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Home Buying in Gold River : Real Estate Advice

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  • Home Buying6
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Activity 20
Sat Feb 18, 2017
Gregg Pomeroy answered:
You should be able to refinance, pay your sister for her half of the home and take your sister off the deed as long as there is enough equity in the home.

I'm a mortgage professional.

I need some more details.

We lend nationwide, underwrite in 24-48 hours and have a lot of programs available.

If you have questions or would like help with this you are welcome to contact me. I'm available almost 24/7.
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0 votes 6 answers Share Flag
Wed Dec 28, 2016
Sheryl Arndt answered:
Hello Carla, there are a lot of questions that need to be answered to put a game plan together. It sounds like he needs to buy you out or atleast figure what options you have available to you both. It will be determined by the equity of the home, credit profiles, how much you want to put down, etc.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
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0 votes 3 answers Share Flag
Thu Aug 20, 2015
Stormyleena answered:
REOs and FORECLOSUREs are not the same thing, however an REO is only produced as a result of an unsuccessful foreclosure, in which a buyer for the property cannot be found, and so the mortgage lender repossesses the property to sell separately.
http://ForeclosureIQ.com
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2 votes 7 answers Share Flag
Mon Dec 23, 2013
Jason Walter answered:
This house has gone pending. It's a short sale that has NOT been approved by the bank yet so it's not a finalized sale by any means. Therefore, there is still a chance for other buyers to purchase this home if the other offer falls through. If you are interested in purchasing this home I suggest having your Realtor contact the listing agent and possibly making a back up offer.

There are 57% more homes listed in Sacramento County now compared to last year so there's a lot more opportunity to buy elsewhere as well.

Thanks,

Jason Walter

REALTOR® - lic #01923240
Certified Public Accountant (CPA) - lic #103885
Hammer Real Estate Group
jasonwalter.re@gmail.com
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0 votes 3 answers Share Flag
Wed Dec 18, 2013
Jason Walter answered:
I'm sorry to hear about this. The Fair Credit Reporting Act (FCRA) requires each of the nationwide credit reporting companies (Equifax, Experian, and TransUnion) to provide you with a free copy of your credit report, at your request, once every 12 months. In order to see if it was reported to the credit agencies check your credit report here: (it's free without a credit score)

https://www.annualcreditreport.com/index.action

Do not contact the three nationwide credit reporting companies individually. They are providing free annual credit reports only through annualcreditreport.com. You may order your reports from each of the three nationwide credit reporting companies at the same time, or you can order your report from each of the companies one at a time (for a total of 3 reports per year).
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0 votes 5 answers Share Flag
Mon Jan 14, 2013
Patrick O'Hare answered:
You are right, your lender will want to know if you are purchasing the property for investment
or personal residence to know what type of loan product they will be able to offer you..... If you purchase a home in Rancho Cordova in February with the intent to move into it in August, your new lender might be willing to consider the home a "2nd residence". Whether it is considered a personal residence or rental you are no doubt going to need to show the financial ability to support your current mortgage plus any mortgage you take on in California..........But because we represent clients in the purchase & sale of real estate, not lending, I always suggest you talk directly to the decision maker------a well qualified lender. They can guide you through the process of deciding what is best for you, making sure you understand any impact your status would have on the borrowing process.
We would be happy to refer you to a local lender who could advise you on your options so you can make a well informed decision. Good luck to you.
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0 votes 1 answer Share Flag
Thu Dec 6, 2012
Ernest Mathews answered:
I think so especially if values keep going up. Call me I specialize in Rancho Cordova and condos it cost you nothing buy using me and I will pay for your home inspection. So you make money by using me and you have someone in you corner!
Ernest Mathews
Broker
DTC Real Estate & Investments
(916)799-7386
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0 votes 4 answers Share Flag
Sat Jun 2, 2012
John Arendsen answered:
I'm not a lender and I haven't even read any comments. But from your question I'd say you need to find a rich Uncle or marry into a wealthy family.
0 votes 2 answers Share Flag
Fri Mar 16, 2012
Fran and Mark Redding answered:
It is definitly a NO NO to contact the listing agent. He does not and should not be talking directly with you. It opens him to possible charges of ethics violations. Badger your agent instead. ... more
0 votes 8 answers Share Flag
Sun Oct 9, 2011
JoAnn Kaleel answered:
I had a client who purchased his home with 2 years remaining on his Chapter 13. We did have to get his bankruptcy attorney to file with the court for approval. That added about almost 3 weeks to the purchase process. Unfortunately, his attorney said he could not make the request without a fully executed purchase agreement. But, the attorney also reviewed the file first and felt confident that the court would approve the sale. However, and most importantly, the court noted that based on his improved circumstances and his current salary, his Chapter 13 payments would be raised. That was not mentioned previously by the attorney.

So, my client did get his house. He was very happy about everything except the increased payments on the bankruptcy. His lender was terrific - Jim Langdon at Homebuyer's Assistance, phone # 916-717-5626.
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0 votes 4 answers Share Flag
Sun Oct 9, 2011
Shane Milne answered:
If it was a Ch 7...

