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Home Buying in Fillmore : Real Estate Advice

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  • Home Buying8
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Activity 10
Sat Jul 16, 2016
Lister.sarah20 asked:
Should i contact the seller directly or do I need a third party? If I do need a third party to represent myself would the closing costs of the home be more than the 150,000 I am looking…
0 votes 0 Answers Share Flag
Mon Feb 8, 2016
Kathy Burgreen answered:
No it's not a good option. Some facts first:
1. The owner or landlord requires you to pay the regular rent + an additional rent which goes towards the purchase of the home.
2. If you don't qualify after 1 - 2 yrs. of the contract, the owner landlord keeps all of the money. Therefore you just lost thousands of dollars in a rent to own.
3. Most sellers find it easier & cheaper to sell than become a landlord and have their house as rent to own.
4. You will be required to have a down payment up front. The contract also states the owner landlord keeps your down payment if you don't buy the house.

Do yourself a favor. Forget the rent to own, fix your credit issues and buy in a year.
... more
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Mon May 19, 2014
Alex Ortiz answered:
Correct all unpaid collection accounts need to be used for your DTI and also need to be paid off.
0 votes 3 answers Share Flag
Thu Aug 22, 2013
answered:
I do not do 203K loans I would check with a lender that does them. From what I know it may be a problem. The end result most likely will be to tear down all the non permitted parts of the structure. On probate deals, the court makes an appeal for additional offers. ... more
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Sat Aug 25, 2012
answered:
Good afternoon Roy and THANK YOU for your Service to our Nation!

I've been helping First Time Buyers and Veterans for 23 years as a mortgage professional and I will tell you what I have always told my clients here in New York: If you are a First Time Buyer, steer clear of foreclosures and short sales.

Foreclosures are someone else's headache. The home probably has not been well-maintained and you're a First Time Buyer adjusting to paying a mortgage. Do you really want to walk in the door to someone else's deferred maintenance that YOU will have to pay for? Also, if you're thinking there are deals to be had in terms of lower prices, mostly those "deals" go to professional investors who can pay cash, negotiate hard with a Lender, and close fast.

For Short Sales, my attitude of late is that First Time Buyers should steer clear. Short Sales tend to be a better deal for the homeowner than for the Buyer. You'll wait MONTHS for the homeowner's Lender to approve the short sale; maybe as long as Six or Seven Months. Meanwhile, you're stuck in a contract to buy that home. I closed a short sale recently with a Buyer who, after seven months said this at the closing table, "I don't even want this house anymore."

And he didn't even get the "deal" on price he thought he was getting! The house appraised for only slightly more than he paid for it at the short sale price. He walked into this deal thinking he was buying a home for $100,000 less than it's value. In the end that wasn't the case.

There are plenty of motivated Sellers with their homes listed on your local MLS. Go find a good Local Mortgage Banker, get prequalified, then find a great, experienced Realtor, and buy the home you want at the price you're willing to pay. It's a Buyer's Market, after all!

Trevor Curran
NMLS #40140
... more
0 votes 3 answers Share Flag
Thu Apr 26, 2012
Larry Stewart answered:
Hello Claudia! If your question was regarding the Goodenough Road property at $1,499,000 the answer is yes. Call me if you would like to make an appointment to see it. (949) 697-5142. Larry Stewart, Listing Agent. ... more
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Fri Aug 5, 2011
Barry Shapiro answered:
An online company, Know Your Stuff® - Home Inventory, is the Insurance Information Institute's free online home inventory software. Their application makes creating and updating your home inventory easy and efficient. And with their free, secure online storage you will have access to your inventory anywhere, any time. You never know when a disaster may strike, but you can be prepared with an up-to-date home inventory. Check out: http://www.knowyourstuff.org/iii/login.html This is an excellent question! Be sure, if you use the ol' fashioned method, that the CD or storage item is NOT at the property, but rather off-site. ... more
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Sat Sep 12, 2009
Barry Shapiro answered:
Jaysmom,

Ted accurate response addressed the question from a Seller and Listing Broker's perspective, in relation to their exclusive contract.

A cancellation clause in a purchase agreement is a clause that details the conditions under which each party may terminate the agreement. It appears to me that you may be confusing "Contingencies" with "Conditions" ... A Buyer has contingencies which enable them to cancel the contract within a specified and negotiated time period. "Conditions" are used in the lending arena, prior to funding the Buyer's loan. If you are only in the "offer" stage of the contract, and NOT in escrow or have a fully executed contract, then the Buyer may withdraw their offer, using a CAR Form WOO. If you are not in default and want to cancel the contract, use the CAR Form CC, Cancellation of Contract, Release of Deposit and Joint Escrow Instructions.

If you are a seller and in escrow with an executed contract, the only condition which allows you to cancel is if the Buyer is in default or if the Buyer should initiate the cancellation. Good luck on your transaction.
... more
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Thu Aug 20, 2009
Barry Shapiro answered:
Sybil,

Ted has offered some excellent advice and direction.

I would like to add the following information as I understand it, which may or may not apply to your particular situation. In a recent USDA Bulletin (no pun intended) comparisons were made indicating this loan is much like an FHA loan -- and even though the spouse is NOT going on the loan, they will count their Active debt againt the ratios. Key word: Active debt. Not chargeoffs The non-borrowing spouses debt is used to qualify the couple as if the borrowing spouse has the debt... They do not count the income and credit score ,,, only the ACTVE debt. (or what I call coop debt) Deferred student loans are included w/in 6 months of the application. Charge offs are not counted (collection accounts, not counted either) ACTIVE DEBT....Could be a friend or a foe. It raises your FICO scores, but makes it harder to qualify (ratios). If you reach an empasse on conventional financing, you could consider seller financing, which has fewer restrictions (but fewer choices of inventory). I know of 2-3 seller-financed homes available in Camarillo and Leisure Village. ... more
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