Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Thousand Oaks All Locations : Nationwide Real Estate Advice

  • All725K
  • Local Info60K
  • Home Buying265K
  • Home Selling46K
  • Market Conditions26K

Activity 200
Showing results for Thousand Oaks [Clear search]
Thu Oct 1, 2009
Barry Shapiro answered:
Markart,

#1: Consult with a Real Estate Attorney immediately.
#2: Consult with a Real Estate Attorney immediately.
#3: Consult with a Real Estate Attorney immediately.

If you don't have one, I can give you some names. ... more
0 votes 1 answer Share Flag
Mon Sep 28, 2009
Barry Shapiro answered:
Brenda,

Look into the 203(k) Rehabilitation Program (& Fixer loans). They can be pretty tricky, especially if you are competing with all-cash or conventional Buyers.

Most banks won’t lend the money to purchase a home until repairs are complete, and the home repairs can’t be completed until the house is actually purchased. But, HUD has a program to help with this ironic situation.

The HUD FHA 203(k) allows you to purchase or refinance a fixer upper, plus include in the FHA loan the cost of the home repairs and improvements. This FHA loan is provided through mortgage lenders all over and it’s available to anyone wanting to purchase a fixer upper. There are seven main steps to a 203(k) loan. First, the potential home buyer must find a fixer upper and complete a sales contract, after doing an analysis of the property with their real estate agent. The completed sales contract should basically state that the buyer is seeking a 203(k) FHA loan and that the contract is useful on loan approval based on additional home repairs by the FHA or the loan lender. Second, the potential homebuyer of the fixer upper selects an approved 203(k) loan lender and plans out all the work that must be done to the fixer upper, including a detailed cost estimate of each home repair or improvement. The third step in this HUD program is the appraisal. The appraisal must be done to determine the value of the fixer upper after all the home repairs. Next, if the homebuyer passes the fha lender’s credit test, the loan will be closed for an amount that will cover the purchase or refinance of the fixer upper, the home repair costs and the allowable closing costs. Also, the amount of the loan will include a safety benefit of 10 to 20% of all the home repair costs and is used to cover all of the extra work not included in the proposal.

The fifth step in the 203(k) program is at closing, the home seller of the fixer upper is paid and the remaining funds are put into escrow. This escrow account pays for the home repairs during the rehabilitation period. The 6th step is paying the mortgage payments. After the FHA loan closes, the homebuyer has the option to have up to six mortgage payments put into the cost of home repair rehabilitation. If the home is not going to be occupied during construction then this payment plan is possible, but it can’t exceed the length of the rehabilitation period. Finally, the last step in this 203(k) loan is handing over the escrowed funds to the contractor in installments. 10% of each payment is kept to ensure the completion of the home repairs. This money is paid after the loan lender determines there will be no more issues with the fixer upper.
... more
0 votes 6 answers Share Flag
Fri Sep 18, 2009
Kim Darwaza answered:
Vienna, Fairfax, and Oakton will be the closest to you. Please feel free to give me a call if you would like to set up an appointment to discuss your real estate needs further. You can search the internet for listings at my website http://www.kimdarwaza.com.

Kim Darwaza
RE/MAX Allegiance
703-856-2254
kim@kimdarwaza.com
... more
0 votes 27 answers Share Flag
Tue Apr 10, 2012
Pacita Dimacali answered:
It is always a big issue whenever work is done without permits.

And yes, the onus is upon the buyer to do due diligence and research the property.

There have been several questions and blogs about the dangers in buying a home that had work done without permit. Of paramount importance is knowing the work was done according to cod because of safety and hazard issues.

During home inspections, we've seen where some remodeling was done in kitchens, new appliances were installed without upgrading the electric, or they were wired wrong --- just think of electric fires, gas leaks, etc.

Structurally, if a wall was installed, or a room was built out without permits, how confident would you be that the the roof won't fall in, that the wall will stay up, etc.

