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Home Buying in South Pasadena : Real Estate Advice

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  • Home Buying8
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Activity 8
Thu Mar 14, 2013
Ryan Shimp answered:
Hello Mary,

Typically in order to obtain a new Fannie Mae backed conforming loan, you must wait 2 years from the date your short sale closed. Unfortunately in this case you will not be able to co-sign for your Daughter at this point until 2 full years have elapsed. Here is some information for you in regards to short sale waiting times:

FHA has a three year wait period for borrowers who were in default at the time of the short sale (or pre-foreclosure sale). FHA tends to be a popular option as the minimum down payment is currently 3.5% and FHA is more forgiving with credit than Fannie or Freddie.

Fannie Mae has various wait periods depending on loan to value:
•2 years with a minimum 20% down payment
•4 years with a down payment of at least 10%
•7 years with standard down payment guidelines (varies depending on credit scores)

Freddie Mac has a 4 year waiting period.

I hope this helps and if you have any other questions please feel free to contact me directly.

Ryan Shimp
Prestige Realty & Investments
DRE #01864245
818-741-2935
... more
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Tue Dec 21, 2010
Monique and Joe Carrabba answered:
Hello Ron L.

When you write an offer on a short sale that is usally the price you are going to pay. I have had properties go down in value and then requested the price be lowered because the short sale took so long to approve. If you saw the garage before you wrote the offer and it was a living space then you agent or you should have thought to do some discovery as most garages that are living space are without permits. I don't see the bank giving you a credit for that. Try. I have seen banks give credits on short sales because during the short sale process the property had the utility meter stolen and the buyer couldn't get a loan on it because it happened after the offer was written but this was something that was there when you wrote the offer so likely they will reject it unless the garage was converted after you wrote an offer.

Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
mcarrabba@kw.com
(323) 899-2900
The Carrabba
... more
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Thu Jul 22, 2010
Anna M Brocco answered:
Any local agent(s) can help you with comps--recently sold similar properties in the immediate area and help you establish a value--contact any realty office(s) and inquire--not sure any agent will answer on a public forum without seeing the property beforehand. ... more
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Tue Jun 8, 2010
Carrie Benuska answered:
Hi Kim,
I am an agent in the Pasadena area and am very familiar with South Pasadena. South Pas is a fantastic community with great schools and a great neighborhood vibe. It is close to freeways and also has beautiful architecture. I did a search in South Pasadena of all properties (including condos) available under $600,000. There are 15 properties in that category with an average square footage of 1,165 and an average $/sq ft of $416. South Pas is an expensive community, and I wonder if there is another community in the Pasadena area that could meet your needs and better fit into your price range. There are wonderful areas of Pasadena or Altadena, which could rival South Pas from a neighborhood perspective and would still be an excellent financial decision. I would encourage you to do a thorough search of all of the surrounding neighborhoods and see if you can find something that fits in your budget and provides an excellent living environment. Living in and around Pasadena is a fantastic decision! ... more
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Tue Dec 15, 2009
Anna M Brocco answered:
Short sales are by no means short--ultimately it's the bank that decides to accept, reject or counter--consider all the red tape involved. The waiting period is entirely up to you--are there other offers--if so keep in mind banks do want to get as much money back as possible and will more than likely choose a higher offer. What is your agent advising you to do at this point... ... more
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Fri Mar 19, 2010
Steven Ornellas answered:
Hi Ahmadgke,

An individually performed Comparative Market Analysis is the "gold standard" for approximating market value - period. A Comparative Market Analysis (CMA) gives you the best representation of market price/activity/trend direction - for the specific property details you search on. Just because a property sells right next door to another does not mean that it's a comparative match. Days on Market (DOM) for the properties that have sold contained within the CMA is another clue of "market velocity" that help determine offer price.

My suggestion: Interview a few Realtors, pick one, and then team to develop a purchase strategy based on what sector of the market you are interested in.

Best, Steve
... more
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Fri Mar 13, 2009
Dave Heck answered:
That's a hard question to answer. The fact that it covers earthquake is a great, forced option. It is one of the highest fees I've ever seen. I hope the complex has all the bells and whistles! ... more
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Sat May 30, 2015
Mikem answered:
No, you can't trust zillow's zestimates unless you feel +/- 20% is good enough. Although now and then zillow will get it right too.
0 votes 15 answers Share Flag
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