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Richmond : Real Estate Advice

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  • Local Info14
  • Home Buying32
  • Home Selling3
  • Market Conditions1

Activity 147
Fri Aug 20, 2010
answered:
File a complaint with the Ca Dept. of RE.http://www.dre.ca.gov .... Happy funding, Rudi
0 votes 4 answers Share Flag
Wed Aug 11, 2010
Bhambelle asked:
Tue Jul 27, 2010
Emily Erekuff answered:
Hi Mimisf,

Your question was duplicated on our site. You can thus find an additional answer to your inquiry via the link below.

Best Wishes,

Emily Gibson
Community Moderator
0 votes 2 answers Share Flag
Fri May 21, 2010
Kamal Randhawa answered:
Hello FHA,

What is the property address? I can look it for you. If it's a townhome or SFH, they don't need to be on the FHA condos approved list.

Kamal Randhawa
Broker
510-932-1066
... more
0 votes 2 answers Share Flag
Sun May 16, 2010
The Medford Team answered:
IF:

(1) Your loan is not yet approved and will not be able to fund BEFORE the trustee sale,
(2) The bank IS NOT willing to extend the sale date,
(3) The property will go into foreclosure because of your inability to close before the trustee sale,
(4) The seller has an all cash offer that CAN close on time …

THEN:

(1) You are technically out of contract,
(2) The seller can go with the backup offer,
(3) The seller will be able to avoid foreclosure.

I know this is very frustrating, but you also have to consider the other side. If their only hope of closing the short sale is to go with a cash offer, then, if I was in their shoes, I’d be looking at the same option. From a listing agent perspective, we’ve had several short sales foreclosed on because we had loan issues at the very last minute, the bank was unwilling to extend any longer and we DID NOT have a backup offer to go to. If we’d had a cash offer waiting in the wings, we’d have been able to stave off the foreclosure in all cases. No one wins when a home is foreclosed on – if the bank is unwilling to extend even five more days, then, in reality, the cash offer seems to be only way to keep from being foreclosed on.

It doesn’t seem fair, but unfortunately, banks are in control and can do whatever they want to do. It’s one of the sad facts of the current marketplace.
.
... more
0 votes 3 answers Share Flag
Tue May 11, 2010
Kamal Randhawa answered:
Hello Ned,

This is a question coming up more and more often, however as Realtors, we are not allowed to answer about crime rates or such. I can send you a complete demographics report if you like which will give you a good idea of what's going on as far median incom, home price, etc etc.

Kamal Randhawa
Broker
510-932-1066
... more
1 vote 1 answer Share Flag
Mon May 10, 2010
Dave Sutton answered:
Paying for assistance may be in your best interest. Do not pay any "up front" money. Only work with someone who will only charge a fee if the loan mod is successful. If you need a referral to one who works on that basis, email me (and no, it's not me). ... more
0 votes 5 answers Share Flag
Mon May 10, 2010
Stephanie McCarty answered:
The time that it takes to go from offer to closing on a "potential" short sale is determined by many factors, all of which will be out of the buyer's control. Does the seller have a hardship that would make him eligible for a short sale? Which bank is it - this can make a BIG difference in how long the process takes. Was the house listed at market value and is the offer close to market value? Banks have little incentive to sell for anything less than market value - kind of makes short sales no better of a "deal" than any other house - they are all supposed to sell for market value right!
Your particular situation may dictate whether or not you are even a buyer who is able to delve into a potential short sale - notice how I keep saying "potential"? That's because banks are not approving short sales when listed - they won't even look at the file to consider short sale until an offer is in hand, no matter what it says in the listing.
Hope you've been able to get a better perspective here and good luck with our purchase.
... more
0 votes 7 answers Share Flag
Sat May 8, 2010
Kamal Randhawa answered:
Hello Ned,

There are still some homes in that area in that price range. If you would like a list of homes for review, I'd be happy to send them to you. Good luck :)

Kamal Randhawa
Broker
510-932-1066
... more
1 vote 1 answer Share Flag
Thu Apr 15, 2010
Dave Sutton answered:
Hi Annie,

I hope you've taken the first step in home buying, which is not to find a home you might be interested in. The first step is to get a preapproval from a lender - mortgage officer at a bank or credit union, or a mortgage broker. There's no cost, and it starts with a 15-minute phone call. Have your last year's tax return and a current W-2 when you call and you'll get a general idea of what price home you can buy with what size payment. Then making formal application nails it down even further.

The reason to actually go through the process with a lender is that 1) it prevents you from falling in love with a home you later find out you can't really afford, and conversely 2) it prevents you from settling for less home than you can comfortably afford.

