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Carson : Real Estate Advice

  • All97
  • Local Info12
  • Home Buying34
  • Home Selling2
  • Market Conditions3

Activity 60
Tue Aug 11, 2009
Jenny A. Le answered:
The banks look for the borrower's 4 Cs:

1. Character (credit payment history...NO credit is better than late payement history)
2. Capacity (verifiable income history and stability)

3. Capital (liquid assets...your down payment - 3.5%, 5%, 20% depends on the loan program that you qualify)
4. Collateral (appraisal value of the property you want to buy)

Moderate income is very subjective and it depends on which lender you work with.

I would suggest you focus on your 4 Cs described above because the bank looks for a "complete" package...they don't make their credit decision on just 1 factor such as moderate income.

If you would like a recommendation of an experienced lender, please call Dexter Stanley at Chase Home Bank. He can be reached at (714) 921.6706.

I hope the information helps.

Email: Contact@ActusPropertySolutions.com
Phone: (888) 525-0125
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Sun Aug 9, 2009
Dorene Slavitz answered:
Dear Anne,
I found 19 condo/townhouses in the 100-200 thousand dollar range in the Carson area. If you would like to see property in Carson, you can access the MLS from my website below (no cost or obligation). ... more
0 votes 1 answer Share Flag
Thu Jul 30, 2009
M.D.J answered:
Yes, typically at least one person or more from the LLC is needed to sign for the loan because the income it generates is usually passed through to the partners on the K-1's.

If that is not the case and is reflected in previous taxes filed plus history of making income from flipping then maybe it can be done without a personal signature.

If you need investor re-hab financing let me know or if you would like to sell "as is" to homebuyers I also do FHA & Conventional rehab / repair financing for owner occupied properties.

Good luck.
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Wed Jul 22, 2009
Steven Ornellas answered:
Hi Zacreal, the $8K credit can only be used for closing costs, not downpayment.

A 3% estimate is fairly conservative, but it really depends on what makes up the closing costs and the loan type you have (i.e. FHA with 1 year upfront Mortgage Insurance, impounds or not, etc..).

Best, Steve
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Thu Jul 30, 2009
Shel-lee Davis answered:
Starlynn:

In Carson or Lakewood, you will be hard pressed to find a home for $200,000 or less unless they are a real fixer upper and then they would not qualify for a standard FHA loan (they would require an FHA 203K Rennovation Loan). You might want to consider surrounding areas like Long Beach or Bellflower where your chances are a bit better and you might also want to consider a 2 bedroom or 2 bedroom plus den configuration to expand your options even further. I know the 90745 area very well and can tell you off the top of my head that there are currently no livable 3 bedroom homes for under $200K. To catch something in this price range you will need to be working with a very aggressive knowledgeable agent. Let me know if you want to pursue this further. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
http://shel-lee.listingbook.com
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Sat Jul 4, 2009
Shel-lee Davis answered:
Zachreal:

There are several nice homes in your price range in the Carson and San Pedro area (areas of specialty for me). Are you working with an agent to help you identify your dream home? If not, you really should start interviewing and then choose an agent to be your advocate and negotiator, in addition to staying on top of the market for you. If you would like to pursue this further please do not hesitate to contact me through my profile or call me directly. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
http://shel-lee.listingbook.com
... more
0 votes 6 answers Share Flag
Wed Mar 24, 2010
Rebecca Chambliss answered:
In that price range, there have been multiple offers. Often times the Seller looks at not only the price, but the terms. FHA loans are more difficult to fund than traditional loans and there are lots of cash buyers (investors) out you are having to compete with.

You definitely need an agent who knows how to get your offer to compete with what is out there. There are lots of houses in San Pedro that you shouldn't have trouble getting an offer accepted on in that price range.
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0 votes 13 answers Share Flag
Wed Jun 3, 2009
Dyanna answered:
Hello Linda. There are many realtors in Carson that have sold properties that aren't foreclosures, including me. The only problem is, it is going to be very difficult to get it down to the one realtor that sold the most. I can easily tell you its me, but that would be unfair to you. Although, I do like to think of myself as a leader in my industry!

I know the area well, I work the area and I would be more than happy to help you. I can send you my resume and a few articles I have written for major newspapers. I am well qualified and am eager to earn your business.

Please e-mail me at dyannaavila@hotmail.com and I can get that information right over to you.

Dyanna Avila
Prudential California Realty
dyannaavila@hotmail.com
323.359.7992
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0 votes 2 answers Share Flag
Mon Feb 25, 2013
Michael Magaw answered:
It would help if you gave the address of the property or a link to it. I am very familiar with homes in Carson and I would be happy to give you my opinion on the values.

Based on what information you have provided here, I cannot answer your question. How do you know how much a bank paid for a property? I assume they did not "pay" for the property, but rather loaned money to a buyer who later defaulted, that is why it is now an REO (bank owned). How much the bank loaned on this property at some unknown time in the past, tells me nothing about what is a fair offer to make on that home now.

The only thing you should base your offer price on is the current comps, the market, and the condition of the home. If the bank has already priced the home below comps, then they have already factored in these variables, and you would have trouble lowballing them. If the bank priced the home higher, then you may get them to consider your offer.

One other item that is important in todays REO market is that the banks do care about your qualifications. They want to see higher down payments, higher good faith deposits, good credit, good fico scores, proof of funds, etc. The more qualified buyer would have a better chance of getting a low offer accepted.

If you want the information that you need to make a reasonable offer, then contact me at:

Michael Magaw
310.259.6850
M@NHLBrokers.com
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Wed Apr 29, 2009
Luke Allison answered:
Ricky-
A decision on an "Escrow Waiver" is going to be made from lender to lender. You definitely cleared one hurdle by putting 20% down but the exception will also need to be made based on the credit score, assets, Debt-to-Income ratio, etc.

