Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Home Buying in Glendale : Real Estate Advice

  • All100
  • Local Info10
  • Home Buying26
  • Home Selling6
  • Market Conditions1

Activity 44
Emily Knell, Real Estate Pro in Huntington Beach, CA
Wed Mar 14, 2012
Emily Knell answered:
It may not be a problem for YOU, but your previous agent could SUE your new agent for their commission even after closing, based on 'procuring cause'. There are a lot of gray areas pertaining to procuring cause, if a suit is brought the emphasis will be placed on HOW LONG it was, how much time had passed since your previous agent INTRODUCED you to this property vs. when your new agent brought you back to the same property you saw with with prior agent.

Procuring Cause is most accurately defined as : An order or series of events that without break in continuity lead to a sale.

In your case the "break" could be considered your switching agents.

If I were in the shoes of your current agent, I'd be consulting with my broker or a real estate attorney right now to see if I would win a case against me based on procuring cause, if it doesn't look good for me, I would probably offer to your prior agent a referral commission.

I don't look back on this same Trulia thread for answers posted after mine.

EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Main Street Realtor
... more
0 votes 5 answers Share Flag
Jeero Habesh…, Real Estate Pro in La Crescenta, CA
Thu Feb 9, 2012
Jeero Habeshian answered:
Hello Nicole:

Any continuous income is considered for the purpose of qualifying for a loan. I would look at your total income, expenses, the value of the property, and your credit to determine whether you qualify.

E-mail me at Jeero@GlencrestTeam.com or call me at 818.523.9995. I will gladly look at your options and provide you info. No obligation to you. Good luck!
... more
0 votes 1 answer Share Flag
Ron Thomas, Real Estate Pro in Fresno, CA
Thu Feb 9, 2012
Ron Thomas answered:
What is it going to cost you in up-front money to do this,
and how long are you planning on holding on to the property.

The Mortgage person who is offering you this should be honest enough to answer your question.

We don't have enough information.

Good luck and may God bless
... more
0 votes 2 answers Share Flag
Ron Thomas, Real Estate Pro in Fresno, CA
Mon Jan 30, 2012
Ron Thomas answered:
We do not use Attorneys like they do in New York or New Jersey.
You can give them a NOTICE TO PERFORM
Talk to your Agent about it.

Good luck and may God bless
0 votes 3 answers Share Flag
Eddie Bayasl…, Real Estate Pro in Arcadia, CA
Tue May 24, 2011
Eddie Bayaslyan answered:
Unfortunately that's the case for most of Glendale city, end of 80's they start building many new apartments, condos and townhouses that resident for family's that have 4 or 5 members owns cars in a household and most of the units have only two parking's. But there is steel some areas of Glendale that close to single family residents has more parking's.
Let me know if you need help to look in to more better and quiet areas of Glendale.
... more
0 votes 4 answers Share Flag
Lee Goade, Real Estate Pro in GALLATIN, TN
Sat Apr 16, 2011
Lee Goade answered:
Maria,

Being a former So. Cal resident and G/C, I suggest the following:

#1. You do need proper Buyer representation from a Local Realtor to guide you through all areas of any purchase.

#2. You and your Agent need to talk to the City of Glendale codes dept. about your specific situation... With regards to information, there are TOO many unanswered questions within your question. i.e. is it a finished room that was actually part of the orig. structure? Or did they frame it w/o a permit? Plumbimg? Electrical? Min. window requirement? Proper egress? Stair tread and riser sizes, etc, etc...

#3. Your offer should NOT include this sq. ft.. At this time, this is NOT Legal code approved living space and must NOT be considered in the comparables or the Appraisal. Not to mention, the total Cost to you to rectify this addition to meet city codes requirements...

Best of Luck to you in your endeavor!
... more
0 votes 6 answers Share Flag
Tommy Lee,  in 91502
Wed Jul 21, 2010
Tommy Lee answered:
Reena,
There are many answers to your situation. In the end, you will be the one that needs to decide what is best for you. First, there is nothing wrong with buying a property just in your name. You can always add your boyfriend later if it turns out to be a long term relationship. If you put him on title at the start and things do not turn out as well as you would like, it will be difficult to hang on to your hard earned money.

Second, is it a good time to buy? Most people think so. Prices have come down in most areas anywhere from 10 to 30%. Interest rates are as low as they have ever been.

Third, what is a good location? That depends on your taste. For some people that have children, the schools are the most important thing. For others, shopping or restaurants or entertainment are more important. For others, it is status of where they live. For others it depends on where they work. Only you know where you would be happy living. In general I would recommend Burbank, Sherman Oaks, Glendale, La Canada, Montrose or La Crescenta.

Finally, you need to understand that when you buy a property, you will need to plan on being there for probably a minimum of 5 years. It probably will take that long before the market recovers and it makes financial sense to upgrade. Some people like condo's or townhouses since they do not have to take care of the yard or they have amenities such as a pool or spa. Other people like their own home so that they can enjoy having a garden or they can make changes to their property without having to ask a Home Owners Association. Again, only you can make this decision.

