Broker is just trying to get a starting price , so he or she can negotiate with the lender or lenders to do a short sale. Actual value today is probably around $1,000,000. Originally sold in the hot market at $1,600,000.... more
If you are looking for a website that offers up to date foreclosure listings, I would like to recommend http://www.bankforeclosuressale.com/. This is a site that requires membership but you can peruse through the listings in your market area first before signing up.
Our database contains over two million foreclosure homes, including bank foreclosures, government foreclosures like VA homes and HUD homes, distressed properties and commercial properties that are for sale all across the nation. All of the listings have had any outstanding liens eliminated and the title is free and clear. We also update our extensive collection of listings every day.
I did a quick check for 3 BR homes in your area and I found 53 active listings. Here is the link to check it out: http://www.bankforeclosuressale.com/list/ca/county053/monterey.html#min_bd=3&listing_type=power_search&sort_by=property_bdrm%20ASC... more
Depends on your interest and your budget. Condos and planned unit developments are usually less expensive than home purchases - there is less that you are buying - you are not buying land. However, there is a homeowner's association fee per month to manage the land and other commonly held assets. I usually consider the monthly fee a good deal for the homeowner as the same services would cost an individual homeowner more. You have to come to our area and look to see what your purchasing power will buy you and see what would be of interest to you. A good investment usually depends on LOCATION! Buy a reasonably priced home or condo in the best location you can afford!... more
I have a complimentary service to provide you with the name of the best agent in that
area to work with.
That agent will give you all the information about that particular area.
Should you like the information let me know.
I would want a very experienced agent with good work record if it were me.... more
That is a good question. By the wording of your question, I would guess that you may be feeling like you are not receiving the attention and service that you would expect. Most agents want to provide great service, but sometimes they don't meet expectations. Have you had a chance to speak with your broker to let them know how often you would like to receive communications and what good service looks like to you? Open communication is a good start. Then if you still feel they are not respecting your needs, you can change Realtors if you are in the looking phase. If you are in an escrow on a sale or a purchase, and you are not getting the representation you deserve, then please take this concern to the Broker on record for the office.... more
Try http://www.googleearth.com . Are you in the market to buy?
Sheryl Arndt, Real Estate Broker – Sr. Loan Officer CA only
REO & Short Sale Specialist
20+ Years Experience
The property tax in Monterey is approximately 1% of the purchase price of the home. This particular condo is an inclusionary unit. You must qualify as a low income buyer through the City of Monterey. Please contact me if you would like more information.
If you put 30% or more down, your costs will be less and the rate should be the same as a purchase.
Your closing costs will be a bit higher, as there is a 1.5% surcharge for investment properties.
You can also buy with as little as 10% down - but you will pay up to 4% more is surcharges (for risk) than with a larger down payment.
The rate is only higher if you want the lender to waive some of the surcharges. (They are not really waiving them, but the higher interest rate pays the surcharge)
Hope this helps!
MD/VA and DC
Kind of... but there are some lenders (I am one of them) that can still finance manufactured homes. The criteria is pretty specific...
-640 minimum fico score
-Minimum 800 square feet
-Double or Triple wide home
-1990 or newer
-Must be classified as "Real property" and have a permanent foundation
This is an FHA product we can close in house so the rates are competitive. I can send you more information upon request so it can be done if you meet the above criteria. Otherwise, I'm sure there are other lenders that will lend; maybe not to 95% loan to value. Email me with any questions and good luck!
(858) 414-0990... more
As a strictly investment proposition, I would consider the nearby city of Soledad instead of Greenfield. Soledad has a newer shopping center, is 15-minutes closer to Salinas, and has the prisons--guards, nurses and prison personnel are VERY well paid!
Older homes in Soledad can be bought in the $150K range, and could rent for about $1200 at least. Newer (10-year-old) homes go for about $200-250K, and can rent for about $1800-2200.
The reason I would go for an older home over a 10-year-old home is that homes were better built in the 1940s than in the 2000s. By ten years from NOW, there won't be that much difference in the condition of a 1940s home....but a 2001 home will be TWICE AS OLD as it is now, and really starting to show its age.
Call us at (831) 250-8120 if you'd like to talk about home-buying opportunities in different communities of Monterey county....or visit our website www.MontereyOnSale.com.... more
If you already have a Realtor she/he should be the one to answer your question because it will depend on what type of Short Sale you elect to do. There is a new Short Sale Program out there called HAFA (Home Affordable Foreclosure Alternative) and if you meet the criteria not only will it not cost you but you will be paid $3,000 at the close of escrow to help you with moving expenses of losing your home.
I just closed a HAFA Short Sale and if you qualify you should insist on getting one because not only will you be paid $3,000 but the bank waives the right to ever perform a deficiency judgment against you. That is the true value in a HAFA Short Sale. Also, they have to decide in 10 days or less so the process is quicker which means it will be less of a hit on your credit report.
I have been doing Short Sales for many years and only one client was asked to make a cash contribution. My experience has been that if a bank sees that you have cash in a saving account in the thousands range there is a chance you will get asked to pay a cash contribution. However, keep in mind that you can refuse and still be awarded the Short Sale, the amount can be negotiated down or at any time in the process you can change your mind and not go through with the Short Sale should the bank insist on a cash contribution. Also, the Realtor's or the buyer can contribute on your behalf with the permission of the Short Sale lender.
I hope I answered your question clearly?
Thanks for your question. Reasonableness is in the eye of the beholder. There are many buyers who believe this is as reasonable as it's going to get in this current business cycle, and I tend to agree with them. As evidenced by the sales numbers, these buyers are acting on their beliefs and purchasing property. In fact, I have seen quite a few homes sell in recent months for significantly less than it would cost to build them today. I suggest you take a long, hard look at your goals for owning property on the Monterey Peninsula.
Buying in today's market might very well be your best shot for a long, long time. If you are really serious about it, now seems to me like a great time to act.... more
I can't speak to either legal questions or California, but here in New Jersey the landlord has complete flexibility except for the amount of the security deposit. I understand your friend's dilemma, however, as both a realtor who handles rentals and a landlord, I see the owner's position as well. There is something to be said for having the security of knowing you won't have a vacant unit for a specified period of time. And I understand why they would ask for a premium for a month to month situation. That is why you pay less for a magazine subscription rather than purchasing the same magazine at the newsstand.
Your friend shouldn't pressured, however. They are also free to propose a compromise. Perhaps a 6 month lease for a per month increase of less than $75. Give it a try and see what the landlord says. You've got nothing to lose and everything to gain.... more