Home Buying in Temecula>Question Details

Thom, Home Buyer in Orange, CA

I'm looking in Temecula/Murrieta area..

Asked by Thom, Orange, CA Wed Apr 22, 2009

will FHA $220,000 with 3% down ( broker pulled our credit, etc and said we qualify) for be enough to get a 2000 or newer 3br/2bth, greater than 1750sqft house? There seems to be a lot out there yet I keep hearing that people get out-bid or an all cash offer is made by someone.

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Answers

21
Thanks again for answering; very thorough and informative. I trully enjoy this website.
I've been talking with one agent in here in Orange county (haven't fully vetted yet).
He's close by (makes signing/paperwork easier) and if use their mtg brokerage, will offer a break on closing costs.
Wife and I know what neighborhood we want. Just a matter of watching and waiting.
So my question: is there any advantage to using a Realtor/Agent in Temecula (an hours drive + traffic)?
1 vote Thank Flag Link Mon Apr 27, 2009
Thom,

If you have found a agent in Orange County who is familiar with the Temecula Area, I suggest you stick with them. But if you need expertise in this area, I suggest you pick a local agent. If you feel guilty about taking the local agent time, I am sure agents in the area can work out a referral fee for that agent. I can offer 20-30% referral fee.

Because of my Epro and other designations, I can totally make this transaction transparent as I use the latest technology for you to get all the docs signed without you worrying about travelling back and forth. If you need help with mortgage referrals, I can give you some names just so that you can compare rates unless you are comfortable with your present lender and have a relationship built with them.

I hope this helps. I am still awaiting your email/phone call as my offer is always open.

Warmest Regards,

UTPAL 'Paul' PARIKH, Certified ABR,CSP,e-PRO,GRI,SRES,REALTOR
V.P - Membership WCR, SouthWest Riverside County Chapter.


Lic# 01503821

Direct: 619-990-9901
Office: 951-304-1200

Email: RealtorUtpal@yahoo.com

Website: http://www.951BuySell.com Riverside County
Investment - Commercial - Residential - Business - Rentals
Keller Williams Realty, 27290 Madison Ave, Ste 200, Temecula, CA 92590
0 votes Thank Flag Link Tue Apr 28, 2009
Thom: If you have a good relationship with this Agent in Orange County and he is willing to search out and show you properties here then I don't see a problem with having him write your contract. I have sold property in Orange County for my relatives and it has worked out just fine. I'm happy that you have already found a development that you want because that is sometimes the hardest part. This is a great valley for many reasons, and I am sure when you move here you and your family will be very happy.
Web Reference: http://wwww.soreal.biz
0 votes Thank Flag Link Tue Apr 28, 2009
Hi Thom,

I agree with Pamela.....I have closed escrows with clients on ships and in Iraq. As long as you have a computer and can print, fax or scan, working with a local realtor is usually easier. The other thing you need to consider is that your local realtor is going to have access to local inspectors and appraisers. I know of one incident where a couple used an out of area agent to buy in Temecula and paid $425 for their home inspection! My inspector has never charged more than $250.

But it is all personal preference and who you are comfortable with. And about the closing costs, I always ask for the seller to pay 4 - 6% of the buyer's closing costs which usually is more than enough to cover all of the closing costs that the buyer is responsible for. Also, when you are buying a bank owned property, the bank chooses the escrow company and they are not usually local. You usually wind up signing your loan docs at your home with a mobile notary.

Anyway, have a wonderful time buying your home.

Robin Zapata
Realty Executives
951-514-0147
0 votes Thank Flag Link Mon Apr 27, 2009
You should work with who you are comfortable with. Local agents do have an advantage when it comes to knowing the area and being able to go to a property and get additional pictures or check the condition for you if you find a home you like.

If you are just chosing this agent because of the break on closing and convience... I offer 20% of my commission back to my buyers to apply to closing or what ever they chose and we can do a lot with contracts via winforms which is an electronic version of the forms.

