Zillow Advice RSS: Question-Discussion-Guide,Buying Process,Los Angeles- CA http://www.zillow.com/advice/Los-Angeles-CA/home-buying-buying-process/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate Do I need PMI (Private Mortgage Insurance)? http://www.zillow.com/advice-thread/Do-I-need-PMI-Private-Mortgage-Insurance/582650/ <div>I recently bought a house from a family member for $148,000 with a conventional loan and put a 5% down payment; the property was appraised at $220,000. In my loan packet, I have to pay PMI since I didn't put down 20%, but after getting home, I did more research and came across the HUD PMI Act:&nbsp;<div>&nbsp;(http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/rmra/res/respapmi)&nbsp;<br/><div>From what read on there, the PMI should be cancelled automatically: "when the homeowner's equity position reaches 22 percent of the original value of the property, the mortgage servicer must automatically cancel the PMI." Since I owe around $140,000 and the property is valued at $220,000, was the PMI required? If so, will it automatically be cancelled? I want to hear what others have to say before I call up the lender and ask them. Any help will be greatly appreciated.</div></div></div><br \><br \>12 replies Mon, 13 Apr 2015 04:44:00 GMT http://www.zillow.com/advice-thread/Do-I-need-PMI-Private-Mortgage-Insurance/582650/ 2015-04-13T04:44:00Z Is it a good time to buy a house or i should wait ? please advice - San Fernando Valley, CA http://www.zillow.com/advice-thread/Is-it-a-good-time-to-buy-a-house-or-i-should-wait-please-advice-San-Fernando-Valley-CA/577232/ 12 replies Fri, 27 Feb 2015 22:06:00 GMT http://www.zillow.com/advice-thread/Is-it-a-good-time-to-buy-a-house-or-i-should-wait-please-advice-San-Fernando-Valley-CA/577232/ 2015-02-27T22:06:00Z Can anyone provide good advice on rent to own homes/ apartments? Scam or legitament? http://www.zillow.com/advice-thread/Can-anyone-provide-good-advice-on-rent-to-own-homes-apartments-Scam-or-legitament/579371/ 10 replies Wed, 18 Mar 2015 19:13:00 GMT http://www.zillow.com/advice-thread/Can-anyone-provide-good-advice-on-rent-to-own-homes-apartments-Scam-or-legitament/579371/ 2015-03-18T19:13:00Z Should we Buy a Home with Evidence of Termites http://www.zillow.com/advice-thread/Should-we-Buy-a-Home-with-Evidence-of-Termites/353574/ In order to decide if we should make a higher offer on a house built in 1955, we requested a preliminary termite inspection. The inspector wasn't able to look everywhere but found evidence of subterranean termites, drywood termites and fungus infection. Our agent says that's not a problem as long as the seller agrees to pay for wood replacement, fumigations, etc. He said most houses have termites in our area (Los Angeles) and as long as we take care of the problem, it shouldn't keep us from buying the home. Is that true? Is it hard to find termite-free homes? I have young children and I don't like the idea of regularly having to use termicides and other chemicals to keep termites away. Also, couldn't there be structural damage to the home? Thank you for your help.<br \><br \>25 replies Fri, 11 Jun 2010 18:20:00 GMT http://www.zillow.com/advice-thread/Should-we-Buy-a-Home-with-Evidence-of-Termites/353574/ 2010-06-11T18:20:00Z Can I use a different realtor to buy a house that I recently fell out of escrow with? http://www.zillow.com/advice-thread/Can-I-use-a-different-realtor-to-buy-a-house-that-I-recently-fell-out-of-escrow-with/559558/ I recently backed out of a home purchase that I was in escrow with because of our inspection results. The house is still on the market, and I want to try to buy it again, but with a different realtor. Can I do that, or am I legally obligated to use the realtor I used the first time?