We are trying to buy a REO property. Bank wants us to accept their counter offer regardless of appraisal report or termite or any inspection reports or even we get the loan closed or not. Bank is not even giving us 1 day of contingency period so that we can make sure atleast appraisal value is close to the contract price. What should we do? We don’t want to pass this house as it fit our needs and its at a OK price(but not below market price).
Thanks in advance for your time.
Will i be able to take out more money from a refinance or by creating a new mortgage with my girfriend? (we are looking to buy house than put on an addition)
I am buying a house from a builder. I can’t get a loan so he is willing to owner finance. Is there a way that I can get that mortgage reported on my credit report so that timely payments will raise my credit score?
Refinancing IS a new mortgage. You and your brother cannot refinance it together, though. You and your g/f will have to get a new loan and buy out his equity.
Whether or not you can take out any equity will depend upon the numbers.
The “mortgage” really has nothing to do with it (unless both of your names are on the note).
It’s the deed. First, make a personal agreement with your brother to buy him out. Then, go to a title company and simply remove his name from the deed. Both of you will need to be present to sign. After that, it’s done. Costs somewhere between $ 20 and $ 30.
On the finance side, contact them and request to take his name off the mortgage. This way, his responsibility on the mortgage is gone.
Never, never, never buy a home with a girlfriend or friend. Girlfriends come and go but the mtg is there for 30 years and I do not think she will be around for ever.
The builder would have to report it for you.
Only if the builder is a subscriber to the credit bureaus’ services and chooses to report it. You cannot “self-report” to the bureaus.
Sure…just ask the builder to report your payments
Generally not, unless the builder agrees to report to all three credit reporting bureaus. Understand that there is a hassle involved with doing so, as well as a cost. Your builder would need to subscribe to the three bureaus in order to report to them.
Anyone who has a need to check peoples’ credit reports (a lender or credit company, a developer who may finance buyers, an apartment manager, a property management company, etc.) will have an account set up with the credit reporting bureaus that allows them to do credit report inquiries. This account also allows them to make reports to be added to a person’s credit report, whether that’s just to indicate that the person has a loan out with them or to report discrepancies (bad marks) on the report.
You can ask them if they intend on adding this loan to your credit report (I can’t imagine why they wouldn’t). And, you can verify that it’s on there by obtaining a copy of your credit report about a month or so after the mortgage is established.