It's 15-minute phone call to get an idea of the range you can probably afford. Have your last year's tax return and a W-2 handy
... more
0 votes 3 answers Share Flag
Wed Apr 7, 2010
Dave Sutton answered:
All good answers before. You might want to read my blog post about why sometimes the highest offer isn't the one the seller accepts.

It's at http://www.trulia.com/blog/dave_sutton_windermere_walnut_creek/2010/01/i_made_the_highest_offer_but_it_sold_to_someone_else_why ... more
0 votes 4 answers Share Flag
Mon Mar 22, 2010
Louwu answered:
If you want the best answer, just ask the escrow agent for an estimate HUD. Impress upon the seller's agent that you will not put an offer until you know what the estimate HUD is. OR write your offer "PENDING BUYER APPROVAL OF ALL FEES/ESTIMATE HUD FROM ESCROW".

Good Luck.
... more
0 votes 5 answers Share Flag
Tue Feb 23, 2010
Tim Ambrose answered:
Hi Nikki,

I agree with Kamal, talk to your lender regarding a loan modification. Unfortunately, they may not consider your request if you are current on your loan. Crazy but True. I always encourage my clients to request a reduction in principle along with a new interest rate.

Hope this helps

Tim
... more
0 votes 5 answers Share Flag
Tue Feb 23, 2010
Tim Ambrose answered:
Hey Quinn,

Along with the great responses you've gotten, keep in mind some firms pay to advertise their service on trulia to attract buyers and sellers. If you want accurate information work with a Realtor who has access to the type information you are seeking.

Hope this helps!


Tim Ambrose
REALTOR
Windermer Welcome Home
510-258-8909
... more
0 votes 4 answers Share Flag
Sat Feb 6, 2010
Windermere Rowland Realty answered:
Check and see where they have marketed your property. Make sure you have not overpriced. Renters are very cautious of landlords right now ,some have collected first , last and deposit then let property foreclose leaving tenant in a bad situation. We have seen and used many marketing techniques to rent in this interesting market, one month free, 99.00 deposit both have worked very well. Most important thing you can do is screen tenants completely. We manage several properties in El Sobrante and have not had a problem renting. Again check the marketing, condition of property and price are you competitive.

Mike Rowland
Windermere Rowland Realty
400 Appian Way
El Sobrante Ca 94803
... more
1 vote 6 answers Share Flag
Thu Dec 17, 2009
Kamal Randhawa answered:
Hello Ali,

According to the MLS, it was built in 1956. If you like, I can email you the complete details of this home. Please feel free to call or email me anytime for further information. Good luck!

Kamal Randhawa
Broker
510-932-1066
"Straight answers every time"
... more
1 vote 1 answer Share Flag
Fri Dec 11, 2009
Annoyedinsd answered:
It turns out we were very lucky and we were able to get a hold of the attorney who filed the lien and since the seller is getting no money due to it being a short sale, they were nice enough to fill out a form releasing the property and allowing us to complete the purchase. If the lienholder had wanted to be vindictive he could have torpedoed the entire sale or tried to force someone to give him something in return for signing the papers. ... more
1 vote 3 answers Share Flag
Tue Oct 27, 2009
Bob Georgiou answered:
Ckrich,

In my experience, the builders will listen to offers. The first thing to do is to ask the salesperson if they are accepting offers. A 'No' answer means they are not negotiating. This often happens after new releases and recent price adjustments. Another early question to ask is "How many homes do you ahve in escrow now?" If the answer is more than 2 or 3 then, bluntly speaking, your perception of price is the skewed one not the builder.

Now if they are not moving inventory, then the enxt thing you have to do is to do a market analysis and make your offer providing the information you are using as comparables support with the offer. The sales manager will review the data and make a decision based on the market information you present. That doesn't mean they will accept it, as there are other business reasons for the rate at which a builder lets inventory go, but if you have properly supported facts, (all of them, not jsut self serving data) they have to at least listen.

Note on the last point. These buildsers rely on marketing infomation provided by companies who specialize in new home sales data. The builders provide information to these companies and they create reports for the builders. They are very well informed on market conditions and the pricing that new homes command across markets. A good fair analysis will carry weight if your data is in sync with the independent data they receive.
... more
1 vote 4 answers Share Flag
Sun Oct 4, 2009
Kamal Randhawa answered:
This advise is for anyone, before you start shopping for real estate, interview at least 3 agents to find someone who is skilled. Of course, before you can shop around, you'll need to get pre-approval first. You can conduct phone interviews if it's easier for you. Good luck!

Kamal Randhawa
Broker
510-932-1066
"Straight answers all the time"
... more
0 votes 3 answers Share Flag
Fri Sep 18, 2009
Nancy answered:
Dave, thank you for providing more info about this property. Please let me know when this REO gets listed. I would like to receive listings of other condos in this area too. My email is nn_zhou@yahoo.com.

Thanks
... more
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