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Home Selling in 90055 : Real Estate Advice

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Activity 194
Tue Aug 11, 2009
Rebecca Chambliss answered:
Generally the buyer has contingencies to purchase the property including but not limited to: Physical condition inspections, appraisal, financing, disclosures.

Once an offer is accepted and escrow is opened and the deposit check is cashed, there is a binding contract with contingencies to cancel based on the above.

If the buyer does a physical inspection of the property and finds issues they can not or will not deal with, during the contingency time frame, the contract may be cancelled in writing and the deposit returned. Same with appraisal and financing. This would be considered "falling out of escrow."

If you remove the contingencies in writing and then cancel escrow for any reason other than new disclosures by the Seller, you will likely lose your deposit.

You should hire a great Realtor who will walk you through the purchase process and protect your deposit for you.

Congratulations on becoming a home owner!
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0 votes 7 answers Share Flag
Fri Nov 20, 2015
Rebecca Chambliss answered:
Possibly. If the Buyers do not close on time, they can be served with a demand to close escrow 3 days prior to the COE date. If they do not then close escrow on time, the Seller can cancel escrow. This is if you have not already agreed in writing to extend the COE. Your agent is working for you and should have your best interest at heart. You may want to speak with the Broker. ... more
0 votes 18 answers Share Flag
Sat Jun 4, 2011
Walter 'Skip' Kersten answered:
Hi Landsend,
I am sorry you were unable to complete the sale. The answer to this question depends on if the buyer had removed all contingencies including the loan contingency. If all contingencies were removed, in my opinion, you have a legitimate claim to the deposit.
Good luck,
Walter
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0 votes 8 answers Share Flag
Thu Jul 30, 2009
Trinidad Gaeta answered:
Your agent should call the lender and let them know that there is a complete file pending assignment to negotiatior and you would like to put a hold on the sale date till there is a response. Most lenders will do this when it is there backlog holding up the file. Your Agent better make sure they know what they are doing a provide a completed file or worst case senario; they will go ahead and sell it regardless of short sale request or not. Hope that helps good luck. For a guaranteed short sale approval with proven track record please call for a free consultation. Trinidad Remax 909-348-0471 ... more
0 votes 6 answers Share Flag
Tue Aug 11, 2009
Alexandra Parra Rivera answered:
Hi Jesse,

I currently work on short sale and would like to have the opportunity to help you. Let me know if I can get an interview for the job. Here is my information

Alexandra Parra Rivera
(323) 482-0705
email: alexandrasellshomes@yahoo.com

Thanks!!
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0 votes 5 answers Share Flag
Wed Jul 22, 2009
Luke Allison answered:
What is the loan amount? Is it conforming or non-conforming?

Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com
0 votes 6 answers Share Flag
Wed Jul 22, 2009
Shel-lee Davis answered:
Good Morning:

Sorry to hear that your deal may be falling apart. If the buyers need a referral to a great lender, let me know. It would be my pleasure to pass on a couple of names of great lenders who actually close loans in under 30 days.

Regarding LTV, actually in California most new homebuyer's today are using FHA loans. If they are taking full advantage of the minimum down payment required, then their LTV would be 96.5%, as FHA only requires 3.5% down (and even that can be a gift from a relative). Most conventional lenders are looking for 20% down, which leads to an LTV of 80%.

Even with the drop in home prices, requiring 35-50% down to purchase a home would take most home buyers out of the picture. Unfortunately, in California, we have a very low savings rate and most people find it difficult to amass over $100,000 for a down payment.

Hope this helps, and please let me know if they buyer can use a referral or two to a great lender. I hope you are able to hold this deal together and get your home sold. Dare to Dream.

Shel-lee Davis
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
http://shel-lee.listingbook.com
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0 votes 3 answers Share Flag
Wed Jul 22, 2009
Judith Gottesfeld answered:
A 1-bedroom house appeals to a limited market segment and therefore it will be more difficult to sell in the future. Perhaps if the lot size is large enough, it could be sold as teardown or for its future development potential. Feel free to contact me with any more questions...

Judith Gottesfeld
310-622-7441
JG4RealEstate@yahoo.com
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0 votes 9 answers Share Flag
Sat Jul 18, 2009
EdithKaroline Jasser YourRealtor4Life answered:
All of it, I suggest you do get a survey, so that it is clear to a potential buyer where the lot lines are. Then if you can get some information about zoning for the plat, that would be nice, you do not need the building permit, but you need to know what the zoning requirements should be...

Good Luck to you. If you need a local Los Angeles Realtor to list your property and market it for sale on your behalf let me know and I would be delighted to refer a trusted and experienced Realtor colleague to you.
Just e-mail me directly to edithsellshomes@gmail.com
Edith - YourRealtor4Life!
worldwide services
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0 votes 5 answers Share Flag
Thu Jul 9, 2009
Margaret Amador answered:
Did you do this transaction through a Realtor? Your contract should be spelling this out? Your agent should be advising you according to what the contract says?

If you did the sale on your own and the contract doesn't allow for any solution but you have a buyer's deposit in escrow, consult an attorney. You want to make sure you are not getting entangled in a legal dispute.

In General you may wish to give the buyer an extension to close on the purchase. It all depends on your original contract and your motivation to sell.
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0 votes 4 answers Share Flag
Mon Jul 29, 2013
Fred Griffin answered:
You need a Real Estate Attorney
to draft the paperwork, and set up an escrow account.
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Is it an OPTION to Buy, or is it a CONTRACT to Buy?

