Sorry I am no help with the LAX question but if you are looking to purchase in the area, I can certainly help you out. You can call me at 408-352-5147 or email me at AGreer@themortgageoutlet.com. You can check us out at http://www.TheMortgageOutlet.com. I will look at your situation and present you with some options.
NMLS #1056079... more
Carmen, the agent at the open house is suggesting a "dual agency" sale, which means he represents both you and the seller. Ask him - "how will you negotiate the price down for me?" Watch the discount disappear....... more
When you say large home what is you requirement for home's square footage, bedrooms and bathrooms? Westchester is a residential area the majority for homes are under 2,000 sq. ft. living space but there are areas with new homes with living space over 2,000 sq. ft. Check for leases in Westchester. Suggested sites: Trulia, Zillow, Westside Rentals and Craigslist.
Gail Mercedes Cole
A house swap would only be an option if the current owner was willing to do so. If they are in the market to sell and the proximity is that close, I doubt they would be willing to swap... but you can always contact the agent listing the home and ask them to ask their sellers.... more
Hello Redondo and thanks for your question.
Your broker or agent is absolutely correct that there are deadlines to meet when purchasing a home. In fact, we (as agents) don't call them "hurdles" without good reason. The first of your time deadlines will involve taking money to the title company, then increasing your deposit, followed by reports, removing contingencies, getting financing (which has its own specific time lines) and then signing off. It may seem like a long time, but 30 days whips past like a sheep in a tornado.
If you are purchasing an REO property, and I suspect you may be, the contingency removal time typically shortens from 17 days to just 7 days. That means rushing to get all reports, and then rushing to remove contingencies. If you fail to meet the deadline--as many of these REO sales addendums state--the home can automatically be sold to the next person waiting in line or you give up your right to cancel the contract based on an issue within the report.
If you feel that your agent is rushing you along too quickly, sit down and meet with him or her and ask why things need to move so quickly. Again, if this is an REO, the time lines shorten drastically, and your agent will be able to explain why the times lines are shortened, and the time when everything must be completed.
Good luck and happy home ownership!
Grace Morioka, SRES, e-Pro
Area Pro Realty
San Jose, CA
Tel 408-426-1616... more
Hi Mrs. Kinney,
There are a lot of good program now out there for first time home buyers. FHA rates is lower now, and there is also a tax credit of 7500 dollars (you need to pay back, we call it a 0% interest loan) until July 1, 2009.
Please feel free to contact us if you have any further questions. Our office is very experienced in dealing with different types of transactions and provides exceptional services. We would be delighted to assist you with your purchase.
A bank approved short sale doesn't necessarily mean that the price is approved, it just means that the bank has received a short sale "package" ie, the borrower has shown the necessary items to corroborate their petition for a short sale on the property. The bank might let the property go for less than what the published price is, but many different factors play into the final decision.... more
Sorry, but you don't sound like you're a real estate agent, part-time or otherwise. If you are, then at a minimum use an agent experienced with short sales. It's clear you don't have that experience.
Second, don't worry about the frigging commission! Geez! If that's the make-or-break issue, then don't do it. If you're willing to invest all the time and effort into a short sale, with all the uncertainty that's involved, then you'd better be getting a darned good deal. Darned good.
And in that case, the make-or-break issue isn't a thousand dollars or so.
Let's run the numbers. Suppose you could pick up a non-short-sale property for $400,000. So let's say you can buy one as a short sale for $300,000. Yes, the commission may well be reduced--let's say to 4%. That's $16,000 in commissions. Now divide that 4 ways (listing agent, listing agent's broker, buyer's agent, buyer's agent's broker) That's $4,000 apiece. Even if the bank permits you to collect your commission--and many won't--you're talking about $4,000 when the real issue is buying for $100,000 under market.
But if you now partner with another agent--and there's the question of how you disclose this to the lender--and you split 50/50, then your savings are $2,000. Nothing wrong with $2,000, but that's not the big picture issue you should be looking at.
Does the deal make sense? That's the question.
Look: Just get an agent with short sale experience. Keep it clean and simple.... more
Yes, the investors are coming out in droves, especially in the lower-end properties. Hopefully also a likely sign that we are close to (if not already at) the bottom of the housing market.
