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Home Buying in 91745 : Real Estate Advice

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  • Local Info1
  • Home Buying5
  • Home Selling2
  • Market Conditions2

Activity 10
Sun Sep 8, 2013
Atiqur Rahman Arman answered:
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Thu Jul 7, 2011
Tina Lam answered:
The gating factor is your down payment. Right now you have about 5% while barely covering closing cost. Some banks may do 5% down up to $417K. Also you should check out FHA loan. Work with a loan broker to find the best options for you. ... more
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Thu Jun 30, 2011
Are you saying that you are buying a home, you are in escrow, but all of a sudden you have lost your job?

Well if you were using financing, and still have your financing contingency, and you needed your employment in order to qualify, then you will not be approved for the loan and you can back out of the contract because of that reason and still be able to get your earnest money back.

If it's past that point, you've already removed your financing contingency, the seller may be understanding anyway as losing your job would be pretty disappointing if you were in the middle of buying a home (disappointing, but fortunate you found out before you bought the home/got stuck with a mortgage payment for 30-years). I would discuss with your real estate agent how this change in your purchase contract.

As far as proof that you got laid off of work, your employer should be able to write a letter stating the information, as well as your mortgage loan officer can contact them and ask if you work there and they'll confirm when your last day was/will be.
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Thu Feb 4, 2010
Suzette Baker, ABR,GREEN answered:
Hi Nancy,
Nancy, it sounds like the Seller can't perform. There should be another document protecting you. What is your closing date per your escrow instructions? If the Seller hasn't performed , you should beable to get your deposit back. Unfortunate you've been waiting for so long. So still have time to purchase another property and take advantage of the TAX CREDIT. ... more
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Thu Feb 4, 2010
Matt Brown answered:
Well, it depends on alot of factors, but If the listing agent is experienced in short sales, depending on which bank holds the title, if your offer is market value and is the first one submitted to the bank, and you qualify for the loan, you should get it. Be prepared to wait though, most short sales (depending on which bank & the listing agent) are averaging 6 months to get approved by the bank that holds the title. ... more
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Mon Aug 17, 2009
Jesse Sierra answered:
Hi Emerikus
I have a client from Taiwan, that is looking for Diamond Bar, Walnut and Chino Hills.
They are purchasing for an investment, although if you sell in the future, you will have to give a percentage to to the state. Talk to a local tax consultant first before investing.

Warm Regards,
Jes Sierra, B.Sc., Realtor®
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Fri Jul 24, 2009
David Krecker answered:

I can fully explain to you how this works....... You may own land or pay space rental, and sometimes lease...... I have appraised, inspected and installed foundation supports for mobile/manufactured homes so if your looking for some much needed info contact me and I can provide and help answer more of your questions

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Sun Jun 13, 2010
Jonathan Chi answered:
Hi Kiesha,

How are you? Would you kindly clarify which property you are referring to for us?

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Sat Nov 10, 2012
Other/Just Looking answered:
Lending answer:

Private mortgage insurance is not available on LTVs over 90%, which is why lenders require 10% down.

You could go with FHA with just 3.5% down.
0 votes 11 answers Share Flag
Fri Jun 11, 2010
Dave Sutton answered:
This is a hard one to answer because you don't have all the details (and I'm not a real estate attorney - which you should go to for the answer if your deposit is more than a few thousand dollars).

That said, the principle is that once you remove all contingencies and then want to back out, you lose your deposit.

I'd suggest you first talk with your Realtor's Broker and see if there's a way to go through with your purchase, if the loan was the only reason you wanted to back out.

You can certainly file a complaint with your state's licensing agency (Department of Real Estate in California, where I am) but that probably won't get your money back.

Failing those two options you would have to sue, but a real estate attorney is where you need to go for that advice.

Start with the Broker in the office of the Realtor you worked with.
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