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Rohnert Park : Real Estate Advice

  • All71
  • Local Info16
  • Home Buying18
  • Home Selling2
  • Market Conditions2

Activity 44
Fri Feb 27, 2015
Carol Lin answered:
Hi there, it is difficult to answer this without knowing the specifics of this particular casino. It will ultimately come down to if the pros or the cons of the casino carry more weight. For example, a casino can bring business as well as employment opportunities to the area and in general, be considered an area attraction. On the other hand, it can bring increased traffic as well as any stereotypically negative casino related connotations (attracting shady characters, etc.) ... more
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Sun Sep 14, 2014
Steve Quintana answered:
Your local city/county government is probably the best place to look for section 8 housing.
0 votes 1 answer Share Flag
Tue Jul 8, 2014
Travis Jackson answered:
Are you looking to buy or sell a property in Rohnert Park and what "section" (ie M section, B section) are you interested in?

Travis Jackson
Century 21 M & M Associates
BRE# 01879566
www.408RealEstate.com
... more
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Thu May 22, 2014
Terry Bell answered:
If you're interested in being a first time buyer of a mobile home here's some things you need to be aware of: First, you should find an agent that is familar with the mobile home market, which is different in many ways from the regular residential market. Your credit will be important, both for getting a mobile home loan, and for qualifying for the park space rent. Having gone through a bankruptcy a long time ago should not be a hinderance. ... more
1 vote 6 answers Share Flag
Thu May 22, 2014
Terry Bell answered:
If you're looking for a mobile home with low space rent, please check out my new listing in Rancho Grande! Rancho Grande is an over 55 park, and boast a security gate, large clubhouse and pool, and wide streets! ... more
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Wed Feb 12, 2014
Paul Claeyssens answered:
Policemen and sheriffs I know say that wherever you have a casino, you get increases in fights and prostitution. These are not very obvious, but they are there, according to the police and sheriff. It has not dragged the neighborhood down. The Casino has its own security personnel, and they have been doing a good job of keeping the peace. ... more
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Fri Oct 25, 2013
Terry Bell answered:
Well, I don't know about what happened in San Jose, but generally if a park is purchased with the intent of removing homeowners, you can be sure that the homeowners have been bought ought, or somekind of settlement reached to compensate them! I've heard of situations in Florida where old mobile home communities bought out the residents for large sums of money so that the land could be developed to it's full potential. Most parks offer a lease or rent control for the space rent. There are also many manufactured home owner associations that have formed to protect the interest of mobile home owner. If you have a manufactured home in Petaluma or Rohnert Park, I don't think it will be any time soon where the land will have the value that it does in San Jose! ... more
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Tue Sep 17, 2013
Ken Walker answered:
The other answers do apply but if you are looking to buy a home sooner than later and you have a decent down payment to work with or other existing equity, you could get a Hard Money loan right away. My husband and Broker of Sun Pacific Mortgage & Real Estate offers Hard Money with just 2 criteria: #1. At least 25% down on a purchase or existing equity and #2. Ability to repay.

In the 25+ years we've been in business we've helped many, many people buy a home despite recent short sale, foreclosure, bankruptcy, property condition, etc.

Just thought I'd let you know about this type of loan program too.

Best, Lynn
Owner/Realtor - Flipper Chick
www.Sunpacmortgage.com
... more
1 vote 6 answers Share Flag
Tue Sep 17, 2013
Steven Ornellas answered:
Hi alffysan,

Many would-be Buyers make the mistake of only focusing on distressed property due to a belief they are cheaper and less difficult to buy than non-distressed property - this simply is not the case.

Here's a quick relative risk/difficulty scale for distressed property (1 being the most risky):

1) Trustee Sale-
You personally go to the County court house and bid on a home you probably have never seen the inside of, nor will have the opportunity to fully investigate. Seasoned investors need only apply. Cash/Cashiers check only, no financing.

2) Auction Company Sale-
A little better, at least you have a seat in a packed room where the auctioneer’s primary job is to get the highest offer from a much larger group than #1 above has. You are buying “AS-IS”. Do you have the ability to gauge cost of repairs you might see? This option is best for those who can walk a home and calculate refurbishment costs on the fly IF an investigative period has been allowed. Perhaps, you might even attend one to see “how the sausage is made” and how comfortable you would be if you went this route.

3) REO-
When a property does not sell via #1 or #2 above you eventually see it come on market via a Realtor® MLS. You will still needs the skills to evaluate property condition and the good news is your Realtor® will be helping you to do so along with professional property inspectors you hire. The downside of an REO is the Bank typically only sells "AS IS" (meaning, the Bank will not typically make repairs even if you identify an issue) and the Seller's property disclosures are limited to what is statutorily required by law.

4) Short Sale-
While there is nothing chronologically short about this option (plan on 60-90+ days before a Lender approval) it nonetheless is the closest relative to the non-distressed sale. The only real risk with these transactions is the underwhelming boredom and the overwhelming mystery of why it takes so long to obtain an Approval(s).


If you are serious about buying a home find a Realtor® and ask that a custom automated MLS search agent be set-up to make sure you are seeing property that is actually for sale. Here’s what I would advise as being your first step: http://www.Steven-Anthony.com/GettingStarted

-Steve
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Tue Jul 16, 2013
Terry Bell answered:
Sometimes buyers are investors that want to keep tenants. The person to talk to is the seller or property manager, and you should also find out what notice they plan on giving you. I have shown many tenant occupied homes, and often a tenant will volunteer that they would love to stay if the buyer wants a tenant. So if you would like to stay, it's a good idea to have the place neat, and show the house with a smile:))) ... more
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Mon Jul 15, 2013
Sheila Lawrence answered:
Hi Dan,

Susan Byrer's answer is very thorough and I can not add much more. I would tell you though, that if you've occupied it as a your primary residence, you can keep any amount of profit up to $250K for a single owner or $500K for a couple, tax free. You can invest it in another home, but it is not required. If it was an investment property, you may want to do a 1031 exchange. Either way, talking to a CPA is the best first step. No one likes tax surprises.

