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90033 : Real Estate Advice

  • All14
  • Local Info2
  • Home Buying8
  • Home Selling2
  • Market Conditions0

Activity 11
Wed Nov 17, 2010
Vicky answered:
contact the city title office?
0 votes 17 answers Share Flag
Fri Aug 7, 2009
David Chamberlain answered:
I found a good blog about this on activerain http://activerain.com/blogsview/958500/beware-of-the-arms-length-transaction-affidavit
0 votes 6 answers Share Flag
Thu Jul 30, 2009
Emily Knell answered:
It is possible the bank will let it go to auction. However most banks WANT to avoid foreclosure because it costs them more money to take it to auction, in which case 80% of those homes end up going back to the bank, then they have costs to hold the property, fix it up if necessary etc. The bank would MUCH rather sell the home as a Short Sale.

The listing agent CAN request (Strongly) that any auction date be postponed, the listing agent MUST be aggressive about this as the Aug. auction date is soooo close!

emilyknell1@yahoo.com
... more
0 votes 6 answers Share Flag
Tue Jul 7, 2009
William Polack answered:
Unfortunately, a co-signor will not allow your cousin to qualify for a loan. He must qualify on his own. A co-signor will only help him income qualify.
0 votes 6 answers Share Flag
Sat Jun 27, 2009
Steven Ornellas answered:
Hi Amanda, Erin's correct on the two appraisals; however, if you put 5% down you can avoid the 2nd appraisal. If you ask for the max of 6%, based on true market value, you are still ahead of the game, so to speak. The Appraiser-identified health & safety issues do need to be corrected, but you probably want this anyway. A new trend I'm seeing from REOs is specifically stating "No FHA Financing" on listings because of unknown health & safety issues.

Best, Steve
... more
0 votes 4 answers Share Flag
Fri Jun 26, 2009
Andy Bencosme answered:
The other answers are correct in their down payment ranges. However if your sister plans to relocate and wants to owner-occupy the home, she could get an FHA loan for as low as 3.5% down. ... more
0 votes 4 answers Share Flag
Fri Jun 26, 2009
Bob Georgiou answered:
Laurie is correct but her answer leaves the wrong impression.

A husband or wife can buy real estate as sole and separate property even though it is a community property state. A husband or wife can freely relinquish their real estate rights or responsibilites legally through a quitclaim deed. There are legitimate (as well as nefarious) reasons for doing this.

Everyone knows about the spouse who tries to hide assets from the other spouse and this happens all the time.

The more legitimate reasons for this are if the real estate would be owned by a trust, corporation or partnership where one spouse is not a member of. If one spouse owns a small business and it needs to purchase a piece of real estate. If one spouse had filed bankruptcy. This is common in second marriage situations where one spouse filed bankrupcy before the second marriage. Often, the only way to get financing is if the non bankrupt spouse purchases the home sole and separate.

There are also situations where stay at home parent quit claims to the income earning spouse the asset and the debt with a consideration paid for exchange. The best story to illustrate this was the lore about the husband who was a real estate investor. He assumed all the risk for his investments so in order to induce his wife to sign the quit claim deeds, he promised her an expensive piece of jewelery of her choosing. Later in life she ended up with a collection of jewels suitable for a queen. He went broke...
... more
0 votes 4 answers Share Flag
Wed May 27, 2009
Monique & Joe Carrabba answered:
Hello Amanda,

Thanks for the clarification. I spoke with the lender I work with, CPK Mortgage, Chris King. He said he would need to know the type of Visa it is to correctly answer your question. If it's a tourist visa your cousin would have to probably pay all cash. If it's a work or student he might be able to get a loan but he'd have to put down 35% to purchase a home. If you want further information as I'm not a mortgage expert feel free to contact Chris at (310) 215-1830 or email atmrprez13@gmail.com

Best,

Monique Carrabba
The Carrabba Group at Keller Williams Sunset
(323) 899-2900
mcarrabba@kw.com
... more
0 votes 1 answer Share Flag
Tue May 19, 2009
Matthew Bartlett answered:
Hi Amanda,

Yes it would be a significant disadvantage to the buyer. I would never recommend to a buyer that I'm representing to make nor except the removal of the contingency period. The contingency period allows the buyer to complete their due dilligence regarding the property and confirm that the home is infact the right purchase for them. It also is beneficial for the seller to agree to a contingency period as it shows good faith on their part and intills confidence that the seller has nothing to hide and wants the buyer to ultimately be happy with the purchase of their new home. I hope this answers your question. Good luck!

Matt
... more
0 votes 1 answer Share Flag
Tue May 19, 2009
Alexandra Parra Rivera answered:
If you are using an FHA loan its 3.5%. The lender I use has a program for first-time buyer that lets the buyer come in with 0.5%. If you need his contact information here it is: Al The Loan Guy (526) 587-5284 or his email is al@altheloanguy.com. ... more
0 votes 2 answers Share Flag
Wed Nov 14, 2007
Trinidad Gaeta answered:
We would need more information to answer that question. when was the property purchase? How much was it purchased for? is it owner occupied? for how long? what are your intentions with profits? are you reinvesting/cashing out? Are you selling for a profit or loss? Lots of possible variations to that question, I'll be more then happy to give you a more detailed answer with more information. Trinidad@listingprice.net ... more
0 votes 4 answers Share Flag
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