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Home Buying in Tracy : Real Estate Advice

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  • Local Info34
  • Home Buying221
  • Home Selling10
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Activity 177
Fri Aug 7, 2009
Brian LeBars answered:
Hi Casey...

From my financial side of these offers being written in the areas I see them as being competitive markets. It is VERY common to see multiple offers. Banks have figured out how to price homes to "create" a market. Keep in mind as well you getting near the end of the First time home buyer tax credit; this will cause even more buyers to write offers. I think it's really important to have the best Realtor/ Lender team you can get.

Have you been pre-approved for your home loan yet?
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0 votes 1 answer Share Flag
Wed Jul 22, 2009
Bill Eckler answered:
Hollie,

There is always a chance.....but it depends on whether the bank wants to try to work out another deal with you. If they feel the reason the first deal fell apart was caused by you......it may be an uphill battle.

Good luck
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Tue Jul 21, 2009
Will Bateson answered:
They can put it back on the market, but must include 'subject to release of contract' - this could be in confidential remarks, so only agents would see this. They can not enter a new contract until the old contract (yours) is resolved.

Will Bateson, Broker
Sidewalk Homes
925-455-0845
www.sidewalkhomes.com
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0 votes 2 answers Share Flag
Tue Jul 21, 2009
Kamal Randhawa answered:
If they have an open listing agreement, yes they can. If they sign an exclusive right to sell, they can not. If you are looking for foreclosed homes, I'd be happy to send you some listings. Good luck

Kamal Randhawa
Broker
510-932-1066
... more
0 votes 1 answer Share Flag
Tue Jul 7, 2009
Matt McClain answered:
Hi.
I am sorry to hear about your medical leave and being laid off because of it. These are definitely tough economical times and hopefully you will find yourself a job soon!

You should wait until you are working again for several reasons. The first being that as a lender will need to know what your salary is to qualify you. The short time on your new job will not hurt you, but will not help you either. You did not state if you are getting a job in the same line of trade you were in previous to your medical leave. If so, lenders do like it when you have been in the same trade or industry for a longer period of time.

My last suggestion would be to use this time and order your credit report from the three credit bureaus and take a look at them to see if everything looks like it should be in check. This way if you have any discrepancies that need to be taken care of, you will have time to do so before applying.

I wish you luck in your future job search and home finding!

Sincerely,

Matt McClain
Axiom Real Estate/Axiom Lending
626-354-3813
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0 votes 5 answers Share Flag
Mon Jul 6, 2009
Sue Paskert answered:
FHA is a very secure loan especially in this economy. It should not be looked down upon by any lender.
Sue Paskert
Courter Realty, Inc.
www.suepaskert.com
sue@suepaskert.com
0 votes 3 answers Share Flag
Mon Jul 6, 2009
Kamal Randhawa answered:
You can try negotiating with the sellers to see if they will reduce the price. If not, you can pay the difference between the appraised value and your offer IF you really like this home and you have the resources to do so. Please feel free to call or email me anytime. Good Luck

Kamal Randhawa
Broker
510-932-1066
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0 votes 1 answer Share Flag
Mon Jul 6, 2009
David Chamberlain answered:
They are good enough for FHA, What type of loan were you looking for?
0 votes 7 answers Share Flag
Tue Jul 7, 2009
Kamal Randhawa answered:
Hello...Do you have an address??? If so, I can check to see if it's still available. Also, if you dont mind, I can email you other listings in that area, the second they appear on the market. Please feel free to call or email me anytime. Good luck ..

Kamal Randhawa
Broker
510-932-1066
... more
0 votes 2 answers Share Flag
Mon Jul 6, 2009
Carmen Di Biase answered:
Good news, you have your foot in the short sale door. The negotiator reviews your offer and compares it to their appraisal or Broker Price Opinion. He then determines if your offer is worth a counter offer or a flat "no." Whatever the response, if you truly want the house, make your highest and best offer. Negotiators don't like to go back and forth.

Good luck,
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0 votes 2 answers Share Flag
Mon Jul 6, 2009
Kamal Randhawa answered:
You can always try to negotiate a lower price once you have that appraisal. Good luck .

Kamal Randhawa
Broker
510-932-1066
0 votes 2 answers Share Flag
Fri Jun 19, 2009
Kamal Randhawa answered:
so sorry..but u can not ignore her. she can always take the home off the market since it's still technically hers. she's playing games at your expense because she's not going to make a single penny from a short sale. all proceeds go to the bank. you can agree and buy the items and continue with the short sale or you can object and risk losing the property. i know it's not fair but that's how it works. good luck and feel free to contact me if you need any additional information.

