There are several options. If you wish to talk about them, feel free to call or e-mail me. Don't bother with the conventional. They only no how NOT to do it.
DANIEL T.
COLDWELL BANKER REALTY CENTER
REDLANDS, CA
909-792-4147 (office)
951-834-5876 (my cel, leave message if no answer)
daniel.lucas@coldwellbanker.com... more
Good morning Brandy,
The rule is simply three years as others have stated, i have recently closed a couple that were 3 years old. Keep in mind, your credit on other credit items IE credit cards, any loans, etc., should keep getting paid and your credit worthiness up to par. Many people have used short sales to take advantage of the market and sell because they were upside down on their mortgage, not because it was a hardship. Those loans will be looked at closer in the next couple years.... more
I can't add much to the previous answers because they're all spot on. You need to be careful when looking at rentals and a Realtor is the best way to do just that.
Unfortunately, I spend way too many hours making contact with foreclosed homeowners on behalf of several banks. My goal is to find out who lives in the home and to negotiate & complete Cash-for-Keys arrangements with them. Numerous times, I've come across renters who had no clue that the rent they had been paying for the last 9 to 18 months was going to the landlord's pocket and not to the mortgage.
The saddest one happened last year. When I drove up the house, there was a kid's jumper with 15+ kids in it playing and birthday streamers all over. I didn't want to stop but had no choice. To make a long story short, the renters had just moved in on May 227th. Because they had poor credit, the landlord made them pay a substantial deposit along with 1st & last months rent. I show up on June 8th because the house had gone back to the bank the day before. The landlord had not made a payment for 15 months and apparently figured he could make some extra fast cash from some unsuspecting renters.
So it is crucial to work with a Realtor to help you get in to the best home for you. But I also ask the question, "why rent when you might be able to buy?". I strongly recommend that we get you qualified. If you're not qualified today, we can get you on the road to being qualified I the very near future.
If you're interested in finding out if you can buy and you're not working with a Realtor, I suggest you get one right away. The FIRST and foremost step in purchasing a home is to get with a Realtor. Check with friends and family to see if they can refer someone to you or research sites, such as this one to find a good professional Realtor. Your SECOND step is to get pre-qualified for a loan. AFTER you find a Realtor, he or she will have you meet with the lender that he or she uses regularly. This is important. Please let me know if I can help or if you have any more questions.
Good luck!
Ray Wright
Keller Williams Realty
951-354-1303
RayWright@kw.com... more
Please call me I just helped someone clear charges off their credit report I work with a great lender that can help you for free.
951-743-9445
Thanks
Fatema Sayed
Seller can cancel. It sucks because the buyer can only sue for out of pocket expense. To go after the seller for "Specific Performance" is futile and costly. There's nothing the buyer can do or be compensated for the lost time and agony. Sellers today are taking advantage of realtors and the system in hopes of delaying foreclosure. It's a silly game that's becoming more prevalent everywhere. This is one of the reasons why I steer my clients away from shortsales that are occupied by the owner. Vacant shortsales are good.... more
Vicki,
You should absolutely have an agent that is competent and has your trust. Real estate is a very complicated business these days and you can waste a lot of time and money going after transactions that will never get done. Once you are pre-qualified you may still go with another lender also if it is beneficial. Always use a REALTOR... more
Yes!!!
You must discloes any known facts that could have an adverse effect on the property. Failing to do so could bring you some major problems down the road.
Kawain Payne, Realtor... more
TJ, Take care of yourself. A lawyer, title or escrow officer could give you a specific answer about your husband but more importantly you need to address the elephant in the room by dealing with your present home. You have several options and depending upon the current loan servicer you may be able to get an accommodation or receive up to $35,000 cash for keys to walk away.
If the home is the stress, then get it out of the way and it might lead to a path for healing the relationship or simplifying the separation.... more
Investors generally need to put down 25% for the purchase of a single family home. This area is close for commuters and Shopping and schools are nearby. Are you buying to resell or using the home for rental purpose? Is this your first rental or ??
