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Home Buying in 90250 : Real Estate Advice

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  • Home Buying11
  • Home Selling2
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Activity 11
Sun Jul 10, 2016
Melymeia Whiteley asked:
This question was asked from this property:
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Sat Jul 9, 2016
Rich Reed answered:
Your post says you're in New York, NY and your posting a question in Hawthorne, CA 90250? You are right to be cautious about wiring money anywhere! If your money actually went into escrow the escrow company will need written instructions from all parties to disburse the money, even back to you. For our clients, we do not open escrow until we have a fully executed, signed by all parties, purchase agreement. There are other ways to show a seller that a buyer is serious. Opening escrow first sounds suspicious to me. Good luck!
I am a real estate broker qualified to advise you on California real estate matters, not the law. If you desire legal advice, consult with an attorney.
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Wed Jul 1, 2015
Harold Rodriguez answered:
you also might want to check with a Credit Union since they're not for profit. ;-)
Harold Rodriguez
Kinecta FCU
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Fri Sep 26, 2014
Susie Kay answered:
I would suggest getting a contractor to give you repair estimate and get back to the seller with the estimate so you are not just picking up a number from the blue. This will also give you a stronger negotiation position.

Good luck!
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Tue May 20, 2014
Dorene Slavitz answered:
Yes it does change. It has to do with lending practices and risk to the lender. Also, you can usually borrow more for a single family then a condo or townhouse.
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Fri Aug 9, 2013
Alan Glasband answered:
That depends on if you're selling your home or trying to do a refi. Which are you doing?
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Fri Sep 21, 2012
Alane Anderson answered:
If you're serious about the property, you'll need to pay for the option. Think of it this way, if it was your home and you wanted to sell it, but understood the buyers couldn't yet afford, the homeowners could either sell it to someone else or give you the "option" to buy it at a predetermined amount. ... more
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Fri Sep 21, 2012
Alane Anderson answered:
Understand you wanted immediate equity, but there are many properties appraising BELOW agreed upon sale price. The bank will only loan to the appraisal price, so many appraisers are taking the conservative route and appraising to the "sale price" even though there may be a bit of equity. Check the comps and know if it's good for you, regardless of the appraisal. ... more
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Sun Sep 16, 2012
Michael Magaw answered:
You asked - what if you do offer the asking price of $362k and they accept and then your appraisal comes up short. That is fine. Then you have solid evidence that the price should be lowered. I assume that you won't make up the shortage in cash, so you have two choices. 1- cancel the escrow and let the bank start all over with someone else. or 2- have the Listing Agent appeal to BofA that the price needs to be reduced.
I have had this happen with clients and the bank did lower the price.
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Tue Sep 4, 2012
Alane Anderson answered:
During the escrow process, disclosures must be provided to you including the HOA documents. If the rules state you outside of the bounds, cancel. The rules and regulations will be enforced and you'll be unhappy without your pet. Best Wishes.

Alane Anderson
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