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Home Buying in 90802 : Real Estate Advice

  • All39
  • Local Info0
  • Home Buying15
  • Home Selling9
  • Market Conditions3

Activity 14
Wed Aug 24, 2016
Ghalib(gabe) Abdelrahim answered:
This website is driving everyone nuts. They put these illegal cheap prices to direct you to credit repair, nothing more and nothing less. When you ask them about the advertise homes they immediately till you it is sold. They are conning people with bad credit. ... more
0 votes 27 answers Share Flag
Tue Apr 19, 2016
Alysse Musgrave answered:
Trulia is an advertising site. If you have a complaint, contact the Department of Financial Services in New York. Lots of complaints are due to misunderstandings and miscommunications. Try to discuss it with the loan officers boss before you make claims that might damage them.

Don't Let Them Make a Monkey Out of You! Follow the links below.


Alysse Musgrave
http://HelpUBuyAmerica.com
https://www.youtube.com/watch?v=D5wipynkV4U
... more
0 votes 1 answer Share Flag
Thu Jun 11, 2015
Ritadawn answered:
A quite title action is generally filed to correct or change the way title is held to the property because the parties who messed it up are no longer around or in dispute. It doesn't really have anything to do with stopping a foreclosure. You can stop a foreclosure action, for example, by receiving a short sale approval letter or applying for a loan modification (but not by "applying" for a short sale).

Reference link : http://titlecompanies.net/
... more
1 vote 8 answers Share Flag
Mon May 18, 2015
Alexander Greer answered:
Yes. Based on you having a W-2 it sounds like you have the correct Visa to go with your ITIN# in order to get a conventional loan.

I do not check replies, so if you have a comment or question email me here:
AGreer@TheMortgageOutlet.com

Alex Greer
Loan Officer
408-352-5147
NMLS #1056079
http://www.TheMortgageOutlet.com
... more
0 votes 1 answer Share Flag
Thu May 22, 2014
Shannon Jones answered:
Sat Dec 28, 2013
Michael Magaw answered:
The problem is the leasee/tenant (future buyer) usually wants to lock in today's prices and interest rates and does not want to pay for it. In that case it makes no sense for the landlord/owner (future seller) to give up future potential equity to you for nothing in return.

If you are willing to paying enough upfront for the "Purchase Option", then you may be able to find an owner that is willing to sell you the Option. Another approach is to offer to pay a monthly premium on the rent (maybe 20% over market rate) for a fixed length of time. If you cannot purchase by the set date, then you lose the option and whatever you paid for it.

It would make more sense to figure out how to get you qualified to purchase now or in the near future. If there is no way to get you qualified in the near future, then why would you want to pay for an Option that you may never be able to use?
... more
0 votes 1 answer Share Flag
Sat Dec 28, 2013
Michael Magaw answered:
The problem is the leasee/tenant (future buyer) usually wants to lock in today's prices and interest rates and does not want to pay for it. In that case it makes no sense for the landlord/owner (future seller) to give up future potential equity to you for nothing in return.

If you are willing to paying enough upfront for the "Purchase Option", then you may be able to find an owner that is willing to sell you the Option. Another approach is to offer to pay a monthly premium on the rent (maybe 20% over market rate) for a fixed length of time. If you cannot purchase by the set date, then you lose the option and whatever you paid for it.

It would make more sense to figure out how to get you qualified to purchase now or in the near future. If there is no way to get you qualified in the near future, then why would you want to pay for an Option that you may never be able to use?
... more
0 votes 3 answers Share Flag
Wed Aug 21, 2013
JR Thrasher answered:
The state of the market really doesn't lend itself to rent to owns. I would watch out if I were you. When interest rates are really high, that’s the time to look for rent to owns

J.R. Thrasher
www.SanDiegoRealEstateVeterans.com
619-929-0105
.
... more
0 votes 4 answers Share Flag
Wed May 8, 2013
Ken Baker answered:
I can't totally advise you, without knowing all the facts of this case, BUT, I would be careful about paying fees. Lenders and RE people are paid very well for successful transactions. In Texas, it might be customary. Here in CA, it is not.

