All Forum Posts by: John Newhall

If your wife is on the title but not on the loan the bank has no incentive to transfer the loan to your wife and let the mother off the hook. Can your wife get a new loan?

Hi Sheri

You will need to get your credit score up to at least 580 to qualify for a FHA loan.

You might want to take a first time homeowner class and avail yourself to some of the programs they have to help get your score up.

http://www.wsnhs.org/homebuyer-education/

In MN 2.5%-2.75% for the buyers agent is common. I have a current listing where I'm offering 3% to try to attract a little more interest.

I'm currently helping a young man with a FHA purchase, Duplex, while he has a rental in the city he moved from. No problems with him getting the FHA loan .

You might want to check with some of the Credit Unions, like Wings, to see if they have a loan product that will work for you. Some of the smaller guys that hold, and or service, their own loans can be a little more flexible. 

One of my clients is closing on a Duplex next week. He is going to be an owner occupant. He was able to pickup a newly renovated property that was restricted to O O only.

We had to bid $26,000 over asking price and barely got it. The market is a little nuts right now.

When I'm helping a client I always start with the the county tax records. If they show the owner living at the address than I'll sometimes stop and talk with the neighbors. They usually know what's going on i.e. nursing home, death, divorce, etc...

It's been 2 years since I was involved in a Fannie Mae sale but the addendum used to be pretty straight forward-

The closing of this sale shall constitute acknowledgement by the Purchaser that Purchaser had the opportunity to retain an independent, qualified professional to inspect the Property and that the condition of the Property is acceptable to the Purchaser. The Purchaser agrees that the Seller shall have no liability for any claims or losses the Purchaser or the Purchaser's successors or assigns may incur as a result of construction or other defects which may now or hereafter exist with respect to the Property.

When I do an Open House I like to talk with as many neighbors as possible, both before and during the Open. They often know someone that likes the neighborhood.

Good post, makes great sense.