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Home Buying in Sacramento : Real Estate Advice

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  • Home Buying688
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Activity 505
Sat Sep 29, 2012
Michael Cheng answered:
I've got an investment property in Elk Grove also. As for advice, it's basically the same for all single family investment properties.

Make sure you do a thorough inspection and verify that you'll get your required returns from the rent. Many of the new homes in the area were built by large home builders with lower quality production methods. Look for major cracks and leaks. ... more
0 votes 10 answers Share Flag
Mon Dec 17, 2012
Nancy Bergman answered:
It depends on your lender. I just completed working with a buyer who had a credit score similar to your's and we found a lender that was able to help. She didn't have the greatest credit but had a nice down payment and long term work history that helped her get approved. In fact, she also got a house in 95834.
If you are interested, I can put you in contact with the person I used.
Nancy


Nancy S Bergman
Realtor - Lyon Short Sale Certified
DRE # 01893550
Lyon RE Downtown
nbergman1@live.com
http://www.sachomesbynancy.com
... more
0 votes 7 answers Share Flag
Tue Sep 18, 2012
Teri Andrews-Murch answered:
There can be, but more common is owner financing.

The first thing you want to do is make sure you qualify income wise for the park you want to live in. Visit the park manager and pick up an application and ask them what the requirements are, what the space rent is.

Sometimes there are for sale by owners units in many parks, do a drive thru and check bulletin boards. You can also use a real estate agent or mobile home dealer to help you look.
... more
0 votes 2 answers Share Flag
Tue Sep 18, 2012
Michael Cheng answered:
That seems to be my usual experience as well. It takes a diligent agent just to close a deal within a few weeks of the closing date. Sometimes, when I get to work with loan agents with good track records on past deals, I can depend on them to close on time. So, it's a good idea to ask your Realtor for a lender recommendation. ... more
0 votes 11 answers Share Flag
Thu Sep 13, 2012
Marina Simonian answered:
Cheri,
It all depends if you are the only interested buyer with an offer, or if there are other buyers who are also interested in the same development. Competition will bring the purchase price up, and we, as realtors, are trained and educated in sales as well as negotiation techniques in order to be able to help our clients achieve their goals and dreams of owning a home with the absolute best price possible.
If you are already working with a realtor, it would be in your best interest to have him/her contact the development office and get more information for you.
Good luck and hope you are successful with whatever you decide to do. Marina at VasTree Real Estate in Los Angeles.
If you need more information, I can be reached at marina@vastree.net.
... more
0 votes 7 answers Share Flag
Wed Sep 12, 2012
Jim Walker answered:
some great answers from agents to the same question from earlier Trulia posts:


http://www.trulia.com/voices/Home_Buying/Looking_for_cash_flow_investment_home-401679

http://www.trulia.com/voices/Investment_Properties/Looking_for_cash_flow_investment_properties_SFR_o-400778

http://www.trulia.com/voices/Investment_Properties/Looking_for_cash_flow_investment_properties_SFR_o-400778

http://www.trulia.com/voices/Home_Buying/How_s_the_Fair_Oaks_area_I_m_thinking_of_buyi-319524

http://www.trulia.com/voices/Home_Buying/Looking_for_an_investment_rental_property_in_Natom-411986

http://www.trulia.com/voices/Home_Buying/Thinking_to_buy_a_house_as_a_rental_We_are_lookin-406531

Click on the profile of agents in the city or cities you are interested in. Then read some of their responses to consumer questions. Pick some one who has written knowledgeably about the real estate subjects you care about.
... more
0 votes 3 answers Share Flag
Wed Aug 29, 2012
Peter Mohylsky answered:
We need more information prior to giving a detailed answer on this situation
0 votes 4 answers Share Flag
Mon Aug 15, 2016
Tina Lam answered:
It's possible to get financing with as little as 3% down, whether through Fannie Mae or 3.5% with FHA. The more pertinent question is whether you should buy a house if you haven't found a way to save up a downpayment yet. Homeownership is a large commitment of financial responsibility, something that you demonstrate by saving up a downpayment of 10%. Plus, in this market, you really don't have much of a chance of winning a home (except for new construction), with less than 10% down. ... more
0 votes 12 answers Share Flag
Fri Mar 6, 2015
Laura Coffey answered:
It is always negotiated. Standard in southern Ca. Is seller unless its a short sale & sometimes REO.
0 votes 19 answers Share Flag
Tue Aug 28, 2012
Doug & Bud Zeller answered:
Thu Aug 2, 2012
My NC Homes Team answered:
If you're asking if you should buy a home that has unpermitted improvements without making the Sellers secure all required permits prior to closing the answer is absolutely not. If you do you inherit their problem and the liability. It's possible you could be forced to remove all these so called improvements.

