How
do I purchase a
Nations First property?
Even before starting to look at
houses, find out what price house or condominium you
can afford. Get a lender and a local agent to guide
you on these factors. We have people in our network
who specialize in these types of sales. Contact us
at any time. In general, you can afford to buy a home
equal in price to three times your gross annual income.
More precisely, the price you can afford to pay for
a home will depend on six factors: 1.your income; 2.the
amount of cash you have available for the down payment,
closing costs and cash reserves required by the lender;
3.your outstanding debts; 4.your credit history; 5.the
type of mortgage you select; and 6.current interest
rates. ^TOP
What
is the difference
between prices?
A seller's advertised or list
price should be treated as only a rough estimate of
what he or she would like to receive. Some deliberately
overprice, while others ask for close to what they
hope to get, and a few actually underprice their houses
with hopes that potential buyers will compete and overbid.
The appraisal price is another estimate of value. The
appraised price is how much money a professional appraiser
estimates the home to be worth and usually is based
on comps, or sales of comparable homes in the same
area. Purchase price and sales price are the same thing.
Both terms mean the amount of money the successful
buyer actually pays out to purchase the home. What
you need to remember is every seller and every property
is different. Sometimes in some areas you can pay full
price or over full price. Sound confusing? The easiest
way to figure it out is to call us or a local agent.
^TOP
Are
there first time buyer discounts?
YES - Numerous programs exist
to help first time buyers purchase a home. A host of
private lenders offer low-down payment loans. The U.S.Department
of Housing and Urban Development offers a variety of
programs through FHA that require approximately 4 to
5 percent cash down. Loan limits vary depending on
the county where the property is located. Fannie Mae
has a program allowing people to buy with just 3 percent
down payments. For details, borrowers should contact
lenders who offer government-insured loans.
^TOP
How
can I find a home inspector?
Contact the American Society of
Home Inspectors; 1735 N. Lynn St.; Suite 950; Arlington,
Va. 22209 or ask your local agent.
^TOP
Who
pays closing costs?
Closing costs vary from one transaction
to another and often total in the thousands of dollars.
They may be paid up front or added to the buyer's loan
balance. However, anxious sellers may offer to pay
some or all of the costs to induce a sale. Here are
some basic rules of thumb concerning closing costs:
Historically, if one or more real estate agents are
involved, their commissions are traditionally based
on the sales price and paid by the seller at the time
of closing. In recent years, buyers have paid for agent
services in some cases.
^TOP
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How
does Nations First
set the price?
The first instance we look at
in determining a value is what the clients goal is?
Our relationships exceed that of a typical agent to
seller and we offer a wide array of services to help
clients meet their true goals. Porfolio positioning,
loss mitigation and servicing situations always play
a part in how we are directed to sell. Offering of
financing and many factors also can adversely change
value. Repairs and other variables all factor in. In
general we utilize a combination of BPOs, CMAs, certified
appraisals and public records. These are carefully
authenicated in our valuation department, processed
into one simple format with photos and emailed or express
mailed to our clients. ^TOP
What
about issues such as title defects, evictions
etc.?
We are fully staffed and are highly
experienced to coordinate every aspect of your transaction.
Including title clearing, evictions, redemptions,recordings,
PnP, lockouts, cleanout, escrow, repairs etc. Usually
clients like to give us the properties at the completion
or prior to foreclosure and simply let us deliver the
proceeds when we turn it around. Client involvement
is by their choice to be minimal or detailed. Usually
after a number of transactions and trust is established
we handle evey detail.
^TOP
How
do we get information and updates about our assets
from Nations First?
One of the biggest benefits we
have in our outsource service program is our proprietary
database system. We have spent hundreds of hours designing
it to fit every detail you require in reporting. We
customize your database and give you access via a simple
log in password over the internet. You can see every
note and log we use. Nothing is hidden. We also can
prepare hard copy reports or transfer to disk. Again
it is under client direction.
^TOP
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