Irina Netchaev, Pasadena CA

There are quite a few programs available for first time buyers (someone who has not had a house in the last 3 years) and down payment assistance. I'm attaching a link for a post and info below.

Good luck,
Irina - Fri Aug 15 2008, 15:24

Hi Jan,

First you need to get a couple of names of realtors that specialize in the AREA that you're interested in buying in. Ask friends and coworkers for referrals. Do a little research on line by putting in key words like "name of area real estate agent", etc.

Once you have a few names, call them up and interview them. Some questions to ask:

1. Do you like working with first time home buyers?
2. How many clients are you working with righ now? You don't want a realtor who is overwhelmed with too many clients. You need someone who would be able to spend the time with you.
3. Ask them if they know about first time buyer government programs. There are great programs available right now offering downpayment assistance, etc. for first time buyers.
4. See if they will offer to do a consultation with you. That's very important. You'd want someone who will sit down with you to review YOUR individual needs.

Listen carefully to the answers and the information offered to you by the realtor. You'll get an immediate sense of who you identify with and who you'd enjoy working with.

Good luck with your home purchase! - Sun Aug 10 2008, 10:36

Hi Annapalindrome,

Glendale is a great area to live and the prices did go down quite a bit over the last year to make it more affordable for first time buyers. The reason that you're seeing more condo/townhome deals is because there have been many new condo/townhome projects going up in Glendale where developers have huge construction loans to pay out and are willing to move these properties fast with great incentives. Of course, the short sales help as well.

With the opening of The Grove in Glendale, the Westfield Mall and a ton of restaurants and businesses, Glendale is a great place to invest. $290K sounds like a good price for a 2 br./2.5 ba condo. I would have your agent run comparables over the last 2 months within a 1/4 mile radius of the location to see if the purchase price makes sense.

Also, consider the length of time that you anticipate holding on to your condo. Do you intend to stay there more than 3 years. If so, you'll more than ride out this market and make a nice profit on it when you sell. Do you love this condo? Remember, even if prices trend down a bit more, it might be hard to find a unit that you love. Take all of that in consideration and don't forget that the condo still needs to appraise for $290K by a bank appraisal so you're protected to a degree there as well.

The interest rates are not anticipated to go up anymore. I think that we've seen them top off through the end of the year and they might still move down slightly by the time you get approval.

Unfortunately, when you deal with short sales, the length of time it takes for the bank to provide approval creates these types of situations.

Good luck with your condo purchase! - Mon Jul 28 2008, 10:11

Would love to help. Feel free to email or call me. I specialize in pasadena and surrounding areas and was just written up by Pasadena Weekly on that subject. :-) - Fri Jun 27 2008, 07:05

Kevin, how exciting! Congratulations!!!

In my experience, you really need to shop around. It's amazing how insurance quotes vary from company to company on the SAME house.

My clients end up working for the most part with Loren Owens - a Farmer's agent. He seems to beat all theo ther quotes. His number is 626.614.9404. Tell him Irina sent you.

Good luck! - Wed Jun 25 2008, 21:09