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Home Buying in San Jose : Real Estate Advice

  • All58
  • Local Info6
  • Home Buying32
  • Home Selling4
  • Market Conditions6

Activity 27
Tue Jun 6, 2017
Max007blu answered:
If my house worth $1,000000 mil...Goes to auction due to prop taxes owed only $10,000...How much money can retrieve from prop.
0 votes 20 answers Share Flag
Tue Mar 28, 2017
Gregory King answered:
I have been doing short sales for over 10 years wellsfargo is by far the worst bank to deal with
0 votes 43 answers Share Flag
Sat Mar 5, 2016
lataungie answered:
The procedure for claiming any overage resulting from a foreclosure varies from county to county. You are legally entitled to file claim to any excess amount created as a result of the sale that is above and beyond the judgement amount plus any fees associated with the sale and foreclosure of your home. There are not always pre-printed forms used in claiming these funds and may not be readily available in your county. Contact the county responsible for the foreclosure auction and review the file. Do not ask for anyone for information at first. (This is public information and you are allowed to view the file if you just ask) Review the file and then find out who and what entity is holding the funds. Find out from the office that is holding the funds the procedure for claiming the excess funds. You may or may not need an attorney but you will begin the process of recovering what is legally your right to claim. If there are no junior liens on the property the money is yours. ... more
0 votes 2 answers Share Flag
Mon Jun 18, 2012
Stephen McRory answered:
The Short Sale (i.e. Long Sale) party has been over for a while now. Stay away from Long Sales because IF by some slim chance it gets to closing after 10 month, you will be paying market price for the home and may have missed out on these low rates and a better deal on a better property.

These banks are not going to let the sellers walk away from all their debt and then turn around and increase their loss even more by selling you the home at a good deal!

Find yourself a foreclosure or re-sale where you can get a credit to pay your closing costs.

www.pro-option.com
... more
0 votes 5 answers Share Flag
Mon Jun 18, 2012
Stephen McRory answered:
Want the sugar coated answer? All should be a breeze from here on and look forward to a quick and smooth closing

Want to hear the reality answer? Get ready to learn the meaning of "A Clown Car Full of Horrors!"

They have not been given the name Long Sale for nothing!

You are likely in for a very frustrating, long, dragged out process over 8 to 10 months to find out in the end that you are paying full market value for the home.

These banks are not allowing the owners of these homes walk away for so much of their debt AND sell you the home less than market vale too!

You need to keep your options open, find a good re-sale where you can have all your closing costs paid for you and lock in a rate while they are so low!

Steve McRory
Pro Option Mortgage/ Florida
steve@pro-option.com
WWW.PRO-OPTION.COM
Ph: 888 662 4404

Prior Service U.S. Marine Corps
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0 votes 8 answers Share Flag
Sun Jun 17, 2012
Stephen McRory answered:
It was called a Dry Closing.

Reason? Dodd/Frank Act

Happens a lot due to the Obama massive over regulations (i.e. Dodd / Frank Act) which has made closing loans like trying to herd cats, while the government throws fire crackers at them the entire way!

All should be fine and the loan will likely fund when the wire hits on Monday or Tues.

Steve McRory
Pro Option Mortgage/ Florida
steve@pro-option.com
WWW.PRO-OPTION.COM
Ph: 888 662 4404
... more
0 votes 10 answers Share Flag
Sat Nov 20, 2010
Patti ODwyer answered:
Well, honestly the first Wells Fargo lienholders are excellent in the short sale process - quick and easy to work with. The equity group is disgusting. I had a listing under contract as a short sale, and first offered 2nd (both Wells Fargo) $3000 when they wanted more. First moved up a little and both agents pitched in to get it done. The rule is 2nd cannot receive more than 10%. So we got to that amount ($4350), and had verbal agreements. Then the 2nd came back and asked for $5000, which exceeds the 10%, so the whole deal went south. My negotiator even contacted the supervisor at equity - but the house went into foreclosure instead of selling for $650 on the equity side demands. At the foreclosure, equity got nothing, owners got stiffed, buyers did not get the house - it was a mess. I thought they were unprofessional, and they asked me to work it out under the table, which is of course illegal. ... more
0 votes 2 answers Share Flag
Thu Jun 10, 2010
Jovana answered:
i would never again own a brand new place. most of them will have a lawsuit filled by the HOA in the first 3-5 years and your property value TANKS. This happened to us. never again.
0 votes 2 answers Share Flag
Fri May 21, 2010
Scott Sullivan answered:
Cmarshall,

You ask a really good question. It sounds like you did a lot of research prior to making an offer and your offer probably reflects the actual market conditions for this property. Well Fargo will have an appraisal or BPO (broker's price opinion) completed for this property as part of their short sale process to determine the market value of the home. WF knows that your bank will not qualify you for a mortgage for more than the appraised value of the property, so WF won't be able to force you to pay more than fair market value.

