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Home Buying in Sacramento : Real Estate Advice

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  • Local Info161
  • Home Buying666
  • Home Selling79
  • Market Conditions82

Activity 505
Tue Jan 27, 2015
Gregorio Denny answered:
The type of financing you use is irrelevant, it's the type of financing the person buying it uses that will be the issue. There are programs out to purchase a flip under 90 days and over 20%. The program I have does require 2 appraisals and is only available for FHA. If you plan on fixing the property up just list it as an FHA property and you should be fine. Maybe others offer it on conventional as well but I cannot speak for them. ... more
0 votes 7 answers Share Flag
Sun Apr 21, 2013
Shane Milne answered:
CalVet loans use VA guidelines to qualify. How long ago did the foreclosure happen? 2 years is how long VA requires, unless it was due to an extenuating circumstance (i.e. medical) and then just 1 year is possible. Both situations at least 12 months re-established credit is required.

If you want some reading on the CalVet loan, go to (42 pages)
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0 votes 5 answers Share Flag
Tue May 31, 2011
Kylee Roe answered:
Buy low enough and they all have upside potential! lol.
Mid town, downtown, East Sac always good. Citrus Heights is good for rentability, complex called Woodside and Timberlake is central for condos, Campus Commons, 95864 is good for homes (starting higher priced though). 95842 is lower socio economic, but not horrible and you can buy 125-145K there which is anomally too low. Hope that helps!
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0 votes 8 answers Share Flag
Thu Nov 8, 2012
Michele Peterson answered:
Make sure you find a Realtor who is familiar with the short sale process and is representing you.
Short sales do take up a good amount of time and your patience is needed.

Many banks will also want you to verify that you do not have a relationship with the current owner.

Step 1: Find a knowledgable Realtor
Step 2: Get Pre-approved
Step 3: Make your offer
Step 4: Patience is needed while you wait for bank approval.

Good luck to you!

Michele Peterson
Keller Williams Realty
(916) 743-5934
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0 votes 10 answers Share Flag
Wed May 11, 2011
Scott Godzyk answered:
The bank can not sell a property that they do not own and virtually all home owners of home sin default are either trying to save their home or have goven up and will not want to help someone else buy their home in this situation. If it is not for sale, you can hire an agent experienced with these types of homes that attempt to get them to sell for you or you have to wait until teh bank aution, pay cash at auction or wait until the bank takes it back and puts it up for sale to be able to make an offer if you need a mortgage,

please see my blog for tips on buying bank owned homes
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0 votes 10 answers Share Flag
Wed May 11, 2011
Jordan Kraushar answered:
Its always worth it to submit an offer, especially if the property has been on the market for a long time. You never know what the sellers will do. When the seller is a bank they usually dont want to accept a low offer, they would rather do a price reduction every month or so its been on the market. Do you have a specific property in mind? I could take a look at it and see what I think. I have sold many homes in Elk Grove. Here is my contact info:

Jordan Kraushar

Cell : (916)719-2718
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0 votes 15 answers Share Flag
Sat Mar 19, 2011
Tim Moore answered:
Well, don't believe all you read on the Internet. A govt loan just means the government has their fingers in it somewhere, could be a FHA backed loan, a VA loan or something subsidized by the govt or using Fannie Mae or Freddy Mac. But to expect a 1% down could only be a VA loan that can go as little as zero down, but you must have been active military and have the eligibility to get a VA loan. I have seen lots of ads for no money, or little money down loans and they are baiting you with a VA loan that not everyone can qualify for. ... more
0 votes 4 answers Share Flag
Thu Mar 27, 2014
Matthew Bartlett answered:
Hi Cheryl,

It means that each side will pay half of the total escrow fees. If you desire to pay your own escrow fees I would use the verbage "Each pays their own charges". Then check each box. I hope this answers your question. Good luck to you!

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0 votes 16 answers Share Flag
Sat Mar 19, 2011
Rudi Hofmann answered:
All major banks require a 640. I would contact that person to see if it's true. Most lenders can help you improve your score.

Happy funding, Rudi
0 votes 6 answers Share Flag
Tue Mar 22, 2011
Lisa Jonsson answered:
There are some newer homes (newer than 2000) in the North Natomas area of Sacramento where you can find a three bedroom home for that price. Particularly in the zip code 95834. Please email me and I can send you some listings that may meet your criteria. ... more
0 votes 13 answers Share Flag
Tue Mar 1, 2011
Sue Archer Reynolds answered:
they are posted in and other inquiry sites, as well as calling the trustees call line.

the opening bid, and the actual notice of whether a sale would go through, can be updated all the way to the time of the sale. the most accurate information is being down at the courthouse steps at the time the sale is scheduled to take place, as things change as late as that. ... more
0 votes 10 answers Share Flag
Tue Mar 1, 2011
Anna Boyd, Re/Max answered:
Investors scope out the "auction at courthouse steps". You will see them bought there and then turn around and "flipped" for a profit.

