Homes of Huntsville; FHA rules

Homes of Huntsville; FHA rules regarding seller paid closing costs
August 15th, 2012 5:41 PM
Source; George Souto McCue Mortgage
These days many of the FHA Borrowers that I work with require Sellers to pay most of their Closing Costs, so I need to be on top of what the FHA Guideline On Seller Paid Closing Costs are. The FHA Guideline On Seller Paid Closing Costs are very specific, but could cause some last minute surprises if not explained correctly, and understood by the Borrower. FHA does not require that a Buyer put any of his or her own money towards Downpayment and/or Closing Cost. All of the money for Downpayment and Closing Costs can come from an acceptable gift source such as a: Family member Employer Non Profit State Bonded Program like CHFA in Connecticut FHA will not allow a Seller to contribute ANY money towards Downpayment, but they will allow the Seller to contribute up to 6% of the Sales Price towards the Buyers Closing Costs. This sounds good and it is, but I rarely see the Seller actually pay the Buyers Closing Costs. In reality what happens is the Seller raises the agreed upon Selling Price by the amount of the Closing Costs that they will be contributing. This means that even though the Buyer can receive up to 6% towards Closing Costs, they should not request any more than the actual amount of Closing Costs that the Seller will be allowed to pay at the Closing. If the Buyer asks for more money than the Seller will be allowed to contribute towards Closing Cost, the Seller gets to keep the difference, and the Buyer ends up paying more for the house than they needed to. This means that before a Buyer or their Realtor asks for Seller Paid Closing Costs, they need to talk to their Loan Originator, and have him or her give them a very close estimate of what the Total Closing Cost will actually be. In figuring the Estimated Closing Costs, the Loan Originator will need to take into account the Closing Cost that FHA will not allow the Seller to pay, and subtract them from the Total Closing Cost Estimate. The Closing Costs the will need to be deducted from the Total Closing Costs are any Closing Costs that are paid before the Closing. Those will include any fees paid to the Lender or other vendors prior to the Closing. Possible items that maybe required to be paid before of the Closing are: Appraisal Fee Application Fee Condo Questionnaire Homeowners Insurance There are other fees that could possibly be required to be paid before the Closing, but these are the most common ones. However, even though I have included Homeowners Insurance in the list above, there is away to include them into the costs that the Seller will contribute at the Closing. All Lenders will require that the Borrower obtain an insurance binder before the Closing, but they do not require that the premium be paid prior to the Closing as long as a check will be sent to the insurance company at the time of the Closing. However, some insurance companies will not issue the insurance binder without a payment, so what I advise my Borrowers to do in that case is to just pay them one month premium, and the other 11 months paid at the Closing. That way they can maximize the funds that that they can receive from the Seller, and reduce their out of pocket cost. I have heard of angry Buyers that did not find out until the Closing that they could not be reimbursed for the items that they paid before the Closing. That is not the type of surprise that anyone wants at the last minute. I make sure that my Borrowers understand this when I am Pre-Qualifying them, when I am doing the Mortgage Application with them, and after the loan is approved and they are now going to shop for Homeowners Insurance. I want them to take advantage of ALL the funds that the Seller has agreed to contribute, and I don't want an agree phone call from my Borrowers after the Closing. This is something that can not be explained enough, and should be reinforced at every appropriate opportunity. FHA Guideline On Seller Paid Closing Costs are very clear, and need to be followed, because FHA does not provide any flexibility when it comes to this issue.

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Title: Huntsville Alabama Homes For Sale URL: http://www.huntsville-homes.com/LookingtoBuyFreeHelp Description: Using the public huntsville mls (valley mls) can be difficult. Just let us know what type of homes for sale in huntsville you are looking for and we can search for you. We can also set up an automated search.
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Huntsville AL MLS

With prices depressed and interest rates low now is a good time to consider it. If you plan on being in Huntsville for three or more years it might be a good move financially.

For $1,100 per month including taxes and insurance and a 3.5% no down payment rural housing loan you could purchase in the $215,000 range. There are a good number of available homes (Including the one you rent.) in the Central district that might be candidates in the Huntsville AL MLS at the link below.

http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7116218822

When you consider the tax benefits of deducting mortgage interest from your income taxes, there is a grater financial advantage.

If you do have an interest in purchasing, even if it is the home you rent please let us know. We can have a trusted lender contact you for a loan preapproval, research market values, negate for you and watch out for your best interests.

