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Home Buying in 91103 : Real Estate Advice

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  • Home Buying9
  • Home Selling1
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Activity 65
Sun Nov 8, 2009
Gary Gukassian answered:
Hi Christy,

You can do it on your own, but that might be too time consuming. The public sites do not have a filter to separate the ones with a guest house. Your best bet is to start working with an agent and let your agent do all the work.

Let me know if I can be of any assistance.

Sincerely,

Gary Gukassian
Beverly Realty
818-303-4093
mrggg@aol.com
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0 votes 5 answers Share Flag
Thu Nov 19, 2009
Voices Member answered:
Sergio,

The Banks and the Gov. have created sites to provide the public with access to their properties for sale listings..(REO/Foreclosures) and information on the Bid/Purchase process.



Sites like.... http://www.wamuproperties.com/ .... http://www.hud.gov/homes/index.cfm

https://www.citimortgage.com/Mortgage/Oreo/SearchListing.do ... http://www.homepath.com/

The links to these Bank and Gov. sites can be found here.... http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp http://www.biggerpockets.com/bank-reo.html

If it's Tax sales you're interested in then you may find this search engine useful...
http://publicrecords.onlinesearches.com/Foreclosures-and-Tax…

Good hunting, Dunes
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0 votes 7 answers Share Flag
Wed Jul 22, 2009
James Martin answered:
First off, the agent is under no obligation to offer you any details about any other offer other than to simply state that there *are* other offers. She does not have to say what the highest offer is either. In many short sale/REO situations where my clients make a bid on a property, after the first round of submissions, the listing agent will usually call me back to say that there are "x" amount of offers and that the seller (bank) is asking all who submitted to come back with their "highest and best" offer. They make sure to withhold the amount of the highest offer so that it doens't turn into an ebay situation where everyone tries to outbid each other by a thousand dollars. Instead they make it a one-round "do the best you can" situation where my buyers have to put down on paper the highest and best offer they are willing to submit. True, it could be possible that my clients were the highest offer to begin with - but they don't know that. At this point, I usually give my clients the comparables in the area and suggest to them what I feel the house is worth and then ask them to come back at the highest price they FEEL COMFORTABLE with. Meaning, that if they lose the house to another buyer over an extra thousand dollars, they would not feel one ounce of regret.

That being said, you could very well be correct about the agent withholding your offer in lieu of submitting an offer from one of their own clients. A few agents from my office and myself have felt, more than once, that there may be some unethical behavior on the other end of the deal. Where, perhaps, we did submit the best offer, but the agent held it back and shot theirs to the bank instead to double end it. Yes, that is unethical - however, you are going to have a tough time proving it. Agents who operate that way, however, do not end up lasting that long. Eventually they get caught - either by the seller, themselves, when they notice that this is a repeating behavior, or by a jaded buyer who went back to look at the final sale price a month or two down the line and noticed that it sold for less than they were willing to offer.

You went a step beyond to test her out by pretending to be another buyer and it does sound a bit fishy - but at that point, I would have simply confronted her as yourself and asked her why her story changed.

Just know, however, for any other offer you go after, the listing agent is under no obligation legal or ethical to discuss the price point or terms of any other offer on a property which you are competing for.

If you have any other questions, feel free to contact me on my cell: (818) 913-3456

Otherwise, best of luck to you.
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0 votes 1 answer Share Flag
Tue Jul 7, 2009
Fred Griffin answered:
is this a deal that i should run from?!

That was going to be my first answer.

Talk to Lenders, but with the Lease running that long, they are probably going to treat it as an Investment Property, resulting in higher down payment and higher interest rates.

Buy the Tenant out? You could ask them, but have an Attorney draw up an Agreement, and hold the money in Escrow until they are out. And there is the timing issue - getting them out simultaneous with your closing date.

If you pursue it, have a good Real Estate Attorney.

------------
Best wishes,
Fred
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Wed Aug 5, 2009
Lukasz Wojtuszkiewicz answered:
I suggest going ANYWHERE else. First time I have heard of a lender charging to pre-qualify. If you're working with a realtor ask them for 2 or 3 people that they can recommend so you can shop a bit for a good rate. ... more
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Thu Dec 11, 2014
Cleopatra Pappas answered:
HI, You pose an interesting question. First you need to find a homeowner willing to let you take over the payments in exchange for title to the home; 2nd you need their lender to allow you to do this; 3rd you need to prove your creditworthiness; and 4th you may need to bring some cash/loan to the table and thus be able to qualify for some type of loan. Multiple-lists usually do not list these types of properties. Try looking for ads (local papers, etc) where there are seminars for homeowners looking for mortgage relief, etc. - there may be homeowners coming to the seminars who would be interested in a "take-over". Also, try free internet sites like craigslist or just putting out the word to family, friends, co-workers. Good Luck! ... more
0 votes 3 answers Share Flag
Tue Mar 24, 2009
James Martin answered:
Any Real Estate agent who belongs to the Multiple Listing Service would be able to access the information regarding those foreclosures and arrange for a showing for you.

