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Home Buying in Cypress : Real Estate Advice

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  • Home Buying10
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Activity 17
Wed Oct 7, 2015
answered:
You sound like a very intelligent and organized person.

I happen to own a mortgage company and I sell houses here in the area. If anyone can get you into a house I can.

I did the math and assumed t hat the $400 was food and insurance and did not count it in the ratios.

With and FHA loan assuming it had to be a condo and that there would be a $300 a month association fee the amount of loan you can get is only $150,000 (that is stretching it.) Then I looked up properties in Orange County and there are no properties accept senior only properties (Laguna Woods etc.)

There are no houses or condos that you qualify for available for sale In Orange County I do not recommend mobile homes. There are one or two condos in Long Beach that may be suitable.

So it sounds like you have a college degree (you have student loans). And it sounds like you two are earning min wage. So I would have to say the best thing you could do is to look for better employment.

In the mean while give me a call if you would like to consider the condos in Long Beach, they are near the ocean, and in reasonable areas. Long Beach also has a great down payment assistance program.

My phone number is 714-968-2500
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0 votes 2 answers Share Flag
Sun Feb 22, 2015
Karen McEniry answered:
Hi Frank,
You would probably be better off selling the manufactured home and finding another one where the space rent is lower. Call me if you'd like to discuss further. I can send you what is available on the MLS and give you an idea what your home might be worth.
You can also look on the website: mhvillage.com to see what other mobile homes are for sale in the area. It has most of the mobile homes for sale in the area.

Best Regards,
Karen McEniry, Realtor, SFR, SRES
Coldwell Banker Beachside, Realtors
karen@karenmceniry.com
(714) 343-9470
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0 votes 5 answers Share Flag
Sun Feb 22, 2015
Karen McEniry answered:
You can probably qualify, depending on other factors that only a lender can answer for you. Call me if you would like referrals to some good lenders to check with.

Best Regards,
Karen McEniry, Realtor, SFR, SRES
Coldwell Banker Beachside, Realtors
karen@karenmceniry.com
(714) 343-9470
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0 votes 3 answers Share Flag
Thu Jun 26, 2014
Kawain Payne answered:
This is an old question, BUT I just had this happen on a property this month (June 2014)


Kawain Payne, Realtor
0 votes 15 answers Share Flag
Fri Mar 28, 2014
Alex Montelongo Real Estate Group answered:
That is a great question. It looks from the answers you've already received that the majority of banks will require you to wait at least six months. Although there seem to be some that will loan sooner. Banks have been changing the guidelines quite often in the past several years. I think I will ask my preferred lender to get the answer myself.

Best of luck.
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0 votes 9 answers Share Flag
Fri Mar 28, 2014
Alex Montelongo Real Estate Group answered:
As of March 28, 2014 That property is Active at $339,900 with a monthly HOA of $330.Completely remodeled, it looks like a nice piece of property. Please give me a call if you are still in the market.

Alex Montelongo/Broker
Coldwell Banker Star Realty
562-810-7387 Cell
BRE Lic #01456982
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0 votes 9 answers Share Flag
Thu Mar 27, 2014
Alex Montelongo Real Estate Group answered:
How's it going Hector? The market has changed a little since your post. Yes, there are still cash offers being made but fewer. As someone mentioned in an earlier post, some cash investors do the ol switch a roo on sellers... What I mean by that it they always say that it is all cash and somewhere down the road they change the terms to add financing of some sort. The seller usually has no choice but to continue to move forward because at this point they are invested. This is what's going on in most cases.
Don't fret, if you are working with a hard working Realtor, I am sure that you will secure something eventually. Hang in there and keep trying.

