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Joshua Talayka's Advice
Contributions are sorted newest to oldest.
1 Best Answers
Joshua Talayka wrote:
Have a large down payment to want to purchase home, but credit score just below six hundred
Although you may not be able to find a traditional lender who is willing to lend to you, there a many hard money lenders I work with that will. They will generally require a large down payment, and you can expect a higher than expected interest rate. However, the idea would be to refinance into a traditional loan with a lower interest rate as soon as your credit improves enough to do so. To do this, we would just want to make sure that your payments on the hard money loan are being reported on your credit, so that your score can improve.
April 15 2013
What are my rights as a renter who never got a 30 day notification?
The fact that you have not been given proper notice should prevent the new owner from being able to force you to move out immediately, provided you comply with the terms of your rental agreement. If however, you choose to not pay the new owner rent, he/she may have the right to begin eviction proceedings. As a property manager, I can tell you that one of the biggest red flags I look for when screening a new tenant is any past history of being evicted. So, if you intend to rent after leaving this property, you may want to consider leaving on terms that do not end in an eviction. However, if you do not wish to leave, then you best option would be to pay the new owner the rent amount that is specified in your rental agreement.
April 15 2013
If my house is in foreclosure, can I get it back if I work something out with the bank?
Yes, your lender always has the right to work out a solution that will remove the property from its current foreclosure status. However, be aware that I've seen many properties end up going through the Trustee sale even though a borrower is in the middle of negotiating a workout with the lender. You will need to ensure that the trustee carrying out the foreclosure has been instructed to postpone the upcoming sale. There are also some steps you can take to stop the sale in order to negotiate a solution. If the notice of default was just recently filed, you may have the right to file for mediation if this is your primary residence. To learn more about the program, go to: http://www.sellingnorthernnv.com/2011/07/snapshot-of-the-nevada-mediation-program-and-its-benefits/ Be aware that the program rules were just recently updated. Said updates may not be included in link above. If you are unable to work out a solution with your lender, you can still reinstate the loan. You should also discuss you situation with an attorney.
April 15 2013
Is anybody doing stated income loans anymore? Trying to Refi my home in Reno NV..
There are some Hard money lenders that may be willing to refinance your home based on stated income. However, I would anticipate any such lender to have a higher LTV requirement then if you were financing based on documented income. They will also probably want to run your credit to ensure you have a good payment history for your debts. As for a traditional lender, I haven't seen any that are allowing Stated Income.
April 15 2013
Bypass the Buyers Agent and Win!!!
There are some pros and cons to not using a buyers agent. When you use a Buyers Agent that is actually a skillful negotiator, they will generally be able to either get you a larger discount in the sales price, work in some additional incentives that will lower your out of pocket, or in most cases both. However, if the BA you are working with is just righting and submitting an offer without doing any research on the seller in order to determine their reasons for selling, then they really aren't doing anything you can't do yourself. You also need to be aware of the risk you take when you go directly to the listing agent. Just because they right the offer for you, doesn't mean that they are representing you. They still represent the seller, and have an obligation to obtain the highest sales price possible. However in the event a dual agency is created, the agent is still limited and may still not be able to properly negotiate on your behalf without violating his confidentiality duty to either you or the seller. Now, considering everything mentioned above, there are still times when it may be beneficial to deal directly with the Sellers Agent, especially if you are a skillful negotiator yourself. In the event you are trying to buy in a market with limited inventory, you will stand a much better chance of the listing agent promoting your offer over any others for various reasons. The 1st and most obvious reason is the fact that the agent stands to make a higher commission if he is working both sides of the transaction. I'm not going to get into the discussion of why this may or may not be ethical, but the fact of the matter is this does happen. Another reason is that you will generally see fewer transaction fall out of escrow when they are double ended. This is because the agent has much more control over the progression of the transaction through escrow and is not relying on a BA who may or may not be capable of keeping the transaction on tract. As a listing agent, I will see many files get to within days of closing to find out that the buyer's lender is unable to fund because they are still missing documentation from the buyer (could be as simple as a missing pay stub). In the event I am working both sides in a transaction, I stay in contact with all parties (including the lender) to ensure everyone has a complete file and is on schedule for closing. You should also be aware that most part time agents in this industry will generally be buyers agents, and may not always be available to handle a problem due to their other job. Although this will not always be the case with all buyers agents, it is generally less likely to the case with most Listing agents.
August 31 2012
if i want an fha loan with 3% down, will that limit me to a selection of houses?
