Home Buying in Costa Mesa>Question Details

E. B., Both Buyer and Seller in Los Angeles, CA

What would be the right way to start?

Asked by E. B., Los Angeles, CA Sun Dec 8, 2013

We have to leave soon Los Angeles Area where we had a 2 BR condo. The new place of work is at the South Coast Plaza So, the new condo should be a half an hour drive from it the most. We look for a 2 or 3 BR condo in a safe, nice place. We can afford till almost 500K but would be happy to get it cheaper too.
We are not familiar with the area, but we know that there are a lot of neighborhoods. (like Fountain Valley, Huntington Beach, Costa Mesa, Newport Beach, Irvine, Tustin, or even Laguna Hills too.)
What would be the right way to start?

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Answers

13
Hi,

Thanks for your question!

You should start by contacting a real estate agent. I would be happy to help you find a 2-3 bedroom condo in these areas. I grew up in Irvine myself and I am very familiar with the areas around South Coast Plaza.

You could definitely find a nice 2-3 BR condo in your price range. Please send me an email at JamieTian@RodeoRE.com or give me a call at (310) 717-1321 and I would be happy to email you a list of properties in your price range to take a look at, as well as set up viewings for any properties you are interested in. I would also be happy to answer any additional questions you might have about these areas or in general.

You should also speak to a lender about pre-approval if you are looking to take out a loan. I can recommend a few lenders to you if you would like.

I work in Los Angeles as well, so if you would like, I can help you figure out the current market value of your current condo, and speak to you regarding how to market your condo to sell quickly and for the highest price.

Best,

Jamie Tian
Rodeo Realty
(310) 717-1321
JamieTian@RodeoRE.com
http://www.JamieTian.com
BRE #01920120
Web Reference: http://www.jamietian.com
2 votes Thank Flag Link Sun Dec 8, 2013
Thank you for the advices. I see now that pre-approval must be done. Just a question! We have heard that a mortgage pre-approval can hurt one`s credit score. Is it true, any personal experience? What to do to avoid this? And how long a pre-approval remains valid? If we cannot choose the right condo during the validity period of the pre-approval what are the consequences of asking a new pre-approval later? And the last thing: how much does it cost to get a pre-approval, is there a special fee for it? Would appreciate your responses.
Flag Wed Dec 11, 2013
Hello E.B,

Congrats on your new job! And Welcome to Orange County!


I service the North Orange County area, as well as live in North Orange county.

I would be more than happy to assist you with your housing needs.

Sounds like you have a good idea of what your budget will be, but I suggest you get pre approved for a mortgage loan. This way you will be 100% sure what your budget is.

Once you have loan approval/budget as well as what your total out of pocket coats will be you just need a dedicated buyer's agent to begin the home search process for you.

I have a great lender I can refer you to. Please contact me, so I can provide you with her info. NO OBLIGATION.

I wish you the very best.

Best Regards,
Kawain Payne, Realtor
1 vote Thank Flag Link Mon Dec 9, 2013
Thank you for the advices. I see now that pre-approval must be done. Just a question! We have heard that a mortgage pre-approval can hurt one`s credit score. Is it true, any personal experience? What to do to avoid this? And how long a pre-approval remains valid? If we cannot choose the right condo during the validity period of the pre-approval what are the consequences of asking a new pre-approval later? And the last thing: how much does it cost to get a pre-approval, is there a special fee for it? Would appreciate your responses.
Flag Wed Dec 11, 2013
The first thing you need to do is to get pre-approved for a new purchase loan. You will take this to your real estate agent so that they know what kind of houses to show you.