<br \><br \>11 replies Tue, 16 Sep 2014 23:06:00 GMT http://www.zillow.com/advice-thread/Can-I-use-a-different-realtor-to-buy-a-house-that-I-recently-fell-out-of-escrow-with/559558/ 2014-09-16T23:06:00Z commission rates http://www.zillow.com/advice-thread/commission-rates/577890/ I went to an open house over the weekend and the real estate agent contacted me from the one I liked and offered the following if I used him for selling my current home:<br/><br/>"&nbsp;There's a 2.5% commission on barbados you'd get that as a full credit off price !! On your home I would handle for zero to facilitate the ease of barbados sale if buyer has an agent from coldwell &nbsp;remax Keller Williams etc they'd expect 2.5% but hopefully buyer would come thru me then it would be zero &nbsp;this is a savings package of ap $21,000 on Barbados and ap $8000 to $13,000 on your house !! 2 weeks all that's needed no opens no sign by appt only"<br/><br/>Seems weird, any thoughts?<br \><br \>12 replies Thu, 05 Mar 2015 23:09:00 GMT http://www.zillow.com/advice-thread/commission-rates/577890/ 2015-03-05T23:09:00Z I have no credit, husband has below 500 but I'm fixing his debts http://www.zillow.com/advice-thread/I-have-no-credit-husband-has-below-500-but-I%27m-fixing-his-debts/575855/ I'm looking to buy a home and have no idea where to start. I have started to fix my husbands debt by paying his student loan , which will be finished being paid by March, will his credit go up? I have no credit, and he makes 2,000 a month. Is a home an option? I would hate to rent .<br \><br \>8 replies Mon, 16 Feb 2015 06:37:00 GMT http://www.zillow.com/advice-thread/I-have-no-credit-husband-has-below-500-but-I%27m-fixing-his-debts/575855/ 2015-02-16T06:37:00Z I have no credit, husband has below 500 but I'm fixing his debts http://www.zillow.com/advice-thread/I-have-no-credit-husband-has-below-500-but-I%27m-fixing-his-debts/575855/ I'm looking to buy a home and have no idea where to start. I have started to fix my husbands debt by paying his student loan , which will be finished being paid by March, will his credit go up? I have no credit, and he makes 2,000 a month. Is a home an option? I would hate to rent .<br \><br \>8 replies Mon, 16 Feb 2015 06:37:00 GMT http://www.zillow.com/advice-thread/I-have-no-credit-husband-has-below-500-but-I%27m-fixing-his-debts/575855/ 2015-02-16T06:37:00Z Can't buy a house til 3 more months...will the rates stay the same or will it rise dramatically? http://www.zillow.com/advice-thread/Can%27t-buy-a-house-til-3-more-months-will-the-rates-stay-the-same-or-will-it-rise-dramatically/474416/ 16 replies Tue, 15 Jan 2013 05:51:00 GMT http://www.zillow.com/advice-thread/Can%27t-buy-a-house-til-3-more-months-will-the-rates-stay-the-same-or-will-it-rise-dramatically/474416/ 2013-01-15T05:51:00Z Can't buy a house til 3 more months...will the rates stay the same or will it rise dramatically? http://www.zillow.com/advice-thread/Can%27t-buy-a-house-til-3-more-months-will-the-rates-stay-the-same-or-will-it-rise-dramatically/474416/ 16 replies Tue, 15 Jan 2013 05:51:00 GMT http://www.zillow.com/advice-thread/Can%27t-buy-a-house-til-3-more-months-will-the-rates-stay-the-same-or-will-it-rise-dramatically/474416/ 2013-01-15T05:51:00Z Discrepancy in County Records http://www.zillow.com/advice-thread/Discrepancy-in-County-Records/574211/ We just started our contingency period today.<br/>We pulled up the county record for the home and found a discrepancy.<br/><br/>The record showed 6 bedrooms/ 2 bath while the house only has 4 bedrooms / 2 bath.<br/>The square footage however is about the same.<br/><br/>Should we be concern about this? Most situation is the other way around. Any advise on what we should do?<br/><br/>Thanks,<br \><br \>1 reply Sun, 01 Feb 2015 22:14:00 GMT http://www.zillow.com/advice-thread/Discrepancy-in-County-Records/574211/ 2015-02-01T22:14:00Z Discrepancy in County Records http://www.zillow.com/advice-thread/Discrepancy-in-County-Records/574211/ We just started our contingency period today.