I would recommend talking to a financial planner too. There are some tax advantages to owning a home. A financial planner or tax adviser can help you understand these things.

If you need help watching the market, please give me a call or send me an email. I can supply you information on properties in the Los Angeles County area. I also have a blog on Trulia where you can see other helpful information.

Tommy Lee DRE#01723594
tommy.lee@dilbeck.com
323-821-2292
говорю порусски
... more
0 votes 13 answers Share Flag
Eduard Khach…, Real Estate Pro in Glendale, CA
Mon Jun 28, 2010
Eduard Khachatryan answered:
Any Realtor who is EXPERIENCED in preforeclosure, short sale or foreclosure transactions.
I can assist you if you are looking in Southern California. 98% of my transactions are short sale or bank owned.
I am HAFA certified, licensed Broker by California department of real estate and member of National Association of Realtors, California Association of Realtors.
For more info please visit www.GlobalRealtyandLoans.com or call toll free (866)962-9889.

Thanks!
... more
0 votes 7 answers Share Flag
Tommy Lee,  in 91502
Fri Feb 19, 2010
Tommy Lee answered:
Wannaknow,
There are no statistics on that question. However, if you go to www.dilbeck.com and click on Home Search, and then on residential, you can find foreclosures. Just click on that icon and put in your city.

I can help you find them in your area.

tommy lee
dilbeck real estate
323-821-2922

Our office is on 303 N. Glenoaks Blvd.

tommy.lee@dilbeck.com
... more
0 votes 3 answers Share Flag
Five Star Te…, Real Estate Pro in Burbank, CA
Wed Jan 6, 2010
Five Star Team Berkshire Hathaway answered:
Califonia is a Trust Deed state, which typically includes a"notice of default" or NOD after 90 days of No Payments. There is then a another 30 day period after that if not resolved where a notice of Trustees Sale is Given. The final step is to inform the owner that the property will be sold to pay the debt, and that notice needs to be received 20 days prior to the sale. The owner can still repay all of the back payments, interest, and late fees to stop the sale up to five days prior.

It could be longer but Not shorter.
... more
0 votes 3 answers Share Flag
Five Star Te…, Real Estate Pro in Burbank, CA
Tue Jan 5, 2010
Five Star Team Berkshire Hathaway answered:
Hi Wanna Know
Realty Trac, Foreclosures.com and Foreclosure Radar are all pay services for consumers, agents, and investors. They also have agreements with realty site to post properties. They are not Realtors and do not sell properties. ... more
0 votes 4 answers Share Flag
Phyllis Harb, Real Estate Pro in La Canada, CA
Wed Oct 28, 2009
Phyllis Harb answered:
Hi Scott, I have a list of preferred lenders and other service providers on my web site http://harbslist.com
You will find your pick of qualified 203k lenders there.
0 votes 1 answer Share Flag
Stacey Wyatt, Real Estate Pro in Atlanta, GA
Sat Sep 19, 2009
Stacey Wyatt answered:
Margo,

Shel-lee's advice below is spot on. In my Investor Days, I used a Lease Agreement and Option to Purchase Agreement that was HEAVILY weighted in my favor when I was selling... Since so many Home Owners are are behind on their mortgages or tinkering on the brink, Shel-lee's Point 1 is crucial for you to understand. I would hate to see you pay a sizeable upfront Option Fee and pay on time, only to find out that the Home Owner was paying off credit card debt with those funds instead of paying their mortgage... the House gets foreclosed on and you are on the street... With regard to Point 2, I always inflated the "future" Sales Price to account for any potential Appreciation; however, a savvy Buyer could tie the Sales Price to an Appraisal at the time of Purchase... if you can get a Sales Price at today's value, then take it and run! With regard to Point 3, absoutely record the Option... if the Seller plays any funny business, then you have clouded the title and you will have protected your interest! Great answer Shel-lee! ... more
0 votes 5 answers Share Flag
Keith Sorem, Real Estate Pro in Glendale, CA
Mon Aug 3, 2009
Keith Sorem answered:
To take advantage of the home buyer plan you need to attend a class that is offered about twice a year.
The program allows first time homebuyers to obtain down payment assistance, however it is limited in terms of income (meaning you can only earn so much money), and there is also a limit on the selling price of the property.

The funding is also limited, so with all of the budget cutbacks I do not know what the current status may be. However, you can find out by calling 818-548-2060.

In exchange for the down payment assistance the city put a lien on the property. When the property is sold or re-financed the lien is paid off.
... more
1 vote 1 answer Share Flag
Shel-lee Dav…, Real Estate Pro in Rolling Hills Estates,...
Wed Jul 15, 2009
Shel-lee Davis answered:
Chong:

Find another bank. Every lender has their own requirements for "seasoning" which Mark explained below. If you need a referral to someone who can help you out, feel free to contact me through my profile. I work with several lenders who do not required seasoning, however, I will have to see if they lend in Arizona if you are buying in Glendale Arizona and not Glendale California.