Hi NV29er,The answer to your question is yes. In order to qualify for FHA financing, the home must meet certain condition criteria when the FHA appraiser is inspecting the home. Though I've seen some appraisers take this to the extream, most of them will be looking for anything that may pose a health/safety risk. For example, if you are viewing the property and notice bare wiring sticking out of a wall, chances are this is going to be called out in the appraisal. In a normal transaction, you will typicall have the option to ask/require the seller to repair these items. But this is rarely an option with REO or short sale listings.In addition to condition requirements, you will also be limited to home under an areas max FHA loan limit. For example: Washoe county currently has the following loan limits: Single family = $403,750, Duplexes = $516,850, Tri-plexes = $624,750, and four-plexes = $776,450. You should also be aware the downpayment requirements on FHA are now 3.5%.
January 02 2012
Advice on Best Areas for Rental Investment and later Resale in Reno - particularly in NW and SW Reno
Since its still going to be a few years before we see any real gain in equity in our region, I would recomend changing your goal from finding properties that are going to have a beter resale value in 5-10 year, to finding properties that have a better chance at retaining their current value for the next few years. I predict that there are several areas of both NW-Suburban and Old SW that will still see serious depreciation over the next 2-3 years. Although these properties may see a larger rebound from their bottom in terms of percentage, you may find that you will have to wait longer to get to a point where you break even on your purchase vs. purchasing a property that appears to have already hit its botom but will see a smaller percentage increase in value over the next 5 years. The easiest way to try and predict which areas may be bottoming out, is to focus on where invetory is decreasing, and where the avg. CAP rates are reaching 10% or higher.
October 21 2011
seller financing on investment property
With little to no money out there for properties over 4 units, Owner financing is usually a very ideal form of financing when compared to most wholesale and private lending available. Because most seller's of multifamily are in need of cash, you can usually negotiate really ideal terms on the financing, so long as you are bringing enough cash to the table. For instance: I recently found a small apartment building here in Reno where the seller was willing to finance about 70% of the purchase with a 10yr IO loan at 7%. This is great compared to the fact that most wholesale/private lenders are typically wanting 10-12%.I would also recommend keeping an eye out for properties that have assumable loans. Before most lender's turned off the tap, many were financing multi-family and commercial purchases with loans that are assumable. For example: I have been trying to find an investor for a 16-unit property here in Reno. The property has an assumable loan on it which currently has a 30yr IO with a current interest rate just above 6%. Although you would still need to qualify under the loans underwriting guidelines, these types of opportunities can often be the best on the market.
May 25 2011
I need some information on(A deed in lieu of foreclosure)
Hi David,Bank of America has recently changed their internal guidelines to mirror all of the HAMP and HAFA guidelines. Under their guidelines, they require that you place the home on the market and attempt to sell your home as either a short sale, or a pre-foreclosure sale. If you are unable to procure an acceptable offer after 120 days, you would then be eligible to apply for their deed-in-lieu of foreclosure program.In addition: As long as Bank of America agrees to forgive your remaining debt and not pursue you for a deficiency judgment, then I would agree with Kyle that you would be better off successfully selling the home as a short sale rather than pursuing a Deed-in-lieu of foreclosure. In terms of how your credit will be affected and your future buying ability, we have been informed that a deed-in-lieu of foreclosure is viewed just the same as a foreclosure itself.
February 17 2011
How Long Does Foreclosure Take in NV (with Mediation)?
Hi ooogha ,I am very familiar with the Foreclosure Mediation Program, and attend on average 2 mediations per month with various clients. The timeframe before your lender will be able to qualify will depend on a few things.First off, did the lender comply with all the rules of mediation?If they didn't and the mediators report reflected this, then it is highly likely that they will be denied their request to obtain a certificate of completion. In this case they will have no choice but to start the entire foreclosure process over, including having to offer you another chance at mediation. If the lender did comply with all the rules of mediation, then the next step would have been them requesting their certificate of completion. Because the program is so over burdened with a large work load and limited staff, I have been told that in some cases it has taken them up to 4 months from the date a certificate was requested to actually being able to issue it. Until your lender gets there certificate, they cannot file a Notice of Sale on your property. While your lender is waiting to receive their certificate, there are other actions you can take that would further delay the foreclosure, and possibly even prevent it. Because the options available vary based on individual circumstance, I would need to speak to you about your situation in further detail before I would be able to offer any further suggestions.
February 17 2011
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