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Home Buying in Daly City : Real Estate Advice

  • All108
  • Local Info6
  • Home Buying34
  • Home Selling5
  • Market Conditions2

Activity 33
Mon Jan 30, 2017
Sheryl Arndt answered:
Hello Mayzin26, what are you looking at or are you thinking of selling and buying? The single family homes in Serra Monte start from 738k for 3bd 2ba home.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve any agent can email listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. You will need to gather some documentation for each applicant.

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

You may consider 5% down Jumbo with a minimum 720 fico score from 424k up to 1.5 million and 10% down from a minimum 680 fico score and up to 2.5 million. You will need 20% down to purchase over 2.5 million.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
0 votes 2 answers Share Flag
Sat Feb 6, 2016
Dan Tabit answered:
Lionheart,
No, I can't think of any program that would consider your current situation. Lending rules tightened up significantly after the mortgage melt down. Even then, someone in chapter 13 would have a hard time getting a mortgage and doing a stated income loan wasn't an option. I don't mean to be a downer, but I'd be shocked if there was an option. ... more
0 votes 2 answers Share Flag
Thu Dec 11, 2014
Sam Shueh answered:
1/3 of short sales are successful. The lenders sometimes prefer to sell later since the price has gone
up and often buyers do not mind paying premium at auctions .....
0 votes 2 answers Share Flag
Mon Jun 23, 2014
Matthew Rogers answered:
A lot of variables here. It depends on the particular property, first and foremost. There are also different trends with in different sub-markets. It is very important that you consult with a real estate professional who is very familiar with your subject region. ... more
0 votes 6 answers Share Flag
Mon Jan 6, 2014
Amy Lui answered:
Yes, if your local PHA participates in the homeownership voucher program, and you meet income and other eligibility requirements.

See this government website.

http://portal.hud.gov/hudportal/HUD?src=/program_offices/public_indian_housing/programs/hcv/homeownership

In 2012 there were only 2 in San Francisco County and none in San Mateo County .

Requirements include:
Families must meet these requirements:

First-time homeowner or cooperative member.
No family member has owned or had ownership interest in their residence for at least three years.
Except for cooperative members, no member of the family has any ownership interest in any residential property.
Minimum income requirement. Except in the case of disabled families, the qualified annual income of the adult family members who will own the home must not be less than the Federal minimum hourly wage multiplied by 2,000 hours. For disabled families, the qualified annual income of the adult family members who will own the home must not be less than the monthly Federal Supplemental Security Income (SSI) benefit for an individual living alone multiplied by 12. The PHA may also establish a higher minimum income requirement for either or both types of families. Except in the case of an elderly or disabled family, welfare assistance is not counted in determining whether the family meets the minimum income requirement.
Employment requirement. Except in the case of elderly and disabled families, one or more adults in the family who will own the home is currently employed on a full-time basis and has been continuously employed on a full-time basis for at least one year before commencement of homeownership assistance.
Additional PHA eligibility requirements. The family meets any other initial eligibility requirements set by the PHA.
Homeownership counseling. The family must attend and satisfactorily complete the PHA's pre-assistance homeownership and housing counseling program.
... more
0 votes 2 answers Share Flag
Wed Aug 7, 2013
Alexander Greer answered:
If you are looking to buy we can certainly help you out. You can check us out at http://www.TheMortgageOutlet.com and give us a call. One of our loan officers will look at your situation and present you with some options. ... more
0 votes 3 answers Share Flag
Sat Mar 23, 2013
Shanna Rogers answered:
Hi Jeichenfield,

What is your question?

Shanna Rogers
SR Realty
www.RealtyBySR.com
0 votes 1 answer Share Flag
Tue Mar 19, 2013
David Tapper answered:
It does get foggy, but nothing like the Skyline area. I was driving over in that area on Thursday and it was real foggy near Bart, but it wasn't too bad when I got to Brunswick across from the park.

Best,

Tap
www.TeamTapper.com
www.DavidTapper.com
... more
0 votes 1 answer Share Flag
Sun Feb 24, 2013
Elena Talis answered:
If the contract was canceled the you are free enter into another contract. It will be up to you and the original buyer to sort out the release of the deposit.
0 votes 7 answers Share Flag
Sun Feb 17, 2013
Shane Milne answered:
FHA doesn't have a requirement to be a first time homebuyer, that is just a myth because a lot of people who use FHA financing to buy a home happen to be first time homebuyers.

Sounds like the loan officer at PNC was essentially an order taker, couldn't think on their own. Sorry you ran into someone like that, unfortunately a majority of the loan officers in the mortgage industry are similar. ... more
0 votes 6 answers Share Flag
Mon Dec 10, 2012
Vicki Moore answered:
Here's some info for you: http://www.cityofsanmateo.org/index.aspx?nid=525

Best wishes,
Vicki
0 votes 2 answers Share Flag
Tue Aug 7, 2012
Tiffany Razo answered:
Hi Kelly,

Yes there are some in Daly City and South San Francisco. If you'd like I can send you the link to view them. Let me know if I can assist in your home search. Contact me to discuss, available anytime @ trazorealtor@gmail.com or direct 415-666-5886. ... more
0 votes 2 answers Share Flag
Mon Jul 30, 2012
John Arendsen answered:
It depends on where you wish to purchase, the price, year and condition of the home and the type of ownership. This is a pretty open ended question. I would need more information in order to render an intelligent comment.

