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Home Buying in Chula Vista : Real Estate Advice

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  • Local Info21
  • Home Buying99
  • Home Selling3
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Activity 143
Thu Aug 12, 2010
Patrick Hale answered:
We have this information on our website or I can customize a search that will send you this info.

Email me if you still need help.

Patrick A. Hale, CDPE, RSD
Real Estate Broker & Investor

REO & SHORT SALE EXPERTS WITH A MISSION TO:
"Help Over 360 Distressed Home Owners Avoid Foreclosure"
If You or Someone You Know is in Financial Distress Visit: http://www.SDRealEstate360.com
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Thu Aug 12, 2010
Vincent Villafranca,REALTOR answered:
Hi Jay,

Melloroos were designated with the development at the time of construction. There are used to pay for streets, schools, etc. The do not go up and they eventually go away after about 25 years. From my experience the older the home 2005 and older the lower the melloroos. I specialize in the Otay Ranch area and I am also a homeowner in the community. Please give me call at 619 972 8798 if you still need a house of info.

Vincent Villafranca, G.R.I., A.B.R.
Certified Distressed Property Expert
Prudential CA Realty
940 Eastlake Parkway
Chula Vista CA 91914
direct: 619 972 8798
www.MrOtayRanch.com
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0 votes 2 answers Share Flag
Sun Feb 14, 2010
John Stacy answered:
Hi Maggie,

As Terry said, no one can see the future. Ask yourself these questions... why do you want to buy now? Out of need or you are looking for a great deal? Are you planning on staying in this home for short term or long term? More than likely if you wait to buy... there should be more inventory but what will the interest rates be? Will lender guidelines change? Maybe the govt will extend the $8,000 tax credit again? Regarding your offer, a lot depends on how your agent structures it. Have you been making offers below market value or asking for closing costs credit etc...? Remember, many buyers are overbidding, but they will run into appraisal issues unless they are willing and able to pay the shortage. Many bank owned props/sellers are now asking buyers to remove/waive the appraisal contingency. If you find a home that you really like and suits most (or all) of your needs and payment, don't hesitate... since you are a Conventional buyer, I know competing with multiple buyers can be frustrating, but it should just be a matter of time that your offer is accepted. But if you can wait and want something specific to your needs, there will be many wonderful opportunities and homes to choose from whether they are bank owned, short sales or traditional listings. Hang in there! Let me know how it goes... Good luck!

John Stacy
Weichert Realtors Elite
Bank Owned and Short Sales Specialist
619.892.2985
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1 vote 11 answers Share Flag
Tue Jan 26, 2010
Beth answered:
Thank you both for your answers. No, the house hasn't sold. The sellers agent and our agent are both checking into this daily and they think there is just a back-log of paperwork that needs to be filed. But, I'm just concerned everything will get lost in the shuffle and the house will end up getting sold. We are the only ones with an offer on the home, but I think I'm just getting nervous. ... more
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Sun Dec 27, 2009
Deborah Madey answered:
HI,

If you pursue a lease option, ask for a long lease period with no penalty for an early puchase. You don't want to box yourself into a one year arrangement, find you don't yet qualify, and forfeit an option or deposit as a result.

I think purchasing now will be a challenge, unless you have a hefty down payment. But, I am not a mortgage rep, and defer to their expertise.

Deborah “Deb” Madey - Broker NJ/FL
Peninsula Realty Group - New Jersey
732 530-7755 Main
732 530-6350 Direct
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0 votes 7 answers Share Flag
Sat Dec 26, 2009
Maya Thomas LLC answered:
If you owned a home worth $320,000 would you sell it for $240,000? All Asset Managers at banks have to answer to someone. There are rules at every bank about what percentage of value a property may be sold for. The best thing to do is to get a buyers agent and start looking in your price range.
Maya
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Sat Dec 26, 2009
Maya Thomas LLC answered:
Hi Beth,
Ask your agent to get the details from the listing agent. Maybe the only reason the seller filed bankruptcy is to protect themselves from a deficiency judgement. Maybe there are many reasons. If it's just the deficiency judgement you may be able to work through this with your agent. A bankruptcy can be withdrawn.
Maya
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0 votes 5 answers Share Flag
Thu Nov 5, 2009
Jeanne Feenick answered:
Hi Sheri, while I've only worked on the Buyer side of Short Sales to date, I've had enough experience to know that every short sale is different, seemingly the only thing they have in common is that they are anything but "short". The bank is in charge - of process, timing, and responsiveness. As other posters have suggested, it is likely no fault of your agent. But having said that, I will say that cases in which the communication is good among parties are far more likely to succeed than those that aren't. I'm not saying that the agent can control the responsiveness from the bank, but he/she is in control of his/her responsiveness to you. So ask your agent these very questions and ask him/her to explain/clarify and accelerate to the best of his/her ability.