Working with a buyer's agent doesn't cost you a dime. You can interview multiple agents to see who works best for you. You can also talk to any family members or friends you may have who can recommend someone they enjoyed working with.

If you have any other questions, feel free to email me direct:
james@withmartin.com

or you can reach me on my cell:
(818) 913-3456

Good luck!
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0 votes 1 answer Share Flag
Mon Feb 23, 2009
M.D.J answered:
You can get an esimate from several lenders but what you really want are gaurantees on the rate, points & lender fees at the time of locking in your rate, if not then it's just that an...estimate.

Keep in mind that rates change everyday so what is the best deal with one lender today could end up being a better deal tomorrow somewhere else. Also remember that you will be dealing with your loan officer / lender for 30 days or more...That means service could be compromised when only basing your decision on price alone.

More info. on lending or estimates let me know and good luck to you
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0 votes 1 answer Share Flag
Thu Aug 27, 2009
Mission Viejo Real Estate by Valorie Stover answered:
That wouldn't be a reason to break a lease. The best thing you could do, is find some one that would qualify for the lease and ask the landlord, if they could take over the remaining 6 months.
You will be responsible for any time period that it is empty.
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0 votes 4 answers Share Flag
Tue Jun 30, 2009
Keith Sorem answered:
Scott
I think that you should contact Pasadena Police regarding the crime rate in that area. I would also suggest checking school scores at the local elementary schools.

Regarding the other aspects, I would suggest driving around the area. If you were my client I would give you the same advice. Talk with the neighbors in the block where the property sits and ask them questions. You'll be amazed at what they will tell you. ... more
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Tue Jan 13, 2009
Shel-lee Davis answered:
Michelle:

What has your agent told you about this? They should have seen this many times and be able to explain what it means and calm your fears.

You see, this is standard wording on the Preliminary Title Report ("Prelim") Approval form that all buyers sign. You need to review the prelim with your real estate agent or an attorney and see if there are items on it that you do not understand or do not approve. Those that you do not understand, you should ask for further information to clarify them. These you do not approve should be listed in item 4. Other than that, this is saying that title will be transferred clear of delinquent tax liabilities, liens against the property created by Seller or Prior owner, and existing deeds of trust which you are not assuming. In other words, the proceeds from the sale of the property will pay for those items and you will take the property free and clear of all pre-closing liens and subject to your new loan and deed of trust. Of course, you will also be responsible for paying property taxes, assessments and bonds from the date you take title and forward.

Hope this helps bring some level of peace of mind. Remember, if you are concerned about any of the items in the Prelim, speak with an attorney about them. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
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Tue Jan 13, 2009
Michael Barron answered:
Hi there Michael . this is a very straight forward form and section. I would suggest your agent talk to his or her broker or go to CAR. website to download the form and explanations.
As a home buyer you need to fully understand every form that you are required to initial or sign for your protection.

Best of Luck
Kind Regards
Michael Barron
Realtor/MBA
First Team Real Estate
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0 votes 1 answer Share Flag
Tue Jan 13, 2009
Kevin Keyser answered:
Without seeing the actual contract we can only tell you that you likely do not have acceptance if the seller has not signed in paragraph #7. Escrow usually begins the day the fully executed purchase agreement is given to escrow... but it sounds like you do not have that yet. What does your agent say? If you don't have an agent representing you, then the question is: why? You need someone in your corner who can explain all of this to you. ... more
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Fri Dec 26, 2008
Gary Gukassian answered:
HI Lotus,

I was not able to find a listing for this property. It appears it is still in the pre foreclosure stage, however close to a possible auction date.

There are other properties available in that are with 4 beds and 2 bathrooms. Let me know if I can be of any assistance.

Thanks

Gary Gukassian
Beverly Realty
mrggg@aol.com
818-303-4093
... more
0 votes 2 answers Share Flag
Sat Nov 15, 2008
Irina Netchaev answered:
Eunice, what a sad situation. There's really no way to tell whether or not your agent did her job. Bottom line is that you didn't get the house that you wanted.

