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Home Buying in Sacramento : Real Estate Advice

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  • Local Info161
  • Home Buying673
  • Home Selling79
  • Market Conditions82

Activity 505
Thu Mar 15, 2012
Francesca Patrizio answered:
tutu,

While I am not in California, from a NJ perspective it is possible, You would be better served speaked with a mortage speciailist. Give April Ranello a call at (773) 435-0979. I met her through a client and she has been top notch from day one.

Francesca Patrizio, Broker Sales Associate
Francesca@PatrizioRe.com
732.606.2931 (Direct/Cell)
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0 votes 11 answers Share Flag
Wed Jan 25, 2012
Anna M Brocco answered:
When it comes to any safety/crime related issues, it's always best to contact the local police department with all your questions, hear all there is to hear firsthand. If unfamiliar with the area do revisit more than once and at different times of day, possibly chat with locals/neighbors. Real estate professionals are prohibited from steering, enticing a buyer to purchase, or not, in specific neighborhoods.
http://www.neighborhoodscout.com/
https://www.crimereports.com/
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0 votes 4 answers Share Flag
Sat Jan 21, 2012
Suzanne MacDowell answered:
There is a wonderful website, zipskinny.com, that will give you demographics. All you have to do is put in the zip code and you will get a wealth of information about the area. Give it a try. I just had another questioner in Tennessee who used it and found it to be extremely helpful. ... more
0 votes 3 answers Share Flag
Thu Jan 12, 2017
kevin farrell answered:
Fri Jan 6, 2012
Kylee Roe answered:
Hi Alice,
You can visit my websites to learn more about me. I have helped buyers and sellers in the Sacramento market, am a successful Short Sale agent, and a Yahoo! and Zillow Real Estate agent. I have a profile and testimonials on Zillow as well

50K to 150K is a wide value range. You can buy a nice investment property in Elk Grove for 150K with schools with great reputations and a nice "bedroom" community--that is more of a community where people live, and commute to work. Not alot of big buildings nor corporations there, mostly residential community and retail.

Good luck, let me know how I can help you.
Kylee
www.sacramentorealtor.info
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0 votes 12 answers Share Flag
Wed Sep 24, 2014
Alex Amaro answered:
Personally I like East Sacramento. It is prime real estate in this area. (95819) Very nice area and close to downtown and college. However keep in mind that a solid investment is number based. You can achieve this in multiple areas if the numbers line up. ... more
0 votes 16 answers Share Flag
Sat Jan 7, 2012
Michael Cheng answered:
JD,

Actually, I'd recommend checking out Elk Grove. It's about 8 miles south of Sacramento and has all the features you listed. About half the city was built in 2004-2007 so most of it is still brand new. ... more
0 votes 5 answers Share Flag
Tue May 28, 2013
Michele Ambry answered:
There are some good programs for first time home buyer or even down payment assistance. All depend on your situation. The best will be to talk with a reliable mortgage broker who will provide some good options.
It is common to ask the Seller to participate in the closing cost, but not always approved. It is a matter of negociation and that's the role of a good Realtor.
Feel free to contact me for some recommendation.

Michele Ambry
Cell: 916-215-2415
GRI, ABR, CDPE, CNE, SFR, e-Pro
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0 votes 19 answers Share Flag
Tue Dec 13, 2011
Matthew Bartlett answered:
Hello Sam,

I'm sorry to hear that you and your family are going through this. Clearly the underwriter at the bank fails to understand what it means to be in a contract. Sadly, this is common in the industry. That being said, I would recommend that you speak with your Realtor and their Broker right away. Encourage your Broker to contact the Listing Agent and pass along an apology to the Seller's again. Ask the Seller's to please hang in with you because it would make no sense for you or the Seller to cancel the escrow at this point and start all over again. Point out that the problem does not center around you being in danger of being rejected for the loan, Rather the Lender is just working at their own slow pace. Unfortunately, you cannot push the bank to move quicker. Hopefully, your Broker's call will yield a little more weight and credability to the Seller's on your behalf. Good luck and I wish you and your family a Merry Christmas and Happy New Year!

Warmest Regards,

Matt
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0 votes 12 answers Share Flag
Sun Dec 15, 2013
Joseph Finnerty answered:
There are always concerns with a post-settlement possession. Is the home seller going to maintain insurance on the property for the week or two. What guarantees do you have that the home will be in acceptable shape after the seller moves out?

You can require an escrow at the closing. The seller will place X amount of money into an escrow account in case there is any damage in the week or two that they stay in the house.

You start paying for the home the day you close on it so it makes sense that the seller should pay you rent. If they stay for two weeks, that is half a mortgage payment plus half the taxes for the month.

Most agents and buyers/sellers don't like to do this because of all the questions and liability concerns. It would be more acceptable to change the closing date by a week or two.

Hope this is of some help.