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What amount of the Rent, if any, is applying toward a Down Payment?

Many Renter/Buyers assume that all of the rent is applying toward a down payment,
when in fact, none of it may apply.
It all depends on what is written in the Option Agreement, or Contract to Purchase.

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If some of the money will apply to a Down Payment,
is it being held in escrow by a third party,
to keep the Seller from just running off with it?

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Is there an existing Mortgage or Mortgages or Judgment Lien on the Property?

Have you done a Title Search or Abstract?

What is to prevent the Seller from taking out a Loan after the Fact and damaging the Title?
What happens if the Seller loses a lawsuit and a judgment lien is placed on the house?

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How do you know that the Existing Mortgage or Mortgages are being paid?
If the house is Foreclosed on, you the Renter will have no rights,
and may be put out of the house (with a few excepted states, including California)

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Is the Seller going to Finance this,
or will you be getting New Third Party Financing (Bank or Credit Union Loan)?

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What about the Existing Mortgage - is there a Due on Sale Clause that might be triggered
by your agreement?

If the Present Mortgage Holder considers the Option to be a Transfer of Ownership,
it may trigger the Due on Sale Clause in the mortgage (the entire Loan Balance is accelerated and due immediately).

Likewise, if the Property Appraiser deems it to be a change of Ownership,
you may face Property Transfer Taxes or Intangible Taxes.

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Who will insure the house? Do you need Tenant Insurance to cover your private property?

What if the house is severely damaged by a storm or fire - is there a provision for that?

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Again, see a Real Estate Attorney.

There are serious consequences involved.

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Best wishes,
Fred
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0 votes 10 answers Share Flag
Thu Jun 25, 2009
Michelle Gonzalez answered:
Hi Bill,
There is no set rate for title insurance. Just like any other type of insurance, it varys per company and it is based on sales price. Just to give you an example. A rate of $1328 on a sales price of $500,000 & $876 on a sales price of $250,000. I hope this was helpful to you, Please feel free to give me a call if you have additional questions. ... more
0 votes 4 answers Share Flag
Tue Jun 23, 2009
answered:
You're not require to do anything.
Who told you that you need to do that?
0 votes 3 answers Share Flag
Wed Oct 2, 2013
Nicole Lindler answered:
Hi Hubert
The most comparable homes around your area seem to be closing between $1mil to 1.3mil, however, a more thorough property analysis of your home would have to be conducted to give a true valuation. If you'd like more info please give me a call!
Nicole
310-694-2288
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0 votes 12 answers Share Flag
Wed Jul 15, 2009
Keith Sorem answered:
Sellerbb
Your situation is not uncommon. Home values have declined so most people that are selling, if they purchased from 2003 onward, or have home equity lines of credit, or refinanced, probably have a negative net worth.

If you need help please contact me via my profile so we can analyze your situation see what options are available.

Good luck. Beware of cash up front firms offering loan mods. They have a very low success rate.
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0 votes 5 answers Share Flag
Tue Oct 6, 2015
Jonelle Bechard answered:
If you need a second opinion give me a call! Im from Hawaii originally and have much Aloha to share lol. Just because she is well known doesnt mean your personalties mix good together! I have excellent references also well known and always have a smile!

Thank you,
Jonelle Bechard
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0 votes 16 answers Share Flag
Wed Jun 10, 2009
Joey Sacavitch answered:
David
In a SFR, I would say that the difference is very very little. It is a matter of convenience, having to move a car out to get to another. I would think that the more expensive the house the more of an issue it would be. Under 1mil and your fine.
Joey Sacavitch
323-896-5869
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0 votes 5 answers Share Flag
Mon Sep 13, 2010
Keith Sorem answered:
Seeley
Average Days On Market is about 100. However, your profile says you are a home seller.

If you are selling your home with a REALTOR, ask them to provide you with the number of homes like yours that, since your property hit the market, have:
Come onto the market
reduced their price
entered escrow
sold
expired.

The truth is that home that sell first usually sell for closest to asking price. The longer a home sits, the greater the gap. In your area, that means if the homes sell in a month, they average about 98% of asking. At 120 DOM that drops to about 93%. With home values declining about 1% per month, there is no value in pricing a home above market value.

The best way to get market value is to UNDER PRICE the home and start a bidding contest.
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0 votes 1 answer Share Flag
Tue Jun 23, 2009
Annmarie Howley answered:
Sadielady,

Now is a great time to buy. With the government giving the $8,000.00 towards closing there has never been a better time to buy than now. The $8,000.00 will only be available throughout this year, then it is over. I hope this was helpful. ... more
0 votes 11 answers Share Flag
Wed May 20, 2009
The Medford Team answered:
George:

There is normally a warrantee of a year on new installations that are installed by certified installers or licensed professional contractors. If a seller chooses to install a product in another way, they typically assume the liability for the installation. You may save money in the installation, but you leave yourself open for liability in the long haul. If a licensed contractor goes out of business, there is usually no way anyone can go after the person who hired the contractor.

I am guessing, but it sounds to me like the installer did not leave adequate room at the edges for the expansion of the flooring materials.

If I represented the buyer, I would advise the buyer to go after the seller to repair the problem. I’d recommend the go all the way to small claims court if necessary.
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0 votes 6 answers Share Flag
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