Advice

  • (261 Contributions,
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  • 34 Helpful)

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first time homebuyer here, what income is needed to purchase a 380,000 home?

Answer

This is a tough question to answer without having more information. However, Zillow has a Mortgage Education Center that you can view by clicking on this link: http://www.zillow.com/mortgage-rates/learn/In the Mortgage Education Center Zillow provides acces to Mortgage Calculators and a ton of information on the mortgage process and finding the right loan for your situation.This is a great site that can help you get prepared for the process of financing a home. Hope this helps!

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How you calculate what a home is worth without actually touring/visiting the home?

Answer

This is a great question and it is one that I get often.Zillow does not have appraisers on staff. They rely on information from county records, home owners, realtors, etc, to come up with their valuations.The best way to update your homes value on Zillow is to claim your home, edit the facts and upload new images.Click on this link and watch the video to get instructions on how to do this: http://www.zillow.com/help/claim-your-home/Remember, a Zestimate is only an estimate of value and it should be used as more of a guideline rather than the rule.Hope this helps!

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Is it too soon to sell our house?

Answer

A general answer to your question would be no. There are typically no restrictions for how soon you can sell your home. When purchasing an REO, there can be cases when the lender asks that you not sell the home within a few months after closing, but that does not sound like the case and you are past that time frame anyways. Sacramento area real estate values have increased considerably since your purchase. So, there is good chance that you are sitting on some equity which you can access to purchase another home.It sounds like the things that you need to research are:1) Tax liability and how it pertains to your situation.2) Your ability to purchase another homeThe good news is, it is free and easy to get the answers to these questions. In my opinion, you should start by contacting a lender (maybe the loan officer that assisted you with purchasing the home) as they will be able to tell you if you can purchase again. If so, they can issue you a pre-approval letter so you can start shopping.The other thing you should do is contact a Realtor. Zillow can be a great tool for finding Real Estate Agents. Just click the "Find a Pro" button at the top of the page then take some time to read the profile pages of local Realtors. Make sure to take a look at the homes that they have recently sold and find someone that has experience in your area. Also, read reviews from their past clients. Once you find a  couple Realtors that fits your criteria, schedule an appointment to meet with them and ask them to provide you with a Comparable Market Analysis. These reports are typically free and it will enable you to figure out whether or not you will be able to sell.If you decide to sell, then ask the same Realtors to provide you with a game plan for marketing your property. From there you should be able to choose the Realtor that you are most comfortable with.Now, the only other advice I have is that you may want to consider keeping your home and renting it out. This could be a great opportunity to make an amazing long term investment. Most people do not think about this option but it can be a lot easier than you think. Hope you find this helpful. Best of luck!

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What is the average time frame to purchase a home from pre-approval to closing?

Answer

GREAT QUESTION! Believe it or not, I find that most buyers wait till the last minute before they really start exploring their options.If you have good credit, a down payment and have been working in the same place for more than 2 years, it should be fairly easy for you to get a pre-approval. In this case you could most likely get a pre-approval from most lenders within a couple days (as long as you are prepared to supply them with the needed documentation). However, I would still suggest that you start the process of getting pre-approved within a few weeks before you are ready to start looking. If you are not sure about your credit and/or down payment and/or your employment, you may want to start the pre-approval process within a couple months before you are ready to start looking. You do not want to wait too long to find out that you do not have the qualifications that it takes to purchase a home. Either way, the earlier you start, the more time you will have to fix any issues that need attention before you are able to purchase. Also, there are many different programs available that have different credit score and down payment requirements. So, you will want to make sure that you have enough time to explore your options and ensure that you are getting the best deal for your situation.Most pre-approval letters are good for 60 days and most credit reports are good for 90 days. Although, it is very easy for lenders to update pre-approval letters and/or credit reports if you need more time. A good way to start getting prepared is to ask Now, in regards to finding a Real Estate Agent, you should start the process of interviewing Realtor's within a couple months of being ready to purchase. However, you can start at anytime as it doesn't hurt to start getting prepared. Zillow can be a great tool for finding Realtor's. Click on the "Find a Pro" button at the top of the page andread through some of the profile pages. Take a look at properties they have sold recently to make sure that they are familiar with the area you want to buy in and read their reviews.Hopefully you find this information helpful (if so, feel free to click the thumbs up button). I wish you the best and hope that you find a great home!

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Is negotiating with Homepath possible?

Answer

I know the exact home that you are referring to. I have a client that owns a home on the same street and he is going to be putting it on the market soon. He has updated the home so it is in great condition and it should be closer to your price range. Please feel free to send me a message if you would like more info.The home that you are referring to may be priced a little high but it is not far off the mark. It is hard to come by a 5 acre ranch in Roseville and there are a lot of people out there that are looking for one.I recently sold a 1700 sq ft home on 3 acres in Roseville for $410,000. I received over 6 offers within the first week of listing the property.I wish you the best of luck with your home search. Hang in there, you will find one soon.

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What do find most challenging about today's real estate market?

Answer

It would be great if Fannie Mae, Freddie Mac and HUD would allow purchase financing for buyers that have had a recent short sale. There are so many good people out there that lost their home due to the recession but otherwise have great credit, good income and money down. Why aren't we getting these buyers back into the marketplace? 

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Have you short sold a home in the last 12-18 months?

Best Answer

Make sure to request relocation funds from your lender. Many people are unaware that lenders are offering decent sums of money to sellers for a successful short sale. Most lenders want your real estate broker to apply for a short sale prior to putting the home on the market. This way the lender can give you the terms that they are willing to approve upfront (price, commissions, closing costs, etc). Then your broker can market the property as an "Approved Short Sale" and find a buyer that is willing to provide the terms that the lender is asking for.In many cases, if you follow the guidelines that the lender provides, you can receive your "Relocation Assistance" check at closing. I have personally helped many of my clients receive this benefit and some sellers have received as much as $15,000 or more. If you combine this check with the money you are saving from not having to make a payment during the short sale process (4 to 6 months), you can have a pretty decent nest egg by the time you have to move.Unfortunately, if you put the house on the market prior to applying for the short sale with your lender, you may not be able to qualify for this program.Make sure to find a broker that has experience with your lender and ask him or her for references from past clients that have received relocation assistance. Then make sure that they contact your lender prior to marketing the home.Remember, you have to ask to get the money. The lender is not going to volunteer cash if they don't have to.

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i posted a home for rent but i don"t see the listing

Answer

You can post rental properties for FREE on Postlets.comIf you put your rental listing on Postlets, it will feed to Zillow and many other sites. It is great way to maximize exposure and manage the listing from one source instead of having to update many different sites.

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