Hello Villadaddario, you should consult with a local free legal advice service to learn your rights as we can not give you legal advice but can give you our opinion and examples of our experiences.
If the home is foreclosed on then the bank will either give you cash for keys to be out in 30 days or up to 120 days to move without rent depending on each bank.
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.
The rentals in Highland Park start from $1,500 for 1bd 1ba apt, $1,750 for 2bd 1ba condo and the single family homes start from $2,800 for 2bd 1ba home.
The purchase in Highland Park start from 329k for 2bd 1ba condo and the single family homes start from 429k for 2bd 1ba home. You may qualify to buy with less out of pocket than rental deposits with down payment and closing costs assistance programs.
You should study RENT vs BUY options as you may qualify to buy and pay less than rent in many local cities. You may qualify to buy with minimum out of pocket expenses and pay less than rent.
Beware of the many rental scams out there these days on all sites. The scams are on all of the rental listing sites except one that us agents/broker use such as mls, multiple listing service.
You should not give anyone any funds or personal information without confirming with a licensed agent/broker or management company to find out whom you should be dealing with and the status of any address of interest.
If you decide you want to buy 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.
If you are buying a primary residence you could consider a down payment assistance program such as CalHFA or Sapphire Grant which can cover your down payment and closing costs. You may close with minimal out of pocket expenses. You may consider the CalHFA from a minimum 640 fico score and the Sapphire Grant from a minimum 620 fico score up to 424k.
You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 424k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 424k.
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
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It means the home is owned by HUD, when you get an FHA loan it is insured by the government. If you foreclose, they own the property. If you have any questions or are interested in getting a HUD home, I would check out The Lenders Network, they will be able to refer you to a few lenders that can help.... more
BEWARE SALVADOR ESCALANTE JR DBA INNOVATE REALTY IN WINNETKA CA, HAS 3 BRE ACCUSSATION FOR FRAUD, DISHONEST DEALING AND MONEY LAUNDERING SEE CASES H-40211-LA, H-39066-LA AND H-40381-LA. HE PRAYS ON FINCIALLY STRAPPED HOMEOWNERS IN THE 90042 AREA CODE HE IS ASSOCIATED WITH A CROOKED BUILDING AND SAFETY INSPECTOR BY THE NAME OF ALFONSO AVILA.... more
BEWARE TO BUYER AND ESPECIALLY SELLERS IN THE 90042 AREA CODE. THE IS A ROGUE BUILDING INSPECTOR AND REALTOR WHO PREY ON FINANCIALLY STRAPPED HOMEOWNER. THEY WILL DECEIVE YOU AND TRY TO LOW BALL YOU, BY FILING BOGUS PERMIT VIOLATIONS, MANIPULATING COMP. MARKET ANALYSIS REPORTS. ALFONSO AVILA AND SALVADOR ESCALANTE DBA INNOVATE REALTY ALSO DBA PRIMO CONSTRUCTION SERVICES THEY ARE THIEFS AND A RAT BASTARDS. HE HAS 3 ACCUSSATION FILED BY BRE CASE H-40211-LA AND H-39066-LA & H-40381 LA. LENDER AMERISOURCE, BOULEVARD ESCROW AND WESTERN RESOURCES TITLE ARE UNDER ADMINSTRATIVE INVESTIGATION BUY THE D.B.O, D.O.I AND FOR FRAUD AND DISHONEST DEALING. DONT BE FOOLED BY BOGUS PERMIT VIOLATIONS.... more
When I see this happen, I think that the Seller is looking for an unsophisticated, unrepresented, probably cash-only buyer because of some material fact that would otherwise prevent the sale for full price. For instance, a home with significant work done without permits in a city which does not require a pre-sale inspection. The buyer can always hire and compensate their own representative, that's what I would recommend. It could work like this: Make your offer X% less than what you would otherwise offer. Hire your own exclusive representative and compensate your representative the X%. If there is no significant reason that the Seller wants an unrepresented buyer the Seller should have no objection to, even welcome, a real estate professional involved in the transaction. If the Seller wants to save on commission, the Seller should have no objection if you pay your own representative. I would be cautious if the Seller insists that you are unrepresented. In that case, I would get the offer accepted (only if you know what you're doing) and then hire a representative anyway, it's your right to do so.
Hope this helps!... more
The loan process through escrow is often frustrating and tedious for buyers. While nowadays, many lenders can push through a loan in less than 30 days, it is not uncommon for escrows to run long. Just be sure to speak with your agent about requesting a time extension in escrow, if you are outside of your contract requirements.
Check with established direct lenders. Be sure to compare rates, terms, points and additional fees for the loan. It will take time on your part but will save you money in the long-term. I suggest only dealing with direct lenders.
Gail Mercedes Cole
EXP Realty Marina del Rey
For around $350,000, you might want to consider a condo in Silver Lake or Glendale, these are areas that would be an easy commute to downtown for you.
Feel free to contact me directly at (310) 717-1321 or JamieTian@RodeoRE.com and I would be happy to answer any additional questions you might have, or email you a list of properties that are currently for sale in your price range.
BRE #01920120... more
If you are trying to buy a home which I HIGHLY recommend you do since the price to rent is higher than to own; it is relatively easy to qualify. There are programs available that let you purchase a home with as little as $1,000 down and others that you can qualify with a 500 FICO(credit score).
Here is some more information about these types of programs: http://excellenceduo.com/2011/california-homebuyer-down-payment-assistance-program-chdap/
Let me know if I can be of any further assistance.
Excellence Real Estate
Cell: 562-652-7667... more