Hello Roxy,
This proeprty was listed for sale as a standard sale, & has been sold already.
If you're interested to purchase or looking for lease option to buy please contact me @ 909-908-9770.
Ashley/ Real Estate Broker
California Prime Homes & Management... more
Having read 14 answers, let me tell you that there is a lot of conflicting advice:
Let me add that Realtors do not want to give you LEGAL advice, we leave that to the Lawyers,
and this case, I would strongly advise you to do so; because you are probably in trouble:
Shortsale: The Lender prpbably will not agree to a SS becuase you are definitely not in a HARDSHIP situation; just being UPSIDE/DOWN is not a hardship.
Deficiency: The Lenders (plural) will probably come after you, and even though California is a Non-Recourse State, they will be able to because of the two flaws in your situation; you took out money, and you did not use it as your Principle Residence.
IRS TAXES; The IRS probably will demand a bunch of $$ based on the "paper profits" that you will make on disposing of the Condo. You may want to walk into your IRS office and talk to them: This will not be a case of asking forgiveness is better than asking permission.
Please talk to a Real Estate Attorney.
Good luckand my God bless... more
Jackie, Im sure the real estate professional/broker that is assisting you may be able to answer your questions. A thorough inspection is key here as to the gas leak issue. Best of luck
Sharon, I recommend you speak to an attorney and/or tax accountant regarding this matter, they will be able to give you the best advice regarding your personal situation as it pertains to the taxes due, if any.... more
As much as I hate to admit it... a lot of these homes that were purchased byย buyers with anย 80/20 loan should be foreclosed on.ย It's a sad thing but they never qualified in the first place.ย In order
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Hi Brujito, since I mentioned MGIC in my response below I also wanted to make you aware that since we are talking about insurance, and therefore risk, guidelines can change at any time.
Case in point:
Announced yesterday, and going into effect March 8th, MGIC will make pricing and criteria changes in response to losing market share to FHA loans and also to keep their #1 position among MI companies. The new pricing scale will use borrowers' credit scores to set premium rates with lower prices for borrowers with the best credit history and higher premiums for those with worse scores. MGIC hopes this will not only increase revenue but will also shift their business toward borrowers with FICO's above 720. For all markets and origination sources, MGIC will require a minimum of 3 credit tradelines evaluated for 12 months. Without this, the loan must meet MGIC's nontraditional credit guidelines.
http://www.mgic.com/email/uw_bulletin_01-2010.html
Best, Steve... more
Mr. Hernandez is correct. Have your cousin give you 12 months cancelled checks to show your lender that he/she is making the monthly payments. If he/she doesn't pay with checks, get a printout of the payments made from the bank statement for 12 months. The debt will not be counted against you. If your cousin bought the house with an FHA loan, I'm assuming that you were a non-occupying borrower. If that's the case, you may still buy a house with an FHA loan.... more
Everyone's comments are true, that it first goes to the seller; then the listing agent presents offer to the bank. Keep in mind, though, some issues that may or may not motivate the bank to accept the one offer that is likely presented - that is, is it enough, in the eyes of the bank, to at least recoup a good portion of what is owed on the home? Remember, a "short sale" is the sale of a home which has more owed on it than it will likely end up selling for in this particular market.
Therefore, it does not make logical sense to make a 'rock bottom' offer on a home listed as a short sale, and to expect the bank will accept that offer with open arms. Remember - the bank is looking to accomplish a sale that will lose them the least amount of money in the long run.
Hope this helps.
Ruth Velez
Portland , OR... more
If that is what your encountering then maybe it's time to change tactics and the type of financing.
Go after properties that have been on the market longer or that need repairs or even better both and use the FHA "203k" http://www.203kmortgagelender.com instead of the FHA 203b which allows you to buy & fix it all in one loan.
Maybe that might help your chances in finding, buying and turning something that you might have overlooked before into what was there all along...your diamond in the rough.... more
anyone that can tell you that you will hear an answer on a short sale in 3 days is a fortune teller. most short sales take 3-6 months. a bank does not have to take a short sale, as they are takling a loss they are in no hurry to approve them. the short sale package has to be complete, it has to be done right and you only have 1 chance to do it. short sales take daily comjunication from the agent to the assett manager. yes daily... emails phone calls and/or faxes... what ever can get an answer. 99% there will be no updates however you need to be there when the assett manager is ready to make a decision or more important needs something. good luck with your short sale however as stated in ana earlier post, only 1 out of 10 ever close... more
Veronica,
I'm a Realtor, but I agree with Newport Fiji that the Realtor's opinion on when to buy doesn't really matter. And in fact, the more opinions you listen to, the more confused you are bound to get (as evidenced by this board :)
I do have a degree in real estate and finance. I was trained by a Harvard MBA. I read the Wall Street Journal. It doesn't matter. What matters is YOU and YOUR goals.
DEFINE YOURS AND YOUR FAMILY'S GOALS.
Is your goal to live in this home for the next 3 years or for the next 10 years?
Do you plan on growing your family more?
Why is now personally a good time for you to buy?
What would you be gaining personally as a family by purchasing now or waiting until the end of the year?
Once you have clearly defined goals for your family, you will be in a better position to make the decision of whether to buy now or wait. if your goal is to live in the home for many years, in my modest opinion, buying now (Summer) or waiting until the fall of this year, will not really make much difference in the grand scheme.
Hope this helps and good luck!
Lillian Pastora
Broker-Associate
RE/MAX Masters
626.375.2507
Lpastora@remax.net... more
It all comes down to the bootom line - how much the lender will receive. An all cash offer or a high down payment can often sway a decision if contracts are close. Once approved, lenders just want the deal done!... more