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93550 : Real Estate Advice

  • All18
  • Local Info4
  • Home Buying5
  • Home Selling1
  • Market Conditions2

Activity 155
Tue Aug 19, 2014
Candy Havlock answered:
You want to find a direct lender. Or you can go to www.Gavar.org and look at the vendor roster to see if there is a lender there you can use. We have Bank of America Home Loans, Prospect Mortgage, PRMG, Wells Fargo and MMC to name a few. Make sure to get 3 quotes. ... more
0 votes 5 answers Share Flag
Sat Jul 25, 2009
Paula Joan Smith answered:
Hi Richard,
What's the property address and/or MLS #? I can't find a reference to either in your question.
Regards,
Paula Joan Smith
Realtor
Direct 661-802-2700
Office 661-945-9461
Efax 661-753-8311
Email paula@remaxallpro.com
DRE License #01729391

RE/MAX All-Pro
43832 20th Street W
Lancaster CA 93534
... more
0 votes 1 answer Share Flag
Sun Jul 3, 2016
Voices Member answered:
Maybe this will help for comparables ect..
http://www.zilpy.com/US/California/Los_Angeles_County/Palmdale/Rentals/

For Rent price comparables... http://www.rentometer.com/

Some market info for comparables to other sources.. http://www.dqnews.com/Charts/Monthly-Charts/LA-Times-Charts/ZIPLAT.aspx

Good luck, Dunes
... more
0 votes 14 answers Share Flag
Fri Jun 19, 2009
Wendy Taylor, CRS, GRI answered:
A good Realtor in your area should be able to run title reports that can tell when someone is behind on their taxes which is a good indication that preforclosure could be in the future. Know the market you want to live in. Ask lots of questions about what has sold and what prices a property similar to the ones you are interested in are going for.

Be prepared with your financing. Be pre-approved and ready to go. Many deals are not made when a buyer is not ready with their financing. Be ready to offer a fair price with as few contingencies as possible. Make the inspection times shorter, be willing to pay for typical seller expenses and compensate with a smaller purchase price. Make it as easy as possible for the seller.

Good luck!
... more
0 votes 3 answers Share Flag
Mon Jun 8, 2009
Paula Joan Smith answered:
Hi Renan,
It's a short sale and showing as "Contingency-Active," so they could be looking at back up offers. Would you like me to find out more for you?
Cheers,
Paula
661-802-2700
RE/MAX All-Pro ... more
0 votes 0 Answers Share Flag
Fri Jun 19, 2009
Wallace Hagstrom answered:
If you have an agent why can't she get you the information you need? As agents most of us respect the business relationship between you and YOUR agent. It is not fair to "her" for one of us to try and "steal" you away, nor is it fair to any one to ask us to work for free. Seems to me you may have to decide between an agent that you work with and one that WORKS FOR YOU! ... more
0 votes 6 answers Share Flag
Tue Aug 28, 2012
Lisa Schulze answered:
That Tract was the original Ana Verde Tract. It was a Master Plan community.
Unfortunately, the owners went bankcrupt and they did not finish the planned
schools,shops and fire dept. If you have more questions, I would be happy to answer.
Lisa Schulze
Keller Williams
lisa4houses@yahoo.com
... more
0 votes 1 answer Share Flag
Sat Jul 25, 2009
MaryAnn Grzybowski answered:
Knora:

The property at 37550 Arbor Lane is currently not on the market. If you are looking for something similar to this property, 3 bedrooms, 3 baths, approx. 1900 square feet in Palmdale, let me know and I can do a search of what is currently available that is similar and email those directly to you.

Regards,
MaryAnn Grzybowski
Keller Williams Realty
DRE #01325890
(661) 274-9976
isellav@kw.com
avhousehunt.com
... more
0 votes 1 answer Share Flag
Thu Nov 15, 2012
Jacob Varghese answered:
If you have the necessary income to qualify for 2 loans nobody can stop you.

First get your self pre-approved and start looking.

I have been to Palmdale and I feel there is a lot of potential in Palmdale. Anyway keep in mind property values are determined by three factors. Location, Location, Location. ... more
0 votes 4 answers Share Flag
Sat Apr 18, 2009
Dyanna answered:
Joanna unfortunately this can happen. They (the seller) has to make sure the title is clear to avoid any lawsuits or other problems. I don't see why they wouldn't have a clear title yet, but it can happen.

Is this a short sale or a REO? I find it strange that an REO would take up so much time.

Dyanna
... more
0 votes 2 answers Share Flag
Thu Apr 9, 2009
Peter Bruno answered:
Hello Rick, you might want to try Google Maps as they have a "Street View" feature. Just search for the address you are interested and then use the Street View function and you will literally be placed on the ground of where you want to go. Now, you can literally walk through the neighborhood!

maps.google.com

Hope that helps.
... more
0 votes 4 answers Share Flag
Fri Apr 10, 2009
Voices Member answered:
Twana, This site may provide you some information and contact info to find the answer....
http://ttc.lacounty.gov/default.htm

Good luck, Dunes
0 votes 2 answers Share Flag
Tue Nov 17, 2009
Dyanna answered:
Well I would stop paying rent because obviously the rent money is not being used to pay for the mortgage. Now just because the property is going to sell in a short sale does not mean that the property will be sold because the bank has to approve it and in your area there is a surplus of properties. If the property is sold through a short sale then the owner has to give you a 60 day notice to vacate, it is a typical eviction process.

