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Home Buying in Sacramento : Real Estate Advice

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  • Local Info162
  • Home Buying685
  • Home Selling80
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Activity 751
Sat Jul 26, 2014
Shelly Long answered:
Hi Tena,

I agree with the advice you're receiving here, however one thing I don't see pointed out is that you need to be careful in having too many loan officers pull your/his credit as this will negatively impact your credit score, which will impact your ability to buy...especially if his score is right on the cusp of qualifying.

I typically advise my Buyers to contact 2-3 loan officers, tell the same "story" and listen to what they have to say, as well as how you feel about the information and the connection, or lack thereof, with them.

Remember, this person will know all your intimate financial details, so you really want to get a good sense of trust, rapport, and friendliness. Sometimes this cannot be accomplished over the phone, so perhaps a meeting is necessary. Do not worry if it takes a week or two to do this, as houses aren't going up thousands each day, so take your time and be diligent about it.

You can Google questions to ask. There are also first-time Buyer classes you can take. Lastly, there are also Realtors who can help guide you as well.

Good luck,
Shelly Long
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0 votes 8 answers Share Flag
Sat Jul 26, 2014
sjs898 answered:
A Real Estate agent in KY can put their license in escrow (on hold) and no longer represent buyers or sellers, without losing their license completely. They are no longer affiliated with a broker. So I think the question is...can a former Realtor, w/their license "on hold" & not affiliated with a broker sell their property "by owner" without risk of losing their inactive license? ... more
0 votes 9 answers Share Flag
Sat Jul 26, 2014
It would really depend Tam. The mandatory waiting period after a discharge is past, however, lenders are going to want him to explain the reasons for the bankruptcy and to demonstrate good use of credit since then.

If he has had collections, late payments, etc since then - especially any in the last 12 months - then it might not be easy to get something right now. The credit score would not appear to be real good just yet.

That's not to say he won't be able to do it. Just that there are a lot of factors that go into a lending decision, especially after a bankruptcy.

The best bet is to speak to a lender right away and have them assess his qualificiations and provided direction on the best way to do things.

Good luck!
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0 votes 6 answers Share Flag
Sat Jul 26, 2014
Hi Virginia,

If you are planning to pay cash, go ahead and contact a realtor first. But if you need a loan to finance the purchase, you need to speak with a mortgage professional first.

Please feel free to give me a call or send me an email if you would like to discuss your options.

Best wishes,

Elva A. Wormley
Mortgage Consultant
32+ Years Experience
Office (408) 615-8500
C2 Financial Corporation
2845 Moorpark Avenue, Suite 209
San Jose, CA 95128
NMLS #331981 / BRE #01274093
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0 votes 2 answers Share Flag
Wed Jul 16, 2014
Annette Lawrence answered:
Most important quality of a successful agent.
Knowing why you are in this business.
This means a life examined.
This means knowing your values.
This means knowing your genius.
This means being sill like a mountain but flow like a river.

Knowing yourself means you can construct a business that rewards those you help and fulfills ones life with meaning of great dimension.

We encounter other real estate professionals (none of you of course) and folks in other professions whose vocation and avocation are conflicting and the result is toxic where ever they appear.
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0 votes 10 answers Share Flag
Sun Jul 6, 2014
Bill Purviance answered:
My daughter purchase a home with a first and also a home equity line to help cover the price of the purchase. This was the lenders (Chase ) idea. When the market failed and she could not keep the house she did a short sale. She did not understand the second loan was not included until three and a half years later when she tried to buy a home. They would ignore the short sale but not the forclosure on the second. They will not remove the forclosure from her credit and say they may try to collect some day. I'm trying to sell her a house at 50% of value and they still will not lend to her with the forclosure on her credit. What can we do.
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0 votes 10 answers Share Flag
Wed Jul 2, 2014
Konrad Ostachiewicz answered:
Hi Donavan,
Your agent is right. Lender is exempt from giving you Seller Property Questionnaire. Since they never lived there they have no knowledge about most of the things in the form. And for the same reason your agent should NOT give you the form to sign. You have right to refuse. Just tell your agent if the Seller has nothing to disclose on this form there is no need to sign it. Also all parties to the contract need to sign to create legally bonding document. If the agent or broker needs to disclose something, they should use different form. Since the Seller Property Questionnaire is a required form in the standard transaction there is a misconception among many agents that even though the Seller is exempt they still need to ask there clients to sign it.
Good Luck.
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0 votes 6 answers Share Flag
Sun Jun 29, 2014
Shelly Long answered:

No, it wouldn't support that, but more importantly I question a $58,000 estimate for a garage. That's either a very 'fancy' garage, a very expensive contractor or an inflated price. I can't imagine a 'typical' garage costing that. Perhaps you'd be best served by getting more bids?

Good luck,
Shelly Long
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0 votes 3 answers Share Flag
Thu Jun 26, 2014
Knowledge is Power for Consumers to make the right decision as things change.
Here is some valuable news.
The Weekend of August 16th Fannie Mae will update Desktop Underwriter® (DU®) Version 9.1. So, What Does this mean?
It means a lot and the most Significant is that "The waiting period requirements for Fannie Mae borrowers who have had a previous deed-in-lieu of foreclosure or preforeclosure sale are being updated to now require a four-year waiting period".
There is more you can read about this online.
I am proud to say that my Company has provided a Solution for Clients that have had 1 Short sale or 1 Foreclosure or 1 Deed in Lieu and Want to Purchase Or Refinance a Primary Residence in AZ, CA, DC, FL, HI, IL, MD, MT, NV, NY, NC, NJ, OR, SC, VA, WA, They Do Not have to wait 2 - 7 years as they can Do it Now.
No waiting period at all.
Share this with anyone you know that wants to get back home or reposition their existing.
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0 votes 23 answers Share Flag
Fri Jun 20, 2014
Annette Lawrence answered:
To address the REAL concern of your question the seller should insist on the buyer having a "Clear-to-Close" from their lender. This means the borrower has passed the lenders underwriting and no surprises pop up days before closing.