Best wishes,
Sheila Lawrence
... more
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Mon Jul 8, 2013
Cheri Cybulski answered:
As long as all of the numbers add up to the bid amount the bid is good. The bid may have been put together without having access to the lender to rewrite the pre-qual letter so they used the one on hand. They do not want to pay more than what they feel the condo is worth, at least what it's worth to them. But it does give you an idea of how much they can go up if all bids are not to your liking. But no matter what, the condo has to appraise at the final agreed price or the buyer would be able to pull out if there is an appraisal contingency or have to come up with the difference in their own funds. A lender is not going to overlend even if the buyer does qualify ... more
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Fri Jun 21, 2013
Cheri Cybulski answered:
I have checked with HOA and there is no elevator in this complex. This listing has been withdrawn as of today, June 21, 2013.
0 votes 1 answer Share Flag
Sat Apr 20, 2013
Terry Bell answered:
Dear Nadine, rentals are getting more expensive and more difficult to find. If you can afford to feed three large dogs, I think perhaps you can afford a house payment! Now's the time to talk to family about help with a downpayment and check in to first time owner financing with a low down payment. Give me a call for a list of low cost homes. Best, Terry Bell, Realtor
CPS Real Estate
707-292-5712
Sonoma County
TerryinSR@aol.com
... more
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Tue Mar 26, 2013
Sher Miersemann answered:
Hi Shyanne,

Homepath homes are foreclosed government "Fannie Mae" homes and are a great way to purchase a home. They offer 3% down loans with NO PMI (PMI is an insurance that is usually put on homes when the buyer puts less than 20% down. This insurance covers the LENDER in the case the buyer defaults on their loan. It is paid for by you, usually with your mortgage payment.

Some other information regarding Fannie Mae (Homepath) homes:

If you wish to put 3%-20% down, you must have a 660 or greater credit score. If you wish to put more than 20% down, standard guidelines may allow a lower credit score.

Buyers can purchase a Homepath home as primary residence, OR as Second Home OR an Investment (rental) home.

There are, with some REOs (foreclosures), a special period of time that the purchasers are limited to "Owner Occupied" offers only. If, within that period, no acceptable offers are made, the owner occupied requirement is then 'released', and investors may then make offers on the property. Perhaps it was within this period that your roommate's dad was told he was not able to purchase the property as a rental.

Another option is to use an FHA loan. I have worked with several buyers that had their parents purchase the property, as owner occupied, and their children move into the home. This was ok as FHA considers children as extension of the parents....

Please feel free to email or phone Redwood Realty for answers to any other Real Estate questions you may have. We would be happy to help you with your search for property!

SHER 707-584-9682
Miersemann
RedwoodRealityCA@aol.com

All answers on this forum are considered reliable, but not guaranteed (real estate law & options are constantly changing!)
... more
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Tue Mar 26, 2013
Sher Miersemann answered:
Hi Lena,

I have worked with several married buyers that have purchased property using only one of their names. Not only for bankruptcy, but simply when one of them has a credit score that is lower than their partner's credit score, enough to change the intrest rate available to them to a higher rate.

One main thing to think about is that if you are the only one on the loan, the lender will only use your income to qualify for the loan amount. With interest rates so low at this time, you may qualify on your own!

If you are interested in properties in the Sonoma County area, I have been helping Buyers & Sellers since 1984 in this area, and know Rohnert Park and the surrounding areas quite well. Please email or call with any other Real Estate questions; I'd be happy to help you!

SHER Miersemann 707-584-9682
RedwoodRealtyCA@aol.com

All questions we answer on this forum are deemed reliable, but no guarantee is given
... more
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Tue Mar 26, 2013
Sher Miersemann answered:
Hi Claudia,

The other way is to go FHA and have someone (a family member is best - parents, grandparents, etc) 'gift' you the 3.5% down payment. We (Redwood Realty, located in Sonoma County, near Rohnert Park) work with a lot of buyers that use this program. You do not need to be a first time buyer to take advantage of FHA loans. I can recommend lenders that handle FHA loans in the Rohnert Park area. 707-584-9682

If you have other Real Estate questions, I would be happy to help you. We have been helping Buyers & Sellers since 1984!
... more
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Sun Feb 10, 2013
answered:
Thelma:
It's been over two years since you asked. What happened?
Tony
0 votes 4 answers Share Flag
Sun Feb 10, 2013
Jeff Marr answered:
Diver4kal - most conventional lenders won't lend to a partnership, we lend to individuals....

However, after the loan process is complete, you can transfer ownership into your partnership...

If you're doing an FHA loan, then only one person needs to be able to occupy the home, the other applicants will be considered non-occupying coborrowers...

hopefully this helps and good luck!

best, Jeff Marr
... more
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Thu Feb 7, 2013
Terry Bell answered:
I've done many mobile home transactions, and will be happy to work with people interested in considering them! As they are different in construction from regular construction, it's important to have an agent that can explain the differences, and things to particularly watch out for. If you know of anyone in need, please give me a call. Terry Bell, CPS Real Estate, Santa Rosa, CA
cell: 707-292-5712
TerryinSR@aol.com
www.TerrysHomes4sale.com
... more
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