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Home Buying in Santa Cruz County : Real Estate Advice

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  • Local Info1
  • Home Buying12
  • Home Selling2
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Activity 68
Wed Aug 17, 2011
Christopher Lefebvre answered:
List prices on homes for sale are the asking prices by the seller at that particular point in time. The list price could change over time (usually reduces to generate more activity). However, sellers could have their homes over priced for the market.

I recommend that you have a buyer's agent help you determine the approximate value of a home before placing an offer on it to make sure that you are not paying too much for the home based on the current market conditions.
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Thu Jul 12, 2012
Terry Ballantyne answered:
Are you speaking from a tax perspective? If so, always contact your tax professional for the best advice and advice that is relevant to your situation.. However, I believe there are some hard numbers with regard to the days a second home can be rented out, and it may be less than 2 weeks or it may change the status. DEFINATELY get the facts from your CPA as it could have a major impact on your taxes. ... more
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Sat Jun 19, 2010
Molly Thompson answered:
You can only have 4 mortgages now with most reasonable lenders... so 2nds count... and the interest rate and down payment % rules on a 2nd home are easier then with an investment property- but your income needs to be able to support both mortgages and rental income can't be used to qualify. I work with a couple of GREAT lenders with good ethics and reasonable rates/fees if you need a referral... when I owned my own Realty office, I was the in-house lender... now I just sell real estate and I live in the Watsonville area so if you're looking for something specific, I'd be glad to help.
CHEERS!

Molly Thompson, Broker Associate APR
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Mon Jun 14, 2010
Bryan Myers answered:
Hi David,

There is no set amount. The more a buyer puts down the more they are risking if they choose to bail out of the contract after removing their contingencies. Most sellers will use the deposit as one of the guages of how serious a buyer is.

Bryan Myers
Broker & CEO
Unique Homes & Land
cell 831-706-1251
bryan@uhl.com
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Fri Jun 4, 2010
darrel cook answered:
I do not know what state your in, So what I am trying to answer might not be the same in your state. The property you are wanting to buy is bank owned? Then the seller can require proff of funds before concidering
your offer. They can say how much money is to be held in escrow and who holds the funds. As far as inspections, I thought I read where you said you were buying as is. You do not have to give them copys of your inspections, As far as escrow, are you using the term escrow to mean closing company, yes they can say who will do the closing on there part, but ckeck with your state law, In my state, the buyer and seller can close with two diffrent companys, You need to seek legal advise from an attorney in your state. They might be a loop hole with bank owned properties that they can require you to close with who they choose, But I am not aware of that, Most closings in my state with regards to repos are done by the same closing agent, for both buyer and seller, but the buyer has the right to have there closing atorney to look over all doc's
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Mon Feb 22, 2010
Mike Castle answered:
Good question. It is my understanding that the City and County of Santa Cruz both use a complicated mathmatical formulas to come up with the future price. If you call them they should be able to give you the formula or calculate the price for you. The Housing Authority has the County Information. I believe it changes every year, so I hesitate to give you the one I have which is a couple of years old. You can check their web sites for contact information. It is also my understanding that the property must be owner-occupied so renting the home may be in violation of the deed restrictions placed on the property. If you need my help on this you can contact me with your address and I will research it out for you myself. I have been involved in Measue O and Measure J sales. Another very important fact is that the buyer must be pre-qualified with the Housing Authority of Santa Cruz. The buyers can only make a limited amount of income to qualify. Too much income and they don't qualify. ... more
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Thu Nov 5, 2009
Glen Mitchell answered:
most of them should have the space fee if looking at the mlslistings site. They are not always clear on senior parks though and I wish they would put the lot or space size down. Let me know if I can send you an accurate list of the types of homes you are looking for. In addition to having a real estate brokers license I have a manufactured home dealers license.

Glen
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Mon Aug 27, 2012
Curt Abramson answered:
Just ask. The escrow process should be pretty transparent, and your escrow/title person should be able to show you the full cost and the discounted cost. When you will sign off your documents, all the costs are laid out for you on a settlement statement.
Congratulations on joining the ranks of homeowners!
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Wed Sep 2, 2009
Bill Eckler answered:
Angel,

You make a very good point....one that all real estate professionals should consider seriously. Our recommendation is to not let this situation stand between you and a home that may be a "perfect match."

Consider previewing it with another agent...one the understands your perameters.

Good luck
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Wed Aug 26, 2009
Glen Mitchell answered:
Trulia doesn't have agents, but you can post and ask questions which agents and others will answer. There is a subscription option for some agents to put ads on the site, but nothing you need to pay for to use the q&a functions. I'm a licensed real estate broker and can help you out.