Further benefits are the buyer has the money and can compete very effectively with cash buyers and can close in a week if needed.

The 'Clear-To-Close' is a COMMITMENT from the bank.
Would that option be a better solution instead of the non-commitment banks present with their traditional products?
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0 votes 14 answers Share Flag
Thu Jun 19, 2014
Danielle Sweet answered:
There are some great communities around Sacramento. How long of a commute do you plan to have? I would love to hear more about your home search.

Have a great afternoon!

Danielle Sweet, ZipRealty, Inc.
Realtor(R), Licensed in CA, #01921756
916.934.2120 | Fax: 877.625.2296
My profile:
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0 votes 8 answers Share Flag
Fri Jun 6, 2014
onmyoen answered:
I image the fact they are not a Better Business accredited organization has something to say about them.
0 votes 7 answers Share Flag
Fri May 23, 2014
Carlotta Kidd answered:
If you don't qualify to do the purchase of the new RC home, I would recommend contacting COVE Financial [(877) 737-5069 / ] to see if they can help you. The COVE Mortgage Alternative Program (MAP) focus on people who due to foreclosure/bad credit/job changes are unable to buy. COVE buys the home you want to buy, you move into it and pay them rent until you can qualify with 5-6 yrs. You are required to finance it within that timeline.

Don't sell your current upside down home at this it out, you might be able to get close to/if not the full mortgage payment, and if possible keep paying any extra towards the principal that you possibly can.

Then in 2 yrs you can qualify for the purchase of the COVE home, your price stays at the price when you entered into the agreement with them (2014), and can sell your old home that hopefully house values will have improved and your added principal payment will have worked to get you upside-right. If all goes well you may have a some equity and/or can qualify without selling the old home so it can become your investment property to eventually start paying you.

I hope Cove Financial can be your a solution and this plan can help you out! Best of Luck!
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0 votes 5 answers Share Flag
Mon May 19, 2014
I don’t think foreclosures (REO’s) are for everyone. It takes a special kind of Buyer to have the patience and the stomach for these types of purchases.

• Someone else's headache. Do you really want to walk in the door to someone else's repairs and deferred maintenance? YOU will have to pay to fix it up! Do you have the tolerance for that?

• Professional Investors. Cash investors can close FAST (3-10 days). And there are lots of cash investors competing against you!

• Difficult to Finance. Banks don’t want to lend you money to buy a home that isn’t habitable! Yes, there are special programs to assist you with renovation money, but those are more difficult to qualify for.

If you don’t have the tolerance for Foreclosures or Short Sales here’s my advice:

There are plenty of motivated Sellers with their homes listed on your local MLS. Go find a good Local Mortgage Banker, get prequalified, then find a great, experienced Realtor, and buy the home you want at the price you're willing to pay.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
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1 vote 5 answers Share Flag
Fri May 2, 2014
smit5 answered:
Yes you can. Their website is or you can call them at 916 503 8359
0 votes 1 answer Share Flag
Sat Apr 19, 2014
Albert Soufi answered:
Ya payoff your dept down. There are some programs only requires%5 down with no MI..let me know if you need further help..
0 votes 11 answers Share Flag
Sat Apr 12, 2014
Randall Ortiz answered:
They are out there. I recently represented a buyer that bought a condo very close to Sac State. There were several options available at the time, and we purchased the property well below asking. You can contact me if you still need help with this, I know the area very well. 916-529-3707. ... more
0 votes 8 answers Share Flag
Tue Apr 8, 2014
RonS answered:
some lenders will allow "Boarder" income however, you would have to claim that income on your taxes and would have to have a two year history of the income and, would only get 75% credit towards the income...if they let you use the income. (Each lender may have different overlays beyond the fannie/freddie guidelines so, you'll hear variances. one year here, two years there, etc..)

So, if you aren't currently renting to anyone, and for two years and claiming the income on your taxes, no. They won't let you use it.

Your example of what it is you can do with a duplex isn't the same as what it is you state you are planning to do so, it's not really an apples to apples comparison.
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0 votes 6 answers Share Flag
Tue Apr 8, 2014
Meghan Michels answered:
$200k is absolutely enough to find a home in the area you are looking for within 30 miles from Capitol Mall. I would love to discuss the ideas I have with you. Please e-mail me or give me a call!

Meghan Michels, REALTOR®
Coldwell Banker Residential Brokerage
9250 Laguna Springs Dr Ste 205
Elk Grove, CA 95758
CalBRE# 01945361
Direct: (916) 895-3144
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0 votes 14 answers Share Flag
Mon Apr 7, 2014
Who or how? Please send me an email and I would be more than happy to help you. Just send me an email if you have any further questions.

Alex Greer
Loan Officer
NMLS #1056079
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0 votes 1 answer Share Flag
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