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94030 : Real Estate Advice

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  • Local Info1
  • Home Buying11
  • Home Selling1
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Activity 19
Mon May 22, 2017
Sheryl Arndt answered:
Hello Johnriley, if they do not provide the needed documentation they would not qualify. You would need to find out more detail as there are many different lenders like us that are brokers and have more banks to choose from to get them approved.

There is a loan program for everyone and all scenarios. You would not want to remove the loan contingency until you have loan approval. Speak to the agent and loan officer and find out what is going on...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
Credit Repair Advice 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 11, 2016
Rich Reed answered:
You're post says you are in "Miami, FL." If you are asking about practices in CA, Richard Littlefield's answer is a great one! It should all be spelled out in your employment contract with your Broker. Employment contracts between agent and brokers is a CalBRE requirement (Reg. 2726). ... more
0 votes 2 answers Share Flag
Mon Jul 13, 2015
MegSM answered:
MyScreeningReport.com is a great resource independent rental owners. It's FREE to use. Simply create a Landlord account and invite applicants to apply - the applicant pays for their reports directly to MyScreeningReport.com. Reports are shared through a secure sharing platform that provides Landlords the assurance of accuracy and authenticity.

Reports are comprehensive and include rental & employment verifications - if requested. Customer service available 7 days/week.

www.myscreeningreport.com
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0 votes 3 answers Share Flag
Wed Dec 11, 2013
JR Thrasher answered:
California = Community Property if you are married. No matter how you take title.

BTW...John is right, don't look for advice this important on the internet. Trulia is a pretty smart community, but some of us just sound smart on the internet.

J.R. Thrasher
http://www.SanDiegoRealEstateVeterans.com
619-929-0105
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1 vote 6 answers Share Flag
Mon Dec 9, 2013
Brian Nguyen answered:
Your name will at least be on the title, right? Being on the mortgage means you have the responsibility to pay off the house. Being on the title means that you are entitled to the house. Either way, in this situation, the mortgage should get passed onto you anyways if something unfortunate happened. Have you gotten anything started for a loan for your new home? If not, I would be glad to speak with you to help you get started on financing. Well I hope this helps, if you have any further questions or if you would like a loan, feel free to contact me. Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me! Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com ... more
0 votes 7 answers Share Flag
Sat Nov 23, 2013
Elena Talis answered:
I also work with my husband, but both of us are realtors. The pro - they work together well. The rest is up to you to decide - are you comfortable working with them? Will you hire one of them without the other? How did you meet this couple? Etc., etc., etc. ... more
0 votes 8 answers Share Flag
Mon Nov 18, 2013
Jim Simms answered:
Two thoughts, no is a full sentence. And check with your lender if you are financing the home, post occupancy can be an issue with some types of mortgages.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
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Mon Nov 18, 2013
answered:
Well the seller sounds pretty tough, you already lost round one of negotiations. Are you sure you want to be going against this guy by yourself?

Really though, if you have had an agent working for you, now it appears that you are kicking the agent to curb and you do not seem to care if they get paid. What if your employer had you do a bunch of work, found a loop hole and then found that they could get away without paying you? You would think they were a monster. I do not know how much work the agent did for you. If they agent spent a lot of time with you, the right thing is to want them to be paid for their work.

People have a false idea and do not understand how hard agents work. Agents should be paid well if for no other reason that they are at risk of not getting paid. Sure people love to avoid paying agents, they are under the false assumption that their job is easy. That is exactly why agents rarely show these "for sale buy owners." These are the greedy rascals not the agents.

If you are buying a home for sale by owner, my guess is they want full market value, without you having the protection of your inspections and disclosures required by law. Well if you are not getting the protection of an agent, you should get a discount. Are you getting that discount?

Then you are being cheated.

What happens when you get into the house and find out there is mold, a leaky roof, plumbing problems etc.? Do you think you will be able to call the seller, tell them about it and have them write a check to fix it?

The fact is that with the internet you do not need an agent to find a house. A trained dog could find a house. You need one to negotiate on your behalf.

