Zillow Advice RSS: Discussion,All Real Estate Advice Topics, http://www.zillow.com/advice/United-States%253B%253B%253B%253B%253B%253B%253B%253B/all/discussion/ Zillow Advice search results | Zillow Real Estate House Flipping in Southern California http://www.zillow.com/advice-thread/House-Flipping-in-Southern-California/363772/ Professional investors are now turning to house flipping in Southern California. These are fund managers and financial planners who have turned to house flipping. I myself have been investing and managing an investment fund in Southern California for over year. We buy properties in poor condition, fix them up and sell them at a profit. We are seeing 50-60% annual returns and the business has been good. <br/><br/>I would like to hear your thoughts about these large hedge funds and professional investors coming in and muscling out the little guy like me who is managing 2-3 million dollars with their 25-30 millions dollar funds. The competition is more fierce than ever and soon there will be no margins for the smaller investors. <br/><br/>Does anyone have any experience with this subject. I'd like to hear stories, comments, and any other concerns. <br/><br/>Thanks!<br \><br \>27 replies Wed, 25 Aug 2010 22:55:00 GMT http://www.zillow.com/advice-thread/House-Flipping-in-Southern-California/363772/ 2010-08-25T22:55:00Z Why should you hire a locksmith to rekey your house? http://www.zillow.com/advice-thread/Why-should-you-hire-a-locksmith-to-rekey-your-house/391107/ <p>It is very important to rekey your new home.&nbsp;Very simply, because in this market so many contractors&nbsp;have&nbsp;gained access to your new home with the lockbox key.&nbsp;Finding a quality [link removed by moderator] service is&nbsp; absolutely the first thing you should do before you move in!&nbsp; Unfortunately some folks have forgotten to hire a locksmith and have had&nbsp; appliances and some personal&nbsp;electronics-like laptops&nbsp;stolen from their new home.&nbsp; Don't let it happen to you!&nbsp;</p><br \><br \>41 replies Wed, 16 Mar 2011 21:08:00 GMT http://www.zillow.com/advice-thread/Why-should-you-hire-a-locksmith-to-rekey-your-house/391107/ 2011-03-16T21:08:00Z How much cash reserves are normally required? http://www.zillow.com/advice-thread/How-much-cash-reserves-are-normally-required/349128/ My fha loan is going through underwriting right now with Bank of america. I can check their website for updates and one things that shocks me is they want me to show I have reserves of&nbsp; $18750.&nbsp; I will not have anywhere near that amount after closing. The monthly payment will only be $1100 and the borrowed about is $142k. Why do they want so much in reserves?&nbsp; Is this normal?<br \><br \>27 replies Sun, 09 May 2010 21:02:00 GMT http://www.zillow.com/advice-thread/How-much-cash-reserves-are-normally-required/349128/ 2010-05-09T21:02:00Z HOW CAN I FIND OUT WHO OWNS A FORECLOSED HOME? http://www.zillow.com/advice-thread/HOW-CAN-I-FIND-OUT-WHO-OWNS-A-FORECLOSED-HOME/361335/ <p><strong><u>One of the most common questions of late is: <em>"I have been watching this house that got foreclosed on, i really want to buy it, how can i find out which bank owns it?</em></u></strong> The first thing you should know is that virtually&nbsp;all&nbsp;banks do not sell the properties themselves in which they have foreclosed on. The bank contracts with an asset management company who then contracts with local brokers who are approved in their network. When a property is purchased back by the bank at the foreclosure auction, the property is then assigned to that asset management company which then assigns the listing to an approved broker in that area. if the loan was insured by Fannie Mae or Freddie Mac, sometimes there is a delay in them taking over the property and getting it listed. If the listing is assigned, once the house is vacant, that agent will post their name and number on the door. That is the easiest way to find out who will be selling the property. If you really want to try and find out who the ower is, You should start by checking with the city or towns assessor office, look at the tax card to see if the new owner (the bank) has been updated. If not you will need to check the old foreclosure listings to see who the forclosing bank or attorney was. If no luck you can take the name of the old owner, then search the deed to find out who held the mortgage. If no luck will all these attempts, getting a buyer broker experienced in foreclosures, may be able to assist you in finding out this info or at last watching MLS for when it does come on the market.