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91105 : Real Estate Advice

  • All7
  • Local Info0
  • Home Buying2
  • Home Selling3
  • Market Conditions0

Activity 127
Sat Jan 5, 2013
Eric H. Wong answered:
For all practical purposes, it shouldn't affect the buyer at all. You should just proceed as a normal sale. The seller just has to disclose that it is a 1031 exchange.
0 votes 6 answers Share Flag
Wed Feb 24, 2010
Nicholas answered:
I would talk to your lender. Some may have a rental survey done at the time of appraisal, and you can get up to 75% of the fair market rent credited towards your income ratios.
0 votes 10 answers Share Flag
Mon Jul 30, 2012
John Barry answered:
Hi Precious,

Your best bet on finding out about crime activity in the area would be to go directly to the source, to the Pasadena Police Department. Here is a link to their website: http://cityofpasadena.net/Police/

Here is an interesting site showing crime statistics as well: http://spotcrime.com/ca/pasadena

Hope this info is helpful. Email me if you have any questions or if I can be of any assistance.

Have a nice evening!

John Barry
Coldwell Banker Residential Brokerage
Sherman Oaks, CA
Cell: 323-810-7976
Email: john.barry@coldwellbanker.com
facebook: http://www.facebook.com/RealtorJB
Twitter: http://twitter.com/RealtorJB
Web Reference: http://www.jbknowsthevalley.com
... more
0 votes 9 answers Share Flag
Wed Jan 6, 2010
Bentley Advisors answered:
Assuming you truly have $120k of documented income, have zero debt and a min qualifying credit score of 700, you might qualify for an $800k+ purch price. With your $200k down, the loan amount would be roughly $600k. ... more
0 votes 18 answers Share Flag
Sun Jan 3, 2010
Lee Bothast answered:
Payman, That area is indeed a good area, and at that price point you will have most success in finding a condo as there are no single family homes in the Caltech area in that price range. If you would like some assistance with your search, please call me for further discussion.

Regards and Happy New Year!

Lee Bothast, CN
2nd Generation Pasadena Area Realtor
Coldwell Banker Residential Brokerage
626.533.3929
... more
0 votes 3 answers Share Flag
Sat Jan 2, 2010
Steven Ornellas answered:
Hi Pezzoreamer, first, there are two types of "loan conditions" to be aware of:

1) Prior-to-doc (PTD) conditions are those that must be satisfied before the lender’s underwriting department will generate and send loan docs for you to sign at escrow. Since loan docs were generated, you satisfied any PTDs.

2) Prior-to-fund (PTF) conditions are those items that must be satisfied before the investor will “push the button” to send your new loan funds to escrow. You may want to ask what specific PTFs remain unsatisfied.

It is a bit odd that your loan docs, if actually generated on 12/24, would be expiring so soon. In any case, rather than an extension, you may need a loan doc redraw, which would require that you re-sign the new docs (there will probably be a fee associated with this as well).

There may be another element at work here. Loan docs can expire after being signed and before funding due to a PTD. A PTD condition that can cause a problem is the interest rate lock term, which varies between 15, 20, 30, 45, 60 days (longer locks are possible). If this lock expires before funding new loan docs will be required. Typically, you can avoid rate lock expiration by paying for a lock extension, which also avoids having to produce new docs and the payment of a “re-draw fee”. Fees for a re-lock are based on the duration of the extension and the lender’s individual fee structure.

Best, Steve
... more
0 votes 5 answers Share Flag
Tue Jan 19, 2010
John Barry answered:
Hi Pasccal,

What property are you referring to? I would be happy to check the status of this property for you.. Email me at: john.barry@coldwellbanker.com & let me know the address.

Have a nice evening,

John Barry
Coldwell Banker Residential Brokerage
Sherman Oaks, CA
Cell: 323-810-7976
Email: john.barry@coldwellbanker.com
facebook: http://www.facebook.com/RealtorJB
Twitter: http://twitter.com/RealtorJB
Web Reference: http://www.jbknowsthevalley.com
... more
0 votes 3 answers Share Flag
Tue Dec 29, 2009
answered:
Hi Fretter,

Don't Fret. It is a bit more difficult to qualify someone who has been out of the workplace for 2 years or more. However, there are situations that if explained and it makes sense, you can get around the problem. The down payment part is not so much the issue so I am not convinced that will help the situation much. I have a lot of questions to ask as, obviously, there are reasons that kept you out of the workforce. I would be happy to assist you and exploring your options.

