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94531 : Real Estate Advice

  • All38
  • Local Info3
  • Home Buying27
  • Home Selling0
  • Market Conditions0

Activity 141
Mon Aug 3, 2009
Johnny Huang, MBA answered:
Why would he have a hard time? All he had to do was ask the listing agent (or email) to see if the sellers would consider VA offers, which I've done in the past. Some agents will respond, some will not. Most will say send in the offer accordingly and always submit the highest and best offer.

Also, there's certain guidelines that VA must abide (Min Property Requirements) and the agent needs to be aware of these items.

call me if you want more details.
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0 votes 3 answers Share Flag
Thu Jul 23, 2009
Team Real EstateSINY answered:
James,
I think that you can submit multiple offers as long as you disclose to the homeowner that you have submitted or submitting offers on other properties. Howevver I would check with a local realtor just to make sure that this is legal. ... more
0 votes 8 answers Share Flag
Wed Jul 22, 2009
Dave Sutton answered:
A Realtor is ethically bound to present any offer that's not "frivolous". If I've learned one thing in this business it's to pay no attention to what sellers SAY they will (or won't) accept. The only way to know for sure is to put a bona fide offer in front of them in writing. Only then do you know what the REALLY will (or won't) accept. Have your Realtor write up your offer and present it. The worst that can happen is the seller says no and you've wasted some paper and a little time of your Realtor. ... more
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Thu Jul 23, 2009
Bernard Gibbons answered:
It depends. Has the contract been canveled by you? Or have you failed to meet a 24 hour notice to perform? It is not uncommon to see a property re-listed with the notation "subject to release of contract" in the Confidential Remarks (Agent Only) on the MLS.

Bernard Gibbons

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Bernard Gibbons, Realtor, e-PRO Certified Internet Specialist
J. Rockcliff Realtors, 15 Railroad Avenue, Danville, CA 94526
Phone (925) 997-1585
bernard@bernardgibbons.com

See all homes for sale in Contra Costa and Alameda Counties
at www.BernardGibbons.com
... more
0 votes 5 answers Share Flag
Wed Jul 22, 2009
Chuck Baham answered:
More than likely Yes, depending on the type of loan you get. Paint and cosmetic things like that are normal in todays REO market. FHA and VA loans could be problems with some loans. Most conventional loans will lend on pretty much everything. Hope this helps!!
If I can be of more assistance please contact me.

chuckb.rwdc@gmail.com

Have a Great Evening!!!
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0 votes 4 answers Share Flag
Wed Jul 22, 2015
Johnny Huang, MBA answered:
It's an insurance policy for the appliances and AC (if added). If the mechanism breaks down, you call the their claims number, pay a small deductible and hopefully they can fix it. If not, they will replace it. Read it carefully because it will state what they will or will not cover. ... more
0 votes 6 answers Share Flag
Sun Jun 21, 2009
Kamal Randhawa answered:
Mello Roos tax is a special assessment tax added to your property in addition to the regular property taxes. This special tax is usually for the special benefits you enjoy of that particular area such as good schools, parks, etc. etc. I doubt that it can be paid off as its an annual assessement. If you are looking at a certain property, I can tell you how much extra you can expect to pay. Please feel free to call or email me for further assistance.

Kamal Randhawa
Broker
510-932-1066
k.randhawa@sbcglobal.net
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Thu Sep 22, 2011
Kamal Randhawa answered:
For sure! Also, quite often, your interest rate will be higher on the investment property purchase. Make sure you are very truthfull with ALL parties, if not, you may be jeopardizing both loans.

Kamal Randhawa
Broker
510-932-1066
... more
0 votes 3 answers Share Flag
Tue Jan 5, 2010
Tara Steinke answered:
You are not alone in your frustration! This is a weird market we're in... yes, plain weird. At least you are realizing that it is not a buyer's market out there in most localized markets. It's not a seller's market. Its a jammed, slowed up, frustrating market with all the short sales... and due to that, most buyers want to go after the foreclosures because of the faster response.

Also, the problem with the REOs is that they most often want the STRONGEST buyer. And that doesn't mean the highest price necessarily. Many banks won't even consider FHA because of the additional guidelines and possible hang ups. Which is a shame because many buyers, like yourself, have great credit and can close. But the banks want to see solid down payments and ask for proof of those funds. First off, I would suggest a higher good faith deposit. Also, if you have the cash to put down and you just don't want to come out of pocket, have your agent provide proof of funds for say 10% down with your offer and state in the cover letter that you are willing to go conventional with 10% down if FHA doesn't fly. Lastly, with REOs, the best policy is to offer right off the bat pretty much the highest you are willing to pay for the home. Look at recently sold comparables and also the sold price to list price ratio so you can be sure you're not paying too much (and to make sure it will appraise). Banks are all different in their response to multiple offers.... sometimes they just choose one and sometimes they ask for highest and best. If your agent can try to feel out the listing agent and get any information regarding the number of offers and how strong (price wise) they are that helps also.