Someone buying at the courthouse steps needs to research the title to the property to make sure it is free of liens and encumbrances or other clouds to the title.

The person bidding on the courthouse steps needs either cash or a cashier's check for the bid amount they are making. Investors that make a living at this usually have a secondary source of financing they can draw from within a few days period of time at high interest so that the investor does have the cash or cashier's check in hand. When property is flipped the financing is paid off. They hope it will only be on market a short time to achieve the most gain..
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0 votes 7 answers Share Flag
Sat Mar 12, 2011
Matthew Bartlett answered:
Hi Margrace,

You are correct in that these items should not have been removed unless otherwise agreed to in writing. I would be surprised if the Bank or any of their reps. were involved. It very well could have been the former owners who came back and gained entry with an old key. Either way, I would file a Police report and notihfy your Broker & Agent. Have them notify the Listing Agent that you did not receive possession of the home as agreed to in writing. The Listing Agent should be able to pick up a report from the local Board of Realtors which will list all individuals who gained acces to the home via the Supra lock box during this period the items were removed. The only exception to this will be if the lock box was a combination lock box. You should also consult a licensed Attorney that specializes in real estate law if you feel your best interests are not being protected. Lastly, make sure you change all the locks to the home. Best of luck!

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0 votes 5 answers Share Flag
Wed Feb 23, 2011
- Dane Mickelsen - answered:
It may be hard to get financing until you get your score into the mid 600's. Are you a veteran? If so you can use a VA loan and buy a home with 0 down. If not you will prob need to put at least 3.5% down. If you talk with a lender they should give you tips to get your credit score up, and get you on a plan to buy a house in the future. Good luck with your home search! ... more
0 votes 5 answers Share Flag
Mon Jan 31, 2011
Jim Walker answered:
Hello Phillip, You can put me on your list for buyers at the top of your price range..
the bottom of your price range is too low to have habitable single family homes.
A 10% return is achievable in some cases. A 25% rental return is fantasy.

Click on the link for my detailed contact info, bio, resume, opinions etc..

I include my email here disguised to automatic email harvesters: jim dot sells dot houses at gmail dot com
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0 votes 6 answers Share Flag
Wed Mar 2, 2011
Kylee Roe answered:
You should definitely research rent values, but a lot will depend on the size of the condo and the area and complex the condo is in, plus it's condition, and your motivation to get it rented. Could be worth only $700 a month in some areas, but $1200 or better in others.

Log onto Craigslist and see what like size condos are being advertised for at what rental rates in the areas you're interested in purchasing in. That's a good place to start.

I can't guarantee nor promise my values, they are very "ballpark" just to give you an idea.
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0 votes 15 answers Share Flag
Wed Oct 8, 2014
Mike HassanPour, Esq. answered:
"Customarily evidence of infestation that are not visible to a naked eye are not covered by inspectors. In addition most termite inspection contracts limit their liability to a maximum of refunding the fee they received."
Please review your contract and if the issue is major you may have other recourse. Consult a local real estate attorney.
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0 votes 12 answers Share Flag
Tue Jan 4, 2011
Marge Bennett answered:
they are based on what it costs to run the association, pay for the amenities, reserves, etc. currently, smart HOAs also budget for the folks who are not paying.
0 votes 10 answers Share Flag
Fri Jan 14, 2011
Ute Ferdig - Atty. Negotiator answered:
I would highly recommend it. I would also ask questions about the HOA (e.g., financial health, involvement in pending or imminent litigation) and what the ratio between owner & tenant occupied units is. If you are planning on FHA financing, make sure the condo complex has been certified for FHA financing. ... more
0 votes 26 answers Share Flag
Sun Dec 19, 2010
Kylee Roe answered:
If your purchase agreement states that the seller will re-imburse you for expenses incurred for inspections, then should the transaction not close, you may be entitled to re-imbursement. Depends on the verbiage and agreement within the contract.

Usually the inspection costs are buyer costs that are not recoverable--again, unless there is expressed, written agreement between you and the seller stating the seller will reimburse and under what conditions.

If the current seller has clear title, and it was a mistake, is the title company that issued that policy able to clear things up? Sometimes they can, might want to look into that before you throw in the towel.
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0 votes 11 answers Share Flag
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