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Home Buying in Oakland : Real Estate Advice

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  • Local Info78
  • Home Buying343
  • Home Selling53
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Activity 439
Tue May 30, 2017
Nas Ali answered:
If your lender or bank is requested the apprisal, this is to confirm your loan amount does not exceed the current market value of the home your purchasing.
The shortsale process has its own apprisal process.
It is very important to work with a Certified shortsale negotiator and experienced agent to represent you. Shortsales can be a time consuming process and you could end up not closing, after months of efforts put in.
Think positive and keep following up.

Good luck.
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0 votes 12 answers Share Flag
Mon May 8, 2017
Smithanderson435 answered:
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0 votes 50 answers Share Flag
Mon Apr 24, 2017
Ebosales2 answered:
We have more than average credit I guess (691/744/706) scores. We want to go conventional loan but we can't seem to save money right now. We probably have about 2k saved but since I get paid once a month our savings starts to get pinched. Should we just go FHA because we don't have 10-20% down? We want to buy a 120k-150k house. Also can't forget about the closing cost. Its a sellers market right now and its tough. Any suggestions? ... more
0 votes 8 answers Share Flag
Tue Mar 28, 2017
Dfergusn1957 answered:
I am trying to buy a house and found out the land has a lien on it. The Seller quickly sold a portion of the land that was in question not the house. The title co was still investigating it. Now he want to sell us the house, that is clear of liens. And still ask a rediculous price for it. We have already paid out of pocket over $1800 for survey, apprasail, inspections. ... more
0 votes 9 answers Share Flag
Fri Mar 17, 2017
Bscottj.88 asked:
waiting on the letter of reconveyance so I can close. How long does it take? The letter's coming from Wells Fargo. My rate lock ends in a week.
0 votes 0 Answers Share Flag
Fri Feb 17, 2017
Donald D. Hensel answered:
Hard money lenders will consider funding a loan without proof of income on an investment property if the borrower has a significant down payment and other assets.
http://www.northcoastfinancialinc.com/hard-money-lenders-california/oakland-hard-money-lenders-loans/ ... more
2 votes 4 answers Share Flag
Fri Feb 17, 2017
Donald D. Hensel answered:
They require all cash at the courthouse steps. Some auctions do allow for financing, especially hard money financing as these types of loans can fund much faster than traditional loans.
http://www.northcoastfinancialinc.com/hard-money-lenders-california/oakland-hard-money-lenders-loans/
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2 votes 15 answers Share Flag
Sat Feb 4, 2017
Shonica Jaques answered:
Hey there! If you need help finding the RIGHT place, your best bet is to work with a real estate agent who knows the area. If you would like, I am part of a real estate company that can set you up with a top agent in the area you are looking, there is no cost to you for our service. Go to my website http://www.ParkPlaceConnects.com/sjaques for more details. Let me know if you have any questions. ... more
0 votes 1 answer Share Flag
Fri Feb 3, 2017
Gardner.max asked:
I am particularly interested in homes with detached "in-law" units. I see that under "Public Records" there is usually an entry that says something like "1 Building",…
0 votes 0 Answers Share Flag
Sun Nov 27, 2016
Broadway_93 answered:
A mobile home is not really mobile. It is a manufactured house that is placed on a piece of land in a mobile park - they are all lined up next to each other. Each house actually sits on jacks about 2 feet above the ground. Once the house is in place, it stays there. The majority do not have a garage. You get a carport. Some people install a shed for storage. Some have a little yard or porch, others do not.

In most parks, you buy the home and then pay a monthly space rental. Some real estate ads mention the space rental, others do not. You own the home but not the land (usually). You also pay an annual property tax, although that is typically much less than a “real” house. Maintenance on a mobile home is about the same as a real house.

Some parks are really nice. They have rules about maintaining your exterior and your space so everything looks clean and neat. There are common areas that can be great - club house with activities, pool, nice landscaping, etc. Some parks do not have any amenities or are rundown.

You also have to apply and be approved to become a park resident.

Some parks are all-age, some are for seniors 55 and older. And there are a very few parks where you do own the land - they cost almost as much as a regular house.

Look at the age of the home: many are still from the 1960s or ‘70s. The newer homes are now very well insulated and as you walk across the floors, they don’t sound hollow. There are sometimes agents or companies that specialize in buying old clunker homes and replacing them with a brand new one.

There are pros and cons to owning a mobile home. It depends on you personally, your finances and goals, your market and location, and the desirability of the park itself. It can be a great option as one approaches retirement. It can sometimes be better to own a cheap mobile home for a few years rather than renting a “real” dwelling - at least you have something to sell afterwards. It can make a great weekend or second home.

