I wrote a few blogs that cover the basics. I provided links below.
Below is a simple overview of the process.
When you find a property you need to find out certain things to not make an expensive mistake.
You will need a down payment. If you do not have one yet here is how to create one on your own.
Things to do if it will be quite awhile like a year or more before you buy a house.
Perhaps the blog below is most important. Does it really make more economic sense to rent or buy?
Use your numbers and find out. I might pay a little extra to buy a house over renting. But I would not pay a large amount as the numbers just work against your wallet doing so.... more
The listing agent should submit the request to the bank.
Not sure why the listing agent would have to take a hit on his commission since they are not buying the house. Why would the listing agent take a hit and not your agent?... more
I am a big Claremont fan myself and have lived here for the last 7 going on 8 years so I see and share your interest in this community.
Here's my five-cent prediction regarding market values in this city - Historically, property values in Claremont have been somewhat protected from the extreme fluctuations that affect other areas because of the nature of the community. I usually tell folks that one of the things that protects Claremont is the fact that we just don't have a whole lot of empty dirt to develop here, so if you want to live in this city you have to pick from one of the preexisting properties and either take it as it is, or redevelop it to meet your needs.
This is especially true in and around the Village area where the properties are not only very desirable but some are also additionally protected by their status as historical properties or their location within a protected historical district.
Now, don't missunderstand, property values here in Claremont have seen a reduction just like they have everywhere else but the effect of that reduction has not been as drastic as it has been in some areas (an entry level home here runs around $300,000 to $350,000, down from a high of $450,000 to $500,000 a few years back). So, do I personally believe that buying a property here is a good investment? Yes, I do. Do I feel that it will appreciate in value? Ultimately, yes I do. As you know, real estate is cyclical and if your desired property is located in an area people want to be in your odds of seeing a higher return on your investment are greater generally.
As for the Village Walk properties, you might be able to get a good deal, but I think I would advise looking at or for a house here in Claremont as a first priority. With your budget you should be able to find a nice 3+ bedroom home which would make a good potential rental (folks just love the Claremont schools) and would have the added benefit of no monthly association fee.
If you are really only interested in condo purchases than you might want to look at some of the properties in the Brooks on Sycamore (well outside of the Village but still only 1.5 miles or so away from the colleges and a big difference in cost) or the condos on College (these don't come up as often but they are very popular when they do). There are also the properties located near the Claremont Club (these can be very challenging to get but are well worth pursuing because the area is highly desired).
As a general rule, we don't have a great deal of multi-family dwellings here but if you look you can find them and they usually aren't available for long.
And as for houses built post 2000, there just aren't a whole bunch of those because this is really not what the city is about (see my comment above regarding lack of available dirt for development :-)
I would be happy to discuss your wants and needs in greater depth at your convenience. I base my business here in Claremont, know the area and believe that I could be very helpful to you.
The bottom line as far as I see it based upon the information you have shared, is that there could be some good opportunities for you here in Claremont but it may depend on timing, luck and the skill of the folks on your team.
Thanks for stopping by, I look forward to hearing from you soon. Take care and have a great day!
Tisza Major-Posner, Realtor (DRE#01784679) IVPG Realty, (909) 837-8922 Cell, Tisza (at) HomesByTisza.com Email... more
I've seen this happen before. A seller has time to digest an offer and get their mind set to accept it. Another offer comes in that isn't that much better. They decline it since they mentally had already accepted the other offer.
I would guess that by the time you raised it $10,000 it was too late. The buyer and seller had probably already come to terms.
No, I wouldn't touch the deposit if I were you, because I wouldn't want to give the bank ANY reason to deny your loan out of suspicion. Instead, I'd ask the seller for how much she needs to move into that apt, and I'd write an option (with a refundable option fee) to be able to close earlier, and write that option so that the option fee is applied towards your purchase. Whether or not the bank will allow you to apply it towards your down payment is between you and the bank. Nevertheless, this way you're using creativity to help resolve the seller's issue and mitigate any potential issues with your lender.... more
Santa Clarita is just such a place located about 35 miles North of Los Angeles International Airport. Try these links for info on the city.
You can get a nice Single Story House in the price you mentioned. If you need more info do let me know.
United America Realty
Bank owned should not require months/months wait. For normal sales, look for one that has been on the market for a while, in a good location, fits most of your condition, does not have to be perfect (where it has good bones but may need cosmetic upgrade), then go in and make a reasonable lower offer that fits the current market condition.
We do hear sellers who do not want to lower price wonder why people just don't come in and make an offer. So, you should just do that to get started - but do it nicely without insulting the owners.
Well David, that is one of the most beautiful areas in Claremont. I think the location is certainly one of the upsides of this community. It all depends on what you are looking for. If you are looking for a house that is high up by the foothills and out in nature, then that would be the place for you. I have known many people to purchase there. Centex homes are one of the best builders out there. I bought a house from them a while ago and was very happy with the quality of work.
As far as a 5000 square foot house for 1.2 million or a 4000 square foot house for 1 million of less, it all depends on what you like and what you get from the builder for those prices. I know there are only a few homes remaining at Stone Canyon Preserve. Many builders are having a hard time getting rid of their last houses so you can negotiate with them. If you want an agent to help you get a really great deal, let me know. I can try to help you if you have not already registered up there. I would have to go with you to sign up and certainly can help negotiate a better price for you. Let me know if I can help you with that. If not, good luck, Claremont is a wonderful place to live!
Joan Patterson, B.A., A.S.P., G.R.I., Realtor
Keller Williams Realty
8250 White Oak Avenue, Ste 102
Rancho Cucamonga, CA 91730
Your banker informed you that you would not have to prepay any property taxes.The seller paid are not prepaid as they were already due. I know it's complicated but they paid them up to June so you will have to pay them back (repay) but this is different then having your taxes in an impound account as the taxes were already due through June.
I know it's frustrating but the costs of purchasing a home can be quite complicated. It's always good to set asside a little for "surprise" costs. The county isn't one to issue refunds.
Congrats on your new home.
I love Claremont, CA. It is number 5 in the CNN's best places to live.
5. Claremont, Calif.
Median home price (2006): $643,549
Average property taxes (2006): $2,834
Pros: Tight-knit community with topnotch schools
Cons: Poor air quality, high home prices
Thirty miles east of Los Angeles, Claremont came into its own in the early 20th century after the founding of Pomona College. Streets were named after prestigious East Coast schools, and residents were encouraged to plant trees.
Today, Claremont is called the City of Trees and Ph.D.s. The city has won the National Arbor Day Foundation's Tree City USA award for 19 straight years, and Pomona is part of a prestigious consortium known as the Claremont Colleges.
The downtown is a mix of hip boutiques and old-school businesses. And the historic College Heights Lemon Packing House is now home to the Claremont Art Museum, restaurants, a jazz bar and artists' lofts. And relative to much of California, it's affordable (emphasis on "relative").
It is hard to suggest to someone where to live. It depends on what you are trying to accomplish with your purchase, is it an investment, do you want it close to work, is it temporary or is it permanent, do you enjoy night life ----- there are so many questions.
But I love Claremont. All my children attend school in Claremont and I love the schools as well.... more