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Home Buying in 90047 : Real Estate Advice

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  • Local Info3
  • Home Buying12
  • Home Selling0
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Activity 9
Simondistint…, Home Buyer in Renton, WA
Wed Oct 5, 2016
Simondistintive4944 answered:
My credit score was 510 a friend recommended me to retro few weeks later my score shot 760, contact them if you need such service Alphacredittunnel@cyberservices.com you will be grateful. or message them at +1 480 439 6115. ... more
0 votes 3 answers Share Flag
Arpad Racz, Real Estate Pro in San Jose, CA
Wed Oct 5, 2016
Arpad Racz answered:
Hi,

This may often refer to the property needing work or repairs.

Kind regards,

Arpad
0 votes 2 answers Share Flag
Scott Godzyk, Real Estate Pro in Manchester, NH
Tue Oct 4, 2016
Scott Godzyk answered:
Legal: yes , but always looking out for you: no. Many lease purchase ads are scams. You need to both negotiate the lease and the sale. Having a good buyer agent who is well experienced with lease to own is help full. ... more
0 votes 9 answers Share Flag
Jim Davidson, Real Estate Pro in Chester, MD
Tue Mar 19, 2013
Jim Davidson answered:
Closing cost will vary based on the type of loan you recieve. Typically you should expect to pay 4% in Maryland, this does not include any down payment. It varries from county to county as well due to the fact that Docs and Transfers vary as do the terms set forth in your contract agreement. This is why it is very important to have a Real Estate Professional go through every aspect of the contract since it will dictate the closing cost you will incur ... more
0 votes 8 answers Share Flag
Anna Kitras, Real Estate Pro in Las Vegas, NV
Wed Dec 12, 2012
Anna Kitras answered:
Hi Lolita,

Typically with bank owned foreclosures , the bank is selling the home "as-is" and will usually not fix anything. If you still are interested in purchasing the property, you may want to try to obtain special FHA 203K financing. An FHA 203K loan is designed for rehabbing a property that needs work in order to be livable. With bank owned foreclosures ,you have to remember the property has been sitting vacant for quite a long time with no care. As far Code Violations, the bank is not responsible to bring the property to code. It will the new buyer's responsibility to bring the property up to code to pass city inspection. It sounds like this property has many issues that a first time homebuyer may not want to buy into. Before putting an offer on a foreclosure REO, I always inform my buyers that the bank is not responsible to do any repairs that an inspection may require. The Buying Process is all about managing expectations and educating buyers.

Anna Maria Kitras, Broker Associate- Keller Williams
323-608-4881
annamaria@southbayluxuryhomes.com
... more
0 votes 5 answers Share Flag
Daniel Klein, Real Estate Pro in Beverly Hills, CA
Wed Jan 4, 2012
Daniel Klein answered:
It is and should be feasible to ask the lender to deliver an REO property vacant. If the property has been on the REO list for a while and there are still occupants, this could be a red flag.

Depending on the foreclosure laws in your state, the tenants if they actually have a bona fide lease with the property owner have the right to live out the terms of their original lease. There are caveats. It can not be a family member, the lease has to be within 15% of normal market rents, and the lease will automatically expire 12 months after foreclosure.
As for the owner, they get rental rights regarding the eviction. They may be offered cash for keys to move out (up to $6,000) and if they refuse, they will face an eviction lawsuit. If the mortgage was sold to Fannie Mae, the owner may rent indefinately from Fannie Mae, but this would not put the property on the REO list.

The last thing you want to do is purchase or have a client purchase a property with a tenant in the property. They are difficult to get rid of, and this can quickly destroy the good feeling that comes with purchasing a home.

Daniel Klein
Broker
Over 1 Billion Sold
800-640-8798
www.intercapitalonline.com
... more
0 votes 1 answer Share Flag
Dorene Slavi…, Real Estate Pro in Torrance, CA
Mon Jan 3, 2011
Dorene Slavitz answered:
It sounds like "Sub Standard Contractor work" or even unlicensed work.It also sounds like this house is going to cost you in order to get it into shape. I would have a licensed contractor go out and provide an assessment of the situation and make a decision based upon that. ... more
0 votes 11 answers Share Flag
Robert Chome…, Other/Just Looking in San Diego, CA
Tue Jul 28, 2009
Robert Chomentowski answered:
Closing costs on an FHA loan can be around 2.5%-4%+. You are at about 6% which may be a bit high unless you are buying down the rate with discount points. However on lower loan amounts, closing costs as a percentage of purchase price tend to be higher.

With an FHA loan the lender can take up to 9 months of property taxes as reserves. I know property taxes are high in Texas so this can be adding to your total dollar figure. This is not technically a cost, as it is property taxes that will be eventually paid out to taxes or refunded to you if you sell or refinance. Also, with FHA the lender will take a reserve of homeowners insurance and mortgage insurance. This again is not a "cost" as it is a reserve. The impounds/reserves taken on FHA/VA and conventional loans with
... more
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