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Home Buying in 91204 : Real Estate Advice

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  • Home Buying4
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Activity 28
Tue Mar 19, 2013
Tommy Lee answered:
Nicole,
Lease to own are very hard to find.

Please call or send an email if you need help with any of your real estate needs.

Tommy Lee
DRE #01723594 SFC (Short Sale & Foreclosure Certified)
Premier Service® Professional
tommy.lee@dilbeck.com
323-821-2292
говорю порусскии
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0 votes 4 answers Share Flag
Mon Sep 16, 2013
Fred Yancy answered:
A traditional 203K loan specifically allows for the simultaneous purchase and repairs of a home. A home purchased with a conventional mortgage must be able to pass an appraisal, an evaluation of the home's worth, with a value that meets or exceeds the mortgage amount, and a damaged or outdated house commonly does not pass appraisal.

The Streamlined 203k Limited Repair loan lets a buyer finance up to $35,000 in extra money to improve a home as of 2011, in addition to a conventional mortgage. The streamlined loan is for homes that need improvement, but not as much as a home under the traditional program would need. Both types have the same basic U.S. Department of Housing and Urban Development rules and eligibility criteria.


House Limits

The qualifications for a buyer who wants a 203k loan are based on the participating lender's criteria, but the home being purchased is subject to universal standards set by HUD. The house must have no more than four units and be at least one year old. A demolished home or home that has to be demolished as part of the renovations qualifies as long as part of the foundation remains in place. A condominium unit can be rehabilitated using a 203K loan as long the borrower intends to use the unit as a primary residence.

A home that is considered both residential and commercial -- referred to as "mixed use" -- is eligible for the 203k loan program if the commercial use does not exceed HUD's percentages, as determined by the HUD appraiser. A one-floor structure cannot have more than 25 percent of the floor area used for commercial purposes as of 2011.


Finance Limits


Both 203k loan types cannot exceed the lesser of two figures: 110 percent of the home's estimated market value after repairs or the property's current value and the cost of the work. Loans for condominium units cannot exceed the market value of the unit after repairs as of 2011.

A home under the traditional 203k program must need at least $5,000 in repairs as of 2011. The streamlined program does not apply a minimum limit.

Fred Yancy, Broker
Crye-Leike Realtors
(678) 799-4663
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0 votes 8 answers Share Flag
Mon Aug 27, 2012
Mark Doran answered:
Hey Christine, what price range do you have in mind?
0 votes 2 answers Share Flag
Wed Aug 22, 2012
Levon Leo Yengibaryan answered:
Because of a very low inventory in the market there is some increase of prices, and not only in Glendale area. Because it has been only for the last few weeks, we cannot state that this is permanent and not a result of seasonal fluctuations and/or low inventory. Overall it is a great time ti buy and sell, especially considering the low interest rates. Feel free to contact me at 818-415-0147 with any questions. Thanks. ... more
0 votes 3 answers Share Flag
Sat Dec 1, 2012
Edwin Andriassian answered:
Hi Marcos,

I'm not able to see the property address. Would you please be kind enough to send me the address?

By the way, please feel free to call me at 818-371-8015 and I would be glad to answer any other question that you might have about this or any other property.

Sincerely,
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0 votes 4 answers Share Flag
Sat May 26, 2012
John Arendsen answered:
As an investor I look for OWC's aggressively. Just make sure you use an experienced RE attorney who knows how to package these types of deals. Lot's of sharks in the water.
0 votes 1 answer Share Flag
Mon Dec 28, 2015
Student Of The World answered:
Go slow!!! Dont feel like you have to be in a house by the end of the month. There is nothing wrong with renting while you save up a hefty down payment while also growing your credit score. Try to be as close as you can to debt free. Also I would strongly recommend a home inspection when you do buy. This SHOULD keep you from having any surprises when you move in.

Also thank you for your service as an educator. You guys do not make nearly as much as you should.
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0 votes 17 answers Share Flag
Wed Mar 14, 2012
Jeero Habeshian answered:
Hello Moimoi:

You ask a good question which can have several correct answers. However, the way I practice real estate, and teach our agents is very simple: If there is a question of what we call in the industry and legally Procuring Cause, the bottom line is who is the buyer/client wanting to represent them.

Unless you have an exclusive buyer/agent agreement with the previous agent, it would be difficult for that agent to claim compensation. You should also consider how much work the previous agent did for you, and why you chose to make a change. If you end up writing an offer on a property the previous agent showed you and you buy it, one solution is to give them a referral fee.

