What should I know as a potential first time home buyer looking at buying a short sell property direct from a bank? My parents have happily lived in the same condo/apartment in Honolulu for over 15 years. Recently, a real estate "friend" of theirs said there is a unit in the same apartment which is going for very cheap because it is a short sell... key word is " real estate friend". My parents said it would be a great investment, but they have never been too good with research and finances and drawn in by storytelling of so called friends and sensational people. Are there any tips on what I should watch out for or anything I should know beforehand before plunging into this? [more inside]
Under financial pressure. My house isn't selling. I want to avoid foreclosure and don't care about making a profit. It's the original mortgage; a 30-year fixed at 5.5% in good condition (attractive older house and well maintained) in a decent neighborhood (property values steady as those in more expensive neighborhoods fall). [more inside]
Can I sell my place if I'm on a repayment plan for its mortgage? [more inside]
MortgageFilter: I just purchased a unit in a 4-story, new construction, condo complex. My fiancee and I plan to be there between 3-5 years, so I'm interested in a 5/1, 7/1, or 10/1, just to be safe. 30-year fixed is okay too, but the chances of us staying there beyond 5 years is very unlikely. [MI] [more inside]
So yesterday my wife — Ms. We're-Not-Moving — found a house closer to Portland that she loves. We both love it. The only offer we can make, though, is contingent upon selling our home, which we hadn't even considered until yesterday. Help! Does anyone have experience with this kind of thing? What can we do to make a contingency offer more attractive? What about bridge loans? Anyone have experience with those? I need advice on hurried real estate transactions (other than "don't do them").