Homes for sale in Huntsville Alabama

Troubleshooting listing; Homes for sale in Huntsville Alabama
August 15th, 2012 10:24 AM

The three factors needed to sell a home are pricing the house within the market, preparing the home so it shows well and marketing it to an adequate number of prospective buyers. From the MLS photos the house appears attractive and well maintained. At the current list price of $249,900 / $82 per square foot the house seem to be priced within the market range. Since 7/1/11 there have been three sales in the neighborhood. The homes sold at $78, $98 and $96 per square foot. The average sold price was $91 per square foot. At least two and possibly all three of the sales were Adams Homes construction. There are five active listings in the neighborhood at an average list price of $90 per square foot and a range of $82 to $96 per square foot. At first look, price does not appear to be the issue. Please follow the link below for the summary of recent MLS activity in the neighborhood. http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=711677735419 The other factor to consider on price is competition outside the neighborhood. The link below is to active listings in Hampton Cove in the $200,000 to $250,000 range. There are 29 active listings and 8 pending sales. Your home compares favorably to the competing listings although a few of the homes are new or newer homes. http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=58211575556 We can often troubleshoot a listing based on showing activity. In this price and location we could expect to see 1 - 2 showings per week. If showings are substantially less than that we need to re-evaluate our price and marketing. If we have consistent showings but no or very low offers we need to review how well the house shows. Our lockbox system has the capability of notifying the listing agent and seller each time the lockbox is opened. This is a great tool for tracking showing activity. I believe the house is priced within the market but we might consider minor regular increments. Each time there is a price change in the MLS, a property goes on the realtor hot sheet of new listings / changes to existing listings. Also if the home meets the criteria of automated searches, an email will go out to those buyers and buyer's agents giving added exposure to the house. While over 90% of real estate sales are a result of a buyer or buyer's agent finding a property on the MLS, we do have an internet marketing firm. When we post a home on the MLS they post the listing on several dozen real estate sites and on Craig's List for greater exposure. We also post on Face book and Face book marketplace. We do still use print ads in three local real estate magazines although we recive only a very few sales per year from the ads. It's rare that we sell a home as a result of an open house but we do try and have regular open houses on our listings. In general we have curious neighbors and find buyers that are not a fit for the specific house but we can work with them on other homes. As an option you might consider offering the house for sale and as a lease option. We have used this as a marketing tool in a tough economy, selling homes when none around them were selling. http://www.huntsville-homes.com/LeaseOptionLeasePurchaseforSellers
Huntsville AL MLS Acess the Huntsville MLS Valley MLS to search for every available Homes for sale in Huntsville Alabama without having to register. Request an automated search to recive notification of new listings. http://www.huntsville-homes.com/Valley-MLS-Search-Yourself

Huntsville real estate, Huntsville AL MLS

Huntsville real estate; Research of homes on the Huntsville AL MLS
August 14th, 2012 9:28 AM


http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=4718950742 The house on Baine is cute but the seller has attempted hide some severe foundation problems by getting ivy to grow on some large cracks in the brick and foundation.The house on Delcrest has a very steep lot. Even if that is not an issue for you. It will make an eventual resale more difficult.
Tax records are notoriously inaccurate. It is possible to provide current information to the assessor. That the listing shows 3 acres and the tax records 2.9 acres is not surprising. The original listing agent got the data from seller. Sellers are prone to pad acreage and square feet. IN all cases, especially when a property is bank owned, it is best to confirm all the data that is critical to making a decision.
The link below is to the photos of the house that I took today. I included photos of the large unfinished storage area as well. http://picasaweb.google.com/philipwinburn/2613FANELLECIRCLE35801# The links below are to the schools that serve the property. http://www.schooldigger.com/go/AL/schools/0180000634/school.aspx http://www.schooldigger.com/go/AL/schools/0180000632/school.aspx http://www.schooldigger.com/go/AL/schools/0180000631/school.aspx The Fanelle house is listed at $86 psf (per square foot) The link below is to all MLS activity in the neighborhood since 1/1/11 http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=4718945243 The average sold price was $106 psf with a range of $94 to $120 psf. There are two active listings averaging $97 psf. The link below is to the Google interactive street view. http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=2613+FANELLE+CIRCLE,+35801&sll=37.0625,-95.677068&sspn=22.431602,49.130859&ie=UTF8&ll=34.713749,-86.55982&spn=0.011324,0.02399&z=15&iwloc=addr&layer=c&cbll=34.710178,-86.559836&panoid=ZlbzmY4-KGlGGJGlVY8oTg&cbp=12,84.13309846934635,,0,5 The link below is to the Google aerial image, http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=2613+FANELLE+CIRCLE,+35801&sll=34.710362,-86.560035&sspn=0,359.988005&g=2613+FANELLE+CIRCLE,+35801&ie=UTF8&ll=34.710362,-86.559831&spn=0.000708,0.001499&t=h&z=19&iwloc=addr The link below is to the full listing of the house on 2607 Scenic Drive. http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=4718945233 The house is listed at $86 psf. The link below is to all MLS activity in the neighborhood since 01/01/08.
http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=4718945249 While the average sold price was $101 psf, the subject property is much larger than the comparables. To a degree the upper sales price of a neighborhood will be held down by smaller properties in the neighborhood. The house is located at the back of the neighborhood on a street with a few other larger houses.
http://www.schooldigger.com/go/AL/schools/0180000630/school.aspx
Huntsville AL MLS Acess the Huntsville MLS / Valley MLS to search for every available Huntsville real estate for sale without having to register. Request an automated search to recive notification of new listings.
Please follow link to photos. http://picasaweb.google.com/philipwinburn/209Jarrett#
The following link it to an old listing. It will give square feet, room size, address and driving directions. http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=4718945112

