Answers by Keith Jean Pierre

Codell, if your child's mother is not willing to buy you out, then you would need to sell the house and split the proceeds or become landlords and rent the property out. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Camille, this is going to be dependent on your specific market but if you can get cost effective countertops, that is going to be beneficial no matter what the situation is in resale if everything else is redone. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Beatrix, your servicer will most likely report that the loan is in forbearance, so the forbearance may be visible to lenders reviewing your credit file. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

The deed determines ownership. The mortgage determines who owes the lender. They are separate things. A deed of trust/mortgage gives the lender a lien against the property; it doesn't itself determine who owns the house. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Foster, you can always "list" a property, but that does not mean that the sale will be able to transfer. I would suggest speaking with your local zoning board to determine what changes need to be made for the successful transfer of sale. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Normal no, but within reason. There could be many reasons it is taking this long. They could have been getting quotes, discussing their decision, have a family emergency, etc. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Delphine, if you need their income to qualify, you either have to get someone with good credit and additional income or make additional income on your own. There is no work around to using him on the application without his credit score. If you have reserves / savings, that might be able to help but I gather this is not an option. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Coy, if your financial situation changed significantly, then you might be eligible for a short sale. Other than that, you would be responsible for the deficient balance if you sell. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Valerie, this is a question based on your personal situation. We do not know your income and expenses, so it would be impossible for us to determine what is most appropriate for you. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Grant, there is no blanket answer to this question as it is market dependent. Variables include size of the lot, type of privacy, location, price for said privacy, etc. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Elena, you are going to have to weigh the pros and cons of purchasing vs not purchasing. Is it worth looking for a house for another 2, 3 or 4 months over $4,500? New application fees (if any), new appraisal fees, new home inspection fees, etc? Given the marginal difference, I would be inclined to believe splitting the difference is the smart play here. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Yusuf, I would suggest you speaking with your mortgage professional, they will be able to advise you properly given your financial situation. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Bianca, no this is not the case. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Wren, these two things are not necessarily correlated. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Have you spoken with your lender? Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Meredith, your decision here would be to terminate the deal and try to find another buyer, or wait for them to close. You and your realtor can be more proactive to stay on top of the buyer, but ultimately these are your two options. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Ezra, adding your mom to the deed adds further complications that can make the situation worse. Additionally, owner occupied is a requirement. Just because you filed paperwork stating it is owner occupied, you truly have to owner occupy the property or that can be consider tax fraud. I would suggest you speak to an attorney to discuss your legal options as that is outside our purview here. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Speak with an attorney! Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Danny, this fully depends on what your listing agreement says. Speak with your realtor and their broker if necessary. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Danny, this depends on what your contract states. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

If the bank’s appraisal comes in below the price you agreed to pay, it creates an “appraisal gap.” What happens next depends on your purchase contract and how much you’re financing. Typically the seller and buyer split the difference in some form or another. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

George, you can ask but there is no guarantee that the repairs will be taken care of. Also depending on your market, it might not be worth rocking the boat for small issues if your market is very competitive. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Trudy, this is a personal decision. Resale will always be better in locations with better schools but if you do not need them and you are okay with slower appreciation, then that is something to be considered as a trade off to lower price of entry. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Pedro, there are a laundry list of questions you can ask. Google can be your friend. If you need assistance, we run a company that handles this whole process for you for free. Feel free to reach out if you would like us to help. Good luck! Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Jen, there are but this is region, credit, and income specific. You should speak with a mortgage professional to determine your eligibility. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Get an attorney! Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

The TDS is supposed to be delivered to the prospective buyer “as soon as practicable” and, when the sale is being made through a purchase contract, before execution of the contract; with “execution” defined as the making or acceptance of an offer. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Wendell, this is personal preference depending on your situation. If you are the only heir then you have the sole decision, but if there are others an appraisal is wise just in case of court requirements or challenges to the value. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Patti, you are going to have to be a lot more specific regarding what you are asking here. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Colton, this depends on your specific market and even your particular street. If the property area is solely residential single-family homes, then yes this can add further complications. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Usually, an unused HELOC on your primary residence does not automatically hurt your ability to qualify for an investment-property loan, but the lender may consider the HELOC when underwriting. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Both of you need to agree or the courts can get involved and force a sale that would divide the proceeds. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Mary, this is fraudulent. As they say, if it sounds too good to be true.... Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Cormac, if the property was inherited as equal shares, then majority if not all parties must agree on what will happen with the house. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Fenwick, yes, you are. Unless your contract says otherwise, typically the property must be delivered in "broom" clean condition which means free of junk and debris. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Tatum, if you cannot get an agreement between the two of you, enlist the services of a real estate attorney. A forced sale and division of proceeds might need to occur. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Trevor, this heavily depends on the market you are purchasing in. Some markets are much hotter than other markets. Additionally, the price in relation to the current comparable sales is going to be your most important indicator. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

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

Shauna; first, selling a home via short sale because of a $30,000 delta is crazy. Your credit will be ruined for years and you will not be able to purchase another home for several years. Second, the only way you will qualify for a short sale is if your financial situation has significantly changed for the worse. Just because you owe more than the home is worth does not mean you will automatically be granted a short sale approval. A financial hardship such as job loss, health issues, or significant pay reduction would be necessary for consideration. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Chuck, you can certainly sell the property as is, but keep in mind, the value is going to be significantly less than market. Anyone inheriting your problem is going to want fair compensation for doing as such. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Michael, if you are in foreclosure, I am assuming your credit score is going to prevent you from getting a traditional home equity loan. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Soraya, you want your property to show in the best possible light when it comes to market. Given that the ceiling currently has visible cracks, a buyer could interpret them as evidence of previous damage, such as water intrusion or other structural issues. For that reason, I recommend addressing the cracks before putting the property on the market. The cost of the repair could be significantly less than the potential cost of leaving it unresolved. You could ultimately lose more than $5,000 through extended time on the market, buyer concerns, or having to negotiate a larger price reduction because of the perceived risk. Additionally, with the recent changes to condo financing regulations, the condo market is more challenging than it has been in years. In this market, you want to eliminate ANY potential objections as possible and give your property the best opportunity for a successful sale. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Sergey, if the sellers have made it clear that the property is an as-is sale, negotiating for a minor roof leak and issues with an HVAC system is defintely going to rock the boat because now it seems like you are changing your agreement. You are more than welcome to ask as that is within your right, but be prepared for the sellers to either say no, or threaten to cancel the deal. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Reggie, sounds like a conversation you need to have with your realtor and attorney; not a bunch of strangers on the internet who are not familiar with your transaction details. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Colette, this is completely dependent on your personal situation. Typically, people tend to cover necessary closing costs and prepaids first, and then put any leftover seller credit toward a temporary rate buydown if you want lower monthly payments early on. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Elenaor, SPEAK WITH A REAL ESTATE ATTORNEY. This is imperative to ensure that all is done fairly. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Yes, a USDA Construction Loan can cover both the land purchase and the construction costs in a single-close mortgage. You are going to want to speak with a mortgage professional to get a further understanding of the programs available to you and what you qualify for. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Deshawn, most likely in your HOA bylaws and condo docs, this is allowed. Check your documents to verify and also understand what can happen within your HOA. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

There is no standard as it depends from bank to bank but a one lien basic short sale can be as quick as 3 months or 12+ months. Really depends on the lender and their short sale department. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Callahan, a title search will give you all the information you need to know regarding liens against the property. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Bryan, speak with a mortgage professional. They are the ones that would be suited to assist you in this matter. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States