Very common. ... seems like everybody and their long lost uncle are flippers now a days, paying cash.... actually using hardmoney lenders to buy the property all cash.... And yes hard money lenders are back.
These are subjective terms that can mean the same thing or something completely different. As a buyer, whenever I see that, I would suggest asking the listing agent for specifics of what the home needs.
There are indeed different degrees of fixers ...some are merely outdated and need a 'face lift' and others have systems and house components that really aren't working. Thus, it's critical to get the facts of the home in order to truly understand how the listing agent is using the term.
We work with people relocating and would be happy to help you if you are looking in the Burbank, San Fernando Valley area. www.BeautifulVerdugoHomes.com should be a help, or drop us an email or call.... more
There are conventional loans that allow for less than 20% down. There are FHA loans that allow as little as 3.5% down. I work in Burbank and Sherman Oaks. If you want to talk further just call 8182399599.... more
Do you really understand how a rent to own works? You will have to get a loan to buy the house and if you can't you will lose more money. Save your money, fix your credit and then buy when you really can. Rent to buys are very limited in selection if you can even find one at all. With homes decreasing in value they are really tricky and there are many pitfalls that can cost you money. After a year you must be able to get a loan to buy the house.... more
Yes permits are important. It is a buyers responsibility to investigate permits, but if you buy a house that is not properly permitted it becomes your problem. If you bring up that a seller does not have properly permitted guest house it should be corrected by the seller in a perfect world. In a short sale situation the seller doesn't have money to pay their mortgage, never mind invest in getting old work properly permitted. So buyer beware!
The punishment is if the garage burned down for example the insurance company may not pay for it if it was not permitted.
Burbank recently went on line so it's easier to research permits, and ask for information from the city. I incuded the web addtress.
About the blogger: Linwood Fullam is a Burbank resident and works as an Agent at Rodeo Realty in Studio City. Linwood lives near Bobs Boy Restaurant in Burbank, and enjoys running in Griffith park, dining in local restaurants, and local theatre at Falcon Theatre.... more
I would not suggest that it is "always" advisable to order and perform a termite inspection particularly if there is no evidence of infestation.
However; if termite damage is suspect, then it's in your client's best interests to have an inspection performed. If the bank must see it, then so be it as it may resolve the issue in getting the necessary repairs completed in order to close.
Just another hurdle....
Prudential Connecticut Realty... more
The address did not come through, if you go back to teh ad for the house, you can click on teh listing agents link and email them direct or click on the link for more information as it will email them directly. The listing agent would be the best person to answer your question.... more
There have been very few if any rent to own properties in the SFV area especially in Burbank or Sun Valley if any. My advise would be to try and get into a home valued in the $200,000 price range. At $1600.00 per month, the price range of $200,000 would put you into the monthly payment amount you desire including principle, taxes, insurance and PMI on an FHA loan with 3.5% down. The down payment can be a gift and you can ask the seller to pay your closing costs. If at this time you do not qualify for whatever reason for an FHA home loan, I would suggest a standard lease until you can qualify to purchase your own home. I hope this info has been helpful.
Should you have any other questions or concerns, please feel free to contact me.... more
A buyers offer certainly could assist you with a fsbo and would have been able to asist you with the offer and eliminate the things you are facing. First of all your offer should never be base don an asking price, you need a broker price oppinion or appraisal telling you what market value is, and base your offer on that. If you wrote in this offer expires in 48 hours and they dont answer, it expires, they may be hoping for another offer and hanging onto you as a last option. With no one to guide them, they are shooting in teh dark and may not know they can counter you or what to do next. You need to be constantly contacting them for updates.... Good luck with working things out... more
Hi Alice, you have entered into a situation that is best reviewed by a Real Estate lawyer. Any Realtors responding to this question will only be able to provide opinions based on the presented information without knowing all the details.
I would suggest the exact details of the contract, Buyer/Seller circumstances, and other pertinent laws need to be considered by a lawyer if you are looking to obtain actionable advice regarding your situation.
Also, note you and the Seller likely initialed, and therefore agreed to, Para 17A&B of the CAR CA Residential Purchase Contract, which requires Arbitration and Mediation of disputes. However, there are some exclusions via 17B(2)iv:
(2) EXCLUSIONS FROM MEDIATION AND ARBITRATION: The following matters are excluded from mediation and arbitration: (i) a judicial or non-judicial foreclosure or other action or proceeding to enforce a deed of trust, mortgage or installment land sale contract as defined in California Civil Code Â§2985; (ii) an unlawful detainer action; (iii) the filing or enforcement of a mechanic's lien; and (iv) any matter that is within the jurisdiction of a probate, small claims or bankruptcy court. The filing of a court action to enable the recording of a notice of pending action, for order of attachment, receivership, injunction, or other provisional remedies, shall not constitute a waiver of the mediation and arbitration provisions.
As shown above, Para 17B(2)iv appears to exclude matters within the jurisdiction of small claims from mediation and arbitration. So, if it costs less than $7500 to "make you whole" an easier, though perhaps not optimal, option is small claims.
This aside, it never hurts to get a true legal opinion because getting a complete picture of your circumstance requires a much longer discussion than can be effectively supported here. This may be a simple or complex issue, as such; it never hurts to get a real legal opinion after a complete picture of your circumstance comes into focus.
Nicholas, if you are buying a second home and won't be moving in there then you cannot get any credit.
If you are buying a new home to move into then if you have owned and lived in your current home for five consecutive years out of the last eight years, you will be entitled to $6,500-it makes no difference if you sell your current home.
You can follow the link below for more information.
What particular area are you looking for? What are your plans when living there - proximity to a work location, shopping, freeways, schools? Number of bedrooms and baths? One or two-story? If you'd like a personalized search, please let me know and I'd be happy to help.
As today is Christmas day, I will be with family later on, and it might be tomorrow before I am able to set it up for you -- Merry Christmas and Happy Holiday. I hope that 2010 is the year you find your next home!!!
Bonnie Scribner, REALTOR, QSC
The Scribner Team
Century 21 Discovery