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Home Buying in Hercules : Real Estate Advice

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  • Home Buying24
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Activity 33
Fri Jan 29, 2016
Ritz_rockhenyo asked:
Mon Dec 1, 2014
Tim Moore answered:
Please tell us what a wholesale property is. Cash does not do much except when buying a dump that can not get a loan on it because of its condition. Otherwise a seller will wait a few weeks for a loan to go through to get thousands more. If you were the seller wouldn't you??????????? ... more
0 votes 1 answer Share Flag
Thu May 22, 2014
answered:
You don't have to wait.....

We have a portfolio "2nd Chance" loan that allows you to buy again just one day after Short-Sale or Foreclosure. You can only have one on your credit and you will need a 20% down-payment and 660 mid FICO score.

This loan is available in - AZ, CA, CO, DC, FL, HI, IL, MD, MT, NV, NJ, NY, NC, OR, SC, VA, and WA . Loan amounts up to $4 million +

http://cbosse.banchomeloans.com/2014/02/20/how-to-get-a-jumbo-loan-after-short-sale-or-foreclosure/
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0 votes 10 answers Share Flag
Mon Jun 10, 2013
Kawain Payne answered:
You can try and submit an offer of a home contingent upon the sale of your current home.

You should make sure you have a solid buyer for your home, and the escrow is close to closing.

Best of luck to you !!

Kawain Payne, Realtor
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0 votes 3 answers Share Flag
Thu Feb 21, 2013
Olivia Chikezie answered:
Were you delinquent on your mortgage before you turned in your keys for cash? If not, and you are not in default on any other debts, you may be able to buy again soon. Contact a reliable lender for advice. ... more
0 votes 6 answers Share Flag
Thu Feb 21, 2013
Olivia Chikezie answered:
One of the reasons is that cash buyers can close within seven to ten days after their offer is accepted. Also, they usually don't ask have any contingencies in their offer making it more attractive to sellers because they get to pocket more money from the sale. Don't give up hope though, what's yours will come your way! ... more
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Sat Dec 8, 2012
Philip Cabral answered:
There isn't a contract until after an offer has been accepted, or in the case of a short sale an approval by the lender(s) and the earnest money deposit has been given by the buyer. In a short sale, an approval by the lender(s) can take as long as a year. So, it is wise to make offers on every home that interest you and then accept the one that you like and cancel the rest.

I am an agent, but I am a homeowner first. I have purchased homes in California, Hawaii, and Portugal. Let's talk Real Estate. Let me know if I can be of any help.
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0 votes 5 answers Share Flag
Thu Nov 8, 2012
Cindy Davis answered:
Relatively little -- whether you are the buyer or the seller, the bank calls the shots.
0 votes 3 answers Share Flag
Sun Jul 8, 2012
Don Tepper answered:
You know what they say when you assume something . . .

Your assumption is wrong.

First of all, there's a big difference between a CONDO fee and an HOA fee. A condo could have both, or it could simply have a condo fee. So if you're seeing condos with no HOA fees, it could simply be because there is no HOA fee.

Second, depending on the MLS, it may be easier or more difficult to list a condo fee or an HOA fee. Some make it very difficult, so you'll see the fee put in under "utilities," for instance. Sometimes it'll be mentioned in the "Comments" section. It's not necessarily a deliberate decision by the agent or owner to hide anything.

How can a buyer tell if the fees are going to increase? Generally, that's pretty simple. Look at the HOA's financials from the past 3 years. See what the pattern has been. See if the fees are covering the expenses. See if sufficient money is going into any needed reserve funds. (That more often comes up with condo fees, with reserve funds for building boilers, roofs, elevators, etc.) And watch for this trick: Some associations keep their fees relatively low or stable, but every year do a special assessment. You need to know whether, and how often, special assessments ahve been done.

How can a buyer tell if there are caps? Usually, there aren't any. But it's very simple to tell: Read the condo or HOA documents and see if it addresses caps. If not, then there are no caps.

As for the amount of the condo fee or HOA, you also have to take into consideration what it's covering. Swimming pool? Club house? Tennis courts? A security gate with guard? Common area maintenance. And so on.

Hope that helps.
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1 vote 3 answers Share Flag
Sat May 19, 2012
answered:
Caleb: My question is why? Perhaps there are other alternatives without having to go with seller financing...
0 votes 2 answers Share Flag
Thu Nov 17, 2011
Steven Ornellas answered:
Frankie:

I do not believe you can "transfer" your credit; however, there is a very good chance you can use your European scores.