Please feel free to contact me personally at 760 815-6977 or email me at onthelevel@cox.net. Feel free to log onto any of our user friendly and accessible websites:

www.mh-processing.com
www.onthelevelcontractors.com
www.tagrealestatesales.com
... more
0 votes 1 answer Share Flag
Wed Jul 6, 2011
Michael Abram answered:
Hello Melissa,

If you have a valid VISA and a lender can get a DU approval for one year findings, you should be ok. It is best to provide all your financial documentation to a lender to analzye and run a desktop underwriter to determine if one year findings will be acceptable. Most lenders will be ok with a DU approval with acceptable one year findings.

Michael Abram
First Capital Mortgage
NMLS #235060
Direct: (310) 434-1718
Fax: (310) 451-6407
mabram@firstcapitalmtg.com
... more
0 votes 8 answers Share Flag
Fri Jan 28, 2011
Kamal Randhawa answered:
Hello Wolfm3,

We, as realtors can not comment on the specifics of neighborhoods as it is considered steering and it's considered unethical. Here is a website that will give you information any area, you can check any sort of crime activity and such. If you need a website for schools, I will be happy to provide that as well.

http://www.crimemapping.com/map.aspx
... more
0 votes 6 answers Share Flag
Thu Dec 9, 2010
J Mario Preza answered:
It is this sort of mystery that makes many innocent clients highly suspicious of dubious behavior by a real estate agent. If your agent did not explain going in what to expect in the process of a short sale, s/he should have and you could have made an informed decision about what you were willing to do and accept in this sometimes lengthy, and sometimes frustrating process. If that were the case, then you would have had the opportunity to choose to proceed or not. However, if you chose to proceed with an offer on such a property and then got tired of the wait, you should also have had some stipulation(s) in the offer to accomplish such a decision. The problem is that short sales sometimes take months. One of the short sales I handled mystified me when it took almost eight months to conclude! I was fortunate that the buyer was willing to wait and had no other interest in other properties after this one (why would they when they were getting a house that once cost $525,000 for only $189,000!).

If your agreement has the usual provisions addressing who does what and when, they you may resort to the agreement and tell the agent that you're exercising your rights under whichever provision applies. Time is of the essence in all contracts, and the difference in a short sale version is that there has to be a separate agreement with the seller's lender -- that of reducing the loan in order to accomplish the sale (the short payoff portion), and if that were not to happen in the time stipulated, the agreement essentially becomes "voidable". Check with an attorney or get someone in the know to go over the entire agreement to determine where you stand in that respect. Good luck.


J. Mario Preza, CRB
415.850.4361
home4less@msn.com
DRE 00668667
... more
0 votes 8 answers Share Flag
Thu Dec 9, 2010
J Mario Preza answered:
First of all, the prices in many areas in and around Daly City have adjusted due to the economy and the high number of foreclosures and pre-foreclosures. Many of the properties in Daly City at one point were commanding prices that far exceeded the capacity of all but a few to buy with a traditional mortgage, and thus these sales were built on financing that incorporated two loans, a first and a second deed of trust. If you were to look further into this, you'll find this to be the case with a high percentage of these properties. "Inexpensive" as you put it, in today's new real estate market, is about 30 to 40 percent off what had been the norm. So, if you're in the market to buy something a bit more affordably, now would be a great time to do so. Oh, if you're planning to buy a short sale property, there are many things to consider. Bank owned is another story. I would like to walk you through the differences if you're interested.

J. Mario Preza, CRB
home4less@hotmail.com
415.850.4361
DRE 00668667
... more
0 votes 5 answers Share Flag
Tue Dec 7, 2010
Dan Tabit answered:
J. Mario,
I'm a licensed lender as well as Realtor, I haven't run across this lately, but in the past underwriters treated it like a BK if it was disclosed. In some instances the creditors continue to show running lates on accounts which they have a reduced payment agreement on, so the scores drop and it appears they are significantly behind.
I wouldn't make any snap judgments though. Different companies have worked in different ways. Get them in front of your lender of choice right away and have their credit pulled. Once you they see that, you'll have an answer you can work from.
... more
0 votes 1 answer Share Flag
Tue Dec 7, 2010
J Mario Preza answered:
I just helped a buyer get into a house after a similar situation -- bankruptcy 2+ years ago. I don't know how the lender did it, but the buyer did his part, re-established credit, and continued working at a high-paying job. So, a lot will depend on a few factors and finding a lender who knows how to put the package together. Of course, the interest rate will definitely be slightly higher for anyone with this type of credit profile, but, given the lower priced homes in most areas, it still makes sense to buy now. ... more
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