Cheers,
Pamela
0 votes Thank Flag Link Mon Apr 27, 2009
Hi Thom,

Just ask. Talk to several different agents that you would like to work with and ask the questions that you want to know. I had a client ask me how many escrows I closed last year and what I was doing this year. He also asked for my license #. I met with this client on several occassions knowing that he was meeting with more than one agent and that was ok with me. (I am now the only agent he is working with)

Don't sign any agreements that tie you to an agent until you are comfortable with them. (A lot of agents use a broker/buyer agreement that states that you are working with them exclusively for a certain amount of time, I don't use this and never have felt it necessary.)

Buying a home is one of the biggest decisions of your life, it should be joyful and exciting, not stressful! You should be comfortable with your agent on more than one level. In my opinion, it's about who is going to take the time to show you properties that you qualify for and are interested in. Any agent that is working only with buyers in this market and closing escrows, is probably going to be able to get the job done. You don't want an agent with so many clients that they don't have time for you or so few clients that they are not familiar with what is on the market.

Most of all Thom, have a good time picking out your new home!

Robin Zapata
Realty Executives
951-514-0147
Web Reference: http://www.robinzapata.com
0 votes Thank Flag Link Sun Apr 26, 2009
Thom,

I apologize for some comments made by other Real Estate Professionals that are unethical, unprofessional and personal.

Best Wishes in your search and I look forward to your phone call/email for an interview to meet with you.

By the way, I was out there late night outshowing property to my buyer and yes, it was dark and yes, I do keep flash lights with other things that we are taught to keep to do our job in our GRI classes.

Warmest Regards,

UTPAL 'Paul' PARIKH, Certified ABR,CSP,e-PRO,GRI,SRES,REALTOR
V.P - Membership WCR, SouthWest Riverside County Chapter.


Lic# 01503821

Direct: 619-990-9901
Office: 951-304-1200
Fax: 951-304-9531

Email: RealtorUtpal@yahoo.com

Keller Williams Realty- 27290 Madison Ave, Ste 200, Temecula, CA 92590

Web Reference: http://www.951BuySell.com
0 votes Thank Flag Link Sun Apr 26, 2009
Thom: Real Estate Brokers have had to pass a more rigorous licensing exams and actually employ Real Estate Agents under them They are also responsible for all of their agents transactions. All Real Estate Agents must work under a California Real Estate Broker. Also, not all Real Estate Agents have the designation of a Realtor.

Below is the website of the California Department of Real Estate.....Click on the yellow link that says Real Estate License Look UP!
http://www.dre.ca.gov/

References are extremely important and I agree that sitting down with at least three Broker/Agents is a good idea to see not only which ones can get things done but which ones have a compatible personality for the buyer to work with. (The only thing I see missing on Paul's very extensive list.)

After all, purchasing property, can be time consuming and spending a lot of time with an agent that is not compatable with you, "the buyer", can be really annoying. For instance if an agent is great in every other way but wears a lot of perfume, is a non-stop talker, or chews gum like a cow, all of the experience in the world will be diluted somewhat, and you will dread every showing. I hope this helps you Thom!

To Paul, Did you show that guy my 6 acre view listing in the Wine Country? Gosh until 8:00 p.m! How on earth did you show him land in the dark? With a flash light? Good luck to you Paul, I hope that guy purchases something in our lovely Temecula Wine Country!!!
Web Reference: http://www.soreal.biz
0 votes Thank Flag Link Sun Apr 26, 2009
Thom,