Regardless of whether or not the work was done before the current owner bought it, it was their decision to buy at that time. Don't make the same mistake this time.
... more
0 votes 9 answers Share Flag
Wed Sep 16, 2009
Ted Mackel answered:
hi Kam,

yep, Its has an animal overlay zoning. The min lot size is at 20,000 square feet meaning that any lots smaller than that are grand-fathered in and any lots larger cannot be subdivided below that. Example if you buy a property in the farm that is 39,950 square feet, you cannot divide the lot into two lots. It is an older area that has a hodge podge of homes and some other interesting uses mixed in. If you worry about what color o architectural styles your neighbors will apply to their homes than this is not the place to be at there is no HOA or CC&Rs that would keep an conformity to the area.

Even though the sound wall just went up on the 118, the noise could be an issue to some people. There are new homes and very old homes, Large homes and small homes. The area generally covers From Stearns to Tapo Canyon Road and The 118 Freeway north to Alamo with a section just south of that that hugs the 118 off Apricot.
... more
0 votes 4 answers Share Flag
Tue Aug 18, 2009
Jacob Varghese answered:
I could answer your question in a better manner, if I know the loan amount, duration of the loan, the proposed interest rate with points and without points.

Prima facie, it is not a good idea if you plan to live for only 3 to 5 years. ... more
0 votes 6 answers Share Flag
Fri Aug 28, 2009
Vickie Layton, Realtor answered:
Your will first receive a Lis Pende. That means that you are behind in payments and foreclosure preceeding have started. When you get a final summary of judgment and sale date then you need to move out prior to the sale date. You can always hire a good realtor who knows how to do a short sale and stay in the home and let the realtor negotiate the short sale until closing. ... more
0 votes 7 answers Share Flag
Tue Aug 11, 2009
Ted Mackel answered:
Yes, How can I help you?

http://homebuysblog.com/2008/10/22/12-tips-to-make-your-reo-offer-more-attractive/
0 votes 4 answers Share Flag
Thu Jul 2, 2009
Jon Griffith answered:
That's the hard part about buying real estate, or buying anything for that matter. Any time someone has cash to pay for something, they hold the power, because they can close quickly, and everyone involved can walk away from the home with win-win much faster than they can waiting for appraisals and lender approvals.

It's just life. The borrower becomes slave to the lender, and the cash buyer controls the market.
... more
0 votes 6 answers Share Flag
Sun Jun 28, 2009
Barry Shapiro answered:
JEB,
That specific question is best answered by whoever told you what odds were of you having your offer accepted. If the property was a new house listing under $450K and you offered full-price, it is likely a more motivated Buyer (and/or more qualified) offered more than asking price to secure the now pending sale.

If your loan is FHA, you are at a distinct disadvantage when competing with conventional financing (20%+ down) Buyers. Might you be referring to the 657 Paige Ln. property?? If so, it is NOT yet pending, but it is released from showing: Per the agents comments: "In a multiple offer situation Seller reviewing offers, no new offers will be considered" ... I certainly hope you offered well over list price IF you were serious about purchasing this property. If not, I hope you'll now know what it takes to buy a home in today's Seller's market. Good luck!!
... more
0 votes 1 answer Share Flag
Tue Jun 23, 2009
Joyce Zangmeister answered:
Questions like this can be answered by calling the Ventura County Sheriff's Department (494-8260) and/or the Thousand Oaks Police Department (494-8200) and asking for activity call reports. They should be able to answer your concerns.

PS. I live in Newbury Park -- Great weather, Great Schools, Great Location, Great!
... more
0 votes 4 answers Share Flag
Sun Jun 14, 2009
Barry Shapiro answered:
Hello JEB,

The question you pose is an interesting one in today's (sellers) market. First, to be specific, YES it IS POSSIBLE to find a property as you describe for under $340K. There is one on the market currently, just listed on Friday (see link below). However, now that we have identified a potential property, which happens to be an REO listed at $322,400 are you willing to offer $340K for it?? I went to the house yesterday at 8am, and there was a stack of realtor cards on the kitchen counter. Since you are not the only qualified Buyer looking for a property in the mid-$300K range, and because inventory levels are obviously low, the concept of supply and demand weighs in heavily -- so expect this property to sell well above list price. The floors are terra-cotta tiles, there are vaulted ceilings & the lot is quite large, with a deep wash behind the property. The baths have been upgraded, too. Good luck in your quest for a home -- Expect the competition to follow you at least until the end of the year. Should interest rates continue to rise, this will cause some to drop out of the market until prices decline again. ... more
0 votes 3 answers Share Flag
Fri Nov 13, 2009
Sloane Weinstein answered:
Khizra_sajjad

How are you ....If you can provide me with more info, i can send you properties that are currently available for rent in North Brunswick...How many baths ...is one ok?, up to how much do you want to send...do you have a car or are you going to walk to Walmart ....

