I think the most important thing is a GOOD and HONEST representative. May I recommend Michael Stein. His number is 212-805-1055. I am the most skeptical person you ever met - Ive researched and asked questions and researched and asked more - he’s always open to answering and amazingly knowledgeable. He helped me understand the loan - the dos and donts and how to proceed. Feel free to contact me off line for specifics but call him - you will not be disappointed - i promise.... more
Just like anywhere else in Los Angeles county- low inventory + desirable area = increase in demand and prices!
FREE Consultation - Please call now: 424-777-9377
Should you have any questions - please do not hesitate to call me Toll Free 1-855-TRUST-55 ext.777 ( 1-855-878-7855 ext.777).
Trust Sale Realty
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Toll free: 1-855-878-7855 ext. 777
* We Hire California Licensed Realtors - 100% Commission!... more
Hello Marcos, Most all homes are FHA approved although you may run into issues of FHA approved condos so your agent will know which ones are or aren't. A home that may no pass minimum property standards will be noted in comments of the property. Ask your agent... You may utilize a 203k loan for those that are not FHA approved. That can give you an additional edge as not all buyers want to do a small remodel such as homes that are missing kitchen cabinest or various things or needs carpet and paint from 5k to 35k which is a streamline 203k and can close those within 45 days.
Sheryl Arndt, Real Estate Broker – Sr. Loan Officer CA only
REO & Short Sale Specialist
20+ Years Experience
Have you considered a HOMEPATH property? http://www.homepath.com The best part of a HOMEPATH home is you can put as little as 5% down, AND there is NO mortgage insurance.
Kinecta Federal Credit Union (a not-for-profit direct lender) is one of few HOMEPATH lenders in the country, with a presence in LA County.
Rene Joseph De Blanco
You ask a good question which can have several correct answers. However, the way I practice real estate, and teach our agents is very simple: If there is a question of what we call in the industry and legally Procuring Cause, the bottom line is who is the buyer/client wanting to represent them.
Unless you have an exclusive buyer/agent agreement with the previous agent, it would be difficult for that agent to claim compensation. You should also consider how much work the previous agent did for you, and why you chose to make a change. If you end up writing an offer on a property the previous agent showed you and you buy it, one solution is to give them a referral fee.
Your experience of buying a home should be a joyous and fun time. So iron out possible kinks in advance and you should be good to go. Good luck to you!... more
What is it going to cost you in up-front money to do this,
and how long are you planning on holding on to the property.
The Mortgage person who is offering you this should be honest enough to answer your question.
We don't have enough information.
Good luck and may God bless... more
As long as the income will continue for the next 3 years and it's enough to keep your debt to income ratios with the guidelines you should be ok but income is only one part of puzzle. You need enough equity in your home and credit score/history is also important.
Please feel free to contact me for more info or help.... more
Do you have credit? Is your credit (fico) score above 620?
If your income is secure. If your industry is not going to throw away even more jobs, if you are prepared to buy and live in a location for many years to come even if the house value drops more you should be ready to buy.
You are NOT ready to buy with your boyfriend. Buy by yourself. To many times relationships end and mortgages live on. That means if you were to buy with anyone not your husband you need to write out a legal document that says what each party is responsible for regarding the house if the relationship fails. It is not romantic, but is extremely practical.
Below are some things to look at and consider before buying a house. This is a long term very large expenditure of monies that needs to be considered very thoughtfully.
See if renting or buying makes more financial sense for you. Using your numbers the blog below shows how.
Why renting paying more each month just might be a smarter idea. A very different perspective below.
Some valid reasons to wait to buy a house. Consider this well.
Look at some things about foreclosures below before buying anything. Then do more research for your local area.
A basic overview of the house buying process.
Why the cost of gasoline could make a big difference when you are looking at buying certain properties.
What should I watch out for when choosing a home to buy so that I don't jump into a money pit?
Finally, not to be found elsewhere...Some things to find out and questions to ask to minimize the likelihood of buying a house with some problems you do not need.
Any Realtor who is EXPERIENCED in preforeclosure, short sale or foreclosure transactions.
I can assist you if you are looking in Southern California. 98% of my transactions are short sale or bank owned.
I am HAFA certified, licensed Broker by California department of real estate and member of National Association of Realtors, California Association of Realtors.
For more info please visit www.GlobalRealtyandLoans.com or call toll free (866)962-9889.
Dear Casa Fantastica,
Your question appeared in the Glendale section of Q & A of Trulia. If you are interested in buying in Glendale, please be aware that the city of Glendale is very active in requiring people to have a property to code. If a neighbor has complained, you might be required to restore the house to the information recorded on the Assessors books.
Surrounding areas are not as agressive, so beware and check your permits.
Please call me if you need help.
Dilbeck Real Estate
303 N. Glenoaks Blvd. Ste. L-110
Burbank, CA 91502... more
Realty Trac publishes legal notices on properties. They do not get a percentage and the property is not listed for sale on Reaty Trac just that there was a legal notice.
