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Home Buying in Corona : Real Estate Advice

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  • Local Info36
  • Home Buying218
  • Home Selling16
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Activity 192
Sun Dec 27, 2009
Richard Upton answered:
Hello Olivia,
There are special assessments in that area. When you ask if there is a Mello Roos in the area, make sure that you understand that Mello Roos is just a form of special assessments that can be levied on a home. So if someone indicates there is no Mello Roos on any home, don't stop there. You need to ask what are the total special assessments on the home and which ones have sunset dates and increase clauses, and which ones will never go away.

For a better understanding and a detailed tax report on any specific home, call me at 951-833-8925

Richard Upton
951-833-8925
Keller Williams Realty
Lic #01275947
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0 votes 5 answers Share Flag
Wed Dec 9, 2009
Connie Bramble answered:
Thu May 16, 2013
Anna M Brocco answered:
Short sales are not guaranteed and any bank can accept/reject/counter--there really isn't such a thing as one bank faster than another--unfortunately, the short sale process can be lenghty no matter what bank is involved and in some cases it may be two.

Anna
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0 votes 11 answers Share Flag
Wed Aug 24, 2011
x answered:
Sorry to hear you are having these types of problems. I am sure you have been very patient only to get this far and still have delays.

I am afraid that you need to get your information from your Realtor. The rest of us would be overstepping our bounds by giving advice to another Realtors client. Especially since we don't know the whole exact story because we were not involved. Your agent and their broker should be able to advise you.

Maybe a lender will see your question and be able to advise you.
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0 votes 7 answers Share Flag
Fri Jan 11, 2013
Lydia Kray answered:
I am a Realtor that lives and sells homes in Eastvale. About a year ago, there were always about 240 homes + available on a steady basis. Today there are under 150 homes that are for sale. They are few bank owned and mostly short sales with a few Standard equity sales. Most offers accepted in the area are all cash, conventional buyers. FHA buyers will find it toughest but not impossible. In Eastvale it helps to be an area agent to be successful at getting an offer accepted. What price range of home were you looking for?

Lydia Kray- Realtor
Tarbell Realtors
www.LydiaKray.com
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0 votes 8 answers Share Flag
Mon May 16, 2011
Cindi Shutt answered:
I have been doing research on this type of loan. Here is what I have found are other requirements that you need to investigate before you consider this loan.
•1) Requires a 45 day loan contingency
•2) They require the borrower to sign up as a member where is there a monthly fee:

Once you purchase your home, you will need to pay the Membership Fee, which includes the Neighborhood Stabilization Fund Fee,of $50 a month for a period of between five and ten years, depending on the amount of the mortgage. The Membership fee entitles you to not only NACA's comprehensive counseling to assist you throughout the home buying and mortgage process, but also to NACA's membership assistance for NACA homeowners ......https://www.naca.com/members/eligibilityIntro.jsp?language=null

•3) Member have to participate in various "community" activies:

Participation Advocate for Economic Justice. NACA's success has been the result of the active participation of NACA Members and supporters. As a NACA Member, you need to begin to fulfill your Membership commitment of participating in at least five actions and activities a year in support of NACA's mission. There are numerous activities to take part in, including participating in demonstrations, volunteering in the NACA office, serving on a peer lending committee, and assisting new Members with the home buying process. Contact your local office or NACA's national office at 1-888-297-5568 to discuss how you want to fulfill your commitment. https://www.naca.com/members/purchaseStep.jsp Step 5 https://www.naca.com/members/eligibilityIntro.jsp?language=null

•4) Section 1 repairs need to be completed or funds in escrow at close to do the repairs based on quotes for the repairs (FHA does not require this unless appraisal finds something with respect to Security/Soundness/Safety)
•5) Max sales price that I saw for 94588 zip and areas within 20 miles was $450K.
6) Long close (I would guess 60 days)

This loan is complex, there are many other financial options, that can work best for you. Call me anytime, and we can discuss your options. I live and work in the Corona area, I would be happy to service you for all your Real Estate needs.

Cindi Shutt
DRE#01765695
First Team Real Estate
888-364-0068 x101
cmshutt@gmail.com
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0 votes 6 answers Share Flag
Fri Sep 15, 2017
John Villaescusa answered:
It will have to be negotiated into the short sale. More than likely the bank will approve it because even if the house goes to foreclosure they will have to clear title. Your agent will be able to handle the situation- many problems happen like this with short sales all the time and I get them approved 99% of the time.

John & Sarena Villaescusa
Realtor\Broker
Cell- 562-818-2671
Email- Johnv@kw.com
Website- www.VGroupHomes.com
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0 votes 6 answers Share Flag
Tue Jul 3, 2012
Real Estate SINY answered:
Yes a written approval must be provided. Also the first Mortgagee asks for the written approval from the second mortgagee in order to give their approval. If the approval from the second is still active and did not expire yet then there should be no problem to get in in writting. My advise to you is your agent or the listing agent whom ever is working the short sale should ask for an extension from the first mortgagee to enable the second to issue a written approval. Everything is possible if the people involved are willing to take charge and get things done.
Good Luck to you.
Please let me know how it went.