With that said, WF may opt to foreclose on the property instead of granting the short sale because it may net more through a foreclosure then the short sale (especially if WF is going to have to write off $101,100). This has happened to me with a couple of short sale buyers I represented. The banks that held the liens calculated they could net more from a foreclosure than from the short sale so decided to opt for foreclosure.

It seems counter intuitive to think that if you have a buyer, like yourself, that is willing to purchase a distressed property now that if would be better for a bank to foreclose on the property then sell it as a foreclosure, but I've had a couple of negotiators tell me that their banks run numbers for both scenarios and chose to go the route that yields the most to their bottom line.

I wish you luck on your short sale.

Scott Sullivan
Realtor
Prudential Network Realty
3535 Highway 17, Suite 10
Fleming Island, FL 32003

C: 904-327-5676
O: 904-269-1716
ScottSullivan1@mac.com
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0 votes 9 answers Share Flag
Sun Jan 10, 2010
Scott Godzyk answered:
Ronna if it is a short sale, then wells fargo would not talk to you as they dont own it. As far as the short sale there are several things worng... First the listing agent should know that they have to submit all offers to the bank for review, no matter when they come in, right up until teh time the bank accepts and signs one, then it is approved. The seller is in teh hook for teh difference between what it sells for and what they owe, so most sellers will want to get the highest price in there. Any offers submitted must contain a short sale contingincy that states the offer is contongent upon the banks approval. it should also contain a short sale addendum which outlines everything in detail. As teh listing agent, if a higher priced offer comes in, they should submit t to th e bank, but also go back to any other offers and simply state another offer has come in higher than your offer, we are looking for your heighest and best offer and then they should resubmit any new offers. And do this over and over anytime and offer comes in. Now most dont, it is a lot of work by all means. Now the biggest problem is price, the bank doesnt set the price, the agent does, and just because they set a price so low to attract buyers at asteal, chances are the bank will not accept it, the rule of thimb is teh banks acept no less than 80% of what the seller owes, there are some times they do go lower depending on area, condition and such. but if they are 100k under yours.... the listing agent is not doing any favors to the seller or the bank by ignoring your offer. this is where your buyer agent needs to stand up and challenge teh listing agent that they are doing something wrong. just because teh seller signs it, as long as there is that contingincy of a short sale, it is not pending and has not been accepted. It is easier to educate the selelr and each and every potential buyer before this happens. goo dluck working things out. ... more
0 votes 4 answers Share Flag
Wed Dec 30, 2009
Blaine Rabe answered:
Hi,

You do not get the settlement sheet. You probably do not get credit for taxes, as the taxes were probably not paid up for 2009, I suspect you did a payment for 2008. Sort of the same answer as Christian gave.

