Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Home Buying in 33624 : Real Estate Advice

  • All39
  • Local Info6
  • Home Buying17
  • Home Selling4
  • Market Conditions1

Activity 17
Thu May 12, 2016
Jimmycruz2002 asked:
Thu Feb 11, 2016
Ann Ryan answered:
Try Grant Simon

He's near Orlando, but really a lender can be anywhere in the country.
0 votes 1 answer Share Flag
Wed Feb 4, 2015
Jim answered:
Watch out the guy named Ricard - EI Bey.
He is a fraud. He cannot get you any loan at all. What he does is cheat your money for appraisal which he will never done. Once if he got the money, he will not answer your phone or email anymore. You can search at Georgia License website, he does not have license at all. Just a fraud. ... more
1 vote 7 answers Share Flag
Thu Nov 27, 2014
Simon Campbell answered:
In my experience, lenders only consider the income at the time of application. Future income is never guaranteed - that is unless you have an employment contract. In that case, with a signed contract from your employer, it is possible the lender MAY consider future income - but don't hold your breath. ... more
0 votes 1 answer Share Flag
Fri Jan 3, 2014
Alma Kee answered:

I can help you with this if you're not already working with a Realtor. Has your Realtor already shown you this property? If so, have your Realtor do the homework for you asap! The auction is ending in just over 4 hours! The current high bid is $34k but the minimum "reserve" price is not yet met.

I have a lot of experience with these type of REO auction properties so if you're not working with a Realtor, call me and I can dig out a lot of the crucial info you need before bidding.

There is no disadvantage to you to get the help of a Realtor and you can even bid directly and name your Realtor. Your Realtor will get paid the typical Realtor fee.

So again, if you don't already have a Realtor to do the investigative work, let me know and I'll get you a lot of info about this property before you bid.

Call or me asap, the auction ends in just over 4 hours. Again, if you're working with a Realtor already, call your Realtor to get this info asap. It's crucial to see the condition "in person" or at a minimum a Realtor opinion of the smells, etc.

Let me know if you want my help.

All the best,
Alma Rose Kee, PA
Future Home Realty
... more
0 votes 1 answer Share Flag
Tue Nov 12, 2013
Richard- El Bey answered:
Foreign National Loans

Borrowers using TIN Okay
Borrowers with NO CREDIT SCORE
Borrowers with NO SSN
Foreign Nationals {Expatriate}- NO PASSPORT {Must have valid work visa or 30% Down}
70% LTV Purchases
65% LTV Rate & Term Refinance
50% LTV Cash Out {Possible higher if financials are up to par}
Multiple properties OKAY
Corporation purchasing and refinancing OKAY

Richard- El Bey
Avarice Investments
(706) 399-7813 cell
(678) 752-8062 Office
... more
0 votes 2 answers Share Flag
Tue Oct 15, 2013
Irina Karan answered:
Banks look at 2 past years and current YTD in net income for self-employed individuals.
The current year should be equal to the previous year or better - in income, or the lower of 3 years will be counted as income.

Usually, it is 2 full years.

Have your loan officer to check with another lender about your switching in the same industry -
it may not be an issue.

Hope for your sake 6K per month was net, not gross income...because banks only look at the net income.

Some deductions could be added back - so I'd look for a 2nd and 3rd opinion - to make sure
you get the best info.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
Miami, FL
... more
0 votes 7 answers Share Flag
Sat May 11, 2013
theresa56 answered:
What if a short sale contract does not say "as is" anywhere on contract
0 votes 13 answers Share Flag
Wed Apr 25, 2012
Lisa Reeves answered:
Since this is a cash only complex - ROI is over 20 and the more commonly used CAP rate averages over 15. This is a good investment. Unknown are special assessments which could distinctly change these numbers. But using standard apartment calculations 1/1's should be bought under 30K and 2/2's under 45K in class B- ... more
1 vote 1 answer Share Flag
Sat Oct 8, 2011
Alan May answered:
I'm gonna guess that this post will get you more calls than you were looking for. Good luck.
0 votes 9 answers Share Flag
Wed Sep 1, 2010
Alma Kee answered:
Also what has worked for me is I'll send a fax to the attorney that is shown on the Lis Pendens and include the HUD-1 Settlement statement that shows the net amount.

Ask your Realtor to get a copy of the HUD-1 and ask her if she'll fax a note to the attorney that filed the Lis Pendens for the investor that actually owns the mortgage.

Lastly if you did NOT receive a written copy of an approval letter from the lender, ask for a copy. You absolutely can't even think you will ever close without having the approval letter in hand. You normally have to close within 45 days after the approval letter is written. If there is no approval letter, then the price may be too low. Was an appraisal or BPO already done?
... more
0 votes 5 answers Share Flag
Mon Aug 9, 2010
Alma Kee answered:
Dear Kathryn,

Be very, very careful as an ALL CASH buyer. You absolutely need an attorney to review the Title Commitment and your closing documents. Larry Fuentes is one of the best (and most experienced) Real Estate attorneys in Tampa, you should retain him once you receive a copy of the written approval letter from Bank of America.

