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85224 : Real Estate Advice

  • All29
  • Local Info5
  • Home Buying13
  • Home Selling2
  • Market Conditions0

Activity 26
Mon Feb 6, 2017
Tony Grech answered:
I don't know of anyone going above 90-95% CLTV on a 2nd lien HELOC or equity loan Nic. Those kind of went away when the economy collapsed in '07

Although maybe you will have luck soon if Trump repeals the Dodd-Frank Act ... more
0 votes 2 answers Share Flag
Fri Oct 21, 2016
Jill Scott answered:
Anyone know of a broker tour in Chandler, Gilbert in the month of Oct/Nov? Property will be listed for $599. Thanks! Jill
0 votes 2 answers Share Flag
Tue Aug 16, 2016
Karen Peyton answered:
I don't see any evidence this house is for sale or available at auction. I also do not see any evidence a NOD (Notice of Default) was filed at anytime. It appears the information presented is a mixture of fact and fiction. ... more
0 votes 1 answer Share Flag
Sat Apr 23, 2016
Liz asked:
When it comes to posting manufactured homes on trulia it would be great if it was a requirement that if the home is in an age restricted area that it need to be mentioned up front in an…
0 votes 0 Answers Share Flag
Sun Feb 7, 2016
Karen Peyton answered:
A rent-to-own home won't fix your credit. What it "will" do is have you pay a premium for having poor credit. And you will pay, and pay, and pay - until you get down to business and tackle the job at hand.
Also, you will minimally need: an earnest money deposit - which will be non-refundable, a security deposit, and first month's rent. You could also pay additional deposits and fees - really anything to the Seller/Landlord's liking because rent-to-own contracts are borne of desperation.

It's better to lease OR buy. Not blend the two.
... more
1 vote 2 answers Share Flag
Wed Jun 17, 2015
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... more
0 votes 3 answers Share Flag
Sun Aug 17, 2014
Sharyn Younger answered:
Hi Eric,
I'm sorry to hear about you're needing to leave Chandler and I hope the issues that are taking you away don't cause you too much distress. Perhaps we'll be neighbors again in the future. As tar as appraisals go, no mistake on your part. As has been stated several times in response to your question, market changes could make even a 3 month old appraisal obsolete, and appraisers in fact, typically prefer to go no further back in comparable sales, than 90 days. Part of a Realtors job is to value the home based on current comps and when you list your home, it should be with confidence that the agent you list with has a good handle on the value of homes in your area and the price at which your home should sell. Certain circumstances make a "pre-appraisal" a good idea and include unique or unusual homes or homes in areas where there are few recent comparable sales.

Best of luck to you and your family,
... more
0 votes 5 answers Share Flag
Wed Apr 2, 2014
Jennifer Schaefer answered:
Call a real estate agent. They can check the mls and speak to listing agents of properties you are interested in and find out for you the qualifying criteria. Some homeowners will rent to tenants that have evictions as long as they are strong in other qualifying areas, such as debt to income, credit, etc. ... more
0 votes 1 answer Share Flag
Sun Feb 3, 2013
Doug McVinua answered:
Lets start with a new lender to determine the buying power you have and also do an analysis of your current home for the rental. Perfectly fine to do this, it s a great strategy. let someone else make the payment on your current home and you move to one that fits your situation better.

We have new lenders, property management and can represent you as a buyer.
... more
0 votes 19 answers Share Flag
Wed Oct 3, 2012
Stephanie Weiss answered:
There really isn’t any "first time homebuyer" programs out there that I'm aware of. There is a NSP, Neighborhood Stabilization Program that you can get up to $15,000 for down payment and closing costs assistance. You will still have to pay 1.75% for down payment get certified for the funds and the process takes over 60 days once under contract.

For more information:

Also, because you're a first time homebuyer and I'm not sure what price range you're looking in or would be qualified for, but properties that are $200K and under move very quickly, the inventory is not what it use to be and Sellers are less likely in this market to give closing costs credits because they move quickly and in many cases get multiple offers. You may be competing for properties with other cash or conventional buyers and they are preferred right now. All the best!
... more
0 votes 4 answers Share Flag
Tue Apr 24, 2012
Christine Sanchez answered:
Hi Yahashoo,
I certainly understand how the smartphones can be so frustrating. Your request is a little vague. I can help you in your search for homes either to rent or to buy. Please either email me at or give me a call at 480-620-2374 as soon as you can. If you need to move in 2 weeks, then we have to move swiftly.
I look forward to hearing from you and let's see what we can find for you.

Warm Regards,
Tina Sanchez
ProSmart Realty
... more
0 votes 1 answer Share Flag
Thu Oct 13, 2011
Shane Milne answered:
Oops, I didn't see that this was in Arizona, just saw you were from Atlanta. is a list of Arizona's USDA Guaranteed income limits ... Ron Kuhn listed them for you as of the Phoenix-Mesa-Glendale area as well. ... more
0 votes 6 answers Share Flag
Fri Jul 22, 2011
Az224seller answered:
Thanks for all the responses/info.