If it turns out that you can't buy a house by financing it, don`t give up. There are other ways.
... more
0 votes 13 answers Share Flag
Tue May 7, 2013
Mark Vinton answered:
Hello Uliver. I too own rental property and I'm a member of the Apartment Owners Association and use their ABC grade credit reports. I accept "A" or "B" rated reports. A's are defined as follows:

Credit Score Between 700 and Perfect
Must Have Credit Report
Credit History Must Be at Least 36 Months Old
No 30 Day Late Accounts in the Last 12 Months
No 60 Day Late Accounts in the Last 12 Months
No 90 Day Late Accounts in the Last 12 Months
No Collection Accounts in the Last 24 Months
No Bankruptcies in the Last 48 Months
No Legal Items in the Last 24 Months
No Tax Liens in the Last 24 Months
Must Have at Least 90% Positive Accounts

and B's are:
Credit Score Between 600 and 700
Must Have Credit Report
Credit History Must Be at Least 24 Months Old
No Collection Accounts in the Last 12 Months
No Bankruptcies in the Last 18 Month
No Legal Items in the Last 18 Months
No Tax Liens in the Last 24 Months
Must Have at Least 80% Positive Accounts

www.aoausa.com as a source for you.

I also print out and give these grades to potential renters prior to them completing an application. it's part of a a written criteria list for applicants. Doing this, also helps preventing discrimination and fair housing issues that could arise.

Good luck in your rentals and I hope this guideline helps you.

All the best,
Mark
... more
0 votes 7 answers Share Flag
Tue Mar 5, 2013
Samantha Baksic answered:
You also want to make sure you are using someone who is a broker, as opposed to just using a specific bank. A broker is able to shop around for the best rate possible. Best of luck!

Samantha Baksic
Precision Realty

sb@theprecisioncos.com
http://www.theprecisioncos.com/
http://www.ocbeachcitiesrealestate.com/
714.330.2021 (cell)
800.817.7542 (fax)
... more
0 votes 8 answers Share Flag
Tue Jun 7, 2011
Deb Dobias answered:
Some OYOs do have seperate tax bills. That is not the problem. Lenders and our attorney who has dealt with OYO problems for many years has told us that the financing problem is simply that lenders don't want to deal with something that they are not familiar with. Whenever a willing lender does pop on the scene, they have lots of requirements like high owner occupancy, high loan amount and high down payment, and high interest rates. If you can buy the place and wait about 2 years to begin repairs, I would recommend that you first speak to the HOA and Tim Murakami to find out what your chances are to convert the OYO to condo before you buy it. Murakami is very experienced in conversions and will answer your questions. There are no guarantees that you can get it converted and it's a lengthy process, which is why they are priced lower than condos. ... more
0 votes 5 answers Share Flag
Thu Feb 24, 2011
Peter Machin answered:
Plenty of places to rent but very few rent to own as property right now is often being sold as a short sale
0 votes 5 answers Share Flag
Mon Dec 1, 2008
Barbara Robbins-Olexa answered:
Hi Brian: Sorry to say, but I had a client that just wanted to purchase an OYO recently and I contacted the lender I have worked with these on for 20 years. Currently that bank unfortunately is being bought out so they are not doing these loans right now, but he has told me after the merge (possibly 2 months) there may be financing. But for now he was not aware of anyone doing the financing, so as other have suggested now it would have to be all cash. When I hear there is any financing, I will recontact you through this question and let you know who is doing the financing. If I can answer any other questions about OYO feel free to email me at bstrealtor@aol.com or call me at 714-296-7270.

Barbara Robbins-Olexa
Broker
L B Brokerage
189 Quncy Ave.
Long Beach, CA 90803
www.barbararobbinsolexa.com
... more
0 votes 3 answers Share Flag
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