Blaine
... more
0 votes 6 answers Share Flag
Tue Dec 30, 2008
Cynthia Fleming answered:
Hi Pa!
Happy New Year to You! In response to your questions:
1. Mortgage rates are really low right now - excellent time to buy in terms of rates and we don't know how long they will stay that way. Besides, housing prices are also down and there are a lot of foreclosures out there as well - lot's of deals so you can make out on both ends and get more for your money. There are a lot of nay sayers out there who will tell you that only Realtors will tell you it's a good time to buy, but I'm speaking from experience and right now the investors are out there buying up properties. That alone is a good sign.
2. That's hard to say...if you're ready to buy, then you want to get pre-approved now. You lender will pull your credit report for you. (Although you are allowed to pull your credit report free of charge once a year and you can do this online - very easily). Reason being, if you find the home you want, you're going to want to have all your documentation ready. In my area, and I know this may not be true everywhere, but in our area, REOs (bank owned properties) go under agreement in 3-4 days so you need to be ready.
3. Nowadays with the tightening of the lenders, you often have to put down 20%; 30% for investment property. There are some who will do less, but you'll have to hunt around for them.
4. I'm sure you can find a First Time Homebuyers seminar - I would check in your local paper first. Otherwise I would just go online. We have a lot of tutorials for buyers as well on our site. Go to: http://coldwellbanker.feedroom.com/ and click on 'Ready to Buy' and you'll see the video's to the right i.e. Basics of First Time Home Buying, First Time Homebuyers Do's and Don'ts, Buying your First Home, etc. You can also go to my webpage: http://www.camoves.com/cynthia.fleming and click on 'Our Services' and then 'Homebuyer Services'. There's a lot of information there and I hope you find it helpful. If you have any other questions or concerns, feel free to email me directly at: cfleming@coldwellbanker.com
4. It's up to you, as I mentioned above, it's beneficial to be pre-approved before you start looking for homes, however, if you are unfamiliar with the lenders in your area, an agent will be able to recommend one for you. If you already have a lender in mind or are using your credit union for instance, then I recommend you get started...no reason to wait.
I hope I've been helpful!! Best of luck to you in your home search! Have a Happy, Healthy & Prosperous 2009!
... more
0 votes 2 answers Share Flag
Thu Dec 11, 2008
Frustrated Buyer answered:
Beware. I'm a buyer and we were told that the bank, Bank of New Yor, needed 48 hours to approve the HUD. It's been 5 days and still no approval. Our lender will be pulling the funds out today. if there's no approval or we'll have to pay daily fees to extend the rate lock They won't even tell us what is wrong and how long it will take for them to feel comfortable to approve the HUD. Their asset manager has told them they MUST approve and still nothing. We got *royally* screwed. Don't buy foreclosures when Bank of New York is involved in any way shape or form. You might also want to consider moving any accounts or sevrices you have with them to another bank that respects deadlines. ... more
0 votes 7 answers Share Flag
Thu Aug 21, 2008
David answered:
I think I shall save up more down payment then. I dont want a mortgage larger then 1900 a month. Now stating that what would be my maximum loan equal to that be 280-290K?
Thanks for all your answers and advice everyone. ... more
0 votes 8 answers Share Flag
Fri Aug 15, 2008
Katherine Davidson answered:
i think you aren't looking for a jacksonville neighborhood called san jose are you? our zips begin with 32xxx. maybe california? when you are ready to come to the best florida city ever, with the warmest beaches imaginable, then give a call. good look and all the best. katherine at the beach in jacksonville, fl ... more
0 votes 1 answer Share Flag
Mon Jul 28, 2008
Matt Zimmerman answered:
Hi Ken,

While I am not familiar with Broker Representation Laws/Rules in CA, I would ask some questions of myself and the listing broker. Whom does the listing broker represent? If anybody. Are there dual agency disclosure rules in place in CA? Find out who the Agent/Broker will represent in the transaction. My guess is they will not be looking out for your interests alone. How familiar are you with the real estate market in this area? How familiar are you with contracts in this area. What are the usual customary and reasonable costs associated with each party to the transaction? How much do you know about home values and what would be a reasonable selling price for this home?

The listing broker told you that they would automatically reduce their commission by 2% if you bought the property. He/she hasn't even seen your offer yet? I am quite certain that the seller has a listing contract with the broker that specifies the brokerage fee so this is really not a discount to you in any way. It is a buyers market out there right now. Take advantage of it. I don't know that 2% would sway me from seeking representation.

I would strongly recommend that you seek representation. Whether you contact a broker or a Licensed California Real Estate Attorney to represent your interests.

Take care and good luck with your decision!

Matt Zimmerman
Broker Associate
Prudential Network Realty
Jacksonville FL
(904) 514-2466
... more
0 votes 8 answers Share Flag
Mon Jul 14, 2008
Mmbi Real Estate answered:
Vikky

There seems to be a lot of on line references for this particular realtor. They all seem positive. Here is one attached.

Good Luck
0 votes 1 answer Share Flag
Wed Jul 9, 2008
Mmbi Real Estate answered:
I am a buyer's agent and I agree with getting your own representation. I think Jeff Canfora's comments below have some merit, in reality a listing agent is just that, someone who works for the listing, not the buyer. If more would be homeowners understood the buying of a home or piece of real estate better they would know, just like in a criminal proceeeding, you should be represented. Too many things can go against you if you try to negotiate the purchase of a home with a represented seller. If you choose to go it alone, let me give you a piece of advice. Never tell anyone what your highest and best offer will be, especially not the listing agent, never. If you want to know why, drop me a line. ... more
1 vote 7 answers Share Flag
Wed Jun 11, 2008
Cheri Tetreault answered:
I have a townhome for sale with Watson Realty 904-737-2290 MLS #409084. It has inside laundry and is priced great.
0 votes 3 answers Share Flag
Mon Jun 9, 2008
Phil Moody answered:
Vikky,
I don't know why this question came to Jacksonville, FL but I looked up info on Nathan. See link---

http://www.linkedin.com/search?search=&sik=1212718003780&keywords=Nathan+Nahouraii&sortCriteria=4&rd=out

You would have to go on the CA real estate board to see if there have been anything filed.

Good Luck
phillip.moody@PrudentialNetworkRealty.com
... more
0 votes 1 answer Share Flag
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