See "Non-U.S. Citizen Borrowers" of the following document (page 461); which states:

“If a non-U.S. citizen borrower does not have enough tradeline references in the United States to satisfy Fannie Mae requirements, the lender must use credit references from foreign countries to achieve the required number of seasoned credit references.”
https://www.efanniemae.com/sf/guides/ssg/sg/pdf/sel102511.pdf

By the way, perhaps you can investigate the transfer of some of your multi-national accounts; American Express and other cross-border card issuers MAY transfer your account#, which would theoretically transfer the time an account has been in existence. Much of the US Credit Score is based on how long an account has been opened. Obviously, the more info you can transfer the better -- anyway, it's worth looking into…

-Steve
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0 votes 2 answers Share Flag
Fri Jul 1, 2011
Ydinh02 asked:
Hi. My sister (who lives in Vietnam) wants to invest in real estate properties in the US. I heard that foreign investor would have to pay higher taxes (on rental income or when the properties…
0 votes 0 Answers Share Flag
Tue Jun 28, 2011
Gerard Carney answered:
If you were not forgiven for the remainder of the Mortgage it will be 60 months before you will be able to, reason being; if the bank does not forgive the rest of the loan, then they have up to 5 years from date of short sale to go after you fro the remainder. If forgive you of the loan, the remainder is treated as income and the bank issues you a 1099 so that you may pay the capital gains tax on that amount! If Forgiven of the rest of the unpaid mortgage it is more likely that within 3 to 4 years things will be better for you and you credit rating! ... more
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Fri Apr 15, 2011
Jaynelle Bell answered:
It sold for $580,000 in 2008. It is not presently for sale. Home values today are at $400,000 for 105 Turquoise and $575,000 for 7742 Turquoise. If you would like to see tax records let me know and I will email those as well. Thanks. Jaynelle Bell ... more
0 votes 4 answers Share Flag
Wed Dec 1, 2010
Jeff Kim answered:
Your question can be answered by another question: how soon do you want to buy? If you are in the market to purchase within 30 days of your offer, then a REO is quicker. On the other hand, a short sale (depending if it's an approved short sale) can be sold just as quickly or can take up to 3-6 months.

As for condition, short sales do tend to be better since more times than not it is owner/tenant occupied. I have seen some REO where the prior homeowner just demolished the interior and exterior.
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Wed Nov 17, 2010
Jeff Kim answered:
Hello CL. I posted on your other question. But I wanted to also let you know that there are 7 active listings in Hercules from $250,000 to $300,000. If you would like to see them online, feel free to visit my website at www.herculeshomesearch.com

If you would like to visit any of them, feel free to call, e-mail, or text me.

Good luck on your home search and feel free to contact me!
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0 votes 2 answers Share Flag
Wed Nov 17, 2010
Jeff Kim answered:
Hello CL. I have checked the Multiple listing service and there currently is not a home on Turquoise for $280,414. There are two pending homes on Turquoise that range from $359,000 to $399,000.

This area of Hercules is beautiful. I recently sold a a home on Turquoise just a few months ago. I am very familiar with the area (I also live and work in Hercules.)

If you would like to check homes in Hercules as well as the surrounding cities, feel free to check out my website www.herculeshomesearch.com From there, you can sign up for free e-mail listing alerts for hot new homes as well as check out market statistics, school, info, and alot more.

Good luck on your home search and feel free to contact me!
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0 votes 2 answers Share Flag
Mon Oct 18, 2010
Jeff Kim answered:
I see I am a little late in posting a response here. However, 1stTimer you have hit a sensitive issue with alot of agents-commission!

There are agents who do offer a rebate on their commission who do provide excellent full service to their clients. On the other hand, there are other "discount agents" who provide less service and rebate back money to you. And there are full service agents who do not provide a rebate, but provide their services which could far exceed those of a rebate back to you.

Ultimately, it comes down to how comfortable you are with your home search. If your an internet savvy client, you may be able to do most of your home search on your own, perhaps a discount agent is best for you. If you need assistance along the whole process, perhaps a full service agent is what you need. It comes down to the service you want as a client.

With all that in mind, you should check the Trulia Pros section and there you will see a number of great agents and brokers who you can contact and ask about their commission structure. You have the absolute right to ask for a rebate. Some agents will absolutely not do it. Some will. Ask them what their services will be and see if that over rides your rebate desire. If not, then move on.

Good luck with your home search. If you have not purchased a home yet and are still in the process, feel free to contact me. I am a local broker in Hercules who does offer a rebate.
... more
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