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Home Buying in Los Banos : Real Estate Advice

  • All61
  • Local Info3
  • Home Buying21
  • Home Selling2
  • Market Conditions5

Activity 27
Thu Apr 28, 2016
Ctcalleja asked:
I will have approx. 200K for a down. My credit score is 780 and have no other debt. I am retired and only have a monthly income of $2K.
0 votes 0 Answers Share Flag
Fri May 22, 2015
Cindy Davis answered:
The questions you are asking should be directed to your Realtor. Short sales are a very murky field and every agent (and bank) handles them differently. There is little to no regulation with these types of deals. ... more
0 votes 1 answer Share Flag
Sun Sep 14, 2014
Dan Tabit answered:
Roy,
Almost. FHA requires 3.5% down payment and simultaneous closings are possible. What you propose will take everything falling into place perfectly and while it's "possible" it may not be probable.
You need a buyer for your home willing to pay enough to provide your down payment and or more. You need to have a home you want to buy being willing to work with your time frame. You'll need a great lender and Escrow to work out all the details and assist to make it all come together.
I've done deals like this, but ti can be tough. Best of luck.
... more
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Sun Sep 14, 2014
Kim Benedict answered:
There maybe a way, yet you need to talk with the bank to see how... its a low enough balance, if they have been in good standing for a year or more they may have a chance...
0 votes 3 answers Share Flag
Sun Sep 14, 2014
Kim Benedict answered:
Talk with a mortgage broker as they can best help you and they have different programs that will help you in your situation, and if one bank don't have any thing try serval others till you find one that meets your needs. There are programs you can find on the internet for 1st time home buyers that can help with closing costs, and gift money is always good to help too... ... more
0 votes 11 answers Share Flag
Sun Sep 14, 2014
Kim Benedict answered:
The bank will require the person thats buying the home to use their credit... why would you want someone else on your mortgage? Try will your credit and talk with the bank about options that can help you buy the home in your name... ... more
0 votes 8 answers Share Flag
Sat Nov 16, 2013
Jose Salazar answered:
Hello,

The property, 937 J Street (MLS #13054427), went pending on 11/12/13. For active properties in Los Banos, please feel free to contact me at 209-204-5494 or email jsalazar@c21mm.com.

Sincerely,

Jose Salazar
REALTORR, SFR, CHS
BRE License No. 01446411

Century 21 M&M and Associates
1155 E. Pacheco Blvd.
Los Banos, CA 93635
Office: 209.827.3500
Direct: 209.829.7610
Cell: 209.204.5494
eFax: 209.829.7995
Email: jsalazar@c21mm.com
... more
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Tue Jan 15, 2013
Sonia George asked:
We are seeing more and more people out bid us with cash offers - even though we bid higher (we have a pre approved loan. according to our realtor, cash bids are up to the asking price…
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Sat Aug 11, 2012
Elaine Nichols answered:
I would suggest you speak to a financial representative and get prequalified. The $15,000 certainly would be a plus but your financial representative would make that decision. When looking for a home that is the first step any home buyer should do otherwise you are wasting your time as well as the agents time. Make sure you have your prequalification papers from the bank and you will be set to go to find your home. ... more
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Fri Aug 10, 2012
Robert Chomentowski answered:
Tue Sep 27, 2011
Don Guerra answered:
would be happy to help
Don Guerra
Prudential
209 675-4055
0 votes 3 answers Share Flag
Sun May 22, 2011
Jose Salazar answered:
Hi Tiffany, the answer is no. County records show this property is owned by Bank of America Corporation. If there has been a change of ownership recently, the County is yet to update the information. Also, the current value is estimated to be between $225k and $245 based on recent comps. I would be committed in letting you know when this property or similar properties become available. Please email your information to jsalazar@c21mm.com if you are interested. Thank you. ... more
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Sat Apr 30, 2011
Michael Mullin answered:
Good question.

Page 4, Section 8, question A of the standard loan application asks you (the borrower) "Are there any outstanding judgments against you?" If you answer "yes" to that question on the new loan application you'll have to explain the entire situation to the lender. If you answer "no" to the question you've just committed loan fraud.

I will add this - having that judgment is not a guarantee you can't be approved for a home loan. Sometimes questions like these on the Trulia forums just have too many "what if" branches to them to be able to give black and white answers.

If you were to say 'we filed BK last month, can we qualify to get an FHA loan?" that's pretty black and white.

The loan approval process takes into consideration lots of different criteria - down payment, cash reserves, credit history, income stability, etc.

If you have lots of assets, perfect credit history, stable income, and the judgment is relatively small it's possible your loan could be approved.

Keep in mind that if you help your son purchase a home and that involves you co-borrowing that means you will go on title to the property with him - and hence his property becomes a possible target of whomever has the judgment against you. I'm not an attorney but my understanding was that the claimant can come after any asset you have and that would include your interest in your son's home if you are on title. But I could be wrong.

If you are motivated to help your son then the best suggestion is to apply for the loan and let is work its course. It shouldn't cost you more than $17 for the credit report to be run and if the lender says they need more than that as an upfront fee then seek out someone else.

Be prepared to explain the circumstances around the judgment. The worst that happens is the lender says "no," and you are out the $17.

