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Sacramento County : Real Estate Advice

  • All150
  • Local Info12
  • Home Buying88
  • Home Selling6
  • Market Conditions3

Activity 1,859
Sun Feb 2, 2014
Jim Walker answered:
Jennifer Lin at 1st American Realty speaks several Chinese dialects.
0 votes 5 answers Share Flag
Sun Dec 23, 2012
Jamie Collins answered:
Sell it about 4 years ago. and rent until about 8 months ago.
0 votes 4 answers Share Flag
Wed Dec 12, 2012
vballfanatic2005 asked:
I am currently trying to finance a rehab and need to find a loan for at least 65% LTV of ARV. Also, ideally with a lender that requires no upfront payment or points paid at the end. Any...
0 votes 1 answer Share Flag
Tue Dec 18, 2012
Sue Archer Reynolds answered:
That's personalized to what you need to protect. The lender will require standard Property and liability insurance for the home. You might also consider other insurance if you have alot of valuables. I often suggest that my clients consider getting their home insurance where the have their car insurance for the multi policy discount it provides. If you want great education on insurance, call Vickie Rosalli at State Farm insurange at 916 966-7111.

it's always a good idea to understand what types of insurance you need and how much. Otherwise you might be spending money on insurance that isn't even relevant, and not on areas that you need. Umbrella policies, riders...there's alot to understand. Call Vickie.
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Mon Dec 10, 2012
Joss McDaid answered:
Hello, and thank you for posing the quesiton. I have 11 years experience and have sold 12 homes in the Anatolia area of Rancho Cordova. I have knowledge of the Mello-Roos fees, HOA fees, and many other aspects of the area that can help you focus your search and ultimately, be successful in your quest to find the perfect home. Please let me know if you need any market/pricing data for the area and the current market. Also, I'd love to meet with you in person to discuss what type of home you are looking for and discuss our strategy to be successful. ... more
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Thu Mar 21, 2013
Robin Smith answered:
What service do you offer?
0 votes 4 answers Share Flag
Tue Dec 11, 2012
Kylee Roe answered:
RPS,
There are many great rental areas in Sacramento. There are many areas that are getting multiple offers on listings as well, so I would suggest you try and stay away from those areas--especially Elk Grove.
What are your goals for this rental, cash flow, equity building while your tenant pays rent, condos are cheaper priced, but have HOA fees that cost money--do you have a monthly income goal from your property?
95821,95822, 95831, 95610, 95827,95826,95825 to name a few zip codes, are all good areas.
Good luck!
Kylee
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Thu Oct 17, 2013
Shane Milne answered:
For Chapter 7 bankruptcies:

• FHA requires 2-years BK discharge (only 1 year if it was due to extenuating circumstances, such as medical or death of a wage earner, etc.)
• VA requires 2-years BK discharge
• USDA requires 3-years BK discharge (only 1 year for extenuating circumstances)
• Fannie Mae & Freddie Mac require 4 years (only 2 years for extenuating circumstances)

In all situations you need at least 12 months of re-established credit and 3 traditional trade lines, some lenders want 3 trade lines of 12 months each. Trade lines that survived a BK, such as a credit card you kept open, a car loan you maintained payments on/didn't include, student loans that you are making payments on that couldn't be included, etc. can count towards the re-established credit.

Other than medical collections that can be properly explained, if there are any late payments or delinquent accounts (collections, charge-offs, judgments, tax liens) after the BK or foreclosure then the time seasoning often starts over again from the latest late payment/delinquent mark (underwriter's discretion). Having a verifiable on time housing payment history goes a long way to making an underwriter feel comfortable, as well as taking a pre-purchase housing counseling class with a budgeting/financial model. Practically anything you can do to prove that you have made & kept a vow to make all payments on time will be helpful.

You could expect the same interest rates as someone who never had a bankruptcy, as there are no rate increases for someone who had a bankruptcy vs. someone who didn't.

First time homebuyer assistance programs require that you have not owned a home in the prior 3 years from when you obtain the assistance, and the fact that you had a prior bankruptcy wouldn't impact your ability to qualify for them.

Shane Milne | Lending in all 50 states | NMLS #81195
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Fri Dec 7, 2012
Sue Archer Reynolds answered:
The first question, in order to answer yours is, Is the home currently on the market ?

Many of the short sales on the market now have a pending foreclosure sale date and an experienced agent can negotiate with the seller's investor to request a postponement of the sale. That's not guaranteed but often approved especially if it's a good offer and appears in the investor's best interest to wait for the short sale to occur rather than take it through to foreclosure.

If the home is NOT on the market, there are ways to approach a homeowner to ask if they'd be willing to sell their home. There's more sensitivity required here. The homeowner is obviously in some difficulty and not excited about losing their home even if it's inevitable.
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Fri Dec 7, 2012
Kylee Roe answered:
Hi Joel!
I lived in Dallas for years and years--JJ Pearce High and then U of Houston. Citrus Heights is Suburban, lots of shopping conveniences, parks, some areas with large lots and the occasional horse.

We are basically $1 per sq foot for rentals, so a 1000 sq ft. home would run about , $1000.

You can check Craigslist, or there is a variety of Property Management companies--HomePointe, SacDelta Property (? that may not be the exact name), M&M--to name a few. And the apartments are available on the various forrent.com type sites.