</p><br \><br \>8 replies Mon, 09 Aug 2010 14:16:00 GMT http://www.zillow.com/advice-thread/HOW-CAN-I-FIND-OUT-WHO-OWNS-A-FORECLOSED-HOME/361335/ 2010-08-09T14:16:00Z kjoi http://www.zillow.com/advice-thread/kjoi/379727/ uyo&#305;y<br \><br \>2 replies Wed, 05 Jan 2011 20:39:00 GMT http://www.zillow.com/advice-thread/kjoi/379727/ 2011-01-05T20:39:00Z Refinance for Low Credit Score http://www.zillow.com/advice-thread/Refinance-for-Low-Credit-Score/492046/ My husband and I are trying to refinance our home after being turned down for a modification by US Bank. &nbsp;Our credit scores are low and we are having a difficult time finding a lender to help us. &nbsp;Any suggestions in Minnesota?<br \><br \>5 replies Mon, 13 May 2013 13:20:00 GMT http://www.zillow.com/advice-thread/Refinance-for-Low-Credit-Score/492046/ 2013-05-13T13:20:00Z gift of equity http://www.zillow.com/advice-thread/gift-of-equity/424597/ We are buying my in laws house, they came to us 2 months ago and said they are needing to sell their house. It is a great house worth 225,000 and they are selling it to us for 170,000. There is more then 20% gift of equity, we have started talking to <a href="http://www.zillow.com/directory/lenders/">lenders</a> but one mentioned we will need 5% of our own money down regardless of how much is gifted. I had only come across this scenerio if the equity did not equal 20%. I am not familiar with this and am wondering if this is what we will find when we go to more lenders. We are just starting the proccess but with his parents needing to be out of the house soon, that wont be enough time for us to come up with the 5% down. We had hoped and thought we would be able to do 20% down as well as the closing costs all in the gift of equity.<br \><br \>8 replies Fri, 02 Dec 2011 15:46:00 GMT http://www.zillow.com/advice-thread/gift-of-equity/424597/ 2011-12-02T15:46:00Z Has anyone dealt with Ocwen http://www.zillow.com/advice-thread/Has-anyone-dealt-with-Ocwen/445615/ Recently loan was sold by Bank of America and will serviced by Ocwen going forward. &nbsp;I did a quick Google search and have read some pretty bad things. &nbsp;But I have also read people have had success with them when it comes to load mods or other internal programs. These people usually are facing foreclosure or behind on their payments -- I am in neither of these scenarios. However, I am underwater (~135%).<br/><br/>Ocwen specializes in loan modifications (HAMP) and other loan modification programs. &nbsp;As I stated above, I'm not facing foreclosure, hit any hardship, or behind on my payments -- just underwater. &nbsp;I've read the criteria for HAMP and I don't fit the bill.&nbsp;I can't find any information on the Ocwen site about HARP, just loan mods. &nbsp;I'd want to get a good idea of what I can expect from Ocwen and how they can help me (technically they don't start servicing the loan till mid-June). &nbsp;<br/><br/>Has anyone had dealings with them in the past and can offer any insight?<br/><br/>Much appreciated.<br \><br \>109 replies Tue, 05 Jun 2012 15:46:00 GMT http://www.zillow.com/advice-thread/Has-anyone-dealt-with-Ocwen/445615/ 2012-06-05T15:46:00Z ALERT - Rental Scams on Zillow, Trulia, Hotpads, Postlets - SCAM WARNING http://www.zillow.com/advice-thread/ALERT-Rental-Scams-on-Zillow-Trulia-Hotpads-Postlets-SCAM-WARNING/490780/ If you found this posting by using a search for a phone number, you are likely dealing with a scammer.<br/><br/><strong>Scammers are using (323)620-8020 (SCAMMERS)</strong> to created dozens of rental listings all across the United States.<br/><br/>- They create these fraudlent (fake) rental listings on Postlets.com <br/>- Photos are stolen from either homes that are currently for sale, or previously for sale, with photos of the entire that show the property as vacant.<br/>- From there, the fake listing is placed on Postlets.com and it is syndicated to dozens of other rental websites. ( Zillow.com, Trulia.com, Hotpads.com and more )<br/><br/>- The rent is <strong>EXTREMELY CHEAP</strong> compared to similarly priced homes for the area. &nbsp;( <strong>Too good to be true</strong> )<br/><br/>- You write or call them to inquire about the property.