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91506 : Real Estate Advice

  • All7
  • Local Info1
  • Home Buying2
  • Home Selling0
  • Market Conditions0

Activity 70
Tue Nov 22, 2011
Anna M Brocco answered:
Your agent can better advise, since none of us are directly involved in the transaction, therefore consider a consultation; some lenders are quicker than others...
0 votes 12 answers Share Flag
Tue Nov 22, 2011
Laura Feghali answered:
Hello Linwood,
I would not suggest that it is "always" advisable to order and perform a termite inspection particularly if there is no evidence of infestation.
However; if termite damage is suspect, then it's in your client's best interests to have an inspection performed. If the bank must see it, then so be it as it may resolve the issue in getting the necessary repairs completed in order to close.
Just another hurdle....

Laura Feghali
Prudential Connecticut Realty
... more
0 votes 8 answers Share Flag
Fri Sep 23, 2011
Scott Godzyk answered:
The address did not come through, if you go back to teh ad for the house, you can click on teh listing agents link and email them direct or click on the link for more information as it will email them directly. The listing agent would be the best person to answer your question. ... more
0 votes 6 answers Share Flag
Wed Jun 29, 2011
Sona Gallatin answered:
Are you interested in this home as a buyer? The MLS system is having tech difficulties right now. I am looking into clearly giving you the best answer as soon as possible.
0 votes 4 answers Share Flag
Wed Jul 25, 2012
Daina Burness answered:
Tue Jan 25, 2011
Chris & Shari Vanole answered:
Wed Mar 25, 2015
Scott Godzyk answered:
Pictures are worth a million words... you definately want pictures with your listing. Your listing agent can simply log on and add pictures to your listings here and over at Zillow. You should check your MLS listing as well as most listings are picked up from MLS and added here, you may be missing pictures there as well. ... more
0 votes 15 answers Share Flag
Sun Aug 22, 2010
Norma And Jason answered:
Hi Eloisa,
There have been very few if any rent to own properties in the SFV area especially in Burbank or Sun Valley if any. My advise would be to try and get into a home valued in the $200,000 price range. At $1600.00 per month, the price range of $200,000 would put you into the monthly payment amount you desire including principle, taxes, insurance and PMI on an FHA loan with 3.5% down. The down payment can be a gift and you can ask the seller to pay your closing costs. If at this time you do not qualify for whatever reason for an FHA home loan, I would suggest a standard lease until you can qualify to purchase your own home. I hope this info has been helpful.
Should you have any other questions or concerns, please feel free to contact me.
... more
0 votes 3 answers Share Flag
Thu Oct 2, 2014
Keith Sorem answered:
The real issue is simply supply and demand.
During the month of July 2010 a total of 17 condos and townhomes sold in Burbank.
The average list price was $387,106 , the selling price average was $375,606, and average market time of 104 Days on Market (DOM).
There are 78 units currently on the market, 34 which came on the market since July first.

Developers in Burbank have opted to sell their units, rather than lease them, which is what most developers in Glendale did. So the new development at 556 E. Palm has two units left to sell, the 250 N. First St. project, completed in 2009, still has five units (at least) on the market...and these are all Brand New Units.
When brand new units are available, pressure is placed on older, re-sale prices.

11 of the units for sale are bank-owned
26 are short sales, meaning that the owners are in financial distress and their lenders have agreed to let them sell their property for less than they owe, plus pay closing costs.
So with 37 "distressed" sales out of 78 units, this is not the time to sell a condo in Burbank. Anywhere.

The rule of supply and demand is also at work here. With almost half the market distressed sales, pressure is on prices. The bank HAS TO SELL to recoup it's loss. The lenders HAVE TO SELL to get the sellers out of foreclosure (the short sales).

Hope this is helpful. Wish I had better news for you.
The good news is that you can certainly sell your property if it is priced right, which will probably be less than you want. Remember, with the economy they way it is, things could get worse, so if you need to sell, now is going to be better than later.
... more
0 votes 7 answers Share Flag
Tue Oct 21, 2014
Keith Sorem answered:
Boy, sorry hear that things are not going well.. I was looking for a question but do not see one. Do you have a question that I could help you?
0 votes 12 answers Share Flag
Wed Jun 30, 2010
Christopher Lefebvre answered:
The length of time for it to sell will be directly related to your asking price and the home's location and condition. You could sell it in one day if you ask a low enough price and it could stay listed for years if you are asking too much. My best advice is to figure out the lowest price you are willing to sell your home at and then compare that figure to a fair market value range for the home based on your home's actual condition and location. A real estate agent can help you find comparative properties that have recently sold and you can have them set up a search for active listings that are comparable to your home as well. If your competition is listed at a much lower price than you, those homes will probably tend to sell first. Good luck! ... more
0 votes 6 answers Share Flag
Thu Jun 17, 2010
Norma And Jason answered:
No... "Shadow Inventory" is inventory that has not hit the market yet; such as preforeclosures, foreclosed properties that banks have not yet listed and or loan modifications that have gone back into some type of default.
Hope that helps.
... more
0 votes 4 answers Share Flag
Sat Feb 27, 2010
Scott Godzyk answered:
A buyers offer certainly could assist you with a fsbo and would have been able to asist you with the offer and eliminate the things you are facing. First of all your offer should never be base don an asking price, you need a broker price oppinion or appraisal telling you what market value is, and base your offer on that. If you wrote in this offer expires in 48 hours and they dont answer, it expires, they may be hoping for another offer and hanging onto you as a last option. With no one to guide them, they are shooting in teh dark and may not know they can counter you or what to do next. You need to be constantly contacting them for updates.... Good luck with working things out ... more
0 votes 20 answers Share Flag
Thu Feb 4, 2010
Steven Ornellas answered:
Hi Alice, you have entered into a situation that is best reviewed by a Real Estate lawyer. Any Realtors responding to this question will only be able to provide opinions based on the presented information without knowing all the details.