You will need to note, however, that the monthly tax and interest amount will need to be used to qualify for the loan regardless of if you pay it monthly or not. I do understand why you would want to do that though. If the tax assessment is based on the prior sales price then obviously you would get stuck with a higher tax assessment until the county revises them based on the new sales price. I heard they are working on a way to correct this to try and help more people qualify - but you know politics.

If you would like to qualify and see about the escrow waiver, please feel free to call me. I should be able to get an answer within minutes based on what the system says. Call me if you have questions.

Luke Allison
Bank of America Home Loans
828-777-8828
lukeallisonloans@gmail.com
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Mon Jun 22, 2009
Lezlie Brazil answered:
Hi!,

Yes, the first-time buyer program does still exist in Carson for low to moderate income qualified applicants who have not owned ahome in the past 3 years, who are purchasing a primary residence, who can contribute 3% of the purchase price and up to 3% of closing costs, and who have a minimum FICO score of 620.

Contact me for additional guidelines and application procedures.

Lezlie Brazil
Keller Williams Realty
T 310-991-4263
F 310-861-0207
E lezliebrazil@kw.com
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Fri Jun 5, 2009
Lezlie Brazil answered:
Hi Patty,

A lease to buy situation can be a win-win for both parties...as long as your contracts are written carefully.

Here's some advice: 1) Make sure that your "option" money is protected; 2) Make sure that the agreed upon purchase price is reflective of current market trends; and 3) Make sure that you have proof of monthly mortgage payments (if there is a lien holder on the property).

I frequently put these deals together. Please contact me if you have any additional questions.

Lezlie Brazil
Keller Williams Realty
T 310-991-4263
F 310-861-0207
E lezliebrazil@kw.com
... more
0 votes 6 answers Share Flag
Sat May 21, 2011
Shel-lee Davis answered:
Pat:

Foreclosures are public record. Any title company, realtor, or the County Recorder's office can provide this information.

Are you asking if the home you are renting and living in is in foreclosure? If it is, you will be getting tons of mail and a few drop bys offerring to stop the foreclosure. Then 21 days before the Trustee's Auction you will get a notice on your front door providing the date, location and bid amount for the auction. It is really difficult for a landlord to keep the foreclosure of their property a secret from their tenant.

Hope all works out for you in this situation and Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
... more
0 votes 2 answers Share Flag
Fri Jun 5, 2009
Bill Eckler answered:
Hi John,

Our recommendation is to start shopping around and collecting information and knowledge about the borrowing process. Ask about details for an FHA loan that will require approx. 3 to 3.5 percent deposit.

It is a good idea to become pre-approved for a loan so you can act quickly when the right deal is identified.

Good luck
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0 votes 7 answers Share Flag
Sun Sep 28, 2008
Shel-lee Davis answered:
Don:

I am showing that the Trustee Sale on this property was postponed to 10/14/08. I am also showing that the listing was cancelled on 09/11/08. If you are interested in the property, I would be happy to check on its availability for you. Carson is one of my areas of specialization and I am there often. Let me know if you want assistance by contacting me through my profile or calling me. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
... more
0 votes 1 answer Share Flag
Wed May 6, 2015
M.D.J answered:
They are based off of future value and cost of the repairs or improvements for owner occupied purchases. Feel free to contact me to find out more about how they work and other conventional options if your thinking of buying a fixer upper. ... more
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Mon Apr 18, 2011
Shel-lee Davis answered:
Yoruba Ann:

You can find a townhome in the Scottsdale area for that price, but currently that is too low to buy a home. I would be happy to send you what is available in Carson. It is one of my areas of specialization and many of my clients either own homes or are in the process of buying homes there. Contact me directly if you would like to join them.

There are some great areas of Carson, and if you are a first time homebuyer, we should get you working on filling out the paperwork for the city's downpayment assistance (which can be as much as $150,000). You might find that you can buy more home than you imagined. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
... more
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Mon May 5, 2008
Maggie, your REALTOR® answered:
Hello Ignatius,

When it's a bank owned property the seller has no knowledge of the property and is exempt from a Transfer Disclosure Statement. What you will most likely receive is the (TDS) with a big stamp on it that says BANK OWNED SOLD AS IS.

It is my recommendation that you do your own due dilligence by having a property inspection completed prior to purchasing the house. A condo would be less risky, but a house, I would highly recommend a home inspection...the company I use for my clients is called Affordable Home Inspection and their phone number is 714-847-7570. Your real estate agent should also provide you with an Agent's Visual Inspection. You have not mentioned whether or not you have your own buyer's agent. I highly recommend that you have a REALTOR represent you especially if purchasing a bank owned home.

If you would like more information please contact me via my website...www.maggiehomefinder.com.

Hope this information was helpful.

Sincerely,

Maggie :)
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Mon Apr 18, 2011
Sandy Shores answered:
Hi Yoruba,

You may want to start by using the How much house can I afford calculator on the CNN money website.
http://cgi.money.cnn.com/tools/houseafford/houseafford.html. Then, contact a local Realtor to the area and they will be able to let you know what you can buy for that price.

Happy House Hunting,
Sandy Shores
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0 votes 8 answers Share Flag
Mon Mar 17, 2014
RE/MAX Empire Realty answered:
Was it a week ago or two weeks ago? Some things will differ from state to state but you have to get the forelosure stalled while you figure out what to do. Act now!!! Contact a realtor in your area that has experience with this. I am sure you can find someone to help. ... more
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