Answers by Keith Jean Pierre

Walton, this would be a personal decision. Suggest speaking to an accountant or tax professional to understand the full scope. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Shelby, you can challenge an appraisal, but it is rarely granted, and if so, the amount is almost never what you want it to be. Major factor is if this is for an FHA loan or Conventional loan because what happens next differs for each. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Garrison, this all depends on what you are looking to get out of the property. If you are simply looking to move on, then yes a flipper might be the route. Just remember, they are not going to inherit your problem, so this means they are going to expect a significant discount for the headache. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Priya, this all depends on what your "Use & Occupancy" agreement states for them residing in the property. Refer to your closing documents. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Vaughn, leasing the lot can be an expensive monthly expenditure. Purchase if at all possible. A quick Google search will give you the pros and cons and outline expectations. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Desmond, if you got a loan modification, that probably means they tacked on your back due penalties, interest, and missed payments. In a loan modification, you are usually responsible for all the payments you missed, along with the penalties. Refer to your modification agreement to verify. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Fenwick, call the mortgage company you had your loan with. They will provide you the accurate information. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Gavin, speak with a real estate attorney. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Dale, speak with your agent and if they are unresponsive, call their office broker to escalate the issue. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Marisol, price drops are always better than offering credits as potential buyers do not see the credit offering first, they see the reflected price drop on all the real estate websites. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Dawson, a pre-list home inspection has never hurt. Typically, we do this so that our sellers are fully aware what to expect when it comes time to buyer inspections and home inspection requests. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Bridget, in many states they have something called "Time of Essence" or something of the sort where you tell the buyers they have passed their deadline and must close by a certain date otherwise you are allowed to terminate. I would speak with your agent or a real estate attorney to the options available to your specific situation. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Foster, if this was the case did you hold an escrow until it was removed? If not, you are going to most likely have a hard time finding financial compensation. I would suggest you speak with a real estate attorney to discuss your current available options as we are not attorneys here and don't know the specific parameters. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Reece, typically you will take the currently available rate, or the mortgage company will offer you an option to extend for a fee. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Alicia, the most important question here is are the two properties separate subdivided parcels. If they are not, you most likely can't split them for a significant equitable sale as there would be little value to anyone. I would suggest you determine the position of the property and speak with a real estate attorney to discuss your options given the complexities. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Solveig, this does not make any sense. If you are purchasing the home for $415,000 and it appraised for $515,000, you are not getting the $100,000 difference. Your financing is going to be based on your purchase price, which in this case is $415,000. What you are referring to is "instant equity" at the time of purchase, which is not realized unless you sell the property. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Tansy, in most states, as-is is more of a request not a legally binding agreement. Additionally, almost all states have a default in the buyer's contract that says something to the nature of "subject to inspections, financing, appraisal" etc. I would suggest you speak to a local real estate attorney to determine exactly what your options are. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

As others have said, buy out or sell the home all together and split the proceeds are the only two logical plays. Selling to a completely different individual adds further complications that I have a feeling neither of you would want. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Janis, this is rather normal. The first few weeks is when you get the most traction. The market is correcting, and Texas is experiencing one of the largest due to their massive new construction boom during Covid. For the last year in 78121, the market has been a yo-yo; up and down constantly and it is currently on a downward curve that I do not see correcting anytime soon. Interest rates are higher than anticipated and were just raised again today, inventory is high, and days on the market are triple digits. If you have the equity, drop the price to cheaper than anyone else on the market and move on as it is only going to get worse as winter sets in. Most importantly, the only comps that you should consider relevant are within the last 30 days. In a correcting market, comps from 3 or 6 months ago are not applicable. Good luck! Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Linda, this is not a simple answer. First and foremost, what does your mortgage contract say? Second, is the lot subdivided? If your lot is not subdivided, it cannot easily be sold. Lastly, even if it is subdivided, what is it zoned for and what are the regulations? This is going to heavily determine what it is worth. Land zoning and construction is VERY complicated so I would suggest you speak with a local real estate attorney to discuss further. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Michael, there are tenant laws which means that you cannot just automatically evict someone living in the property. There are notification and serving requirements that are specific for the state you are operating in. I would suggest speaking with a real estate attorney to discuss your exact options. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Tammy, an Unsecured Personal Loan is pretty much your only options here outside of credit cards or title loans (maybe). You are going to need good credit to get a decent rate these days on an unsecured loan due to the risk. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Heather, your only two options are to sell the property before the foreclosure or let the foreclosure commence. If you have equity in the property, you are going to want to sell the property so that the bank does not charge you what I like to call "junk" fees for the foreclosure process. If you need further assistance, feel free to reach out. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Marguerite, this completely depends on your personal preference. Additionally, we do not have all the information to make an informed recommendation. Are you getting instant equity by getting the property under market value? Is this in a highly desirable area? Is it a transitional area? Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