Regards,

Joe Finnerty
Prudential Patt White Real Estate
Lehigh Valley, PA
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0 votes 41 answers Share Flag
Wed Nov 30, 2011
Scott Godzyk answered:
Robin it is common for an owner to try for a loan modification to keep their house, most do pnic and list their house as a short sale to try and stay out foreclosure. If they get a loan mod, chances are they are not selling. The way the short sale process works is first teh seller accepts an offer, signs it and then it is submitted to the bank for approval.

http://www.trulia.com/blog/scott_godzyk/2010/10/so_you_want_to_buy_a_shortsale_advice_and_tips_you_need_to_be_successful


Please see my blog for tips on how to buy a short sale
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0 votes 9 answers Share Flag
Wed Nov 30, 2011
Kylee Roe answered:
Different lenders or lien holders may define this differently, depending on what they are willing to do for you. Basically, a loan mod changes some of the terms of your loan--such as lowering the interest rate, to make your loan more affordable. Usually, lien holders will ask you to either be in the loan modification program (applying for a loan mod.) or short selling. You should call your lender and ask if you can apply for a loan mod while your home is on the market. If you are already under contract with a buyer, however, you should consult with your Realtor regarding cancelling the sale and switching to the loan mod. program. Hope that helps! ... more
0 votes 5 answers Share Flag
Sat Apr 29, 2017
Sue Archer Reynolds answered:
There are websites to check out if you want to see local crime reports and another great resource is to ask neighbors of their feelings about a neighborhood. Visit the area at different times of the day, and on different days of the week.

Federal law prohibits us from providing information such as our opinion on the 'safety' of a neighborhood as it's all relative. Even law enforcement officials will not provide that information. The perception of a neighborhood's condition being 'good' or 'bad' must be determined by the individual.

If you can be more specific, we can respond to facts such as school data, or provide websites with some of the information that you are seeking?
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0 votes 8 answers Share Flag
Wed Nov 2, 2011
Don Tepper answered:
Was the closing done with a settlement company or title attorney? If so, check with your Realtor and/or the settlement company.

Was the "closing" done privately, like at a table at Starbucks? Or was it done with an out-of-town/cout-of-country "seller"? If so, you've been scammed and should contact the police immediately.

Good luck.
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0 votes 2 answers Share Flag
Tue Nov 1, 2011
Donna Moon answered:
Fri Oct 18, 2013
Bob Ingols answered:
You could likely qualify because of your savings, credit score and steady income. If you call me at 916-712-6163, I'll review your needs and put you in touch with the right mortgage office that is honets and experienced.
Bob Ingols
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0 votes 18 answers Share Flag
Sun Oct 23, 2011
Francine Gregory answered:
Hi Cynthia,

I suggest you consult with a good mortgage planner who will tell you just where you stand given your situation. There are some good ones here locally. I can also recommend a few I've worked with if you are interested. All the best to you in your search. ... more
0 votes 8 answers Share Flag
Sun May 17, 2015
Scott Godzyk answered:
There are variations of rent to own also known as lease purchase. The most common is a buyer gets prequailified for a mortgage, they need a year to save for a down payment and closing costs. The owner of the property leases to them and signs a purchase agreement to purchase in say 1 year. They then credit the buyer with a specific amount each month towards the down payment and or closing costs. If you dont purchase at the end of the lease there is no refund or credit.


http://www.trulia.com/blog/scott_godzyk/2010/06/rent_to_own_homes_learn_how_to_lease_purchase

Please see my blog with a full list if tips and advice on how to rent to own a home.
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0 votes 6 answers Share Flag
Sun Oct 16, 2011
Shane Milne answered:
A first time homebuyer is usually defined as someone who has not had an ownership interest in a home within the past 3 years - so if you are asking because you are trying to qualify for special down payment assistance programs which would require you be a first time homebuyer you will need to think back to when you were last on title of a home. If you were on title of a home with your spouse within the past 3 years (even if you were divorced at the time) then that would not make you a first time homebuyer until it is been 3 years since you have been removed from title.

If you weren't looking for any down payment assistance programs, and you just thought that being a first time homebuyer would give you access to low down payment purchase options - you may be surprised to learn that FHA financing is not just for first time homebuyers, it is for people who are purchasing again for the second time and even if you currently own another home, or a lot of homes. FHA does require it to be your primary residence, and only requires a 3.5% down payment.
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0 votes 5 answers Share Flag
Mon Feb 8, 2016
Lauryn Eadie answered:
Bete,

most banks these days actually have rules and addendums that both the listing agent, buyers and buyers agent have to sign stipulating the deal is an arms length transaction and no parties are related. The listing agents are under lots of scrutiny and often sign additional paperwork indicating they, nor any agent from their company, nor any relatives, distant or otherwise, can purchase the property.

Fannie and Freddie properties all have this stipulation. For example, I am with Long and Foster Realtors, if I were to list a property owned by Fannie or Freddie, no agent within Long and Foster Realtors would be able to purchase that property, and none of my relatives could by that property.
These rules are often put in place to circumvent exactly what you are talking about.

I suppose it is possible that there is fraud happening, but I would be very surprised if there was fraud on 3 different properties represented by 3 different agents/brokers/firms.

If the properties are listed under value, which is not uncommon for REO properties in hopes of mulitple offers and raised value, then it's not surprising that you might be outbid. That doesn't mean that the agent is colluding, it could just be that there is a buyer out there willing to pay more...

Most agents (not all) but most, are not willing to go to jail for fraud and to fore sake the money they receive from being a licensed agent for 1 sale...

Are you being represented by a buyers agent? I would suggest you hire one, this might help you to get more inside information on how to win the next bidding war.

Check out my blog: "Where to find and how to choose a great buyers agent":
http://www.circadianrealty.com/lifecycles-blog/entry/1/12


Good luck!
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