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91206 : Real Estate Advice

  • All8
  • Local Info0
  • Home Buying2
  • Home Selling0
  • Market Conditions0

Activity 59
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
0 votes 1 answer Share Flag
Tue Jun 9, 2009
Bill Eckler answered:
MrPrint,

Consider viewing the attached website. It is a good example of a common sence approact to explaining the "First Time Home Buyer Tax Credit" program,


www.federalhousingtaxcredit.com/2009/faq.php

Good luck
... more
0 votes 4 answers Share Flag
Sat May 30, 2009
Steven Ornellas answered:
Hi Akiko, assuming you are in a $729,750 County, $70,250.

Check loan limits here: https://entp.hud.gov/idapp/html/hicostlook.cfm

Best, Steve
0 votes 2 answers Share Flag
Wed May 16, 2012
Lori Lewis answered:
My son has the same set up (we pay for it all!) and we give him $300 a month. That is for gas, movies, and I am sure a few beer and pizza parties. We are in PA so I am sure the cost of living is higher in CA.

I think your right on the money depending on how much gas he uses to come home.
... more
0 votes 3 answers Share Flag
Mon May 11, 2009
Mario Villagran answered:
Chong,
First talk to your agent about what you expect from them and just open up the lines of communication. They may not know that you are not satisfied. If you two can't come to terms of what is expected from your relationship then just terminate your business relationship in writing. Any homes that he/she may have showed you they are entitled to compensation so make sure you let your new agent know what homes you have seen with your current agent.
If you still decide to terminate your relationship then interview a few agents and choose the one that you are going to be comfortable dealing with. I'm open to being interviewed just contact me @ 818-416-7511.
... more
0 votes 3 answers Share Flag
Wed Mar 25, 2009
BOB Khalsa answered:
8 months. Happened about 3 years ago.

Bob Khalsa
Broker
bobfoxbat@gmail.com
0 votes 2 answers Share Flag
Thu Mar 12, 2009
Mario Villagran answered:
I've had a lot of clients in this situation. The nice thing is that you are in Glendale and in Glendale you can get a good amount for rent. If you are able to rent your house and break even then there's still another obstacle. Since you don't have 30% in equity in your current home and since you don't have cash then you might have to go FHA. I believe FHA will now consider both mortgage payments to calculate your debt to income ratio and not consider what you collect in rent. I might be wrong and if they do consider the amount you collect in rent it may only be 75% of the rental income. You might want to talk to a lender that specializes in FHA as well as conventional. Good luck. If you need to be referred to a lender feel free to contact me. ... more
0 votes 3 answers Share Flag
Sun May 20, 2012
Monique & Joe Carrabba answered:
Hello Lola,

Not just any agent can do the process (anyone with a liscense). It's best to go with an agent that has experience. There are properties in foreclosure (short sales) and also REO (bank owned properties). You want to make sure you choose someone that can present the best offer (when it's a good deal or know when to offer less when it's priced a little high) and also prepare a strong offer.

if you need any assistance, I'm always there to help.

Best,

Monique Carrabba
Keller Williams Wilshire
mcarrabba@kw.com
... more
0 votes 6 answers Share Flag
Mon Oct 27, 2008
Dawn Isenhower answered:
Andy,

I would do two things. I would get a contractor in there to give an estimate of what it would take to fix the damage, and then, I would get an estimate from an exterminator as to how much treatment would cost. An exterminator can give you a guarantee that the termites will not return for a certain period of time.

I would take these estimates and present them with the adjusted offer (if I really want the home). If the home is not a big deal though, I would leave it and buy one that does not require the extra work.


