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Home Buying in 91788 : Real Estate Advice

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Activity 8
Mon Aug 8, 2011
CasSTRS underwrites to FNMA guidelines.
If your contract calls for Section 1 clearance, then it will be required.
If your contract states that the termite report is for informational purposes only and that you are taking the property "as is", then a clearance will not be required.

However, should the appraiser call the item in question, then that item will need to be addressed and corrected.
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Sun Sep 19, 2010
Steven Ornellas answered:
Hi Wall-e,

Assuming the standard CAR Residential Purchase contract is being used, you can certainly cancel the contract if you are within the 17-day inspection contingency period. However, you might also consider making your contingency removal "subject to" the Seller making certain repairs or providing a credit at some monetary level.

There really is no such thing as "As Is" in CA when it comes to Real Estate. A property purchase is always subject to a Buyer's investigative rights. Speak with your Realtor to come up with the best strategy regarding the property in question.

Best, Steve
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Sat Aug 11, 2012
Mike Lewis answered:
Abby, without knowing all the fact of your parents’ situation I can't answer that 100% accurately. What I do know is that once all the parties’ sign you are in contract and it doesn't matter if escrow has been opened or not. Your parents really need to be discussing this with their Realtor. Good Luck.
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Sat Aug 11, 2012
Deborah Linden answered:

With short sales there really is no specific time line. Each bank is different and approval typically can take 2-6 months. Once the approval is obtained, escrow generally will be 30-45 days. When the bank accepts an offer then the competition will end and escrow will open.
Please let me know if you need any assistance.

Thank you,
Deborah Linden
Prudential California Realty
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Tue Jul 7, 2009
Gerry Wahlheim answered:
I would not promote that approach, rather have your agent write up the offer and delivery it to the listing agents office. Ask the receptionist to call the agent while your agent is in the lobby. If they are unable to locate the listing agent ask for the listing agent's broker and present the offer to the managing broker. ... more
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Thu Aug 6, 2009
Rebecca Chambliss answered:
Yes it is legal. If you cancelled escrow while you still have contingencies in place, the Seller should have no right to keep your deposit. You may have to hire an attorney to get it back. ... more
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Mon Jan 5, 2009
Yvonne Cousar answered:
Hi Lucy... Lender guidelines are very tight now. With that said, there are many down payment assistance programs still available to assist first time home buyers with their down payment. Congress just passed legislation prohibiting seller funded down payment assistance but your city may have some programs available to help you. Check with a mortgage broker in your area.

Yvonne Baker, Real Estate Consultant
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Sun Nov 13, 2011
David Krecker answered:
send me a address and I will let you know what happneded....might be reos or short sales.....
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