There are quite a few things you need to look at:
1. How long they have been in business?
2. What kind of Credentials they have i.e. Degrees in Real Estate (certifications - especially Buyer Certification like ABR, GRI and more...)
3. Are they Tech Savvy because the way the handle contracts is very important because timing is everything.
4. What company are they affiliated with?
5. What kind of work ethics they follow?
6. Check their testimonials and refrences. They should be able to give you atleast 5-10 readily and you should be able to call them. Make sure these are references from their recent closings meaning from the last 3-6 months where they have represented buyers.
7. How many buyer representation and closings they have done in the past 3,6,12 months?
8. What kind of training programs have they attended in the past 12 months and what kind of training they follow on a weekly basis as things are constantly changing.
9. Are they full time in the business? Do they have any other affiliation with any other business or jobs that they are involved with?
10. Ask their reference from California Association of Realtors to make sure they do not have any violations on their license.
11. Are they licensed and for how long? What is their license no.?
12. Check their website.
13. You need to sit down with 1-3 agents that you think are in the runnings just like the job interview and see where you feel comfortable. Ask these questions and there are some more that I will give you once you sit with me as they are my trade secrets. There is no obligation if you decide to go with someone else after our meeting. That is part of doing business.
14. I got this buyer yesterday who posted and then I called him on a Sunday and showed him property until 8 pm. I will give you his reference as well. If you can please call me with your phone no. or email me directly on my email, I will give you all the references.

I would love to help you. Please call me. I really want your business and I promise to take utmost care of you and will work at your schedule. I also train new agents in the business. At the end of the day, I have the highest degree in Real Estate i.e. GRI.

Bottom line, this is your largest investment of life and you should pick the best educated, experienced agent and I have the credentials and I would love to serve you.

Warmest Regards,

UTPAL 'Paul' PARIKH, Certified ABR,CSP,e-PRO,GRI,SRES,REALTOR
V.P - Membership WCR, SouthWest Riverside County Chapter.


Lic# 01503821

Direct: 619-990-9901
Office: 951-304-1200
Fax: 951-304-9531

Email: RealtorUtpal@yahoo.com

Keller Williams Realty- 27290 Madison Ave, Ste 200, Temecula, CA 92590

Web Reference: http://www.951BuySell.com
0 votes Thank Flag Link Sun Apr 26, 2009
These are helpful replies, thank you, I'm learning more with each reply.
My other concern is selecting an agent, there seem to be many good ones. Seriously, how do I pick one without offending them in terms of wanting to go with one who has performance I can verify? I want to separate those who actually get things done from those who sound/write like they do it.
0 votes Thank Flag Link Sat Apr 25, 2009
Thom: I see below that your biggest concern is how to improve your offer to have a better chance at getting it accepted.......Each situation is different depending on the property. If the property has several offers, (one initial offer and then several "Back Up" offers). The bank's loss mitigation manager will often take an offer where the perspective buyer is offering to put down a larger down payment. This is because it is typical for most owner occupied buyers to put down only 3%. However, if an investor comes in with Cash or 20% down this is obviously a lower risk for the bank.

Fico Scores of the perspective buyer are also taken into consideration, as well as their pre-qual letter and proof of funds. Submitting a really clean offer with all of these items can put you ahead of any other offers that have already been submitted. The seller, whether it is a bank or an individual must be presented with all offers.

Closing costs - If a buyer asks for too many closing costs to be paid by the bank then this can make the offer look less appealing to the bank. Although, many banks will pay the buyer's closing costs some will not.

Again, it is finding out what is on the table for that particular property and which bank is the current lien holder. Sometimes there are several banks involved, so that can be a consideration also. Every property is different!

One reason I have a track record of being successful as getting my clients offers accepted on short sales is that I always try to find out as much as I can about the other pending offers. Listing agents cannot fully disclose price of other offers but they can tell you the status of the current offer.
Web Reference: http://www.soreal.biz
0 votes Thank Flag Link Sat Apr 25, 2009
Thom, The newer areas with homes built 2003 and newer are staying steady and I don't see a decline in values for these homes. It is the older homes that can bring down the statistics for all of Riverside County.
Whenever there are several offers being placed on one home this is an indication that the simple rules of "supply and demand", are dictating the house is priced competitively. When appraised by the lender, and the sale is closed it will be a comparable for the area.

Many are afraid to purchase right now, however; remember that when your loan is going through the complete underwriting process, your lending institution will not allow you to purchase a home that does not appraise for the area. If a property is appraised lower than the offer the bank will reduce the contract amount to the appraised value.

