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Home Buying in 91401 : Real Estate Advice

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  • Local Info2
  • Home Buying17
  • Home Selling2
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Activity 22
Fri Nov 8, 2013
Emily Knell answered:
Yes you can. I did this recently for a lady who's parents were also on title but not on the loan for a short sale & it's just easier for me to deal with & get signatures for 1 person rather than all 3, when 2 of them are not on the loan. If you're not on the loan it won't affect your credit, holding title is not reporting to the credit agencies, only where credit is being given (a loan, credit card etc)

Is the property needing to be short sold in the Van Nuys area? I have successfully completed 99% of the short sale listings I've taken, the average agent has a 30-50% success rate, notice how no other agent has answered your question after a few hours since you posted it? This is because most agents don't want to deal with short sales or don't know how to.

I have closed short sales up to a 300 mi radius of where I live, I'd be happy to talk to you about your situation further & tell you how to do the quitclaim deed transfer.

Shoot me an email directly, I don't look back on this same Trulia posting for answers after mine.

Emily S. Knell
EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Realty ONE Group
Short Sale Listing Agent w/ 99% success rate
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0 votes 8 answers Share Flag
Thu Sep 26, 2013
Steve Ploetz answered:
Inna,

I think it's important to look at the major economic factors: mainly, what does the job situation look like? As of December the unemployment rate was at 7.8% nationally. It has decreased but due in large part to the number of people exiting the work force. Plain and simple, people won't buy houses with stable income. Furthermore, if people on paper show good employment and income history but they are concerned about their company downsizing or the stability of their job they also may delay a move.

There is no question that the inventory has been extremely low in my local market (North County San Diego). I've met with multiple sellers recently and we looked at comps together, decided the value of their home, and then listed relatively high for negotiating room. Two of those properties (785 Hollowbrook in San Marcos and 13455 Granite Creek Rd in Sabre Springs) then went over asking with one cash and the other conventional buyers. The demand hasn't increased but with supply shriveling up it's driven prices high.

Inna, I completely agree with your assessment about appraisals being behind the frenzy curve. I spoke with an appraiser yesterday (on a property that my buyer wrote a full price offer on and it appraised $12,000 short) and he said that value and market value are two different things. If I'm selling a baseball card, the card is worth what someone is willing to pay for it. If I'm selling a house and the buyer is getting a loan, it's not so easy.

I do believe that the market will continue to increase for several reasons. First off, the banks won't bring an incredible amount of inventory to the table all at once. It hurts their potential for income and I don't really believe the amount of inventory being held (the so-called "shadow inventory") is really as much as everyone says. The Fed has made promises of keeping rates low for the next few years and have recognized that that has really stimulated the economy. As the entry levels continue to be competitive and frenzy-ish, I expect the market will continue to be pushed (hopefully, more slowly) in a positive direction.

Feel free to call or email me directly to discuss this more.

Warmly,

Steve Ploetz
REALTOR
Century 21 Award
(760) 525-5917 cell
(760) 828-4499 fax
steveploetz@century21award.com
www.StevePloetzHomes.com

"If your ship doesn't come in... swim out to it."
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0 votes 6 answers Share Flag
Mon Nov 26, 2012
Walter 'Skip' Kersten answered:
Yes it is time. The prelim title will show how many loans. Be sure and see how much time the seller's banks are giving you to close.
Good luck,
0 votes 5 answers Share Flag
Sun Jul 22, 2012
Angela.alonzoh asked:
Hi!

My name is Angela. My family is a family of 3 and a dog. We are looking for a house with a yard. We would prefer 2 bedrooms or more. We can afford up to about $1000 a month but can...
0 votes 0 Answers Share Flag
Sun Apr 29, 2012
Hass asked:
I am a Green Card holder who worked in LA for 2 years, started a job in New Zealand 3 month ago. Can I get a mortgage in USA to buy a house?
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Tue Apr 2, 2013
Tony McMahon answered:
I could be mistaking , but I am not aware of a section 8 purchase program. I am pretty sure it only applies to rentals.
0 votes 7 answers Share Flag
Sun Oct 2, 2011
Richard Schulman answered:
You should consult a lender. With your FICO score, you likely will only qualify for FHA, which is a 3.5% down loan program. If you have any questiosn, you can call me at 310-482-0173.

Richard Schulman
Real Estate Broker
310-482-0173
Schulmanrd@yahoo.com
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0 votes 6 answers Share Flag
Sun Oct 2, 2011
Richard Schulman answered:
Where do you expect to buy a property for that price? Its a big misconception that properties sell for huge discounts at auction. At most auctions, you might get a 20% discount on price, but you inherit any tenants/occipants, liens and you have no ability to inspect the property. Very dangerous for a first time buyer.


Richard Schulman
310-482-0173
schulmanrd@yahoo.com
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0 votes 6 answers Share Flag
Sat Jul 9, 2011
Jonathan Shidler answered:
depending upon the contract written.

But after a point it becomes an issue of them being a squatter if they do not leave the property.

You can call the police if they do not leave and state they are trespassing, as they are not on lease, nor are they room mates, but rather an employee (If you are paying them).

