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Short Sale Processing All Locations : Nationwide Real Estate Advice

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  • Home Selling43K
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Showing results for Short Sale Processing [Clear search]
Tue Dec 4, 2012
Thomas Feng answered:
Hi April, here is the home buying process broken down into 5 steps for you

This is my real estate blog with weekly market reports and new listing photos.

Please give me a call at (408) 840-3852 or to further discuss your situation and how to win in this current market.
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0 votes 22 answers Share Flag
Sun Jan 27, 2013
Cindy Davis answered:
You need to meet with a reputable lender in your community to see what's available to you. Only by going through the process will you know what your options are.

Best of luck.
0 votes 6 answers Share Flag
Sun Mar 10, 2013
Ron Thomas answered:
The Banks are not in the Landlord business.
This should be a 100% guarantee of a SCAM.
Some people are more vulnerable than others; they will think they are making out on a rental, anmd nothing you can say will deter them. ... more
0 votes 12 answers Share Flag
Mon Sep 16, 2013
Fred Yancy answered:
A traditional 203K loan specifically allows for the simultaneous purchase and repairs of a home. A home purchased with a conventional mortgage must be able to pass an appraisal, an evaluation of the home's worth, with a value that meets or exceeds the mortgage amount, and a damaged or outdated house commonly does not pass appraisal.

The Streamlined 203k Limited Repair loan lets a buyer finance up to $35,000 in extra money to improve a home as of 2011, in addition to a conventional mortgage. The streamlined loan is for homes that need improvement, but not as much as a home under the traditional program would need. Both types have the same basic U.S. Department of Housing and Urban Development rules and eligibility criteria.

House Limits

The qualifications for a buyer who wants a 203k loan are based on the participating lender's criteria, but the home being purchased is subject to universal standards set by HUD. The house must have no more than four units and be at least one year old. A demolished home or home that has to be demolished as part of the renovations qualifies as long as part of the foundation remains in place. A condominium unit can be rehabilitated using a 203K loan as long the borrower intends to use the unit as a primary residence.

A home that is considered both residential and commercial -- referred to as "mixed use" -- is eligible for the 203k loan program if the commercial use does not exceed HUD's percentages, as determined by the HUD appraiser. A one-floor structure cannot have more than 25 percent of the floor area used for commercial purposes as of 2011.

Finance Limits

Both 203k loan types cannot exceed the lesser of two figures: 110 percent of the home's estimated market value after repairs or the property's current value and the cost of the work. Loans for condominium units cannot exceed the market value of the unit after repairs as of 2011.

A home under the traditional 203k program must need at least $5,000 in repairs as of 2011. The streamlined program does not apply a minimum limit.

Fred Yancy, Broker
Crye-Leike Realtors
(678) 799-4663
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0 votes 8 answers Share Flag
Wed Nov 28, 2012
Claudia Muller answered:
Cannot really understand the bulk of your questin, but I am getting the sense that you would like to have your appraisal refunded due to factual errors.

As a borrower, you have the right to submit a rebuttal to the appraiser, You may do this either directly or through your mortgage originator.

Your responsibility is to provide additoinal comparables that the appraiser may have overlooked or to point out salient features of your home that were not highlighted in the appraisal.

You may want to provide supporting documentaion with permits,etc.

Present this information to your appraiser. They will have about three days to respond, in writing, to your disputed items. They will have the choice to either defend their position or increase the value.

If the value is not increased, the appraiser will stand pat on their value and in writing will refute your documentation.

You should, then, have the right to pay for another appraisal. If that appraisal comes back at a higher value, then appraisal cost should be refund or waived. If the value on the new property comes in equal or lower, that value is used and both appraisals are your responsibity to pay.

Regardless, when you pay for an appraisal, you are responsible for the cost regardless of the outcome.
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0 votes 2 answers Share Flag
Thu Nov 29, 2012
Tamara Stoebe answered:
Hi TiffanyJ,

Sorry your having lender challenges - I completely understand that this can be frustrating.

Here is the name and number of a local gentleman I've found to be very upfront and tells it like it is - Joseph Fernando is with Platinum Home Mortgage and his cell/office #(661) 349-4770.

Best of luck,

Tamara Stoebe, REALTOR/Notary
DRE License #01827461
Prudential Troth REALTORS
1801 W. Ave. K
Lancaster, CA 93534
(661) 466-6849
Fax (661) 422-3006
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0 votes 4 answers Share Flag
Wed Nov 28, 2012
Michelle Hamilton answered:
We have used Help You Short Sell for all of our short sales. I just asked them if they did business in Ohio and they said they just completed 3 more in Ohio. They are awesome to work with and very communicative. They are on the phone a lot with banks so email seems to be the quickest and fastest way to get a response. Here is their contact info:

Matthew Potter
Managing Partner
Help You Short Sell, INC.
Direct - 480-838-1695
Fax - 888-822-0151

Best of luck,

Michelle Hamilton
cell #623-680-7021
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0 votes 1 answer Share Flag
Tue Nov 27, 2012
Jackie Care answered:
You should check with your lender on all these questions. I'd suggest also speaking with your tax person/accountant on the second question, it may be a combination but probably depends.
In addition, Oakland has rent control and measure EE and a business tax and license required for
rental property. I don't know quite how renting out rooms is treated but I would highly recommend researching all these aspects so you go in with your eyes open and know where you stand legally!
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0 votes 6 answers Share Flag
Tue Dec 18, 2012
Alvena Maryam Safar answered:
Hi Felicia

Yes there are first time homebuyer programs for Tracy! :) You are in luck since right now interest rates are really low (its common to see 3.25% !) and there are programs where you can put 0% down or .5% down! Unless of course you want to put more. Please give me a call or email me and i'll go over these with you. I'd also like to email you some information that is useful for shopping for a home in Tracy as a frst time homebuyer. Thanks :)

Alvena Maryam Safar | Broker | CalPrime Realty
Office (209) 622-0769 | Mobile (209) 612-8109| eFax (866) 458-0798|
3507 Tully Rd. Unit # 60 Modesto, CA 95356 | DRE# 01509140 |
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0 votes 3 answers Share Flag
Tue Nov 27, 2012
Helen Yuen answered:
Hello Meiling:

Who Can Buy a HUD Home?