As far as being out bid by investors: The number of investors is not as big of a percentage as the percentage of owner occupied perspective buyers. So yes, it is possible but certainly not in every situation.

All offers must be submitted to the seller, whether it is a bank or a traditional seller.

Just my two cents....As you can see there are many great Real Estate agents here in our Valley....so hopefully you have found one that you enjoy working with.....
Web Reference: http://www.soreal.biz
0 votes Thank Flag Link Sat Apr 25, 2009
There are news from the bank and other sources that there will be more properties coming up for sale in June timeframe. Also, market does look like it will stay steady for the next few months. I am not surre what the time frame is for your buying and we get new properties all the time. I would love to help you get the right property with exact info about your requirements:

Min. 3Br, 2Ba, 1750s.f and higher,newer than 2000 built. I am also a certified New Home Specialist and the builders are offering a lot of incentive as well with quick move in and great interest rates and mooney towards closing and upgrade. Also, with new home when you sale the home is not that old. There are pros and cons that I would love to discuss with you. Because we are the largest office here in Temecula, we have builders that come to our office pitching their properties and the specials as well.

I can set up an auto search for you within 2 minutes and permenantly it will send you all properties that are available and and new future properties that will come automatically. This is absolutely free service and there is no obligation. I am a ABR- Accredited Buyer Representative with all the Buyer Credentials. Please look at all my designations and over 20 years of experience and I promise to take care of you. I will give you a recent reference from Trulia of a buyer that I am working with and we went to contract within 48 ours and we will be closing within 15 days. I will work at your pace and your time. I have a team and would love to represent you. This is a your largest investment of life and you do not someone without experience take care of you if they do not know this market and not have all the designations. Please take a look at my designations and they are there for a reason. I gurantee to take care of you 100% and I have a lot of incentive programs that I can discuss with you over the phone that no one else offers.

I would love to help you. Please call me.

Warmest Regards,

UTPAL 'Paul' PARIKH, Certified ABR,CSP,e-PRO,GRI,SRES,REALTOR
V.P - Membership WCR, SouthWest Riverside County Chapter.


Lic# 01503821

Direct: 619-990-9901
Office: 951-304-1200
Fax: 951-304-9531

Email: RealtorUtpal@yahoo.com

Keller Williams Realty- 27290 Madison Ave, Ste 200, Temecula, CA 92590

Web Reference: http://www.951BuySell.com
0 votes Thank Flag Link Fri Apr 24, 2009
Hi Thom,

Rumor has it that there is going to be a release of bank owned properties again real soon. I'm not sure about that being in October. I do know that I have seen a few REO's in your price range hit the market in the past few days. If I could make a suggestion that may help you: Contact me or even another agent to set you up with automatic updates from the MLS. I utilize this feature with my clients all the time. The agent sets up the search criteria, ie: price, bdrms, baths, sq. ft., type of listing, etc in the MLS and sets it up for automatic e-mail to you with a copy coming to the agent. When new listings are input into the MLS they are automatically e-mailed to you. It will enable you to follow what is happening in Temecula and Murrieta. When you see a property that you're interested in, you call your agent a make an appt. to see the property. This system has worked very well for me. My clients also utilize my website for updated listings.

I hope this helps.

Robin Zapata
Realty Executives of Temecula
951-514-0147
Web Reference: http://www.robinzapata.com
0 votes Thank Flag Link Fri Apr 24, 2009
I would certainly refer you to Debbie Christianson. She is an excellent agent in that area,
0 votes Thank Flag Link Fri Apr 24, 2009
Thank you for all the great replies. In terms of new foreclosures, this website suggests the peak release to be about October:
http://www.irvinehousingblog.com/blog/comments/pent-up-supply/
Would this apply to to Murrieta and Temecula?
0 votes Thank Flag Link Fri Apr 24, 2009
Hi Thom,

A lot of buyers right now are VA and FHA qualified and they are buying houses. The banks are looking at what they are going to "net " in the end and the best offer is not always the cash offer. You qualify in the same price range as a lot of other people so there will be competition, but that doesn't mean that you should step back from making a purchase, it just means you need to understand the market and be patient.

