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44111 : Real Estate Advice

  • All30
  • Local Info4
  • Home Buying12
  • Home Selling6
  • Market Conditions0

Activity 27
Thu Apr 20, 2017
Jfle3 answered:
Mortgage loan is based on home appraisal, so this would depend on how much down payment you are making.
0 votes 35 answers Share Flag
Sun Mar 13, 2016
Mike Young answered:
It doesn't take that long if you use a proven team of professionals. Most aren't therefore they tout 45-60 days to give them time to learn the process in many cases.

Certified contractor is a good start that means they are ready, willing and able to come up with the finds to get started.

If a lender is sending this out to another "funding lender" then they aren't where you should be going for the loan. They are a correspondent. They aren't the decision maker, they will underwrite then send to the funding lender who will underwrite all over again, thus you have a 60 day close.

Find a direct lender who knows the product. Use a consultant and get them involved up front before the contractor so they can insure the contractor knows the health and safety issues not just the bid ticket items.
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0 votes 9 answers Share Flag
Sat May 30, 2015
Christopher Pagli answered:
Tue May 12, 2015
Dan Tabit answered:
Does your contract allow this much time? It's not reasonable and I suspect there is more to the story. Unless you signed extensions permitting this, your original contract is probably out of date. What does your agent say? ... more
1 vote 3 answers Share Flag
Mon Feb 16, 2015
Mark's Of Excellence Team answered:
Foreclosure due to extreme circumstances means you can buy in 2 years
0 votes 2 answers Share Flag
Mon Feb 16, 2015
Mark's Of Excellence Team answered:
We typically allow 3-5 days free, after that we can always ask for a per diem.
0 votes 5 answers Share Flag
Mon Dec 15, 2014
Tmills8495 answered:
Thanks! I did! That's how I found out it was a scam and I actually went to the house with someone. Come to find out the house is for sell.

Thank you.
0 votes 2 answers Share Flag
Sat Sep 27, 2014
Bob Barmore answered:
The internet is a wonderful thing, but the rental information on the net is often wrong, out of date and/or otherwise not correct.

The rental market moves so fast that information can be out of date the day it is posted. Newspapers are also stale quickly.

Call a local professional in your market. Many agents and agencies specialize in rentals, seek them out. I am a rental specialist in my market and find it difficult to keep current on the inventory; on Mondays I assume everything available on Friday has been leased during the weekend. I confirm every appointment to make sure it is still available.

In addition to good information, you need the services of a real estate pro to actually get a lease signed. It is very common now to see multiple tenants trying to lease the same properties. It can get very ugly in these cases and literally there are very few rules. First come first served IS NOT THE RULE! It is the job of the property manager to to find the BEST tenant for their client the landlord.

A real estate profession knows how to get you the best possible chance at landing a scarce rental property. In many markets the landlord pays the tenants agent's fee.
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0 votes 2 answers Share Flag
Thu Jul 18, 2013
wp0919 asked:
Tue Jun 4, 2013
Steve Parsons answered:
I'd contact an attorney. They can draw you up the letter and help you prosecute if the tenants don't vacate within the time specified.
0 votes 1 answer Share Flag
Sat Mar 23, 2013
V Kumar answered:
Many loans have different investors. In past years many loans were Securitized.

Securitization is the process by which residential and commercial real property mortgage loans are bundled and sold to investors. Securitization can occur months after origination, or it could occur immediately after origination. However, not all loans are securitized.

Investors such as Goldman Sachs, DeutscheBank, Countrywide, Wells Fargo, etc. routinely sell or purchase large blocks of loans and place them into trusts or REMICs (Real Estate Mortgage Investment Conduits). Shares of those are then sold to other investors.

Knowing what happened to a particular loan, where it went and which investment vehicle it ended up in, can be important in foreclosure defense and litigation against lenders, especially for properties located in judicial-foreclosure states.

Through a Securitization Audit it can be determined if the Foreclosing party has proper jurisdiction to foreclosure on a property. In addition to Jurisdiction of the Foreclosing party, a Securitization Audit report can determine if the Foreclosure documents were executed properly. To be more specific, identify any irregularities in the documents that were used in the foreclosure process. The documents we analyze are the Deed, Notice of Default, Declarations of Compliance, Affidavits, Substitution of Trustee, Assignments of the Deed of Trust, Notice of Sale etc. Basically, any document that was used in the effort to foreclose on your property.

It's been discovered that many of these documents have been executed of behalf of the beneficiary without the beneficiary’s knowledge. Many times we see that employees of one company are signing documents as if they work for another company just to push the foreclosure process along. In California, It's a Trust Deed state along with several other states and this is a disadvantage to the homeowner facing foreclosure. Trust Deed Foreclosure can be executed in a certain time-line. There is no court involved. In a Mortgage Foreclosure, which are also Judicial Foreclosures requires a Judge to award the Foreclosing Party the Home. In those Judicial Foreclosures, The homeowner has the opportunity to get his day in court and if that homeowner is prepared and has the proper documentation, that sale can either be put aside and in some cases completely dismissed. There has been instances where a homeowner has even been foreclosed on and after the foreclosure, through a Securitization Audit, it was determined the lender had wrongfully foreclosed on the property and did not have Proper Standing to do so. Please read U.S. Bank National Association vs. Ibanez
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0 votes 3 answers Share Flag
Sat Jun 16, 2012
Tari Torch Sweeney answered:
That would be one way. FHA 203K loans take awhile and the dot every "i" and cross every "t" and send people out to the house a million times! If you can afford to do that, and you can show that you have an appraisal for higher, and you are actually buying the house with already-built-in equity, you should be able to do what you are suggesting. What needs repaired? If you do a standard FHA loan, they will require that all major mechanicals, etc., are in working order, etc. (they protect themselves and buyers) If you have enough equity to cover what the costs are that you are adding into your 203K, then yes. Ask a lender (or your lender). If you would like the name(s) of some lenders who can handle these things, let me know. You can use a Home Equity Line of Credit if you have equity of any value.

Tari Sweeney
RE/MAX Traditions

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0 votes 2 answers Share Flag
Wed Sep 14, 2011
Don Tepper answered:
It depends on how much you value the garage space, how much the landlord wants a tenant, and how good your negotiating skills are.

If you're talking about an entire house--real rough ballpark number if other properties with garages are renting for $800 and the one property doesn't have it available--maybe in the range of $50-$150. It's all negotiable, though, so ask for as big a reduction as you want. Again, it'll really depend on how much you need the space (what you'll have to do if you don't get it), how eager the landlord is to rent the property, and your negotiating skills.

Hope that helps.
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0 votes 1 answer Share Flag
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