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93720 : Real Estate Advice

  • All19
  • Local Info0
  • Home Buying8
  • Home Selling2
  • Market Conditions0

Activity 17
Sat Mar 25, 2017
Speakupcd22 asked:
Wed Feb 24, 2016
Aperez5120 asked:
My wife and I are looking to purchase a new construction home. All of the lots are sold out except for the ones where a former pond was located. They are currently filling the pond with…
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Mon Feb 2, 2015
Javier Montiel answered:
Mon Nov 17, 2014
Lorenza Ladao asked:
advise . This is my listing: http://www.trulia.com/rental/3170841544-8665-N-Cedar-Ave-128-Fresno-CA-93720?ecampaign=con_rlt_post_share_for_rent_fr&eurl=www.trulia.com/rental/3170841…
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Wed Sep 10, 2014
Scott Godzyk answered:
Sorry but owners can not list their homes on their own on Trulia, you have to be a licensed agent
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Wed Jul 16, 2014
Maria Contreras answered:
Hi Kelsey, I would be happy to meet with you, to explain the exposure you receive when listing with an agent, plus all the other amenities. Here is my contact information. 559-261-3462
0 votes 9 answers Share Flag
Wed Apr 23, 2014
Tammy Hayes answered:
Buying a REO/Bank Owned Property

Buying a foreclosed property can differ in many ways than other more standard transactions. All offers are contingent on financing and must be accompanied by a pre-approval letter. Some banks require a pre-approval letter from a certain lender, so be sure to read guidelines before submitting an offer. All cash offers require proof of funds with the letterhead of where the funds are being held and the buyers name listed. Actual account numbers can be blackened out, as long as buyers name is easily visible. Write your offer as seller chooses the title company as they have already started preliminary title work on these properties.

All offers must be written offers, on an As-Is contract only Some banks supply addendums in advance, and if that is the case it will be in the MLS as an attachment and should be signed and dated and submitted along with your offer. In most cases, however, the bank addendums are provided only after buyer and seller come to agreement. At that time, the bank will send their bank addendums/counter offer for buyer's signatures. Please note at this point, the bank has still not signed anything, and most likely will not sign until ALL forms have been signed by the buyer. Your offer is considered a pending contract until it is returned from the bank/seller with their final approval. In the interim, all offers that come in must be presented. When signing and initialing a bank addendum, do not alter it in any way or it will be rejected.

The usual time frame for a response to your offer is 3-5 business days, although sometimes a little sooner and occasionally a bit longer. Allow plenty of time for acceptance, and for closing the deal, 30-45 days in most cases.

If you are requesting seller concessions for buyers closing cots, pre-paids, or repairs, make sure those are requested in the written offer, as adding these things at a later date can be very difficult and most times impossible. If you are writing an offer for an FHA or VA purchase, please make sure the property will meet the standards for this type of financing. The majority of the time, repairs are not permitted prior to closing. Ask the lender if they allow the buyer to escrow their own funds for repairs.

Once you have a fully executed contract, time is of the essence. All inspections must be done in a timely manner according to the contract. Should the buyer not be accepting the conditions, written notice must be obtained prior to end of inspection period along with a signed cancellation and release form. Some banks will make earnest money non-refundable after the end of the inspection period. Read your addendums carefully.

Please note that bank owned properties closings are considered mail-aways, because the title companies that are used to close the transactions are usually located out of our general area. Some will send a mobile notary to the buyers agents office to close the transaction and then all documents are overnighted to the title company, but it is not considered officially closed until all original documents and funds are received.

A lot of foreclosures are going into multiple offer situations. Most buyers think that if they have the highest purchase price, they're going to get the property. Often this is not always the case. One of the big things they look at is the timeframe for the inspection. This is a contingency on the contract and the banks want it satisfied ASAP. Instead of the usual inspection period of 15 days, if you can do it in l0 days or less, the better. Another is the timeframe for closing. If paying cash they usually prefer the closing date to be no more than 2 weeks. A conventional loan can be 30 days and FHA 45. Just make sure you are prepared to close in the specified time or you could be charged $100 per day or more for each day beyond the original closing date. Also a larger deposit generally indicates a more serious buyer in their eyes.

Another point is to not go into another month. For instance, if you can close on the third week of the month it’s usually preferred. They usually don't like to close in the last few days of the month because it might have to be extended into the next month. The banks like to close out their books each month and not have to extend. This is especially true if it is the end of the quarter. Lower offers have been accepted because the closing date was the third week in the month.
... more
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Fri Oct 25, 2013
Kelsey asked:
I was sent a warning email that my listing was going to expire and to REFRESH it by hitting the button. I did and it took me to my listing which was listed as expired already. How do I…
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Mon May 6, 2013
Deborah Ray answered:
There are many benefits to owning a home verse renting.
1. Your money is going towards your home instead of into someone else's home.
2. You don't have to get permission to update appliances or make improvements to the home.
3. You can have a say in the size & type of pet you want.
I would honored to assist you. I may be reached by phone at 559-930-7344 or by email dray@londonproperties.com

Have a wonderful evening.
Debbie Ray
... more
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Sat Jun 23, 2012
Chris Montalbano answered:
I would love that problem if they were leads
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Wed Jul 1, 2009
Jacob Varghese answered:
Hello Allie,

Bob's calculation is correct.

However the question to refinance should be based on your answer to this question? "How long are you planning to stay in the home? If you have long term plans or if you have no plans to sell, you should consider refinancing. Anyway the decision is yours. Rates and home values go up and down keep that in mind!!! ... more
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Sat Feb 28, 2009
Dallas Texas answered:
Contact a local realtor who can forward searches via MLS postings. Info. will be accurate and FREE

Dallas Realtor and Consultant, Mortgage Loan Officer, Lecturer regarding Credit Repair
– Lynn A. Crosby
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Wed Feb 27, 2008
Nathan answered:
Make the offer 15-20% below the current market value not the asking price.
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Thu Jan 31, 2008
Andy Nazaroff answered:
John - give me a call and I can put you in touch with our principal broker who is also an attorney and could answer your question more accurately.
Are you looking to sell or do loans?
0 votes 2 answers Share Flag
Wed Dec 26, 2007
Randy McAtee answered:
The answer to your question will vary according to who you ask.

As of the time of this post the Fresno MLS is showing 271 active listings in 93720. I ran a CMA on 200 of those listings (the maximum number allowed) and see that the average time of the market is 104 to 117 days with NO TAKERS.

A few weeks ago we had 274 expired listings on one day. I ran a CMA on expired listings and found that the average time of the market was around 6 months. That means those homes sat on the market, probably with no offers, for 6 months.

I just looked at today's 24 hour stats and we had 42 new listings and 36 expired s. A quick look at the expired s tells shows that those homes were on the market for 187 to 194 days.... with NO TAKERS.

If you're looking for a unique purchasing strategy to optimize your buyer's bucks, you should pick up the phone and call a Realtor who can help you: ME!
... more
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Sun Nov 25, 2007
Andy Nazaroff answered:
Average per square foot is not a good indication value. Appraisers use a much more complete approach - total number of rooms, similar ammenities, # of garages, size of lot, etc. When you factor those things in - how does it compare? What does your REALTOR suggest? ... more
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