I say it may not be a good idea to negotiate with the seller yourself, he is already kicking your butt. Go to your agent have them write up an offer with the finders fee written into the agreement.
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Wed Jul 10, 2013
karinamoreira82 answered:
At Ron, I didn't need your snippy remark. The only thing that is ridiculous is your attitude. You could have stayed away or given a little insight. I was curious and did not need your rude comment! THANK YOU! ... more
0 votes 2 answers Share Flag
Thu Jan 24, 2013
Elena Talis answered:
The main disadvantage is that you are buying only the home, no land like if you are buying a conventional home. That is why it falls in value and you have to pay rent for the site where it is standing, Other than that a mobile home may be the least expensive way to live in the Bay Area. ... more
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Fri Oct 12, 2012
Senka Maricic Foster answered:
Hi Sandeep,

Yes, I am Sales Manager for Millbrae Paradise. We are down to only last few units left...please call me for further information at 415-816-0432.

Senka
0 votes 1 answer Share Flag
Mon Dec 27, 2010
Louri Groves 767-8158 answered:
Mindy,

I would advise my client to say, "No way!"

Hope the sellers' vacation is fun and they come back home safely. But it's unreasonable for them to ask you to remove the loan contingency, especially since it will leave you unprotected if your lender does not fund. They agreed to this contingency. Remember, you don't have a loan approved until it is in writing.

Best to you Mindy and happy new year!

Louri Groves
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0 votes 9 answers Share Flag
Fri Dec 24, 2010
Roswell Moore, answered:
Hi Mindy,

Someone sure seems to be pressuring you to remove your loan contingency. In the last answers to your question (including mine), here -

http://www.trulia.com/voices/Home_Buying/We_made_an_offer_to_a_condo_in_late_Nov_and_got_ac-258469

- everyone was telling advising you NOT to remove it.

What happens if the bank's verbal approval does not go through for one reason or another? I've seen this happen. Many other real estate professional who have been in the business for a number of years have seen it happen...look at the examples below. Will you lose the house? To rub salt in your wounds, will you also lose your earnest money deposit on top of losing the house & all the costs associated with buying the home?

Has your loan originator volunteered to talk to the seller's listing agent for you?

Good luck,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct
www.ezAZloan.com

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite and fund FHA, 203k, VA, USDA, Jumbo, Conventional, loans to Canadians & other Foreign Nationals, on time.
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0 votes 11 answers Share Flag
Mon Nov 8, 2010
John Dutra answered:
Amy,
If the investments are in both of your names, you would be fine. However, if the investments are in your husband's name alone, then you would need a power of attorney from your husband authorizing you to sign on his behalf to make the loan work. He would need to be on the loan/title for a lender to use the income to qualify.

The lender looks at the income not only from a qualification stance, but from an access point of view as well.
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0 votes 7 answers Share Flag
Wed Oct 7, 2009
Jeff Tung answered:
Hi LS,

It is hard to say how long it will take because the lenders all have their own guidelines to follow in order to approve or disapprove a sale. I had a few offers, last year, that took 6 months and wasn't approved, but I had closed 4 this year that took 3 months to get approved and 1 in 2 months. I believe the banks are now more willing to cooperate with the sale instead of taking the property back through the foreclosure process. ... more
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Sat Dec 6, 2008
Cheryl Chapin Petrovich asked:
What happens if the statute runs? (applies to the ans. to my first question.) Does the county appraiser have to come and appraise each house asking for a devaluation? If so, isn't that quite…
0 votes 0 Answers Share Flag
Sat Dec 6, 2008
Alan Tang answered:
Hi Cheryl,

I guess no one really can give you a good answer on that one. Fortunately I just found out an old friend of mine works in the Assessors Office and he's been swamp with all the forms they received. I asked him if there're any hints that the county will lean towards approving the reassessment and this is what he said:

"Hope that you get a sub par appraiser. If all else fails, file an appeal, and hope the office is so backed up that it goes past statute."

I am guessing that's as good an answer as anyone can give regarding the reassessment.

Check with the city regarding subdivision, and check with a tax adviser regarding using your home for a non-profit.

Good luck!

Alan Tang
CRS, GRI, Realtor
... more
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