Zillow Advice RSS: Question-Discussion-Guide,Buying Foreclosures,

Using a Hard Money Loan to get a cash offer, then refinancing

Sun, 29 Nov 2009 13:18:00 GMT

The house that we want to buy will only accept a cash offer, has anyone had experience finding private money (and paying points to the lending) solely for the purpose of having a cash offer and then refinancing a few weeks after closing to a standard 30 year fixed mortgage before any interest is due? Would there be any problems refinancing in such a short time period as long as we're well qualified?

1 reply

does any one know any other website for short sales in gainesville?

Sun, 29 Nov 2009 23:54:00 GMT

I have been looking for a new web site to use for short sales in Gainesville, Fl. Currently I am working with people form www.LocalShortSales.com to find my short sales and foreclosures. The people at www.LocalShortSales.com do a great job showing me all the good deals. I have been looking for new websites to check to make sure that I am getting the best deal possible. So far www.LocalShortSales.com have the comp beet. Please let me know if anyone has any good info for me. Other than that check out www.LocalShortSales.com to find every good deal on the market and every one there is extermely knogable about short sales and forclosures.

1 reply

My credit is probably "fair" will I have problems getting a loan on $22,000.00 mortgage?

Sun, 29 Nov 2009 04:43:00 GMT

I will be movng to Missouri, and found a house with 5.5 acres a fixer, right now it's in foreclosure. Will banks loan on such a small amount, or where should I go to finance this.

3 replies

Can you negotiate price on a "bank owned" property?

Sun, 29 Nov 2009 15:36:00 GMT

4 replies

(Moved): I did not get any quotes on my loan request (ZR-CSRQPQK). Can someone help me figure out why?

Sun, 29 Nov 2009 03:24:00 GMT

This discussion has been moved to the following location: http://www.zillow.com/advice-thread/I-did-not-get-any-quotes-on-my-loan-request-ZR-CSRQPQK-Can-someone-help-me-figure-out-why/302120/

0 replies

Why purchase at a foreclosure auction?

Wed, 18 Nov 2009 09:18:00 GMT

There are a number of advantages to purchasing property at foreclosure auction.

Great values: Obtaining real estate at a property foreclosure auction can be a very worthwhile investment of time and money. Regularly, a small amount of bidders may materialize on the day of a property foreclosure auction, so there may be little or no contest for a particular property. Countless people are unaware that property can be purchased this way, or are intimidated by the procedure. This means that vacant land, condos, and single family homes are sold for a reduced amount of market value, sometimes considerably less. Most investors that buy at a foreclosure auction look for properties to be 25% to 30% less than retail value. But if you have patience and the right resources often enough you can purchase properties at a 50% or more of a discount.

Ownership: Typically quick possession if you are the successful bidder, you are entitled to possession of the property as soon as you receive the Trustee's Deed.

Accessibility: Best of all, anyone can purchase a property at auction.

11 replies

Can I get an FHA Loan for a Foreclosure?

Fri, 27 Nov 2009 08:39:00 GMT

There is a foreclosure for sale that I would like to purchase. I would to qualify for an FHA loan. The asking price is $695000. The home sold in 2005 for $1,200,000. It currently appraises for well over the asking price. I currently own a duplex that I would like to keep for investment purposes. Should I refi the duplex to get a lower payment to help with the loan?

3 replies

What is the impact of the BPO on a shortsale price?

Sun, 22 Nov 2009 19:37:00 GMT

We have a signed contract and deposited earnest money to buy a shortsalefor 182000.Two days ago our agent told us the selling agent said the BPO on the house came back at 205000.Now we r told we should sign the earnest money release ,but we love the house &dont want to loose it. What r our optins?

5 replies

I'm Australian resident. Can I obtain a loan to purchase an investment house in San Jose? How to?

Sat, 28 Nov 2009 05:02:00 GMT

Melbourne
Victoria 3000
Australia

1 reply

How difficult is it to get out of a short sale contract?

