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Fair Oaks : Real Estate Advice

  • All53
  • Local Info5
  • Home Buying12
  • Home Selling1
  • Market Conditions4

Activity 31
Mon Oct 11, 2010
Sue Archer Reynolds answered:
It depends on the lender but assume it isn't. I know that for those trying to complete a loan modification, they will not include unemployment income or short term disability income. Most lenders are looking for a history of employment that would translate into long term income. They are committing to a 30 year loan with you.

Does it make sense to make that commitment on short term income terms? I think you need to show long term income to justify it. Sorry.
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Tue Apr 10, 2012
Grace Hanamoto answered:
Hello Curious and thanks for your question.

Until the seller actually accepts and affixes his/her signature to the bottom of a purchase contract, and unless the seller tells the agent "I do not want to see any other offers", the agent may present other offers. Typically, if the new offer is lower than the offer already being reviewed, it makes little, if any, sense to tender that second offer to the seller since a higher offer is already being proferred.

However, if the seller has already accepted an offer and is in contract, then we do not normally tender other offers except to tell the buyer that they can be a "backup offer" in the event that the first offer falls through. In most cases, this is true for short sales, so a backup offer is always appreciated. Otherwise, once a home is in contract, no further offers are accepted or reviewed.

And, Curious, it was never a "law" in California that offers had to be presented. In fact, I know many Realtors who will not even present a "low ball" offer to the seller, and there is no imperative that an agent "must" present any unqualified offers to the seller. It's our job to weed out or to direct buyers to the requirements necessary to make a qualified offer that can be submitted to the seller.

Hope this helps!

Grace Morioka, SRES, e-Pro
Area Pro Realty
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Sun Sep 13, 2009
Sean Dawes answered:
I think its mostly because the banks are overwhelmed as it is with short sales and foreclosures that they just push off the people until they truely are in the hole.
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Tue Apr 10, 2012
Dante Underwood answered:
With that type of history I would think you would be able to purchase a home. When did you purchase that 1st home because you may also be able to qualify as a 1st time home buyer again depending on when you purchased that home. I would love to speak with you and give you some more information. Please feel free to contact me by email or my website and I would be happy to get you more info and give you a for sure answer to your question. ... more
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Tue Jun 9, 2009
Craig Saxon answered:
You can contact the County Recorder's office and find out who currently owns the house and their address or contact your Realtor and they can do it for you. If the bank owns it your Realtor can write up the offer for you and the bank will pay the Realtor's commission. ... more
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Tue Apr 5, 2011
Sue Archer Reynolds answered:
Prices will be different a year from now. There are always going to be some foreclosures. Recently we've seen our market move towards more short sales, than foreclosures so they make up the majority of listings at the moment.

I would suggest you get set up with a client portal, start to learn the market values for the areas that you're looking so you can see how the prices go up, down, or stay the same. And meet with a lender now so you can ensure your credit is as good as it can be, you've budgeted correctly and you're ready to go. You'll get your best buy when you're educated well on the market.

But why were you waiting? The home buyer's tax incentive runs out 12/1. That might be a reason to consider buying now.

Good luck to you!
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Sat Nov 22, 2008
Robert Chomentowski answered:

You can't use equity as a down payment unless you get a mortgage to extract that equity. Do you currently have a mortgage on the house that needs fixing up? What is the loan-to-value?

There is also a loan from FHA called a 203k rehab loan. You can use this loan on the house you want to fix up. The lender will lend you the cost to fix up the house and it's a 30 year fixed with good rates.

Warm Regards,

Rob Chomentowski
Sr. Loan Officer
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Wed May 28, 2008
Jim Johnson answered:
If you are contemplating going FSBO, contact an agent in your area for help. Be up-front with the agent about your motives, and make a pledge to yourself and the agent to give that agent the listing if you can't work things out on your own.

Your best option would however be to list your home with a local REALTOR member of the MLS who can advise you further, and work out a marketing plan for your home.

Good luck.
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Wed Jun 26, 2013
Erin Stumpf (Attardi) answered:
Yikes - that is a crazy commute! Arbour Real Estate Management - / 888-551-5114.
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Fri Jun 19, 2009
Liz Stevens answered:
Yes follow your income until we see if the government programs now being crafted will make any difference. Rent on a month to month basis so that you have flexibility
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Fri Aug 21, 2009
Ute Ferdig answered:
There are currently 22 active/pending 3/1 in Fair Oaks. Average list price is $352,880 and average square footage is 1,155. Average days on market is 58. Only 1 of the 22 is a pending listing (list price $259,900. There were 6 sales in the past 3 months. Average sale price was $261,150 with average square footage of 974. Average days on market was 36 days. There were 8 sales in the 3 months preceding (March 25 - June 25). Average sale price was $304,688 with average square footage of 1,131. Average days on market was 25 days.
Please let me know if you'd like any other property information. Thank you.
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