Feel free to visit my website at www.getlosangeleshomevalue.com for an estimated fair market value of your property.
Thank you,
Sara Mehrpouyan
Rodeo Realty
Direct 818-903-2040
Dre License #01712757... more
Ana - You need a local, experienced Short Sale/Foreclosure RE Agent to help you ASAP. You have 2 options, do a short sale or go to foreclosure. Once you have the details of the potions, including the ramifications/consequences, you can make an informed decision.
Best of luck,
The Marie Souza Team – Top Selling on Cape Cod
Cape Cod Real Estate Services
508-790-2000
info@mariesouzateam.com... more
Ana the bets answer one can give is maybe but maybe not, a professionsal short sale negotiator that works on your behalf can assist you with those negotiations with the bank as to how they report the sale and what happens to the shorted amount.
http://www.trulia.com/blog/scott_godzyk/2011/08/the_basic_process_of_a_short_sale_-_what_exactly_happens_and_in_what_order
Please see my blog for tips and advice on how a short sale works,... more
You are getting at two things. One is to pay early for interest the other is to pay early for taxes at the end of the year. it is possible that this varies from bank to bank, but here are my experiences.
Paying two weeks early doesn't really help you because the bank posts assuming that you are paying your cycle. I am not sure the best way to explain this, but the principle reduction is assumed to occur on the the 1st of the month whether you pay 2 weeks early or 2 weeks late (on the 15th).
The other question about paying your January 1st bill on December 31st (or earlier) can help taxes because the bank will report that you paid your interest on the day your payment posts. So if you paid all your January 2011 statement on January 5th, 2011, and all your other statements on time, then make your January 2012 payment on December 28th, 2011, the bank will essentially report that you paid 13 months worth of interest in 2011, so you will get an added tax benefit. Of course if you do not pay the January 2013 payment early, then your 2012 taxes will only have 11 months of interest.... more
The agent you have now started the process of this sale, and they will be expecting compensation for doing so, they are the Buyers agent of record for this sale, any other agent that tries to represent your offer now, will not get compensation! Its a quirk but it is how it goes. Go over the escrow thing again, you go present tense, pass tense and then future tense on this matter, sit, think and then explain what you have done with escrow?... more
So many people misuse terms and quote things that are flat out untrue. A CONVENTIONAL loan is simply any loan that is not government insured. FHA, VA and USDA loans are non-conventional because they are government insured. FHA loans require 3.5% down payment with credit scores of 580 or above and 10% down with credit scores from 500 - 579. FHA mortgages do not have PMI, they have MIP which is usually more than the PMI for a conventional, conforming loan and an additional Up Front MIP that is usually financed into the loan balance. CONVENTIONAL loans DO NOT require 20% down as keeps being reported. A conventional loan can require as little as 3% down (Home Path). You can get non-HomePath financing on other properties with 5% down.
The confusion comes in with the terms CONVENTIONAL and CONFORMING. CONFORMING loans conform to Fannie MAe and Freddie Mac guidelines.
Thus:
FHA loans are non-conventional, conforming loans.
Most non FHA mortgages are conventional, conforming loans.
A Jumbo loan through a portfolio lender would be a conventional non-conforming loan.
A 5/1 interest only ARM is a conventional non-conforming loan.
A VOE is not your w-2s and 1099s it's what is ordered from your employer to verify what is on the W-2s and /or 1099s, it's usually Fannie Mae form 1005. There were programs in the past that just required a VOE in lieu of other income and employment requirements but this can be riddled with fraud and these programs (hopefully) have dried up. If there are still any out there I would avoid them.
To get accurate mortgage information, always consult a licensed loan originator.... more
As already mentioned getting another L.O who can do FHA loans should be no problem. As a recommendation though an L.O who specializes and can do both 203k's and 203b FHA loans could be very helpful.
Good luck.... more
As long as you do not have a buyer-broker agreement, you can fire your agent and hire a new agent (California). It's always best to talk it over with your agent so they know where their weakness was working with you. Most of the time it may be a personality conflict and they can refer you to someone that is a better match with your needs. Buying a home is one of the most important things you'll do in your lifetime and you need to feel comfortable and confident in your agent's abilities. Remember they work for you!... more
The office of the lender should be able to "lock you In" to this program. They should be able to project how many other buyers are signed up for this program who are scheduled to close in the next 60-90 days & whether or not the city budget still has enough funds for this particular program to close for everyone who's signed up for it.
Alternatively, please ask your lender about the Cal Access program which requires only a 1/2 percent down, it may be a good alternative to explore now JUST IN CASE this other program doesn't work out for you.
