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91350 : Real Estate Advice

  • All14
  • Local Info2
  • Home Buying6
  • Home Selling1
  • Market Conditions0

Activity 91
Sat May 24, 2008
Jeffrey Schnabel answered:
Nicole,

On average, buying a bank owned property can take longer, sometimes much longer. But it really depends on the bank, how long they've been holding the property, and how the market is doing in your area. The bank wants REO property (real estate owned) off their books as fast as possible. Sometimes you'll get a quick response, similar to a normal sale, sometimes you won't.

Regardless of the list price of the home, don't think that some discount off of that price makes sense. You need someone educated about the market who has access to the data to help you determine what it's worth. You don't want to pay $535K for a house listed at $600K, thinking you're getting a deal, only to find out it was really only worth $500K. Then you're going to be the one in foreclosure.

If you have an agent, they should have all of this information. And don't think that by doing it yourself that you're going to get a better deal by avoiding the buyer agent's commission. If the bank is listing the property with a listing agent, as most do, then the listing agent is just going to pocket the commission that could have been paid to your buyer agent.

Hope this helps,

Jeffrey
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Fri Dec 5, 2008
Debt Free Dave answered:
Alot happens, for one your credit will be toast. You wont be able to buy for a few years. If it is your primary residence you can avoid a capital gain if the mortgage was a purchase money mortgage. Here is an additional resource on foreclosures;

http://getprequalified.com/article_list_real_estate_foreclosure.php
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Sat Jul 26, 2008
Cindy Vedder answered:
There's one town house listed in Valencia at this price level and is 1420 sq. ft. listed at $310K and that is it. It's MLS #: P2104871. Good Luck. Cindy Vedder
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Wed Jul 30, 2008
Maggie, your REALTOR® answered:
Hello Chris!

You can certainly get a loan with as little as 3% down with FHA ! The limit is $729,000 for the home!

That's the great news for you!
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Fri Mar 21, 2008
Brendan Murphy answered:
Anything is possible. Your offer would only be about 8% under the purchase price, that is not unreasonable. As far as bank or REO listings, it really depends on what is owed, including all late fees, lawyers, whatever might be involved. They may allow wiggle room, they may not. All you can do is make an offer and see.
Good luck,

Brendan Murphy
Broker, CRS, GRI, ePro
Raving Real Estate
Laramie, WY 82070
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Wed May 21, 2008
Terra Bruns answered:
The first thing you have to consider is qualifying for the loan. Manufactured homes/mobile homes are usually on leased land, and the banks require 10-30% down depending on credit,the interest rate is higher because they are really considered personal property and not real estate, and thirdly, the land leases can be upwards of 1000 dollars a month on top of your utilities, bank payment, food, gas, etc. If you have money to put down, the chances of you qualifying for a condo are going to be much higher because it is real estate, the interest rate would be lower, the HOA fees are much lower than land lease payments, and you would be able to rent rooms to other friends/college attendees to assist with the payments. I would love the opportunity to discuss this further with you, so please feel free to contact me as there are lots of ways to get you into something you can call your OWN.
Terra Bruns
661.373.0151
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Wed Oct 8, 2008
CJ Brasiel answered:
Val-

The first question is always -
Did you have a buyer broker agreement with this agent? This is a contract that states they will be your agent for x period of time. If you did have an agreement, did you cancel that agreement with the agent ?

If the agent is not a broker, did you let the broker know of your dissatisfaction with the agent and why you were canceling the contract/relationship?

If you did any of the above, you can probably proceed on using another agent without any worries about ramifications from the previous agent. However, if you have/had an agreement (contract) with the first agent and have not dissolved it, the original agent could claim that they were the "procuring" agent of the sale and demand commission.

Obviously, you can see how there may be more to this then a simple answer. If you are unsure at all, contact a real estate attorney. Even though the seller pays the selling agent's commission, you do not want the seller having to pay 3 commissions or they might not see your offer as that great of a deal.

As far as the short sale offer goes, if it was presented by this original agent, you most likely have to see it through or withdraw the offer within the contingency period indicated in the contract and walk away from the deal.

Your situation sounds very complicated and I believe your best bet would be to sit down with the agent's broker or a real estate attorney to sort out how to accomplish what you want.

Good luck.

CJ
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Thu Feb 14, 2008
Julia Huntsman answered:
Val, it's so important to get your comparable sales for the area when you write up the offer. Even then, appraisals may be different. As to how that difference is handled depends on what the terms of your contract said--but usually it's not automatic that the seller must give you the lower price. I would recommend talking to your lender. As for repairs, they are negotiated between buyer and seller, and any repairs agreed upon in writing should be completed prior to the close of escrow. If an unexpected event happens after the close of escrow, your home warranty policy, if you have one in place and hopefully you would, may cover an event if it's included under the policy's terms. ... more
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Sat Feb 9, 2008
answered:
Hi Mitchfp,

As a resident of Santa Clarita for over 30 years, and a Realtor here too, I think I can honestly tell you that there really isn't a bad place to live in Santa Clarita. Theres Newhall, Valencia, Saugus, Canyon Country, Stevenson Ranch, Westridge, Tesoro del Valle, and Castaic. All pof those areas of the Santa Clarita Valley offer great areas to live in. Of those, Newhall and Canyon Country have a few "bad" parts - areas with what's perceived to be higher crime rates that others, but you should verify that with the local Sheriffs office. By far and away, the Valencia area, and Stevenson Ranch tend to be the most in-demand areas of Santa Clarita. This reason has a lot to do with the beautiful layout of the communities, and the schools. They are both master planned communities, so everything is in it's proper place, and takes into consideration residential, commercial, and public facilities.

Due to the fact you may be moving from Louisana, if I were you I'd bank on a sure thing - Valencia. No room for error since your're moving from so far away. All parts of Valencia are nice, and there is all different types of housing, matching just about everyone's price range. Best of luck, and let me know if I can help you with anything else.
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Wed Aug 13, 2008
Alicia Beyer answered:
Thats what Title Insurance protects us from. Title Insurance guarantees clear title.
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Wed Oct 16, 2013
Michelle Carr-Crowe answered:
Great question--what is your delta or differential between what you expect to sell for/buy for now vs. a few months or a year ago? If you get lower but it gets you the same or better home now, it makes sense to move forward. If not, look at the trends to see if what you want to do appears possible in the next few months/year. ... more
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