Thanks,

Glen
glenmitchell@remax.net
831-588-8958
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Mon Nov 15, 2010
Curt Abramson answered:
Vprwill, Curt Abramson from Bailey Properties here. There are some loan products out there that will provide rehab financing. Under some conditions, they will provide purchase money as well as the funds needed to address the code violations and/or other repairs. As you can imagine, they are as concerned about risk as you. They will generally be very stringent in their requirements for down payment, your creditworthiness and ability to pay the mortgage. They will also want higher interest on their loan, of course.
Under no circumstances do you want to undertake repairs on property you don't yet own, nor will the current corporate owner allow that, I'd bet.
If you are working with a buyer's agent, they should be able to give you information about the rehab loan options or refer you to a trusted loan professional. If that's not the case, feel free to contact me about that help. My website, listed below, offers you contact information. Good luck to you!
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Mon Feb 22, 2010
Andy answered:
Hi,

Before an expert answers your question, I think you may have to provide more details such as

First, what is the vesting you and your friend have tenancy in common or joint tenancy?

Second, do you currently have any loan on the property? Who is the borrower?

Third, does your friend still have good relationship with you?

Forth, how much do you have your friend earn?

In CA, What I or other CA real estate pros here can answer you is real estate part only such as real estate market value, loan possibility, real estate contracts and real estate trend. We have to legal authority to answer any question about tax and general legal issues. I know a lot of real estate pros here do that but I have to be honest to say that is illegal. It may be criminal conduct.

If you ask a general question, everybody may answer it because they do not guarantee their answers. You are asking a particular question here. Then only tax experts or legal experts can answer their particular part.

Andy
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Tue May 18, 2010
David Allen Rivas answered:
Bryan; When you say the loan is insured, what do you mean? Insured by fannie or freddy mac?
You need to clarify you questions and consider asking someone from Nevada. Call an agent in Nevada and they can better answer this question.
To me if one is insured and one is not that is not a problem, but not a problem for what. What are you concerned about being a problem. Is this your property?
David
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Sat Sep 11, 2010
Bill Eckler answered:
Ralph,

This could rival opening Pandora's box.

We recommned seeking legal advice and contacting the city. Make no mistake, the city doesn't care about "AS IS"....they still view this home as being a serious violation.

This is not legal advice but the range of consequences could be: fines, no certificate of occupancy, inspections, correcting deficiencies etc.

Our recommendation is to proceed with caution and with legal support.
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Tue Dec 16, 2008
Bill Eckler answered:
Jeremy,

Speak with your mortgage specialist. They will be able to clarify your direction.

Good luck
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Sat Dec 13, 2008
Bill Eckler answered:
Elitris,

Begin by having a conversation with your agent pointing out your documentation of dual meters for the property and make him aware you expect this to be in place at the time of closing.

In an effort to be ready for whatever is going to come in your direction, we would suggest getting an estimate for having a second meter installed. This way if a credit is to be issued at closing, you will have access to your number.

Having an attorney review this information and provide a recommendation would be advisable.

Good luck
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Wed Nov 19, 2008
Glen Mitchell answered:
Holly, it really depends. Your realtor should be able to provide you with recent comps so you know what you are paying compared to recent sales. Hopefully its a decent amount under, but hopefully you are also getting a great home that you really like. If the bank has the prie too low, then they will get multiple offers. This seems to happen quite a bit these days, so the question may be how much over should I pay. Once again you really need to know what the comps are selling for to know how to proceed. This is a great reason why hiring a buyers broker makes such good sense. If you aren't working with an agent check in with me as I would love to help you out.

Glen Mitchell
831-588-8958
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Wed Oct 29, 2008
Adrian Huntington answered:
Opal,

I can send you a list of properties in that price range. Which areas would you consider?

Thanks,

Adrian Huntington
Welcome Home Real Estate & Finance
adrianh@americanfinancialfunding.com
925-212-6456
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Wed Sep 3, 2008
Sebastian Frey answered:
Hi - the answer to that depends at which stage in the foreclosure process you plan to buy. I believe the best stage to buy for most people (especially first time buyers) is at the post-foreclosure stage, when the property has already gone back to the bank, and the home (condo, etc.) is now an "REO" (real estate owned). You find these homes for sale on the MLS, like any other "normal" sale. In fact, the sale process is very similar to buying from an an individual, with the notable caveat that the bank does not make any disclosures to you about the property, because they have no first-hand knowledge of it.

To proceed, you'll need to have a pre-approval from a mortgage broker - I recommend a direct lender (e.g. Wells Fargo, BofA, etc.). Often times, a bank that is selling an REO will require you to also get pre-approved with their lending arm, but that is usually pretty trivial once you have already been qualified by a direct lender.

I have a video on my web site of a presentation I gave back in April of 2008 about Opportunities in the Foreclosure Market in Santa Cruz, I think you may find it worth your while to watch - the link to it is referenced below.
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Wed May 19, 2010
Terry Ballantyne answered:
The banks are really not doing a good job with offers! They are ill equipped ,it would appear to handle
the load of short sales and have not created good lines of communications internally. Coast to coast
I have heard stories of great buyers like yourself going to waste because the bank cannot or will not
respond in a timely manner. The bank is very detached and it takes a very assertive and yet persuasive
agent to build a relationship and pierce the veil of red tape that is only now still in it's creation stage.
Bottom line, fight for the house you want if you really love it.... Get you agent on board and make sure
he or she communicates vigorously with the lender and forge a bond with someone at the lender level. It's
an impersonal process so you have to know how to stand out. I hope it works out for you!
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