Well..your getting close to your move in a little less than a month or so.
Have you considered using your VA for your purchase?
VA is excellent and offers the following benefits:
*100% financing! (You can put down $$$ if you wish)
*All closing costs paid out our unqiue lender credit!
*No mortgage insurance
In terms of documents I would need:
1. Last 2 years of W-2s and Federal Tax Returns with all schedules & all pages.
2. Last 2 mos of bank statements from all accounts with all pages.
3. Most recent 2 paystubs (covering a 30-day period if paid once).
4. Any IRA, 401(k) or other retirments statements
5. DD214 (we will send for your certificate of eligibility)
I can pre-approve same day and we can get you out shopping. Comparatively speaking, buying is stronger than renting when you compare payments & what you get with renting VS. payments & what you get with buying.
I'm here to help. Mike 916-813-4003 or shoot me an email!... more
Office rent Forecast: In 2011, asking rents will tick up 0.4 percent to $23.72 per
square foot as effective rates rise 0.5 percent to $18.82 per square foot.
Retail rents: In 2011, asking rents will inch up 0.3 percent to $21.36 per square foot and effective
rents will rise 0.4 percent to $17.53 per square foot. Asking and effective rents declined 0.6
percent and 1.5 percent, respectively, last year.
Source: Marcus & Millichap research report... more
Thank you Sue Williams for your response and willingness to offer some help to us. Yes an Agent in Oregon and NO, no Agent in California as of yet. And we are considering and thinking and hoping for 3-4 years from now......(if that long). ~~... more
Kristen, I used to live in Lincoln Crossings and from my previous experience I can tell you that your Mello Roos payments are included in your tax bill.
As far as including the Mello Roos in your mortgage, if you set up an escrow account to pay for both taxes and insurance, they will be included there.
Typically HOA fees are NOT included in escrow accounts so you would have to make those payments on your own.
Lincoln is a wonderful community for families and I am sure you will be happy living in our neighborhood.
Good luck with your search!... more
Your question is an excellent one, and there are a lot of people in similar circumstances wondering whether they should buy or rent. Since you are asking about buying or not and location, let's look at them separately.
Buying: with interest rates at or near their lowest point and house prices low, but starting to move up a bit, buying a home as affordable as it is likely to be in the foreseeable future. In fact, in some cases it is less expensive to buy than rent, especially when you factor in the savings from tax deductions.
The market is heavily influenced by short sales, foreclosures and government policy, making it very difficult to predict future prices. Several sources agree homes prices will start to rise, and will be at the more traditional 4 to 6% range sometime in 2012. With the uncertainty in the market at this time, I highly recommend buying decisions be based on the benefits of home ownership vs renting and not based on an expectation of making a lot of money from the sale in 2 to 3 years.
Location: You mentioned a wide range and geographic spread of areas from Lincoln to Elk Grove to Fair Oaks and Gold River. Some things to consider as you get started are: proximity to work; driving a long commute makes for a long day and increased gas bills, it's OK form some and not for others. Schools; if you have children, good schools are important and there is a lot of good information available to compare them. The link below takes you to a link on our web with several useful links for comparing schools. Age of the home and neighborhoods; here there are pros and cons. Older neighborhoods are established, typically have larger trees and you can see how well the neighborhood is maintained. Newer neighborhood homes are typically more energy efficient and have newer heating and cooling as well as newer appliances, which can help with the energy costs of running your home.
In the end, it boils down to your situation and personal preferences. the great news is housing has is very affordable than it has been, so you have more options available to you when choosing your new home.
Hopefully this is helpful - best of luck in your search for the best housing for you and your family.
With Kind Regards,... more
In California, in order to complete a real estate transaction, a title insurance policy must be obtained. If there are liens or "clouds" to the title, the transaction cannot be completed because the lender will not agree to fund the purcahse of a property that appears to have title issues.... more
I second Jim on his answer. In addition, many of the homes shown on Trulia via Realy Trac show prices that have no relation to what the home will ultimately sell for. They may be listing only what's owed on the first mortgage, and sometimes only the second mortgage (that's when you'll see the "too good to be true" pricing of a $200,000 home for $75,000 - as an example).
Any of the Realtors on this site can usually track down the home in question and give you the real info on it.
Best of luck!... more
I am a broker that works with short sales and Bank-Owned (REO) properties. As far as short sales, the agent or broker has to make the decision as to how many offers to send. Typically the Loss Mitigation department at the bank wants to see ONLY the highest NET offer. As far as REO properties, it depends. I have an REO listing right now where I told the Asset Manager that I had received 10 offers -in the first 4 days- and he asked me to submit every single offer received. There was a gap of 45K between the highest and lowest but he wanted to see every single one of them. I believe the bank will end up accepting the highest cash offer received. Yes, cash is "King" when dealing with banks ... as long as the difference between offers is not that great... more
It is always an advantage to make a cash offer on any property. You do have to provide proof of funds with your offer and it may be to your benefit to provide a higher Earnest Money Deposit to show the seriousness of your offer.
Banks holding a foreclosure prefer the shorter escrow with a cash offer. Short Sale lenders are more likely to approve the short sale because again, the escrow can be shorter.
With multiple offers it is a stronger offer to be reviewed.... more
I did a different search: inside Lincoln city limits excluding Sun City.
That result was 31 solds. The difference is that more units sold outside the city limits (often on large parcels, than on city lots inside the limits.
The average price per square foot in the previous 30 days was $114.81 for all sizes. Size makes a big difference, So does condition, location, amenities, and amount of land that goes with it.
Sun City homes are generally higher. Ranches are generally higher. Custom built homes are higher.
Results for Lincoln (city limits) single family homes under 1400 sq feet sold within the past six months . (excluding Sun City) = $138.59
from 1401 sq feet to 2000 sq feet the psf was $131.81
from 2001 sq feet to 2800 sq feet the psf was $107.87
The biggest houses, over 2801 sq feet: $93.22 per square foot.
You want the lowest price per square foot on a home? Easy. Buy a great big house in beat up condition on a small lot in an undesirable location... more
Most of the houses currently listed in Lincoln (except Sun City) are short sale listings. Bank owned Foreclosures are about 1/10th of the inventory. Only about 1 in 3 short sale listings of the past couple years were successful. Most short sale listings failed to ever close escrow. So even when you have a terrific agent, who really knows her stuff, you might not win the first, the second or even the third house that you get your offer accepted on. Buyers today have to have patience and perseverance.... more
Laura thank you for your service to our country! I am very proud to represent VA Buyers in the northern Ca area and specialize in the areas you have interest in they are prime locations to being stationed at Beale AFB.
If you are still in need of relocation please let me know. email@example.com
BHR Park Place Lincoln Area Specialist... more