Alex Greer
Loan Officer
NMLS #1056079
http://www.TheMortgageOutlet.com

408-352-5147
AGreer@TheMortgageOutlet.com
1 vote Thank Flag Link Mon Dec 9, 2013
Thank you for the advices. I see now that pre-approval must be done. Just a question! We have heard that a mortgage pre-approval can hurt one`s credit score. Is it true, any personal experience? What to do to avoid this? And how long a pre-approval remains valid? If we cannot choose the right condo during the validity period of the pre-approval what are the consequences of asking a new pre-approval later? And the last thing: how much does it cost to get a pre-approval, is there a special fee for it? Would appreciate your responses.
Flag Wed Dec 11, 2013
Hello E.B,

First and foremost, thank you for posting a question here on trulia. The right way to start is to get pre-approved for a home loan. Once you know how much you can afford, you will be able to determine which cities you can afford to live in. Do you plan to lease or sell your condo in Los Angeles? If I can be of further assistance, please feel free to contact me by phone, email, or text. I am here to help you.

Sincerely,

Melchor Perez
BRE# 01842907
714-401-8879
perezmelchor8@gmail.com
REALTOR®
Star Real Estate South County
1 vote Thank Flag Link Sun Dec 8, 2013
Best place to start is to hire an Exclusive Buyer Agent. EBAs only work with homebuyers and there is never a conflict of interest that will jeopardize your negotiating position. Visit http://www.naeba.org for a referral to an Exclusive Buyer's Agent in your area.

I've had a book published on Amazon called Buying a Home: Don't Let Them Make a Monkey Out of You. It'll teach you how to buy a home without getting ripped off. Follow the link below.

Best of luck!

Alysse Musgrave
214-734-3863
Alysse@HelpUBuyAmerica.com
http://www.helpubuyamerica.com
1 vote Thank Flag Link Sun Dec 8, 2013
Best place to start is to hire an Exclusive Buyer Agent. EBAs only work with homebuyers and there is never a conflict of interest that will jeopardize your negotiating position. Visit http://www.naeba.org for a referral to an Exclusive Buyer's Agent in your area.

I've had a book published on Amazon called Buying a Home: Don't Let Them Make a Monkey Out of You. It'll teach you how to buy a home without getting ripped off. Follow the link below.

Best of luck!

Alysse Musgrave
214-734-3863
Alysse@HelpUBuyAmerica.com
http://www.helpubuyamerica.com
1 vote Thank Flag Link Sun Dec 8, 2013
Just listed a 2 bedroom townhouse today, priced at $399k. It has 2 en-suite bedrooms, 3 bathrooms, 3 stories, built in 2010. Just had it professionally cleaned and carpets cleaned as well. It's right off the 5 and 22 Freeways, 20 mins from South Coast Plaza. Email me if you're interested in knowing more at jeremy@theboutiquere.com. Pics will be taken this week but I can take some and send them your way.
1 vote Thank Flag Link Sun Dec 8, 2013
Thank you for the advices. I see now that pre-approval must be done. Just a question! We have heard that a mortgage pre-approval can hurt one`s credit score. Is it true, any personal experience? What to do to avoid this? And how long a pre-approval remains valid? If we cannot choose the right condo during the validity period of the pre-approval what are the consequences of asking a new pre-approval later? And the last thing: how much does it cost to get a pre-approval, is there a special fee for it? Would appreciate your responses.
Flag Wed Dec 11, 2013
#1. As a Loan Broker, I "Prequalify" my buyers for a purchase money loan first. This would be: checking your credit and scores, reviewing all income proof, and reviewing all your liquid assets (money being used for the down payment, closing costs, and reserves). I then prepare a "Pre-
qualified" letter for you, showing the Maximum amount you can borrow (Sellers require this type
of letter since they don't want to mess around with just a lookee loo).

#2. As a O.C. Realtor, I would then put you on the MLS (Multiple Listing Service), where current listed homes for sale are emailed to you immediately. Listing that are all filtered down by your desires e.g.: Location, Max purchase price, Type of home, etc. The MLS is a free service to you
because the sellers pay the commission, and we will present, negotiate, and sell your offer.

