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91226 : Real Estate Advice

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Activity 59
Wed Mar 14, 2012
Frank Dolski answered:
Hi Nicole,
Yoou are correct. we have hit the bottom and prices are starting to slowly cllimb. Do remember that all areas are different and some increase more than others.
0 votes 5 answers Share Flag
Wed Nov 28, 2012
Tim Moore answered:
You have to work the numbers to see how much savings vs how much to refi. My guess is it won't be worth it.
0 votes 10 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!
... more
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
0 votes 3 answers Share Flag
Thu Dec 1, 2011
answered:
I only have short sale info, but I emailed someone there to ask for you.

Short Sale Department 1-866-521-3828
Short Sale Fax 866-517-7976
https://www.myauroraloan.com/ui/fprc/forms.aspx (links to forms from the Foreclosure Prevention Resource Center) ... more
0 votes 4 answers Share Flag
Fri Aug 5, 2011
April Hosein answered:
Hi Hakob,

Thank you for contacting me. What exactly what are you looking for and in what area and what price? If you give me additional information I can check with the owner of properties to see if they would be willing to accept Section 8.

Here is my phone number: 818-635-3527
April Hosein
... more
0 votes 1 answer Share Flag
Wed Jun 29, 2011
Anna M Brocco answered:
Any local agent can provide the information--if looking to sell, consider inviting a few local agents from different realty companies and ask for a cma, comparative market analysis; review the data, ask for opinions and establish a value. ... more
0 votes 1 answer Share Flag
Wed Apr 20, 2011
Kristina Martinez answered:
Well yes they can. But id someone else owns it has to go to court. Most people won't redeem because they have to pay what was owed plus costs. With most homes lost they are upside down. Not likely to happen. ... more
0 votes 2 answers Share Flag
Mon Oct 4, 2010
Mark Doran answered:
Hmm, tempting. I have to admit, it is a nice proposition;. however, you will not have any ownership to this wonderful deal. The landlord will be happy though because he/she will know their own mortgage payments are secure with your reliable payments. ... more
0 votes 1 answer Share Flag
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
... more
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.
... more
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
Fri Jan 8, 2010
John Barry answered:
Hi Lady,

Your best bet is to work with a good agent who can provide you with foreclosure listings that are available & fit within the area, price range & size/style you are looking for. Most foreclosure listings are sold similar to regular sales, listed by an agent and marketed as any other property would be. The seller you would enter into contract with should your offer be accepted would be the bank which foreclosed on the home, and the decisions would be made by the banks management and asset manager handling the transaction.

If you are not currently working with an agent and would like some assistance, I would be happy to help you out. Please give me a call at 323-810-7976 or send me an email to john.barry@coldwellbanker.com - I would be happy to go into the process in much greater detail with you an answer any questions you may have.

I also recently did a blog post where I re-posted an article concerning REO sales - you may find it somewhat helpful as it concerns this subject. You can find the article here: http://jbknowsthevalley.blogspot.com/2009/09/5-common-myths-regarding-sales-of-reo.html

Hope this info is helpful - let me know if you have any questions...

Have a nice evening!

John Barry
Coldwell Banker Residential Brokerage
Cell: 323-810-7976
Email: john.barry@coldwellbanker.com
facebook: http://www.facebook.com/RealtorJB
Twitter: http://twitter.com/RealtorJB
... more
0 votes 3 answers Share Flag
Fri Apr 23, 2010
Keith Manson- Metro Milwaukee Wisconsin answered:
A loan modification should stop the foreclsoure if in fact it is completed. The only way to confirm if it will effect the foreclosue sale is to contact the attorney handling the foreclosue sale and or the eviction. I would not just take the landlords word. It is always best to confirm what your told.



Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee
... more
0 votes 7 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".
... more
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.
... more
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
... more
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.
... more
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
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