Unspecified, Renter in Riverside, CA

Is buying in OC impossible for someone like me?

Asked by Unspecified, Riverside, CA Wed Mar 6, 2013

I own a house in Ontario, CA that appraised for 290k. It's a nice property in good neighborhood... a less nice house on the same street recently sold for 288k in about 5 days. I make around 82k a year... I have 20k in the bank now and will make 20-25k on the sale of my current home (I owe 246k). Any advice on buying a home around 400k in OC? I know alot of homes are being sold for straight up cash... I would love to live in HB, but wouldnt mind settling for Anaheim/Buena Park/Garden Grove. Is it impossible for someone who can't pay 100% in cash?

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Answers

15
I won't lie, it's brutal out there for buyers right now, but certainly not impossible. In order to purchase, your home will need to be sold and at least in escrow for any seller to consider your offer. You can make your sale contingent upon you finding a replacement home. Also, for the sale of your property, you can probably push the market even more than you think. We sell all our listings that way...

Certainly, you'll need to be pre-qualified with a quality lender and you'll want to make the terms favorable for any seller to look at your offer.

Huntington Beach, unless you want a condo, will not work for this price range. Even in Garden Grove, you'll be hard-pressed to find a home under $400,000 that's decent. It really depends on what you're looking for. Buena Park and Anaheim will have more to offer. The good news is that inventory is beginning to hit the market more consistently. I have no idea what this will look like moving forward, but hopefully for buyers it will mean more favorable conditions.

I'd love to help you out in the Garden Grove area if you need help. Also, my teammate Chris Pak works the Chino/Chino HIlls/Ontario markets if you need assistance selling your home.

Jeremy Lehman
714-580-3274
1 vote Thank Flag Link Wed Mar 6, 2013
Absolutley you can buy without paying all cash! Not all of the Cash buyers win! My close friend purchased with 20% down and beat out 2 all cash buyers. They wanted to pay less than the asking price and his offer was accepted after the cash buyers refused to match his offer. I would love to help you out! Feel free to email me at EricasellsOrangeCounty@gmail.com or call (714)-248-2036. I look forward to hearing from you!
0 votes Thank Flag Link Fri Apr 26, 2013
Definitely possible. You would probably have to sell your home first. Many sellers these days are not accepting contingency offers, meaning they do not want to deal with the contingency of you selling your own home and having to close that escrow. The first step is making sure the move makes sense with a mortgage broker, qualifying and then seeing what is out there. Good luck my friend!
Adan Mendoza
realestateadan.com
facebook.com/realestateadan
0 votes Thank Flag Link Thu Apr 4, 2013
BEST ANSWER
James Melton, Broker, Newport Beach, CA
Thanks for posting your well thought out question. No, it's no impossible for you to purchase in OC, and possible HB, with those parameters. I'm both a Mortgage Broker and a Realtor. The company I own is a one-stop shop, so to speak. We can help you from start to finish, through the whole process, and make it as easy as possible. Please contact me right away to discuss the good, the bad, and the ugly, on this. Thanks.

Sincerely,

James Melton, Realtor & Mortgage Broker, CA DRE Broker #01222353, NMLS #300133
President, Victory Mortgage & Real Estate Home Loans & Sales Since 1979, NMLS #366399
2901 W. PCH, Suite 200, Newport Beach, CA 92663
cell(714)318-4664, phone(949)939-9676 or (714)374-0022, fax(714)844-9094
web http://jamesmelton.listingbook.com
email jamesm@socal.rr.com
0 votes Thank Flag Link Wed Apr 3, 2013
Yes, it is possible in Anaheim and Buena Park. (Garden Grove might be tough) ~ Have you been pre-approved yet? Are you moving for a job and is it the same type of job?

Lesley Harris, Realtor
(562) 673-0943

Cal Tex Properties
LesleySells@gmail.com
0 votes Thank Flag Link Wed Mar 20, 2013
Hi!
I just closed a single family home in Brea (close to the areas in North O.C. that you mentioned) at $425,000. It had 3 bedrooms, 2 car attached garage & an nice backyard.
Lets talk!

Warmest Regards,
Myrna Clark
949-257-8808
0 votes Thank Flag Link Wed Mar 6, 2013
I know there is a lot of conflicting info here but here is my thoughts.

A 3.5 down payment is available however that is a just the beginning. There will also be other misc. closing costs. This number generally will be inflated to around 5 - 7%. Inventory is low so finding a property can be difficult. An agent with listings is usually best.
The other issues are because of the price point you are interested in is heavily searched out by investors. Anything in the $400,000s and below will attract cash type buyers. It will be a tedious process for you but if you are very serious and willing to put in the leg work you should be able to do this in a matter of a few months.

Best of luck,

Steve Alford
Orange County Real Estate Group
orangecountyrealestategroup.com
Laguna Beach Realty
realestateoflagunabeach.com
800-732-9790
0 votes Thank Flag Link Wed Mar 6, 2013
Unspecified:

I'm a mortgage banker and help people like you on a daily basis. You can finance your home with as little as 3.5% down payment. I can pre-qualify you same day. Although you are more than welcome to visit my office - most of my clients do every via email.

Please feel free to call me direct @ (949) 212-4578

I can go over the financing process & answer any questions you might have.