<br/>- They reply with any number of reasons for not being in the city where the property is located ( out of town on business, out of the country on a Missionary trip, or some other God Fearing adventure )<br/><br/>- The ultimate goal is for YOU to sent the SCAMMER money for a Security deposit VIA Western Union, in exchange for them to commit to them leasing the property to you, and they will FED-EX you the keys.<br/><br/><strong>The scammer using&nbsp;(323)620-8020</strong> has ads all over the USA scamming people out of hard earned money. &nbsp;As soon as the scammer collects the money from Western Union, the money is GONE FOREVER, no chance to recover, ever. (never)<br/><br/>Do not give money to ANYONE that you can't see the whites of their eyes. &nbsp;You will see a lot of these scams, and that is because they work some of the time. &nbsp;<br \><br \>356 replies Sat, 04 May 2013 05:36:00 GMT http://www.zillow.com/advice-thread/ALERT-Rental-Scams-on-Zillow-Trulia-Hotpads-Postlets-SCAM-WARNING/490780/ 2013-05-04T05:36:00Z section 8 rental homes http://www.zillow.com/advice-thread/section-8-rental-homes/486742/ why do ppl get turned down,whom are great renters,clean renters or cant find nice homes when searching, as my neighbors pay full price and are nasty as heck. we are n section 8 and keep our home and yard upscale -we now must move due to our home is in forcloser,we pay our rent and on time. how do we get new housing now,when we keep getting turened away or looked down on.<br \><br \>21 replies Sun, 07 Apr 2013 05:13:00 GMT http://www.zillow.com/advice-thread/section-8-rental-homes/486742/ 2013-04-07T05:13:00Z Rental Scams in San Diego and Oceanside on Trulia and Zillow and Postlets http://www.zillow.com/advice-thread/Rental-Scams-in-San-Diego-and-Oceanside-on-Trulia-and-Zillow-and-Postlets/489805/ IF YOU HAVE SEARCHED FOR AN EMAIL OR PHONE NUMBER - AND IT CAME UP IN YOUR SEARCH RESULTS - IT'S A SCAM!<br/><br/>Active Example:<br/>- A new home was put on the market for sale, 5239 Malcolm St, Oceanside CA 92056<br/><br/>- Scammers from Nigeria created a Rental Listing in Postlets.com using ALL OF THE EXACT SAME PHOTOS from the new listing.<br/><br/>- The Postlets.com website&nbsp;<a href="http://www.postlets.com/rtpb/9124323" rel="nofollow">http://www.postlets.com/rtpb/9124323</a>&nbsp; Will then take that new listing and send it to many other rental websites such as Trulia, Zillow, Hotpad.com and others.<br/><br/>- Scammers put their email address and a phone number in the REMARKS SECTION of the advertisement.&nbsp;<br/><br/>- You call or email the Scammers asking about the property that should rent for $2200 per month, that is offered for rent for only $1,300 per month. (HUGE RED FLAG)<br/><br/>- The phone number is an out of state phone number, and email is Hotmail or Yahoo. &nbsp;You're NOT DEALING WITH A&nbsp;LICENSED&nbsp;PROFESSIONAL REAL ESTATE AGENT. &nbsp;<br/><br/>- The Scammer has a story that they're out of the country, they will rent it to you (along with anyone who calls) if you wire transfer them a security deposit. &nbsp;Send over a security deposit, and the property is yours. &nbsp;( The property will not be yours, but the money will be theirs. &nbsp;AND as soon as Western Union sends the money, it's gone for good )<br/><br/>-&nbsp;DO NOT LET TEXTING FOOL YOU - Services on the internet can create a number in the USA that ANYONE can text to and from with a USA Phone Number. &nbsp;You think they're in the United States, but they're in Africa, outside the jurisdiction of the United States.<br \><br \>77 replies Sat, 27 Apr 2013 17:37:00 GMT http://www.zillow.com/advice-thread/Rental-Scams-in-San-Diego-and-Oceanside-on-Trulia-and-Zillow-and-Postlets/489805/ 2013-04-27T17:37:00Z Can I get a FHA Loan with a credit score of 640 for one hundred and fifteen thousand-150k range http://www.zillow.com/advice-thread/Can-I-get-a-FHA-Loan-with-a-credit-score-of-640-for-one-hundred-and-fifteen-thousand-150k-range/482405/ Can I get a FHA Loan with a credit score of 640 for an amount of $115-$150k range. 640 is the credit of my husband. &nbsp;He have been is his job for 2 years, we&nbsp;don't&nbsp;have credit cards payments (he pay in full 6 months ago), we&nbsp;don't&nbsp;have car payment. I start my job 6 months ago ( Never have a credit card). We only pay the usual (Rent, water, electricity, phone, car insurance). We&nbsp;haven't&nbsp;pay nothing late (starting 2 years ago). We are first time&nbsp;home-buyer's, that why we have so many questions.