Real Estate

Because of significantly reduced income as a result of unemployment, we’re closing on our house as a short sale on Dec 15 after 4 months of missed payments. Fortunately, we have a loving family that we will be living with until we stabilize. My credit score is now 709, 703, and 660. Should I expect it to drop much further? What is the wait time on approval for a conventional home loan after a short sale?

Your credit scores are already lower then that with the missed payments.

They shoudl drop another 200 points.

Foreclosure,short sales,favorite,resale,new homes,mls

Send me your email address and what you are looking for. Your question is super vague.

I am moving to youngstown ohio and I want to buy a new home, where should i look?

my "mantra" is

call 3 RE offices
ask to talk to a buyer’s agent. NEVER accept a dual agent.

ask your prospective agent if there are any houses known to exist that are for sale
for about……….x $.

ask that agent, where would a house like that be?

do NOT accept an opportunity to look at any house listed by the agent’s brokerage.

get back to me for any more help
make sure you are $ qualified before you accept a real estate agent’s help

Why would you need to explain a short sale for a new home loan ? The new lender knows exactly what you did. You sold your former property for less than you owed on the property, and caused the lender to lose money. The new lender will not care WHY you did this. They will only be concerned that you DID stiff your previous lender.

Do you think that it is because of the $6,500- $8,000 tax credit? Is the economy getting better? Are people relocating for work or moving out of the cities? What do you think?
How absolutely mean of you guys. I own one house and one farm and do not need cheap scams. Why don’t you guys use them for yourselves. I don’t need them.

The credits are expiring…that is the ONLY reason why they are on the rise. The same exact thing happened in November when the original deadline was coming up, before it was extended. Yes, the economy is getting better…but houses are STILL overpriced in many areas, Like Los Angeles. As long as the government keeps trying to artificially prop up home prices, a REAL recovery is not possible.

U.S. residents living in the state of New York must pay 15% capital gains tax upon the sale of their home. However, you may deduct certain amounts from the total, including closing costs, any points paid on the loan, any loan application fees and $250,000 of a single person’s capital gains ($500,000 for a married couple) if the seller lived in the house as his primary residence for two years out of the previous five. Residents of New York City pay an additional 10% tax upon the sale of their home.

For example, when a new home comes on the market matching some criteria (price, location, etc) I’d like to get an email or other alert. Thanks!

Any local real estate agent can set up an auto alert for you, it is very common practice.

A) the demand for new homes has risen.
B) the law of demand has been violated.
C) new firms have entered the construction industry.
D) construction firms must be facing higher costs.

24. Exhibit 4-7 Demand and supply schedules for movie tickets
Price Quantity
Demanded Quantity
Supplied
$10 200 500
8 240 470
6 370 420
4 390 390
2 410 310

In Exhibit 4-7, the equilibrium price of a movie ticket is:
A) $10.
B) $8.
C) $6.
D) $4.
E) $2.

25. If the equilibrium price of natural gas is $4 per thousand cubic feet and a price ceiling is imposed at $3 per thousand cubic feet, the result will be:
A) a surplus of natural gas.
B) a shortage of natural gas.
C) an accumulation of inventories of unsold gas.
D) None of these.

26. Exhibit 4-9 Data on supply and demand
Price Quantity
Demanded Quantity
Supplied
$2.00 100 300
1.50 150 250
1.00 200 200
0.50 250 150

In Exhibit 4-9 the equilibrium price and quantity in the market are:
A) $5.50, 200.
B) $1.50, 300.
C) $2.00, 100.
D) $1.00, 200.

27. An externality is:
A) always a benefit to the recipient.
B) always a detriment to the recipient.
C) an activity that occurs in a business which is unknown to management.
D) unintended benefits or costs imposed on third parties as a result of economic activity.
E) an act, caused by a firm located in this country, which has an effect on a person in a foreign country.

28. Which of the following is an example of a negative externality?
A) A Japanese company begins to produce cars, which causes American workers to lose their jobs.
B) An employee of a chemical company spills acid on his arm, causing severe damage.
C) John plants fruit trees in his front yard, which attracts bees, which sting neighbor Mary.
D) Sally buys coffee at McDonald’s, spills some on her, and burns her arm.
E) Jack attempts to fix his roof, falls off, and breaks his leg.

29. If a chemical factory causes noxious fumes to be emitted in the neighborhood, a third party would be:
A) workers at the factory.
B) factory managers.
C) chemical customers.
D) local homeowners.
E) owners of the factory.

30. Externalities are unintended costs or benefits that are imposed on unsuspecting people and that result from:
A) poor planning.
B) intentional damages.
C) excessive costs.
D) excessive losses.
E) the economic activity of others.

A.

Real Estate Guy, quit cheating by looking on my paper for the answer!

What’s the catch?

There’s no catch. If your credit is good, you have a decent job history, and are able to prove your income, then you should have no problems being able to finance a house purchase.

What’s the catch?

There’s no catch. If your credit is good, you have a decent job history, and are able to prove your income, then you should have no problems being able to finance a house purchase.