Your experience of buying a home should be a joyous and fun time. So iron out possible kinks in advance and you should be good to go. Good luck to you!
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0 votes 5 answers Share Flag
Thu Feb 9, 2012
Christopher Lefebvre answered:
The correct answer depends on how much closing costs would be (ideally as low as possible) and how long you plan on owning your home. You should do the math out both ways for the length of time you plan to own the property (current rate/terms versus your new terms). See which one gives you less interest and fees going out over that time period. Then you can decide if it makes sense or not. ... more
0 votes 1 answer Share Flag
Thu Feb 9, 2012
Jeero Habeshian answered:
Hello Nicole:

Any continuous income is considered for the purpose of qualifying for a loan. I would look at your total income, expenses, the value of the property, and your credit to determine whether you qualify.

E-mail me at Jeero@GlencrestTeam.com or call me at 818.523.9995. I will gladly look at your options and provide you info. No obligation to you. Good luck!
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0 votes 2 answers Share Flag
Mon Jan 30, 2012
Roland Vinyard answered:
You need an attorney. Before you can withdraw, declare "time is of the essence" and put down a closing date, a line in the sand - after which the sellers will know that they have lost the sale. That date should be as soon as it can be and still give a (barely) reasonable amount of time to close.. ... more
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Wed Jul 21, 2010
Dan Chase answered:
Do you have credit? Is your credit (fico) score above 620?

If your income is secure. If your industry is not going to throw away even more jobs, if you are prepared to buy and live in a location for many years to come even if the house value drops more you should be ready to buy.

You are NOT ready to buy with your boyfriend. Buy by yourself. To many times relationships end and mortgages live on. That means if you were to buy with anyone not your husband you need to write out a legal document that says what each party is responsible for regarding the house if the relationship fails. It is not romantic, but is extremely practical.

Below are some things to look at and consider before buying a house. This is a long term very large expenditure of monies that needs to be considered very thoughtfully.

See if renting or buying makes more financial sense for you. Using your numbers the blog below shows how.
http://www.trulia.com/blog/dan_chase/2010/01/does_it_make_more_sense_to_buy_or_to_rent_look_at_the_numbers_and_decide_for_yourself

Why renting paying more each month just might be a smarter idea. A very different perspective below.
http://www.trulia.com/blog/dan_chase/2010/02/why_rent_if_you_could_buy_for_less_money_valid_reasons_inside

Some valid reasons to wait to buy a house. Consider this well.
http://www.trulia.com/blog/dan_chase/2010/01/10_valid_reasons_to_wait_to_buy_a_house

Look at some things about foreclosures below before buying anything. Then do more research for your local area.
http://www.trulia.com/blog/dan_chase/2010/03/foreclosures_things_you_need_to_know_before_buying_any_property

A basic overview of the house buying process.
http://www.trulia.com/blog/dan_chase/2010/01/its_your_first_home_and_you_are_looking_for_something_but_not_sure_where_to_start_to_look_or_get_loans

Why the cost of gasoline could make a big difference when you are looking at buying certain properties.
http://www.trulia.com/blog/dan_chase/2010/03/should_you_consider_the_price_of_gasoline_both_today_and_tomorrow_when_buying_a_house_i_say_yes_see_why_inside


What should I watch out for when choosing a home to buy so that I don't jump into a money pit?
http://www.trulia.com/blog/dan_chase/2010/02/what_should_i_watch_out_for_when_choosing_a_home_to_buy_so_that_i_don_t_jump_into_a_money_pit

Finally, not to be found elsewhere...Some things to find out and questions to ask to minimize the likelihood of buying a house with some problems you do not need.
http://www.trulia.com/blog/dan_chase/2009/11/questions_i_would_ask_when_purchasing_any_property
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0 votes 13 answers Share Flag
Mon Jun 28, 2010
Keith Sorem answered:
KJ
There is not very much inventory in the Montrose, La Crescenta area, so most properties that have owners in trouble tend to sell as a short sale instead of foreclose, which is less expensive for banks. One way to look at it is that a short sale is like a pre-foreclosure. If the property does not sell short, then it will be foreclosed eventually.