We recently turned 55 and bought a brand new mobile home in a Class A senior park in Sonoma County, California. It cost us $157K for a double-wide and we pay $750/month space rental. We own it outright, so our entire housing costs are $10,000 per year. There is an extreme shortage of affordable housing in northern CA. Now we have an affordable way to live in beautiful wine country and afford retirement. By comparison, renting a small not-so-great house in our area starts at $2,500/month, buying would start at $500,000 with property taxes at $6,500/yr.

In CA, I’ve noticed that newer mobile homes built after 2000 sell immediately for very high over the asking price. People are selling their old condos for $1M and buying newer mobile homes for $200-300K. There are BMWs and Lexuses in many carports. But older mobile homes do not sell easily.

I think selling a mobile home is harder in most markets. It’s not on people’s radar. There is an old perception of “trailer trash”. There are park rules to follow. You live very close to your neighbors. You don’t have a garage or much of a yard. But under the right circumstances, it can make good financial sense for many people.
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0 votes 17 answers Share Flag
Tue Sep 13, 2016
Grkoww answered:
Just stopped by the house of neighbor who accepted FHA seller. Based on the information she provided I will NEVER consider FHA buyer when my house is sold. This house is in average condition for the age (15 years) and there is NO way I'm going to tolerate FHA inspector telling me the AC, hot water heater or roof needs replaced - without corresponding increase in selling price. I'm not putting on a 25 year, $7,000 roof for the benefit of the next buyer !! Yes, the neighbor was told the shingles have to be replaced !! She was also informed her AC wasn't up to snuff. Seems like the FHA police came on an extremely hot day and did not notice 20 degree drop in temp. My drop is about 14 degrees. OK, maybe I'll get around to recharging it someday. If the next owner wants 20 degree drop then they can have it charged. ... more
0 votes 7 answers Share Flag
Tue Aug 30, 2016
Unspecified answered:
According to Data from Inzopa, condos in Oakland were bought with as little as 2% down payment.

If you are a veteran, you can put down as little as 0%.

You can see the data for yourself here: https://www.inzopa.com/s/oakland-ca-mortgage-brokers-for-condo-loans

All the best!
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0 votes 5 answers Share Flag
Fri Aug 26, 2016
Angelica P answered:
Hello,

We didn't get enough information about your problem to resolve the issue. Please provide us with complete property address and we will be happy to assist you.

For future reference, you can feel free to contact us about this type of inquiry through our contact form here:

http://www.trulia.com/help/ask/


Thank you for using Trulia!

Angelica
Consumer Care Advocate
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0 votes 1 answer Share Flag
Sun Jun 5, 2016
Dgiannec answered:
As a new owner, you step into the old owner's shoes....

go back to the seller and ask for his/her copy of the lease addendum--be sure the tenant's copy is legitimate. Then look over the estoppel documents the tenants signed. Is the tenant that is still in the property on the lease--as a tenant, sub-let, etc. etc.?

You are obligated to walk through the property with the existing tenant not sooner than 2 weeks before move-out. Let them know what they can do to minimize the amount of money you will keep from the security deposit for cleaning, damage, etc. You have 21 days to itemize and return the money (if there is any leftover from the security deposit) BUT the 21 day clock starts ticking when the last tenant has surrendered possession of the property to you (usually with the return of the keys).
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0 votes 1 answer Share Flag
Wed May 25, 2016
Tamara asked:
I'm a city employee in SF, and my husband is a teacher. Wondering if any other public servants had good experiences with a particular lender who really knew their stuff?
0 votes 0 Answers Share Flag
Sat May 14, 2016
Shane Attell answered:
Yes, this can be done.

I have been in this situation before. Your agent needs to disclose this to both buyers. As an Agent the best thing you can do is explain to your clients the situation and give them all options and go over the pluses and minuses letting them tell you how they would like to proceed.

Keep in mind the seller will decide which offer they would like to ratify, as each offer will be different.

Thank you,

Shane
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0 votes 9 answers Share Flag
Sat May 7, 2016
Dorene Slavitz answered:
Do you have a Buyer/Broker agreement with your Realtor? The buyer/broker agreement outlines the Agents duties and responsibilities to you. I don't think it's actually illegal, it could be considered unethical if you have this agreement in place. ... more
0 votes 1 answer Share Flag
Tue Apr 19, 2016
Bonnie June Hinojos answered:
I have personally had a wonderful experience with NACA, the office manage Yolanda is awesome! My counselor was Ms. Gant and we just sent her flowers to say thank you. I am about to attend my purchasing workshop and then start looking for a home. This has been a dream of mine since i was young and i am now 47 years old and buying my first home. I am so happy that we have programs like this.. Naca has been a true blessing to me.

Bonnie Hinojos
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