I live in the general area on the Riverside side of the two communities. I am Realtor since 1978. call me at 951 788 1777. I am a landlord myself and own 16 homes. I personally prefer single story homes vs 2 story.... more
vacany rate is average, based on all types of housing. I looked at some management site and they said 1-3 weeks, which I doubt it in this market as bad as Murrieta with unemployment rate Murrieta has.
If some professional have different perspectives, I really appreciate it if they can share it here. I really want to invest into rental house in Murrieta but still debating if I should or stick with north/west Riverside counties instead.... more
We were not evicted for anything other then the owner who lives in china wanted the house back. We did not violate the agreement. We also did such things as replace the garage door opener. New ceiling fans light fixtures, new blinds, patio cover and fan without seeking compensation. He provided for front yard garden who only cut and edged the yard. We weeded the garden area as Well as took care of a large backyard and garden area . The only tho g he did in 10 years was paint the outside. We had missed a couple of payments but had under contract almost paid it off by the raising of our monthly rent and was current with all other rent.... more
See rule one: Location, Location, Location.... it is all very area specific but the trend is that the market is very lean and rents and values are going up due to very few properties available, many multiple offers, that are not short sales. That being said appraisals and qualifying are stricter. If you are looking in Riverside County it is also influenced by the cost to commute to LA/OC due to gas prices.... more
The following time-line is applicable for non-judicial California Foreclosures under a Deed of Trust. Foreclosures begin with the Trustor (borrower) not making the monthly payments to the Beneficiary (Lender), the first missed payment is technical default, but in practical terms, most Beneficiaries do not begin the process until the third payment is missed. If the Beneficiary cannot resolve the defaulted payment amount with the Trustor through Forbearance or other Loss Mitigation measures, the Beneficiary will instruct the Trustee to begin Foreclosure proceedings.
Day 1
Notice of Default is filed with the county recorder.
Within 10 business days
Mail Notice of Default to borrower address
Within 1 month
Mail Notice of Default
After 3 months
Set Trustee Sale date
25 days before Trustee Sale date
Send notice of sale to I.R.S.(when necessary)
Within 10 days from 1st publication of Trustee Sale
Send beneficiary request for property directions
14 days before Trustee Sale date
Record Notice of Trustee Sale
7 days before sale date
If court action, 7day rule may apply
5 business days before sale date
Expiration of borrower's right to re-instate the loan... more
Hello Karen,
After all of the condo conversions during the housing boom there has been a deficiency in rental units. This coupled with the perceived risk currently associated with purchasing a home, and the unfortunate foreclosure rate locally; there is a market there.
Depending on the type of rental property you are looking into as well as location and other factors it may be a good investment.
Hope that this helps,
Terry Hammill
RE Market Solutions โ Helping Real Estate Professionals and their Clients by providing an alternative to Foreclosure.... more
Hello Nissa,
As John Bender stated, this may be a tough transaction. Also as stated by others here the short sale process has been streamlined (in a lot of cases) and they are taking much less time.
I understand your urgency to get back into a home but it might be better to plan for this after your 36 months are up. Start working with your Loan Officer now to get your documents in order and prepare for anything that might hold you back, and get a good feel for which lender will provide more leniency for your situation.
If you take your time and get all of your ducks in a row it could give you a better advantage.
Best of luck to you,
Terry Hammill
RE Market Solutions - Providing professional Short Sale solutions to Real Estate Agents and their Clients.... more
We are looking for a 3 bedroom 2 bath with hardwood flooring. Would like rv parking and a garage. I want something with character. Possible locations... Wood Streets, Magnolia Center, houses across from California Baptist University, remodeled homes on the Riverside side of Mt. Rubidoux.... more
Your loan officer can give you a personalized answer as much will depend on the type of loan that will best suit your financials/needs; therefore if you haven't done so yet do visit with any licensed loan officer to determine qualification; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.... more