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Home Buying in 92102 : Real Estate Advice

  • All23
  • Local Info2
  • Home Buying11
  • Home Selling0
  • Market Conditions0

Activity 10
Thu Apr 2, 2015
Nancy Bergman answered:
Typically - if the flipper added rooms or sq ft to the home and the "flipper" pulled permits, I think you get the "certificate of occupancy" at the final inspection with the city/county.
What it a single family home converted into a duplex, originally a duplex, etc.
I would DOUBLE check with the sellers, the permitting department and possible legal counsel.
Good luck!

Nancy S Bergman
Realtor - Cal BRE #01893550
Windermere Real Estate
14677 Via Bettona #120
San Diego, CA 92127
Cell (858) 617-9449
Email -
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Mon Jan 5, 2015
Andrew Liebenhaut answered:
There is a program that I use that provides 10,000 towards your down payment and closing costs. It is a zero interest and zero payment loan that is only due when/if you sell the home. I have closed using this program several times and would be happy to assist you.

1-Must not have owned a home in 3 years.
2-Must have been in the same line of work for 2 years
3-Must make more than 25k but less than 80k
4-Must have 1,000 to put into the deal.
5-640 minimum credit score.

Contact Andrew 954-394-7185 Text first Please!!!!!!!
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Tue Aug 26, 2014
Robert Chomentowski answered:
You are the buyer right? Is the seller taking an action to remedy this? It should be the sellers responsibility to remove the tenant. If you have to deal with it, the first step is to speak to a real estate attorney experienced with evictions. ... more
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Wed Jan 16, 2013
Rene' De Blanco, MBA answered:
I lived briefly in Golden Hill when I first moved to San Diego a year ago. It is central to everything and I think it is going to be an even hotter part of town in 5 years.
0 votes 21 answers Share Flag
Mon Jan 16, 2012
Julianne Pulido answered:
Greetings Carlos,

My husband is also a veteran. Let me see if I can give you a complete answer. :)

For clarity's sake, however, the VA doesn't actually issue home loans, but it does provide guarantees that protect the lender should the borrower default, much like Federal Housing Administration lending program guarantees. These guarantees allow the lender to waive down payment requirements and offer more favorable interest rates and other terms to the buyer. Most veterans, as you may know, are eligible for a $36,000 basic entitlement plus a $68,250 bonus entitlement for a total of $104,250, though lenders will typically lend four times that amount with no down payment required -- even more in certain counties where the cost of living is higher.(500,000 in San DIego County)

You should know, however, that short sales can be exasperating because they frequently fall apart after months of work. Also, the VA has stricter appraisal requirements regarding a home's condition than conventional lending programs do, which is relevant because short-sale sellers are distressed and typically have no motivation or money to make repairs. Moreover, the VA more closely restricts what can and can't be paid for by the home purchaser.

That doesn't mean you shouldn't pursue a VA-backed short-sale property purchase, especially if you're getting a great deal on what you consider an ideal home. But be sure to seek out a broker experienced in both short sales and VA loans; there should be plenty out there given the market's recent history and the number of veterans seeking housing. Agent experience is significant because short sales typically require patience and constant communication with a variety of players such as other agents, loan officers, guarantors and escrow and title companies. Such an agent can help you structure an offer that's competitive with offers that don't require the sellers to incur a number of costs the way VA loans do. But be prepared to hang in there at least three months or perhaps longer.

If you don't have your heart set on one specific short-sale home, target several to broaden your possibilities and diminish your disappointment should a deal fall apart. Hint: Deals involving foreclosed homes already owned by banks are typically smoother and move along much faster.

Good luck in your homebuying. If you would like assistance, please just email or call! julianne
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Tue Oct 12, 2010
Cesar Silva answered:
The min down payment on a 4 unit property can be as low as a 3.5% using a FHA Mortgage as primary residence. If you currently own a home and is bigger in size then the biggest unit of the four, you would have to purchase the units as Investor Owned and would require a 20% as down payment unless the property is Homepath approved then you can purchase the units with 10% down. Hope this helps ... more
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Tue Oct 5, 2010
Jeff Larabee answered:
I think you're going to have to wait for the owner to figure out what they are going to do about the tenant. Patience is what you need. Or . . . you can buy the house with the current tenant and deal with the eviction process yourself. As a property manager I strongly urge you to forego this choice and just wait out the eviction process the current owner will be going through. Maybe the bank is still within their timeframes for using less confrontational eviction methods than simply posting a notice. Perhaps the seller is taking eviction action you are not aware of. Ask your realtor to give you concrete information about where the seller is in the eviction process.

Good luck,
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Fri Sep 17, 2010
Homertsimpson answered:
Hello Saj, Cory is correct a Home Path home is now owned by Fannie Mae probably due to foreclosure, so they'd be the "seller" now. It sounds like either the existing lease needs to run it's term so you can then close your current escrow, or someone needs to have a discussion with the tenant(s) to see if they'd be willing to vacate the property... in some cases offering the tenant compensation could help!

I hope this was helpful.
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Thu Apr 16, 2009
Cassandra Uphaus answered:
Hi Marisela,

I just had this issue with a buyer of mine. The major impact it had on her was her loan. FHA was not an option and the only way she could get a conventional loan was with 25% down.

Many investors are purchasing condo's to rent out which is great. It's stimulating the economy right?! Well, the majority of home buyers out there right now are VA or FHA loan types and these two loan types have strict guidelines the property must meet in order to secure the loan. Owner-occupancy is a major one. Because investors are purchasing many of these units throwing that ratio off, it's prohibiting many qualified borrowers from being able to purchase in areas they would normally be able to. This is becoming a growing concern because it's causing a problem with some complex's being able to sell the properties with price tags and vacancy rates reflecting it. My opinion, is at some point it will block enough potential buyers that something will have to change- either with the guidelines or investors ability to purchase within the complex. Just my 2 cents.

Basically, I think at some point the majority of the complex's are going to have low ratio's and it's a reflection of the economy and not necessarily the unit. If you like/want the unit, have the funds for a cash offer or can find a lender to lend with that ratio, then do what's in your best interest. Regardless of what anyone tells you, purchasing a home is a risk no matter what the situation and how good the market is. You have to decide what's in your best interest and if that property meets your needs.

Good luck!
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