Have a good night!
Coldwell Banker Residential Brokerage
15490 Ventura Blvd.
Sherman Oaks, CA 91403
Email: email@example.com... more
Se, typically, you can cancel the contract within the investigation period allowed by the contract and still get your deposit back (READ YOUR CONTRACT AND ANY LENDER ADDENDUMS). However, cancel outside of this contingency period and your deposit is at risk.
You may also have a loan and/or appraisal contingency that can be used to cancel the contract. Talk to your Realtor for advice!
Best, Steve... more
When did they ask you? Timing is important... Interest rates change on an daily basis, if they did not lock the interest rate and you still require a maximum exact rate, you may have to pay buy down points to maintain the same rate. For example, when you originally applied for a loan and they have quoted you an interest rate of 4.5% with a 2 point discount, and lets say that you locked today and the interest rate is now at 5.875%, if you still want to get a 30 year fix at 4.5%, you may possibly pay more points, thus the 5% increase. That is about the only time I can think of a lender raising the percent to 5% due to a declining market. Other than that hopefully someone else can give a better insight.... more
There isn't a specific time frame. The quickest it can happen is this:
1. Notice of Default (NOD, minimum 90 days)
2. Notice of Sale (minimum 28 days)
You're already past that.
Have your agent (if you're working with one) contact a title company and find out when the NOD and/or NOS has been filed, then see if there is a schedule auction date. You can even get a phone number for the trustee and contact them to get the latest on their timeframes.
There are several factors that can effect the timing of a short sale, one of the most important is the experience of the listing agent.
If you don't have help, feel free to give me a ring or shoot me an e-mail and I'll point you in the right direction.
Tom Goeders, Realtor, SRES
Keller Williams Realty
(818) 378-7602... more
Once you receive short sale approval, your lender will do their own appraisal. If that appraisal comes in at the sales price you're in good shape.
Tom Goeders, Realtor, SRES
Keller Williams Realty http://www.TomGoeders.com
(818) 378-7602... more
I'm absolutely willing to help you make lowball offers during this great buyer's market. I try to encourage all qualified buyers to bid under right now. There are a ton of sellers who want to make deals. Call me. I can help. You might as well take advantage of the buyer's market before things start going up again.
RE/MAX Execs... more
i'll assume for now that in 5 years, house prices will be the same as they were when the market was its highest...
1. i assume we can't deduct interest payments on the rental property, and i'm assuming interest for the first 5 years on a 500K mortage will be about $36K a year, so we'd pay about a third of that less in taxes. so we'd save $12K by paying $36K, but its $12K we won't save with a rental.
2. since houses in la puente/west covina are about half what they were a year ago, they can potentially be that amount again. whereas houses in west la have maybe dropped about 10%, so they can potentially go up that amount. i'm thinking, for a home, we'll pay about $3K each month for 5 years, and reduce the principle by about 20K, then if it goes up about 10%, i'd be able to sell for about 70K more than i payed (assuming 700K house with 100K down) then i'd actually end up losing money - i'm paying 24K interest each year that isn't saved in taxes, for 5 years thats 120, so i'd lose $50K.
for the case of a rentals, i'd put in 100K down, maybe 50K for maintaining both houses for 5 years and maybe 10K for covering mortage when i'm not getting rental income. the rest of the mortage would be covered by rent. since these houses were twice their current value, there is a higher chance(?) that they can double again. so 2 houses at 250K, doubling would be 500K in profit, but then subtract the 160K, thay leaves about 340K in actual profit.
am i missing something? or is this a no brainer?
the only thing i think i'm missing is the extra time/effort that the rentals will cost me. i suppose i can't really put a price on that. then there's the price of owning the house i live in.
but quite frankly, it seems like in west la, you get a fairly crappy house for 600K or you get a really nice house in the ghetto.... more
Of course you should verify this with your accountant but the answer to #1 is false, the downpayment is added to your basis, and so is the answer to #2, false. If you want to find out how to reduce your length of time on a mortgage you can do so with a bi weekly mortgage calculator and there are many out there
Here is one
Biweekly mortgage calculator: http://mortgage-x.com/calculators/biweekly.htm... more