If the home just went into escrow, you might want to put a back up offer. It is very difficult for buyers to qualify for a loan and the buyers still need to release contingencies prior to solidifying the deal.

You might still have a chance.

I am so sorry that you had such a frustrating experience.

I wish you the best of luck in your home purchase!
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0 votes 13 answers Share Flag
Sat Nov 15, 2008
Irina Netchaev answered:
Hi Eunice,

You have been doing your homework!

To address your questions:

1. There are a lot of excellent real estate agents working in Pasadena. You can do a couple of things. First, ask your friends and family for a recommendation - if they had a great experience with an agent most likely, you will too. Also, use the power of internet to learn more about the agent, or just google pasadena real estate agents, see who comes up and explore their sites. Also, interview your potential agent candidates to ask them about their experience, how they work with consumers, what their specialty is - residential, income, first time buyer, etc. See who you feel more comfortable with.
2. The best way to get a loan is to go through a referral from the agent that you pick. Real estate agents have established relationships with credible and reliable lenders and mortgage brokers. For example, I have a list of several lenders/mortgage brokers that have consistently provided great rates and service to my customers. Most importantly, there were no surprises or last minute changes. That's critical, especially, in today's real estate market.
3. As a buyer, you are in a great position. The seller will pay commissions for you. As far as rebates are concerned, you might be able to find an agent that will give part of their commission back, but if they're willing to give you a portion of their salary, I'm not sure that they would be the ones to negotiate on your behalf. An experienced, full service real estate agent, will not consider that.

Hope this answered your questions. I am putting a link to my website below and it has a lot more information and articles about buying a home in Pasadena and surrounding cities like Sierra Madre and Monrovia. Also there are posts about how to find a great agent.

Good luck,
Irina
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0 votes 7 answers Share Flag
Tue Oct 14, 2008
Dallas Texas answered:
IF you can't qualify for entire loan amount however if you dont follow terms and conditions of seller carry back they could foreclose on the property. http://www.lynn911.com http://www.homes-for-sale-dallas.com ... more
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Mon Sep 22, 2008
Sylvia Barry, MAS,CIPS,SRES answered:
This is the reason why you should be very familiar with the market you are in, the trend it is going, and understand how much you are willing to pay for a house before you make an offer on a house.

Without knowing the detail of the contract and the process you have been through, this is a difficult question to answer.

This all depend on It will depend on what stage of offer you are in. If you have removed all contingencies, then you are in pretty deep water, you might not be able to get out without losing your good faith deposit.

However, if you are still in the inspection contingency removal and/or loan contingency removal period, you should be able to get out of the contract without losing your deposit - the house will not be able to appraise to the amount it was listed (or offered). and then you will probably not be able to remove the contingencies.

Check with your Realtor and find out about your options. You have to read all the details on the contract and then go from there.

Best,
Sylvia Barry
Marin Realtor
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0 votes 4 answers Share Flag
Wed Sep 10, 2008
John Hickey answered:
Hi Mia,

There is a wide range of homes in that immediate area. I've included a link which you can use to view homes that are available right now plus other homes in escrow as well as some recent sales:

http://itech.rapmls.com/scripts/mgrqispi.dll?APPNAME=Itech&PRGNAME=MLSLogin&ARGUMENT=3vSKdjfwmSpxMvT2OVlr%2BmX6PusvdyiCv0yb7X5aLr8%3D&KeyRid=1&Include_Search_Criteria=on&isPreview=Y&Include_Search_Criteria=on

Unfortunately, the link is to long to fit into the "Web Reference" here in Trulia.

Anyway, the answer is yes. Let me know via email if you can't use the link and I'll email you one.

Best regards,

John Hickey
Dilbeck Realtors, GMAC
818-541-7311
John@JohnHickey.com

You can copy and paste the above link into your browser or use the one below.
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0 votes 4 answers Share Flag
Mon Jul 21, 2008
Kevin Keyser answered:
Hi Julie,
You can list it in the MLS... usually it is listed as a half bath if you are just talking about a toilet and a sink. It is important to make sure you disclose to a buyer that there are not permits if that is the case. You can petition the assessor's office to make a change to your property profile that reflects the half bath as well... we did this with a home recently. You can also try to get a permit retroactively if the work was done up to code. Let us know if you have any questions! ... more
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