All the best,

Alex Montelongo/Broker
Coldwell Banker Star Realty
562-810-7387 Cell
BRE Lic #01456982
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0 votes 11 answers Share Flag
Fri Oct 26, 2012
Eden Lim answered:
Hello Catherine

I has being 6 month since you asked this question. Would you like to share an update for your house search with us here on trulia.
2 votes 6 answers Share Flag
Fri Oct 26, 2012
Eden Lim answered:
The best way to find a house and get the right advise is to hire a real estate agent. It does not cost you anything as a buyer, but will make your house hunting more easier and productive. ... more
2 votes 4 answers Share Flag
Wed Nov 18, 2009
Charles K. Park answered:
If you need a Korean speaker, I speak Korean and English. So next time, remember me. Thanks. (I hope this is o.k. here?)
0 votes 2 answers Share Flag
Wed Nov 18, 2009
Charles K. Park answered:
It's now 11/18/2009 and I can say that prices are turning around and inching back up. Just do the recent sold search on Trulia and list according to price. Generally, Sorrento homes are listed first because in Cypress, CA real estate, they are the highest priced homes. ... more
0 votes 4 answers Share Flag
Sun Oct 11, 2009
Charles K. Park answered:
I don't know why I got this Q&A in my email from Trulia dated more than a year ago! Definitely, the prices should have come down since 2008. But in my area of Cypress, the prices have now stabilized and beginning to inch up.

Charles K. Park, Broker.
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0 votes 7 answers Share Flag
Tue Oct 6, 2009
Donna answered:
Hi, We own a townhouse in the complex. It is Midwood Manor. We are selling our unit if you are still looking to buy here. You can call our agent, Ray Rufo 562-896-9716.
0 votes 3 answers Share Flag
Fri Jul 24, 2009
Wyndle Jordan answered:
Chrisine,

Before you select a location or a Realtor, be sure the two of you have the same end result in mind. For example, will the home be purchased as an investment for future growth with the expectation of selling for large gains in a few years? Maybe you plan to purchase it now and later use it as rental property for future income, or perhaps you plan to purchase and remain there until you pass it on to your children.

Obviously, you have quite a few choices, but the point is to adopt the same philosophy regarding the purchase before you purchase. If you do, the two of you will meet with much greater success when the time comes to pick out your first home. The process of starting with the end in mind is the key to any successful venture.

Congratulations on your engagement and good luck!
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0 votes 6 answers Share Flag
Wed Oct 8, 2008
Jeremy Lehman answered:
Contact an attorney right away. As you have probably heard, builders have been hit the hardest in this big mess. The longer you wait, the less likely you will see your money, if there is still a chance.

Jeremy Lehman
Century 21 Beachside
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0 votes 1 answer Share Flag
Tue Jul 22, 2008
Patrick Sharples answered:
Chrisine, my opinion is that there is a misconception that by paying "all cash" you will get a better deal on the property. Even with lenders tightening guidelines and less qualified buyers in the market, I haven't found there to be a difference in the price agreed to be the Seller. The Seller's main concern is "do I have a qualified, bonified Buyer?" If the Seller has a good agent, they will have all of the buyers financials, a preapproval letter, and in many cases today, will actually speak to the lender prior to accepting the offer. With the information we are able to obtain, all cash vs. financing doesn't make too much of a difference. Even though the market has slowed, if a property is priced properly, it will still sell in today's market. You will only find a big savings if you happen to find a property where the Seller needs to close fast (less than 15 days or so) or has some other type of personal or financial hardship.
Whether you are paying all cash or financing your purchase, most seller's understand they will need to make some concessions on their sale. These concessions will more than likely come in the way of crediting you money for closing costs, repairs or maybe some small updating (paint, carpet, etc.).
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0 votes 8 answers Share Flag
Mon Dec 31, 2007
Graham M. Lombardo answered:
Jorge, One of the reasons in my opinion that many buyers are in over their heads with mortgage payments is that they over extended their financial obligations. A safe rule of thumb was to spend no more that 28% of your monthly disposable income on mortgage debt including taxes and no more than 36% on total monthly debt. At the 28% figure, that would make your monthly payment in the range of $1960.00. My advice would be to buy something that you can comfortably afford, and too be certain you can afford the possible increase in payments once your ARM resets. A good mortgage lender can figure this out for you. You can also Google mortgage and loan calculators to get a good idea before hand. If you insist on living in a much more expensive home, research the rent to price ratio for your area and see what it will cost you to rent vs buying. Tax deductions are good, but owning is a lot more expensive than renting in most cases, and you have to weigh ALL aspects of such a large financial under taking. Just my 2 cents worth. ... more
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