Wed, 25 Nov 2009 20:24:00 GMT

We put in an offer on a short sale 2 weeks ago. This property goes to auction 12/3 or 12/7/09. We put in another offer on an REO yesterday and found out today that we were the highest bidder and we got it. How difficult is it to get out of this first contract on the short sale? (The status is the seller's attorney has not approved it yet and the deadline for attorney's approval is 12/2/09.) We'd like to accept the REO but are concerned about this short sale contract.

5 replies

Present-Day Investment for Future Security

Sat, 28 Nov 2009 02:38:00 GMT

http://www.za77.org/Article/Present-Day-Investment-for-Future-Security/5150
If you are looking to invest for the future, invest in a house. With real estate prices just rising and rising and rising, it certainly is advisable to put your savings into buying a house.

0 replies

parents own a home in san martin father past ever thing in his name home under forclosure

Thu, 26 Nov 2009 21:37:00 GMT

what do we do have income but know credit want by ever one says wuith no w2s for 2 year your stuck same family business since 1976 dont know wat to do its getting close to cash for keys my monthly income would easily get me a nice home i have a dea with my dads old broker but dont trust it its on a 1.7 million home in willow glen

2 replies

I'm a beginner investor....

Thu, 27 Aug 2009 15:27:00 GMT

Is it possible to get a bank loan (pending good credit) for the purpose of investing in foreclosure properties. If so what bank would be recommended.

2 replies

Why is 1003 Hawthorne Dr Lafayette CA 94549 still for sale? It seems like such a great deal.

Tue, 24 Nov 2009 04:54:00 GMT

4 replies

How To Obtain Zestimates For Multiple Properties

Sat, 21 Nov 2009 18:44:00 GMT

I want to know if there is a way to provide an excel spreadsheet with property address for 100+ properties at one time with the purpose of obtaining Zillow valuations in an automated feed instead of manually entering the addresses. Can this be done?

1 reply

Want to Help your kids buy a home Without spending your $$

Tue, 24 Nov 2009 17:14:00 GMT

I am an auction specialist in the Snohomish County area with Century 21. We have developed relationships with local banks that will allow our clients to buy OWNER OCCUPIED homes at auction (wholesale) with only 10% verifiable funds. That is correct. You do not actually need to spend your money, but you must be able to verify it and qualify for the 30 year fixed rate take out loan (refinance).

If you are buying owner occupied or want to help your kids buy owner occupied housing, there is no better way. You want a deal on a home because you are still worried about the housing market? We are buying homes at auction for 60 cents on the dollar which means your equity position when the market turns around will be outstanding.

Follow us at [content removed by moderator due to self-promotion]

The Bruce Team
Dustin Bruce
Century 21 Real Estate Center
[content removed by moderator due to self-promotion]

2 replies

Do foreclosures usually go for below, at, or above their asking price?

Sun, 22 Nov 2009 23:12:00 GMT

My wife and I put in a bid for a house at just under the asking price, and our wondering what kind of chance we have to earn the winning bid. We are both first time home buyers and relatively young and inexperienced when it comes to this kind of thing.

Thanks in advance

4 replies

Do Short Sales allow VA Loans?

Sun, 08 Mar 2009 22:02:00 GMT

Do short sales accept VA loan offers? We are military and I have found a home that I like but I heard it takes forever. Is there a way to rush the process so it only takes like 2-3 months? If it is a short sale will I have to pay for the closing cost also?

10 replies

Why are only HUD approved agents allowed to make offers on HUD homes?

Sat, 21 Nov 2009 05:20:00 GMT

I have been working with the same realtor for 4 months and don't want to use another one, I trust my guy. He has been around since the '80s and helped my parents buy all their properties. This doesn't seem right. Am I missing something?

3 replies

how do i find out which bank owns the house

Mon, 23 Nov 2009 20:53:00 GMT

2 replies