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Home Buying in Bakersfield : Real Estate Advice

  • All688
  • Local Info49
  • Home Buying237
  • Home Selling15
  • Market Conditions21

Activity 300
Fri Jul 5, 2013
Brad Barnett answered:
Woodson Bridge is "contingent"---waiting for short sale approval. Hinsley shows as active, but I have no idea if there are offers or an agreement reached. You may contact me at 661.809.9425 if you need any further assistance.
Thanks---Brad Barnett, GRI/Broker Associate
Prudential Tobias, REALTORS
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0 votes 1 answer Share Flag
Thu Jun 27, 2013
Fred Herman answered:
A California borrower only has a right of redemption if the property is foreclosed through the court system in a judicial foreclosure. The redemption period is set by the court and is no longer than one year. However, most California foreclosures are non judicial foreclosures and borrowers have no right of redemption in non judicial California foreclosures


Right of Redemption After Sale

When a judicial foreclosure is completed in California, a borrower has up to one year to redeem the property. According to attorney Douglass Lahammer of Paul, Hastings, Janofsky & Walker, LLP, the redemption price is determined by a statutory formula that may be less than the property's fair market value or the preforeclosure mortgage balance. It is based primarily on the purchase price at the foreclosure sale. The right to redeem a property may be sold, and a buyer may wish to first purchase the right to redeem and then redeem the property rather than to buy it outright because the price may be lower and because this strategy removes the possibility that the former owner will redeem the property up to a year later.


Trade-Offs

Although the post-foreclosure right of redemption allows the borrower up to a year after the foreclosure to recover the property, the judicial foreclosure process that is required to trigger this right also allows the foreclosing lender to obtain a deficiency judgment against the borrower. A deficiency judgment is a judgment requiring the borrower to repay the lender the difference between the mortgage balance and the net proceeds the lender receives when the property is sold.
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Sun Jun 9, 2013
Kevin Bush answered:
Sun Jun 2, 2013
Dee Oliver answered:
Hi Charlotte,

I agree with the responses of my colleagues below. However, there has been a slight increase of approximately 75 single family houses in Bakersfield over the past few weeks. Currently with most new home tract builders I have spoken with, they are not even releasing lots until the end of June and at that probably no more than 8 lots will be released to buyers. But, what I am seeing is more home owners listing their homes for traditional sale with the contingency that they find a home of their choice. The homes are going rapidly which means that any home buyer needs to be working with one Realtor who knows what they want in a home and have them connection to the local Multiple Listing so they are notified immediately when a home becomes available for sale. A serious buyer must be pre-qualified for a loan and have that pre-qual letter in hand to even make an offer on a property. A cash buyer must have proof of funds for the purchase and close of escrow available. So, if you want a home, I suggest you contact your favorite Realtor and get in a posture to buy. Call me if you want further information. Dee Oliver Realtor - Miramar - 661-747-7763. ... more
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Wed May 29, 2013
Dee Oliver answered:
We do have Catholic schools thru high school (Garces High) here in Bakersfield. I have friends whose children have attended in elementary school thru high school and have always spoken highly of the quality of the education. Garces High School has always been highly regarded on both the football field and in the classroom. As to work for union plumbers, I do believe we have a local here but I personally am not familiar with that issue. I do know the plumbers I know are generally in demand without having to look for work. There is a lot of building of new homes and Bakersfield is growing - again! I you decide you want to look for a house here or just want to talk about Bakersfield in general, give me a call. I have lived here for some 65 years. DEE OLIVER - RE/MAX MAGIC - 661-747-7763 ... more
0 votes 1 answer Share Flag
Tue May 28, 2013
J.R. Lewis answered:
In some cases the mls requires pending and in some cases it will require the property listed as contingent. For example, it it is a short sale and the sellers have accepted an offer but the the lender (or lenders) has not yet approved the sale in terms of accepting the offered price, it should be marked as contingent because it is pending contingent on bank approval. At present, most of the contingent listings in the Bakersfield MLS are short sales with accepted offers that are awaiting lemder approval. ... more
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Tue May 14, 2013
Chasity Goodson answered:
If you just obtained a new mortgage you could see a drop in your scores temporarily because a new account has been opened but having two mortgages is not a reason for a lower score. The primary reason for a low score is payment history, next would be balances versus limits. If you lower balances on credit cards you'll see your scores increase.

If you’d like more information , feel free to call or email.


