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Home Buying in 91362 : Real Estate Advice

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  • Local Info2
  • Home Buying22
  • Home Selling2
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Activity 53
Thu Apr 15, 2010
Mary Albee answered:
Moorpark and thousand oaks are adjacent to each other. 5 -10 mins at the most with several different routes
moorpark can go from rural horse properties to tracts to housing around the college. If you like large spaces check out somis as well. There is also santa rosa valley which is spectacular...equestrian,orchards,lavendar farm and a great community
let me know if you need more info
mary albee
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Thu Apr 15, 2010
Jj Lambert answered:
The commute is a very simple commute. The only thing that is a issue is the grade. Other then that it is maybe 15 minute trip and you are at work.
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Tue Aug 3, 2010
Barry Shapiro answered:
Hello Es,
This is an excellent question. Lis pendens foreclosures are properties which have a pending suit against them due to the failure on the part of the home owners (you) in paying their mortgage payments to their concerned lenders. A viable property for prospective homebuyers and real estate investors, it is a common practice to buy foreclosures lis pendens from the previous owners who still posses the rights of selling the property. Lis pendens is the Latin term which means a “pending suit” and refers to the notice filed by a bank or a mortgage company at the county recorder's office (800 Victoria, Ventura). BEFORE the lenders foreclose any property a lawsuit is filed against the concerned property due to payment defaults by the homeowners.

When a property is facing 'foreclosures lis pendens' the homeowner has complete ownership until the property is finally foreclosed. During this period which is known as pre-foreclosure the homeowner has the rights to sell or seek refinancing for the property. We have a plethora of links on our website which address where you can go for help at this point. Time is of the essence. Have you called your Lender? Also, try to call this number to seek direction: 888-995-HOPE. We specialize in providing options to Ventura County homeowners facing challenging decisions to their housing and financial woes.
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Mon Mar 8, 2010
Sean Dawes answered:
As far as a real estate agent to go with, have you looked under the advice and opinions section on trulia? There is a find a pro feature which you can then look up a local agent that is active. Think its a great way to find an agent to work with.

As far as the FHA goes. FHA guidelines are more strict and lots of homeowners are afraid of locking in with them I think.


Sean Dawes
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Sat Mar 20, 2010
Steven Tustin answered:
The problem is the bank has to approve to sell your home short (less than the value of the loan) based on a consideration of your personal hardship (i.e. you got laid off, etc.) not something you voluntarily took on such as quiting your job. If you can still afford your mortgage payments its probably better to keep on paying on the loan and at least have a roof over your head even if you're upside down since more than likely property values will someday return.

Another option is to have a loan broker look into a loan modification to help reduce your monthly payment just remember to look out for the scams out there and never give anyone any money up front to do a loan modification for you.

If you can get the bank to sign off on selling your home short it will mean a hit on your credit of about 2-3 years where you'll be unable to qualify for a home loan and perhaps other financing like car loans, etc. If you walk away and let the bank foreclose on your home it's much worse at a 5-7 year ding on your credit. Also consider that employers and landlords tend to check your credit these days as well.

Additionally if you do a short sale on your home there is nothing stopping the bank from reporting to the IRS that the amount of the loan not covered by the sale of your home is now a gift to you and you may be responsible for the tax owed on that "gift."

Steve T.
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Tue Feb 23, 2010
Hector G. Diaz answered:
Thu Oct 1, 2009
Barry Shapiro answered:
Markart,

#1: Consult with a Real Estate Attorney immediately.
#2: Consult with a Real Estate Attorney immediately.
#3: Consult with a Real Estate Attorney immediately.

If you don't have one, I can give you some names. ... more
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Mon Sep 28, 2009
Barry Shapiro answered:
Brenda,

Look into the 203(k) Rehabilitation Program (& Fixer loans). They can be pretty tricky, especially if you are competing with all-cash or conventional Buyers.

Most banks won’t lend the money to purchase a home until repairs are complete, and the home repairs can’t be completed until the house is actually purchased. But, HUD has a program to help with this ironic situation.

