Profile picture for Jacob Davila

Jacob Davila

Agent
Specialties:
Buyer's Agent,
Listing Agent,
Short-Sale,
Consulting

Advice

  • (8 Contributions,
  • 0 Best Answers,
  • 2 Helpful)

Contributions are sorted newest to oldest.

Selling home for less than owed, using loans to make up difference

Answer

Hi there,If you're buying another property and this will be your primary residence you should move forward with it. As for the old condo, don't throw good money over bad one, You should shortsale if renting is not an option. If you're not late on your mortgage even if you shortsale it you can still qualify for a loan. Talk to your lender about this. and to answer your first question, yes if you pay off the condo loan in full at escrow is not a shortsale.(I don't think the bank will give you an equity loan if your condo has no equity)Hope this helps you

  (0)
can anyone attend an auction and purchase, and are there guidelines to purchasing.

Answer

Sure, Most Auctions required 5% or $5k to bid, but you have to be ready to pay the balance same day or within a few days. although some auctions may accept financing. you have to do the research first. and speaking of research most properties are not available to see or be inspected. so, you're buying blind folded. you need to make sure title is free from encumbrances etc. on top of that most likely you have to evict current occupants (through eviction process). It's a lot of work but if it's done right it pays off.  If you're not familiar with it you'll have a headache and may not even save you money.Hope this helps

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So we want to try FSBO before we go with an agent. Can I also get my home on the MLS?

Answer

Hi There, Yes you can advertise in your local MLS but you have to pay a fee. Below is a link where you can get info. I don't recomend for sale by owner. Liability is hight if you're not familiar with disclosures or they're not done correctly. [website deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]

  (0)
We would like to try our hand at selling our home ourselves, but we are not sure how.

Answer

Allow me just to say that is not that simple, If you're not familiar with all documents and disclosures needed you're better of hiring an agent. It will save you lots  of headaches. Most buyers relied on a realtor to have the transaction done correctly and almost none will try to buy a house without any knowledge. This will put your sale to a very limited number of buyers and will decrease the possibilities to get top dollars for your home. Contact your local realtor for more info since there're many reasons why you shouldn't sell your home on your own.  Hope this helps

  (0)
Better resale hardwood or bamboo floors?

Answer

Bamboo flooring is beautiful but not all can get you a good return for your money. If you're selling soon, bamboo will make your home look great but bamboo can be scratched easily and many buyer know it. Below is a link with Bamboo flooring info. I'll go with hard woodHope this helps youhttp://www.choices4you.org/bamboo-floors.php

  (0)
What is the average return on a pool?

Answer

It varies depending on location, but if you're planning to live in your house for a long time you can enjoy your pool at the same time. In the long run the entire property will get equity and adding the pool will not be a bad investment. But if you're adding the pool to sell the house in a short period of time... I don't think you'll get your money back.

  (0)
can anyone help with loan modification??

Answer

Well, There are many business that offer this service but I'm sure they won't do it for free (be ware of scams). You should start by contacting your lender. They should be able to give you the forms needed and guide you in the process. Many times this process is very frustrating but don't give up. I've seen Loan Mods been approved after several months or even years. Just for your info, you should be able to show you're in a harship situation acceptable to the bank. suche as: loosing your job or a significant part of Income, Illnes, etc.Start by contacting your lender, they should help and good luck

  (0)
Should I Seek A Loan Modification Or A Refi?

Answer

Mr.Loan Modification is based on a Hardship, (a Hardship could be a significant lost of Income like loosing your job,or a divorce etc) If you and your wife have stable jobs I don't think you will qualify for Loan Mod.Be ware of loan modification scams!Some mentioned Stream line refy. Stream line refy is only for FHA loans. (Not sure if you have FHA loan)I don't think a bank will refy a property with so little equity, they normally require about 20% equity.There are not many options, but My suggestion is that you contact chase and explain your situation, they have some programs to refy their own loans. I don't know if you qualify but you don't loose anything by asking, but you could win a lot.

  (0)