<br \><br \>11 replies Mon, 11 Mar 2013 23:48:00 GMT http://www.zillow.com/advice-thread/Can-I-get-a-FHA-Loan-with-a-credit-score-of-640-for-one-hundred-and-fifteen-thousand-150k-range/482405/ 2013-03-11T23:48:00Z Please take time to report rental scams http://www.zillow.com/advice-thread/Please-take-time-to-report-rental-scams/481937/ You have to be careful when you look for a rental and what you see is not always what you get. Zillow has <a href="http://www.zillowblog.com/pro/2012-12-17/a-rental-professionals-guide-to-identifying-and-avoiding-scams/" rel="nofollow">information on avoiding rental scams</a>. Please take time to help others by flagging reantal listings that are not legitimate. <br/><br/>If you do have contact with a scammer, please take time to post their email address, some text from their scam email and the phone number that they are using.<br/><br/>Doing those things can help you protect yourself and others from being scammed. Many people have come to Zillow after a google search and been able to avoid fraudulent listings. Hit the scammers where they live and be a part of the solution.<br \><br \>80 replies Fri, 08 Mar 2013 18:51:00 GMT http://www.zillow.com/advice-thread/Please-take-time-to-report-rental-scams/481937/ 2013-03-08T18:51:00Z My house is upside down and I need to remove my x-wife name off the House ASAP! http://www.zillow.com/advice-thread/My-house-is-upside-down-and-I-need-to-remove-my-x-wife-name-off-the-House-ASAP/380284/ I owe $178,189 and my house worth $125,000. How can I refinance the house and remove my X-wife name off the mortgage?&nbsp; I have only until end of this April to&nbsp;complete this task. She is trying to purchase a home herself.&nbsp;By the order of the court from the divorce agreement I my lose the house, if I can't fix the problem.&nbsp; Can anyone help me? and provide me with the steps needed&nbsp;to make it happen, and the mortgage company that would help!&nbsp; I truly need answers.<br \><br \>17 replies Tue, 11 Jan 2011 01:01:00 GMT http://www.zillow.com/advice-thread/My-house-is-upside-down-and-I-need-to-remove-my-x-wife-name-off-the-House-ASAP/380284/ 2011-01-11T01:01:00Z Strategic Default http://www.zillow.com/advice-thread/Strategic-Default/236677/ I've noticed that a striking number of our friends and acquaintances are now considering the option of voluntary <a href="http://www.zillow.com/mortgage/">mortgage</a> default (mostly on 2nd homes and investment properties).&nbsp; These are not people who <em>can't</em> pay their <a href="http://www.zillow.com/mortgage/">mortgages</a> -- they have sufficient income or net worth -- they simply bought at or near peak prices and are coming to see these properties as losing investments that are money drains.<br/><br/>This is becoming a subject of common discussion at informal gatherings.&nbsp; I sense that many people are just now in the stage of "testing"&nbsp; this concept to re-check whether or not it makes sense financially, and whether or not it will be validated on moral grounds. So far, the answer from accountants seems to be "well, it does make sense" and from peers "I can see why you'd do that."&nbsp; By in large, these are people who don't need to care what their credit rating is, or can certainly weather having a poor one for several years.<br/><br/>I wonder whether this class of future defaults is on the radar of policy-makers,&nbsp; If it is,&nbsp; how can they accurately estimate the size of this issue?<br/><br/><br/><br \><br \>181 replies Tue, 19 May 2009 16:31:00 GMT http://www.zillow.com/advice-thread/Strategic-Default/236677/ 2009-05-19T16:31:00Z No money down program ! IF you are looking to move outside of the City of Houston! http://www.zillow.com/advice-thread/No-money-down-program-IF-you-are-looking-to-move-outside-of-the-City-of-Houston/401049/ <p>It is called the USDA (Rural Housing) loan program<br/>Please check out this website<br/><strong>http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction<br/></strong>to see if the home or area you are interested in is eligible.<br/><br/>Also, you can check to see if qualify for the No Down Payment Program on the site.