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Home Buying in 90713 : Real Estate Advice

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  • Local Info1
  • Home Buying4
  • Home Selling3
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Activity 3
Mon Mar 18, 2013
Roberto Gosim answered:
Hello missyjrrox,
If you're looking for lease with option to buy,
there's not much out there.
The two answers pretty cover it.
The reasons people like you look for
this kind of deal is either credit related,
recently house was foreclosed, short sale,
downpayment etc.

With prices going up, low inventory, sellers that do
rentals kind of shy away with lease options.
Usually sellers when they are ready just sell it
outright because there's a lot of bidding going on.

What I can suggest is if you're not ready,
just continue renting, talk to a lender so you get some advice
on how you can remedy your situation.

There's a lot of ads telling you about lease option deals.
As an active Realtor, my clients that did short sales are looking for this deals also.
I looked and sorry to tell you, I can't find any.
Maybe these people that advertise know something I don't.
Good Luck though.

Roberto
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Thu Sep 16, 2010
rjfre answered:
You may have a title claim because of the inaccuracy. Contact your title insurer.
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Sat Jan 2, 2010
Yvonne Kelly-Brazell answered:
Dear Melissa,

I sympathize with you entirely. You are in the "piggy-in-the-middle" here. A few key factors to keep in mind.

1. Banks have huge pressure on them to "work-it-out" with the owner if at all possible. They don't like negative pr. The owners will have to show the bank that they have a secure income source. They must prove they are able to make the payment, if the bank does modify this loan. You are not in the loop usually to know if they financially can do this....

2. With this being said, some banks will add up all the past payments and place them on the rear of the owners loan...so they will pay in the future. They will tack on past due taxes etc to that and then the sellers mortgage balance increases by these amounts.

Each situation is v. unique and without knowing all the circumstances or challenges or inside info.....it's impossible to know whether the bank will or will not grant this loan modification for the seller. If you did write your offer using a "short sale addendum" it does pass comment on many of the "challenge" facing you as a short sale buyer. It's an experience for you to attempt to buy one..and you will have gained a lot of knowledge in this process.

Hopefully you are not out of pocket too much and ultimately it may work out in your favor.

Keep educating yourself, and keep your fingers crossed!!!

Sincerely,

Yvonne Kelly-Brazell
Prudential California Realty
SuperIrishRealtor@gmail.com
(*Text or Call me: 562-201-1230)
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