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Erinna Tsai's Advice

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  • 14 Contributions
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Erinna Tsai wrote:

What recourse do I have if seller continues to remove items after closing from the home I am buying?

Answer
Don't forget to take a picture! If seller has put it in writing on contract or disclosure documents thatshe will remove part of fixed appliances and both parties agree it, shecan remove it.   If not, you need to protect yourself!  Your realtor shouldprotect your right and benefit.  Talk to your realtor and understand whyseller keeps removing something before closing.  In worse situation, you can ask for help from lawyer or go to small court to fight it back.     
September 27 2012
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How to check if the house is in flood zone?

Answer
For Flood zone checking, FEMA website is one of good online systems you can go.  Besides, you can have your local real estate professionalto assist you ordering Geological Report which have detail information for reference too.   
September 27 2012
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Can anyone help?

Answer
Pretty sorry to know your situation!  In general, for loan modification,you'd better to contact your current lender and work with loan originatorto see what kind of program can meet your criteria.  They will evaluate your financial situation such as income, debt ratio,LTV (loan to value) plus the current house market value ...etc to figureout what principal reduction can be for your case.  Lender doesn't wantto take over your property if your financial situation still in good shape.  
September 27 2012
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How much should you list your house once you receive an official apprasal above or below the apprais

Answer
It is good to have an official appraisal report for reference.  Is it comingout recently?  Besides, I suggest you to have local real estateprofessional to show you around some of for sale properties which areas similar as your house to compare and get rough photo for whatdifferent from yours and those, what is asking price they put for, howmany days on market of those for sale properties...etc.   All of them will help you understand what reasonable price will be at the currentmarket for your house.For price strategy, sometimes put asking price less than appraisalvalue may attract more buyers.  But, it all depends on current housemarket, timing, house condition & location, your neighborhood, quiet& noisy level...etc.   A property with reasonable asking price is allof buyers are looking for.Wish you get house sold fast!        
September 27 2012
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Investment in Fremont or Irvington?

Answer
Noted it is for your "Investment Property" not primary use.  BothFremont and Pleasanton areas are all have their good points such asgreat schools of top API score, quiet and developed neighborhood plus convenient location for transportation.  For your investment, you need to concern is it a short term or long terminvestment?  What is the cash flaw?  What is other debt you need to pay if it is short sale or REO house? What is the rental price to befor that area? The percentage of appreciation? Job oriented for thatarea? Daily Commute timing? Quiet & safety level? Handle your rentalhouse by yourself or hiring a property management to take care of it? What is extra remodel cost you plan to spend? ....etc.  Put all of them under a list and you will easy to get a rough picture for decision making.    
September 10 2012
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We need help to stay in our home.

Answer
Dear Deborah,Sorry to hear what you are facing now!  Based on your situation, have you check "Loan Modification" with your bank?  First, you can determine if Fannie Mae or Freddie Mac own your mortgage by going to:*For Fannie Mae Loan:  http://loanlookup.fanniemae.com/loanlookup/ ...Tel: 1-800-7FANNIE (8 AM to 8 PM EST) ...Email:  resource_center@fanniemae.com*For Freddie Mac loan:  http://www.freddiemac.com/corporate/ ...Tel: 1-800 FREDDIE (8 AM to 8PM EST) ...Email:  borrower_outreach@freddiemac.comPlease prepare all related statements & showing your financial situation to proof your ability for monthly mortgage payment.  Try again to negotiate with your bank for loan modification!  
September 10 2012
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How can I get the current value on a home not yet on the market so I can make an offer?

Answer
It is a good idea to buy a house that you are currently rent because youhave lived there and understood more of the house condition and its neighborhood's situation.  The latest house sold record or Comparative Market Analysis/CMA list is the best way for you to see what kind reasonable price for your offer.  You can get house sold record from Real Estate Professional, Newspaper, Website or County.  Hope you have a chance to buy it from landlord!   
September 10 2012
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my 4 bedroom 3 bath house in bayville ny is not for sale yet but is shown on zillow as a 3 bedroom 1

Answer
Please check with your county for what exactly rooms/baths of yourproperty.  Besides, you can show your permit documents to county staff and request for re-evaluation.     Erinna Tsai
September 09 2012
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Does a bedroom have a closet? Is it an office or a bedroom?

Answer
To call a bedroom, it must have a "closet" inside.  If a bedroom without a closet, it would be called a "Den".  A den is informal and it is usuallyan office, study room or library type room. Erinna Tsai
September 09 2012
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When does the buyer get the appraisal report. my lender is saying that I will get it at closing. Wha

Answer
Based on the Equal Credit Opportunity Act (ECOA), borrowers are entitled to get a copy of the appraisal report after it has done.  In general, borrowers will get a copy from appraiser and also your loanoriginator will send it by attachment to you for reference too. Youdon't need to wait till the closing.For my borrowers, I always send an appraisal report to them forreference after appraisal has done.  So, they can evaluate what theappraisal value vs offer price for property they bought.    Have you contacted with your loan originator for this report?Erinna Tsai 
September 09 2012
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