According to the tax records, your home was built in 1941. These records are usually fairly accurate, but more research can be done if you are looking for more detailed information about the history of your home.... more
Most of Temescal and Oakland/ Berkeley/Emeryville border (94607, 94608) have already arrived and buyers are hunting for bargains. The further west you go (toward 880), properties are less expensive, less desirable and the area has not arrived. The Laurel neighborhood (94602 and 94619) bordering MacArthur Blvd, 35th Ave, Hwy 13, and 580 is a good place to concentrate.
Buying a house is stressful enough! And now your lender is out of business. I don't know anything about NACA but perhaps your Realtor could set you up with a mortgage broker who is qualified to do FHA loans- this may be another option for you. If you go this route, my suggestion is to find a local mortgage broker who knows and works with appraisers that know our market. I have had two separate clients who have had terrible experiences working with out-of-area mortgage brokers on FHA loans. I know a couple of great ones if your Realtor does not.
Krista Miller... more
My opinion: Buy as an owner occupant. The rate and terms are much better for you as an owner occupant. Your intent to occupy one of the units is the requirement for the owner occ loan and you state that is your plan. You would have to buy with an investment loan only if your intent to occupy was not believed by the underwriter. Be prepared to prove your intent.... more
Fannie Mae and Freddie Mac lifted the foreclosure ban on March 31, 2009 http://washingtonindependent.com/37160/fannie-freddie-quietly-lift-moratorium-on-foreclosures
There may be several evictions that need to be processed, although there may also be efforts to keep people in the property.
"Both companies have announced a new rental program that will hopefully ease that transition. The program allows foreclosed homeowners to stay in the home under month-to-month lease agreements. The ex-mortgage borrowers would pay market rents, but would not be responsible for the home's maintenance costs.
Although the rental program doesn't pursue the goal of foreclosure prevention, it does offer some advantages. It will minimize the household disruption associated with foreclosure, while keeping the homes occupied. The latter is important because empty homes often fall into disrepair and become targets for vandalism; this impacts the quality of life in the neighborhood and puts downward pressure on housing values. Both factors have contributed to the record decline in housing prices over the last two years."
It may be another 2-3 months before we see the next wave of foreclosures.... more
If you went ahead and did the 203K loan in the beginning, then try to convert it later to a conventional loan, that may work.
With your employment history and proof of funds, a lender would want to work with you.
I'm sure there are many loan brokers who can come up with different scenarios for you. I can give you the names of at least two independent and very reliable brokers and a Wells Fargo lender who can offer 203K loans and other options that may meet your needs.
It can't hurt to speak with these folks and see what they can do for you. Let me know if you'd like their names/contact numbers and I will be happy to give you that information.... more
Sometimes, the sales price is NOT the market value of the property, but rather what was the balance of the loan or lien on the property. That could be the amount in default, or the unpaid taxes --- and when the redemption period has expired, it is sold at a trustee sale or at auction.
The same property may be listed for sale at another time at the current market value (or however much a buyer is willing to pay for it), and result in a substantial profit for the person (or entity) who bought it at the low price of $20K.
Also...you will find that some sites show properties as foreclosed when in fact, they may have received a Notice of Default (for the amount that is being shown as the foreclosed $). They have time to make payments to be current, go for either loan modification or short sale, and maybe even choose Deed in lieu of foreclosure or bankruptcy to save themselves the embarrassment of being evicted.... more
Rule of thumb a lender will not lend money on a home UNLESS it is move in quality.
Some mortgage companies which have REO's will either repair minor issues or wait for cash buyers. I have seen some banks (smarter ones LOL) totally redo a home, paint, carpet, and etc, sale home faster rare exception to the rule
Sorry to hear about your circumstance however majority of time we educate our buyers prior to wasting their time on what type of look for... more
If you are wondering if you can use FHA financing toward the purchase of home even though you already own, the short answer is yes. You must purchase the home as your primary residence. The FHA financing guidelines have changed, so there are more options available than in the past.
If you are considering utilizing First Time Home Buyer funds such as ones offered by individual cities, that is different story. Often these programs will have very definitive parameters that a first time home buyer must fit into.
Are you considering selling your current home and purchasing a new one? Or do you want to hold onto your current home and purchase a second? Depending on your situation, the financial options will differ.
I would suggest you talk with a reputable lender who can give you some guidance regarding your current situation and you plans for the future. I work with Chris Hudson of Windsor Capital and I can highly recommend him. He is extremely knowledge and is a consummate professional. He can be reached at firstname.lastname@example.org or you can check him out on the web at www.MyHomeLoanPlan.com
I hope this helps and if you have further questions, do not hesitate to contact me.
Alain Pinel Realtors
Hello, typically when looking at the purchase of condo typically you will look at what other condos in the area you are looking at are selling for, not necessarily current rental rates. Since you may be moving in 3 years time, looking at leasing compared to buying will be an important factor for you and you may find that leasing is a better option than buying.
Each situation is different and gauging the seller's motivation, length of time the property has been on the market and also considering what other properties have sold in the area will help you to determine an offer price. Rental rates can be taken into consideration, but keep in mind you will need to also factor in the tax benefits of home ownership to have a more accurate picture of the cost of ownership vs renting.
In the 94610 area code there are currently 28 condo listings with a price range of $139,900 to $799,000. Different complexes are considered more desirable than others and HOA fees can vary from a few hundred to close to a thousand. Based on the needs you have (1 or 2 bedroom, can you deal with something that needs some work?) will also determine the price point.
If you have talked with a lender already and have a price range where you are comfortable, you might also consider looking at the lower end of your price range to ensure you have a more comfortable payment.
Hopefully you have a Realtor who is representing you. They will be able to help you to weigh the different factors and help provide sales data to help you make a more information decision.
Hope this helps and if you have further questions do not hesitate to contact me.
Alain Pinel Realtors... more
Check out the link below to see recently sold homes in 94610. Trulia shows information for homes recently sold within the last nine months for most locations. If you access the link below you'll be brought to page 8 of those search results so you can check out the homes sold in March specifically.
I hope this helps you.
Customer Service Representative... more