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92706 : Real Estate Advice

  • All6
  • Local Info1
  • Home Buying3
  • Home Selling1
  • Market Conditions0

Activity 122
Fri Mar 27, 2009
Dave Heck answered:
The old saying, "it's darkest before dawn" holds a lot of truth. How many times have you held on just a little longer and been successful. I don't know what you would gain by quitting. Hang in there man! ... more
0 votes 10 answers Share Flag
Mon Mar 23, 2009
The Hagley Group answered:
go to zillow.com and type in your property address. You'll have the option to "search comparables"...those are similiar homes that have sold...along with the dates of sale.

Your best bet, however, is to contact your Realtor for help! ... more
0 votes 2 answers Share Flag
Tue Mar 17, 2009
Karen Parsons Fiddler answered:
Hi Ana,

Oh this sounds scary! The only way to do this and be protected is to assume the mortgage. But that would involved qualifying for the loan and there are probably much better rates out there now. Plus...they might be upside down in the equity. If your friend just pays the seller directly, there is no protection....you would not be able to record a change in title because that would alert the lender.

This is really dangerous....your friend could end up paying a lot on a monthly basis and end up with nothing.

There are some great first-time home buyer programs with lenders, it's much safer to do it that way.

Hope this helps.

Karen
... more
0 votes 5 answers Share Flag
Fri Aug 26, 2016
Bob Phillips answered:
Hello Celia,

This should be a good time to buy, anywhere in Orange County - especially if you think you will stay in the house for at least 3 years. Prices are very low compared to 2 years ago, and interest rates are also very low.

In addition, if you have not owned a house as a primary residence in the past 3+ years, you can probably qualify for the first time buyer's $8,000. tax credit, which can be like a refund when you do your taxes next year. ( Assuming you close escrow on your house no later than Nov. 30, of 2009.)

You can search for houses anywhere in Orange County with a special website that you can set up at this link:
http://coto.listingbook.com/?node=3

Contact me if you have any further questions. Have a nice day.
... more
0 votes 7 answers Share Flag
Fri Feb 6, 2009
Steven Ornellas answered:
Hi Manny, if you are not a US you are not a citizen and want to buy property, using a FHA loan with 3.5% minimum down, you must be a:

1) Lawful Permanent Resident Alien.

2) Non-Permanent Resident Alien, provided that the property will be the borrower's pricipal residence, the borrower has a valid Social Security Number, and the borrower is eligible to work in the US as evidenced by an Employment Authorization Document (EAD).

See: http://www.hud.gov/offices/hsg/sfh/ref/sfhp2-07.cfm

Best, Steve
... more
0 votes 4 answers Share Flag
Fri Feb 6, 2009
Karen Parsons Fiddler answered:
Hi Anthony,

If you bought the home in 2008, then you need to refile....simply pick up the forms at the library and refile. No big deal. If someone does your taxes for you, then they will tell you how. If you closed the home in January, you will need to wait until next year to get your refund.

Hope this helps...congratulations!

Karen
... more
0 votes 3 answers Share Flag
Fri Feb 6, 2009
Joe Homs answered:
Pricilla,

Just log into my website at www.joehoms.listingbook.com and you can search for homes in your price range. click on the cities and price and have a look.

Thanks

Joe Homs
Wright Realty Partners
949-625-4533
... more
0 votes 5 answers Share Flag
Tue Jan 27, 2009
Jeremy Lehman answered:
Congrats! Buying a home can be one of the most emotional and exciting things you can do. I'm glad it worked out for you.
0 votes 3 answers Share Flag
Mon Jan 26, 2009
Karen Parsons Fiddler answered:
Hi Anthony,

I'm starting to hear this...and have not heard of any city wanting to buy the home, they really don't want to be in the home ownership business.

As far as FHA down payment...it is now 3.5% and that changed on January 1st. The 3% down payment would have had to close by the end of December.

Hope this helps...good luck!

Karen
... more
0 votes 3 answers Share Flag
Mon Jan 19, 2009
Karen Parsons Fiddler answered:
Hi,

I'm not completely sure what you are asking. If the agent has not forwarded the contracts, you can contact escrow and have them send them off to the lender. Sometimes an agent disappears when they open escrow, which is so frustrating! But everything is in escrow now, call your escrow officer and get his/her help.