EmilyKnell1@yahoo.com
562-430-3053 cell
Realtor Since 1996... more
A Short sale is the process of selling the Lender short of what is owed on a loan, never a put Large Down payment on a Short sale until you have an approval because your Dream home might show up while you are waiting the Year (or less) it takes to close a Short sale. The Problem with most Short sales is not meeting the BPO agent at the House to point out damage in the property, along with making sure an inside inspection is done, and all repairs are noted for the BPO agent to consider. A short sale is the process of building a case for the Price you are asking for, Meaning the BPO agent should be informed about the Owners situation, the foreclosures in the area, and you should have your Comps only for short sale and / or Foreclosure sales within the last 60 days. This information along with contractor bids for all repairs, Crime rate, Pictures of vacant home in the area. I know that 1 out 7 houses in my area are sitting empty. Plus you have to remember that all this is hard work is based on the Realtor actually meeting the BPO Agent at the House, otherwise the BPO will have a Value that will only benefit the Bank because that is who is paying the $75.00 for the BPO. If you don't inform the BPO Agent how is he going to know, most of the time it is an agent that works an area 40 miles away. After all the paperwork is Submitted the Negotiator needs to make contact with the Bank 2 times each week to make sure the process is moving Forward, the Problem is most Deals get submitted and then the Realtor says No I have not heard anything.
Well, two days after the BPO agent's appoint your partner should order a BPO on the same property because they won't go do another one they will just copy the one they gave to the Bank, that way you have the same numbers. If you did you homework your offer should have been 70 to 81% of the BPO number because that is the number the Bank will consider. if your Offer is higher than that your Negotiator (Realtor) isn't working the Deal correctly, a Short sale is a Distressed sale and should never Comps with any standard sale properties, and should not be priced close to Standard sales. Reason you are going to wait 1 year for the property if the market drops because of the 17million REOs being sold, you will have a property you have to pay for that you can’t live in for a Year. Hello,.
This takes us to your Standard sale which is, you make an Offer, put a Down payment and wait for you Offer to be Accepted, you can Negotiate the terms, until both parties are happy. Then you close with New Loans, everyone gets paid and you move in. it can happen in as little as 5 days up to 90 days.
The main problem is a Short sale takes so long it gets treated as a Standard sale instead of making constant contact the Agent ends up missing a call because they were showing a home to a Buyer that wants a home today, and your Short sale sits on a desk at a Bank, and finally the Bank negotiator types in Zillow.com and finds that houses around that property are $50,000.00 more than your offer so they reject it and you start over and the price goes up plus you might have to put a little more Down to keep the Agent interested another go with the Lender. You have to remember one thing Most Lenders are discounting the Loan at the Auction steps to about 69 to 71% of the debt so you Offer should be in that range, or just Buy it at the Auction and get the Price you can’t get with you Agent.
Good Luck,... more
Sandy:
If you are buying in area code 91706, then your agent will be using a CA purchase agreement for your offer. The answer to your question depends on the time frame specified by your Realtor on page 8 of the offer – Section 29: “EXPIRATION OF OFFER”. If your agent did not fill this section out, then the contract defaults to 5:00 p.m. on the third day after the offer is signed by the buyer.
Some listing agents disregard this part of the contract and take as long as they choose.Quite frankly, it’s a rude practice. Others will communicate with the buyer’s agent and get written or verbal permission to extend their response beyond the 3 days.
Technically, your offer is void once the 3 days expire.
.... more
Hi Sandy!
You should ask whoever pre-approved you this question. If you are pre-approved for a sale price of $300,000 or less then anything selling $300,000 or less should get financing approval. Your pre-approval is good for up to 3 months - after that your credit report expires and would need to be re-evaulated.
Feel free to e-mail me directly with any mortgage questions.
Tom
Thomas.Stevens@flagstar.com... more
Yes foreigner can buy property but must provide proof of funds to close escrow if you are a cash buyer. If financing, you must have proof of funds and pre-approved loan from your lender.... more
If you are issured a notice to perform, and you do not perform, the builder can cancel. If the escrow has a closing date and the date has passed you can cancel the escrow with a letter to escrow. When you write your letter to escrow to cancel, ask that your deposit be returned to you.
You will not receive your money back automatically, both the buyer and seller have to sign cancelation to return your deposit.
Noone can make you buy. My contracts has a liquidated damages clause initialed by both parties. The amount of the damages is equal to the amout of the deposit. The worse is you lose your deposit. You may have to take the builder to small claims to get that.
Read your contract, call the escrow officer, shout out a question on Trulia. You are doing the right thing by asking lots of questions.
sindyverdugo@remax.net
562 433 3777... more
BEWARE. Some will tell you that the balance is written off by the bank. That is not always the case. The only way to know is to have a qulified professional review all your documents. In addition to the money owed to the bank, you may also owe state and federal tax on the amount that was written off.
I hope this helps.
Jonathan Starr... more
Hi Desiree,
No. The loan is what is being foreclosed upon, not the title.
You should not be affected.
I would have to look at the title to tell you for sure.
I hope this helps you Desiree.
Jonathan Starr... more