All the best,
Chasity Goodson
chasity@clarityhomeloans.com
(661) 322-LOAN (5626) office
(661) 206-4029 fax
www.clarityhomeloans.com
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2 votes 2 answers Share Flag
Sat May 11, 2013
Steve Kittrell answered:
Tue May 7, 2013
jan detomaso answered:
Hi Nancy, The most sought after areas are the northwest and southwest. The schools in both of those areas are newer and have better test scores. Both areas have more new development and the prices have been escalating at a greater rate. Are you looking as an investor or for your own personal residence? If you need any help finding property and are not currently working with a realtor, I would be happy to help. I am a local realtor and work with both investors and buyers and sellers. My name is Jan and my number is 661-431-4194 ... more
0 votes 2 answers Share Flag
Sat May 4, 2013
Ruth and Perry Mistry answered:
Hi Montrez

Banks look at Offer price as well as down payment, a bank may always go with an
Offer that has no contingencies, such as loan, inspection, appraisal.

So a higher offer with a low down payment and an appraisal contingency
Does not help you.

Good luck.

Perry
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0 votes 7 answers Share Flag
Sun Apr 21, 2013
Steven Ornellas answered:
Hi dianaybarra,

The truth of the matter is there a THREE classifications of “tax” that may be part of any purchase in CA, which you can read about here:

"Estimating Property Taxes in CA"
http://www.trulia.com/blog/steve_ornellas_mba_re_mastersgri/2010/05/estimating_property_taxes

-Steve
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1 vote 2 answers Share Flag
Fri Apr 19, 2013
Curly Sue answered:
Any lender can help you. You haven't given us any information to give you an idea of amount.
I wouldn't worry about paying your credit card off - unless the lender tell you that you need to...
FHA with 3.5% down would probably be the best way for you to go - unless you have a good amount saved for down payment.
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0 votes 11 answers Share Flag
Thu Apr 11, 2013
Scott Maples answered:
Yes it is available for sale as well as there may be some valuable other info to share with you. Can you call me so we may gameplan a strategy to capture this opportunity. My name is Scott Maples with REMAX here in Bakersfield. I am very familiar with the market and can answer all your questions. My cell is 661-204-6267 and email is smaples@bakersfieldmagic.com ... more
0 votes 4 answers Share Flag
Wed Apr 10, 2013
tvockrodt answered:
I currently live in the City in the Hills, and have for a few years. Lawn maintenance is the responsibility of the home owner. The community HOAs are not responsible.
0 votes 1 answer Share Flag
Mon Apr 8, 2013
Cameron Miller answered:
Hello Again, you have a lot of good questions. I would highly recommend pursuing your options of representation. You have been given a lot of good information from many of my colleagues. As a Realtor we follow a specific code of ethics, so you will be helped through this code. I know this can be a daunting process, and when you find and choose the right agent to represent you, this process will get easier for you. ... more
0 votes 15 answers Share Flag
Fri Mar 29, 2013
missdiane539 asked:
Question. Seller said stains on celling were caused by the air conditioner had leaked and was fixed. Come to find out the previous owner told me that he been on the roof and fell through…
0 votes 0 Answers Share Flag
Mon Mar 25, 2013
Jeanie Sims answered:
Hi Ashely,

It is possible, but not likely. It would depend on your price range. Higher end properties tend to sit on the market longer. Is your home currently in escrow? Many listings are getting multiple offers, so a seller would not be inclined to take a contingent offer when they have other buyers ready to go.

Best regards,

Jeanie Sims
Miramar International
Ph. 661-343-6836
... more
0 votes 3 answers Share Flag
Sat Mar 23, 2013
Steve Kittrell answered:
Michael is correct. I cannot write down all of the scenarios here for you to look at. I can tell you this...we are at about 25% of our "normal" inventory, and what is here is being bought up by investors, mostly in cash. Contact me for more information.
Steve
661-303-0463
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0 votes 2 answers Share Flag
Wed Mar 20, 2013
Dee Oliver answered:
Since no one has answered your question,I will attempt to give you some direction. First, I would call a local title company and ask what they know. They would be a good resource. Second, if you Goggle The Story of Mello Roos there is a lot of good information in that article. In fact, there is a ton of info on the internet if you Google mello roose tax. If you need more specific information or have a particular property in mind as you reference in your question, please call me and I will contact my escrow officer and find out specifically what you need to know. Looking forward to hearing from you. DEE OLIVER - REALTOR - RE/MAX MAGIC 661-747-7763. ... more
0 votes 1 answer Share Flag
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