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Home Buying in San Pedro : Real Estate Advice

  • All71
  • Local Info8
  • Home Buying15
  • Home Selling3
  • Market Conditions3

Activity 18
Thu Feb 26, 2015
Alex Montelongo Real Estate Group answered:
Start by contacting a Realtor. Set up a consultation and that Realtor will be able to answer any questions that you have. I have a buyers presentation that goes over every aspect of the home buying process. This is done prior to contacting a lender so that you know what to expect from the very beginning.

Feel free to call if you are still in the market.

Best of Luck,

Alex Montelongo/Broker
Coldwell Banker Star Realty
562-810-7387 Cell
BRE Lic #01456982
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Mon Jan 19, 2015
Roxanne answered:
Stay away from Gaffey st and the busy streets like 1st street. Generally the further up the hill the better. Side streets have some good options.
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Sat Nov 8, 2014
Kevin and Julie McLaughlin answered:
Wed Dec 18, 2013
Kyle Daniels answered:
You have many options in Long Beach. The area near Belmont Shore and Naples Island are incredibly beautiful and a great place to raise a family. There are many options so it depends on the best fit for your needs within your budget. Let me know if I can help. Kyle ... more
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Sat Jan 26, 2013
Your Solar Realtor answered:
I would get a third party involved. Seek legal advice and let your advisor review the lease.
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Sun Dec 16, 2012
Rich Harik answered:
Check page #3 Item 5. B. of your purchase agreement. It states property possession at close of escrow. That is a binding contract between you and the seller. If you decide to rent back to the seller. make sure you make them sign a lease agreement. ... more
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Wed Nov 7, 2012
Ameliajones70 answered:
Sun Oct 28, 2012
Ingrid Davis answered:
Hi Megan,

Great question!

In the past it's been thought that areas below Gaffey Street, north of 22nd Street would be seen in some eyes as not so great a neighborhood. However within the last 4 years and with the growing demand for affordable ocean views and cooler climates, this has become a more sought after area. As you have mentioned, the installation of Crafted and the attraction of the USS Iowa has this neighborhood taking shape and is becoming a more popular, safer and developed area. I've resided in San Pedro, am a local Realtor and really have a pulse on what’s going on here.

If you require guidance of particular neighborhoods in San Pedro, please feel free to reach me anytime.

Ingrid Davis, Realtor
The Real Estate Group
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1 vote 2 answers Share Flag
Thu Aug 25, 2011
Shel-lee Davis answered:

Older homes, and especially those on a hillside, may experience foundation issues. If the seller is AWARE of foundation problems, they must disclose this to you. However, don't count on them being aware of problems, unless they are severe. And as many have said below, have your agent ask the seller's agent for disclosures.

That being said, if you suspect foundation problems you want to have that looked at by the appropriate professional. Many home inspection companies do not employ licensed contractors to perform the inspections. So paying for a home inspection may not get you what you want. Consider calling out a licensed contractor, preferably one that does foundation inspections and retrofits. Many licensed contractors will come out and look at a suspect foundation and give you a bid for repairs at no cost.

Even if you have to pay $100 to $200 for a contractor's inspection and estimate, I don't see it as a gamble. I see it as insurance that you are buying a sound home (or one that can be made sound). Like Don pointed out below - you can often get a pretty deep discount on a home with foundation issues. You just want to know in advance the severity and cost of repairs. If the numbers work, this might be a great way to get a great home at a discounted price. Dare to Dream.

Shel-lee Davis, QSC®
Certified Distressed Property Expert – CDPE®
Short Sale & Foreclosure Resource – SFR®
Certified HAFA Specialist – CHS®
SSG Pro®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
424-2HELP12 (424-243-5712)
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1 vote 8 answers Share Flag
Fri Aug 19, 2011
Q: What is the general rule on approving a mortgage loan if you currently own an existing home?
A: There are a few, depending on what you plan on doing with the existing home.

1. If you plan to rent it out, and depending on how much equity in the home you have, and if you are relocating to another area not within reasonable commuting distance, then anywhere from 75%-90% of the rental amount to help offset that home's mortgage payment in an effort to qualify for the new mortgage. Your situation (for example if you were using conventional financing to purchase, and had less than 30% equity) could also dictate that none of the rental income could help you qualify. Depending on the type of financing and equity position, you may need to have up to 6 months reserves for both home's housing payments as well (however FHA wouldn't require any reserves).
2. If you plan on selling it, but will not sell it prior to closing on the new home, then you will need to qualify for both the existing and new mortgage payments, and depending on the type of financing you are using to buy the new home with & the equity position in your remaining home, the 6 months reserves for both properties could be a requirement too.
3. If you plan on selling it, and it will sell prior to you closing on the new home, then you would only need to qualify for the new mortgage payment since your old home would no longer be yours at the time you obtain the new mortgage. 2 months of reserves would likely be sufficient to qualify in that situation.