#3. Once done, a Sunday drive to the homes surrounding the South Coast Plaza, and surrounding
areas, would give you and your Broker a very good idea of the good, bad, and ugly places to buy.
P.S. Your cities are considered South Orange County, where bad and ugly would be very rare!
P.P.S. When ready to start steps 1, 2 and 3, please call or email me then! Good hunting, Mel Kim,
Broker for: The Loan Company and TLC Realty. 949-597-9999 or, melkim@cox.net
1 vote Thank Flag Link Sun Dec 8, 2013
Thank you for the advices. I see now that pre-approval must be done. Just a question! We have heard that a mortgage pre-approval can hurt one`s credit score. Is it true, any personal experience? What to do to avoid this? And how long a pre-approval remains valid? If we cannot choose the right condo during the validity period of the pre-approval what are the consequences of asking a new pre-approval later? And the last thing: how much does it cost to get a pre-approval, is there a special fee for it? Would appreciate your responses.
Flag Wed Dec 11, 2013
Thank you for the advices. I see now that pre-approval must be done. Just a question! We have heard that a mortgage pre-approval can hurt one`s credit score. Is it true, any personal experience? What to do to avoid this? And how long a pre-approval remains valid? If we cannot choose the right condo during the validity period of the pre-approval what are the consequences of asking a new pre-approval later? And the last thing: how much does it cost to get a pre-approval, is there a special fee for it? Would appreciate your responses.
Flag Wed Dec 11, 2013
E.B., get pre-approved first, as it will give you a sense of how much you can buy and it will also help you and your agent through the negotiation process (it will also give more weight to your offer and give it more chances to be accepted)

Thierry

Thierry Abel
Senior Loan Consultant
By Referral Only
All California Mortgage
A Division of APMC
P: (415) 464-8261
C: (415) 378-7508
F: (415) 464-2367
E: tabel@allcalifornia.com
NMLS 304353 - BRE 01380701
1 vote Thank Flag Link Sun Dec 8, 2013
Thank you for the advices. I see now that pre-approval must be done. Just a question! We have heard that a mortgage pre-approval can hurt one`s credit score. Is it true, any personal experience? What to do to avoid this? And how long a pre-approval remains valid? If we cannot choose the right condo during the validity period of the pre-approval what are the consequences of asking a new pre-approval later? And the last thing: how much does it cost to get a pre-approval, is there a special fee for it? Would appreciate your responses.
Flag Wed Dec 11, 2013
Hello, EB!
The right way to start would be to contact a local Realtor (like me), who is familiar with all areas of Orange County. As a Newport Beach native, and a current resident of Orange, I know all the cities and neighborhoods in the area, and can help you find your perfect home!

I look forward to working with you! Contact me today to get the process started!

Nicole Fedorchek, Realtor
Tarbell, Realtors
714-914-5097
realtornicolef@gmail.com
1 vote Thank Flag Link Sun Dec 8, 2013
Hi, EB! There is no cost for a pre-approval, if you use a reputable mortgage lender. As for "hurting" your credit, a pre-approval will show as an inquiry on your credit report. Too many inquiries can indeed affect your credit score. That is why it is important to pick 1 lender to work with, and not give your information out to multiple lenders. A pre-approval is generally valid for 90 days, and can be updated if you are not able to find a suitable within that time.
If you would like a referral to some mortgage lenders, please call, text, or email me, and I would be glad to provide you a list of my preferred lenders.

Thank you, and good luck!
Nicole Fedorchek, Realtor
Tarbell Realtors
714-914-5097
realtornicolef@gmail.com
Flag Thu Dec 12, 2013
Thank you for the advices. I see now that pre-approval must be done. Just a question! We have heard that a mortgage pre-approval can hurt one`s credit score. Is it true, any personal experience? What to do to avoid this? And how long a pre-approval remains valid? If we cannot choose the right condo during the validity period of the pre-approval what are the consequences of asking a new pre-approval later? And the last thing: how much does it cost to get a pre-approval, is there a special fee for it? Would appreciate your responses.
Flag Wed Dec 11, 2013
Hello E.B., there are over 200 condo, townhomes and single family homes with 2-3-4 bedroom to choose from within the cities you mention up to 500k. It all depends on what maximum payment/price your looking to achieve. Also there is your credit profile, debt to income ratios, fico scores and how much you want to invest into the down payment and closing costs?

