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91752 : Real Estate Advice

  • All11
  • Local Info1
  • Home Buying4
  • Home Selling2
  • Market Conditions2

Activity 11
Wed Jun 28, 2017
mwndonye asked:
The Broker is the one putting my parents home on hold. My retired parents decided to sell their big two story 4 house so as to down grade to a single story 3 bedrom house. The market amd…
0 votes 0 Answers Share Flag
Thu Sep 27, 2012
Bevery Shirley asked:
Thu Oct 7, 2010
Terry Bell answered:
You didn't say whether the "co-borrower" was willing to participate in being removed off title! If the party should have been removed during the re-fi, talk to the title co, but if the party is unwilling to sign, you will have to find a real estate attorney to consult with. Good luck, Terry Bell, Realtor, Santa Rosa, CA ... more
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Sat Apr 10, 2010
David Hood answered:
Here is a good read on Arms-Length Affidavit on a Short Sale? with Web References below

What is the Reason For an Arms-Length Affidavit on a Short Sale?
An arms-length affidavit is a document created by a short sale bank in an attempt to prevent sellers from selling to a relative and to curb mortgage fraud. The reason the bank does not want a seller to transfer title to a relative in a short sale is because sellers cannot profit from a short sale.

Sometimes sellers make side agreements with relatives or friends to act as a straw buyer. Then, after the transaction closes, those pretend buyers quickly transfer title back to the seller. This practice, in affect, means the sellers have repurchased their home at maybe half the cost, which greatly benefits those sellers. But banks make the rules, and banks say sellers can't benefit. If they wanted sellers to benefit, they would have agreed to a loan modification.
... more
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Sat Aug 15, 2009
Jesse Sierra answered:
Hi Topgun,

In Mira Loma that seems pretty high.
for $329k buyers are more likely to purchase in North Fontana.

What does your real estate agent think?
If you want a second opinion, email me your address so I can do a comparable sales analysis.

Jes Sierra, B.Sc., Realtor®
... more
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Wed Mar 4, 2009
Tara Steinke answered:

The easiest way to get comps to justify your reassessment is to ask the agent you worked with in your purchase to provide them to you. I always welcome an opportunity to re-connect and service my prior clients.


Tara Steinke
San Diego Real Estate Professional
Residential Sales and Appraisal
... more
0 votes 3 answers Share Flag
Wed Mar 4, 2009
Michael Barron answered:
Hi there Jessica. I can help you with this. Just drop me an e-mail on this.
Kind Regards
Michael Barron
First Team Real Estate
0 votes 2 answers Share Flag
Wed Jan 28, 2009
William Lopez answered:
Hi Alice,

Sorry to say, but it's in escrow...
There are two other homes in the area selling under $300K if you're interested.
Thank you,
William Lopez
0 votes 1 answer Share Flag
Mon Nov 24, 2008
Robert Vaughan answered:
Price was reduced to $299,900 on 10/24/08. According to the MLS it is still available but it is being sold as-is with no repairs to be completed.

This property has been in and out of escrow a few times. There is an addendum that the bank is requiring the buyer signs. If you are still interested in this property, please contact us and we can forward the addendum to you and we can contact the listing agent for additional details about this property.

Robert & Amy Vaughan
951-963-0163 x1000
... more
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Wed Apr 2, 2008
Ryan Lee answered:
Please provide the address and I can do a quick comp check for you.
0 votes 1 answer Share Flag
Fri Dec 7, 2007
Christopher Walker answered:
Roxy, The first thing is that you must trust your agent. By asking this question, you may have doubts about your choice. If you can not trust your agent, their judgement, experience and need another agent. If you do trust your choice, let them be your guide and do trust your instincts. I don't think you have a simple answer here and you can not rely on "comps" when buying in this market as the MLS data is inaccurate at best and county recorder's offices are still backlogged and taking months to update sale data. If using true comp data from actual recordings, you will still be utilizing data that is a few months old and not a true picture in a downward trend. If you are buying as your primary residence and plan on staying put for more than 5 years, a small miscalculation wont be cause for too much concern. If this is a investment for you, I would recommend, based on this question alone, that you choose another investment vehicle.

In a neighborhood where few homes are on the market and foreclosure is rare, you may have to pay near asking. If in an area with a high percentage of recent N.O.D. filings and many on market, paying asking price may not be the best price. Again, if this will be your home for many years....choose a home you love and buy at a price your agent, the market, your finances and your gut says is good. REO's typically are set at a price with 5-15% "wiggle room" to allow for closing costs, additional repair items etc. BUT, in some area, there is much competition for homes, even in this market. If you are in one of those areas, the banks price may be the price you have to pay...or even more.
... more
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