I always defer to the lender to see w\hat can be done to help a prospective buyer purchase a house. I wouldn't give up until you speak with a qualified person who will spend the time to review your situation and see what can be done. If nothing else, the lender can tell you what you need to do to be in a position to purchase and when you might expect to do that. Call me if you want the name and telephone # of someone local to speak with.... more
This is very common and almost always occurs when there are multiple offers. It's their way of letting you know that you are bidding against others and might want to consider raising your offer.
Bidding on foreclosures is very different from bidding on traditional sales. There is no opportunity fo countering. You give them your highest offer first because you may not get a second opportunity to do so.
Whether or not you raise your price will be determined by the value of the home, as well as your desire for this particular property. There is no right or wrong here - do what's appropriate for you.... more
Dean,
Not sure you investment goals and long term plans. But you can maximize your money by buying multiple properties while financing the deals. The financing will allow you the tax deduction of taking the interest and expenses off your taxes. Plus, by leasing for a year, someone else is paying the fees for the year so that you can hold the property long enough to not be hit with short term capital gains.
Either you can flip after a year or you can keep for long term gains. The tax advantages of purchasing multiple properties is nice. If you purchase 1 expensive investment rental and it's vacant for 4 months, you have a tremendous carrying cost. But, if you have 10 rentals at the $200,000 value price point and you have a vacancy, you still have 90% of your investment carrying the load.
Good luck!... more
Closing costs are all the costs incurred in the transaction of a property. These include, but are not limited to escrow costs, title costs, lender costs, Realtor commissions, property taxes, document fees, the list goes on and on. This is money you will not necessarily enjoy spending...it's just part of the typical real estate sales process.
Who pays which costs tend to dfffier a bit by location. In San Diego, the seller pays agent fees, title fees, transfer, half of escorw, and hoa documents if need.
Buyers usually pay all costs related to obtaininng a mortgage, the cost of an appraisal and inspections.... more
My best advice to you is to talk to an experienced mortgage lender. They will be able to tell you what you need to do to qualify for a home loan and most importantly, what you need to do to clean up your credit and how long it will take to do that if you follow their recommendations. Once you are pre-qualified, then it is time to start looking for a home. I would love to help you do that if you will just give me a call. I can also can refer you to a mortgage lender to help you out.... more
There are a couple of HOA's in Silver Creek. Heritage Series is one and the other is Patriot Village. Both developments are off of Spring Creek Loop. The management company is Thomas Kelly Management. If you need more information on these areas I am a licensed agent and involved in one of the HOA's, feel free to contact me at 661-364-1313.... more
please stop buying all the affordable houses up in riverside/corona, ca areas & flipping them. Let real families who actually want to live in these homes buy them! Cash investers are ruining our dream of owning our own homwe... so not fair :-(... more
Everybody else is offering you the following:
Offer and Compromise (โMortgage Debt Relief,โ also known as โThe Short-Saleโ). The prospect of debt forgiveness often sounds like a blessing, until the borrower being so โblessedโ suddenly realizes that, in order to qualify for the debt-relief, he/she must prove virtual insolvency; destroy his/her credit ; and have a ready and willing (highly qualified) buyer waiting in the wings. Then comes the next sudden insightโฆ that any debt to be forgiven (โrelievedโ) is taxable by the IRS in the year the relief is realized. To top it all off, the โforgiven debtorโ ends up empty-handed. He/she is forced to walk away with nothing to show for those years of hard work, sacrifice and effort .
Foreclosure. Many over-burdened homeowners erroneously reason that if they were willing to sacrifice their credit standing, they could just โwalk-awayโ from a burdensome property without further repercussions. The fact is, however, that unless the defaulting borrower were to be insolvent, the difference between what is owed to the bank and what the bank finally sells the property for, is reported to the IRS by the bank, and treated, along with the bankโs costs of disposition, as taxable income (โdebt-reliefโ). The IRS also treats any unpaid (โbackโ) mortgage payments as taxable income to the defaulting party.
Deed-in-lieu of Foreclosure. In a declining or stagnant Real Estate market, a lenderโs acceptance of ownership of a property with no or minimal equity, instead of repayment of the mortgage loan, is highly unlikely (an under-statement). However, even if a bank were to entertain such acceptance, the IRS would none-the-less likely view any resulting debt-relief and unpaid amounts (e.g., back payments, insurance, property taxes, etc.) as taxable income to the homeowner.
Before you try to rent out your property, go to google and type in "I hate being a landlord". I got "About 5,970,000 results".
If you're tired of non-solutions and perpetual headaches and you just don't know what to do with your property, then contact me for a creative, worry-free solution that could actually result in a profit, not a loss. I'm an investor not a realtor, I don't charge commissions and I don't offer consulting services. I'm in Bakersfield, CA and I currently only work with Bakersfield area houses. I work with multi-family apartments too if you happen to own any.
Andrew
apb3304 at bak.rr.com... more
Hi Becki,
I would suggest you contact a loan officer who can answer your questions. My personal opinion is if your name is not on the loan nor the home, you should be in a position to buy a home in your name. However, I am not a loan officer. If you want me to refer you to someone, please give me a call or email me. You can Google my name "Dee Oliver RE/MAX Magic, Bakersfield CA.... more
It is possible to buy a property with bad credit if you pay all cash as others have told you. However, if you have any judgments or liens against you or your husband (specifically whoever will be the purchaser of the property), it will be necessary for those to be resolved before escrow can close. In reading your question, it does not appear that this applies to you or your husband, however. If you have any further questions, please let me know.... more
I need help finding a home for rentI live in Bakersfield Ca, and I need a spacious 4-5 bedroom 2bath home. I moved my mom and dad in with me, and our little house isn't big enough. I can spend up to 1600 monthly. Would
If you wish to rent, i suspect apantment rental is one of them. I leave in an apt here in park sorrento for more than 2 years. Me & my family liked it here. Its gated, with pools, rec. Room, gym & laundry rooms within the gated property. So far, nurses & most of the health providers who moved in bakersfield got their lease in this property. A walking distance to walmart & ect. Most of all its less than 5 mins. to kern med. Cernter. But if you wish to have rental homes, well those areas that the agents suggested would be better.... more
Its all negotiable. In todays market, commercial is so readily available the benefit is on your side.
Feel free to call me at 661-343-0690
Cecilia (Cissy) Johns
Broker