• FHA requires 2-years BK discharge (only 1 year if it was due to extenuating circumstances, such as medical or death of a wage earner, etc.)
• VA requires 2-years BK discharge (only 1 year for extenuating circumstances)
• USDA requires 3-years BK discharge (only 1 year for extenuating circumstances)
• Fannie Mae & Freddie Mac require 4 years (only 2 years for extenuating circumstances)

If it was a Ch 13...

• You can be still *in* a Ch 13 BK with FHA or VA financing, it is just required that:
- one year of the pay-out period under the bankruptcy has elapsed
- the borrower's payment performance has been satisfactory and all required payments have been made on time, and
- the borrower has received written permission from bankruptcy court to enter into the mortgage transaction.
• If it was a dismissed BK then 2 years from the dismissal date for FHA or VA financing
• USDA requires 3-years BK discharge (only 1 year for extenuating circumstances - however there are lenders who will use the Ch 13 BK filing date for this seasoning requirement - each USDA lender has a slightly different take)
• Fannie Mae & Freddie Mac require 2 years from discharge date & 4 years from dismissal date (2 years from dismissal with extenuating circumstances)

If it was a Foreclosure (including a mortgage included in BK)...

• FHA & USDA require 3 years from the foreclosure sale date/when the home is no longer legally in your name (only 1 year if it was due to extenuating circumstances)
• VA requires 2 years from the foreclosure sale date/when the home is no longer legally in your name (only 1 year for extenuating circumstances)
• Fannie Mae & Freddie Mac require 7 years from the foreclosure sale date/when the home is no longer legally in your name (3 years if it was due to extenuating circumstances, 10% down)

In all situations you need at least 12 months of re-established credit and 3 traditional trade lines, some lenders want 3 trade lines of 12 months each. Trade lines that survived a BK, such as a credit card you kept open, a car loan you maintained payments on/didn't include, student loans that you are making payments on that couldn't be included, etc. can count towards the re-established credit.

Other than medical collections that can be properly explained, if there are any late payments or delinquent accounts (collections, charge-offs, judgments, tax liens) after the BK or foreclosure then the time seasoning often starts over again from the latest late payment/delinquent mark (underwriter's discretion).

Having a verifiable on time housing payment history goes a long way to making an underwriter feel comfortable, as well as taking a pre-purchase housing counseling class with a budgeting/financial module. Practically anything you can do to prove that you have made & kept a vow to make all payments on time will be helpful.
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1 vote 1 answer Share Flag
Wed Feb 9, 2011
Karlm1663 answered:
FYI, Playa Way is NOT in Gold River; it is in Gold River Station, a subdivision near Gold River. The two communities are VERY different. Do your research before buying.
0 votes 4 answers Share Flag
Fri Feb 4, 2011
Matthew Baker answered:
have you paid the mortgage on time during the short sale process. If you have, then you coudl qualify for FHA on a new home purchase. You still need to meet the minimum FICO requirement for FHA of 640 and if you havent ben late on the home, and can qualifiy on your own income you can do FHA financing. They allow for special circumstances in cases of divorce. Give me a call and I can talk through your situation with you. ... more
0 votes 5 answers Share Flag
Thu Jan 20, 2011
Harry Schaedler answered:
If you home is foreclosed on you can in some instances be paid by the bank to move out its called cash for keys they want it clean and with all appliances left in place and keys in hand to the banks represenative. they will notify you within a few days of the auction date. If a private party buys it they can evict you or also pay you to move out. Always ask you might get some money to move in a few 1-3 weeks. They usually all start eviction and if you do not move out will have the sherif evict you in about 30 days. This is just a general estimate in California. ... more
0 votes 6 answers Share Flag
Sat Dec 18, 2010
Bill Eckler answered:
The common thread here is one that we agree with completely. Assuming additional debt at this time just does not seem to be the best decision and your personal position would be best supported by a financial advisor.


Bill
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0 votes 6 answers Share Flag
Sat Dec 4, 2010
Cameron Novak answered:
According to most MLS systems and Realtor associations, the listing should be changed to "Pending" or "backup" status within 24 hours. follow up and demand it.
0 votes 11 answers Share Flag
Wed Dec 1, 2010
Aruna Mettler answered:
Do you have a buyer's agent who is skilled and certified as SFR or REO or ABR agent? The increase in price is not unusual if there are other offers as well. If the home is listed for $298,000 and the bank initially accepted this offer than they should move it forwards. Many times people handelling Short Sales are $10/employees who may have worked at McDonald's or Walmart. They have poor skills and knowledge of how thiese transactions work. I would write letter and talk to the Branch Mtg Lender or Officer who oversees these transactions. The offer and counter offers don not seem kosher simply the way they are bing presented. Very unprofessional. I would move forward if you are not satisfied. Make sure you have clear title and you have a good attorney. ... more
0 votes 6 answers Share Flag
Tue Nov 10, 2009
kevin farrell answered:
Hello Susan,
Has the bank ordered an appraisal or (BPO) Broker Price Opinion yet? This is an easy straight forward question to ask your agent. You may have a little way to go if documents are being asked for 3 months after your offer (YIKES) and a BPO still hasn't been completed. Unless this is your dream home you may want to start looking again. Try to stay away from Short Sales in the future. I'm sure in the last 3 months some very good deals have come and gone. ... more
0 votes 4 answers Share Flag
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