You will need to get pre-approved with a few dozen questions to qualify you in minutes and go over your credit and options. Once you know your perimeters you can be set up to receive all the listings to fit your search criteria to be automatically emailed to you daily with new listings, etc. You can look thru all 200+ to narrow it down and then look at some that interest you...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
BRE# 01140252
NMLS# 297251
760-486-4225
9am till 7pm Monday thru Saturday, Sundays by appt.
http://youtu.be/MrygA2_8fAY
If my response was helpful, consider clicking thumbs up or Best Answer!
1 vote Thank Flag Link Sun Dec 8, 2013
Thank you for the advices. I see now that pre-approval must be done. Just a question! We have heard that a mortgage pre-approval can hurt one`s credit score. Is it true, any personal experience? What to do to avoid this? And how long a pre-approval remains valid? If we cannot choose the right condo during the validity period of the pre-approval what are the consequences of asking a new pre-approval later? And the last thing: how much does it cost to get a pre-approval, is there a special fee for it? Would appreciate your responses.
Flag Wed Dec 11, 2013
Hi-

Thank you for posting your question her on Trulia.

I could help guide you. Also it would be a good idea to get pre-qualification. Do you plan on selling your current condo? Did you contact a lender I can help you with the needed steps and point you in the right direction. Please email me or text me your email address and I will send the needed steps to get started. Our company is lone of the top OC specialists for over 20 years. We can help educate you about each area according to your needs. Feel free to contact me. Happy holidays!

Thank you,
Sarah Masri
(213)616-8249
(949)527-2629
Aspero Realty
Sarah@SarahMasri.com
1 vote Thank Flag Link Sun Dec 8, 2013
Thank you for the advices. I see now that pre-approval must be done. Just a question! We have heard that a mortgage pre-approval can hurt one`s credit score. Is it true, any personal experience? What to do to avoid this? And how long a pre-approval remains valid? If we cannot choose the right condo during the validity period of the pre-approval what are the consequences of asking a new pre-approval later? And the last thing: how much does it cost to get a pre-approval, is there a special fee for it? Would appreciate your responses.
Flag Wed Dec 11, 2013
Thank you for the advices. I see now that pre-approval must be done. Just a question! We have heard that a mortgage pre-approval can hurt one`s credit score. Is it true, any personal experience? What to do to avoid this? And how long a pre-approval remains valid? If we cannot choose the right condo during the validity period of the pre-approval what are the consequences of asking a new pre-approval later? And the last thing: how much does it cost to get a pre-approval, is there a special fee for it? Would appreciate your responses.
Flag Wed Dec 11, 2013
One of the first steps in the home buying process is to speak with a lender to get a home loan as well. When you do apply for a loan, lenders like myself will need to look at several different aspects of your finances if you are trying to prequalify for a loan. Here are some things that are looked at: 1) Proof of income for each person that will be on the mortgage which can be demonstrated through: one month of pay stubs, previous year's W-2 forms and tax returns, official documentation to demonstrate other forms of income (alimony, child support, etc.), and two year's tax returns if self-employed (all schedules, all pages) 2) Credit Report which they will pull 3) Employment History or Business Tax Returns if you're Self Employed 4) Personal assets such as: Recent balances and statements for bank accounts, most recent account statement demonstrating market value of any investments (stocks, bonds or certificates of deposit), documentation showing interest in retirement funds, face amount and cash value of life insurance policies, value of significant pieces of personal property, debt information, the balances and account numbers of your current loans and debts, including car loans, credit card balances and any other loans you may have. These are just a few things you should have ready when you begin your buying process. Well I hope this helps, if you have any other questions or need a loan please contact me through the information on my profile page. I hope this helps and good luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Mon Feb 3, 2014
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