On Your Team.
Irena Popilevsky
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0 votes 6 answers Share Flag
Wed Oct 28, 2009
Connie Bramble answered:
Hi Hopeful,
Depends on the lender you are using. The one I generally use funds the day after docs are signed. there are many lenders that require a 24-48 hour hold on the docs before funding. Don't know why they just do. also there is a new rule that has something to do with the interest rate changing more than I think 1/4% and the loan funding is held up a few days by that. Ask your realtor why yours is being held up
Glad to see you closing escrow!! Best wishes to you!
Connie Bramble
714-337-8718
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0 votes 6 answers Share Flag
Mon Oct 26, 2009
John Villaescusa answered:
Usually both the listing agent and the buyers agent will split the difference in the cost if the bank hasnt already taken care of the issue. The buyer shoud not have to pull money out of their pocket to pay for the banks mistake. In our office, issues like this have arisen and we have the agents split the difference on their commission to compensate for the cost. If you have nay other questions or comments please conact me at:

John & Sarena Villaescusa
Cell- 562-818-2671
Email- Johnv@kw.com
Website- www.VGroupHomes.com
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0 votes 6 answers Share Flag
Wed Dec 16, 2009
Jordan Grandlund answered:
Fri Oct 23, 2009
Christopher Walker answered:
Nope......as far as I know, a HOA can not dictate the terms of sale. They can, with proper CC&R's impose occupancy restrictions (FED compliant) and rental/lease restrictions yet, they can not dictate terms of sale. Contact an attorney dealing in HOA issues for more information and review the CC&R's before completing your purchase. ... more
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Tue Oct 20, 2009
Diana Margala answered:
An Appraisal review is usually mandatory on Government Loans (Fanni/Freddie) so this is common. Usually the appraiser can get the additional information to the underwriter in about 1-2 days. Then the underwriter will review everything again., may take another day. Next your loan docs will be sent with to escrow usually another day, then you sign them, they are sent back to the lender, it could take 1-2 days for review then the loan funds. After the loan funds, title sends the Deed of Trust to be recorded at the county office, usually another day, but if it is Friday as long as it was set up and funds get to the title company by 10 AM it could record same day as funding. You are cutting it close but it can be done. Make sure everyone is aware of the time line. If you think there will be a problem, you might be able to ask for an extension as long as docs are in and signed usually it’s not a problem, but your Realtor and your lender would no best.

Good luck you are in the home stretch.
Diana 909-945-5763
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0 votes 1 answer Share Flag
Sat Oct 10, 2009
The ACG Group, Realtors® answered:
Dear Hopeful ...

I think I remember you posting previously that it had been 10 weeks waiting for written approval on this deal. So you have a lot invested in it.

If I also understand your situation correctly, you're the buyer in this situation. One thing that's difficult when representing buyers in a short sale is that the buyer's agent rarely has the benefit of knowing up front whether there will be a deficiency on the second or not. And frankly, many listing agents don't look into it or find out until very close to the end.

What I've learned to do is advise buyers who make offers on short sales that things can get very hairy at the end and that they should be prepared to help cover deficiencies on seconds or other costs (including repairs) from the beginning. In other words, if you can't afford an extra $3 - $10K out-of-pocket on top of your approved loan structure, just know that a short sale can end up breaking your heart after months of patiently waiting.

It sounds like you're in a bind as regards moving expenses and liquid cash (if the three-way split arrangement stands), which is 100% understandable. In my opinion, even with $1,800 for moving costs, you're cutting your deal very close. It's always advisable to have a minimum of two mortgage payments in reserve when you close on your home, because something unexpected always pops up.

That said, it also sounds like you're feeling cut out of the negotiation process because your agent offered to split the difference three ways without asking you first. There's no requirement that they do so, but everyone does things differently. Frankly, one of the reasons your agent probably offered the three-way split was because your agent can't afford the reduction in commission being proposed (50/50).

As concerned as you are about taking a $1,600 hit, your agent is feeling the same way about taking a $2,500 hit. I don't know what price you're in escrow at, but bear in mind short sales usually pay less commission than standard sales. And your agent has to split that commission with their broker and pay other fees out of it.

So, to give you a numeric example:

Let's say the home you're buying is $300,000. Short sale commission to your agent's broker is $7,500. Your agent gets a percentage (up to 8%) taken of the top of that, and then gets paid a percentage (usually between 60% and 90%) of what's left (let's say 75% because it's in the middle). That means your agent's commission is $5,175. If you take $2,500 off that, your agent gets $2,675 ... before taxes. If you split it three ways, your agent gets $3,500 in commission for several months of work.

