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91205 : Real Estate Advice

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  • Local Info2
  • Home Buying3
  • Home Selling1
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Activity 8
Wed Mar 29, 2017
answered:
Hello Emanahmed, absolutely not as there are to many scams out there these days for rentals.

Beware of the many rental scams out there these days on all sites. The scams are on all of the rental listing sites except one that us agents/broker use such as mls, multiple listing service.

You should not give anyone any funds or personal information without confirming with a licensed agent/broker or management company to find out whom you should be dealing with and the status of any address of interest.

The rentals in 91205 zip code start from $1,495 for 1bd 1ba apt, from $1,900 for 2bd 1ba condo and the single family homes start from $3,300 for 3bd 3ba house. You may qualify to buy with minimum out of pocket expenses and pay less than rent in local neighboring cities.

The purchase in 91205 zip code starts from 309k for 1bd 1ba condo, from 409k for 2bd 2.5ba condo, from 469k for 3bd 2ba condo and the single family homes start from 500k for 2bd 1ba home.

You should study RENT vs BUY options as you may qualify to buy and pay less than rent in many local cities. You may qualify to buy with minimum out of pocket expenses and pay less than rent.

If you decide you want to buy you will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. You will need to gather some documentation for each applicant.

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

You could consider a down payment assistance program such as CalHFA or Sapphire Grant which can cover your down payment and closing costs. You may close with minimal out of pocket expenses. You may consider the CalHFA from a minimum 640 fico score and the Sapphire Grant from a minimum 620 fico score up to 424k.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 424k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 424k.

You may consider 5% down Jumbo with a minimum 720 fico score from 424k up to 1.5 million and 10% down from a minimum 680 fico score and up to 2.5 million. You will need 20% down to purchase over 2.5 million.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve any agent can email listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

If you have had fraud committed against you or know of any one who has you can contact the FBI fraud hotline and they will investigate and prosecute.
FBI Internet Fraud Division http://www.ic3.gov/default.aspx

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
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0 votes 2 answers Share Flag
Thu Mar 3, 2016
John menzel answered:
Mon May 7, 2012
Ruth and Perry Mistry answered:
Hi Maggiegatmaitan,

A short sale is when a property sells for less than what the outstanding loans are.

Hence, say a person bought a home for $1 about five years ago with 10 cents down
and borrowed 90 cents. Hence, the loan amount is 0.90 cents

Today lets say the property is worth 60 cents.

Hence, if the seller sells today, the seller is short at least 30 cents plus sales costs and any other dues that have not been paid.

Let me know if I can answer any other questions or refer you to.

Perry

http://www.ruthandperry.com/

http://www.trulia.com/blog/perry_mistry/
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0 votes 7 answers Share Flag
Wed Jun 29, 2011
Anna M Brocco answered:
Any local agent can provide the information--if looking to sell, consider inviting a few local agents from different realty companies and ask for a cma, comparative market analysis; review the data, ask for opinions and establish a value. ... more
0 votes 1 answer Share Flag
Wed Jul 21, 2010
Tommy Lee answered:
Reena,
There are many answers to your situation. In the end, you will be the one that needs to decide what is best for you. First, there is nothing wrong with buying a property just in your name. You can always add your boyfriend later if it turns out to be a long term relationship. If you put him on title at the start and things do not turn out as well as you would like, it will be difficult to hang on to your hard earned money.

Second, is it a good time to buy? Most people think so. Prices have come down in most areas anywhere from 10 to 30%. Interest rates are as low as they have ever been.

Third, what is a good location? That depends on your taste. For some people that have children, the schools are the most important thing. For others, shopping or restaurants or entertainment are more important. For others, it is status of where they live. For others it depends on where they work. Only you know where you would be happy living. In general I would recommend Burbank, Sherman Oaks, Glendale, La Canada, Montrose or La Crescenta.

Finally, you need to understand that when you buy a property, you will need to plan on being there for probably a minimum of 5 years. It probably will take that long before the market recovers and it makes financial sense to upgrade. Some people like condo's or townhouses since they do not have to take care of the yard or they have amenities such as a pool or spa. Other people like their own home so that they can enjoy having a garden or they can make changes to their property without having to ask a Home Owners Association. Again, only you can make this decision.

I would recommend talking to a financial planner too. There are some tax advantages to owning a home. A financial planner or tax adviser can help you understand these things.

If you need help watching the market, please give me a call or send me an email. I can supply you information on properties in the Los Angeles County area. I also have a blog on Trulia where you can see other helpful information.

Tommy Lee DRE#01723594
tommy.lee@dilbeck.com
323-821-2292
говорю порусски
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0 votes 13 answers Share Flag
Thu Mar 12, 2009
M.D.J answered:
Not much...unless you can qualify for two house payments because you don't have the 25% or 30% equity for FHA or Conventional financing to count the rent.

Any further lending questions feel free to contact me and good luck to you. ... more
0 votes 3 answers Share Flag
Mon Oct 27, 2008
Kendyl Young answered:
Andy, termites are a fact of life, here in So. Cal. If you were to steer clear of every home that has termites you would have very few homes to choose from!

The truth is that termites can come back the day after a tent is removed. We do not use chemicals that hang around - who would want to live with that? Significant damage, however, takes time. Conscientious homeowners will have a pest inspection every year, eliminating the need for costly interventions.

Most homeowners, including me, will only inspect every few years, but even this is often enough to avoid a big fumigation and structural damage.

I hope you buy this home and enjoy many happy years in it. Just remember, a home is only as sound as you maintain it.
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0 votes 5 answers Share Flag
Wed Aug 20, 2008
Keith Sorem answered:
Katie
It is a fairly good rental market right now. Many people are "in the market" to rent because they either cannot afford to buy, or they used to own, but now they have to rent.

I encourage you to consult with a local Realtor and a tax professional about the pros and cons of renting. We have owned rental property for years and it is important to know in advance what your options might be at the conclusion of the rental period (say, if you decide to move back in, or perhaps sell).

Having been through this the hard way, trust me, it is better to ask questions and get as much advice as possible BEFORE you move forward.

Keith
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