The schools there have a good reputation--San Juan Unified School District. In my opinion 95610 is a little nicer area, but will cost more. There are some nice neighborhoods in the other C.H. zip--95621, but just drive around to see how YOU feel about it.

GOOD LUCK! Welcome to town.

Kylee
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Wed Dec 12, 2012
Wpsmith55 answered:
Mon Dec 3, 2012
Kimberlan Straws answered:
Fri Jan 11, 2013
Dena Kouremetis answered:
By financial suicide. do you mean you barely qualify for this price house, or are you referring to the universal inability to predict where home values will go?

New homes often set the values for a given area, even when resale values around them are all over the map. The peace of mind you will have in a new home, with its state-of-the-art energy savings amenities, the no-maintenance aspects, and "clean slate" feeling of being able to make it reflect your tastes can be gratifying.

If I am not mistaken, this is a Folsom development. As a Folsom resident, I think we chose one of the BEST places to live in terms of the future. But in today's economic environment (while it seems to be slowly on the mend) don't buy it if you are looking for quick appreciation. Buy it because you love it, because you want to hang on to it and because it reflects everything you want in a home at this stage of your life.
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Sat Dec 21, 2013
Tony Singh answered:
Houses and condos: 16,967
Renter-occupied apartments: 8,136
0 votes 4 answers Share Flag
Sat Dec 29, 2012
Ted DeFazio answered:
All over Sacramento, we're seeing revitalization projects. From foreclosed projects being bought up by new developers to mom and pop flippers buying entry level fixer uppers to bring to market as a turn key, FHA ready home. In the central neighborhoods, dilapidated homes are being torn down to build new or stripped and added on to. The outskirts are seeing new construction roaring back due to the decreased supply of resale inventory. ... more
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Tue Nov 27, 2012
Ed Favinger answered:
Sinprab.

I guess you decided to write up the offer with your LLC or Corporation... is that right...?

If so, I'll throw in my opinion with Elizabeth there... sometimes the people working for these various bank servicing outfits on these short sales can get a little power hungry.

I don't think even a title company would ask for this, but I could be wrong. I took title to a property and deeded out using an LLC and they didn't ask for any corporate resolution.

I once had a BofA short sale where the bank didn't want to approve the deal of the buyer because they were taking title as a "partnership" and it was part of a 1031 exchange. When you get on objection like that, it does take some phone calls until you get to a person who has some knowledge of the business and business practices.

And as Miss Elizabeth might say, you wonder where they get these people.

You will have to just work with your agent and give them what they want.

I hope this helps...

Make it a Great Day...!!
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Mon Dec 17, 2012
Bob Willett answered:
There is no way of knowing for sure if your sister will help without a full application, however there is nothing that says it won’t work. In fact this appears based on the information you have provided to be the perfect scenario for a non-owner occupied co-signed. You will be buying a home with a payment less then you current rent, and if I’m not mistaken the problem is the lender can’t use the unemployment income or you would be able to buy. This is when I like to use co-signers – when there is income that would qualify you except that it can’t be used.

However, just because it may be able to work does not mean that you should do it. You do need to carefully consider what will happen if you husband does not go back to work, and refinancing to remove your sister may not be as easy as it sounds. Best of luck.
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Mon Apr 22, 2013
Sue Archer Reynolds answered:
There's more implications than you mention here if your sister co-signs for the home. First, she needs to establish a credit score. She can possibly do that with non-traditional means such as cell phone bills, rental payment receipts and things like that. And it's in her best interest to establish credit history. Most lenders can help her, or she can contact Blue Water Credit and ask them to help her.

But co-signing on a mortgage for you is not normally in her best interest. She takes on 30 years worth of obligation for a debt that she does not get the benefit of enjoying. 30 years is a long time,and should you at any time default on that loan, it would reflect negatively on her. In fact, she would be expected to pay it back should you not be able to pay. Should she EVER want to get a home of her own, she would be showing 100% obligation on your mortgage and have difficulty getting one for her own.

You might want to consider whether there is another alternative, or discussing the full implications of her co-signing so that it's clearly understood.
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0 votes 8 answers Share Flag
Sun Nov 25, 2012
Sue Archer Reynolds answered:
I think your question ought to be posted for Arizona real estate experts to answer. I can only answer according to CA real estate policies.

First, you can only expect the first to foreclose. The second can foreclose but that would only guarantee their position in second place, which it already is. To take full possession of the property would require for the second lienholder to pay off the first balance. Depending on if the house is upside down, none of that makes any sense. Therefore, it would be the first lienholder that would need to complete a foreclosure.

In California, tenance laws require that the lease be honored unless the new owner, who buys it at auction, actually plans to move into the property as their primary residence. That's rarely the case, therefore a tenant will have their lease honored for up to a year. If they're on a month to month rental, they have 90 days. It's ALWAYS a good idea to speak to an attorney about your rights, especially since the laws are different in different states.

Ethically, and legally, you are still required to pay your rent to comply with your contractual obligations, whether the home is in foreclosure or not. That is a separate contract from the owners contract known as their trust deed for which, when breached, generates a foreclosure.
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Fri Nov 30, 2012
Melissa Dozier answered:
Good Morning, Are you looking to rent or own a home in the Natomas area? It is a great time to be investing in a home right now with interest rates so low and great loan programs out there that take very little down. Please let me know and I would love to help you find your next home. ... more
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