Now's the time my friend. With prices at or near the bottom and interest rates at historical lows, now is when the money is made. I have been selling homes in Moreno Valley since 1994 and have my finger on the pulse of this community. There are some big things going on in the city that I will gladly share with you. Stop by my office on Sunnymead Blvd and I would be glad to give you the low down.
Good luck, -Cory... more
It is difficult, but not out of the question. You have to qualify for both mortgages without counting the rental income. You can't include the rental income on a property that does not have equity, and specially if you don't have a history (tax returns) of being a landlord.
I would love to help you and set you up with my preferred lender, and make a plan for you. Best of luck.
Hector R. Gastelum
Realty Executives Dillon
REALTOR #01382940
2240 Otay Lakes Rd. #306
Chula Vista, Ca 91913
hectorgastelum@yahoo.com
619-954-2225
125*142*10754
efax 619-270-2516... more
I have a lender that could do 10% loans for foreign nationals, but on properties higher than 350k. Good luck,
Hector R. Gastelum
Realty Executives Dillon
REALTOR #01382940
2240 Otay Lakes Rd. #306
Chula Vista, Ca 91913
hectorgastelum@yahoo.com
619-954-2225
125*142*10754
efax 619-270-2516... more
It entirely depends on what type of financing you are looking for. Some financing like FHA, only requires a 2 year period before you can obtain an FHA loan. As long as your credit is cleared up, everything is in good standing and your score meets the minimum, paired with good income, you should have no problem getting approved! For other types of financing like conventional, you'll have a longer waiting period! Do you need a mortgage professional to speak to? I'd be happy to point you in the right direction!!... more
Hi Cadillacrazy,
I assume that you are referring to having your credit report run twice for the two scenarios may impact your chances of getting approved for a mortgage loan?
I have been involved in transactions where a buyer has had to deal with this type of situation. The buyer's lender asked for a letter of explanation regarding the multiple credit report checks as a condition of approving the loan. Since all the credit checks that were performed were associated with the buyers objective of obtaining financing for a purchase loan, this lender condition was satisfied.
Of course, there is no right answer as everything is case-by-case. This is a question that a loan officer can answer for you. If you haven't already consulted with a loan officer I'd be happy to put you in touch with some great loan officers that can answer specific questions about your situation.
I'd be happy to speak with you to discuss further.
Miguel G. del Barco
(925) 478-9545
Alian Pinel Realtors
mdelbarco@apr.com
DRE Lic # 01815815
Good luck with your home search.... more
Actually......it is outrages: i face #4. The occupant never paid, never had a contract......I'm shocked to find out that such people have ......rights.
I blogged about similar new scam: someone moves in a vacant property, changes keys, and......it is too much pain and $$$ for everyone to kick them out.... more
Depending on your income contstraints and where you work. YOU can visit my website at www.WOLFREALESTATEGROUP.com and search for areas. I also like the Encinitas area to Leucadia Boulevard. There are some great values there.
Thanks
Robert... more
Hollie,
I guess I have a different view than most of colleagues that have contributed to your question.
First I don't believe the short sale bank should get involved as the sellers will only be staying for two weeks and its a not a long term/Permanent stay so I do see why get the bank involved as they're too busy dealing with so many other short sales and most like won't even understand that it is a short term stay so I would not get the short sale bank involved at all.
I've closed many short sales and in most cases I tell the prospective buyers before the contract is accepted that they sellers will need between 15-45 days after closed of escrow as they seek a new home. The rental market right now is very active and as many of sellers have kids its not as easy to just pack and go. Many times these families just need a little more time to find a good rental home.
Myself I don't think this is a big deal. If the buyers do not feel comfortable or think it is too risky I work it out in different ways to provide the buyers a peace of mind. For example, I provide a personal written agreement that if the sellers do not move out by the agreed time, then I will personally start the eviction process, pay the eviction fees (about $750-$850) and pay for buyers PITI.
Why do I do this, I know many of my colleagues think I crazy for doing this? The reason is because I get to know these families and I know that they will keep their promise and that they need just a little more time.
Another thing I might do is to extent the escrow, if two weeks are needed then I'd just extend the closing date. There are other things that can be done to keep buyers/sellers happy and comfortable without feeling that they are taking all the risk. Many times buyers feel uneasy is because their agent will not assume any risks and want to leave it all to the buyers/sellers.
I am not afraid to take 100% of that risk because I know the character of my clients they are just hard working human beings that they want someone that wants to truly help them.
