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Home Buying in 91320 : Real Estate Advice

  • All22
  • Local Info3
  • Home Buying8
  • Home Selling0
  • Market Conditions1

Activity 11
Sat Jun 28, 2014
Barry Shapiro answered:
0 votes 3 answers Share Flag
Fri Apr 29, 2016
Tim Moore answered:
Sure you can, but since the bank has not approved or suggested a price it is more than likely the bank will say no to even a full offered price. Understand the seller and their agent have magically dreamed up the listed price in hopes of getting someone to make an offer. Then they submit the offer to the bank to see "IF" they might approve it. Since the bank has not come up with the listed price they often counter back for more than list price or just ignore the offer altogether. Welcome to the wonderful world of short sales. ... more
0 votes 7 answers Share Flag
Mon Jan 14, 2013
Scott Godzyk answered:
Pat there are 2 common loan programs the first is VA which is no money down but requires you to be a vetran, the other is USDA which the property and the location must meet certain criteria which is also no money down. FHA is only 3.5% down,.... The best bet is is to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any mortgages that you may quailify for and what their cost is.

http://www.trulia.com/blog/scott_godzyk/2011/08/how_do_i_know_if_i_can_get_a_mortgage_given_today_s_real_estate_market


PLEASE SEE MY BLOG FOR A FULL LIST OF TIPS AND ADVICE ON GETTING A MORTGAGE
... more
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Mon Nov 6, 2017
Barry Shapiro answered:
In this part of the country, I am not aware of 'rent-to-own' programs other than furniture stores and such. If you happen to have IRS tax liens, I have a colleague that specializes in reducing them (as an E.A.). ... more
0 votes 8 answers Share Flag
Thu May 3, 2012
Barry Shapiro answered:
Hi Rob,
This is more of a Lender question. You probably need to go with a seller financed deal, or lease-option with a longer term option. $10K down is a drop in the bucket, apx. equal to what you'd need to lease a place (1st, last and deposit)... If you'd start SAVING, and had more to put down, the conventional options would open up for you. I know of a lease-option house in Camarillo, if that's something you'd like to pursue. Once you turn 62, you can do a reverse-mortage Purchase, and will need 50% down, with no payments for life and you don't need a job nor any credt (good or bad). ... more
0 votes 6 answers Share Flag
Thu Jun 10, 2010
Barry Shapiro answered:
Sh,
You are in a very difficult predicament. You really should be asking your lender how to best approach this scenario. I understand you will need to have a minimum of 30% equity in a property in order to do a cash-out refi- (which is what you will be doing, in affect). Plan on a 90-day seasoning and plan to jump through hoops to accomplish that goal -- in today's uncertain lending environment. I would be intersted in knowing why the "seller" doesn't want an FHA Buyer -- does the property have issues? Suggestion: guarantee the seller that you will close the escrow on time, and put up a non-refundable deposit (1% ?) to prove it. You better be 100% certain you can get that FHA loan first, though.... ... more
0 votes 6 answers Share Flag
Mon May 24, 2010
Barry Shapiro answered:
Hello Sh,
Your lender should have already given you a good faith estimate of closing costs for you to sign. Plan on just less than apx. 3% of the purchase price for non-recurring closing costs. There are assumptions that the property will appraise and the seller is paying for typical items such as termite, HOA docs, NHD report and their own escrow-related fees. The date you close will determine how much money you'll need to pay for county property taxes in advance (based on the sellers tax basis). ... more
0 votes 2 answers Share Flag
Thu Jun 10, 2010
Barry Shapiro answered:
Hello Sh,
The largest hurdle you have is to obtain a decent interest rate for a Jumbo. Loans over the $417,000 conventional loan limit are considered jumbo loans. Also, If LTV > 80%, PMI will be added to your monthly mortgage payment. Depending on your lender, closing costs may need to be paid out of pocket; the home must be your primary residence and a single family home; debt-to-income ratio is less than 30%; and credit score is over 720, or in the case of certain Jumbo products you will need a credit score over 740. Good luck in your quest! ... more
0 votes 3 answers Share Flag
Sat Aug 22, 2009
Bonnie Sterling answered:
Hi Sophia,

The home that you are inquiring about does appear to be "properly" priced or in-line with other activity in the area. The home has been on the market since 3/27 and was price reduced $10,000 in May and $10,000 in July. There was a sale for a smaller model at $750,000 and there is a short sale listing at 919,000 that is "in escrow" subject the the lender accepting the price of the contract - which is less than what the homeowner owes.

I think that if you have not seen the home, you should before you set your mind about what the price should be. If you would like, I would of course be happy to make the arrangement. There are fewer buyers for homes in the price range and that affects the time on market but there are also home that have great condition, location and are priced appropriately that sell within day. Homes that are a good value in other words are selling quickly - primarliy to people who have been watching and waiting for the right home for them.

I know that the listing agent does a good job of marketing homes so, it is not for lack or marketing that the home is still available. Home inventory in the area is still low and interest rates are so good. So, if this home hasnt sold it is because of price, location or condiiton.

Please contact me if I can assist you further.
... more
0 votes 2 answers Share Flag
Sat Jul 25, 2009
Ted Mackel answered:
Juliet,

If there is any of the State money left over and you are a first time home buyer, then you can get up to $10k from the state on the new home purchase and up to $8k from the feds in tax credits. You can do quite a bit with that much money and if it is for a new home then, you can spend it on decorating and not renovation.

I am on my third purchase-live-in-renovation and you need to know what you are getting into before getting wrapped up in project house.

If it was for me and I did not have the construction and home improvement background I have, I'd look really hard at a new home purchase over a used home.
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Tue Jun 23, 2009
Joyce Zangmeister answered:
Questions like this can be answered by calling the Ventura County Sheriff's Department (494-8260) and/or the Thousand Oaks Police Department (494-8200) and asking for activity call reports. They should be able to answer your concerns.

PS. I live in Newbury Park -- Great weather, Great Schools, Great Location, Great!
... more
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