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Home Buying in Brea : Real Estate Advice

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  • Local Info4
  • Home Buying54
  • Home Selling1
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Activity 66
Paul Youssef, Real Estate Pro in Irvine, CA
Thu Feb 21, 2013
Paul Youssef answered:
Byse,Yes they can. Sorry you're having issues pushing your loan thorugh. Im confident you'll be able to overcome the condition. If not, I recommend you locate an owner financed home. Because we're in a low interest economy, there are sellers out there willing to help finance the purchase with 10-20% down. Rate may be a little higher than market but not by much. And they usually wont ask for a copy of your under-pants to close.

Local owner-financed homes at www.Owner-FinancedHomes.com

Paul
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0 votes 7 answers Share Flag
George Raymo…, Real Estate Pro in Fort Worth, TX
Fri Feb 15, 2013
George Raymondo answered:
This is typical with a lot of lenders out there who make promises that can't or don't intend to keep. That's why it's important to do your homework when searching for a Loan Officer. Do you have any emails, advertisements, or anything in writing stating that appraisal would be covered by the lender? If so, I would call the mortgage company and speak with the Branch Manager, and that doesn't work for you, you always have the right to contact the governmental agency that oversee our industry. Those contacts were provided to you on your loan documents. Sorry for the troubles, I assure not everyone in our business lie and cheat.

Best of Luck!
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0 votes 12 answers Share Flag
Nkusima, Both Buyer and Seller in San Jose, CA
Thu Feb 14, 2013
Nkusima answered:
Thanks Claudia. Although I don't like the answer I guess that's the reality.
One follow-up question, why would restricted stock be treated differently than bonus since they are the same in term of purposes (incentives).
In my case, both are granted once a year. Both are reflected in my pay stub once a year too
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0 votes 2 answers Share Flag
Scott Godzyk, Real Estate Pro in Manchester, NH
Mon Feb 4, 2013
Scott Godzyk answered:
They usually can not change any terms of teh loan, just where you make the payment to. You will have to read your note and see what it says.
0 votes 5 answers Share Flag
Claudia Mull…, Real Estate Pro in Fremont, CA
Fri Dec 28, 2012
Claudia Muller answered:
Russ: I see that your question is 45 days past, but...lenders are now required to run your credit prior to funding your loan.
What they are looking for are new accounts and increases in balances and, in some cases, current late payments. ... more
0 votes 11 answers Share Flag
Walter 'Skip'…, Real Estate Pro in Brea, CA
Fri Dec 28, 2012
Walter 'Skip' Kersten answered:
I am sorry to hear about your situation. Talk to your real estate agent and let them know the situation. Hopefully your loan contingency is still in place. Update your lender and see if you still qualify for the loan. Your agent and lender should than be able to advise you on how best to proceed. Get their advice as soon as possible.
Good luck,
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0 votes 5 answers Share Flag
Trevor Curran, Real Estate Pro in Great Neck, NY
Wed Oct 24, 2012
Trevor Curran answered:
First steps:

1. Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.


2. Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.

3. Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

4. Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Good luck!
Trevor Curran
NMLS #40140
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0 votes 12 answers Share Flag
Annette  Law…, Real Estate Pro in Palm Harbor, FL
Thu Jul 12, 2012
Annette Lawrence answered:
There are many ways to sell a home. Your scenario tends to identify but one of two way.
It is my opinion that all homes should be sold exactly the same way the banks are selling their stolen real estate.
No Disclosures
No binding contingencies
Best offer and terms accepted.
There's no one to blame but the buyer.
Contract signed...you've bought the house. The end.
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What the writer does not make clear is 'where' the buyer is looking to see a faulty status.
If this faulty status appears on entertainment websites, not a problem. It's after all an entertainment site where guesstimates and values float on clouds of fantasy.
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The serious buyer always has the option of using reliable resources that connect to the local MLS. They ALWAYS have this choice. Should they choose to get their decision making information from reality shows or entertainment websites, that is the liberty they have. They need to understand the data they are view HAS been altered from it original, accurate, accountable content. When they complain about the data, the must be reminded of the choice they made.
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Most MLS's will have rules in place regarding the status when a offer is ACCEPTED by the owner. Until it's accepted, it a verbal offer...not quite worth talking about.
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Buyers have many choices. That's a good thing.
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0 votes 6 answers Share Flag
Michelle San…, Real Estate Pro in Irvine, CA
Mon Mar 12, 2012
Michelle Sandoval answered:
Hi Jenny,

