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Donald Wapenski's Advice
Contributions are sorted newest to oldest.
1 Best Answers
Donald Wapenski wrote:
Seeking advice which loan option is best for $600,000 first time home buyer mortgage loan?
Depends on your comfort level with risk. for 1 percent in payment "Swing" you can either be "safe" for 30 years, or be looking at "options" in 7 years. I often advise clients to sit down with a financial planner and put their housing costs in line with all the other "life factors" .... and have a long term financial plan. Also it is not hard, if you are technically inclined to, create an EXCEL spreadsheet that will show what type of balance you will have, with each scenario, paying at the given rate, or making additional principle payments monthly. I have created the spreadsheet -- and EXCEL has mortgage calculator that can be used to help. ... For example, and I am not saying you should do this, but if you plan on being in the home for 12-15 years, and "took out" a 10 year ARM, you could play with "prepaying" on your mortgage on a monthly basis. Once you have created an amortization table, you can see the affect of applying relatively small amounts of prepay on your loan. Typically, 1 additional payment in the first year will take several years off the life of the loan. Making regular Pre pays, over the course of 10 years will significantly reduce your balance. So you can Pre calculate what your loan balance will be after 10 years, if you choose to prepay say $500 a month. With that new loan balance, you can think about "Worst case" in 10 years, of refinancing just that remaining balance at what might be a "high rate" and see how comfortable you are with that. Having said all that -- many individuals -- start with good intentions, but do not always make that extra principal payment. IF you can be diligent about that --- you can save a LOT of money. and reduce your risk at the same time.
2 days ago
Selling a Residential property for a Commercial property
I would check with an exchange intermediary company. However I think the line you need to walk -- is that the exchange must be "real property" for real property -- by definition of the state each property resides. Which in your case, would be the residential property for the hotel land and structure, but not the hotel business. There are other restrictions such as the purchases need to be arms length. Final thought, you may ask the exchange service about reverse exchanges -- as finding a qualifying property (hotel) may take more time than a forward exchange allows for. This will put the time frame pressure on selling the home ( you will have to sell in a specified time) and not on closing the commercial property in a specified time. Exchange trustees can provide the details.
The importance of inspections!! From a sellers-buyers perspective.
Mandip :Agents can only advise. Many sellers however, still choose to not perform the inspections. I whole heartedly agree with your sentiments. Inspections, performed up front, produce the best net sheet for a seller, and a much smoother sale. Those inspections reduce buyer anxiety when making an offer -- which allows them to think about the value of the home they are considering, knowing the current condition of a home
What do might I qualify for. Multi-family home
Well 3.5 percent of 1.2 million is 42k... You will also incur costs for closing, inspections, etc. you will also need reserves of some sort. Ie. cash in the bank -- which can come from a variety of sources... There are many 4 plexes in the area you are considering-- and quite a few below the desired price point. I would suggest consulting a mortgage broker about finances and also ask about the new mortgage rules going into affect in Jan of 2014. Then speak with a realtor -- savvy in rental properties -- about the costs of purchase as well as maintenance once you have purchased
Can You Sell a House But Keep Part of the Yard
You may be able to get an idea of whether or not this will work by checking the zoning requirements on line. Many cities and counties will have the zoning details for their jurisdiction posted. In addition, you can go to the planning department with the proposed new lot lines and see what they have to say. There are many and various requirements that can be imposed, and the planning desk should be able give you a good feel as to if the proposal violates zoning requirements, and if it does not - what the process is to get the modification. If it can be done, I think you would be best off doing it before the sale.
Why is your zestimate is 100-150K lower than the actual sold price of a property?????
There are many great things about zillow -- but using web sites for "accurate" home pricing will lead to many mistakes. IF you are looking to buy -- your realtor should be able to give you the actual "sold" prices in the neighborhood.. as well as pending sales and market conditions. It is a very tough market for buyers right now, The good news is that 3 months ago -- Santa Clara County had about 850 actively available Single Family homes on the market on any given day. That has bounced up to about 1100 to 1150 ... (condo and townhomes are typically 1/3 of the inventory of single family homes. So the Buyers market has Loosened just a bit --- however inventory still needs to rise further --- for buyers to feel a little better about the process.
your price estimation is a joke.
Zillow estimation has gotten better over the years. None of the secondary websites (Like Zillow or Trulia) can give an accurate estimation of the value of your home. Realtors can give much better estimates of a homes value, taking into account recent sales, conditions of the homes sold, and the condition of your home -- in addition to current market trends. In a hot market like Santa Clara County ... home sale estimates are really only good for a short period of time -- as the prices are rising 1-2 percent per month in many areas.
Is this a good time to sell for a property on Rue Avati, San Jose?
Well -- it is a great time to sell a property -- no matter where in Santa Clara County you are selling. As property values are rising quickly, the affect of BART, once it is in -- will be relative to other homes in your area. -- At the time of sale. If your home will be affected negatively -- due to noise/location to the BART station -- it will be relative to the local prices of homes at the time of sale. If it is far enough away -- yet close to BART -- it may get a positive boost in comparison to other areas. The real question -- will be where would you go, and how easily could you afford your next home. If you choose to sell -- at this time -- you will have to disclose the BART rail path and let the buyers decide --- without having the actual tracks to view.
Property taxes included during refinancing were not paid....I got screwed
IF you have the receipt for the cashiers check .. taking the high road first, and assuming someone simply forgot to pay or it was lost in the mail ... you can use the receipt to stop the check and get your cash back. The bank that issued the cashiers check may also be able to track the funds as well -- even without the copy of the check that comes along with a cashiers check. If it was on the HUD-1 and to be paid out of escrow -- the title company should also be able to track that down. They are responsible for ensuring the integrity of the transaction and should not have closed without the HUD-1 and agreed upon loan contract be fully satisfied. Speaking with the loan company will probably not bring much satisfaction -- as the title company ultimately is responsible for getting the transaction complete.
Tenants/Landlord Rights during the sale of a house
Well --- certainly you should ask your realtor how to set things up. However, there is quite a bit of liability for you -- if you and/or anyone else enters the home with or without your tenants permission. As the market is very hot right now -- there are many options for obtaining offers. As far as showing the home with a reluctant tenant --- you and your realtor should be able to come up with a good compromise with your tenant.
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