Think about the long wait for short sales, the househunting process of submitting multiple offers until you get one accepted and how long you have been working with your agent. As for feeling the other agent is willing to give up more ... you never know why. Maybe they can financially afford it more. Maybe they can't, so they need the deal to close at any cost. Maybe they're making sure they close the deal because they don't want their client's foreclosure on their conscience over $2,500. One agent could be in a two-income household and the other a single parent. You never know. Whatever the seller's agent's reasoning, it shouldn't color how you view your agent's willingness to sacrifice his or her own commission.

The bottom line is each agent has earned their full short sale commission and neither has to agree to a reduction at all. Is that something that sometimes happens in our business? Yes, but it isn't and shouldn't be a regular thing. It would be the same as someone (not you) making a mistake on your job and you volunteering a chunk of your paycheck as a grant to fix the problem.

I'm finding that even with written short sale approval, some lenders are taking a bit longer to close escrows due to volume. So, if you have an extra 2-4 weeks before closing, I'd save as much as possible out of those paychecks to put together additional moving costs.

Since the listing agent is already willing to pay $2,500, the third option is to explain to your agent that you understand and appreciate the sacrifice he/she is willing to make, and to propose that you split the $2,500 down the middle, which gets you both another $416 more than you'd have in the split-it-three-ways scenario.

I hope all goes well and I hope this helps you. You're almost to the end; hang in there!
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0 votes 1 answer Share Flag
Mon Sep 15, 2014
Patrick Thies answered:
What would be the reason for getting your license? Would it be to arm yourself with information on the process of buying a home or is it to save money because you would get paid the commission on the buy side?

Couple of things to consider here. You could self educate yourself on the process without having to take the time and spend the money on classes required to get a license. Will this mean that you will know what you are doing? Maybe, most likely not, but you will have at least have some concept of what is involved.

You will have to spend money on the classes, license fees and sign will a broker since the only way you could get paid is through a licensed broker. And since you would be a new agent you will most likely be at the bottom of the commission scale which in all likelyhood would be a 50/50 split. That's half the commission to you.

So is the time, money and effort involved worth the money that you may save by being licensed. You could just work with an experienced agent and end up with the same results.

By the way don't be too sure about that test. It's harder than a lot of people think. Good Luck
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0 votes 15 answers Share Flag
Thu Oct 8, 2009
Patrick Thies answered:
Short sales can take anywhere from 3 to 6 months and in some cases longer. If the second loan has already approved the short sale, then you are past the biggest hurdle. It's hard to say for certain how much longer it will be, but, it seems like you are past the hump. IMO the bank probably won't respond quickly to any ultimatums. ... more
0 votes 5 answers Share Flag
Sat Oct 10, 2009
Valerie Escalante, CRS, GRI answered:
Hello Hopeful in Corona,
Looks like you are learning by experience that there is a lot of competition among bank owned properties. Make sure that your agent is doing a brief market analysis on the property you are making an offer on. Many bank owned properties are selling significantly above the list price, and a full price offer many times will not get you the house. Asking for closing costs, can also mean the appraisal needs to come in higher to cover the closing the costs. If your offer is $250,000 but your asking for $5,000 Concessions, the net is $245,000 but the appraisal still needs to come in at $250,000. Whereas if you offer $245,000 with $0 Concessions, the net is still $245,000 but now its okay if the appraisal comes in that $5,000 short. The seller is looking at the net offer, so the closing costs will bring the net down. If you do not need the closing costs, I would skip asking for them.

Best of luck.

Valerie Escalante, CRS, GRI
Help-U-Sell Quest
RE Broker/Owner
CA DRE Lic#01183269
(909) 767-0645
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0 votes 9 answers Share Flag
Thu Oct 1, 2009
Sharon Koziel answered:
Sorry to hear of your mix up. The banks are not playing fair with buyers or agents right now. It appears that one department of the bank is not talking to the other departments. The home you had an offer on should of been held back from the foreclosure sale or you should of been made aware of the sale date. If the short sale department does not ask for the home to be placed on hold, in wiritng, the foreclosure department just proceeds as usual. We even had a case in town were the bank sold the home twice! Two buyers -one house-not good!!!! ... more
0 votes 2 answers Share Flag
Thu Oct 1, 2009
Bonnie Scribner answered:
There is absolutely no problem with Corona that can be generalized. As with most cities, there are good areas and bad areas. There are absolutely gorgeous newer homes off the 15 freeway that are considered Corona, as well. You just need to look carefully at each separate listing to evaluate it. Corona also has down payment assistance (unless they've recently run out of money) for REO (foreclosed) properties. Also remember that Corona is right near the line with Orange County, and the OC is usually higher. Corona is considered part of the Inland Empire, which has been hit with declining values a bit more than OC. Please feel free to give me a call if I can be of help. Bonnie@BonnieTheRealtor.com, 714.296.0513.
I'm an award-winning agent and work that area quite a bit.
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0 votes 6 answers Share Flag
Mon Aug 31, 2009
Connie Bramble answered:
Hi Hopeful,
I am missing something here? If the buyer is using a what???? And when Wells is lending to you; or when you are buying one of their bank owned homes?
Connie Bramble 714-337-8718 ... more
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