There are many any areas in Orange County that you could go to, in my personal opinion the best school district is in the city of Irvine. Irvine is a family oriented community and one of the safest cities in the country. It's about 25 to 30 minutes from Brea. Look into Tustin Ranch and Anaheim Hills as well...these are great communities too. If you need any further assistant don't hesitate to contact me. ... more
0 votes 8 answers Share Flag
T, Home Buyer in 75237
Thu Feb 2, 2012
T answered:
Does such Short Sale Negotiator usually have expertise in negotiating purchase of an REO property--which is actually not a shot sale?
0 votes 23 answers Share Flag
Wendy Carrin…, Real Estate Pro in Seattle, WA
Tue Dec 20, 2011
Wendy Carrington answered:
The lender typically requires an appraisal to verify the value of the property that will be their security for the loan you are getting. The appraisal cost is part of the Buyer paid loan fees. If you had estimated 2-3% of your loan amount in closing cost fees, this appraisal cost would be a part of those costs. The only ways around this cost is a) Pay cash or b) Find out if you can build the closing costs into your loan usually by way of paying a slightly higher interest rate. Best of Luck! ... more
1 vote 17 answers Share Flag
Roy Barker Jr…, Real Estate Pro in Pompano Beach, FL
Wed Sep 21, 2011
Roy Barker Jr, P.A. answered:
Shel-lee really hit it on the head. I constantly tell my buyers the exact same thing. I only usually will go one step further though and provide a DU on an REO property. At that point it is hard to refute that strong of a loan. ... more
0 votes 15 answers Share Flag
Dp2, Other/Just Looking in Virginia
Wed May 18, 2011
Dp2 answered:
Debbie, although I also agree that everyone has a right to his/her opinion, I like Don's STATEMENT/CORRECTION style. I also agree with all of his points. While I get it that you don't like options (with non-refundable consideration), Don was correct IMHO to point out the logic flaw in that statement.

The flaw is the assumption that the option consideration is ALWAYS non-refundable--yet, that's not true. A tenant/buyer can negotiate that the option fee or a portion of it is refundable when working with a seller to set this up. I (and some other buyers) have also negotiated options with $0 for the option consideration with sellers, in exchange for giving them the right to continue marketing their property and go with a better offer.

The point here isn't to split hairs; rather, it's to ensure that we're all disseminating the correct info.
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0 votes 16 answers Share Flag
David Alex W…, Real Estate Pro in Newport Beach, CA
Tue Dec 21, 2010
David Alex Wright Team answered:
there could be some health and safety concerns worth checking into. Do you need help from a local real estate professional? If so you know how to contact me or another professional here in Brea. ... more
0 votes 7 answers Share Flag
Vincent Vill…, Real Estate Pro in San Diego, CA
Tue Oct 12, 2010
Vincent Villafranca,REALTOR answered:
Not me, I work rain or shine. If your agent doesnt want to work with you due to weather conditions tell your agent to buy an umbrella or find another agent:)
0 votes 35 answers Share Flag
Trinidad Gae…, Real Estate Pro in Diamond Bar, CA
Tue Oct 12, 2010
Trinidad Gaeta answered:
The contingency period has an expiration date, after which as the seller you have to give the buyer written notice to remove contingency and if not returned you are to give them a notice to perform. If, they do not perform then you have the right to cancel the transaction and fight for deposits if that's how your contract is written. You really cannot force someone to buy but you could always seek legal action vs' someone if they defaulted on the contract and refuse to pay damages per your contract. if, they agree to cancel and release deposit and you accept then the deal is done and you move on to the next buyer. It's hard to determine the best advice here without specific knowledge to terms of your agreement, but those are a few key points to look at.

Hope that helps,

Trinidad
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0 votes 14 answers Share Flag
Connie Bramb…, Real Estate Pro in Rancho Cucamonga, CA
Sat Jul 24, 2010
Connie Bramble answered:
Hi Dominic,
Why do you want something that the owner is willing to carry? Are you self employed and write most of your income off or something? $1600 a month will get you a $250K condo in our area. There are actually many of them out there right now. Tough to find an owner willing to carry right now. I have only seen one in the past 2 years. Buying a mobile home, you may find an owner to carry, but that is because it is very hard to resale most of them. And the rents are getting so high now it just seems to be getting worse for selling mobiles. Condo is most likely your best bet to stay in the price range you want. Call if you want to talk more about it. Have a great weekend,
Connie Bramble
Prudential CA Realty
714-337-8718
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0 votes 1 answer Share Flag
David Alex W…, Real Estate Pro in Newport Beach, CA
Mon Mar 8, 2010
David Alex Wright Team answered:
Fantastic question no matter what city or zip you are interested in. The number of REO properties is very low right now for a few reasons. The main one is the competition with home buyers vs investors is fierce. Another reason is that banks would rather work out a short sale than foreclose and distressed sellers are learning quickly about short sales. Buying a short sale is my recommendation right now because you only offer a fair market price, you know if the seller and listing agent choose your offer to submit that you are still in the game. Make your offer STRONG, be willing to be THE LAST GUY STANDING and put that in the offer and get out there today and start making offers. hope that helps and best of luck to you.
Think of a short sale as today's BANK OWNED with the seller choosing who he wants to let the bank sell to.
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0 votes 5 answers Share Flag
Kurt,  in Anaheim Hlls, Anaheim,...
Sun Feb 21, 2010
Kurt answered:
Hi........

Offers are not worth the paper they are written on for some very specific reasons and you may never hear back...even with a large down payment .

However, you can leapfrog over the competition with one specific strategy our team wrote the book on.

I would share this strategy in this forum but our methodology is proprietary information.

Kurt Steinhebel
Century 21 Award
Anaheim Hills, CA
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0 votes 12 answers Share Flag
David Alex W…, Real Estate Pro in Newport Beach, CA
Tue Feb 16, 2010
David Alex Wright Team answered:
Income properties have more of a direct tie to rents than that of single family residences. The location of the units and competition are more important to the appraisal. If you are concerned you can always as for another appraisal or get a brokers professional opinion. ... more
0 votes 17 answers Share Flag
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