Buyers should never put themselves in this situation unless there is a significant reward for accepting the risk and I mean a significant reward as in no less than twice what it might cost to get permits for the work the current owners did.
... more
0 votes 6 answers Share Flag
Fri Aug 3, 2012
Cindy Davis answered:
When a buyer and seller use the same agent...the seller still pays the agent the full 5%. I have never liked or recommended buyers use listing agents for their purchase - but many buyers still do.
In these cases, the listing agent makes out well, but their first priority is to the seller.
... more
0 votes 9 answers Share Flag
Sun Jul 29, 2012
Kylee Roe answered:
That sounds to me like it is reported correctly.It does not sound like it is being reported as outstanding debt, which could leave you non-qualifyable. It's going to be on there for like 7 years! However, you should talk to a lender to see if you can re-qualify. Sometimes in as little as 3-5 years. Call Evelyne Jamet at Vitek Mortgage. She may be able to give you a little "credit direction" as well.
Her number is 916-452-8800
Then call me when you're ready to buy!! :)
Good luck.
... more
0 votes 5 answers Share Flag
Sun Jul 6, 2014
answered:
Rene: If that second loan was not utilized for purchase money (you took it out to pay off debt, etc) that loan may have foreclosed but the lender may still have recourse on it.
Call that loan servicer and ask them why it still shows as a balance (?) on your credit report. It may be a clerical error (imagine that!).
Also, you may want to check with an attorney on this, as well.
In order to remove from credit, that lender has to report it as a zero balance...
... more
0 votes 11 answers Share Flag
Mon Aug 6, 2012
Jim Walker answered:
Hi Jasmyne.

The zip codes for Elk Grove are 95624, 95757, and 95758. The zip codes for Natomas are 95833,34,35,36,37 and ,38.

The ideal of an REO or short sale could defeat the ideal of the home being built after 2006 and being easy to rent.

Why?

Because REOs and short sales usually have repair work to do on them before they are ready to rent.

Do you already have an agent lined up to take you about on Saturday? Some of these tenant occupied houses require 48 hours notice to tenant prior to showing.
... more
0 votes 3 answers Share Flag
Mon Aug 27, 2012
Cindy Davis answered:
You can sue anyone for anything. Whether you'll win a lawsuit, and whether it's worth the time, cost, and hassle is another...

Your Realtor may indeed have some liability here BUT ...did you have a copy of your purchase contract??? If so, you knew what the time frames were. Did you have a copy of the escrow docs? If so, you knew when escrow was to close.

The purchase contract also indicates what personal property has been agreed upon for the taking.

So...if you did not receive these documents - there is a problem with your Agent/Escrow, etc...If you DID receive these documents and did not read them - then you have to take responsibility here.

I've often been amazed at how few consumers actually read the real estate contracts - and if you didn't you have no one to blame but yourself. You are held legally responsible once you sign those documents.

It sounds like you've been through a lot and I wish you well.
... more
0 votes 5 answers Share Flag
Thu Jul 26, 2012
John Souerbry answered:
Thu Aug 2, 2012
Patrick O'Hare answered:
One of the first things you need to do is figure out what your investment goal
is. Are looking to maximize cash flow, future appreciation, ease of management
or getting "best deal". You typically cannot get all, so you have to decide what is
most important. Are you paying cash, or going to be getting financing? Are you
prepared to purchase a fixer, or do you need it in "rentable condition"?
Sacramento has a lot of great investment potential; I was recently speaking with
a bay area agent who was amazed at our return on investment.
Good neighborhood is a relative term that needs more explanation. As an investor
you may look at location differently than if you were looking for a personal home.Your
primary concern should be can you attract a quality tenant and keep the property
rented.
... more
0 votes 11 answers Share Flag
Fri Jul 20, 2012
Patrick O'Hare answered:
I believe the programs you are talking about require that she live in the
home. Good neighbor, Neighborhood police officer, or other programs
are looking to move those "good influences" into the neighborhood ... more
0 votes 3 answers Share Flag
Sun Jul 15, 2012
Tina Lam answered:
You can check them out at www.crimereports.com Realtors are limited in making recommendations based on perceived safety, since that's very subjective.
0 votes 2 answers Share Flag
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