They get money from advertisers and from people that subscribe to their service.
Their data may not be the most current here is an example of the disclosure on a property from today Oct 18 2009
Description provided by Trulia.
Description provided by Realty Trac. This property is a Notice of Foreclosure Sale. A notice was filed at the recorder's office by the lender's attorney signifying a public auction. This 0 square foot property has 0 bedroom(s) and 0 bath(s). The estimated bid amount is $737741. This property will be auctioned at public sale on Oct 07, 2009. To access more extensive information on this property click the 'more property detail' link below. You will need to register for full access. Information listed with each property including estimated loan balance is derived from sources deemed accurate but we do not guarantee the accuracy of such information. Please consult all relevant title documents prior to purchase.
As you can see it was scheduled for sale at action 11 days ago!
If you sign up you will know who is being served with papers but be careful about going up to their door and asking them if they want to do a short sale. Some people take offense at , in the terms of someone that called me to help them "vultures knocking on the door".... more
Califonia is a Trust Deed state, which typically includes a"notice of default" or NOD after 90 days of No Payments. There is then a another 30 day period after that if not resolved where a notice of Trustees Sale is Given. The final step is to inform the owner that the property will be sold to pay the debt, and that notice needs to be received 20 days prior to the sale. The owner can still repay all of the back payments, interest, and late fees to stop the sale up to five days prior.
It could be longer but Not shorter.... more
Darin is spot on when he says many sellers are not in a position to do a lease option. Here are two reasons:
1. In many cases a seller's loan balance is greater than the value of their home (ie. they are selling short) and no one wants to buy someone elses headache. The bank will not negotiate down on the loan balance unless the home is sold outright.
2. Sellers with equity in their home want to cash out now. They are concerned that if they do a lease/option and property values fall another 10-30%, you won't exercise the option and they just lost all their equity by waiting.
Finding a lease/option is the difficult part. Actually doing one is very easy. If you are working with a Realtor they will have access to all the standard CAR (California Association of Realtor) forms and will be able to help you fill out the right paperwork.
Here are some suggestions if you do find and enter into a lease option:
1. Make sure you make your payments to a 3rd party Escrow or Management company who will pay the mortgage payment first and then release the balance of the funds to the seller/landlord. You do not want to be making payments to an owner who defaults on their mortgage payments while you are making your monthly lease option payments. You could lose both your option money and your opportunity to buy the home.
2. Make sure that the option exercise price is set appropriately. Most sellers who are willing to entertain a lease option set the purchase price significantly above current fair market value. If the price is too high when you go to exercise the option, it will not appraise at the sales price and you will not be able to get a loan to buy the property. In this case, once again, you would lose both your option money and your opportunity to buy the home.
3. Make sure that you record the lease option with the county recorder. This gives constructive notice of your equitable position in the property and would prevent the owner from selling the property to another person as long as your agreement with them is in place.
Hope this is helpful to you. Let me know if you have any other questions or concerns. Dare to Dream.
Shel-lee Davis, CDPE
Your Real Estate Consultant for Life
RE/MAX Palos VerdesRealty
To take advantage of the home buyer plan you need to attend a class that is offered about twice a year.
The program allows first time homebuyers to obtain down payment assistance, however it is limited in terms of income (meaning you can only earn so much money), and there is also a limit on the selling price of the property.
The funding is also limited, so with all of the budget cutbacks I do not know what the current status may be. However, you can find out by calling 818-548-2060.
In exchange for the down payment assistance the city put a lien on the property. When the property is sold or re-financed the lien is paid off.... more
Find another bank. Every lender has their own requirements for "seasoning" which Mark explained below. If you need a referral to someone who can help you out, feel free to contact me through my profile. I work with several lenders who do not required seasoning, however, I will have to see if they lend in Arizona if you are buying in Glendale Arizona and not Glendale California.
Please note, sometimes the seasoning requirement is not the bank's but the mortgage insurance company's. Also, FHA requires that the prior owner has held title to the property for a minimum of 90 days before they will lend on it. So if you are doing an FHA loan, that could have been a problem, although, I do not see how it would apply if, as you say, the construction company has owned it for 3 months.
I have a philosophy in life: Don't accept NO for an answer when you know it is the wrong answer. So keep asking the questions and you will find the lender to do your deal. Dare to Dream.
Real Estate Consultant
RE/MAX Palos Verdes Realty
That is a great question.
I would depend on the listing and what it says. Based on just your post, I would assume that this is a short sale and the dollar amount is how much the bank is willing to sell the property.
You might be interested to learn that there are some new rules pertaining to Realtors and the terms that are allowed and not allowed in marketing listings. Effective June 15th Realtors are not allowed to state in "public remarks" (the descriptions that you, the buyer, can read), terms that relate to the financial status of the property.
An example would be "not a short sale" or "REO" or "Not an REO". The financial status of the property is related to ownership, which is handled in a way that makes the marketing of the property more uniform.... more