The HUD FHA 203(k) allows you to purchase or refinance a fixer upper, plus include in the FHA loan the cost of the home repairs and improvements. This FHA loan is provided through mortgage lenders all over and it’s available to anyone wanting to purchase a fixer upper. There are seven main steps to a 203(k) loan. First, the potential home buyer must find a fixer upper and complete a sales contract, after doing an analysis of the property with their real estate agent. The completed sales contract should basically state that the buyer is seeking a 203(k) FHA loan and that the contract is useful on loan approval based on additional home repairs by the FHA or the loan lender. Second, the potential homebuyer of the fixer upper selects an approved 203(k) loan lender and plans out all the work that must be done to the fixer upper, including a detailed cost estimate of each home repair or improvement. The third step in this HUD program is the appraisal. The appraisal must be done to determine the value of the fixer upper after all the home repairs. Next, if the homebuyer passes the fha lender’s credit test, the loan will be closed for an amount that will cover the purchase or refinance of the fixer upper, the home repair costs and the allowable closing costs. Also, the amount of the loan will include a safety benefit of 10 to 20% of all the home repair costs and is used to cover all of the extra work not included in the proposal.

The fifth step in the 203(k) program is at closing, the home seller of the fixer upper is paid and the remaining funds are put into escrow. This escrow account pays for the home repairs during the rehabilitation period. The 6th step is paying the mortgage payments. After the FHA loan closes, the homebuyer has the option to have up to six mortgage payments put into the cost of home repair rehabilitation. If the home is not going to be occupied during construction then this payment plan is possible, but it can’t exceed the length of the rehabilitation period. Finally, the last step in this 203(k) loan is handing over the escrowed funds to the contractor in installments. 10% of each payment is kept to ensure the completion of the home repairs. This money is paid after the loan lender determines there will be no more issues with the fixer upper.
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Tue Apr 10, 2012
Pacita Dimacali answered:
It is always a big issue whenever work is done without permits.

And yes, the onus is upon the buyer to do due diligence and research the property.

There have been several questions and blogs about the dangers in buying a home that had work done without permit. Of paramount importance is knowing the work was done according to cod because of safety and hazard issues.

During home inspections, we've seen where some remodeling was done in kitchens, new appliances were installed without upgrading the electric, or they were wired wrong --- just think of electric fires, gas leaks, etc.

Structurally, if a wall was installed, or a room was built out without permits, how confident would you be that the the roof won't fall in, that the wall will stay up, etc.

Regardless of whether or not the work was done before the current owner bought it, it was their decision to buy at that time. Don't make the same mistake this time.
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Thu Jul 2, 2009
Jon Griffith answered:
That's the hard part about buying real estate, or buying anything for that matter. Any time someone has cash to pay for something, they hold the power, because they can close quickly, and everyone involved can walk away from the home with win-win much faster than they can waiting for appraisals and lender approvals.

It's just life. The borrower becomes slave to the lender, and the cash buyer controls the market.
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Sun Jun 28, 2009
Barry Shapiro answered:
JEB,
That specific question is best answered by whoever told you what odds were of you having your offer accepted. If the property was a new house listing under $450K and you offered full-price, it is likely a more motivated Buyer (and/or more qualified) offered more than asking price to secure the now pending sale.

If your loan is FHA, you are at a distinct disadvantage when competing with conventional financing (20%+ down) Buyers. Might you be referring to the 657 Paige Ln. property?? If so, it is NOT yet pending, but it is released from showing: Per the agents comments: "In a multiple offer situation Seller reviewing offers, no new offers will be considered" ... I certainly hope you offered well over list price IF you were serious about purchasing this property. If not, I hope you'll now know what it takes to buy a home in today's Seller's market. Good luck!!
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Sun Jun 14, 2009
Barry Shapiro answered:
Hello JEB,

The question you pose is an interesting one in today's (sellers) market. First, to be specific, YES it IS POSSIBLE to find a property as you describe for under $340K. There is one on the market currently, just listed on Friday (see link below). However, now that we have identified a potential property, which happens to be an REO listed at $322,400 are you willing to offer $340K for it?? I went to the house yesterday at 8am, and there was a stack of realtor cards on the kitchen counter. Since you are not the only qualified Buyer looking for a property in the mid-$300K range, and because inventory levels are obviously low, the concept of supply and demand weighs in heavily -- so expect this property to sell well above list price. The floors are terra-cotta tiles, there are vaulted ceilings & the lot is quite large, with a deep wash behind the property. The baths have been upgraded, too. Good luck in your quest for a home -- Expect the competition to follow you at least until the end of the year. Should interest rates continue to rise, this will cause some to drop out of the market until prices decline again. ... more
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Mon Nov 3, 2014
Heidi Golff answered:
Hello Vimo,
The best way to go about this is to take an experienced interior designer with you to look at the home. They work hand in hand with contractors all the time and therefore know what the charge. They also know how much the materials are. As far as how much to add for a facelift, if it isn't in the right neighborhood, then don't do it! You want to spend appropriately for the neighborhood. I have a wonderful interior designer that I rely on. If you want her name and number, please call me. You could also hire a contractor to go with you, many are very well aware of pricing for different materials. It is probably easier to get a designer, though, and you will need their input. ... more
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Thu Oct 8, 2009
Matthew Bartlett answered:
Hi Dave,