<br/>We pulled up the county record for the home and found a discrepancy.<br/><br/>The record showed 6 bedrooms/ 2 bath while the house only has 4 bedrooms / 2 bath.<br/>The square footage however is about the same.<br/><br/>Should we be concern about this? Most situation is the other way around. Any advise on what we should do?<br/><br/>Thanks,<br \><br \>1 reply Sun, 01 Feb 2015 22:14:00 GMT http://www.zillow.com/advice-thread/Discrepancy-in-County-Records/574211/ 2015-02-01T22:14:00Z Is this a good time for me? http://www.zillow.com/advice-thread/Is-this-a-good-time-for-me/478793/ Hello All,<br/>I know every situation is different so I will step out of my comfort zone and get a little personal as i know that will yield the best results. I have had the same job for 6 years, I was promoted in Jan of 2012 and make 72K a year, from 50K the previous years my Equifax is 667 and Myfico.com give me 660. I have two car payments one is for a truck that will be done in 4 years for $401 and the other is a VW that will be done in 4 months and that is $456. I have saved 12K and paying for a wedding all cash and have 4K left that is due in October. But those are just installment payments and not a loan. I just pulled my fiances credit and she has 590 and makes 15K a year as a waitress but is a full time student that plans on graduating next year. I'm pretty sure I will go the FHA route and have no idea what i will be approved for. I'm assuming anywhere from $300K-$400K. I would love to get a home in Los Angeles to be close to work, preferably in Highland Park, Eagle Rock area as Loz Feliz and Silver lake are out of my price range. I've gone thru every possible scenario but something is holding me back from pulling the trigger. Should I wait to better my Credit score? what if rates and home prices go up. If my credit is better but home prices and rates go up isn't essentially a wash. What do you pro's think. Do i look to be in good shape? if so, what is the first step?<br \><br \>9 replies Fri, 15 Feb 2013 21:47:00 GMT http://www.zillow.com/advice-thread/Is-this-a-good-time-for-me/478793/ 2013-02-15T21:47:00Z What will be a better option; to get a loan from a bank or with a credit union? http://www.zillow.com/advice-thread/What-will-be-a-better-option-to-get-a-loan-from-a-bank-or-with-a-credit-union/566449/ 12 replies Thu, 13 Nov 2014 04:45:00 GMT http://www.zillow.com/advice-thread/What-will-be-a-better-option-to-get-a-loan-from-a-bank-or-with-a-credit-union/566449/ 2014-11-13T04:45:00Z Where can I find notice of defaults online through public records? Los Angeles, CA. http://www.zillow.com/advice-thread/Where-can-I-find-notice-of-defaults-online-through-public-records-Los-Angeles-CA/309554/ 6 replies Mon, 28 Dec 2009 07:35:00 GMT http://www.zillow.com/advice-thread/Where-can-I-find-notice-of-defaults-online-through-public-records-Los-Angeles-CA/309554/ 2009-12-28T07:35:00Z Do you have questions about the buying process? http://www.zillow.com/advice-thread/Do-you-have-questions-about-the-buying-process/569941/ Are there any buyers who have questions about the buying process or real estate lingo?<br \><br \>0 replies Fri, 19 Dec 2014 04:46:00 GMT http://www.zillow.com/advice-thread/Do-you-have-questions-about-the-buying-process/569941/ 2014-12-19T04:46:00Z Are there any rent to own condos, or houses on the West Side of Los Angeles? http://www.zillow.com/advice-thread/Are-there-any-rent-to-own-condos-or-houses-on-the-West-Side-of-Los-Angeles/464380/ 2 replies Tue, 16 Oct 2012 18:42:00 GMT http://www.zillow.com/advice-thread/Are-there-any-rent-to-own-condos-or-houses-on-the-West-Side-of-Los-Angeles/464380/ 2012-10-16T18:42:00Z Disclosure statement: seller "doesn't know"? http://www.zillow.com/advice-thread/Disclosure-statement-seller-doesn%27t-know/566594/ <br/><br/><div>I'm reviewing the seller disclosure statement for a condo purchase. The seller (investor, basically) has rented out the unit and for many questions filled neither 'yes' or 'no' and instead wrote "don't know - seller never lived on the property". Some examples:<div>- Are you aware of asbestos, radon, lead pint, mold? Don't know.