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Home Buying in Colton : Real Estate Advice

  • All40
  • Local Info5
  • Home Buying13
  • Home Selling1
  • Market Conditions1

Activity 14
Sat Jan 2, 2016
Rich Reed answered:
You should contact a Realtor in Colton experienced with vacant land. It all depends on the particular property and it's location. A quick check for the last year for vacant lots in Colton area between 6650-12350 sq ft shows: Sold Listings: Number of listings 4, Lowest price $18,000, Average price $25,750, Highest price $35,000. That is the data from my MLS which doesn't necessarily have every vacant land sale for that area. I like the site for estimating building costs. ... more
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Wed Jul 1, 2015
Do you have a source of income?

I do not check replies, so if you have a comment or question email me here:

Alex Greer
Loan Officer
NMLS #1056079
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0 votes 1 answer Share Flag
Wed Sep 10, 2014
Scott Godzyk answered:
The other difference is with city water you turn on your faucet and it is there, Typically no maintenance is required,. With a well you will have some sort of maintenance such as a well pump and could have a water softner or filter to maintain. It is important to have the well water tested. ... more
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Thu Dec 26, 2013
David Lumley answered:
Hi 978 Mellon CT. Colton CA. the house looks ok would like to see pictures of the inside, thanks.
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Thu Apr 11, 2013
Marian answered:
I got a permanent loan modification under fannie may non HAM what if I want a loan modification to the second lien on the property?
0 votes 4 answers Share Flag
Thu Oct 25, 2012
Alisha Chen answered:
That really depends on how much you are making and how much your debts are and also how much loan amount do you need. I would suggest you talk to a good lender, give all your financial to him/her in order to calculate your debt to income ratio.

Alisha Chen
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Wed Oct 17, 2012
Tina Lam answered:
There are no set time frames. As with many things in real estate, it depends on your situation and the bank you're working with. It could be a month or six month, if approved.
0 votes 1 answer Share Flag
Thu Jun 14, 2012
Garrigus Real Estate answered:
Only a real estate attorney can advise on this situation and determine if something should be brought to action, but I will say that this can happen. Yes, the sellers and their agent handled the offer-counter offer roughly and in my opinion unprofessionally, but their agent owes their client the due diligence of finding the HIGHEST AND BEST offer for the property.

Don't take it personally. Sometimes things can get nasty. At the end of the day buyers and sellers have individual interests. Good luck in your future home search!
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Mon Nov 7, 2011
Allison Norman answered:
First of all...just to clarify, the SELLER in a short sale is the Homeowner NOT the bank. The offer is accepted by the owner of the property, subject to the bank/lender approving the sellers request to sell the home for less than they owe. The lender is NOT a party to the contract.!

That said, Your contract allows for a certain amount of time for you to do your due diligence and decide whether to buy the house. The standard time is 17 days, but that can be negotiated between buyer and seller(remember, seller is the homeowner) You also have a time to get appraisal and loan approval, approve the preliminary title report, Natural Hazard Report, Insurability of the property....etc. These are your contingency periods.

It is possible that when the bank does approve the sale, the time they want you to close escrow will be less than the time you are allowed for your due diligence. If the listing agent has handled the sale correctly, they would be moving the close of escrow date forward as needed. If not, they will need to try and extend or you will need to hurry through your inspections. Hopefully by that point you will have you loan almost fully approved. (stay current with your financials to your lender.)

Most important to you in a short sale is that you have a short sale addendum which states the time periods for inspections, etc begin upon buyer's receipt of written short sale approval letter from any and all lenders involved. This is CRUCIAL. Be sure your agent does this.

Best of luck
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Wed Oct 5, 2011
John Arendsen answered:
Chito, I wish I had a dollar for every person I've answered this question for. You'e at the mercy of the lenders through and through period. They all go at their own pace and you as the buyer have absolutely nothing to say or do about it.

It can be a very arduous, time consuming and frustrating experience. Lot's of buyers don't have the stomach to deal with all the minutia and just give up. Unless you're doing it for a living the negotiation process can be grueling.

Sometimes inexperienced buyers are just better off going the traditional route. In today's market due to the downturn in values you can still foster some very attractive deals out there without having to deal with all the BS. Good Luck.
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Sat Jul 30, 2011
Hector Reyes answered:
Unfortunately we are on a market that anything will spook the bankers and they will drag it.

Now with the deposit, it should said in you contract if they can keep it.

I had a situation last year and my buyer lost her job after getting a 15 day extension on escrow because the bank took more than 45 days, anyways after a week of going back and forth via email with the REO agent, got to a agreement with the buyer and she had to let go $1000 and she got back $2500, she was not happy but she did not lost all of her money.

Please talk to your agent if not his or her broker.

Good luck

Hector Reyes
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Thu May 7, 2009
Steven Ornellas answered:
Hi Vivian, Dana is correct on FHA.

Non-FHA is also 620; HOWEVER, if you do not want any added Lender fees for low credit score you need a 720. Then again, if your LTV is 60% and lower all you need is 660.

Talk with a mortgage broker to determine exactly what you FICO requirements are based on your situation.

Best, Steve
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1 vote 2 answers Share Flag
Wed Jul 30, 2008
Shel-lee Davis answered:

It is not about asking price, it is about market value and personal value. Some listing agents, especially on short sale and REO's, list the home below market value to create a buzz, attract a lot of interested buyers, and create a bidding war. So if the house is really worth $125,000 and the list price is $100,000, you might even consider an offer over asking price. On the other hand, if the house is worth $50,000 and the list price is $100,000, not even a 10 - 25% discount will bring your offer in line the true value of the home.

Make sure you work with a really good realtor who knows how to price homes in this market. Make sure they provide you with an evaluation of the market (not just recent closed sales, but also current pending and available properties. It never hurts to factor in for the number of properties that are in some stage of foreclosure in the immediate area too.) Add to this how much you like, love, want, need, etc. the home you are looking at, and come up with what you are willing to pay. This is the price you would offer, regardless of the asking price.

Now go out there and get a great deal on a great home, and Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
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