Good Luck,

Dawn Isenhower
... more
0 votes 5 answers Share Flag
Mon May 7, 2012
Mario Villagran answered:
In a nutshell a short sale is when the home is being sold for less than what is owed to the lender and the seller can not pay for the difference. Although the seller may agree to a sales price all terms and conditions must be approved by the lender. There's pros and cons but for everyone it is different and a seller should consult a real estate or tax attorney to see how it would affect them. For the buyer it is another opportunity to get a property at a discounted price if the lender agrees but the process is a very long one so you must be patient. ... more
0 votes 7 answers Share Flag
Mon Sep 29, 2008
Gary Gukassian answered:
Hi CH,

The areas you mentioned are the areas I work with on a daily basis. I assume you have an agent since you indicate you have seen everything there is to see.

Do not get discouraged. The home buying process can take some time. New properties come on the market all the time.

The relationship between a buyer and agent needs to benefit both parties. I don't want to waste my time either. Call or e-mail me with your info so that I can confirm your criteria. Once confirmed, I will help you find the property you are looking for.

There are numerous homes under $500K. I can send you a list if you like.

Sincerely,

Gary Gukassian
Beverly Realty
mrggg@aol.com
818-303-4093
... more
0 votes 3 answers Share Flag
Wed Aug 20, 2008
David answered:
Mon Aug 8, 2011
Keith Sorem answered:
The home equity line of credit (HELOC) uses the residence as collateral, so you will need to pay it off or negotiate with that lender. HELOCs are one of the things that cause problems in a short sale because in most cases it is cash loan, meaning that the proceeds from the loan are spent, so if there is foregivness it is treated as income.

Only purchase money or money used for re-habbing the property is part of the mortgage forgiveness act, (see link)
... more
0 votes 2 answers Share Flag
Wed Nov 17, 2010
David - Appraiser answered:
Contact an Appraiser who provides service in that area and request a retro appraisal on the property for the date needed. It is the same procedure used when determining a date of death value on real estate, when the property owner passess away, for estate tax purposes. Here is a link to search for an appraiser in Glendale, CA 91202 http://www.orea.ca.gov/ When you go the the site, click on the tab "Find an Appraiser" - enter city and zip - click search - you should get a list of active apppraisers in that area that are in good standing. Be sure to ask if they have expierence in reto appraisals - preferably an Appraiser General or Certified General Appraiser. ... more
0 votes 5 answers Share Flag
Fri Mar 7, 2008
Bob B. answered:
VERY !!!! The city could require after the fact compaction tests, slab analysis, etc. Big gamble ......
0 votes 5 answers Share Flag
Fri Jan 4, 2008
Christopher Walker answered:
A 1099 may now be a mute point since the Mortgage relief act of 2007: http://www.whitehouse.gov/news/releases/2007/12/20071220-6.html
Who would get it? It would be the mortgage holder as that person is still liable for the mortgage payments regardless of a quit claim. The quit claim deed does not relieve the mortgage holder of their financial responsibilities when it comes to the trust deed. ... more
0 votes 1 answer Share Flag
Thu Mar 3, 2016
Ute Ferdig - Atty. Negotiator answered:
Hello Florence. Any real estate agent can provide you with a list of all the homes that sold through the MLS in a particular zip code. This would be the easiest way for you to get the information quickly. The search does not take long and believe me it's not an imposition on the agent. I would go that route. I dont know of a website that would allow you to get a list of all the houses that sold in a particular zip code area.
You can also contact a title company and get the information. They'll get the information through the public records.
... more
0 votes 10 answers Share Flag
Tue Oct 21, 2008
simplenickel answered:
What's key is to make sure your rental income will cover your out-of-pocket costs. That includes the mortgage payment on the property, as well as taxes, insurance, maintenance, repairs and a vacancy rate of around 5%. (If you have five units, for example, you should expect at least one unit to be empty three months each year. Here's the math: 5 units times 12 months equals 60; 60 times .05 is 3.) ... more
0 votes 4 answers Share Flag
Thu Nov 18, 2010
Manisha answered:
We moved for better school district and family was growing, needed bigger house and also market was good to buy new house.
0 votes 3 answers Share Flag
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