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Home Buying in 92374 : Real Estate Advice

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  • Local Info2
  • Home Buying6
  • Home Selling1
  • Market Conditions0

Activity 5
Sun Aug 21, 2016
Startbyservingothers answered:
If you make lots of money then pay cash. You've proven that you're a poor credit risk. The bank doesn't care how much money you make. If they will lend you the money it will be a bad deal. - Rent until you can get your finances and credit under control. When you can save 75% of your income for 12 months strait then you should be ready to begin carefully researching potential purchases. ... more
0 votes 5 answers Share Flag
Mon Feb 29, 2016
Cary Chan answered:
Nobody has said anything about Planning, Code Enforcement, Tax and insurance regulations. On a bad day if someone complains to Planning, Code Enforcement can come out and inspect the property. IF violations are found, the homeowner is on the hook for the cost of compliance. Also, the insurance company usually only covers what is on public record. If something catastrophic happens to the property, insurance will not cover the improvements and SQFT that are not on record. Last there is the possibility of the tax man. Your property tax is based on whats on record. If the addition is permitted, it becomes Public Record and usually your property tax will increase. So technically they can get ya for back tax's on the property and also for unreported income if you've created a illegal rental unit. I've only seen this happen once, in one county is California. They went after the owner, who was doing this for years. When it was all said and done, they took the property because the owner could not pay the fines, penalties and interest. I KNOW THIS HAS NOTHING TO DO WITH FHA APPROVAL BUT IT HAS BEARING ON the topic of UN-permitted work ... more
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Thu Jun 27, 2013
Nettie McHenry answered:
I am an REO agent in the area and agree with James below. The banks addendums that you sign have ways for them to cancel the contract. Many banks will fix the damage if properly submitted. The listing agent, who should be doing weekly checks and taking photos of the property, should have sent all the information to the Asset manager along with the damage as well as a police report for damage and vandalism. If the damage is so extensive and repairs are beyond what the investor is willing to repair then I see them wanting to cancel or reduce the price of the property substantially. If they reduce the price you may then obtain the 203k loan and repair the property back to what you want the home to be.

At the end of the day the bank/investor does not want to keep the house, they want to sell it. They also do not want to take more loss than they already have in the FC. Unfortunately the home was vandalized and makes it a troublesome escrow.

I hope it all works out for you and the information you received has been helpful.
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0 votes 9 answers Share Flag
Mon Apr 1, 2013
Kawain Payne answered:
As a first time buyer, you will be well served to have a termite inspection a s well as a property inspection.

If the terms and conditions being set forth by the seller sound too one sided, WALK away.

A real estate transaction should NOT be so one sided. Buyer and seller need to feel they have both gained something valuable from the transaction. If you feel the seller is holding all the cards, and calling all the shots, this may not be the right deal for you.

Best of luck to you
Kawain Payne, Realtor
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0 votes 6 answers Share Flag
Tue Jan 3, 2012
Garrigus Real Estate answered:
Get a loan officer / broker to work out what kind of loan you can handle, and find a real estate agent you like and trust. Starting the process and experiencing it for yourself is the best teacher of how buying a house works. ... more
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