Sounds like you're in a short sale transaction. There are so many variables that it's really next to impossible for anybody outside the transaction to provide any sound guidance. You should ask your agent these questions.... more
Hello, and thank you for posing the quesiton. I have 11 years experience and have sold 12 homes in the Anatolia area of Rancho Cordova. I have knowledge of the Mello-Roos fees, HOA fees, and many other aspects of the area that can help you focus your search and ultimately, be successful in your quest to find the perfect home. Please let me know if you need any market/pricing data for the area and the current market. Also, I'd love to meet with you in person to discuss what type of home you are looking for and discuss our strategy to be successful.... more
A definate yes in the current housing market. Your mortgage payment, including taxes and insurance, will probably be less or equal to what you pay for rent in an apartment. Additionally, all the interest you pay on your loan, is tax deductible.... more
This is a question for your lender to determine affordability and what you'd need to bring in to obtain a mortgage. If you are a military veteran then a VA loan does not require a downpayment. In addition, a home in various rural communities such as Wheatland or Galt can qualify for USDA financing and that doesn't require any downpayment either. In some circumstances you can qualify for the CHDAP loan which creates a 'silent second' as you'd referred to that is combined with an FHA loan. But again, speak to your lender.
if you don't have a lender you trust, call Chris Stahl at Summit Funding (916) 768-8000.... more
You are right, your lender will want to know if you are purchasing the property for investment
or personal residence to know what type of loan product they will be able to offer you..... If you purchase a home in Rancho Cordova in February with the intent to move into it in August, your new lender might be willing to consider the home a "2nd residence". Whether it is considered a personal residence or rental you are no doubt going to need to show the financial ability to support your current mortgage plus any mortgage you take on in California..........But because we represent clients in the purchase & sale of real estate, not lending, I always suggest you talk directly to the decision maker------a well qualified lender. They can guide you through the process of deciding what is best for you, making sure you understand any impact your status would have on the borrowing process.
We would be happy to refer you to a local lender who could advise you on your options so you can make a well informed decision. Good luck to you.... more
Credit is the key here!!! Your credit score is one of the most important factors in determining whether you can get a mortgage. Chances are, you will need to pay off your credit cards before qualifying for a home loan. You should discuss this with a lender one to one though.... more
If you are living in the house you can get a FHA to pay your sister her share of the house. You can roll the closing costs into the mortgage if the DTI works out.
If it will be an investment property and you have tenants in, you can get an investment mortgage to pay off your sister.... more
Normally I believe you have to have it discharged in order to qualify for a loan but I'll rely on the mortgage professionals to guide you in this confusing market.
Chris Stahl at Summit Funding is working this weekend and he's my go-to guy. he can be reached at (916) 768-8000. If you can't qualify now, it's not too early to work towards rebuilding your credit so either way, he should be able to give you good advice.... more
I would not recommend it at all, ever! The problem is not the other agent, it is the bank. Real Estate Agents only get paid once the property closes, so, trust me, they are doing all they can to move the transaction along. But the banks have absolutely NO sense of time and nothing can make them move before they are ready. You will NOT be able to make things move faster and you will only annoy the other agent.
There is another problem that you are not considering. Your agent owes you certain fiduciary duties, among then confidentiality and full disclosure. Anything you tell your agent must be kept in confidence unless you authorize them to disclose it. And, anything the other side 'lets slip' just be disclosed to you. This only serves to increase your negotiating power. Remember, you are still in negotiations for the property! If you were a major league baseball player would you try to negotiate your own contract? I doubt it! If you contact the other side, anything you say can and should be used against you in the negotiations. Not a good idea.
Short sales are difficult at best. When a bank is involved nothing in heaven or earth can make them move until and unless they are ready. Anyone who cannot be patient and tolerate that should not be purchasing a short sale property. I hope that doesn't sound harsh, I really don't mean to be difficult, but that's just how it is.
Be patient, it will get done, but it will only get done on the bank's time table.... more
First, talk to a mortgage broker who may be aware of creative ideas. Second, it may be possible to do a 'seller financing' situation, where the owner carries the first loan. This will limit your options but could be a possible work around.... more
Why would you want to take on a huge debt - and commitment - that is a mortgage when you still owe money to others that you can't pay? Before you consider buying property, you should probably consult with a financial advisor/credit counselor. Your question is not one that a real estate person should answer.... more
It sounds like it is being handled poorly by the listing agent. That agent might think it is going to be accepted based on what they were told by the owner or lender and they may be just waiting on a signature to close the deal, but since it is still active in the mls I would want to see something from the owner saying he has rejected your offer or that he is not accepting offers or something like that from the listing agent. Your agent should be able to get something like for you. It could be on the up and up because these short sales or bank owned homes (or those now owned by fannie or freddie) can be nightmares to get an answer on sometimes.... more
Not knowing all the details--your agent can best advise you regarding rescinding as it relates to your specific situation, contract, other details, etc. Keep in mind that lenders are looking to get as much money back as possible--how badly do you want this property--and was this property listed slightly below today's market I wonder.... more
To qualify, you will need to show the auctioneer cash or cashierâ€™s checks sufficient to cover any bids you will be making. Some Trustees specify checks are to be made out to them, usually you can get cashierâ€™s check made payable to you, then if you are a successful bidder, you endorse them payable to the Trustee. I have heard of some horror stories. Be fully aware of whay you are buying and if there are liens on the property.... more
The short answer is no. The asset manager at the bank that holds the note is the person making the final decision. No two transactions are the same especially with short sales. There is very limited feedback from the asset manager about what they are looking for in an acceptable offer.
This can be a big problem for the agents who are still accepting offers for a short sale or have multiple offers on a short sale listing. All you can do is hang in there and hope.