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Home Buying in Lynwood : Real Estate Advice

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  • Home Buying8
  • Home Selling2
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Activity 9
Thu Dec 18, 2014
Alex Montelongo Real Estate Group answered:
From the previous comments from the lenders in this forum, It looks like the odds are in your favor.
You may need a Broker to help you find your property. When you have the time, please give me a call. I'd be glad to assist.

All the best,

Alex Montelongo/Broker
Coldwell Banker Star Realty
562-810-7387 Cell
BRE Lic #01456982
... more
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Thu Dec 18, 2014
Alex Montelongo Real Estate Group answered:
The length of time depends on your ability to secure a loan, a property, your lenders abilities, your agents abilities, the current marketplace, etc. Usually from beginning to end the process takes as little as 60-90 days but can take longer in some circumstances. Do you have a Broker or Agent that you will be working with? If not, call me and I can explain the entire process from the very beginning. There is never a "dumb" question. By the time you have completed your first purchase, you will know so much about Real Estate that you will be giving pointers to your friends and family.

All the best,

Alex Montelongo/Broker
Coldwell Banker Star Realty
562-810-7387 Cell
BRE Lic #01456982
... more
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Thu Dec 18, 2014
Alex Montelongo Real Estate Group answered:
Compton and Lynwood both require a pre-sale inspection. Im surprised that it wasn't caught earlier. I would look into it more and make sure that the improvements are illegal before doing anything.

Alex Montelongo/Broker
Coldwell Banker Star Realty
562-810-7387 Cell
BRE Lic #01456982
... more
0 votes 4 answers Share Flag
Thu Dec 18, 2014
Alex Montelongo Real Estate Group answered:
Your fico scores are too low. Start rebuilding your credit and you will be on your way to homeownership before you know it. I have been hearing of this company called Lexington Law that helps people with their credit issues. I know of people that are benefiting from this service. Maybe they can help.

All the best,

Alex Montelongo/Broker
Coldwell Banker Star Realty
562-810-7387 Cell
BRE Lic #01456982
... more
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Sun Nov 11, 2012
Berna & Chris Sloan answered:
Homes that the seller owes more than what i owed against it.
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Thu Aug 26, 2010
Matthew Bartlett answered:
HI Yolanda,

The standard California Residential Purchase Agreement states on Page 3 of 10, Section 5, Sub-Section C Letter (i) Property shall be vacant at least 5 days prior to Close Of Escrow, unless otherwise agreed in writing. NOTE TO SELLER: IF YOU ARE UNABLE TO DELIVER PROPERTY VACANT IN ACCORDANCE WITH RENT CONTROL AND OTHER APPLICABLE LAW, YOU MAY BE IN BREACH OF THIS AGREEMENT.

The question is Yolanda, what did your Purchase Agreement reflect with regards to the Tenants? I recommend that you speak with your Agent & your Broker to get a clarification regarding this matter right away. Your Agent should have explained this to you before you signed the Purchase Agreement and clarified the status of the Tenants with the Listing Agent during your 17 day Inspection period. I also recommend that you speak with a Licensed Real Estate Attorney to further protect your families best interest. Good luck!

Matt
... more
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Mon Mar 1, 2010
Monique & Joe Carrabba answered:
Hello Like,

That information is confidential. If you are the new tenant it is likely the buyer will contact you. If you are the tenant I would advise confirming they show proof they are the new owner if you are making rent payments.

Best,

Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
mcarrabba@kw.com
(323) 899-2900
... more
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Wed Jul 1, 2009
Ben Nicolas answered:
If you qualify for the extended credit you will get the exteneded credit... you won't get both

I think your question is more re: whether or not you will qualify and since the extended credit hasn't passed yet the guidelines for qualification are not released... ... more
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Thu Jun 18, 2009
Steven Ornellas answered:
Hi Juan,

There's a good reason why the REO flow is at a trickle right now; however, look to the end of summer for noticeably more REO supply.

Lenders/Banks put the brakes on foreclosures during the later part of 2008 due to Federal, State and self-established moratoriums. Then came the announcement of the President’s housing recovery plan. As soon as banks/loan servicers heard a plan was in the works they had additional reason to throttle back on the foreclosure process. That all ended in March after the plans) were announced in late February 09 - there wasn't much for the Banks/servicers to be excited about. Since then, Banks/servicers shifted their Notice-of-Default and Notice-of-Trustee Sale machines into overdrive. The foreclosure process takes about 3 months, 3 weeks and 3 days (starting with the NOD). So look for a healthy spike in supply around the end of this summer. This is the so called "REO Shadow Inventory" you may have heard of.
http://docs.Steven-Anthony.com/REO-ShadowInventory.pdf (Article on backlog)

As Dunes, pointed out below, this Monday (6/15/09) CA added a new 90-day moratorium on home foreclosures in California. Personally, I think this is more political posturing than effectual in stopping the foreclosure process. Here's the key: Lenders and loan servicers that already have a comprehensive and systematic loan modification program in place are EXEMPT FROM THE LAW. Now take a look at who is exempt: (some of the largest in the Nation):
http://docs.Steven-Anthony.com/90DayExemptLenders.pdf

So, just how effective is this new law? Not very much in my opinion.

Note: This new law does not change separate legislation that requires lenders to wait 30 days before filing a notice of foreclosure after first making initial contact with a borrower who has missed several mortgage payments.

As you plan your purchase you need to be watching interest rates closely. Please refer to the link below for a prior post I made on this subject.

Best, Steve
http://www.Steven-Anthony.com
... more
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