AND.... I tell my buyers to be patient, be tenatious and try, try not to get emotionally attached to anything. It is heartbreaking when you do get attached and your offer is not selected. I am working with a lot of buyers right now that are going through this same dilemma and let me tell you, it is just as frustrating to go through it with you. We want our clients happy and we want to find you the perfect house AND we want the experience to be fulfilling.... but its a difficult task in this market.

That's my best.... the good thing is pricing is down 30-40% in some areas out there!! So hang in there and get yourselves into a home! Good luck :)

Tara

Tara Steinke
San Diego Real Estate Specialist
Residential Sales and Appraisal
619-384-6014
SDRealtor.Tara@gmail.com
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0 votes 8 answers Share Flag
Tue Nov 17, 2009
Johnny Huang, MBA answered:
Yes, the market has become very competitive. Overbidding is sometimes necessary if there are other bids. Your agent should check with his own data to see if the house is worth the bid. Excellent condition homes will have more bids than ones that needs work. ... more
0 votes 9 answers Share Flag
Mon Jun 15, 2009
Adrian Huntington answered:
Tammy,

I have done loan modifications for my clients for free. Why does the check need to be postdated? How legit is that? Who is your current lender? I think that a lot of these Loan Modification companies prey on those in need. I would call this number to receive information from the Department of Housing and Urban Development on a HUD certified counseling agency call 1-800-569-4287. Here is the other legit number
1-888-995-HOPE (4673)
Thanks,

Adrian Huntington
Coldwell Banker Coon & McCreary Realtors
3711 Lone Tree Way
Antioch, CA 94509
925-212-6456
adrian@YourEcoRealtor.com
... more
0 votes 6 answers Share Flag
Wed Jun 10, 2009
Robert Chomentowski answered:
The price should be recorded with the county recorders I think. But some investors supress the price. You would have to have the title company pull it for you.

There is a opening bid a trustee sale auctions. ... more
0 votes 1 answer Share Flag
Wed Jun 10, 2009
Richard Hoag answered:
Olah,

What are you referring too?

Rich
0 votes 2 answers Share Flag
Sun May 6, 2012
Voices Member answered:
Michael, Maybe this will help a bit......

http://www.zilpy.com/US/California/Contra_Costa_County/Brentwood/Rentals/ .... http://www.zilpy.com/US/California/Contra_Costa_County/Antioch/Rentals/

http://www.zilpy.com/US/California/Contra_Costa_County/

Another tool for rent comparables .... http://www.rentometer.com/

Dunes
... more
0 votes 11 answers Share Flag
Thu Jun 4, 2009
Chuck Baham answered:
Hello Hollie, I would tell you that if the Contractor is willing to take on the responsibility of the mold issue then you can let him do the work. It really depends on the type of mold you have. If you have any other questions please contact me.

chuckb.rwdc@gmail.com
... more
0 votes 1 answer Share Flag
Wed May 27, 2009
Jerry Flynn answered:
Roxanne,

A mortgage Broker is usually a good way to go.

If you want to contact me, I'll be glad to help you get approved for an FHA Loan. You can reach me at:

Jerry Flynn
Old West Realty Inc.
925-820-6550
oldwestinc@yahoo.com
http://housebiz.ca
... more
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Thu May 21, 2009
John D Fink answered:
Hi Peter,

You will have to review the "bank addendum" to see what rights you gave up from the original purchase agreement. There are certain protections under the California Association of Realtors contracts, but when you sign the required bank addendum, it basically guts the CAR contract. You need to read through every line of the addendum and look at their "buyer non-performance" clause.

Get back on the forum and let us know what it says and we can go from there.

Regards,

John
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0 votes 10 answers Share Flag
Wed Apr 20, 2011
Melissa Zavala answered:
If you are the seller, this means that the bank is reviewing the appraisal that they did on your property and comparing it with the purchase contract to see whether they can accept the purchase contract as is, or whether they will need to provide a counter offer. If they provide a counter offer, this means that the value of their appraisal was/is significantly higher then the sale price in the purchase contract . . . and the loss would be too large to mitigate. ... more
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Tue Jun 9, 2009
Dave Sutton answered:
Hi Minnie,

"None" is the most likely answer you'll get from a request for bank repairs. They would be much more likely to give credit for a serious repair found in your inspection, but don't hold your breath.

The bank wants the property off their books and sooner is better than later.

Use a good home inspector. Set yourself a budget for repairs you're willing to do if necessary, and don't set your heart on any one home.
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Thu Mar 19, 2009
Catherine Myers answered:
There is a HUGE difference in short selling a primary residence vs. an investment property - especially if it was bought specifically for an investment.

You really need to talk to your tax advisor about the calculations. The mortgage debt relief act of 2007 offers some help for homeowners short selling a primary residence, but it needs to be your original purchase money loan (if you refinanced to a new company or with cash out or got a heloc and spent money on bills, cars, whatever it may not apply and you may not be protected).

See my website for several articles I've written about why and why not of a short sale, then let me know if I can answer any further questions.
... more
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