If they still refuse to leave, then they are attempting to Squat on the property.

As stated from the website of the attorney Danata Schner:

"In the U.S., a five-point test is typically applied to determine whether the right of adverse possession will be granted. The possession must be:

actual--the property must be actually put to use or occupied, in a way similar to the way nearby property is used by its owners
open and notorious--the use must be public and visible, not secret
hostile--without the permission or approval of the current landowner, for instance, without renting or leasing the land
exclusive--use of the property not shared with anyone else, particularly the current property owner
continuous--used continuously for a certain period of time, which may be 10 years, 12 years, 20 years, or some other period as determined by local law"

I do hope this is a hypothetical situation and not a concern regarding a current ongoing issue.
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Thu Mar 7, 2013
Jerry Current answered:
Usually you can add back whatever you deduct from your schedule C as business use of your home.
0 votes 4 answers Share Flag
Wed Jun 2, 2010
Bob Georgiou answered:
Mindy,

In California, Occupants in possession amazingly have more rights than unpaying tenants. The process for an unlawful possession is hugely expensive as well. Worse, in California, there are flocks of people who are professional theives who prey on you "rich" owners. They know the system and can work it as well as the best attorneys. If you have this problem do seek a legal consultaion but before taking action buy them out of the property. Make them a cash offer that you will pay on the day the property is vacated and returned to your possession. ... more
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Tue Jan 5, 2010
Jennifer Allen answered:
Shigeo,
I suggest contacting a lender in your area to see if you qualify for a loan with the payments you would like per month. Congratulations on having $25,000 to use as a down payment. There are other factors that will determine what type of loans you will qualify for. I am unsure about the housing market in the VAn Nuys, CA area. A local realtor would be able to help assist you through this process. There is much more involved in you purchasing other than just the loan....a realtor will be able to guide you through all of the necessary steps to purchasing a home. Best Wishes! ... more
0 votes 9 answers Share Flag
Thu Mar 7, 2013
Mario Cabrera answered:
the rental income together with your job income is what you qualify for
0 votes 5 answers Share Flag
Thu Mar 7, 2013
Dallas Texas answered:
Confer with your mortgage broker who can review entire file. If you own the units show income 100% should be counted underwriting might request your P & L statement

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911
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Sat Mar 21, 2009
Danielle asked:
Does the new March 1 CA 10,000 tax credit for CA state work for condo's which are newly converted from apartments since they have never been lived in as an owned property?
0 votes 0 Answers Share Flag
Mon Feb 9, 2009
Keith Sorem answered:
You need advice from someone who has reviewed the condo financial statements and minutes of the association meetings. One side of the argument is that now that they have completed the work the building is in great shape. The other side is that if they spent all their money on a big project and the maintenance fund is depleted, what else is going to come up for repair, and how will they raise the money? Sounds like a special assessment to me, which would certainly affect the market value. ... more
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Fri Jun 12, 2009
Penny O'Brien answered:
Have you contact the escrow company you used. They would be more than happy to help with this matter.
0 votes 4 answers Share Flag
Mon Jul 20, 2009
Susan Doyle answered:
Dear Viv,

You definately want someone who specializes in the area where you wish to purchase. Ask a lot of questions and find someone with experience. If you don't know what questions to ask and really don't want to or have time to I would be happy to interview agents for you. I would just need some information from you. Your full name, the area you wish to be in (city and state), if you have a certain county and developement you wish to be in I would need that as well, you time line in moving if you have one and have you been qualified for a loan yet or will you be paying cash? Do you have a home to sell first? After I help you answer these major questions we will be able to determin if we are ready to move forward. ... more
0 votes 8 answers Share Flag
Mon Jun 10, 2013
Joel Colvin answered:
Very rare occurance, but it does happen, I'm presently working with a seller who go the house they are selling now in a Trade with one of the elderly neighbors down the street that had gotten up in age and needed a house all on one level. The house the elderly couple traded for was a smaller and less exepensive house, but I think they traded even, it's up to the buyers and sellers, whatever works for the parties involved. Lets say the House your wanting is inferior to the one you want, you could still trade, and pay the seller the agreed upon diffence, if any. Even if the seller doesn't want to occupy the property you are wanting totrade, it's still possible that they would take it on a trade and acquire your property as an investment property or for rehab and re-sell (flip). ... more
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Mon May 12, 2008
Tara Steinke answered:
Hi Jeannie,

I know of a company that offers assistance to buyers in purchasing at Trustee Sales. A trustee sale is an auction that occurs on the courthouse steps by a bank before it forecloses on a property where they have served a notice of default. The issue with trustee sales is that they require a 100% cash purchase at the auction, which rules out 99% of the buyers out there (who has a few $100k laying around?). The company that I know of can purchase the property on your behalf and sell it back to you for basically a 10% mark-up fee plus slightly increased closing costs associated with their contract. But they provide information and services only on properties that make sense to purchase... those properties that have the potential to sell at the auction for $0.60-$0.70 on the dollar.

Shoot me an email and I would be delighted to put you in direct contact with an agent at that company.

Best of luck!!
Tara
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