Grant Fawcett
Mortgage Banker
Castle & Cooke Mortgage
Ph: (949)212-4578
NMLS: 832635
0 votes Thank Flag Link Wed Mar 6, 2013
You still can buy into the So.Cal dream. It will be very difficult, only because the lack of inventory. Just really have to be out looking daily and consistantly and try to find the deals before the MLS. Maybe a lease option scenario. Also, there are some communities that are low to mid level affordable housing (IE 409 Utica, Huntington Beach 3 bedroom with garage condo for $300,000 just came back on the market) some of the same affordable housing communities in Tustin as well.

When you move out here, will you have the same type of job? You really should get pre-approved first.

Call me and let's talk,
Lesley Harris, Realtor
(562) 673-0943

LesleySells@gmail.com
0 votes Thank Flag Link Wed Mar 6, 2013
Realistically, I think you would be extremely hard pressed to purchase a home in HB based on the numbers you provided. In HB you would have to be looking at condos or townhomes. Currently there are only 36 properties listed in HB that are under $450,000 and they are all condos or townhomes. When you combine the HOA you would have to pay and potential PMI since you won't have 20% down I am not sure it would make financial sense for you.

I don't work in the Anaheim/Buena Park/Garden Grove areas so I cannot speak to them, but it is my personal opinion that it does not make sense for you to sell your home and try to move to HB. It is a very good time to sell your home, but a very tough time to buy a new home.

I would recommend you speak with a bank/mortgage broker to find out what you would qualify for in your new mortgage. Then take a look at the areas you are interested in and see what you can get for what you can afford. Once you see what you can afford it is up to you to decide if what you can afford is what you really want.

Best of luck,

Andy Scarborough
DRE Lic #01899781
http://www.andyinhb.com
0 votes Thank Flag Link Wed Mar 6, 2013
Hi,
YES!! It is very possible to buy a home in OC with your qualifications, which are actually very good to qualify right now. I currently have a buyer with your same situation who I have found multiple homes for in Huntington Beach and Costa Mesa that are more than affordable. You absolutely don't need all cash especially when I have many lenders with great rates and loans right now. The most important thing is not to settle, if HB is where you want to be then I can find you the home you are looking for. I know of many houses right now for sale in HB and surrounding Orange County areas that are more than affordable for you and are in the $400,000 range. Please call or email me directly and I would love to help you find your dream home. I can provide you with a great list of homes for sale right now in HB that would be very affordable for you. Thank you, have a great day!

Best,
Amanda Bihr
Keller Williams Realty
Call/Text anytime: 714-343-3991
amanda.bihr@gmail.com
http://www.orangecountydreamhomes,net
0 votes Thank Flag Link Wed Mar 6, 2013
Thanks for posting your well thought out question. No, it's no impossible for you to purchase in OC, and possible HB, with those parameters. I'm both a Mortgage Broker and a Realtor. The company I own is a one-stop shop, so to speak. We can help you from start to finish, through the whole process, and make it as easy as possible. Please contact me right away to discuss the good, the bad, and the ugly, on this. Thanks.

Sincerely,

James Melton, Realtor & Mortgage Broker, CA DRE Broker #01222353, NMLS #300133
President, Victory Mortgage & Real Estate Home Loans & Sales Since 1979, NMLS #366399
2901 W. PCH, Suite 200, Newport Beach, CA 92663
cell(714)318-4664, phone(949)939-9676 or (714)374-0022, fax(714)844-9094
web http://jamesmelton.listingbook.com
email jamesm@socal.rr.com
0 votes Thank Flag Link Wed Mar 6, 2013
I think the first step is to make sure you speak with a mortgage broker who can help give you a clearer picture of what type of loan you can afford. A broker will look at your credit and will help you to know what you will need to do in order to buy your next home. I can help you get in touch with someone who can help you in that area.

The next step can be to sell your home and from there you will be able to put in an offer on another property.

I can help guide you through all these steps. Feel free to contact me directly and I would be happy to help you.

Best regards,
Samantha Baksic
Precision Realty

sb@theprecisioncos.com
http://www.theprecisioncos.com/
http://www.ocbeachcitiesrealestate.com/
714.330.2021 (cell)
0 votes Thank Flag Link Wed Mar 6, 2013
You can definitely get into a home in OC for $400K. Call me and I'll put you in contact with my preferred lender that will get you fully underwritten for your new home purchase. I have strategies that can get you in to a home. Especially with my great long lasting relationships with other agents here in OC.
Take a look at my reviews from my clients that I just beat like 8 others offers.

Best,

Alex Vargas
Weichert Realtors
(714) 269/8775 Mobile

DRE 01332235

http://www.AlexSellsSoCal.Com
AlexVargas2009@gmail.com
0 votes Thank Flag Link Wed Mar 6, 2013
It is possible to buy a home in these areas without having all cash.

You should get pre-approved for financing or talk to a lender now about your income & assets to see if you could qualify in the $400K price range. I would suggest selling your home & trying to get a 90 day rent back period so you can go & buy the next house WITHOUT having to make an offer Contingent upon selling your Ontario home.

Please shoot me an email directly, I can check on your area sales, supply & demand, maybe you can get more than $290K today. I don't look back on this same Trulia posting for answers after mine.

Emily S. Knell
EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Realty ONE Group
Short Sale Listing Agent w/ 99% success rate
0 votes Thank Flag Link Wed Mar 6, 2013
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