You can sell your home with a contingency on finding suitable replacement housing in your contract with the buyer. If you do not find a suitable replacement home, you can cancel your sale or negotiate for an extension. Additionally, arm yourself with a strong and convincing pre-approval letter - preferably with the Automated DU Findings, proof of your credit score, and proof of funds to close accompanying your letter. Work with an aggressive agent who responds quickly to phone calls / texts / emails from you and the realtors he/she is dealing with on your behalf. That combination is really the best you can do. The only other thing you could do is borrow cash from a wealthy relative and pay them back with a cash out refinance on a new home after you close escrow.... more
You really should start with the park manager. You will have to fill out an application and be approved by them before you even make an offer on a manufactured home in a rental park
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Mello Roos is a California state assessment, that goes toward developing the infrastructure in the surrounding community where a home is bought. Mello-Roos funds provide principal and interest payments for services, which include maintenance for streets, water, sewage, electricity, infrastructure, schools and parks. Mello-Roos is commonly imposed on new community infrastructure, like schools and roads.
Many buyers draw a line in the sand, and say, that they don't want to look at homes that have Mello Roos tax. But, one should look at the bottom line. What will the payment be? Some times homes without Mello Roos are higher priced per square foot. And, some have HOA fees. The only way to compare apples to apples is to compare the monthly payment.... more
We offer interest only loans. They are available to anyone that meets the income and credit requirements. Interest Only loans aren't only available to "affluent borrowers".
Interest Only loans make sense in some cases. For example if your looking to own the property a short period of time. Very popular loan program for property flippers or borrowers expecting a rise in income.
yes they are high enough to matter. they work against qualifying and when stacked on the various HOA fees they definitely are a consideration for buyers who are ALL being underwritten these days. when the loans were being handed to anyone who raised their hand they were immaterial...now they are a big deal. while they might not be scaring off buyers they are an element of their qualifying that will keep a lid on appreciation, qualifying (as clearly explained by mike92069 below) and will also be part of the calculation of owners who default...some strategically. the bottom line is that when you are looking at the better part of $500...even if the buyer is okay with it, their lender has the last word.
i have to ask lorraine if she has good recon on the mello roos fees ramping up. she may be confusing the general ad valorum tax that is levied on all parcels and which can rise by 2% annually if the values rise. i am pretty sure that the mello roos taxes do not adjust except downward if there are additional units wedged into the pool of payees or if the service base reduces as it did in encinitas ranch when they eliminated the elementary school in that service area.... more
Your question is very accurate as to the length of mello roos. Homeowners in this community and some banks are paying the mello roos off. The tax base for this community is approximately in the 1.5% . Nice area.
Crescent Moon Realty, Inc
Did you already provide a loan approval letter along with the offer on the short sale? If so, then you would want to submit a new approval letter. Sometimes changing things mid-stream muddies the process, so sometimes it's best to just let it go as is. Ultimately, so long as you can get your loan with the co-signer, as long as you can close your loan and close escrow, the short sale lender shouldn't be affected.
If you have any other questions about short sales, I'm happy to answer them for you. 760-908-3838... more