I would suggest the exact details of the contract, Buyer/Seller circumstances, and other pertinent laws need to be considered by a lawyer if you are looking to obtain actionable advice regarding your situation.

Also, note you and the Seller likely initialed, and therefore agreed to, Para 17A&B of the CAR CA Residential Purchase Contract, which requires Arbitration and Mediation of disputes. However, there are some exclusions via 17B(2)iv:

(2) EXCLUSIONS FROM MEDIATION AND ARBITRATION: The following matters are excluded from mediation and arbitration: (i) a judicial or non-judicial foreclosure or other action or proceeding to enforce a deed of trust, mortgage or installment land sale contract as defined in California Civil Code §2985; (ii) an unlawful detainer action; (iii) the filing or enforcement of a mechanic's lien; and (iv) any matter that is within the jurisdiction of a probate, small claims or bankruptcy court. The filing of a court action to enable the recording of a notice of pending action, for order of attachment, receivership, injunction, or other provisional remedies, shall not constitute a waiver of the mediation and arbitration provisions.
[end quote]

As shown above, Para 17B(2)iv appears to exclude matters within the jurisdiction of small claims from mediation and arbitration. So, if it costs less than $7500 to "make you whole" an easier, though perhaps not optimal, option is small claims.

This aside, it never hurts to get a true legal opinion because getting a complete picture of your circumstance requires a much longer discussion than can be effectively supported here. This may be a simple or complex issue, as such; it never hurts to get a real legal opinion after a complete picture of your circumstance comes into focus.

Best, Steve
... more
0 votes 4 answers Share Flag
Thu Feb 18, 2010
Nicholas, if you are buying a second home and won't be moving in there then you cannot get any credit.

If you are buying a new home to move into then if you have owned and lived in your current home for five consecutive years out of the last eight years, you will be entitled to $6,500-it makes no difference if you sell your current home.

You can follow the link below for more information.

Hope this was helpful.

Good luck.
... more
0 votes 3 answers Share Flag
Wed Jul 22, 2015
Bonnie Scribner answered:
What particular area are you looking for? What are your plans when living there - proximity to a work location, shopping, freeways, schools? Number of bedrooms and baths? One or two-story? If you'd like a personalized search, please let me know and I'd be happy to help.

As today is Christmas day, I will be with family later on, and it might be tomorrow before I am able to set it up for you -- Merry Christmas and Happy Holiday. I hope that 2010 is the year you find your next home!!!

Blessings, Bonnie

Bonnie Scribner, REALTOR, QSC
DRE #01447853
The Scribner Team
Century 21 Discovery
... more
0 votes 9 answers Share Flag
Fri Oct 23, 2009
Nicholas answered:
I assume it is because the property type was actually a condo (townhouse is not a legal description), and there was a risk based add-on, probably for it being a condo with an ltv more than 75%. They should have caught that from the appraisal and adjusted the price accordingly before having docs sent out to you for signature. I would complain to the loan officer to see if they can waive the extra point. ... more
0 votes 9 answers Share Flag
Thu Aug 13, 2009
Brad Benson answered:
There are several options in financing repairs to a home you would be purchasing, whether it be your primary or an investment property. Through FHA and conventional lending programs, I can lend on the "after-repair" value, which in turn allows the borrowers to build equity with some simple upgrades or repairs before stepping foot into the property.

We also have partnered with several of the large home renovation retail stores, including Lowe's, Home Depot and Sears to allow our clients to price the additional costs, set up a general contractor who will be approved and to allow us to see the maximum financing options for each individual situation.

I would be more than willing to discuss these finance options as they apply to your situation. My website is listed below which includes many home buying guides, renovation loan programs, an online application, and also my contact information.
... more
0 votes 3 answers Share Flag
Wed Mar 25, 2015
Jacob Varghese answered:
0 votes 8 answers Share Flag
Mon Aug 3, 2009
Keith Sorem answered:
There are quite a few new condo projects in Burbank. You can reach me at 1-888-284-2056.

It is interesting that in Glendale the developers for the most part of opted to lease. In Burbank they've opted to sell (a wise move in my opinion). ... more
0 votes 1 answer Share Flag
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