Found 224 entries published by Ben Nicolas.
Search for property in pre-foreclosure, going to auction at the courthouse soon, or bank owned in Los Angeles or Orange County on IETRealEstate.com
http://www.ietrealestate.com/foreclosures.php
Want more information on how to buy these properties or what to be aware of when purchasing this type of property? If so contact an IET Real Estate Agent.
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With the changes happening to the basic underwriting guidelines of Conventional loan programs so quickly I thought I'd create this blog post to highlight *_some_* of the potentially deal killing details that I've come across in the course of my own business...
* two months of reserves on the subject…
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Concerned about crime in the neighborhood you are considering buying into? Use this website to review statistics on past crime in your new neighborhood.
http://crimereports.com/
Great source of data, uploaded directly from Local Law Enforcement Agencies.
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With the introduction of the Home Affordable Modification Program (HAMP) many homeowners that are not currently behind on their mortgages are being faced with a situation where they are being offered potential relief.
Obviously their first reaction would be to accept this relief but the government had done something smart (yes, give credit where credit is due). They made it mandatory for loan servicers to report derogatory history to the credit bureaus for all borrowers who participate. The creators of HAMP did this to weed out the people that can afford their payments but want a modification of their loan terms on the taxpayer dollar.
Those in true financial need won't mind, they are most likely already behind on their payments and their credit…
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HO-6 Insurance Requirements for Condominium and PUD Properties
HO-6-CONDOMINIUM UNIT OWNERS COVERAGE
Here is an excerpt from a memo sent to us by one of our biggest lenders:
Borrowers must show evidence of hazard insurance coverage for all condominium projects with attached units, including two- to four- unit projects, that covers fixtures, equipment, and other personal property inside individual units if they will be financed by the mortgage. Borrowers must show evidence of a “walls-in” coverage policy (commonly known as HO-6 policy) unless they can document that the master policy provides the same interior unit coverage. The master policy must include replacement of improvements and betterment coverage to cover any improvements that the…
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California Attorney General Jerry Brown unveiled a new website aimed at ending abusive practices in the loan mod industry
Overall this is a good thing, I think consumers should make sure that they are dealing with a licensed person/company when attempting a loan modification. If things don't work out their should be an accountable individual or entity to deal with for the consumer. Getting a signed advanced fee agreement is a must. I'm still not completely convinced that homeowners get the best modifications when representing themselves though...
Also debatable is whether certain homeowners will ever face reality. The homeowner that choose the 1% option arm over the 5.75% 30 year fixed against the advice of more conservative voices because they…
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Thinking of buying an investment property and want to know what current market rents are?
Want to know if your maximizing the value of your property?
Want to know if your paying fair market value for your unit?
Here is a Zilpy link, bookmark it, its a cool service
http://www.zilpy.com
Los Angeles - Craigslist is a good source too but too many scam artists on that site for my tastes.
5711 Views, 2 Comments
Never pay for Directory Assitance on your cell phone again.
I know most people have smart phones but it can be time consuming to look up info on the internet from a PDA.
Google has a free 411 service set up: GOOG-411
I've tried it, it works well. Its a completely automated system and you don't get to speak to a live person so if the system doesn't understand you or there is too much back ground noise you may not get good results. I tested it with a "roebucks juice" in "torrance,ca" query and the results were accurate.
To apply this to real estate, it may be handy next time you need a local service contractor, i.e.- plumber, electrician, roofer, termite, carpenter, window repair etc., etc.
3425 Views, 2 Comments
HOA Assistance program offered through my local association of realtors (Pacific West Association of Realtors)
Program offered through Pacific West Association of Realtors for homeowners in Southern LA and Northern Orange counties. Funds for this program are from a charity account setup by fellow Realtors and a grant from a California Association of Realtors fund. The program will pay up to $250/month & up to $3000 per year to the Home Owners Association for the qualifying borrower. This program has helped over 30 families since its inception in 2007
Be sure to check with our office for qualifying guidelines and available funds before applying.
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