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95742 : Real Estate Advice

  • All19
  • Local Info2
  • Home Buying10
  • Home Selling1
  • Market Conditions1

Activity 14
Wed Nov 23, 2016
Most lenders will have a "extended rate lock" program where you pay a fee upfront to guarantee the rate for a certain amount of time. In your case it looks like you will need 150-180 days. The fee will be based on the loan amount you plan to borrow. You can reach out through profile for a quote. ... more
0 votes 1 answer Share Flag
Mon Oct 31, 2016
Derek Jones answered:
Best loan? Are you a first time buyer? Are you a vet?

Based on your above scenario you are putting down roughly 12.5% so you are looking at some form of a conventional loan. I see you are in Rancho, I know a few lenders in the area that you can sit down with and go over all the available loan programs. Feel free to reach out. ... more
0 votes 2 answers Share Flag
Mon Mar 23, 2015
Craig J Townsend answered:
Yes. The bank can at their discretions proceed with the foreclosure if they want to. They do not have to entertain a short sale as they are not bound by the real state contract. Every state is different and some states have passed different laws. Some requiring the short sale lender to entertain an offer, but most of those laws have enough loopholes for banks to proceed to foreclosure.. ... more
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Wed Apr 10, 2013
Cassandra M. Bickel answered:
Several opinions here but look at it this way. If someone borrowed $100,000 from you and agreed to pay you back, would you want them to bail just because they didn't like the outcome of their choices?

You asked... Im just answering with my opinion.

However, if you want to do the right thing... Stick it out and hope the market turns back around. Have some pride of ownership cause what goes around, comes around.
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0 votes 18 answers Share Flag
Wed Feb 13, 2013
Absnring asked:
My husband and I are looking to relocate across the country. I bought my Anatolia home knowing this would eventually happen (before we married), but with the intent to keep it for over…
0 votes 0 Answers Share Flag
Wed May 11, 2011
Mark Daya answered:
The HOA is $112.50. The Mello Roos is about $170-$200/month. I'm a Realtor and I live in Anatolia. I can answer any other questions you may have:
0 votes 1 answer Share Flag
Wed Aug 18, 2010
Mechelle Reasoner (Gooch) answered:
Sellers can sell to whomever they want. Even in a short sale situation, the seller, with guidance from the listing agent determine which offer goes to the bank. There is paperwork that is required from buyers, sellers and agents stating no additional monies have been paid out and not on the HUD.

The best thing, might be to start looking for other homes that you like.
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0 votes 7 answers Share Flag
Thu Feb 18, 2010
Linette Carroll answered:
Home prices are down, builders are in need of qualified buyers, interest rates are at rock bottom and you are in the market for a home. Sounds like a winning formula to me. Enjoy your new home. ... more
0 votes 13 answers Share Flag
Sun Dec 14, 2008
Phil answered:
Thank you Erin...

Those are great suggestions...
Suggestions that I should have turned to automatically on my own if I would have thought. (I am a credentialed Building Official, Licensed General building contractor and a credentialed Project Management professional)

Some jurisdictions do not retain record documents as well as others...
Some Corporations are a little conservative with how they expose their design work to the potential of plagiarism...
most sales agents do not seem to have the wherewithal to secure a set unless they have an ongoing relationship with the seller like Mark was able to enjoy.

Maybe you caught me looking for an easy answer...

Thanks again
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0 votes 3 answers Share Flag
Thu Sep 11, 2008
Sue Archer Reynolds answered:
I applaud you for actually reading the GFE! Unfortunately too many do not.

Brokers are required to disclose all fees paid to them. Banks disclose origination fees but are not required to disclose yield spread premiums. Essentially YSP's are those rebates paid based on providing a loan to a client above the par rate. Therefore, you don't always know what rebates are being paid, especially if you are dealing with a bank, rather than a loan broker.

But here's a thought. If one broker offered you a 5.5% interest rate and had a YSP of 5%, and another offered you a 6% interest rate and had no rebate ....would you care that the first broker was getting such a large rebate? Of course not! However, you might ask the first broker if they could give you a better interest rate, seeing that there was such a high commission being paid in the loan and see if he would negotiate that with you. Understand that maybe he had a very generous lender he was working with that no one else had access to and he might deserve the commission being that he got you a better deal than anyone else on the market...

You need to be concerned with certain items to compare loans. I would suggest you always get more than one offer (good faith estimate). Make sure that they are within a few days of each other as rates, etc. change so frequently it's the best way to compare. Check the following items- interest rate, origination fees, discount points, total closing costs, monthly payment (principal, interest and Mortage insurance). The APR used to be a good indicator but some lenders don't put all the fees into this calculation so it's not always accurate. Do not compare what a lender puts down for title fees, insurance or taxes. These are fees paid to other parties and they are what they are. The lender has no control over them but often will estimate low so that it looks like their overall payment is lower.

In summary, if you've got the best loan offered by someone that seems to get a great commission, then it might not matter (or maybe you can negotiate it further). I would suggest you compare offerings, and negotiate your loan. It's not set in stone, even to the time you're sitting in the title office ready to sign. Good luck!
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1 vote 7 answers Share Flag
Sun Mar 30, 2008
Mark Daya answered:
My understanding is that the Raley's is going to be built before Safeway. The rumor I heard is that it will be completed by winter '09. There are just not enough houses in the neighborhood to justify a new store yet. ... more
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Mon Mar 24, 2008
Darren Miller answered:
I'm in Rocklin and have the mello-roos plague as well. Luckily mine expires in 2012. Mark is spot on for the time frame. Mello-Roos is actually the developer not wanting to pay for street lights, schools, roads, etc. and the City not wanting to pay either, hence forcing them upon the homeowners. ... more
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Mon Mar 24, 2008
Mark Daya answered:
I'm not sure what the exact date is. It probably coincides with the county fiscal year, which I believe is July 1st. It can go up a maximum 2% per year (and probably will).
2 votes 1 answer Share Flag
Sun Mar 2, 2008
Jan, unless you negotiated a price that built the "adverse market conditions" we're facing into your price, i.e. about 6% lower than current pricing (using a factor of a 1% drop per month in our area), I would strongly consider renegotiating your price.....this would have been a great thing when our market was climbing (for the buyer), but now it's only a good thing for the seller.....

good luck!

... more
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