You can contact me with the info below ....looking forward to hear from you....

Sloane Weinstein
Century 21 Worden & Green
Realtor Associate

Direct (732) 995-4289

Email sloane.weinstein@century21.com
... more
0 votes 3 answers Share Flag
Wed Jun 30, 2010
Grant Linscott answered:
Hi Chelsea,

There are many great, safe places to live in Los Angeles but I think a couple important questions for you are: Where do you work and have you thought about being pre-approved to see how much you could afford? These two questions will help guide you to many possibilities on the Westside, as well as: do you have any children? There are a lot of great places that I could recommend to you as I've sold property all over the Westside of Los Angeles. I'm available to talk with you about your best possibilities.

Best Regards,


Grant Linscott
Keller Williams Realty
323.333.6222 cell
grantlinscottproperty@gmail.com
... more
0 votes 4 answers Share Flag
Mon Nov 3, 2014
Heidi Golff answered:
Hello Vimo,
The best way to go about this is to take an experienced interior designer with you to look at the home. They work hand in hand with contractors all the time and therefore know what the charge. They also know how much the materials are. As far as how much to add for a facelift, if it isn't in the right neighborhood, then don't do it! You want to spend appropriately for the neighborhood. I have a wonderful interior designer that I rely on. If you want her name and number, please call me. You could also hire a contractor to go with you, many are very well aware of pricing for different materials. It is probably easier to get a designer, though, and you will need their input. ... more
0 votes 5 answers Share Flag
Thu Oct 8, 2009
Matthew Bartlett answered:
Hi Dave,

It will be hard to really give a good answer without seeing your purchase offer paperwork. However, I will give it a try. I have several questions. First, what time frame did you give in your initial offer with regards to the seller to respond to your offer? Second, over the course of the last four months did you sign any additional paperwork extending the time period for the bank to respond to your offer? And third, did you or your agent tell the bank that your offer is still on the table and agree to open escrow? If the original time period of your offer has expired & you nor your agent have extended the initial time period in writing and you have not conveyed that your offer is still good and escrow has not openned then I do not see the bank having grounds to hold you to your offer. If you do not feel confident that your agent is the right agent for you then by all means interview another agent. And lastly, since I have not seen your paperwork it would be a good idea to speak with a local Real Estate attorney to have them look at the purchase offer and confirm with you your rights. I would seek out that lawyer first thing Monday morning. Good luck!

Matt
... more
0 votes 8 answers Share Flag
Wed Aug 12, 2009
Ted Mackel answered:
Simone,

I posted a video answer on my Youtube Channel: http://www.youtube.com/watch?v=P7WhzJjMwDc

My video commentary gave a better format to really express my opinion.

Also check out my blog post "5 Things to Know before Moving to Simi Valley" http://homebuysblog.com/2009/01/19/5-things-you-need-to-know-before-moving-to-simi-valley/ ... more
0 votes 2 answers Share Flag
Wed Nov 17, 2010
Brad Davidson answered:
Send me your address and I'll be happy to do a comparative market analysis for you. We can talk about what your house has to offer and adjust the price to the comparable sales. I can also let you know about some lower cost alternatives to a standard 6% listing.

Brad Davidson
714-961-8442
brad@wehelpubuy.com
www.wehelpubuy.com
... more
0 votes 9 answers Share Flag
Wed Aug 19, 2009
Joyce Zangmeister answered:
Wow! Don't we all wish we had that! Only problem -- there would definitely be MULTIPLE offers.

It sounds like you are looking for a house in the Conejo Valley for less than $260,000 with three bedrooms and two baths.

I wish you good luck.
... more
0 votes 13 answers Share Flag
Fri Aug 21, 2015
Steven Ornellas answered:
Michelle, don't mess around with this, its time to get a Real Estate Lawyer involved to put the issue to rest. A simple letter from you lawyer may solve the issue.

Best, Steve
0 votes 8 answers Share Flag
... 4 5 6 7 8 9 10
Search Advice
Search