You can reach me via email or phone.

Ted Canto
Direct: 888.724.7402
Email: ted@tedcanto.com
... more
0 votes 6 answers Share Flag
Fri Feb 26, 2010
answered:
Pezzo,

You may ruin some part of the negotiation process.. I would advise you speak to a REALTOR if you do not have one. You are at a disadvantge if you do not have one when trying to buy in today's REO market. Typically someone who is saying "as is" it is because very specific reasons that you are not privy to and without an agent, all you have to rely on is the selling agent's word (not recommended). The other thing is that depending on the financing (ie: FHA) the repairs may impede on the ability for the lender to give you the loan without the repairs.

If you need help on this, please call me 888-724-7402..
... more
0 votes 13 answers Share Flag
Tue Nov 17, 2009
Terri Formcio answered:
It really depends. I describe this market as a dual market. You have your foreclosure/REO market A and the regular sales which include probates market B.

Market A is in transition. Whereas the property is distressed and the purchase price has been under market for the past year, the banks are now requiring more money to close these sales. They are pushing up the prices on these so the deals are not really there anymore for the most part. REO's are the next greatest number of inventory. The REO inventory we have is selling well, as a result of buyers and agents becoming tried of the runaround. The previous short sale chasers are now shifting to the REO listings. REO listings find themselves competing with multiple offers some as high as 50 people bringing in offers. That is if the property has only minor repairs needed. They are selling above market comps. A contributing factor for this has to do with the FHA loans being available to so many people and the willingness of the banks to give 3% in closing costs to the buyer, making this an ideal opportunity for 1st time home buyers.

Market B multiple offers and selling above market value.

What all this means in a nutshell is single family homes are selling and selling at prices there show appreciation from last year, and appears to be the trend for now. Also, this is more of a "normal" appreciation as oppose to the false appreciation market of the past during the sub-prime market.

As for multi-family homes...different bean here.

Buyers need 30% in most cases to purchase income property. However, if you are living there you can still do an FHA or less down. It is tough to get loans on these so your competition is less. I think there are some nice opportunities in the mulit-unit market. There are no real steals but they will only appreciate over time. The lower end units need far to much work to make them good rentals

Also this new incentive that includes non first time home buyers is bringing out more people who were on the fence about pulling out money on their paid off homes to buy a second home or upgrade to a new one. We are just starting this phase so it be interesting to see how this effects the prices. It may bring both sales and prices up a notch.

The only thing that is certain is, "There is never a bad time to buy real estate, only bad times to sell"

The secret anomaly to all of this is what the govt may do next to save and keep people from losing thier homes. New programs are popping up to help keep people from foreclosing. For as many homes on the market there are equal numbers in loan modification and some even doing a cash for keys and renting back from the bank.

Also you have to factor area, Pasadena, La Cresenta, Toluca Lake, some areas of Glendale and Burbank, Los Feliz have been increasing in value this year. Azuza, Long Beach, and many areas that had rapid builds have areas where there prices are still declining or leveling out.

Hope that helps
... more
0 votes 2 answers Share Flag
Wed Nov 18, 2009
James Martin answered:
A negotiation by definition takes place between a minimum of two parties. If the party that represents the listing is unwilling to negotiate, then yes, it is entirely possible for a property's pricepoint to be "non-negotiable."

Nevertheless, as an agent, I can tell you that I've run up against countless statements like these from Sellers or Sellers' agents only to find out that once my Buyer pitched an offer out below the asking price, they were usually met with a counter offer, i.e. a negotiation on the price/terms.

Do not let the phrase "non-negotiable" stop you from writing an offer. I always tell my clients to swing the bat, you never know what you'll hit.

Best of luck to you!
... more
0 votes 10 answers Share Flag
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
... more
0 votes 5 answers Share Flag
Wed Apr 23, 2014
Von Bonilla answered:
Hello Nedajah,

Here's a website that may help you http://cityofpasadena.net/Housing/

I hope this helps.

Thanks!
Von
0 votes 1 answer Share Flag
Fri Aug 21, 2009
answered:
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
... more
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.
... more
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
--------------
... more
0 votes 4 answers Share Flag
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
0 votes 6 answers Share Flag
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!
... more
0 votes 1 answer Share Flag
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