Buying

Deal Killer!?!

Tuesday, March 9th, 2010 at 1:59am. 50 Views, 0 Comments.

After looking and making offers on many homes, you finally got one into Escrow.  Everybody is happy until the Appraisal comes in.  "What!  The home appraised $25,000 less than what I am buying it for.  What do I do?"  This situation is happening a lot these day because of all the good homes with multiple offers and to win the home, buyers need to make a strong offer. 

So lets get back to "what to do".  One thing a buyer can do is cancel.  But if the buyer really really really wants the home, the buyer can pay the $25,000 difference in cash because the buyers lender will only finance upto the Appraisal price.   Another option is to renegotiate the purchase price or terms and conditions with the seller.  The seller will consider this option because chances…

FHA and VA Approved

Friday, February 19th, 2010 at 2:11pm. 95 Views, 1 Comments.

With FHA and VA loans being the most popular loans being used today, many condo buyers are wondering how to find out if the condo complex is FHA or VA approved.  Easy, there are websites to look up if the condo complex is FHA or VA approved and here are the links.

FHA Approval Site:  https://entp.hud.gov/idapp/html/condlook.cfm

VA Approval Site:  http://condopudbuilder.vba.va.gov/2.2/frames.html

Really, the buyers Realtor and Loan Officer will be doing the research but if the buyer wants to check it out themselves, feel free to see these sites.  Also keep in mind even though the condo complex is FHA or VA approved, it doesn't mean that particular unit is automatically approved too. 

As for a Single Family Home buyer with a FHA or VA loan, there isn't a…

Pre-Qualified vs. Pre-Approved

Wednesday, February 3rd, 2010 at 2:55am. 123 Views, 1 Comments.

This will be a quick blog but I wanted to tell a brief difference of being Pre-Qualified and Pre-Approved.  Basically being Pre-Qualified means the buyer told the Loan Officer his/her financial situation (debts, assets, income and down payment) without providing the documents which usually happens over the phone or internet.  To get Pre-Approved, the buyer provided all those necessary documents, completes the Loan application and the Loan Officer runs a credit check.  And that is the major difference.  Pre-Approved, verified financial situation.  Pre-Qualified, nothing verified.

Why should a buyer get Pre-Approved and not just Pre-Qualified?  When a buyer makes an offer, the seller will take the buyer more seriously if he/she is Pre Approved because it is…

Contingent Status

Monday, January 25th, 2010 at 2:27am. 120 Views, 0 Comments.

In 2009, the Contingent Status was created for listings on the MLS.  And the question I would always get is "what does it mean?"  Well with Short Sales and Bank Owned Foreclosures dominating the market, having the Contingent Status helps show what homes are still available.  For instance, if a Short Sale is in Contingent status, most of the time it means that the seller already accepted an offer which has been sent to their mortgage lender to see if they can Short Sale their home.  From a buyers standpoint,  a buyer can submit an offer as a back up.  Now if you are asking why don't the Sellers Realtor just put the home in the Pending Status?  Well the Sellers Realtor can't until the mortgage lender approves the Short Sale because the sale of the home is…

Do You Zillow?

Tuesday, December 15th, 2009 at 3:30am. 202 Views, 0 Comments.

One of the frequent questions I get asked is "what do I think about Zillow.com?"  Well before I answer that question, if you don't know Zillow.com, it is a website that provides Real Estate information such as sold price, an estimated value of a home called "Zestimate" and more. 

Alright now for my answer, I don't hate it or love it, I just think Zillow.com is an okay tool.  The reason why I think it is just an okay tool is there are some things like and dislike about it.  What I like is the sold information that is listed so people can look at the comparables.  What I dislike is the Zestimate.  Lately I have been seeing Zestimates really off.  I had a client that bought a home in Mira Mesa for $400,000 and the Zestimate was actually $510,000...…

Bank Owned Foreclosures Coming Soon!

Wednesday, September 23rd, 2009 at 2:00am. 229 Views, 3 Comments.

With the inventory of homes for sale being low, everyone is wondering when more Foreclosures will come on the market.  Well, if you are one of my clients, I can provide you a list of Foreclosure homes that my office will be listing within weeks.  So basically you will be a head of the game.  Here are just a quick teaser of Foreclosures that will be coming on the market soon.

- 4 bedroom house in Mira Mesa

- Condo in University City

- Condo in Mission Valley

- 4 Bedroom house in Rancho Penasquitos

- A House and a Condo in Clairemonte Mesa

- 7 homes in Chula Vista

- Downtown Condo

This is just to name a few.  I heard last week we got about 10 listings from the bank and a few weeks before we got about 15 listings so they are coming and there are many buyers that…

Another Hurdle for FHA Loan Buyers

Thursday, August 27th, 2009 at 3:16am. 152 Views, 0 Comments.

According to HUD Letter 2009-19, FHA spot approvals will be going away 10/1/09.  If you don't know what is a FHA spot approval, well basically if the property that you are buying is in a complex that isn't FHA approved, you can request a FHA spot approval.  Most sellers don't like it because it makes the escrow longer and might be a waste of time for them.  But as of 10/1/09, that option will be gone.

Also any complex that was FHA approved before 10/1/2008 will come off HUD's approved list and will have to be REAPPROVED.  And the turn around time to get a complex approved is estimated 8 weeks!  Now, if you are a FHA buyer and is already frustrated with complexes not be FHA approved, the properties you are looking at today might not be approved in a few…

Heads Up for Buyers with a FHA Loan

Thursday, August 6th, 2009 at 3:51am. 186 Views, 0 Comments.

One of the popular loans right now is a FHA (Federal Housing Administration) Loan because of the low minimum down payment requirement of only 3.5%.  But the catch is the property you buy has to be FHA approved.  Meaning the property has to be within FHA property requirements like having range/stove in the kitchen.  If there isn't one, either the buyer or seller (depending on the agreed terms) will put one in before the Close of Escrow.  And for condos, the condo complex has to be FHA approved, if not, you can not buy it. 

Another thing with Buyers with FHA loans, if you are looking for a condo, you will probably have more competition for a condo versus if you had a conventional loan.  The reason I say that is because since FHA loans are very popular and…

Where are all the Listings???

Tuesday, June 23rd, 2009 at 3:33am. 211 Views, 0 Comments.

The number 1 question I have been asked for the past month or so is "where are all the listings?”  Well, let’s think about it.  First, a traditional homeowner who isn't in financial trouble.  Chances are they aren't selling because they may owe more than their home is worth so they rather wait it out.  Next, homeowners who are in financial trouble are probably planning to walk away from their home, trying to do a Short Sale or the popular choice, talking with their Bank/Lender in doing a Loan Modification.  Lastly, San Diego Bank Owned Foreclosures.  From last November to March, most Banks halted Foreclosing on homes to wait for the details of President Obama's plans to help distress homeowners so during that 4-5 month period, the inventory of…

$10,000 Tax Credit for New Home Purchase

Wednesday, April 1st, 2009 at 3:07am. 220 Views, 0 Comments.

By now you should know about the $8,000 First Time Home Buyer Tax Credit but did you know you can get an additional $10,000 Tax Credit if you purchase a Brand New Home!  That's right, you can get up to $18,000 in Tax Credit.  Well actually I think the $10,000 Tax Credit will be credited over 3 years which will still may still add up to $18,000.  To learn more about the $10,000 tax credit, here is a link:

http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml

By the way, the $10,000 Tax Credit for a New Home Purchase is for only Califonia.  So if you are interested in taking advantage of these credits and ready to buy your new home, please email me or give me a call at 858-349-2390.  Thanks.