You price a rural property with zero recent comps by using the cost approach, expanding your search radius and timeline, and breaking the property down into individual components. Alternatively, you can try the guess and check method but that can be risky if you do not act quickly with reductions. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Theodore, speak with a local real estate attorney. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

I NEVER advise seller financing given the multitude of risks, but complicating this with a mortgage, is just a recipe for disaster. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Not possible with traditional financing. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

https://www.zillow.com/learn/benefits-of-real-estate-agents/ Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

As others have said, buy out or sell the home all together and split the proceeds are the only two logical plays. Selling to a completely different individual adds further complications that I have a feeling neither of you would want. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Barbara, we would need additional details, such as property location first and foremost. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

David, weigh each offer independently and select the one that is most applicable to your situation. Price should not be the only factor as timelines and terms can be just as important. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Desmond, this depends on the situation. If there are plenty of comps, timeline is going to be most important. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Odessa, it depends on what state this transaction took place in. Many states have Revocation Periods which allows offers to be terminated for any reason during that timeline. Speak with a real estate attorney to confirm your options. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Wyatt, yes, it’s normal. Lenders may use different loan programs, underwriting guidelines, and methods for evaluating overtime, bonuses, commissions, self-employment income, raises, and business expenses. However, the difference should not be too different. Additionally, requesting more paperwork could mean they are looking for alternative programs for you to qualify for as the first group didn't work for qualifications. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Marlon, any one of these options might be good options but keep in mind that over the last several years, the commercial market has been correcting in most states and therefore recent comps are of upmost importance. This is also taking place in most states in relation to the residential market as well. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Barnaby, this is the equivalent of gambling in Vegas. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Ashley, this is definitely a personal choice, but living in Florida, I would want to personally make sure I have all the insurance available due to the natural disaster probability. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Tyler, most likely you would have to purchase this through the foreclosure auction at the county. These are cash only deals. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Rita, there are many websites available to find these. Are you looking for a new trailer, a used trailer, do you own the land? There are a lot of variables here that you are going to have to consider first.

Reyna, this completely depends on how your contract was written and what the exact terms of termination were, but using ONLY the details you supplied, in most cases the escrow funds would be refunded. I would suggest speaking with your agent or attorney to get formal confirmation. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Priscilla, has your financial situation significantly changed? Do you owe more than the property is worth? If the answer to these questions are yes, then a deed in lieu and short sale are going to be the most common options. If you would like to discuss your situation in greater detail, feel free to reach out to me directly as I have a team that operates in all 50 states that handles these types of cases free of charge. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Rosalind, a buyer using a VA loan for a second purchase does not automatically need extra inspections just because it’s their second VA loan. The VA appraisal is still required for the new loan, but the appraisal is different from a traditional home inspection. A home inspection is generally separate from the VA appraisal and is strongly recommended, but additional inspections may be required depending on the property. Things such as the condition of the home, required repairs, the lender’s requirements, or features like a well, septic system, or manufactured construction can trigger additional inspections. The fact that the buyer is keeping their first VA-financed property can affect their remaining VA entitlement and occupancy eligibility, but it doesn't by itself create additional inspection requirements. Hopefully this helps, good luck! Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Emmett, as they say, get it all in writing as verbal tends to be hard to prove. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Silas, this question cannot be asked generically. It depends on the specific market you are purchasing in, what improvements have been done to the land, what zoning regulations exist for building on the parcel, the neighboring parcels, and many other factors. I would suggest speaking with a local real estate professional to discuss the situation further. Feel free to reach out if you need further assistance. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Vivian, speaking with a title company can provide you an idea of the estimate need to clear the sale. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Marcus, this is not a uniform answer to all situations but yes this can definitely happen. Is it common? I would say no, but, like I said, it can happen for a multitude of reasons. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Dorian, this is very market specific and depends on many characteristics including lot size, zoning regulations for construction, neighboring parcels, etc. I would suggest speaking with a local real estate professional to further evaluate. If you need further assistance, please feel free to reach out. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Kaden, a "good" credit score is subjective. The higher the credit score, the better your mortgage rate will be. Food for thought, the lowest credit score needed to buy a house is typically 500 for an FHA loan with a 10% down payment. For conventional loans, a minimum of 620 is generally required. While some government-backed loans have very low requirements, most lenders impose their own higher minimums, often requiring at least 580 to 620. Good luck! Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Tina, since we do not know the full extent of the situation, there is no way for us to be able to answer this with 100% certainty. I would suggest speaking with a legal professional to discuss your options. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States