<br/>*Borrower must meet income requirements<br/>*100% financing program plus Guarantee Fee<br/>*Can borrow up to the appraised value if it is higher than the sales price for closing cost and prepaids<br/>*Minimum FICO score of 620 with some exceptions<br/>*Cannot currently own any other real estate<br/>*DO NOT HAVE to be a 1st time home buyer!!!!!<br/><br/>USDA Income Limits<br/>*<strong>Brazoria County<br/></strong>1-4 Person $82,100<br/>5-8 Person $108,350<br/>*Houston,Baytown,Sugar Land, etc..<br/>*1-4 Person $73,600<br/>*5-8 Person $97,150<br/><br/><strong>&nbsp;Lots of new home builders have open arms with this program!<br/><br/></strong></p><br \><br \>6 replies Mon, 30 May 2011 17:21:00 GMT http://www.zillow.com/advice-thread/No-money-down-program-IF-you-are-looking-to-move-outside-of-the-City-of-Houston/401049/ 2011-05-30T17:21:00Z Would you buy a house with Lead Paint? http://www.zillow.com/advice-thread/Would-you-buy-a-house-with-Lead-Paint/9466/ My buyers <a href="http://www.zillow.com/directory/real-estate-agents/">realtor</a> sent me an MLS listing for a house that was built in 1976 that has lead paint. I was about to not even look twice at it because I have a 3 yr old and 8 yr old, but the darn thing is in the neighborhood we want, backs to a greenbelt, has a huge yard, and it is 25K cheaper than comparables due to it being rental property for a long period. Whoever buys that house will need to do a lot of landscaping, replacement of privacy fence, some dry wall work, paint, carpet, etc. <br/><br/>My question is this: would you buy a house that has lead paint? Would you feel safe if you sealed the house with KILZ and re-painted? There has to be many, many houses build before lead paint was banned for home use. How do those home owners deal with the situation?<br/><br/>Thank you.<br \><br \>56 replies Thu, 18 Oct 2007 20:40:00 GMT http://www.zillow.com/advice-thread/Would-you-buy-a-house-with-Lead-Paint/9466/ 2007-10-18T20:40:00Z Real Estate Professionals where are you from? http://www.zillow.com/advice-thread/Real-Estate-Professionals-where-are-you-from/4608/ Where are you located?<br/><br/>What are your specialities?<br/><br/>How's the business climate in your area? Slow, Steady or Robust?<br \><br \>584 replies Wed, 29 Aug 2007 15:00:00 GMT http://www.zillow.com/advice-thread/Real-Estate-Professionals-where-are-you-from/4608/ 2007-08-29T15:00:00Z Fellow Realtors/ Attorneys *Please be Aware of this Email Fraud Scam from China* http://www.zillow.com/advice-thread/Fellow-Realtors-Attorneys-Please-be-Aware-of-this-Email-Fraud-Scam-from-China/488384/ <p>The initial contact was here on Zillow<br/><br/>The alias, "Kin Chan" says he wants to put a 15k deposit on a home and pay cash. He is going to close escrow on May 22,2013, and he sends his passport, bank statement, contact info in China, address, phone&nbsp; etc..&nbsp; All of this is Phony and Fake.&nbsp; What they are trying to do is use an Attorney to deposit the money... then they cancel the transaction and ask to have the funds wired before the check has a chance to bounce.&nbsp; I just went through this for the past 6 weeks.&nbsp; I found out another Realtor in Temecula was corresponding with the Criminal at the same time and he sent a 300k check to the same attorney in Del Mar and Carlsbad.&nbsp; Both check where counterfeit.&nbsp;&nbsp; Please spread the word about this.&nbsp; The attorneys both told me the method has become much more sophisticated recently and the checks look authentic.&nbsp; The passports and Bank Statements look authentic too so when you look at everything initially although you are skeptical you do not know for sure.... I have since reported this attempted huge mail fraud attempt to the FBI..&nbsp;</p><br \><br \>178 replies Wed, 17 Apr 2013 16:54:00 GMT http://www.zillow.com/advice-thread/Fellow-Realtors-Attorneys-Please-be-Aware-of-this-Email-Fraud-Scam-from-China/488384/ 2013-04-17T16:54:00Z nail holes http://www.zillow.com/advice-thread/nail-holes/32003/ <p>I've sold&nbsp;my first house and I'm preparing to move out. My question is what should I do about the nail holes and some screw holes where heavier things hung. I can spackle them but I do not have the matching paint to cover the spackle. I do not know what is the proper way to leave the house for the buyer. If anyone could lead me on the right path it would be greatly appreciated.</p><br \><br \>15 replies Fri, 09 May 2008 05:53:00 GMT http://www.zillow.com/advice-thread/nail-holes/32003/ 2008-05-09T05:53:00Z