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91356 : Real Estate Advice

  • All25
  • Local Info0
  • Home Buying14
  • Home Selling5
  • Market Conditions0

Activity 24
Thu Jan 31, 2013
Ron Thomas answered:
Lease/Option
You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!

The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.

There is no FORM printed by anyone; there are just too many variables.
The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?

This is the Ultimate Caveat Emptor!

Good luck and May God bless
... more
0 votes 1 answer Share Flag
Fri Jul 20, 2012
Steven asked:
This question was asked from http://www.trulia.com/property/3085326159-5653-Calvin-Ave-Tarzana-CA-91356
0 votes 0 Answers Share Flag
Wed Apr 27, 2016
Sue Wylie answered:
You would need to have the friend's loan number and/or a recent mortgage statement.
0 votes 12 answers Share Flag
Mon Feb 20, 2017
Scott Godzyk answered:
Credit score is just part of the picture, you should meet with a local and trusted loan officer who can prequailify you at no cost and let you know what is available given your whole financial picture. Good luck ... more
0 votes 12 answers Share Flag
Fri Jun 13, 2014
Gregorio Denny answered:
It's possible with FHA. You should meet with a licensed loan officer in your area and most likely they will be able to assist you in getting it above 620 where you will have more options. ... more
0 votes 3 answers Share Flag
Sat Aug 18, 2012
Gail Steinberg answered:
The best place for you to be looking is ether Westside Rentals or drive the main streets. Usually at that $900 per month price most owners don't use a realtor. I will check what I find and email what I come up with and if any of it looks interesting to you let me know and I can show them to you. I need your email address to send you the listings.

Thank you,
Gail (818)728-2211
... more
0 votes 6 answers Share Flag
Sun May 17, 2015
Ron Thomas answered:
We are getting a lot of questions about Lease/option;
Some people think that there are a lot of L/O properties out there,
There are not!

The primary reason for the Buyer doing this, is that they cannot get a loan from a bank.
The primary reason for the Seller doing this, is that they haven't been able to sell their property.

To answer your questions:
There are not very many properties for $75,000 that do not need a lot of re-hab,
Most of them are owned by the Banks.
Assuming that you did find a viable house for $75, the terms for a L/O are variable; they can be whatever the two principles agree to, including the Deposit, the monthly payment, the allocation to the Option, the Selling price and the Contingencies and terms.
This is a real "Caviat Emptor" for all concerned:
I would suggest involving a Real Estate Attorney.

Good luck and may God bless
... more
0 votes 6 answers Share Flag
Sun Aug 5, 2012
John Arendsen answered:
As a landlord, property manager and RE broker, I don't always look at only the credit. I look more at the over all application. Rental payment history. Pays onetime or pays late. Employment and income are important as well. I like to see some consistency and stability.

We all have set backs in our lives i.e. divorce, death, personal injury, loss or huge decrease in income, etc and stuff does happen throughout the course of our lives so I judge accordingly. I'm also a bit of a people person and never rent to anyone that I haven't personally interviewed and gotten to know somewhat.

It's a little different in a large apartment complex and a little more cut and dried. In this situation you usually have a landlord employed by the owner or a property management and the management can't and won't take the time for much of a one on one if any.

They tend to go strictly by the books and the protocol that their owners/property managers set forth and there isn't a whole lot of wiggle room. Thus you may want to consider looking for a place that fits your income and ability to pay but not necessarily a big apartment complex.

Try a duplex, triplex, home, garage apartment, condo, etc owned by an individual who will take the time and effort to hear and understand your situation. Believe me it will save you a lot of grief and frustration. But by all means be has open and honest as you can. If your perspective landlord doesn't get good vibes you may be out of luck.
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Tue Jan 10, 2012
Rudi Hofmann answered:
Avatarchik77- I do not have any names handy- Should you wish I may be able to provide some names. This link is a page on my website. "Vesting Title in Entities" http://www.umboc.com/PageContent.aspx?PageID=213 -This would not be on my site if a percentage of my clients were not doing this. All have more than enough insurance- I am very certain. Happy funding- Rudi

PS- This only applies to non-conforming loan amounts
... more
0 votes 1 answer Share Flag
Wed Jul 6, 2011
Pat & Steve Pribisko answered:
It depends on what your "small blemish" is. Your best bet is to make an appointment with a loan officer at your local bank. Your will find out quickly whether or not you qualify for a mortgage loan. And, if you don't, ask the loan officer what you need to do to become qualified. ... more
0 votes 12 answers Share Flag
Wed Feb 16, 2011
Sara Mehrpouyan answered:
Most likely outstanding mortgage refers to how much money you owe or the balance of your loan or loans on the property. Please let me know if I may help you with the sale of your home. Good luck.

Sara Mehrpouyan
Rodeo Realty
www.AtHomeWithSara.com
Direct Phone: 818-903-2040
Dre #01712757
... more
0 votes 8 answers Share Flag
Wed Feb 9, 2011
Sunnyview answered:
Honesty is number one for me. Market knowledge and experience come in two and three.
0 votes 5 answers Share Flag
Wed Feb 9, 2011
Richard Schulman answered:
There are no government programs for tax benefits. You may be eligible for benefits such as deducting your property taxes, or deducting depreciation if you are renting out. Contact a tax advisor!! ... more
0 votes 3 answers Share Flag
Sat Nov 27, 2010
Cricket Yee answered:
Wed May 12, 2010
Richard Schulman answered:
Faye,

There is no one answer. Selling your home depends on what your needs are. If you need money now, or in the short term, and you have equity in your home, you may want to sell, because a market recovery is not around the corner. If you have equity, and you simply want to releverage it, because the market is depressed, this may be an ideal time to convert your home into a bigger or smaller home, or into multiple investment properties. If you would like to contact me, I would be hapy to discuss your situation with you, and offer you a personalized solution.

Sincerely,


Richard Schulman
#1 Listing and Selling Agent
Tarzana Resident
Keller Williams Realty
310-482-0173
schulmanrd@yahoo.com
www.RichardSchulman.com
... more
0 votes 7 answers Share Flag
Tue Dec 7, 2010
Philippe Rodrigue, MBA answered:
Hi, how are you? Yes I know 2 great mortgage lender who can help you out. I use Mike Owens from Skyline financial located in Calabasas. His phone # is 310-657-2202. e-mail is mikeowens@skylinefinancialcorp.com. He does a lot of FHA loans (3% down)

Also John Ciolino from fist Capital located in Santa Monica. His phone # is 310-890-6311 and his e-mail is john.ciolino@firstcapitalmtg.com

Good luck and let me know if I can help you with anything else.
cheers
... more
0 votes 5 answers Share Flag
Wed Mar 31, 2010
Richard Schulman answered:
Hi, I believe you asked this question twice. This listing was canceled. You should be able to access this info on the MLS?
0 votes 1 answer Share Flag
Wed Aug 19, 2009
Carl Snyder answered:
Contact the lender from 1989. A reconveyance needs to be recorded. This is a title issue and your title rep can help.
0 votes 3 answers Share Flag
Thu Jun 25, 2009
Arielmnboy asked:
This house is sold. 18630 wells drive tarzana ca. and it is still on every sites. and they are not taking it down from their sites, even this site. So please take it off and tell the ot...
0 votes 0 Answers Share Flag
Thu Jun 25, 2009
Arielmnboy asked:
This house is sold. 18630 wells drive tarzana ca. and it is still on every sites. and they are not taking it down from their sites, even this site. So please take it off and tell the ot...
0 votes 0 Answers Share Flag
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