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Financing in Los Angeles : Real Estate Advice

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Activity 172
Fri Mar 28, 2008
Laarni G. Omingo answered:
Hi Ms. Richards,

Legally, Real Estate agents cannot just "list" your property. on zillow or any site. You have to sign a Listing Agreement before you can consider this a listing. The best advice i can give you is ask a lawyer to call this agent to "cease and desist" the so-called listing and advice him/her that this is against DRE standards.

All the best,
Laarni
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0 votes 13 answers Share Flag
Sat Jul 19, 2008
Michele M Mayer answered:
Hi LB!
It is not to late to choose another Lender, but if that is the only problem you have at this time, I would try to negotiate the 1% with your current Lender.
They DEFINATELY have the authority to negotiate that with you and let me tell you, most Lenders will work with you if you tell them that you are going to check out your options with another Lender.
If you can get them down to the 1%, it will be much easier than starting out the process all over again with someone new.
Good luck and enjoy your new home!
Michele M Mayer
760-835-5391
mmayer@windermere.com
www.MicheleMayer.mywindermere.com
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Tue Sep 22, 2015
The Sanborn Team answered:
Your question is one that needs to be directed to a lender. If you do not have a lender that you are currently working with we would be glad to refer you to several lenders.
Good luck with your house hunting.
Nancy Sanborn
The Sanborn Team
310-777-2858
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0 votes 11 answers Share Flag
Fri Apr 24, 2009
L.A. Real Estate Group answered:
Dear DebinCA...t
he new conforming loan limits are technically active now and are actually retroactive back to July of 2007. However, are you certain that the home you are in escrow for will actually qualify for the raised limit? New limtis are valid for certian "high cost" areas where the average is above the previous 417 and the max would be 125% over the median home price in that area. I have attached an article that may help...
Good Luck to you.
LA Real Estate Group
info@MyLARealEstateGroup.com
www.MyLARealEstateGroup.com

Here is a link to an article that goes into detail complete with examples:

http://www.mortgagenewsdaily.com/2132008...
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0 votes 15 answers Share Flag
Fri Nov 30, 2012
Terra Bruns answered:
Which program are you trying to qualify for? Do you have any dependents? What are your incomes? Feel free to contact me at the website below to answer these questions confidentially...I work with teachers and police officers to get them into homes that they would not normally qualify for.... ... more
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Tue Mar 4, 2008
answered:
Depending on what your purchase price is, you should have no problems getting pre-approved based on your FICO score and income. However, if you need to show more income to qualify you may need to do a stated income loan. Most business owners and people who are 1099 usually need to do a stated income loan. The reason is because your taxable income is usually much lower than your gross income. A stated income loan allows someone such as yourself to state your gross income on the loan application without having to verify the income with W2s or tax returns. Lenders will normally only verify that you are self-employed through a third party, like your CPA. You will pay a slightly higher interest rate with most lenders for a stated income loan because it is a higher risk than if you were verifying your income. For more info or if you would like to get pre-approved, you can visit my website at:
www.BayAreaHomeFinancing.com.
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0 votes 13 answers Share Flag
Fri Jun 16, 2017
Infinity Realty Network answered:
More than likely once you are locked you are locked or will have to pay a penalty. You can ask your Broker if he can submit with another similar bank and re lock the rate you like. But More than likely you can get the rate you want but it will only cost you a bit more i at the same bank. Meaning if you locked it at no cost or one point they might be able to lock it at a cost or a cost above one point. Best bet ask the bank or your Broker. If not email me i can refer you someone. ... more
0 votes 12 answers Share Flag
Fri Nov 30, 2007
Patti Pereyra answered:
Tasa de interés fija: la tasa de interés es establecida durante el término o vida del mismo, y no varía durante el plazo del crédito, entonces el pago no varía y se sabe cuánto se pagarán mensualmente. ... more
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Sat Feb 16, 2008
Rebecca Chambliss answered:
When a leased residential property is foreclosed on, then yes the lease is automatically ended. The bank has no responsibility to the tenants. The deposit becomes a matter between lessor and lessee. The bank will evict the tenants through the legal process if the tenants choose not to leave on their own or sometimes the bank will offer money for the tenants to leave. ... more
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Thu Feb 11, 2010
#1 answered:
Flat fee in this market will not get your building filled, and will not guarantee quality tenants.

Commissions on industrial property are mostly sliding scale, which I will expalain in a minute.

You want good people in your building and a good leasing agent is worth his or her weight in gold along these lines.

You should also be prepared to make tenant improvements to secure a good tenant. ie. electrical, plumbing, showroom, etc... This is a concession and of course is totally negotiable.

A siding scale commission is standard. The following is an example. Most industrial leases are 5 years with an option. All leases are tied to an annual CPI increase.

A n example of a commercial commission structure for a five year oculd be as follows:

5% the first year, 4% the 2nd year, 3% the 3rd year, 3% the 4th year and 2% the 5th year. That is the percentage of the annual rent for the entire term of the lease.

If the rent is $5,000 per month. That equates to $60,000 per year.

Year 1 commission is $3,000.
Year 2 is $2,400.
Year 3 is $1,800.
Year 4 is $1,800.

Your commission to lease that space is $10,200.00 In essecense, 2 months rent in this example.

Many commercial brokers charge more. This is only an example.

But what is it worth to you to secure a good tenant who will pay you $300,000 in rent over the next 5 years?
Year 5 is $1,200.

With leases, everything is negotiable. You are climbing in bed with someone for say 5 years. You want that person to be successful so they will continue to pay their rent on time so you earn your $300,000 in 5 years.

You should be prepared to pay, in addition to the commission, a certain amout for tenant improvements, which add value to your building, to accomodate the tenants needs.

If you don't, someone else will and you will lose a good tenant.

This is why you need a good commercial leasing agent. They can advise you as to what is customary in your market.

You find a good leasing agent, latch on to them. Good ones are hard to find. Pay them what they are worth. Don't try to cut corners on commmission. Get and keep great tenants. Simplify your life.

I hope this helps.
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0 votes 6 answers Share Flag
Wed Jul 18, 2007
Michelle Carr-Crowe answered:
Your lender expects you to tell the truth. One of your loan conditions is you commit to telling them the truth--and give them the right to verify it by requesting your tax returns (which is where you usually claim your actual primary residence). Whie it's tempting to fib to get the lower rate, if you get caught, they can call the loan (meaning make the whole amount due). ... more
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