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Home Buying in 94591 : Real Estate Advice

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  • Local Info3
  • Home Buying14
  • Home Selling5
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Activity 11
Thu Oct 5, 2017
Lee Tayebi , CRS answered:
Buy a home through us in Seattle or any other city in Washington State & receive at Escrow several Thousands of dollars or 50% CASH REBATE : VISIT FinancialSupportRealty.com
Call Lee Tayebi at 425-747-9999 with any question. ... more
0 votes 36 answers Share Flag
Sun Jul 10, 2016
Josephine ("Jo") Cusi answered:
Hi, CJ! I just saw your question and I hope that you already closed on this purchase. But in case you still need some insights...

Short sale is a very complex transaction with many more moving parts compared to a regular sale. What you are experiencing are some of the challenges that come with a short sale. Your best ally in completing it successfully is your agent. He or she is the one who is in the midst of all these negotiations. Note that some agents use a 3rd party negotiator. Clear communication with all parties (lender, lienholders, etc.) is a must. As in the case of the deadline of the 2nd lienholder, if it states 5/30/15 on the approval letter, then it is likely that. Keep in mind that the point of contact for lienholders are handling many files, not just yours and they can easily confuse deadlines, etc. So you as a buyer, along with your agent need to be on top of all that is going on. As far as the extension goes, if the lienholders know where you are in the process and it is at the tail end of it, they will likely grant the extension. They, too, want to close.

Regarding your loan, if all conditions are met to fund the loan, then you should be okay. With a short sale, the estimated final HUD needs to be approved by both lienholders so be sure that is taken care of, not to mention both approval letters need to be valid up to the closing date. Another important thing, if the house is also in foreclosure, know when the auction date is scheduled because an extension may be needed for that as well. All these details matter.

Anyway, I truly hope you have successfully closed on your purchase at this time. Good luck and hope this helped.

All the best,
Jo
... more
0 votes 1 answer Share Flag
Thu Mar 31, 2016
answered:
No it is not mandatory and the cost depends on a lot of factors.

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
Tue May 6, 2014
Tim Garton answered:
Rentals in Vallejo range from $1100 a month aprx for a 2 bedroom home to aprx $2000 a month for a 4-5 bedroom home. Call me for more details 707-315-5555
0 votes 1 answer Share Flag
Mon Apr 28, 2014
Susan Cochran answered:
I grew up in Vallejo & moved out of it when I was 18. My brother still lives there and I visit often. There are a few good neighborhoods. The Vista area northeast of Vallejo High School, Fairmont Gardens, Hiddenbrooke are nice older neighborhoods. You want to live in an older area with a lot of old folks or in the more expensive areas, less riff raff. Yes crime is still high in Vallejo. Check out Crimereports.com for crime reports. Personally, I wouldn't live anywhere in south Vallejo, but thats me. Housing prices are good in Vallejo compared to the rest of the bay area. ... more
0 votes 10 answers Share Flag
Wed Oct 9, 2013
John Arendsen answered:
Not sure about that John. I've done dozens over the past couple of decades and every one of them have turned out great for all parties concerned.
0 votes 13 answers Share Flag
Sun Jul 8, 2012
adisbrow06 asked:
Sun Jul 8, 2012
Eric H. Wong answered:
I don't think you have a choice. I think BofA short sales all go through Equator. They are still taking about 3 months. That being said, I am working on one now that is in month 5.
1 vote 2 answers Share Flag
Wed Dec 29, 2010
Jonesgee answered:
I've lived in Vallejo for 25 years. I've seen Vallejo when it was just developing, at it's peek especially when Mare Island was an active Navy Base and at it's downfall, when we went bankrupt. Yes, I agree there are some neighborhoods that aren't very ideal for a young family but there are also quite a few areas that would be perfect for them too.

I'm in the midst of purchasing my first home with my husband and we're looking in Vallejo because not only is it close to our family and friends, Vallejo is also very centralized. 30-45 min drive to downtown San Francisco; 30-45 min drive to Sacramento, 20-30 min drive to Concord/Walnut Creek, 20-30 min drive to Marin County and 10-20 min drive to Wine Country! Vallejo also has the Ferry that will take you directing to the San Francisco Piers and/or Angel Island. Bus (BartLink) that will take you directing to the El Cerrito Del Norte Bart station. Although the downtown area is old, run down and has lots of vacant store fronts it holds a weekly Farmers Market every Saturday morning.

I also think investing in Vallejo is ideal because 1) real estate is very affordable right now 2) it'll be easy to rent out since we have 2 colleges in this small town - Touro University and Cal Maritime Academy. =)

Just a few things to consider for your pros. Good luck!!
... more
1 vote 7 answers Share Flag
Sat Oct 16, 2010
Tammy Hayes answered:
Short Sales A short sale describes the sale of a property by a financially insolvent homeowner who is facing foreclosure for less than the value of the outstanding loan. If a homeowner is interested in pursuing a short sale with their lender they will need to have the lender's consent and approval.
• Lender's consent and approval required.
• The lender accepts the sale as payment in full for the loan.
• The property owner escapes foreclosure, but receives no funds from the sale
• There can be no equity in the property
• Seller cannot bring money to the closing.
• Lender does not report foreclosure to the credit bureaus.
The lender will require various documentation. The incentive for the lender is to remove the account from their books before the loan becomes a problem. It can also cost a lender $25,000 to as much as $50,000 in order to send the property through the foreclosure process. Technical requirements for a short sale: (May differ from lender to lender)
• Owner must demonstrate hardship/financial insolvency (i.e. loss of employment, illness, divorce, catastrophic illness, death of a spouse).
• Seller must prepare a hardship letter asking lender to accept short sale.
Documentation that may be required by lender to determine if owner qualifies for a short sale.
• Listing agreement with Realtor showing the property is on the market for sale.
• Comparable market analysis which includes sales and listings
• Bank statements
• Pay stubs
• Tax returns
• Purchase/Sale Agreement
There are drawbacks to the short sale.
• A deficiency balance could be charged off which could result in negative credit bureau reporting.
• If the cancelled portion of debt exceeds a certain amount, the homeowner is required to report the forgiven amount as income on his or her tax return.
As always, any property owner should seek legal and financial advice before entering into this type of transaction.
If you would like more information on Short Sales, please contact me.
Tammy Hayes, Realtor, Sandals Realty, 941-276-6185 tammyhayesre@gmail.com
... more
0 votes 6 answers Share Flag
Tue May 5, 2009
Nate Ellis answered:
DL - You can work with anybody you choose to. Sometimes the people getting the referrals pay a fee to the organization when they assist you. If you are using special loan or down payment assistance programs it may be better to work with the agents who are familiar with the programs. Their knowledge and expertise on the programs will prove themselves invaluable once you get into contract on the home. Any agent can show you homes, make sure you feel comfortable with the agent and that they are familiar with the programs to help you buy the home.

~Nate Ellis
REALTOR
Keller Williams Realty
925-337-8489
... more
0 votes 1 answer Share Flag
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