You should study RENT vs BUY options as you may qualify to buy with minimum out of pocket expenses and pay less than rent in many cities across CA. You may qualify FHA from a minimum 580 fico score and 3.5% down or even as low as .5% half percent down payment program. You may qualify FHA with fico scores between 500-579 with 10% down.
Credit scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary. You may qualify for 5% down conventional with NO Mortgage insurance (Lender paid MI) from a minimum 620 fico score. It only takes a few dozen questions to qualify and go over your options. Here are some blogs such as RENT vs BUY, Which loan is right for me, Down payment and closing costs hurdles and Pre-approval in minutes.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
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Inventory's going up, interest rates may be up in the spring and how lenders qualify and process loans will be changing next year. (All point to a challenging spring for sellers). The trend is moving from a very strong seller's market, now leveling off and heading for a more normal market with buyers having more choices and leverage than they did in the past several months.
I just sold a condo in Marina Bay mid October. There's not enough inventory there. We had (6) interested buyers and ultimately ended up with 2 offers over asking. This was despite not having available conventional lending due to pending litigation with the HOA. (Depending on what complex you're in, lending may or may not be an issue). Yes we're seeing less multiple offers but it's still a strong market in Marina Bay with more upside.
As other agents have stated, buyers will continue to look even during the holidays, investors always will and during the upcoming holiday season, they're usually serious.... more
I'm seeing some pricing stabilization throughout many areas of the bay. The good thing about this community, is that it is one of the most desirable in Richmond, so prices will stabilize faster here, compared to the Iron Triangle.
I've sold a few REO units at Marina Bay and have recommended it to several buyer clients both as an investment and as a great place to live. If I can be of further assistance then please visit me anytime at sfoluxury.com... more
If you want the best answer, just ask the escrow agent for an estimate HUD. Impress upon the seller's agent that you will not put an offer until you know what the estimate HUD is. OR write your offer "PENDING BUYER APPROVAL OF ALL FEES/ESTIMATE HUD FROM ESCROW".
Possible but unlikely that the lender will pay for a pest inspection. Buyer typically pays for home inspection, and you should certainly do that. Remember inspections are one part of the process that will let you withdraw your offer and still get your deposit back. It's called a contingency (usually one of three). A buyer's offer is typically contingent upon 1) satisfactory inspections, 2) appraisal equal or greater than the purchase price, and 3) approval of buyer's loan. If any one of those doesn't happen, you may cancel the contract and receive all your deposit back. Remember that you have a specified period of time (default is 17 days) after opening escrow to complete and remove those contingencies. Short sales may have shorter times, and may not permit one or more (Might be "as-is" and don't submit your offer until you're satisfied there are no inspection issues).
Nancy, you really need an Realtor. I'm happy to help you but get some agent. Remember there's no cost to the buyer to have a Realtor on your side because the buyer's agent is paid by the seller. Also remember that having a real estate license doesn't mean you've subscribed to the code of ethics required to be a Realtor.... more