Huntsville homes for sale, Huntsville AL MLS search, Houses for sale in Huntsville Alabama. Moving to Huntsville

Huntsville AL MLS search, Houses for sale in Huntsville Alabama. Moving to Huntsville

Huntsville AL real estate for sale, Huntsville AL MLS

Huntsville AL real estate for sale; Huntsville real estate market research
August 13th, 2012 6:22 PM


The link below is to the listing of your property and the only sale in the same subdivision. http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=4718945347 The other property sold at $289,000 / $98 psf (per square foot) Looking for properties in the same elementary school area that are similar in size and age as yours we only found one sale at the link below. The one sale was at $386,500 / $80.52 per square foot. There are ten active listings that haven't sold. The average list price is $111 per square foot. http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=4718945351 It looks like sales of properties of the size and in the location of yours has really taken a hit. Just based on the sales data above Something in the $81 to $95 psf range ( $348,000 to $408,000 ) might be the best we could expect. On the Gilmore house. The link below is where we had the house listed for sale at $189,900 and it didn't sell after four months on market. http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=4718950731 The link below is to two sales and one active listing in the neighborhood. http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=4718950733 The one active listing is listed at $139,900 / $79 psf (per square foot). It has been on market since 6/14/08 or seven months without selling. The average sold price was $144,150/ $71 psf. The average days on market were quite high at 242 indicating the properties sold at near the top of what the market will bear. Based on the average sold price we could expect to sell in the $160,000 range.
Homes for sale in Huntsville Research all Homes for sale in Huntsville and request automated real estate searches. Huntsville rental homes huntsville real estate for sale and property management http://www.huntsville-homes.com/Huntsville-houses-for-sale
The full listing of the property you asked about is at the link below. The address and driving directions are included. You can click on the photo for additional photos and on the address for a map of the approximate location of the property. On the map, you can click on hybrid for a satellite image overlay. In some cases there will also be an interactive street level image. You can click on the zip code to link to the US Census data for the zip code area. http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=4718945330 Please let us know if you have specific questions or if we can schedule a showing of this property for you. The property has been on market since 11/06/08 and has had one price reduction. The link below is to all MLS activity of similar in age in the neighborhood since 1/1/08. This information will help you get a better feel for the neighborhood and market values of properties there. http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=4718945342 The subject property is listed at $90 psf (per square foot). The average sold price was $83 psf with a range of $54 to $94 psf. The average days on market were low at 34 days. I think the property is priced within the market range but that there is probably room to negotiate on price. We can set up an automated search for properties that meet your search terms. Just let us know what you are looking for and we can do the rest. http://www.huntsville-homes.com/Automatedrealestatesearch We thought you may have an interest in two excellent resources for researching schools http://www.schooldigger.com/go/AL/search.aspx and http://www.greatschools.net/modperl/go/AL.
Huntsville AL real estate for sale.

Valley Huntsville AL MLS

Valley HUntsville AL  MLS Huntsville AL  MLS

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