Please note, sometimes the seasoning requirement is not the bank's but the mortgage insurance company's. Also, FHA requires that the prior owner has held title to the property for a minimum of 90 days before they will lend on it. So if you are doing an FHA loan, that could have been a problem, although, I do not see how it would apply if, as you say, the construction company has owned it for 3 months.

I have a philosophy in life: Don't accept NO for an answer when you know it is the wrong answer. So keep asking the questions and you will find the lender to do your deal. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
http://shel-lee.listingbook.com
... more
0 votes 2 answers Share Flag
Keith Sorem, Real Estate Pro in Glendale, CA
Mon Jul 6, 2009
Keith Sorem answered:
Dianne
That is a great question.
I would depend on the listing and what it says. Based on just your post, I would assume that this is a short sale and the dollar amount is how much the bank is willing to sell the property.
You might be interested to learn that there are some new rules pertaining to Realtors and the terms that are allowed and not allowed in marketing listings. Effective June 15th Realtors are not allowed to state in "public remarks" (the descriptions that you, the buyer, can read), terms that relate to the financial status of the property.

An example would be "not a short sale" or "REO" or "Not an REO". The financial status of the property is related to ownership, which is handled in a way that makes the marketing of the property more uniform.
... more
0 votes 2 answers Share Flag
Steven Ornel…, Real Estate Pro in Fremont, CA
Tue Jun 9, 2009
Steven Ornellas answered:
Hi "M",

The American Recovery and Reinvestment Act of 2009 (Recovery Act) provides for as much as an $8000 tax credit to qualified first-time homebuyers. FHA now supports the use of this tax credit to help with a Buyer’s “down payment”. In reality, as I currently understand, the $8K cannot be used for a down payment; but rather, only to pay for settlement costs. HUD Mortgagee Letter 2009-15 provides the guidelines for using the $8K tax credit (see link below).

Here is the “top 10” list of things you need to know about the FHA’s view on this subject:

1. The IRS tax credit refund can be made only to the taxpayer and not a third party.
2. Government agencies may offer tax credit advances with second liens.
3. The buyer cannot get cash back through the tax credit advance.
4. The 2nd lien may not exceed the down payment, closing costs, and prepaid expenses.
5. The 2nd lien may be "soft" or require payments.
6. Payments on 2nd liens must be included in ratios unless deferred for at least 36 months.
7. Balloon payments on 2nd liens may not be before 10 years.
8. FHA approved lenders and FHA approved non-profits may purchase the tax credit.
9. Tax credit purchaser may not charge more than 2.5% of the tax credit as a fee.
10. IRS may deduct unpaid student loans, tax liens and garnishments from the tax credit.

Best, Steve
... more
0 votes 5 answers Share Flag
Keith Sorem, Real Estate Pro in Glendale, CA
Sat May 30, 2009
Keith Sorem answered:
Akiko
the current FHA loan limit (based on specific areas) in So Cal is approx $729K, so you'd need 3.5% plus whatever the difference might be to get you to $800K.

You can call Artin Babayan with the OCD Mortgage Group
The OCD Group
Artin Babayan
1540 W. Glenoaks Blvd. #204
Glendale, Ca. 91201

Phone: 800-963-4623
Fax: 866-963-4623
Pager: 877-220-8451
... more
0 votes 2 answers Share Flag
Jeero Habesh…, Real Estate Pro in La Crescenta, CA
Mon May 11, 2009
Jeero Habeshian answered:
Greetings Chong:

I am glad you have asked this question. Many dissatisfied buyers and sellers continue working with disconnected agents and end up very unhappy.

Mario has given you great advice. Unfortunately, many of my colleagues do a lousy job of getting to know their clients and assume things instead of conducting an interview and understanding their needs. You have trusted this person to help you with one of the largest decisions and purchases you will make. Your satisfaction must be their number one priority! If its not, speak with the agent. If you are still not satisfied, speak with their manager/broker. They may have someone in the office with whom you can connect.

Should you choose to cancel your agreement with the current broker, interview REALTORS that work with buyers and choose one with whom you connect. Like Mario, I will gladly meet with you and listen to your needs and show you how our team will work with you to get you into a home you love! 818.523.9995.
... more
0 votes 3 answers Share Flag
M.D.J,  in Los Angeles, CA
Thu Mar 12, 2009
M.D.J answered:
Not much...unless you can qualify for two house payments because you don't have the 25% or 30% equity for FHA or Conventional financing to count the rent.

Any further lending questions feel free to contact me and good luck to you. ... more
0 votes 3 answers Share Flag
1 2 3
Search Advice
Search

Followers

340