Question by Bruce: What’s a buyers realtor do for the buyer when the house is being sold without a realtor?
We found a house we want to purchase. The house is listed for sale by the owners. The gf is wanting to use a realtor to help with the purchase of the house. what exactly would they do? we are financed threw a mortgage company and the seller is the home loan offer at one of the banks here in town so we shouldn’t need help with paperwork. What would be the benefits of useing a realtor?

Best answer:

Answer by Web
Really you can do the transaction yourself and save a lot of money. YOU would have to pay the buyers agent, not the seller, because they are “By Owner.” But the agent would probably negotiate for you and complete your paperwork.

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Question by eripapito: What is a short sale and how long you have to wait to buy another house again?
I heard a short sale in when you can pay or can sell your house for the amount you bought it for… For example I bought my house for 5k and now it cost between 0k to 0k, so it is upside downs for around k. I heard that I can hire a realtor he will sell it for a less amount and the rest the bank will “eat it”. But I have to wait certain years to buy another house again. How many years do I have to wait to buy again?

Best answer:

Answer by Star
A short sale is where a bank/lender (whomever holds the mortgage to your property) is willing to accept less than the amount of your mortgage so that you avoid foreclosure of the property AND the bank will not come after you for the deficiency. However, the difference between the amount owed on the mortgage and the amount of the sale is considered taxable income to YOU (or whoever was on the mortgage).

For example, your mortgage is 5,000 (although, I would think that it should be lower if you’ve made mortgage payments). You can only sell the house for 0,000 so there is a ,000 deficiency. In a short sale, the lender is willing to accept the 0,000 and not go after you for the deficiency.

However, you will owe taxes on the ,000 (you’ll get an IRS 1099 form).

As far as when you can buy again, that depends. I don’t think that any lender would be willing to loan you money since you’ve basically defaulted on the other loan for 5,000. Plus, in order to qualify for a short sale, you have to show that you are financially unable to continue making mortgage payments (and you probably have to be in default / delinquent for several mortgage payments).

Obviously, if you’re financially able to take out another mortgage, it is unlikely that the lender will even allow a short sale.

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Question by LoveMyKids!: How does one get an apartment after a foreclosure?
My friend is letting her house go to foreclosure & will need to rent an apartment. She is currently only 30 days delinquent. How do apartment management companies view foreclosures? Should she apply for an apartment now, knowing that she will not move in for a couple of months?

*** Please note that I am not looking for advice on how to keep the home or to get her out of the foreclosure. All options have been considered. Please give advice on how to proceed to obtaining her next housing. Thanks!

Best answer:

Answer by b14417@sbcglobal.net
I am a Landlord and would probably listen to the full story before saying no to a renter.
I have said no to people for lying more than a credit problem. But then again I am a soft touch.
If the house but not other bills were the major problem then she won’t have as much to explain. House payments are usually much more than rent.
My son does routine checks on potential renters credit and I think the Apt. Managers are reluctant to rent to habitual bad payers. You know…cars, furniture, things going back for lack of payment.
Good luck to her and hope things look better in her future.

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Question by gregdaman925: What is the difference between a real estate broker and real estate agent?
I was wondering what the difference was between a real estate broker and a real estate agent? How long would you have to go to school to be either one?
I pretty much got my answer to this question. Can a real estate broker act as both a broker as well as the agent? I plan on starting my own realty but want to do both jobs.

Best answer:

Answer by newmexicorealestateforms
There are two different types of licenses in all the states. They are the licensee who can be a salesperson or a broker the broker has to have more education than the salesperson and can at some point become a Qualifying broker who is the one responsible for the licensee’s. Most states are now moving to create one license name but keep the QB designation as a separate license. The QB is usually the owner of the real estate company although in most states you are not required to have a real estate license to own the company but you are required to hire a Qualifying Broker to qualify your company as a licensed real estate company to do real estate business in the state.
To find out what you need to do since you didnt say what state go to the link provided and check out the schools in your state and the requirements for licensing.
Real Estate Educators Association (REEA) includes search for real estate schools: http://www.reea.org/
Buena Suerte

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Question by mike s: How Do I Stop Foreclosure On My Home?
I want to keep my home but the lender will not take my money. They send it back to me?

Best answer:

Answer by desperatehw
Get a lawyer right now. There are procedures to be followed. The lender is following them. you will need to enjoin (stop) the proceedings right away. Hurry. Get a real estate attorney today.

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