Bank of America may not be the actual owner of the mortgage but merely a "servicer" who submits to the actual "investor". Also if there is PMI, the Private Mortage Insurance company must also approve the short sale. And... if the Seller is required to sign a Promissory Note to rep-ay all or part of the loss, that could also make your sale impossible if the seller is unwilling to sign the promissory note at closing.

Short sales go through an online system with Bank of America, Unless the Seller has given you specific written authorization to discuss their account with BofA, you have must sit on the sidelines and hope all parties do what they're supposed to do. It's unfortunate that you put $5k in escrow (never advisable on a short sale) because should the investor on your mortgage (probably not BofA) decide to go ahead and foreclose, some Sellers may try to coerce you to give them part of your $5k. You see, without the Seller's signed consent, the title company cannot release your deposit without a court order!

The beauty of Bank of America's Equator system is it allows the listing agent to upload all requested documents and email the supervisors, the managers and the actual asset manager for the investor that owns the property. Some agents are less experienced than others and my not know how to do this. So, you may want to suggest to your Realtor that she contact the listing agent to see if she has sent emails up the chain of command. That usually moves things forward.

Also, some short sale listing agents are engaging in fraud--especially with ALL CASH buyers. The FBI is investigating the listing agents, Sellers and insider investors "flipping" the property. What happens in these situations is the listing agent and investor work together to defraud the mortgagor by submitting false repair estimates, dragging out the sale of the property to coerce the lender to accept a lower price, and not disclosing they already have your higher offer in hand.

Finally, there is rumour and speculation going around that there will be an August Obama Surprise that will allow owners to reduce their "principal" to current market price. Should the seller get word of this (hopefully his Realtor has already advised him of the rumour) he may decide to no longer do a short sale and keep the house.

Bottom line, you need to keep looking for the right property up until the day you receive the Short Sale Demand (approval) letter from the lender. Your contract should give you the right to cancel up to a week after you receive the approval letter. You must check your short sale addendum to verify your cancellation rights. Just be sure NOT to put up an escrow deposit on a short sale.

Hope this helps.

All the best,
Future Home Realty
... more
0 votes 8 answers Share Flag
Mon Jun 14, 2010
Athena Chilicas Saldanha answered:
Hi Sarah,
Buying a bank owned home can be a difficult process. It is important to work with a Certified Foreclosure Speciialist or a Realtor who has success in working with buyers of bank owned homes.

In my opinioin, which is based upon several years as a REO agent, lenders seling assets are very clear in their objetive. Obtain the bes offer (price and terms) with the greatest probablity of a close. I am not famliar with your offer; howevr, I do see a few comments that may have negatively influenced your offer ( low-ball pricing & seller concessions). Lenders want to see "clean offers".

Also , please remember that unless your offer is fully ratified, the seller can continue to review and accept another offer that is much more compelling.

My suggestion is that if you really like a bank owned home, is to ensure that the offer you write meets the net amount of value expected from the Lender and does not ask the Lender for any additional concessions. Also remember, that many of the Lenders price the home low to rally a multiple offer situation.
... more
0 votes 14 answers Share Flag
Sun Jun 13, 2010
Athena Chilicas Saldanha answered:
Hi Ann,
I understand the frustiration. Unfortunately, the second ( especially if the second is an equity loan) can be very difficult and at times, will refuse to cooperate and "force" the home onto the court house steps vs. agreeing to a short sale. From a buyer's perspective, you can meet the demand of the second (ie. infuse cash into the transactions - keep all funds on the HUD).

It is important to work with a Realtor who is Certified as a Foreclosure Specialist and who has experience working with the listing side of the short sale process. The Approval Letter from the Lender will ALWAYS have the buyer's name. If your name is not on the approval letter, you are not the buyer.....

Hope this information is helpful.
... more
0 votes 6 answers Share Flag
Wed Dec 24, 2008
Sheryl answered:
Just wanted to provide an interesting update on the house we made an offer on: The people who bid higher than we did are already moving into their new home, and it hasn't even closed yet. We're certainly not "stalking" the property; However, we just so happen to drive past it on a daily basis, as our friends live on that very street, and run the HOA.

How on earth could it be arranged for someone to move into a home that hasn't even closed yet? I can't help but wonder if the listing agent was also "representing" the buyer.
... more
0 votes 11 answers Share Flag
Fri Mar 28, 2008
Robert Masse answered:
We have the most comprehensive list of Foreclosures, REO, Short Sales, Pre-Foreclosures online. Please visti us at for more info
0 votes 9 answers Share Flag
Search Advice