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90731 : Real Estate Advice

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  • Local Info1
  • Home Buying3
  • Home Selling1
  • Market Conditions0

Activity 26
Fri Jul 12, 2013
Andrew Wilkinson answered:
Hi there RLindsay,

Can you be more specific what you're looking for? Is this for January and February in 2014?

Thanks,

Andrew
Community Manager
Trulia Voices
0 votes 2 answers Share Flag
Thu Oct 30, 2014
Jim Chang answered:
Thu Feb 28, 2013
Alison Hillman answered:
Hi there- You may want to work with an agent because your question is so specific. Good luck: http://www.trulia.com/voices/directory/San_Pedro-agent--33103

Ali, Community Manager
0 votes 1 answer Share Flag
Sat Jan 26, 2013
Michael Magaw answered:
That should be negotiated with the lease. The more the landlord pays should equate to higher rent.
0 votes 4 answers Share Flag
Wed Feb 6, 2013
Alison Hillman answered:
Hi there-

Take a look at the market trends in your area: http://www.trulia.com/real_estate/San_Pedro-California/market-trends/

Hope this helps,
Ali, Community manager
0 votes 1 answer Share Flag
Sun Nov 25, 2012
Anna M Brocco answered:
Since rent to own properties may not be listed as such, consider working with an agent of your own. Keep in mind that rent to own can be risky and one could stand to lose a bit of money, therefore do inform yourself well, and consider consulting with an attorney who specializes in real estate beforehand. If you haven't done so yet, visit with any licensed loan officer, see if you can buy outright... ... more
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Sun Oct 28, 2012
Michael Magaw answered:
That question is difficult to directly answer. "Safe" is a relative term. It will be safer in some ways compared to some areas, and less safe than others.

I think you should interview a few local Realtors, find one you like and trust, and then you out and look at a few neighborhoods. ... more
0 votes 2 answers Share Flag
Fri Jul 12, 2013
Manuel Ugalde Ultrera answered:
Hi Megan. I believe your questions about crime can best be answered by talking to the police department. I would love to help you in buying your property. Give me a call at 323 906 6135, Manuel for all your real estate needs. ... more
0 votes 6 answers Share Flag
Sat Jun 22, 2013
mikidilynn answered:
I think it is because there are so many sober living homes and half-way houses here. About 30 years ago a man named Fred Brown bought at least 500 homes to make them into sober living homes.
These people are given a drug test and if they come out dirty they are booted out the door instead of returning them to their city. Also there are two half-way houses- one on 9th & beacon Street and one on 2400 block of Pacific Avenue.They are let out to wander during the day.
I hate what this has done to my hometown!
... more
0 votes 3 answers Share Flag
Sun Dec 16, 2012
Debra (Debbie) Rose answered:
This is a fine time for the sellers to ask for this concession - if you have a signed and fully executed sales contract - with all contingencies met - you can simply say "no" to their request.

If, however, you are still at a point where they could cancel the deal, then I suggest, if you are willing and able to allow them to remain in the house, you have an attorney write up a specific "use and occupancy" agreement to make sure you're protected.

This will be very much like a lease with all stipulations spelled out in regard to what amount you will be paid, calculated either per diem or weekly as "'rent".......money should be held back from the seller following the closing to cover this rent and even an amount similar to security.....also to be decided is......who is responsible for what in the event something breaks........insurance coverage...and penalites built in if they don't vacate on the agreed upon date.

And.............By alll means, limit the amount of time they have to find a new home. Select a time frame you are comfortable with 30 - 45 days might be a consideration.
... more
0 votes 6 answers Share Flag
Tue Sep 13, 2011
Dan Tabit answered:
Felicia,
There is no downside to using one. Realtor's will have easy access to all listed rental properties and can help you assess the terms being offered. Not all agent's do rentals, so inquire as to who does them regularly to make sure you get the best help. ... more
0 votes 1 answer Share Flag
Wed Nov 7, 2012
answered:
Technically it's occupancy within 60 days and for the first year of the mortgage.

http://www.fhaoutreach.gov/FHAHandbook/prod/infomap.asp?address=4155-1.4.B.2.b

"FHA Requirement for Establishing Owner Occupancy
At least one borrower must occupy the property and sign the security instrument and the mortgage note in order for the property to be considered owner-occupied.

FHA security instruments require a borrower to establish bona fide occupancy in a home as the borrower's principal residence within 60 days of signing the security instrument, with continued occupancy for at least one year."

