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90210 : Real Estate Advice

  • All110
  • Local Info23
  • Home Buying44
  • Home Selling6
  • Market Conditions2

Activity 84
Wed Apr 23, 2014
Sheri Negri answered:
As many others suggested, I would recommend joining a top real estate team. I would suggest becoming a buyer's agent instead of a transaction coordinator. Even if you decide not to join a team, make sure you go to a brokerage where you will get the proper training and that you have a resource to help mentor you.

Some new agents focus too much on what their commission split is rather than focusing on the training aspect. Real Estate is not easy like most people think. Yes it's a people business, but you also have to know how to write a good contract, counter offer, etc. The devil is in the details, and not knowing how to use the forms appropriately can come back to bite you legally.
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1 vote 33 answers Share Flag
Tue Mar 4, 2014
Maria Gonsalaz answered:
Sun Feb 2, 2014
Antonio Sanchez answered:
Hello,

A short sale will typically have a listing agent in charge. The bank will only allow a short sale if a home owner is deeply under water and in hardship, but to answer your question agents, negotiator and attorney will 99% of the time handle short sales.


Sincerely, 
Antonio Sanchez
Exit Realty Search
Licensed Real Estate Salesperson
3928 E. Tremont Avenue
CELL: 347-320-0673
FAX:    347-202-4966

antonio@exitrealtysearch.com
www.lovingmytown.com

#RENTAL EXPERT
#FIRST TIME HOME BUYERS
#VA LOANS
#203K LOANS
#SHORT SALES
#LISTING AGENT
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0 votes 19 answers Share Flag
Wed Oct 30, 2013
michellelongnaker answered:
To find out the best time to buy a home in Washington D.C. is to get in touch with a local real estate agent there. They will have all the information to any question you are needing to be answered.

Good Luck!
Michelle
Riverside Real Estate agent
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0 votes 3 answers Share Flag
Wed Oct 30, 2013
michellelongnaker answered:
This would be an excellent question for you to ask a local real estate agent.
0 votes 9 answers Share Flag
Tue Oct 29, 2013
michellelongnaker answered:
That would be a great question to ask your real estate agent that sold you your home. They should be able to give you some suggestions.
0 votes 5 answers Share Flag
Sat Oct 12, 2013
Judi Monday, CRS answered:
You must present every offer. However in presenting that offer be sure to outline for the seller all the red flags that you mentioned above.
0 votes 8 answers Share Flag
Wed Aug 21, 2013
Ann_globenetrealty answered:
There are number of steps involved when looking to a buy a house in the US, these are as follows:

1. The buyer will make an offer to the seller for the property, your offer will usually require you to also provide the following:

• A Check Deposit, also known as an ‘Earnest Money Deposit’
• A Pre-Approval Letter from your lender (The Bank)
• A Proof of Funds Available (Bank Statement)
• Identification Documents

It is normal practice for both the buyer and the seller to have a real estate agent or broker working on their behalf; the offer for purchase will be made by the buyer’s broker to the seller’s broker.

2. If the seller accepts the buyers offer to purchase the property, the buyer’s broker will then deposit the check deposit into an escrow account.

3. Once the money has been deposited into the escrow account, the buyer will then make arrangements to have the property inspected for such things as structural damage, termite infestations, roof damage etc., etc. Once the buyer is satisfied that the property meets their approval they can remove any contingencies to the offer. It is at this stage that the ‘Earnest Money Deposit’ becomes non-refundable.

4. The buyer will now need make a loan application to his bank or mortgage company for the balance of the purchase price. Before approving the loan application, the lender will perform an appraisal and valuation of the property; if they are satisfied with the property then the loan underwriter will approve the loan.

5. The buyer will then sign all the necessary paperwork in front of a notary public witness at the escrow company. This will include such documents as the loan application from the bank as well as documents from the real estate agents and the seller. The loan will then get transferred by the bank, the seller will pay off any monies they currently owe to their own lender and then the seller will transfer the property ownership deeds to the buyer. This grant deed will then be recorded by the County Clerk Recorder service and the buyer becomes the legal owner of the property.

Web Reference : http://www.globenetrealty.com
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1 vote 7 answers Share Flag
Wed Aug 14, 2013
Connie De Groot answered:
I hope you consider that some sellers price their homes well above the actual market price waiting for someone like you that will be happy to get a home at a large discount. The actual market price will determine if you are getting a good deal and not the fancy discount. As strange as it may seem, there are still buyers over-paying. It's a shame. If you don't have information as to the homes that sold and the actual experience seeing the home (inside and out) you could be mislead. Good luck. ... more
0 votes 12 answers Share Flag
Sat Aug 3, 2013
John Souerbry answered:
Look at it like this... in any market in the country
- there are many residential transactions each month and each pays relatively less
- there are fewer commercial transactions each month, but each pays much more
I broker residential, land and small commercial because each is a marketing channel for the other. It took a lot of years to develop the expertise necessary to compete with each of these property types and most of that experience happened by accident. It's good to focus on one type when you start out. So it's back to the question of would you rather do a lot of smaller priced deals or relatively fewer deals that pay much more. There are other questions to ask yourself, but you may want to start with that one.
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0 votes 9 answers Share Flag
Tue Jun 25, 2013
Daniel Castiel answered:
Im a native French speaker and have extensive experience in Los angeles, Beverly Hills, all the way to Santa Monica.
0 votes 3 answers Share Flag
Fri Jun 14, 2013
Frances Bocksch, P.A. answered:
How well do you know yourself and personality? When you know your strengths, you can utilize them to you best advantage as an agent. Always continue to educate yourself, and be willing to learn. Ask questions from successful agents. Your attitude determines your altitude! The 3 "L's" are very important: Leads, Listings and Leverage. I could go on and on, but most important--Don't give up! Real Estate Agents have ups and downs, but I don't give up-- ... more
0 votes 8 answers Share Flag
Sat May 11, 2013
Andrea Gomez answered:
Dan,

