short sale. On the good faith estimate, it indicates what the seller usually pays for closing costs. Does the seller/lender pay any of the seller's costs? Would we, as the buyer, be responsible for paying the costs the seller/lender generally pay? Thanks!

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Asked 01/08/2008 06:03 am CT (portland, OR)

i have a friend w/bad credit and a bankruptcy due to a divorce--she did work 45 yrs and has a good pension and neary max soc sec DISABILITY which will be "grossed up" she wants to buy a house on a owner contract with me as a cosigner(i havw good credit and a conv mtge)she said if i cosign and do a "quit claim ?" asap then i have no risk if she cannot keep up with the payments to the owner/seller for the first 5 yrs NOR if she is unable to secure conv financing to balloon him out in 5 years??I do not want to impact my good credit nor be responsible in any way for the home she wants to buy pls advise thank you

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Asked 11/30/2007 07:02 am CT (Thornton, IL)

my seller wants me to quick deed the property back to him,he pledges to make all mortgage payments until he\\\'s ready to quick deed.what kind if contract to we sign? is this legal?

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Proceed with EXTREME CAUTION!!!!!! To give you good advice or an opinion I will need a lot more inf...

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Asked 10/24/2007 08:27 pm CT (new york, NY)

We have been approved to close by the bank but now the seller has a judgement lien against the property. What is our recourse and what if seller backs out of contract?

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Asked 07/05/2007 08:05 am CT (Centereach, NY)

Hi im in the process of buying a home. We should be closing by the end of this week, but my loan officer is telling me he cant get me a loan. Now the sellers attorney is going to release the money I put up at contract ($5,000) to the sellers. Everyone is telling me im going to loose my money, what can I do? I did everything I was supposed to do, now im going to loose the house I want and the my money, please help me. Thank you

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Diana, Please email me more details. I need to know why you can not get loan approval, is there a...

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Asked 07/04/2007 10:20 am CT (Lafayette, LA)

I apply for a home. The cost of the home was ,$140.000.The seller paid the closing cost and some of the downpayment,which was$5000.My income is less than $29.00for the years,Igot a grant payment of $5.600for the houseI wanted to knoe if I can a anotherdownpayment from oother downpayment assitance program.

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Asked 04/04/2007 09:33 am CT (Pembroke Pines, FL)

I need 100% financing on a 180,000$ condo, credit score is 689, less than 1 year on the job but 7years in the industry. I was eligible for several My Community Mortgages from Fannie Mae but I have 9,500$ in charge-off in 2003 and they require that to be paid off. Anyplace else to look for a mortgage? I also have no money for closing costs but the seller is contributing 5000$ Please help, I am a single parent. ML

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Ms Lyon, good afternoon. I apologize we didn't get to your questions sooner. If you are still intere...

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Asked 04/03/2007 07:26 pm CT (suffolk, VA)

I submitted an offer for the housing. The only thing I asked was the seller will pay for $8000 closing cost. My Realtor agent never gave me a copy of the offer agreement. The seller came back and stated that he can only pay up to $6000. My Realtor agent then turned around and told me I am suppose to pay for the prepaid items (prepaid interest, 14 months home owner insurance, etc) which is around $2000. So my agent told me that it is fine with the seller counter offer since it is my responsibility to pay for the prepaid items. She told me it is not part of the closing cost and I should take the seller counter offer. I didn't agree with her. The seller came back this morning and agree with my original offer on phone without any paper since they are in Europe. Today, my agent called me and told me that I need to meet with a mortgage officer that she knows tomorrow since by Virginia Law I have to have my loan with in 3 days from the day the seller accept the offer. Is there a law like that in Virginia? Are there anyway that I can get out of the deal without losing my deposit?

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The problem with a lot of Realtor's is that they dont know a whole lot about mortgage guidelines. th...

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Asked 03/31/2007 08:58 pm CT (lake waccamaw, NC)

I bought a house and my lawyer who also represented the seller ,also who hes known for years. did not tell me about a lien that was on the home, i was buying.It was payed off from my purchase of the home.But this caused me great heart ship after wards.Wasnt the lawyer suppose to tell me about the lien?I thought the closing lawyer should have told me is this true?

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John this seems to be after the fact, so you probably do not have anything to worry about. With that...

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