<div>- Are you aware of Encroachments, easements? Don't know.<div>- Are you aware of flooding or drainage problems? Don't know.<div>- Are you aware of major damage to the property from fire, earthquakes? Don't know.<div>- Are you aware of any lawsuits by or against the seller(...)? Don't know.<br/><div>1. To reinstate, "don't know" is not an option on the form. They wrote it on the edge.<div>2. The questions are "are you aware of" - if they don't know, why couldn't they just check "no"? It's impossible to not know if you're not aware of something. (Do they even gain anything legally from avoiding the 'no'?)<div>3. And with all due respect to them not ever living on the property, how as an owner could they possibly not know about "major damage from earthquake" or other things that renters would obviously report right away.<div>4. To emphasize the pointlessness of this, they did check that they're not aware of a "homeowners' association which has any authority over the subject property." Uh, it's a condo with an HOA...?<br/><div>The main question is, what should I do about this. Insist that I won't sign until they fix the form? Or follow my agent's advice who says it's minutia that I shouldn't worry about?<br/><div>(It's important to note that I'm not counting on any of it. based on the inspections of me, the agents, and the qualified inspector I hired, the property is in very good shape. I don't trust those disclosures anyway - it's about whether to sign and if not, how to go about it.)</div></div></div></div></div></div></div></div></div></div></div></div><br \><br \>10 replies Fri, 14 Nov 2014 08:17:00 GMT http://www.zillow.com/advice-thread/Disclosure-statement-seller-doesn%27t-know/566594/ 2014-11-14T08:17:00Z Live termites found on final walk through http://www.zillow.com/advice-thread/Live-termites-found-on-final-walk-through/564385/ Hello we are first time home buyers. We did our final walk through this morning and found a hole in the living room floor. Lifted a piece of wood and found live termites. Seller had already done substandard and secondary repairs. Loan docs have been signed. As I walked Around the living room I can hear hollow wood. Do we still have option of pulling out and getting our deposit Back? Please help.<br \><br \>12 replies Sun, 26 Oct 2014 23:53:00 GMT http://www.zillow.com/advice-thread/Live-termites-found-on-final-walk-through/564385/ 2014-10-26T23:53:00Z House in bad shape. Can I just offer the price of land to seller? http://www.zillow.com/advice-thread/House-in-bad-shape-Can-I-just-offer-the-price-of-land-to-seller/562660/ Hello,<br/><br/>I am interested in buying a property which has a decent location and which has been on the market for almost 5 months now. The house itself is in a very bad shape and almost unlivable. I spoke with 2 contractors with whom I have worked with in the past and as per them, the cost to fix the house is going to be pretty high - and they suggested that I might as well rebuild the house. <br/><br/>My question is that given that the current dwelling has little or no value to me (or to anyone for that matter), would it be fine to make an offer just on the price of the land value? Has anyone done that before? How shall I explain this logic to the seller and still make it enticing enough for them to take up the offer? <br/><br/>How shall I calculate the value of just the land?<br/><br/>Thanks in advance<br \><br \>8 replies Mon, 13 Oct 2014 07:05:00 GMT http://www.zillow.com/advice-thread/House-in-bad-shape-Can-I-just-offer-the-price-of-land-to-seller/562660/ 2014-10-13T07:05:00Z