Good Luck,
Dyanna
... more
0 votes 2 answers Share Flag
Tue Jul 28, 2009
Tamara Stoebe answered:
Hello Andria,

There is not an easy answer to your question. All properties in the Antelope Valley utilize the services of Southern California Edison and Gas. There costs are determined by usage in a home. Larger homes use more energy typically, though smaller homes that are not energy efficient can use more than a larger home.

Water is a variable - there are multiple private and public water companies. Each has their own rates. If you are looking at a specific property, you may want to contact the local water agency to find out what the average usage of the property in question is. If I can be of further assistance, please contact me.

Thank you,

Tamara Stoebe, REALTOR, QSC, e-PRO
TROTH GMAC REALTORS
1801 W. Ave. K
Lancaster, CA 93534
Cell: (661) 466-6849
Fax: (661) 422-3006
E-mail: Tamara@TamaraStoebe.com
Website: www.TamaraStoebe.com
... more
0 votes 3 answers Share Flag
Tue Mar 24, 2009
Vicky Chrisner answered:
Is your renter paying late or not paying at all? Is the renter the problem? If you get a better renter, can you keep the property? Your lender may be willing to work with you - call them. If that doesn't work, then talk to them about a short sale. Get a local agent (I can refer you to one if you need a referral) who specializes in short sales, and consider hiring a professional negotiator (I can recommend one of those, too - and be VERY careful here, many of them are scam artists - I only know of one I trust), and try to do a short sale. With a short sale, the hit to your credit is minimized... it's better to avoid it - if you can - but avoid foreclosure at all costs. ... more
0 votes 3 answers Share Flag
Tue Mar 17, 2009
Cindi Wolf, CMS, GRI, SFR answered:
Hi Laura,

Sounds like you are looking forward to a big lifestyle change, how wonderful for you!

I reading your question, I would refer you to a "Craigslist" or another website of that type. Realtors don't usually deal with trading homes, per se.

You may also want to get some solid information on valuation for your current residence, so that you can make an informed decision when a deal is being negotiated.

Best wishes to you!

Cindi Wolf
Century 21 Yarrow & Associates
44143 20th St West
Lancaster, Ca 93534
661-609-9392
... more
0 votes 0 Answers Share Flag
Tue Jan 26, 2016
Other/Just Looking answered:
Lending answer:

You are in luck. Beginning March 1, 2009, Fannie Mae will once again purchase loans from lenders for borrowers who have up to 10 financed properties.

Last June, Fannie Mae and Freddie Mac limited the total number of financed properties for loans delivered to Fannie or Freddie to just 4 per borrower, unless loan #5 was for a primary residence.

There are several minimum requirements, summarized below

Minimum middle credit score is 720.
30% down payment
6 months reserve requirements for ALL second home and investment financed properties, including the property you intend to purchase
No 30 day lates (or worse) on any mortgage in the past 12 months
No bankruptcy in the past 7 years


Reserve requirements means you must prove liquid reserves for mortgage principal, mortgage interest, property taxes, home owner's insurance, and association fees (if applicable). This is in addition to proving cash for down payment, closing costs, and any other reserves required by the lender. Reserves may be proven from cash savings, 401(k) plans (using 60% of vested balance), or from stock/investment portfolios.

Bear in mind that net rental income from your investment propreties will be a critical factor in determining your eligibility for a loan underwritten to Fannie Mae guidelines.

Only 75% of your net rental income may be used for qualifying purposes. Rental income must be supported by signed leases as well as proof of receipt of rent (such as bank statements showing deposits of rent).

Qualifying rental income will be determined from your net rental income from Schedule E of your tax return. Depreciation may be "added back" to your deductions for calculating taxable income from rent... but if Schedule E shows a profit on rent costs of less than 25% of your gross rents, you will need other sources of income to make up the difference for qualifying income.

Shopping around for lenders willing to underwirte loans under Fannie Mae's Lender Announcement 09-02 will be required. Many lenders will likely be unwilling to write the loan even if you meet all of Fannie's eligibility requirements. You will also likely be charged additional fees/higher interest rate for investment property loans beyond your first 4.

When calling prospective lenders, all that is needed is to ask if they will write loans under Fannie's Lender Announcement 09-02.

I also strongly advise you to see a full Pre-Approval (ie, submitting all of your documentation to an underwriter for a credit decision) prior to making an offer on a property to be sure the lender will approve the purchase.

Do not rely on "Pre-Qualifications" issued based on a review of your credit report and verbal informtion supplied by you. Loan originators have no authority to issue a credit decision... which is why "Pre-Qualfications" are educated guesses at best and utterly worthless at worst.

Here is the link to Fannie's Lender Announcement 09-02:
https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0902.pdf
... more
0 votes 7 answers Share Flag
Sun Jan 25, 2009
The Hagley Group answered:
Absolutely...but keep in mind lenders require a higher downpayment for investment property....20-30% depending on your lender. Some lenders who have bank owned homes (like Flagstar) will offer special financing incentives for investors.

What areas are you interest in for invetment properties?
... more
0 votes 1 answer Share Flag
Mon Jan 26, 2009
Dallas Texas answered:
Lenders do have tighter restrictions on investment properties. However contact your mortgage broker review your financial records. Great time purchase foreclosures with equity.
0 votes 3 answers Share Flag
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