It will be hard to really give a good answer without seeing your purchase offer paperwork. However, I will give it a try. I have several questions. First, what time frame did you give in your initial offer with regards to the seller to respond to your offer? Second, over the course of the last four months did you sign any additional paperwork extending the time period for the bank to respond to your offer? And third, did you or your agent tell the bank that your offer is still on the table and agree to open escrow? If the original time period of your offer has expired & you nor your agent have extended the initial time period in writing and you have not conveyed that your offer is still good and escrow has not openned then I do not see the bank having grounds to hold you to your offer. If you do not feel confident that your agent is the right agent for you then by all means interview another agent. And lastly, since I have not seen your paperwork it would be a good idea to speak with a local Real Estate attorney to have them look at the purchase offer and confirm with you your rights. I would seek out that lawyer first thing Monday morning. Good luck!

Matt
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Wed Aug 19, 2009
Joyce Zangmeister answered:
Wow! Don't we all wish we had that! Only problem -- there would definitely be MULTIPLE offers.

It sounds like you are looking for a house in the Conejo Valley for less than $260,000 with three bedrooms and two baths.

I wish you good luck.
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Fri Aug 21, 2015
Steven Ornellas answered:
Michelle, don't mess around with this, its time to get a Real Estate Lawyer involved to put the issue to rest. A simple letter from you lawyer may solve the issue.

Best, Steve
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Sun Aug 17, 2014
Jason Ewing answered:
Marie,

It is against anti-trust laws that the answer to your question can not be disclosed here. You should contact both full service firms and discount firms in your area, ask them what their firms fee is for listing and what that includes.

Jason Ewing, GRI/CNS
Coldwell Banker Triad, Realtors
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Sun Jul 5, 2009
Barry Shapiro answered:
Mr. Ferber,

I am attaching a current MLS print-out of all the Homes in the VERDIGRIS TRACT of Thousand Oaks. Unfortunately, when the Griffin Lang Ranch development built these homes in the late 1995-1997, they were built as 2-story models. Find attached 5 Actives, 2 Contingent-Back Up and 10 SOLDs for your review. Good luck in your home quest. There are similar developments nearby that do offer a single-story model. ... more
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Wed Nov 5, 2014
Barry Shapiro answered:
Edward,

Edward,

As a seasoned investor, you know you make your money when you BUY, not when you sell. The Casa de Oaks has guidelines for use as a rental property. Otherwise, if you can make the numbers work there will be several future opportunities to expand your real estate portfolio. I would suggest you hold tight for awhile longer and come into the market at an even lower basis. Rents run in the $1500-2,000 max range for 2+2s in the TO area. I have attached a link to 11 active rentals and 22 "leased" properties to give you an idea of the rental potential. I also have a listing in Agoura Hills available for under $250K ~ http://www.agourahillscondo.com Good luck and please be patient with the market, as I will pay off leveraged dividends in the end. ... more
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Tue Nov 11, 2008
Barry Shapiro answered:
The Maegan Place properties are dropping in price very rapidly, with so many short sales and foreclosures on the market. The lowest priced 2+1 apt. is listed under $165K now. Look for a plethora of available units under $150k by next year. I hope your agent is telling you this!!

Most of your questions can be answered by:
HOA Mgmt Co: Integrity Management
HOA Mgmt Co: Phone (818) 865-0330

HOA: $312 +/-
HOA: Per Month
HOA Includes: Community Pool, Playground, Community Spa, Roof Maintenance, Greenbelt/Park, Trash Removal, Insurance

The CCR's can be obtained in advance for a nominal fee and your agent should be working on your behalf to accomplish your request.

Good luck and be careful!
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