| Author |
Previous Topic | Next Topic |
|
ANTHONY6977
889 Posts |
 Posted - 05/08/2008 : 3:08:41 PM
|
I have a client in who currently owns in compton, CA. She wants to purchase a property in paramount. She would like to move out of compton because of the area and would like her kids to attend a better school system. Considering her home is 4/3 and 2496 SQFT, i doubt im going to find her a bigger home for the price she is considering to pay. Would a lender take into considering that the new property is going to be owner occ? thanks |
|
rtrefflich
2636 Posts |
Posted - 05/08/2008 : 3:11:56 PM
|
| I wouldn't go for it if I were an UW because Paramunt is just as bad as Compton. |
|
|
lukyk22
1693 Posts |
Posted - 05/08/2008 : 3:15:41 PM
|
| If that's the real reason, then research it, provide proof of school ratings and or crime rates for each cities showing favorable for Paramount. Just plead your case. you just need a manual |
|
|
racerx
11093 Posts |
Posted - 05/08/2008 : 3:16:10 PM
|
What if he were to show each school's SARC...and the one in Paramont is substantially better (say at least 2 points).
I don't know the area...I'm just wondering what you think. |
|
|
ANTHONY6977
889 Posts |
Posted - 05/08/2008 : 3:17:36 PM
|
| Hmm interesting. although i wouldnt agree with rtrefflich in saying that paramount is just as bad as compton. Ive visited both areas and let me tell you... |
|
|
lukyk22
1693 Posts |
Posted - 05/08/2008 : 3:21:24 PM
|
| http://www.cde.ca.gov/ta/ac/sa/ap/sarclink1.asp |
|
|
lukyk22
1693 Posts |
Posted - 05/08/2008 : 3:24:35 PM
|
| like I said before, if that's the real reason, then from a moral standpoint I think you should help in giving the kids a better chance. Its not every day that you get the opportnaity to help somebody better their childrens lives. Im just syain, dont just sluff it off cuz you THINK their both bad.... ya know, check it out.. maybe it s a little bit better... maybe not, but at least you tried.. |
|
|
rtrefflich
2636 Posts |
Posted - 05/08/2008 : 3:41:48 PM
|
I've visited both and have clients in both and that's why I'm telling you. The schools may be better but the areas are the same.
quote:
Originally posted by ANTHONY6977
Hmm interesting. although i wouldnt agree with rtrefflich in saying that paramount is just as bad as compton. Ive visited both areas and let me tell you...
|
|
|
ski2313
723 Posts |
Posted - 05/08/2008 : 3:46:21 PM
|
What's their intent on the old house, to sell it?
A listing agreement might help your case..
|
|
|
ANTHONY6977
889 Posts |
Posted - 05/08/2008 : 3:47:29 PM
|
| RENT IT OUT |
|
|
AGreene00
2770 Posts |
Posted - 05/08/2008 : 3:49:37 PM
|
| I've found from experience that it really all depends on the underwriter. Alot of these underwriters want to play Nancy Drew private investigator on every file. And unfortunately they will use their sole opinions of the situation as the gospel. I had an underwriter recently turn down a file as a primary residence because the subject property was 38 miles from his work. She used her personal opinion that "that seems far. " Stupid. |
|
|
MortgageBoarder
3123 Posts |
Posted - 05/08/2008 : 3:59:47 PM
|
| Coming from what I have seen as an AE, it will be very hard to get an UW to approve your subject as OO unless you put together a compelling case. Compton and Paramount are the same demographics so the better area and school system will be a toughy. |
|
|
Mandyvilla
2768 Posts |
Posted - 05/08/2008 : 4:03:27 PM
|
I will tell you how I would have handled it pre-mortgage crisis. I would have to think it over now.....
I would have her write an offer on any property where she wants to buy - but don't give to seller. Then, go to the schools/school district register the kids, they probably won't examine it to be ratified. Register kids for 08/09 school year, ask for evidence to facilitate the move. (ask for that last, by then you should have physical forms, grade request authorization medical emergency and so on)
Address change from registration to first day of school? The other one fell out......
If someone is willing to go through that for a rental, and if they don't move in, that is fraud wrapped up in a bow for da money cops. I am not condoning fraud, but I am telling you how to work around stupid underwriters.
|
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
