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Home Buying in Rohnert Park : Real Estate Advice

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

Activity 18
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
0 votes 2 answers Share Flag
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
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
0 votes 1 answer Share Flag
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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0 votes 4 answers Share Flag
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
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
0 votes 2 answers Share Flag
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
0 votes 4 answers Share Flag
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
0 votes 4 answers Share Flag
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
0 votes 2 answers Share Flag
Thu Dec 6, 2012
Ron Thomas answered:
1. communicate with your Lender's Loss/Mitigation Department.
2. ask them to do a Loan Modification, (you will this on-record)
3. submit a "hardship" letter, detailing why you are "distressed"
4. LIST you house with a Realtor as a Shortsale.
5. have your Realtor do a CMA
6. Price it a little under Market
7. Follow your Realtor's advice
... more
0 votes 2 answers Share Flag
Fri Jul 15, 2011
Paul Claeyssens answered:
THE ANSWER TO THIS QUESTION IS NOT SIMPLE. THE ANSWER TO THIS QUESTION IS DIFFERENT FOR EVERYONE. Perhaps a better question is "what do you want to afford?" Yes, the place to start is to contact a local mortgage broker, AND your bank where you do business today. They will give you different perspectives on the maximum you can qualify for. THEN, use this as a ceiling price for your purchase search plus about 10%, because you can get a discount up to 10% in today's market. NOW, consider the total monthly cost for the new home. This means thinking about the whole picture. How much of a downpayment are you WILLING to put down? Perhaps you should keep some as a reserve in case of illness, unemployment, etc. Do you have to buy furniture? If you are getting income on that downpayment money today, you will be giving up that income. Have the Mortgage Broker tell you what the total cost to close escrow will be. There will be closing costs in addition to your downpayment. Have the Mortgage Broker tell you what your your total average monthly costs will be, for the loan, taxes, insurance, impound accounts, Homeowners dues, utilities, and maintenance such as pool service, gardener, and some average repairs. Consult with a CPA to see what, if any of these monthly costs are tax deductable. The CPA can tell you about how much, if any you can reduce the amount your employer with holds from your paycheck each time, because you will have more deductions when it is time to file your taxes. NOW, think again about that maximum purchase amount the Loan Broker told you was comfortable. Work backwards from the amount you find comfortable to pay for that new (to you) housing. You may conclude that you should look in a lower price range and be satisfied wth a smaller property, or a different neighborhood, or a longer commute. THE ANSWER TO THIS QUESTION IS NOT SIMPLE. THE ANSWER TO THIS QUESTION IS DIFFERENT FOR EVERYONE.
TAKE THE TIME TO DO YOUR RESEARCH AND THINKING BEFORE YOU DECIDE TO WRITE AN OFFER ON ANYTHING. YOU WILL BE TEMPTED, BUT REMEMBER WHAT i HAVE ALWAYS SEEN TO BE TRUE: iF YOU MISS A PROPERTY YOU THOUGHT WAS PERFECT, THERE WILL BE ANOTHER ONE THAT IS PERFECT IN OTHER WAYS. IT ALL WORKS OUT FOR THE BEST IN THEN END. STILL, DON'T BE AFRAID TO MAKE OFFERS WHEN YOU SEE WHAT YOU LIKE. IF YOU DO GET ONE IN ESCROW, YOU SHOULD HAVE TWO WEEKS OR MORE TO LOOK IT OVER AND PULL OUT IF IT DOES NOT FEEL RIGHT, WITHOUT LOSING YOUR DEPOSIT. IF YOUR REALTOR CANNOT GUARANTEE THIS, GO AND FIND ANOTHER REALTOR TO MAKE YOUR OFFERS WITH.
OH, BY THE WAY, DO NOT BUY A NEW CAR BEFORE THE HOUSE! HOME LOANS ARE HARD TO GET, AND LAST A LONG TIME. CAR LOANS ARE EASY TO GET, BUT THEIR PAYMENTS CUT YOUR HOME PURCHASING POWER BY BIG, BIG BITES, AND YOU CAN'T SELL THE CAR FOR WHAT YOU PAID FOR IT IF YOU CHANGE YOUR MIND. YOU WILL BE STUCK. DON'T DO IT.
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Mon Oct 25, 2010
Taylor Mason answered:
The deal has not closed yet as it is Pending. You can call me in a couple days and I'll check on it again and tell you what it sold for when the deal closes. We never tell what the price is during an escrow simply because you would then know what the seller would take if it were to fall out of escrow.

Taylor Mason
(707) 484-0295

to view all listings available go to : www.taylor-mason.com
... more
0 votes 4 answers Share Flag
Wed Dec 10, 2008
Bill Eckler answered:
Stephan,

Request you agent to provide you with all of the recently sold comps for property located in Rohnert Park. This information will provide a "snap shot" of what has been happening in your target location from a SALES perspective.

A review of this information should clarify the locations market activity as well as what your offer price should be.

Good luck
... more
0 votes 5 answers Share Flag
Thu Jun 14, 2007
Yasmeen Hillyard answered:
Although foreclosures are known to present "great deals", they can be a lengthy and drawn out process.

FSBO home sales could be risky if you don't have a professional representing you. A realtor can make sure the proper disclosures are signed and really negotiate with your best interests in mind. The benefits of buying from a FSBO are far less than the risks of buying from one unless you are an educated investor who really knows the market, negotiations and the needed disclosures for the transaction. ... more
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