Some more info: if I move, it wouldn't be on a temporary basis because the eventual goal would be to have us both living in the same place. Yes, I planned to buy another house back east, but come back to AZ every week or so for the weekend. I understand that this would not classify as a permanent resident of AZ and would not be allowed to consider my AZ home as my primary residence, so I think we're at the point where I just need to figure out the FTHB credit issue should we leave before 5/12. We don't have to; we were just curious as to what we would be looking at in terms of options.

I've gone through Form 5405, Gain/Loss Worksheet (from 5405 instructions) and Worksheet 1 from Pub 523 (used to calculate Adjusted Basis) using real basic figures. If I did everything correctly, then I think we're going to be okay. I think the big thing for us is that we made a lot of large improvements (AC, roof, windows, brick wall replacement) to the house the two years we've been there, which significantly increases the Adjusted Basis and we'd be selling it for a little less than what we actually paid for it (guess we should have waited a few more years to buy :) )

The worksheets were fairly straight forward.

Pub 523; Worksheet 1:
purchase price ($160k), less seller paid points (none) and other fees (none), plus additions/improvements ($18k), less depreciation and other decreases ($8000) to arrive at my Adjusted Basis (Worksheet 5405, Line 4) = $170k.

Gain/Loss Worksheet:
I took the estimated selling price (approximately $150k, but it is dependent on multiple factors), less selling expenses. I then subtracted the adjusted basis ($170k), less the FTHB credit ($8K), arriving at a loss of $12k. The Gain/Loss worksheet says that "If line 7 (gain/loss) is -0- or less, check the box on line 13b of Form 5405...". ($12k) is less than 0, so 13b is my option.

Form 5405:
13b states: "I sold (including through foreclosure) the home to a person who is not related to me and did not have a gain on the sale (as figured using the worksheet in the instructions). No repayment of the credit is required. Stop here."

My biggest concern is that I'm missing something. My education background was in accounting, which included taxes, but I haven't worked in that field since I graduated, so I'm a little hesitant to say I'm 100% right.

If I'm not missing anything, then, honestly, given that I'm not planning to be in the home long-term, it's my best option to sell the property, as long as I can get what I owe on the property, paying the realtor with cash.

Thanks again for your thoughts/assistance though. I'll definitely have to look for someone if we are able to make the move and decide to make it.
... more
0 votes 8 answers Share Flag
Sat Jun 25, 2011
Stephanie Weiss answered:
If it shows up as an item on the appraisal and the appraiser is recommending replacement, you may not be able to get the loan without getting it fixed. Have you talked to your lender about a 203K loan? Another thought is they may have made a claim for the damage and pocketed the funds. That would not be that out of line on a short sale. Remember they're not making the payments and are probably not keeping the home up. Regards! ... more
0 votes 7 answers Share Flag
Mon Mar 21, 2011
Spirit Messingham answered:
Hello Ash

You might be better served by contacting a property management company, not all real estate agents or Realtors also help with rentals.

Best of luck.
0 votes 1 answer Share Flag
Tue Mar 8, 2011
James Wehner answered:
All parties involved in the sale of a short sale home are required to sign a Arms Length Transaction Affidavit. Being that you are a girlfriend of the owner, you are disqualified.
0 votes 9 answers Share Flag
Fri Jan 7, 2011
Gary Chen, ABR, CIAS, CNE answered:

The status of this listing is AWC which means Active With Contingent. It's the MLS terms in the real estate world. In plain English, it means this short sale listing has received at least one offer and has been submitted to the lender for approval.

Cara provided some insight after she called the listing agent. So, it is not available as of now. Yes, you may still request for showing which i can certainly help. Just give me a call or email and i will set it up for you.

Since there are backup offers already for this property, your best bet is to move on and find another property you like and act quick before others get to it. Either it is a short sale or bank owned property, for an attractive property at attractive price, believe or not it is still pretty hard to come by even in today's market.

Here is my contact information - (480) 678-9882 and
... more
0 votes 12 answers Share Flag
Mon Jan 3, 2011
Doug McVinua answered:
Your question was asked on Trulia some time ago, have you been able to resolve your situation and meet your goals?

Would you like professional representation in the Arizona Real Estate market?

How could I help you?

Doug McVinua

HomeSmart Real Estate

Arizona Homes for Sale by a Guy from Iowa

Direct 602-751-7577
... more
0 votes 18 answers Share Flag
Fri Aug 27, 2010
David Dion answered:
We have helped many families in the past year. Because of this, we have put together a website for Arizona short sale information at where you will find a video and a book I co-authored.

We first help people understand all of their options, and then we go from there.
... more
0 votes 17 answers Share Flag
Thu Aug 12, 2010
Robin Silverberg answered:
Jay, it is interesting to see that people manage to have questions re-surface. Because of that, other people can be reading this, so I will point out a major change that has occurred since 2008. Fannie Mae and Freddie Mac have completely change how they look at converting a primary residence into an investment property when it comes to qualifying for a new loan. I know that jlv says that he has another primary residence that he owns outright, however if someone wants to go the other route to convert a primary, there are a few things that have to happen. First, the person must have 25% equity in the property. If so, they must show that they have received a security deposit that they have deposited, and that they have a lease. Otherwise, they must be able to cover all payments in their debt ratio. Some lenders don't allow rental income to be used unless it has been received for at least 2 years. ... more
1 vote 4 answers Share Flag
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