The typical major expenses are closing costs and down payment. The other costs are relatively minor in comparison. But if you have the right agent they can help get a lot of the closing costs covered by the seller..
Shoot me an email email I would be happy to assist you. angela@thelendersnetwork.com
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0 votes 9 answers Share Flag
Sun Jan 27, 2013
Jodie Francisco answered:
Hi Alexandra,

This question should have probably gone under agent to agent rather than questions about home buying. I think everyone including myself thought you were a buyer with a question. There is an area on trulia for agent to agent questions. You can find that here http://www.trulia.com/voices/activity/-Agent2Agent-42-

Good luck...

Jodie
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0 votes 6 answers Share Flag
Tue Jan 15, 2013
Dorene Slavitz answered:
Dear Friskey,

Sorry to hear about your problem with the association and your neighbor. There do seem to be issues with upstairs neighbors and noise at times. I wonder if you have carpet on the floors? That seems to help somewhat. Unless you can convince the association to change the rules, I believe you have to abide by them or find another home. ... more
0 votes 9 answers Share Flag
Mon Dec 24, 2012
Simon Campbell answered:
With the mortgage settlement agreement, lenders are encouraging short sales over foreclosure and are even offering cash incentives for struggling homeowners. As a result, more homeowners and lenders are agreeing to a short sale as opposed to foreclosure, which has contributed to the rise of short sale properties on the market.

To learn about why short sales are a good investment and why banks prefer them over foreclosure, you can check out an article I wrote on this entitled "Looking for Real Estate Deals? Consider Short Sales"

Simon Campbell - http://www.bankforeclosuressale.com
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0 votes 7 answers Share Flag
Tue Dec 4, 2012
Brent Rice answered:
Joe, I have not seen where a SELLER'S LENDER will allow the SELLER to occupy the property after the closing (as mentioned below), but I suppose it could happen. However, I don't think the SELLER'S LENDER would think too highly of it. Some actually require the property to be "owner occupied" (i.e. no investor-buyers), therefore it cannot be leased.

The timing of the approval and closing typically depends on the SELLER'S LENDER. The SELLER can move out anytime they want, on or before the closing date. The closing date deadline is specified in the approval letter of the SELLER'S LENDER and is usually 30 days or so after the approval letter is issued which is typically within 30 days after the BPO is ordered.

So, based on my recent experience with several banks including HSBC, BofA and WF, the answer to your question about how long between the SELLER'S LENDER BPO and the closing date is typically 45 to 60 days. (During this period after the approval letter is issued by the SELLER'S LENDER, the buyer gets their loan approved which includes a separate appraisal of the property engaged by the BUYER'S LENDER. If the BUYER'S LENDER is unable to close by the closing date deadline specified in the approval letter, then an extension must be requested and approved by the SELLER'S LENDER. This could delay the process.)

Brent Rice, SFR and Top Recommended Broker
The Rice Group, Inc.
Website: http://www.ricegroupinc.com
214-808-3100
Brent@RiceGroupInc.com
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0 votes 7 answers Share Flag
Mon Nov 5, 2012
Nils Rudovics answered:
It doesn’t matter. Everyone is right in that it you should have put a clause in your Counter that the expiration date of the Offer was extended to the date you presented your Counter. Nevertheless, if you failed to do so, a strong argument can be made that the defect was corrected and/or a new revived contract was created when your Counter was accepted.

HOWEVER, the reason none of this matters is that there is no such thing as a binding purchase agreement against the BUYER. Offers are full of contingency periods during which buyers can always cancel. Plus the law gives Buyers additional rights to cancel depending when and even how some disclosures are delivered even if there are NO contingencies in the Offer itself.

Since you countered to an Offer I presume you are the Seller. The question becomes more complicated if you are now asking because the Buyer is trying to enforce terms of the expired Offer against YOU, which you are now trying to argue do not apply. As always, consult an attorney.

Nils Rudovics
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0 votes 7 answers Share Flag
Sat Oct 6, 2012
rssraj answered:
James, I would love to follow your advice but MLS is quite lenient with its enforcement. I've been through numerous situations where an accepted offer is in place and the broker keeps the entry as 'on sale' in MLS. I think MLS rarely imposes fines and when it does, it's about a $100. Other brokers trick the system by removing a house on sale and putting it back on and changing the address just a little so that a new buyer would not know that the house has been on market for a few years ... more
0 votes 5 answers Share Flag
Sat Sep 29, 2012
Peaceandpowerparenting asked:
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