There can be additional down payment requirements (beyond 3.5% down) for purchasing a 3-4 unit property with FHA financing, the home has to be "self-sufficient" meaning that the 85% of the rents (per an appraisal rent survey) for all units(even the one you are occupying) must be at least the proposed housing payment - so if it's not, then more down payment is needed to make sure the housing payment isn't higher than than that rent calculation. You also need 3 months PITI in reserves as well.

Details on that at: http://www.fhaoutreach.gov/FHAHandbook/prod/infomap.asp?address=4155-1.2.B.4

"The maximum mortgage amount for three and four unit properties is limited so that the ratio of the monthly mortgage payment divided by the monthly net rental income does not exceed 100%, regardless of the occupancy status."

Now FHA is not to be used as a means to acquire investment properties, but technically as long as you meet all of the requirements I don't see anything wrong in terms of being able to qualify for the mortgage with what you are proposing to do. Greater due diligence would be performed, including confirming you could easily sever ties with where you are living (such as a copy of the rental agreement showing the looming expiration date, etc.), and if you own a home, then comparison of your current dwelling vs. the new unit you'd occupy, as well as confirmation there are no renters in the unit you'd occupy and if there were a formal signed agreement or legal notice regarding the rental termination as well. I could also see a higher probability of a post-closing occupancy check being performed.

Feel free to let me know if you have further questions, I'd be willing to help you with the financing as well, but as you can see I'd make darn certain you'd be occupying this home.
... more
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Thu Jun 28, 2012
Rebecca Chambliss answered:
I would call it a "transitional" area. They are doing a lot of development near there.
0 votes 3 answers Share Flag
Sat Nov 8, 2014
Dave Griswold/ Lisa Payne-Griswold answered:
Hi C, If you have already purchased the home, then it goes under "Let the Buyer beware", If you didn't have an inspection for termites, or there was no disclosure then the answer is No.
If you did have inspection for termites then i was call your Attorney as they could advise you in the legal matter of this.

All the Best
Dave & Lisa
... more
0 votes 13 answers Share Flag
Wed Aug 18, 2010
Bob McClure answered:
good afternoon...yes, you should get your check at the closing...but there could be a slight delay for the title/escrow company to recv a funding number in order to disburse....once the mortgage and real estate docs are signed, the lender (if there is one) has to recvd a copy of certain particular ones to review, sign off and release the funds...if it does close in escrow...it will have to disburse within 24 hours...you may have to come back the following day, you may not have to..good luck....
best regards
bob mcclure
mortgage one
brighton, michigan
... more
0 votes 5 answers Share Flag
Wed May 26, 2010
Anna M Brocco answered:
When buying foreclosures it is highly advisable to have an agent looking out in your best interest--contact a few realty office(s), interview a couple of agents and choose the one you like best--he/she will be your best guide--keep in mind that not all foreclosures are such great bargains, therefore don't rule out any traditional sales as some may be better buys. ... more
0 votes 5 answers Share Flag
Wed Mar 17, 2010
Leonard Hamai answered:
Hello, it would depend on how much you have for a down payment and how much money you would like to have after your expenses have been paid. With a monthly income of $10,000 and a strong fico so, you shouldn't have a problem getting approved for a loan. You would want to figure out what type of loan you want, for example a conventional loan or an FHA. Conventional loans typically require a 20% down payment while an FHA requires as little as 3%. But keep in mind an FHA requires mortgage insurance to be paid monthly and it can be couple hundred dollars a month depending on your loan amount. If you can decide whats the maximum you want to spend on your house each month including your mortgage, taxes, insurance, and HOA (if any), I can give you more of an accurate number as to the price of a home. ... more
0 votes 6 answers Share Flag
Tue May 12, 2009
Michael Magaw answered:
It sounds like you are trying to reduce your property tax assessment. I know those are the dates they requested. If that is correct, then you want 3 low comps.

I live in San Pedro and know the homes in the area. You can email me your information: name, address, #bedrooms/bathrooms, square footage, other pertinent info. I can privide you with the list. You will need to advise if you want this for the county assessor or some other reason, so I know what types of comps to provide to you.

Michael Magaw
310.259.6850
M@NHLBrokers.com
... more
0 votes 1 answer Share Flag
Thu Jan 28, 2010
Shar Rundio answered:
Ned,

I'm going to assume that you are going to be looking at an FHA loan. If you don't have the down payment it can be gifted to you by a family member, your employer or a non-profit organization. Check with your loan officer to see exactly what qualifies and what documentation they would need.

Best of luck!

With Your Success in Mind,

Shar Rundio
Keller Williams Integrity First Realty
480.560.7255
... more
0 votes 6 answers Share Flag
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