A lot of factors come into play when you want a newer home. One of the biggest ones is mello-roos or assessments that are added to the tax rate. That can actually change how much you qualify for. I talk to my clients more about what payment they are qualified for or comfortable with. Before making an offer, I always check the tax rate and figure it in to the payment so there are no surprises when it is time to close escrow.

We are waiting for the big "release" of bank owned properties and there have been a few released in Murrieta in the past few days. Temecula on the other hand has not had many released for awhile. All realtors have access to the MLS and we're all looking at the same listings and have access to the same properties.

Right now the majority of homes on the market are short sales. That means that the owner owes more on the property than it is worth and they are asking the bank to take a lesser amount to pay off the balance by selling it. It does not mean that it takes a shorter amount of time. As a matter of fact, it usually takes several months.
-
Feel free to e-mail me or give me a call if I could be of further assistance. You can actually search the MLS on my website without having to log in or leave your contact information.

Good Luck

Robin Zapata
Realty Executives
951-514-0147
Web Reference: http://www.robinzapata.com
0 votes Thank Flag Link Thu Apr 23, 2009
Good Morning Thom!
It is pretty crazy right now. Yes, multiple offers, so you need to bring your patience. The problem is that if there are equal offers and one is coming in with a lot more cash, they will consider that a stronger offer. Some houses are even getting offers over what the houses will appraise for. My partner and I know of some houses that are coming on the market shortly, they are just waiting for them to be appraised . We are finding ourselves having to try to be proactive instead of reactive. We are going out into the neighborhoods and searching them out and then calling to get info. We know of a couple in your price range. Additionally, from all info we have been recieving, banks will start releasing more, that should be happening shortly. So hang in there, I know it is frustrating sometimes but don't give up.... It is a great time to buy!!! If you need any help just send me a message, we will show you what we can.

Kindest Regards,
Dianne Hicks
0 votes Thank Flag Link Thu Apr 23, 2009
Hello Thom,

Thanks for your question. There are quite a few properties in the market that you can get and I can help you get pass all cash offers. Call me so I can explain at 619-990-9901. I am doing Real Estate for 23 years and my experience will definately help you as I represent lots of buyers and I have all the designations you need to get the proerty you need for your family. My office here in Temecula is one of the largest office in Inland Valley and we constantly get REO properties and Regular Sale properties that are better than Short Sales and will close quickly. I can send you a list of properties if you email me at RealtorUtpal@yahoo.com that fits your criteria. Look forward to serving you and your family. You can also check out my website http://www.951BuySell.com for any property search in Temecula/Murrieta or any area.

Warmest Regards,

UTPAL 'Paul' PARIKH, Certified ABR,CSP,e-PRO,GRI,SRES,REALTOR
V.P - Membership WCR, SouthWest Riverside County Chapter.


Lic# 01503821

Direct: 619-990-9901
Office: 951-304-1200
Fax: 951-304-9531
Email: RealtorUtpal@yahoo.com

Website: http://www.951BuySell.com Riverside County

Investment - Commercial - Residential - Business - Rentals
-Save a tree.

Keller Williams Realty, 27290 Madison Ave, Ste 200, Temecula, CA 92590
0 votes Thank Flag Link Thu Apr 23, 2009
I think my question is, is it realistic to expect the type of house we want around $220k with such a small down-payment? (and to Pamela, thank you, and how could I make my offer better?)
0 votes Thank Flag Link Thu Apr 23, 2009
Thom,
I am not clear on what your question is? Yes, there are a lot of homes on the market right now, most of which are short sales and those that are not are REO's aka Bank owned and there is a lot of competition (multiple offers) right now. What you have described is true and happening all over the inland valley. There are still ways to make your offer better than everyone else. How can we help you?

Cheers, Pamela
Pamela Brown-Gatlin, Owner/Realtor/Broker
0 votes Thank Flag Link Wed Apr 22, 2009
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