Karen
... more
0 votes 1 answer Share Flag
Fri Jan 16, 2009
Tony Vega answered:
The person at the bank or with the investor that is actually working on your loan. See the link...
0 votes 3 answers Share Flag
Mon Mar 29, 2010
Tony Vega answered:
From the county you are interested in. It is all public information. Good luck.
0 votes 11 answers Share Flag
Fri Jan 16, 2009
Karen Parsons Fiddler answered:
Hi Anthony,

I'm glad you like this! I'm just getting going on this myself! I think it's going to end up being a very helpful site. The Question and Answer format is really helpful. Of course, it's only as good as the realtor who answers the question, so buyer beware...so to speak!

Happy Home Hunting....needless to say, we are all ANXIOUS to help :)!

Karen
... more
0 votes 1 answer Share Flag
Thu Jan 15, 2009
Steven Ornellas answered:
Anthony, it sounds like you may have made an offer on a Short Sale and not an REO, but here's some clarification:

When dealing with a Short Sale your offer is made to the current owner(s) and then that offer is submitted to the Bank (also sometimes referred to an "investor" by mortgage brokers/bankers). Many times they will counter offer the buyer.

When dealing with an REO your offer goes to an Asset Manager who is managing the sale for the bank. They also typically counter on price and supply a purchase contract addendum.

Best thing: "bug" your agent on whether this is a Short Sale or REO. You should know this for sure. Short Sales can take 60-120 days to complete!

Best Regards, -Steve
... more
0 votes 6 answers Share Flag
Fri Jan 16, 2009
Dallas Texas answered:
Your listing agent should be updating your buyers agent. Bank is much different than working with seller who has immediate response. It can take from 24 hours up to several week. Bank requires several department to authorize the executed contract. HOWEVER I would wait till you receive the executed agreement prior to spending any funds on inspection or appraisal, never know when bank could change their minds. ... more
0 votes 6 answers Share Flag
Sat Jan 17, 2009
Shel-lee Davis answered:
Anthony:

Congratulations on the purchase of your new home. I know you will have many years of enjoyment. Home ownership is still the American Dream.

My understanding is that the $7500 tax credit can be claimed in the year you purchased the home. If you closed this month, ie January 2009, then you would claim this credit on your 2009 tax return. Check with your tax professional on this, as this is not my area of expertise, only my understanding. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
... more
0 votes 5 answers Share Flag
Mon Jan 12, 2009
Nathan Kramer answered:
Hi John,
You are looking for Duplexes in Santa Ana/Fullerton area. The rents in those areas will differ depending on area and the condition of the rental. As you know everything in real estate is specific to your case so we will need to speak to get a better idea of what it is you are looking for.

I can tell you that the areas that you are looking in are very good in terms of having a much lower purchase price than other areas in Orange County yet their rents are not incredible low so you kind of get the best of both worlds.

The first thing that we'll need to do is get you in touch with a good, reliable lender that can help you arrive at a suitable price to look at. Then, we will take that information and find you the BEST DEAL FOR YOU...

sound like a good plan?

Give me a call so that we can talk about getting you into the perfect duplex FOR YOU...

Nathan Kramer
Century 21 Professionals
(888)865-2525
nathan.kramer@century21.com
... more
0 votes 1 answer Share Flag
Sun Jan 11, 2009
Dana Schuster answered:
Realtors are paid by the seller and only when the house sells. There is no charge to the buyer.
0 votes 3 answers Share Flag
Mon Jan 12, 2009
Dave Osborne answered:
Yes there are..I know specifically of 1 in Fountain Valley. Write me at DaveO@theOCmls.com if you would like the address.

You could search for this type of home yourself at http://www.TheOCmls.com

Thanks and good luck in your home search.
... more
0 votes 1 answer Share Flag
Mon Oct 24, 2011
Thom Colby answered:
A Home Warranty is issued by a 3rd party at the time of closing. This is typically paid by the seller and negotiated within the sales contract. The price ranges from a low of about $300 to as much as you want based upon som optional coverage such as roof, appliances, Air Conditioning, etc.

It covers things such as plumbing, garbage disposals, dishwasher, etc. so that if there is a problem within the 1st year, you simply call the Home Warranty company and they send a professioanl to take care of it. There is a nominal charge of about $45 for the service call - but for example if your dishwasher can't be repaired, it gets replaced with a new one for that $45.

In most REO / Bank Owned properties, or Short Sales, the seller (Bank) will not pay for this Home Warranty. Having said that, ALWAYS get a home warranty even if you have to pay for it yourself. It's inexpensive and well worth the few hundred dollars and, it's renewable each year.

Best of luck !

Thom Colby
Broker & Realtor
Orange County, CA
... more
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