Shane Milne | Loan Officer in Orange County, CA | NMLS #81195
Direct local #'s: 949-273-4161 or 646-257-4842
Lending in all 50 states, all types of mortgages
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Wed Jun 15, 2011
Michael Bjerke answered:
My wife and I have lived in Redondo for the last five years, and we were very hesitant to buy in San Pedro. We finally took the plunge and bought a place in the 90731 zip code in San Pedro which I think is also known as the "palisades". I can't even begin to tell you how happy we are with our decision!

In our price range, we could afford a smallish, 1,250-1,450 sq foot townhome in Redondo, no view, not terribly close to the beach. For the same price, we bought a huge, 4br/3ba home, with 200+ degree view, half of which is ocean and Catalina. We can see north to downtown, east to to orange county, and south to the ocean and twin harbors on catalina island. We have so enjoyed sitting in the sun on our deck, overlooking the ocean and watching the cruise ships go in and out of the harbor! We're three or four blocks from the water, have a huge backyard with mature palms and flowering bushes and a two car garage. We feel like we won the lottery!

I am more and more impressed with the rest of San Pedro. Frankly, I wasn't expecting much and sure, I probably wouldn't hang out downtown on Gaffey at night, but the areas around 25th and Western, and all the way up Western to Westmont are all nice with a PV-ish feel. A couple okay restaurants, a movie theater, and all the retail you'd need. Nothing extra-fancy, but all with a comfortable, homey feel. Nice, normal, people, too - always a plus.

It takes us about seven minutes to get to the freeway. If you're used to the South Bay and its twenty-minutes-to-the-freeway commutes, this is like Shangri-la.

Anyway, there you go. Try anything south of 25th or west of Western and you'll be good to go. The condo areas up on Westmont and Capitol seem really nice and comfortable (and talk about affordable and easy freeway access!). there are some nice "Vista Del Oro" areas between, say, 10th and 17th-ish up near Western that are quite nice (we almost bought up there, too). Good luck!
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Fri Jul 30, 2010
Gregorio Denny answered:
Yes, and you should find a CaLVet approved broker to do it for you. Any Broker listed on the CalVet site in California will be able to assist you.
0 votes 3 answers Share Flag
Wed May 26, 2010
Andrea Kowalski answered:
Hi Erick,
The process of purchasing property in foreclosure is essentially the same as any purchase except, depending upon what stage of "foreclosure" the property is in, you as the buyer must be exceptionally flexible in your expectations. The fact is, properties that are in distress will be sold subject to the lender/s approval of the sale and in most cases, the property will be sold without repairs or other material considerations for the buyer. In some cases, such as an auction, the buyer may actually buy him or herself a new bunch of problems such as undisclosed liens on the property or material problems with the property that may push the limits of what's commonly referred to as "deferred maintenance".

That said, not all "distressed" properties are in bad shape and a qualified, prepared and patient buyer with a savvy agent who is experienced in these matters can successfully and happily purchase a "distressed" home. There is often more than one issue with various "foreclosure" properties, but here are the main ideas in different scenarios:

Short-Sale: house needs be sold for less than the seller owes. Seller's lender needs to agree to accept reduced payment on the loan.

REO: bank owns the property, they've already lost money on it and they're not likely to put anything more into it

Auction: You need cash to buy and to rehab if you want to stay there or flip it. As mentioned, this is a game for sophisticated investors.

I agree with the other comments about not limiting yourself to "foreclosures" in your search, but do find an agent to work for you in you purchase. Look for a full-time agent with experience and up-to-the-minute knowledge of distressed property sales, state and federal rules, and programs and incentives that can benefit you.

Good luck!
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Wed Mar 17, 2010
Richard Lecinski answered:
You really should meet with a lender and ask this as I am sure there is more details that will be needed.
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Thu Jan 28, 2010
The question I have is, who pre-approved you for $450,000 with no money down. As them exactly what program they pre-approved you for. They should have discussed all the options mentioned below with you. In my mind, part of the pre-approval process is finding out what your assets are, or where you are getting the down payment money, so that they can approve you for the purchase. You should also take a look at what you are paying now in rent, and what the payment on the $450,000 loan with taxes, insurance, and MIP would be. Your payments for the loan amount stated and the MIP, not even adding in taxes and insurance would be about $2700. If that is more than what you are paying now in rent, and you have not been able to save any money at all, perhaps you should re-think the purchase. ... more
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Wed Nov 26, 2008
Natalie Vyce answered:
Hi My name is Natalie Vyce and I am with the Al Damico Real Estate Team. We actually sold that property this month. Are you looking in that area?. We have other listings in the area for sale. I would be happy to send you our list and answer any questions you might have regarding the Mantis listing via private e-mail. Please let me know.
Happy THanksgiving

Natalie Vyce
The Al D'Amico Real Estate Team
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