If you'd like to see distressed sales in the area, let me know what you are looking for and we can find some properties that match.
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0 votes 7 answers Share Flag
Tue Sep 24, 2013
CJ Brasiel answered:
Casa -

Yes, if the city finds out about it they can require it be torn down.
Normally, it is a neighbor who reports it.

http://bit.ly/cjVOOD

CJ
0 votes 16 answers Share Flag
Tue Jan 5, 2010
James Gordon ABR SFR SRS answered:
Realty Trac publishes legal notices on properties. They do not get a percentage and the property is not listed for sale on Reaty Trac just that there was a legal notice.
They get money from advertisers and from people that subscribe to their service.
Their data may not be the most current here is an example of the disclosure on a property from today Oct 18 2009
**************************************************************************************************
Description provided by Trulia.
Description provided by Realty Trac. This property is a Notice of Foreclosure Sale. A notice was filed at the recorder's office by the lender's attorney signifying a public auction. This 0 square foot property has 0 bedroom(s) and 0 bath(s). The estimated bid amount is $737741. This property will be auctioned at public sale on Oct 07, 2009. To access more extensive information on this property click the 'more property detail' link below. You will need to register for full access. Information listed with each property including estimated loan balance is derived from sources deemed accurate but we do not guarantee the accuracy of such information. Please consult all relevant title documents prior to purchase.
*********************************************************************************************************

As you can see it was scheduled for sale at action 11 days ago!

If you sign up you will know who is being served with papers but be careful about going up to their door and asking them if they want to do a short sale. Some people take offense at , in the terms of someone that called me to help them "vultures knocking on the door".
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0 votes 3 answers Share Flag
Wed Jan 6, 2010
Keith Sorem answered:
The foreclosure process starts when an owner fails to make a mortgage payment. From that point there is a brief period where the buyer can pay the late fees and make the loan current. If the owner does not make any effort to solve the problem, then the lender sends the owner a formal "notice of default" or NOD. Once that has been done, the clock is ticking. The final step is to inform the owner that they property will be sold to pay the debt, and that notice needs to be received 20 days prior to the sale. The owner can still repay all of the back payments, interest, and late fees to stop the sale up to five days prior.

These are the time frames by statute, however some lenders are overwhelmed and have time frames that are longer.
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0 votes 2 answers Share Flag
Sat Sep 19, 2009
Leasing To Own Solutions answered:
Hey there Margo....

The hardest part of a lease to own transaction is finding someone who is actually willing to sell as a lease to own. Many Real Estate Agents won't bother with Lease to Own transactions because they don't want to wait months or years down the road to get paid. That, and the fact that many aren't educated enough to put one together. They usually only know how to deal with a buyer that has 700+ credit and 20%+ to put down.

That's the problem that I'm having....I have TONS of buyers contacting me needing lease to own houses and I read of lots of people looking for lease to own houses..........but sellers aren't willing/aren't in a position to sell that way. And some are just in denile/unrealistic about their house. Just over the past 2 weeks, I've emailed and called about 50 homeowners in the San Francisco area who had their house "For Rent" and as of yet, none have wanted to sell. They just want to lease it out to typical "come and go" renters. I don't even bother trying to call on listed properties. (That would be like subjecting myself to water torture) :-)

The paperwork is fairly simple when you and and Attorney sit down and put everything together. As long as all the points are agreed to PRIOR TO you moving in, then it's a no-brainer. It's simply a lease agreement and an option to purchase agreement. The major points that you would need to agree to is how long the lease is, what the purchase price is going to be, what your monthly lease payments are going to be, and who is responsible for the maintenance throughout the lease. All the other stuff can be agreed to and written down in the paperwork by the Attorney/Title Company before you move in.

Best of Luck!

Darin
Lease to Own Professional and Independent Consultant
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0 votes 5 answers Share Flag
Mon Aug 3, 2009
Keith Sorem answered:
To take advantage of the home buyer plan you need to attend a class that is offered about twice a year.
The program allows first time homebuyers to obtain down payment assistance, however it is limited in terms of income (meaning you can only earn so much money), and there is also a limit on the selling price of the property.

The funding is also limited, so with all of the budget cutbacks I do not know what the current status may be. However, you can find out by calling 818-548-2060.

In exchange for the down payment assistance the city put a lien on the property. When the property is sold or re-financed the lien is paid off.
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0 votes 1 answer Share Flag
Wed Jul 15, 2009
Mark W. Miller, Realtor answered:
Some lenders have a "seasoning" or "aging" policy. You can learn more about this by doing a search on the terms "mortgage" and "seasoning". Sometimes this seasoning period can be as short as 90 days. One option for you might be to negotiate with the seller for a longer ecsrow period that will cover the seasoning time. It depends on the seller. They may want to turn the property as quickly as they can and not wait, but on the other hand, the seller may run into the same problem with another buyer unless that buyer is paying cash. ... more
0 votes 2 answers Share Flag
Mon Jul 6, 2009
Tony Syedin answered:
Hi Dianne,
Most likely it means that the Bank had an offer and approved the sale of the property for $240,000. The listing agent is letting you know what the bank is comfortable with, as far as the selling price. ... more
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