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90037 : Real Estate Advice

  • All10
  • Local Info1
  • Home Buying7
  • Home Selling0
  • Market Conditions0

Activity 9
Mon May 9, 2016
Akrossworkctc asked:
Fri Feb 26, 2016
Dorene Slavitz answered:
Hi Joseph,
There are many things to consider when thinking about this.

Rentals are nice to have and can generate income for you, but they are also time consuming and there is work associated with owning income property.

If you would like comps for rentals any local Realtor can generate that information for you and would be pleased to do so, if they would be considered as your agent for the sale of the home ( should you make that decision). The Realtor will need to actually see the property to evaluate it.

If you don't want to bring a Professional in so soon, you could try some of the online resources for an idea of home prices in your area, and rental costs. (Trulia and Zillow have some general information on that)

So, first you must know what the property can sell for in it's present condition. Next you need to know what you might potentially rent the property for.(yearly)

From that information you deduct all the expenses (and there are quite a few to consider). Once you have those figures you can make an informed decision.
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0 votes 1 answer Share Flag
Tue Jul 14, 2015
Sheryl Arndt answered:
Hello Precious, yes because rent to own does not require good credit but it does require from 10% down and another 3% fee. Why rent to own if you may qualify to buy to own with less out of pocket expenses. What do you mean by poor credit.

You may qualify ONE DAY after a short sale, foreclosure or deed in lieu with 20% down and minimum 620 fico score and 25% down with a lower score. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

You will need to be pre-approved if you decide to buy and to be able to meet an agent to view and submit offers on any homes of your choice. Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down or as low as .5% half percent down payment program up to 417k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 417k.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve you can be emailed listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. Here are some links to study as well as web reference links to many loan program pages offered...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
22+ Years Experience
BRE# 01140252
NMLS# 297251
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7 or

If my response was helpful, consider clicking Thank, Link or Best Answer.
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0 votes 2 answers Share Flag
Sat Jun 4, 2011
Dorene Slavitz answered:
Dear K. Torres,
You should have copies of all the documents you signed. Since you are having such difficulties at this point I would recommend you speak to a lawyer who specalizes in Real Estate Law. ... more
0 votes 17 answers Share Flag
Wed Jun 1, 2011
Lynn Le Glaire answered:
Hi Ktorres_-
You need an attorney. I'm sorry you 're going through this.
Keep us posted.
Lynn LeGlaire
Keller Williams Realty
D: 323-219-4480 ... more
0 votes 7 answers Share Flag
Wed Jul 7, 2010 answered:
Coach Pat here jumping in....
Short sales are phenominal but not all short sale deals are created equal.
I do agree that you need to be wise and pick a realtor/broker that not only can think outside the box and be solution minded but that person needs to have systems and processes in place for a successful outcome for both the buyer and the distressed seller. I have always maintained that realtor/brokers need to do what they do a frikken realtor. I buy and re sell short sale deals every month to the tune of 50 to 75 deals to some months over a 100. Find a realtor that is hooked up to an investor and the investor is paying for the third party professional negotiation firm to handle the short sale negotiations. Look for deals that a realtor is re selling for the investor and the approval letters for the short pay are forth coming within 60 days.
Once the negotiations are complete, the investor pays cash, closes and purchases the short sale. The investor now can close and sell you the property and typically you will still get a fantastic discount because having a third party firm with former bank loss mitigators will get a much greater discount than what realtors can get negotiated. These guys usually have contacts at the banks and can get approvals at the lowest possible price the bank will allow. This is how the investor can make his margins and still get you a fantastic price for your new home. Always deal with a realtor that has their investor back by an attorney and backed by title. This method is a fanatastic solution for all parties involved and if an offer comes in too low and a profit can't be made for the investor the investor in my case will back out, eat the $3500 for the negotiation fees and allow the the distressed homeowner to go under contract with the buyer that the realtor found for the investor. When we are successful, we will guarantee a 6% commission for our realtors and make up any difference from our profit from the deal.
The huge problem the short sale industry faces is the lack of experienced real estate professionals that have a legal proven system in place that is solution minded. Beware of those realtors that insist on handling the bank negotiations personally themselves. These good hearted realtors are placing thmeselves at an unnecessary litigious risk for getting sued by a distressed homeowner when that realtor/broker fails at the bank negotiatinos. Can you smell a settlement and a pay out of the brokers E & O policy.
Watch the commercials on TV...Did you lose your home to foreclosure? Your not alone and it's not your fault! Did your realtor fail at the bank negotiations? You could be awarded compensation. Call the law offices of whoever for a free consultation..
If you are a realtor you owe it to your distressed homeowner to get in touch with me.
I have $3M in escrow at a title company with a credit line up to $10M. I like to purchase in the price range of $400K to $3M.
Offices San Diego, Seattle, Dallas, Florida, St. Louis and South Jersey
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Tue Mar 30, 2010
Megan asked:
Srasota florida,
can anyone tell me if building a tennis court on your property requires a special zoning or maybe just bigger acreage...I would like to buy a house and build a tennis…
0 votes 0 Answers Share Flag
Tue Mar 30, 2010
Randy Rehler answered:
In order to give you good advice, please answer the following questions.

1) How sharp a bargain are you looking to make? Are you looking for a home XX% below market?
2) If the property needs repairs, is that money coming out of your $170K?
2) Is this an investment or your personal residence?
3) When you say "foreclosure" do you mean "REO" or you want to buy on the court house steps or you want to purchase from a distressed seller pre-foreclosure?
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0 votes 4 answers Share Flag
Mon Mar 29, 2010
Karen Parsons Fiddler answered:
Hi Artie,

My advice is to be patient and sell the home you have now first. Maybe you can find a lender to lend to you, even though you are currently unemployed, but it's not going to be an A+ loan...and you are going to pay for that over many years in the mortgage payment. Plus....would it be a hardship for you to need to make a mortgage payment before you sell the current home? I wouldn't suggest you put yourself in that position.

Better to wait....sell the home you have and then decide what you want to do going forward.

good luck to you!

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0 votes 17 answers Share Flag
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