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Sean Rees's Advice

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  • 16 Contributions
  • 1 Best Answers
  • 1 Helpful

Sean Rees wrote:

Mortgage Rates in light of the economy?
Did anyone else defy the experts and predict a worse-than-expected labor report yesterday? And do you think the subsequent drop in mortgage rates will last (and for how long)?  
October 23 2013
(0)

Buying with cash? is there any advantages?

Response
We are based in Irvine, and purchasing a condo here is definitely a good investment. While cash may make it easier for the seller- as a buyer, you may be better off obtaining financing for a portion of the sales price- and reserve some of your funds for home improvement or repairs. Generally speaking, there are lending programs with local, non conventional lenders that will finance 65% -70% of the purchase, depending on your situation. This may also help you establish credit in the United States.
September 25 2013
(0)

Aprasise higher then short sale

Answer
If your offer was accepted at 90k then the bank can not change the price of the contract. If your offer has not been accepted yet, then the bank can send you a counter offer at any amount they feel is fair.The bank will most likely counter the top offers they received in order to get the highest price possible for the condo, just as any seller would.What your agent is asking you to consider is the difference between your original offer and the current appraised value. Depending on the market you are in there could be a number of buyers trying to purchase that same condo.If this condo is your dream home and there is competition in your market you should consider a higher offer if you can afford it.If there is little to no competition in your market or you are not in love with this condo you may consider waiting to see if they bank counters your original 90k offer.
September 24 2013
(0)

Can a bankruptcy person still buy a house ?

Best Answer
On August 15th, 2013, the U.S. Department of Housing and Urban Development Issued "Notice H 2013-22" which effectively adds what they call an "Economic Event" to the list of examples of extenuating circumstances with which an FHA purchase money mortgage may still be originated.  The "Economic Event" as defined by HUD and FHA requires a good deal of scrutiny to determine eligibility, but in a nutshell, if you can show that your credit was in good shape prior to and just 12 months after your "Economic Event" it is possible a short sale, bankruptcy, deed-in-lieu and even a foreclosure can be considered part of an extenuating circumstance, allowing you to obtain FHA purchase financing.  My farm area is on the opposite coast from where you are located, but I encourage you to locate a lender in your area who understands this new program and can work with you accordingly, and wish you the best of luck!
September 24 2013
(1)

Can a seller retain the full deposit if loan approval doesn't get approved?

Answer
As long as your purchase contract is written on California Standard forms and you did not remove the loan contingency in writing, then your deposit should be reurned.
February 12 2013
(0)

Short sale

Response
If you are in contact with the owner- have them reach our to the lender to start the short sale process- Ther needs to be an agent involved , so find out if your agent can assist.
February 12 2013
(0)

i currently own an invest property and want to buy a property to occupy, can i do that

Answer
Absolutely! You should be able to purchase an owner occupied home even if you own investment property- You will need to demonstrate that the home you are purchasing as your primary residence will actually be occuppied by you and your family. This means that the home is near your employment and not in a different city....
February 12 2013
(0)

What if my husband does not want to sell and I do because of divorce? Mortage in both are names.

Answer
Your divorce decree will direct what actions you can take- In most cases if your husband does not want to sell, then he must be able to "buy you out" through a refinance which would remove you from title.
February 12 2013
(0)

how to type your budget for rent of a house

Answer
If you need budgeting forms to set up a budget , many are available on line- As to how much of your gross income should be devoted to housing- try to keep it under 1/3 of your pay.
February 02 2013
(0)

What does -- mean on rentals in regards to pets? Some say yes and some say no.

Answer
Think of the rental process in the same light as a job interview- Lets face it, every landlord wants to know if you will be a good steward of their property-So write a short blurb about you and your pert- I had a client who sold her home and was going to rent nearby for a year- The landlord was concerned about having pets (Monthly rental of $3600 a month) so we invited the landlord over to my client's old house so that they could see how clean and fresh smelling she maintained her home... in spite of the two cats.
February 02 2013
(0)