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Home Buying in Sherman Oaks : Real Estate Advice

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  • Local Info11
  • Home Buying47
  • Home Selling7
  • Market Conditions2

Activity 75
Sun Jul 23, 2017
Jyin3 answered:
THRere wasn't enough space for the rest of my question. Here's the rest:

There were a few items for which we requested credits for. I initially wanted to request about $36k in repairs, but my agents (sadly I went with a newbie and she has two "mentors" helping her) suggested this was too much and could jeopardize the contract (this was before discovery of the liens). I agreed to $24k in repairs and in the end, ended up with $12k.

In the meantime, we opened escrow on our current home. We have a cash buyer who knows our situation and gave us a 45 day escrow, which takes us past this new court date. However our son needs to start school and we'd prefer him to start at his new school and not be moved around. We also have a cruise, that was scheduled months ago, starting the day after the court date.

I have a few questions:

- what is the possibility that the lien can not be cleared? And what happens in this case? Escrow feels confident that it will be cleared and that it's an open and shut case because he didn't have a contractor's license. Are missing anything here? Am I being misinformed? She also said that only one continuance is allowed, so it shouldn't go past this new date. Does this sound right?

- we were thinking of asking the seller to rent the property to us for free until the we close, up to 60 days. After that, we can renegotiate to extend this time or cancel the contract and begin a paid rent contract to last a year. Does anyone see risks in doing so? Is this advisable? Also, doing so allows us to close on our current home and ensure we don't lose our cash buyer. But could we end up homeless?

- any other thoughts, suggestions, etc?

This has been an extremely frustrating and tedious process. I would be ever so grateful for any advice!

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Tue Jun 20, 2017
Adammfarr asked:
Mon Oct 10, 2016
Lisa.blackwell asked:
Thu Aug 11, 2016
Derek Jones answered:
Although there are programs available to help pay for downpayment and closing cost I'd recommend waiting a bit and saving up some money. There are other expenses involved with buying a house like appraisal, inspections, moving expenses, etc. When you have reserves setup you can look into as they have the myhome program for assistance. ... more
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Tue Aug 9, 2016
Rich Reed answered:
I am a real estate broker qualified to advise you on California real estate matters, not the law. If you desire legal advice, consult with an attorney. I would contact the Broker, the person the agent is licensed under, right away. The representation agreement is with and belongs to the Broker. If the agreement was not completed properly, the Broker should modify or terminate the agreement to the clients satisfaction. You could also seek help from the CAR Ombudsman ... more
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Thu May 26, 2016
Lenore Zurwelle asked:
The mortgage company states that they will treat us equally in the foreclosure. The other party has blocked the sale of the property and will not pay any portion of the mortgage payment,…
0 votes 0 Answers Share Flag
Mon Apr 11, 2016
Yes. It is called delayed financing.

I do not check replies, so if you have a comment or question email me here:

Alex Greer
Loan Officer
NMLS #1056079
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Wed Jan 27, 2016
Joey Aucoin asked:
I was told to click on the "recommend button," but I can't find it.
1 vote 0 Answers Share Flag
Sat May 16, 2015
Sean Seckar answered:

If you have not already done so, you should consider Santa Clarita. We are approximately 20 miles from Sherman Oaks and recently voted #3 in Top Safest Cities in America for 2014 by looking at FBI crime stats for cities with a population of 100,000 or higher by Parenting Magazine.

For additional information, feel free to contact me at your earliest convenience to further discuss Santa Clarita and all it offers.

Sean Seckar – Realtor
RE/MAX of Santa Clarita
BRE License # 1336429
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0 votes 5 answers Share Flag
Wed Nov 26, 2014
My NC Homes Team answered:
Don't waste time asking this question online, simply contact a real estate attorney in CA and find out. CA may have it's laws, however if your HOA ever wants anyone to be able to buy or sell with a mortgage involved their going to have to comply to Federal lending regulations. If they aren't (and if I understand your question this sounds like what's happening, you may need to tell them they can change their rules immediately or you'll report them to the State Banking Commission and State Real Estate Commission as being in violation of Federal law. However you first need to be sure of the facts so speak with a local real estate attorney. ... more
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Fri May 23, 2014
Bill Eckler answered:
Perhaps in areas where the market remains a "buyer's market" this might be acceptable but in locations that have transitioned to a "seller's market" taking this position will likely decrease your chances for success substantially.

Your best advice on this will likely come from your local real estate professional.

Good luck,

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0 votes 20 answers Share Flag
Wed May 14, 2014
Sharon Crouch answered:
That is a good question and should have been addressed in 2 places:
1. How was the purchaser's name on the contract written?
2. The title company should have had instructions and you should have been shown ( able to see) exactly how the Deed was styled ( in what name). If I were you; I would pull out your closing documents and contract, review how they are written, ask your spouse these questions, contact the title
company and you may even need to contact a trust attorney.
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0 votes 1 answer Share Flag
Fri Mar 7, 2014
Nick Khachian answered:
I have team of Architecture who will help you guide in the process of building your own home. I would not recommend any contractors, because you want make sure everything in up to code.

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Mon Feb 24, 2014
Brian Nguyen answered:
If you are talking about down payment it can depend on what type of loan you get. An FHA loan requires a downpayment of 3.5%, a conventional loan you need around 20%, and a VA loan does not require any downpayment at all.

If you have any further questions or if you need a loan with great pricing, feel free to contact me with the information on my profile page!

I hope this helps and good luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
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0 votes 6 answers Share Flag
Wed Feb 19, 2014
Monique & Joe Carrabba answered:
Hey Jaquie,

A friend of mine wanted to do that. All is possible with money. If it's in a hillside ordinance it may end up being more costly to build this type of home then a regular home. Possible but very expensive for the ground work. Have you thought about going to the ALT Build Expo or Dwell Expo in LA? At those shows there are lots of eco builders that can help you.
Ground work budget will need to cover soil prep, excavation/fill and hauling, foundation and retaining walls. These items can be extremely expensive thus the high amount of vacant lots in LA FOR 50K.

HOPE THIS HELPS and good luck!

The Carrabba Group
Investment Properties.
Real Estate.
Keller Williams Realty
P: (323) 899-2900
F: (323) 703-1305
Twitter: @carrabbagroup
Facebook: carrabbagroup
BRE License #01708376
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0 votes 2 answers Share Flag
Wed Jan 22, 2014
Annette Lawrence answered:
Take note.
Placed in the question is the statement 'secured loan amount of $100,000. The subject property to be purchased is $40,000.
If a buyer approached you and stated, "I'm qualified to buy a $100.000 house" and makes offers on $40,000 instead, you don't think that just might call for a change in strategy? -
A full service business model based on $40,000 purchases is destined to go out of business.
As others have stated, and I agree, you should find another agent.
Be sure to advise your new agent you are looking to make a $40,000 purchase.
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0 votes 12 answers Share Flag
Thu Jan 9, 2014
Mary Baldwin answered:
Obviously you've gotten the answer to your question by now, but no you're not a control freak for wanting to see what you're paying for during a transaction. I give my buyers and sellers an upfront cost estimate at the very beginning so there are no surprises and the end! ... more
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