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93277 : Real Estate Advice

  • All18
  • Local Info3
  • Home Buying9
  • Home Selling3
  • Market Conditions0

Activity 14
Mon Sep 14, 2015
sgareeves answered:
Not high. It is a nice city that is nice to raise a family in. If you are from a big city then you might find it a bit boring. There are bad areas like all cities,
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Tue Mar 31, 2015
Scott Godzyk answered:
Trulia does not list or sell homes. It is simply a site that accepts ads for homes for sale. If you are selling it on your own, it should not even be posted as only homes listed with a licensed agent can be posted on Trulia. If you had an agent place the home for sale, they need to simply edit it ... more
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Tue Feb 24, 2015
answered:
I would be more than happy to help you with information. What is your relation to the property?

I do not check replies, so if you have a comment or question email me here:
AGreer@TheMortgageOutlet.com

Alex Greer
Loan Officer
408-352-5147
NMLS #1056079
http://www.TheMortgageOutlet.com
... more
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Thu Oct 23, 2014
Judi Monday, CRS answered:
#1 Their track record--proven success is always the best; #2 Their marketing plan--make sure it is weighted heavily toward a strong internet presence; #3 Professionalism--first impressions are lasting impressions #4 Ability to negotiate #5 Ability to effectively communicate. ... more
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Mon Dec 30, 2013
Lance King answered:
Ed,

Apparently you are an agent. Why aren't you asking people at your firm for help?
1 vote 6 answers Share Flag
Thu Feb 2, 2012
Karen Dean answered:
Kassi,
I see that this post is older but if you are still looking for information on this subject...
There is a great book you can purchase that will help you get your credit back on track, "Credit after bankruptcy" by Stephen Snyder. I would recommend this book. It tells you what credit cards will help you rebuild your credit. How to purchase a brand new car from Ford Motor Credit to re-establish credit, and I have seen it done first hand. I would not recommend signing up for any credit repair anything or anything that Stephen Snyder offers other than the book itself which you can purchase at Amazon.com.

Credit has changed over the last few years. Before you were able to purchase a home 2 years after chapter 7 bankruptcy, granted you paid everything on time from the time you filed or were discharged for that two years following and re-established your credit. As of 2012 however, it may take a little longer to purchase after bankruptcy. My recommendation would be to contact a reputable lender and ask them what the guidelines are BEFORE entering into a lease option agreement. As you may not be ready to purchase at the end of your lease option and could lose all your option money and the home.

My first home was purchased as a lease option many years ago and it is a valid purchase option for many people looking to purchase and to sell but can't right now due to the market.

Talk to a local, reputable and experienced Realtor who can search our MLS for possible lease options and who is also willing to do a little leg work and find a seller who may be interested in selling in this manner.

If I can be of any further assistance or you just have more questions, feel free to contact me at 559-804-1963 or email me at karendean@kw.com. I'd be happy to give you more information about the lease option process and how you could build up a down payment with the monthly payments you are making.

I would also suggest opening escrow at the beginning of your lease option. I can tell you more about that if you want more information.
Good luck to you.
Karen Dean
Keller Williams Realty
... more
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Wed May 18, 2011
John Arendsen answered:
Janelle, I to have purchased some properties sight unseen, however, they were fix and flip investment properties. Not a home I was planning on living in for an extended period. Unless you are purchasing the home far under market value and feel you could turn and burn real quick I stand by my previous comment. Have you ever bought a pair of shoes before trying them on? ... more
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Thu Feb 25, 2010
Barbara Van Duyn answered:
Hi Bigguy ~

There is no single answer to your question because each lender have their own guidelines. With respect to FHA, one lender may be OK with (1) open tradeline but require you to provide alternative credit info such as verification of 12 months rent paid on time along with a utility / phone bill etc. Another may want to see (3) open tradelines for at least 12 months.

Since the rules will vary between lenders, you should meet with a mortgage broker who has many lenders so they can find the best one for your situation. You should also get advice from them how to increase your FICO's. A higher qualifying FICO score will = lower interest rate and will save to tons of money over the life of a loan.

All the Best!,
Barbara
... more
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Sun Jul 26, 2009
answered:
This has gotten complicated this year. Before Fannie Mae/Freddie Mac changed the rules earlier this year, the waiting period per the lending guidelines was 4years. The guidelines were amended this year to take a closer look at the circumstances involved with your foreclosure. The waiting period could be 5yrs if the foreclosure was simply the abandonment of the property because the value fell and no hardship existed. However, if a hardship existed and it can be documented (i.e. you lost your job, attempted to short sale the property and was not successful and that eventually led to the foreclosure), then you could be eligible at 3yrs from the date of the foreclosure. One of the big keys in any case is you'll need to re-establish credit as soon as possible because with the new fico scoring requirements, the waiting period is only part of the battle. ... more
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Tue Apr 7, 2009
Heather Mendonca answered:
The best way to find a lease option is to contact a local real estate agent. I would also suggest searching Craigslist or local ads. It would still be advisable to have a licensed real estate agent help you prepare and/or review the lease option contract. Most lease options require much larger deposits and monthly rent/lease payments than a typical rental so you have a lot more to lose if the contract is not written properly and has more protection for the seller than yourself. ... more
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Thu Jul 24, 2008
Charlie Ramos answered:
Hi Jes,

If you have an offer accepted and you are in escrow. All sales are subject to approval from the lender in the short sale. If there are two lenders (first and second mortgage) then both lenders must agreet to the short sale. In some instances, the lenders will not agree or the sellers, have worked out a way to save the home, the escrow can be cancelled. If the home has been foreclosed...all bets are off.

My advice would to make sure all of your eggs are not in one basket. We advise our clients to make their offers on all the houses they like. The first home that gets lender approval will be the home that the buyers get. Make sure you consult your Realtor, because you want to be sure you don't lose your deposit!
... more
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Mon Jan 14, 2008
Tisza Major-Posner answered:
Hi Dani,

Wouldn't it be nice if the amount of your offer really did affect the time it takes to get a response? Unfortunately, the process that the lenders go through is one that varies little regardless of the amount offer they receive.

Three weeks is still on the low side of when you can expect to hear from the lender with their reponse especially if yours is the first offer that they have reviewed and the dialogue with them has not begun yet. I recently successfully negotiated a short sale for my client's that took from the first week in August when it was listed and we received our first offers to the 24 of December when the sale closed and was recorded.

REO's can run on a slightly shorter timeline, but still can take longer than the average transaction depending upon everything from how many offers they have received to how busy the negotiator or loss mitigation specialist is, to how aggressive and on top of things the listing agent for the property is.

So, in short, although it is way to late to use that expression, three weeks is within the average timeframe. Have your agent call the seller's/bank to find out where they are in the process and have them keep in really good touch. In these types of transactions the squeaky but still nice wheel really does get the attention.

Good luck with your transaction (My sister's name is Dani so I have a soft spot for folks who share her name :-) and take care,

Tisza Major-Posner, Realtor, Keller Williams (909) 837-8922
... more
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