Kamal Randhawa
Broker
510-932-1066
... more
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Wed Jun 17, 2009
Steven Ornellas answered:
"HB", you should be able to find the floorplan at the local City building permit office. Best, Steve
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Mon Jun 15, 2009
Brian LeBars answered:
Hi Zah...

I think the first step would be to analyze your credit and see if there is a way to increase your FICO. Is your husband VA eligible?

Give me a call anytime tomorrow to discuss.
925-708-5400
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Mon Jun 15, 2009
Toni Dalrymple answered:
When an offer has been sent to the bank, a listing agent will notify other agents that there has been an offer received and they are waiting for bank approval. Some agents will continue to market the property and accept other offers while they are waiting for the bank to respond. ... more
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Sat Jun 13, 2009
Steven Ornellas answered:
Hi Kmccloud,

Be careful here. "Procuring Cause" may lead you into the situation of paying your current agent a commission on property that was shown to you and actions taken after the fact.
See: http://definitions.uslegal.com/p/procuring-cause/ which states:

“In the context of a real estate transaction, procuring cause refers to actions that begin or set in motion a serious of events that lead to the final sale of a property. Under some state laws, which vary by state, a real estate broker may be entitled to a commission as a procuring cause of a sale if the broker brought the purchaser and seller together and brought about a sale through continuous negotiations initiated by him, unless the seller and buyer intentionally exclude the broker.

Typically, for the broker to be entitled to the commission, it must bring together the seller and purchaser, and not just a person associated with the seller or purchaser. The broker must often be involved in the negotiations between the buyer and seller to be entitled to a commission. The mere act of informing a potential purchaser, who eventually purchases the property, about a prospective purchase may not be enough for the broker to be a procuring cause in the sale. The precise definition depends on state law and the facts and circumstances in each case.”

To be safe, I see two options:
1) continue with your current agent to complete the sale, or
2) cancel your offer and agency with your current agent and find a completely new home that has not been shown by this agent.

If you are going to sever your relationship with this agent, which you have every right to do, do so in writing. Also request all agency documentation signed between you and the agent/broker/Real Estate company so you can review this and also have it available for any subsequent agent to review.

Best, Steve
... more
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Fri Sep 17, 2010
Jerry Flynn answered:
Kmccloud,

Sorry to say, but you are just getting started. When a BPO is finally back in the hands of the bank, they might order another BPO, who knows, but be assured that they will take their sweet time. They never get in a hurry with the short sales. They really analyze every aspect of the transaction with a fine tooth comb.

So hang in there and maybe you'll luck out, and it will go faster than you think.

Jerry Flynn
Old West Realty Inc.
925-820-6550
http://housebiz.ca
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0 votes 6 answers Share Flag
Sun Feb 12, 2012
Brian Kuhns answered:
I don't know the Tracy market in particular...but if you're thinking of getting into the market you should weigh the upside vs the downside of waiting to enter into a purchase agreement....interest rates are historically low and it sounds like you may qualify for the federal first time home buyers tax credit as well as I understand there to be some Californina specific credit around 10 grand. You should definitely talk with an Agent you trust to find out the particulars. Hope this helps ... more
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Tue Jun 23, 2009
Elaine Kan answered:
Hello Nguyen,

In general when you buy a property for investment or rental, it is important to find a property that is close to shopping and freeway access, schools with good ratings and maybe fairly new to avoid the headache of having to fix up the house too much.

For school ratings you can go to www.greatschools.net
If you want to find out about the rental market you can go to www.zilpy.com

11th Street and Corral Hollow Rdis where grocery shopping, hospital, starbucks, osh hardware is located.

Also there are some houses around the Tracy Sports Complex that are fairly new in a good neighborhood.

You can also try houses along Byron Road between Hwy 205 and Corral Hollow.

If you want to do a zip code search 95377 is a good zip to start searching.

There are also some other houses within the Wanda Hirsch Elementary School which is nice.

If you want to search for homes use www.metrolistmls.com for the most up to date info on listings. The market is fairly competitive in Tracy right now so you will want to make sure the info is up to date.

Hope this helps.
... more
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Sun Jun 7, 2009
Hannah Fliegel answered:
Hi There,

Yes i see this sometimes. Your strategy is correct. Let the listing agent know that you are pulling your offers if they do not get back to you by a certain date. In some cases, some realtors try to get the seller and the buyer lined up and do not return calls. I often see this more so with REO Realtors. However, you are ready to purchase let everyone know and keep looking. Good luck! ... more
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