You can only get a USDA loan in a designated rural area. USDA is better if you have a choice between the two. USDA is zero down 100% financing and does not have monthly mortgage insurance. FHA is min 3.5% down and has monthly mortgage insurance. So your payment will likely be lower with a USDA loan.... more
The lender has to order it through a management company and then they hire the appraiser to inspect the property. Once the appraisal is done it goes back to the management company for review and then a copy is given to the lender and the buyer that paid for it.... more
The home is in a Hold Do Not Show status. What this means is the seller did list the property but for some reason not explained on the listing status they have put the listing on hold.
It could be the bank has offered them a trial loan modification or it could be someone in the house has had a serious health problem. There are many reasons a seller might choose to put a listing on hold. This could be a temporary hold or it could be until the listing expires.
The MLS that real estate agents use has several categories for the status of a house. Other websites such as Trulia or Redfin might not have a Hold Do Not Show status. So, one website might say that this category is Not Available whereas another would say it is still active.
I hope that explanation helps.
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There are several forces that have created this issue.
Mortgage rates are at incredible lows which has prompted many buyers to get off the fence and think about the buying.
On the seller side, foreclosures have shrunk dramatically while investors have bought up the foreclosure inventory that does exist. Short sales sit in the 'contingent' status for months, and are thus, not available.
Lastly, the traditional buyers that are able to have been holding on until the market picks up. We have seen prices turn up this year and the predictions for 2013 are even better. So - inventory has been drastically reduced this year...
I hope that as prices come back that more sellers will put their homes up for sale. Look for the first uptick in inventory in March/April of 2013.
Take care Anita.... more
Have you considered the Antelope Valley, Palmdale or Lancaster? I just sold two homes there and could not believe the amount of quality homes available for such an affordable price. If you considering purchasing homes for investments, it is certainly an area worth the effort.
Diane Wheatley, Broker
Permits don't guarantee work is done right, just that someone from the local jurisdiction signed off on it. If your inspector has concerns for the quality of workmanship, you should request additional inspections by qualified specialists; in this case a licensed roofer and a masonry worker.
I've seen Permitted work which should not have been approved and I've seen homeowners do work without permits which exceeds all code requirements. See what the experts say.... more
Congrats on beginning your home search. Now is a great time to buy a home, especially in those areas. I am very experienced in those areas, especially with foreclosures and short sales. I would love to help find you the perfect home and help you successfully navigate the home buying process. Please contact me directly and I can tell you a bit more about myself and my experience, and talk to you about what you are looking for and how I can help you.
I look forward to speaking with you soon.
#1 Buyers Agent Keller Williams Los Angeles Region
This is a good question. There are a number of large national companies that offer this service and normally smaller local companies as well. Check the yellow pages for local company availability and speak with a representative. Find out from them what the benefit is for using a local company as opposed to a larger out of the area concern.
Good luck... more
I'm not sure what you mean exactly by a "roll-on roof", but I think that that would of course have a detrimental affect on the value of the property. As long as you know what you're getting though, and factor it in to the purchase price, even if it is a foreclosure, you should be OK.
People get their panties in a bunch when buying property next to freeways, highways, busy streets, etc., but in reality its not something you should worry about too much. Unless it is some unique scenario where the noise is SEVERELY loud, to the point it is actually noticeable at night, it shouldn't really impact the value of property at all, or the ability for resale. Yes it may affect the property, but so does the square footage, number of bathrooms, and the living space. You stated that the home was in a good neighborhood, so as long as you already know exactly what you're buying, you shouldn't have much of a problem, and you shouldn't consider it a "risky purchase". You'll be able to sell the property at its value at the time of resale, as long as you understand what that value is then, and is now, you WILL be able to sell it no matter if it is located next to a freeway, etc. Good luck.... more
You should investigate this claim very thoroughly during your inspection contingency period. Make sure that you are aware of when that contingency expires and quickly conduct all of your investigations during that time so that you can cancel if necessary. You should have a very good inspection (talk to your Realtor for a referral) to make sure that this claim does not mean that there are current issues with the property. You should also find out if there is a current lien on the property by reviewing the preliminary title report (this comes from the title company shortly after you are in escrow) and informing the title company of this so that they can help you investigate. If you have the name of the insurance company involved in that claim, you should call them and ask them if there are outstanding issues.
You also want to review a natural hazard report (should be provided by the seller) to ensure that the home isn't currently in danger for being damaged because it is located in a zone prone to natural hazards. I would also go to the City to see if there are any liens or notices out on the property due to failure of a previous owner to maintain or correctly repair the property. Be sure to check the permit history.
Whether or not you go forward depends on what you find, what it will cost to rectify those issues (if remedying them is necessary) and your own financial situation. Your lender might also take issue with this so that might kill the deal as well. Make sure that your lender gives you a determination before your loan and appraisal contingency dates expire.
Remember, one of the bigger issues with REOs is that you cannot get as much information from the owner because the owner is a bank and has never lived in (and maybe never even seen) the property. This makes conducting a full investigation of the property even more important.
You can back out during the inspection contingency for any reason related to your investigations of the property. Be sure to take note of the deadline. Most of the REO contracts say that the property is being sold as is, it usually indicates that they don't want you to ask for them to do repairs. It actually has no bearing on whether or not they will actually give credits, reduce the price (which are also options if you find out there are issues) or do repairs. However, it has no affect of your right to inspect and cancel due to issues that you learn about during the inspection.... more
Well, your "problem" and your question aren't necessarily related. I know that LA, much like my market, is very competitive for the best deals. You should also know that homes that are priced well see multiple offers and often sell above list price. It sounds a bit unusual that within 1 or 2 days a bank owned property would go under contract; I find that takes a week even if they get multiple offers on the first day it's listed. Below is a post that explains the types of transactions you'll find out there; and you can click on the links for even more detailed information. But, be prepared to move quickly when a house comes on the market that you might like. Make sure you're getting the alerts about new listings that fit your criteria right when they come on the market; and then plan on seeing it right away and being ready to write an offer on the spot if it is the right house. Understand you may end up writing on a few before you get a contract ratified. If there are 5 offers on a property, you only have a 20% chance, and the way to increase your chance is to prepare a strong offer.
To answer your question... I'd say a strong "foreclosure" agent is one that understands the differences between foreclosures and other types of sales and can guide you accordingly. By reading the blog below, you will be able to ask educated questions and know that you're dealing with a pro.
By the way, the reason I have a clue about the LA market is because I have an agent out there that I exchange quite a bit of business with. He's excellent, and the people I've referred him to become his friends. If you'd like a referral, please email me with your name and contact info and just a bit about the type of home you have in mind. If it fits his business model, I will put you in touch.... more
Prime Studio City really depends on your needs, many factors will determine what is prime. If you want the most desirable areas than south of the Blvd ( South of ventura Blvd ) is where you want to be. if you want more land and an open space you might want to look in colfax meadows and areas near beeman park and the studio City golf and tennis area. Studio City has wonderful schools like carpenter and dixie canyon and great areas for dining shopping and entertainment. Home prices have been at record lows and opprtunitiesto buy properties have never been better in the area, www.check out studiocitylife.wordpress.com for more resources and information.
Keller Williams Realty
No with any short sale or foreclosure banks are extremely slow and busy. It not the fault of either listing or buyers agent. Patient however if bank has not approved your offer, I would keep looking property may have bidding war.
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