If you need additional info feel free to post back or contact us via our profile.
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Fri Apr 1, 2011
Lew Corcoran answered:
A "resale" simply means that the home that's for sale is previously owned. The home is not "new."
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Fri Apr 1, 2011
Richard Angel answered:
It is quite simple to purchase a home for cash! Whether a Buyer is paying "cash" or financing the purchase, the Seller is receiving "cash" at closing. The difference for the Buyer is there are no loan fees which can save several thousand dollars in "closing costs" . As a rule of thumb, closing costs for a Buyer seeking a loan with minimum down will have closing costs in the amount equal to about 6% of the sale price. With cash, closing costs will be about 1.5%.

Another benefit to purchasing for cash is the Seller has a more "sure thing" with a cash buyer. Since there is no loan, the offer can be made without the need for an appraisal and not subject to the Buyer's lender approving a loan. Both the appraisal and loan approval are a "hurdle" that can scuttle a transaction. And since a cash Buyer doesn't need to go through the loan process, the offer can have a shorter "escrow" period. In other words the transaction can close faster, say in 10 days verus 30 to 45 days. If a Seller has two offers, one for cash and one being financed, the cash offer could have an advantage, even if the price is lower given the advantages stated above.

One final note. I had a "cash" offer on one of my listings and it was really green cash money! The Buyer brought $180,000 in a briefcase filled with cash. Normally, cash means a cashier's check. In fact many Sellers can not or will not accept cash (currency).

Anyone who makes an offer in the current market is normally asked to provide loan approval and proof of funds. The proof of funds can be a bank statement, investment account statement, IRA or even money from a 3rd party (in which case the 3rd party would need to provide proof of funds in their account)

It may seem odd, but the percentage of cash Buyers is quite high. Over the past two years, it has been around 35%. More recently, the percentage of cash Buyers I have represented is in the 80% range. The reason I point this out is because cash Buyers normally think that cash will get them a big discount on the price when in fact that is no longer a forgone conclusion. Before any offer is made, we would look at the values evidenced by the most recent closings regardless of the listing or "asking" price.

I would love to help you in any way that I can.

Rich Angel
Sloan Realty
(209)710-7343
richangelsks@yahoo.com
... more
0 votes 4 answers Share Flag
Fri Apr 1, 2011
Richard Angel answered:
The "Southside" is considered all homes south of Pacheco Highway which is the State highway 152. As a general statement, the Southside has fewer homes available than the Northside. In a "normal" market, the price difference between north and south for the same plan would be up to $25,000 more. I worked for a major local homebuilder for 10 years and this is how we prices our new homes.

Historically, the local folks have preferred the Southside. College Greens, Presidential Estates, Cresthills, The Gardens, Teal Landing and Southbrook are all neighborhoods on the south. In earlier years, most homes were built on the south while most of the older, simpler homes were located in the north. That began to change in the 80's when new subdivisions started to be built in the north. Now, with more than 2,000 homes built in the north, there are many fine neigborhoods to choose from. Since most of the new building activity was in the north during recent times, when the market "crashed" more homes in the north went into foreclosure. As a result, there is more to choose from in the north. Also, because of the massive number of homes built in the north, there are several very nice neighorhoods.

I would be pleased to give you a tour of the city so that you can become more familiar with the differences in area and neighborhoods. Los Banos is only 3 miles by 3 miles, so the same school district, police and fire protection serve both!

Rich Angel
Sloan Realty
(209) 710-7343
... more
0 votes 2 answers Share Flag
Thu Mar 31, 2011
adam Dalton answered:
24111 W Center is .172 acres (7492 sq ft) according to the MLS.

Adam Dalton, Century 21 M&M and Associates
adalton@c21mm.com
0 votes 1 answer Share Flag
Tue Aug 10, 2010
Don Tepper answered:
Here's a link to a blog I wrote on how to find lease-options/rent-to-own properties: http://www.trulia.com/blog/don_tepper/2010/03/how_you_can_find_and_buy_a_lease-option_rent-to-own_property

Hope that helps.
... more
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Sat Jul 31, 2010
Steven Ornellas answered:
Hi Juan:

SHORT SALE
A Short Sale is where the net proceeds of the sale will not satisfy the current payoff amount of the 1st and/or 2nd mortgage, if applicable, and the resulting selling costs. Typically in these cases there are also significant unpaid property taxes.

A Buyer's offer is typically made contingent that the Lender provides written approval of the Short Sale. Once this happens the Buyer's contingency timelines start. The Seller does not work with the bank directly, the Seller’s agent does, and I can tell you that use of the word “work” is an over statement. Yes, a large package has to be submitted to the bank to support a case of hardship; however, there’s not much back and forth status between the Seller’s agent and the Lender, which can be extremely frustrating for a Buyer and the agent that represents the Seller. Expect a 60 to 90+ day transaction period as the Lender(s) determines whether the offer is sufficient to approve. Normally, the property stays on the MLS until the Short Sale Approval is granted, so a better offer may sneak in. Short Sales are hard on everyone involved, in my opinion.

REAL ESTATE OWNED (REO) a.k.a "Bank Owned"
Once the lender forecloses on a home an attempt is made to sell it on the steps of the County Courthouse. If there are no buyers the lender becomes the owner, along with all the responsibility of the property taxes, utility bills, property insurance, and the risks of having a non-inhabited building. These are typically listed quickly (depending on physical condition) by an agent on the MLS working with the bank. In my experience, these are a better deal than Short Sales because once you submit your offer you normally get a response within 2 to 7 days.

In my opinion, the REO is the better way to go, but don’t overlook the "non-distressed" homes out there. With the extra supply of Short Sale/REO homes on the market Sellers are feeling the pressure to be competitive. Chances are that you can find a home in better shape for close to the price of the Short Sale/REO.

I hope this helped. Good luck in your search.

Best, Steve
... more
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