I personally don't see this as a big deal and if any of you agents make an offer on any one of my listings where the sellers still lives them, be prepare to be flexible and prepare your clients that this might be coming but also inform your clients that I will personally guarantee in writing that the sellers will move at the agreed date, even if that is 15-45 days after close of escrow.
Sincerely,
Jose Adame
Foreclosures@JoseAdame.com... more
That will depend on the actual cost for the refi. If you can do a no-cost refi, you would be saving at least 0.5 % annually based on the current rates. That's initial savings of at least $500 annually for every $100K borrowed.
Oggi Kashi - 415.690.3792 direct
Broker Associate, Paragon Real Estate Group CA DRE 01844627
All data from sources deemed reliable but subject to errors and omissions, and not warranted.... more
Stephanie,
I had this happen to a client of mine a few years ago. There are no shortcuts or easy fixes; you must dispute in writing each account that is on your report fraudulently to each of the three agencies reporting it. Once you have the reports in, it may be possible to deal with the follow-up online and by phone and email. The sooner you start the process the sooner it may be over, but don't take their word for it and assume nothing until you obtain a clean credit report. We had several false starts. I wish I could tell you otherwise, but I'd rather you be prepared for the most likely scenario. Best of luck.... more
You all knew the Solar Lease was there so I am surprised it is not in your purchase agreement. If yuu don't want it you should let the Seller know now so they can find another buyer. And/or check with the solar company and make sure your estimates are correct. If the electric cost is similar you may not want to give up the house.... more
Buyer agent's job "description is to get the best you can for your client ( see Accredited Buyer Rep. certificate )
Yes, it will take more hours of work to try to lower the price. However, that's one of the only benefits for a buyer that is waiting a long time to get it approved, is qualified (which is not easy to find), talking the risk of unknown items in the property and paying in attempt to find more information, sometimes, to a few different inspectors.
Salute and respect these buyers. You take the extra mile and you win a "billboard" for a long time.
Olympia, don't rush or be scared, even if you loose this deal. There are many short sales and more coming. Make sure you get the best deal YOU think and check the value (appraiser will approve it) as if you "push" it way under value, you will loose it.
Good Luck and contact me for any question,
Ronit Bendavid,
Specialized in Short Sale & the approved expert by HUD (Housing dept.HAFA and Redfin.com in SFV
Realtor, Certified E-Pro, GRI (Graduated Realtor Institute, national),
ABR (accredited buyer Rep) & SFR (Short sale)
Voted Favorite Realtor by Daily News Readers every year since 2005 and now 2011 too!!!
Pinnacle Estate Properties
Tarzana, CA 91356
Office: 818-330-3333
Fax: 818-274-5910 / 888-220-3434... more
Ayla,
In 1993, I acted as "owner/general contractor" on a fairly significant remodel of my 1962 circa home. We tore off the entire roof and almost every wall (3 kept), down to the subfloor; gutted all the old electrical, HVAC, galvanized plumbing, drain/waste piping etc. We then added 1700sf and doubled the home's size.
There is a ton of preparation before you start demolition …. very hard work …. high stress at times …. Yeah, I would do it again; very rewarding.
Your cost can only be accurately determined based on the level of detail provided to the contractor bidding on your job!
Commit this inverse relationship to memory: Increased detail = reduced Change Order$ (not a good idea to travel down the reverse path).
If you are going to remodel definitely use an architect! I'm extremely pleased we didn't build what I had “cost-consciously” created on my home computer at the time. Also, start collecting your remodeling ideas (with pictures) so you can communicate exactly what you want to the Architect. Both you and the Architect will be pleased you did! A fantastic tool you can use to gather your “design thoughts” is http://www.houzz.com – I certainly wish I had it back in 93! Figure on at least a year to “perfect” your remodel on paper and the corresponding budget (the legwork takes time).
Use LICENSED contractors when a task crosses over your “Do-it-yourself” comfort level of difficulty. https://www2.cslb.ca.gov/OnlineServices/CheckLicenseII/checklicense.aspx
Make sure to obtain a permit for the work. If you do not take this step an Appraiser will not be able to provide any value for the remodel, which could "blow-up" any future sale because this can affect the Buyer's financing in addition to making the Buyer wonder if the remodel was done per building code.
Best Regards, -Steve... more
Hi Benjamin,
You have received great advice below. I would add that you can make your own drawing, it doesn't have to be to scale, however, must have accurate dimensions.
If you need a contractor to help with the expansion, I can give you a reference for very professional and reliable company.
Good luck!
Monica Goyal
408-476-0675... more
i would be very careful,during my search for a rental this last year i found that alot of houses being posted by the same person just didn't exsist? alot of scams out there! careful!!