Almost anyone! If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.

If you are an evacuee displaced by Hurricane Katrina, Rita or Wilma, you may be eligible to purchase a HUD Home at a discounted price.

HUD have their own guidelines and procedures on how to submit an offer.

Any correctly priced home may have multiple offers, so follow what you like.

Helen Yuen, Open Home Professionals - (415) 583-3535 for more questions
(Please call only if you don't have an agent ok? - thanks.
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0 votes 6 answers Share Flag
Mon Apr 22, 2013
ashleym_bevans answered:
I hear it's tough buying in Rancho Cucamonga also and that it's harder for those with FHA loans. True?? I moved from Los Angeles due to relocation for work in Victorville, and Rancho Cucamonga seemed like the most desirable area :( ... more
0 votes 12 answers Share Flag
Mon Apr 22, 2013
Sue Archer Reynolds answered:
There's more implications than you mention here if your sister co-signs for the home. First, she needs to establish a credit score. She can possibly do that with non-traditional means such as cell phone bills, rental payment receipts and things like that. And it's in her best interest to establish credit history. Most lenders can help her, or she can contact Blue Water Credit and ask them to help her.

But co-signing on a mortgage for you is not normally in her best interest. She takes on 30 years worth of obligation for a debt that she does not get the benefit of enjoying. 30 years is a long time,and should you at any time default on that loan, it would reflect negatively on her. In fact, she would be expected to pay it back should you not be able to pay. Should she EVER want to get a home of her own, she would be showing 100% obligation on your mortgage and have difficulty getting one for her own.

You might want to consider whether there is another alternative, or discussing the full implications of her co-signing so that it's clearly understood.
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0 votes 8 answers Share Flag
Wed Jan 30, 2013
Zoe asked:
My daughter and son-in-law (US citizens) could rent part of the property from us and we would use part to stay in when visiting.
0 votes 2 answers Share Flag
Mon Dec 3, 2012
allan erps,ABR,SFR answered:
Most lenders use the Middle score(throw out highest & lowest).
0 votes 11 answers Share Flag
Mon Dec 17, 2012
Jamie Collins answered:

Glenn Olsson
First Priority Financial

Hope you had a great Thanksgiving

Jamie Collins
J. E. Collins Insurance Agency
0 votes 3 answers Share Flag
Thu Jan 10, 2013
Valerie Ulrey answered:
Hi Martina,
This home is not currently listed on our MLS. In September, this home became a bank-owned property. It will most likely be a number of months before it comes to the market as an active listing.
I would be happy to keep an eye on that address and notify you when it comes on the market. Or, if you are interested in seeing some similar properties in that area that are currently available, feel free to contact me directly.
If you would like me to contact you when the home comes on the market, just send me your information and I will do just that.

Thank you,
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0 votes 3 answers Share Flag
Fri Nov 23, 2012
Joe Van Fossen answered:
This home is not for sale. There are several other homes for sale in Garden Grove that might work for you. For more information on available homes in Garden Grove, you can visit my website here:,Foreclosure+Bank+Owned,Short+Sale/

If you would like my assistance in finding you a good home, please get in touch: (714)584-7154
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0 votes 5 answers Share Flag
Wed Nov 21, 2012
Teri Andrews-Murch answered:
My understanding is yes a VA buyer can pay the owners title policy costs.

The escrow fee needs to be paid by seller.

Check with your lender to be certain.
0 votes 5 answers Share Flag
Thu Apr 24, 2014
Matthew Bartlett answered:
Hello Francisco,

How can I be of help. My office, Century 21 Masters is located in Glendora. I myself have lived in Glendora for over 20 years. You may reach me on my cell phone at (626) 221-8252. I look forward to speaking with you!

Warmest Regards,

Matt A. Bartlett
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0 votes 11 answers Share Flag
Tue Nov 20, 2012
Philip Cabral answered:
I will try and answer your question with some experiences I have had.

As with most agents, I normally do not take clients that are not pre-qualified.
These two clients somewhat begged and pleaded and promised to work on their pre-qual soon and I took them on as clients mainly because they were friends.

The first client we looked at an area for $400K-$500K homes as she told me this was her budget. After about 6 outings she finally got her pre-qualified and it was for $700K. She was surprised at the higher amount and totally lost interest in the area we had been searching in and started looking elsewhere. A positive ending except for the fact we wasted 6 days in the wrong area and price.

The second client I showed her around about 6 times as well and for her budget price of @ $300K. On that 6th time, she found her dream house and finally then did she apply for a pre-qual. I called and called her the next few weeks inquiring as to how the pre-qual was going. I didn't get a hold of her for two months. After I did get a hold of her she mentioned she was told she had real bad credit, was denied, and it would take her over a year to fix her credit report. A negative spin and 6 days of our time wasted.

A pre-qual informs you as well as the agent what your real budget is so you don't waste your time as well as his. Showing clients properties take about 4 hours each outing. If you go out with an agent just 6 times that's about 24 hours that is wasted if you end up not qualifying or qualify for a different amount than what you were looking for. Getting a pre-qual also lets people know you are serious about buying a home.

Let me ask you a question. I understand you are not ready to buy until December but there is no penalty in getting a pre-qual early so why are you not trying to get pre-qualified?
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