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Financing in 92656 : Real Estate Advice

  • All31
  • Local Info2
  • Home Buying9
  • Home Selling1
  • Market Conditions0

Activity 7
Fri Jan 27, 2012
Elias Anguiano answered:
Your seller's credit can be used for down payment but yet can get most of the down payment gifted from a relative..You have to use ant $1000 of your own money on a FHA..
0 votes 21 answers Share Flag
Tue Aug 30, 2011
Hello Helen,
The fact that a property is a shortsale doesn't affect the down payment. A shortsale means that the owner of the property is selling it for less than what he owes, meaning that he will have to ask the bank for permission. The downside to this is that in some cases it takes a very very very long time for the bank to approve the sale. The upside is that you can sometimes have less competition because it takes a lot of patience to wait for an approval.

A foreclosure property is either an REO or a foreclosure auction property.
REO- (Real Estate Owned) because it was foreclosed by the bank and it is now for sale by the bank.
An auction property is when it has been foreclosed and the banks sell the properties at auction at the courthouse steps. The problem with this is that you need to compete with other real estate investors who will out bid you because they think you are an outsider wanting to weasel your way in. You will also need to be present at the auction with the entire purchase amount in cashier’s checks, so there is no way to get a loan.

Your best bet is to get pre-approved with a good lender (like Myself) and find out what you can afford and work with a great realtor who can show you the properties that work best for you and you won't have to hunt yourself. The best part about a home buyers real estate agent is that they work for you, but get paid by the seller :-)

If you would like to get qualified and find out what options you have give me a call and it only takes a couple minutes over the phone!

Ryan Hoffman
Loan Officer
Wholesale Capital Corp.
Direct: 951-488-3114
Fax: 951-488-3214
Cell: 951-312-8650
... more
0 votes 3 answers Share Flag
Mon Aug 17, 2009
Denise August answered:
Terms of a sale always depend on the contract . What does the contract state ?
0 votes 4 answers Share Flag
Wed Aug 19, 2009
Steven Abraham First Team answered:
Based on the information you provided A & B signed a promissory note. This instrument is a promise to pay.
Party B can quit claim his or her interest to A, but is still responsible to the Lender.
Both parties are responsible to the Lender.
Steven Abraham
Prudential CA Realty
949.378.4005 Cell
Montage-Laguna Beach
... more
0 votes 2 answers Share Flag
Sun Aug 16, 2009
Emily Knell answered:
The lender only cares about who is responsible for the payments of the loan & who's names are ON the loan. You could put title in the name of Mickey Mouse, just so long as YOU are the one keeping current with the payments.
... more
0 votes 2 answers Share Flag
Mon Aug 17, 2009
Jesse Sierra answered:
Hi Cnh,

Best bet is to talk to your tax consutant.

Warm Regards,

Jes Sierra, B.Sc., Realtor®
0 votes 3 answers Share Flag
Mon Nov 3, 2008
Ksantos answered:
I agree the team at CLS Financial Services in Orange County, California made my dream of home buying a reality. We could not have doen it with out them. The service was excellent and they really are about their clients. ... more
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