Good luck to you.

Best,
Jeannie Feenick
"Unwavering Commitment to Service"
Find success at www.feenick.com
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0 votes 9 answers Share Flag
Wed Oct 21, 2009
Dawn Lewis answered:
Ask them. Different home builders allow you to use it for different things. Since the new home builder will have a markup on upgrades they will want you to use the money for that. I would tell them what you want to use the incentive money for and see if they allow it. Buying new in this market is a good idea. Best of luck. I worked in new home sale in San Diego and Chula Vista for over 10 years. With the market the way it is they will probably be as flexible as the are allowed.

Dawn Lewis

http://www.dawnsellssandiego.com
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Wed Oct 21, 2009
Dawn Lewis answered:
I think new home construction is a good idea. Make sure you look into the 10k tax credit for new home purchases in CA - ask your agent. The only thing I would suggest is looking at what the exact Mello-Roos is for the new construction. If you're looking in Otay Ranch and it's brand new it can be quite high. I like the idea of buying new in this REO and short sale market. I live in Otay Ranch and I like it.

Dawn Lewis

http://www.dawnsellssandiego.com
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0 votes 2 answers Share Flag
Wed Oct 21, 2009
Dawn Lewis answered:
It depends where you're looking on the web. Many web sites have homes listed for sale that are not available or are old listings. Go to a site that has an up to date MLS search engine. My site does and the link is below. You should also use an agent that can give you a FREE Listingbook account - my website does that too. Be carefull where you search for homes - many web sites are completely inaccurate. Best of luck. Give your agent a second chance unless they are not working out for you. Dawn Lewis

http://www.dawnsellssandiego.com/listings-map_search
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0 votes 6 answers Share Flag
Fri Sep 25, 2009
Rascal asked:
Sat Sep 5, 2009
AJ Anchondo answered:
The simple answer? Banks are stupid greedy. Remember, their the ones that got us in this mess to begin with. From FDIC to the SEC, you can find inocpetence and ignorance abound.

When your dealing with a bank, there can be no rhyme or reason to anything they do. If you make an offer on a short sale, you should be prepared for nothing. Then, just be happy if something good should somehow come about.

My suggestion, we should all boycott short sales and force them to drive a home into foreclosure. Then, you have a chance at being treated with some respect.
It also depends on the ability of your agent to know when to advise you against working with a bank, if their not going to seriously consider an offer. Many times we see signs of an agent being the one who is deciding which offer to present to the bank, instead of submitting all of them to the bank.
Seriously, I can't wait to deal with a listing that isn't a short sale or a foreclosure. It's amazing how much easier it is to negotiate with a good ole home owner.
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0 votes 4 answers Share Flag
Fri Aug 21, 2009
Janet Guilbault answered:
Erwin: To be able to rent your house out and get another loan, you must have equity in the property. So your fiance cannot be your co-borrower UNLESS she can qualify for the new property and NOT count the rental income from the condo.

You could ask a family member to go on the loan with you as a non occupant co-borrower (allowed on an FHA loan). You could ask a family member to gift you enough cash to drop your payment enough to qualify.

You could simply buy what you could qualify for now (although I doubt there are houses that cheap, but maybe I am wrong)

The reason lenders will not allow you to rent out the departing house is because too many people want to "dump" their underwater house, after they buy something else. Lenders see this as a way to stop foreclosures.
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1 vote 5 answers Share Flag
Fri Aug 14, 2009
Dawn Lewis answered:
Sedit, If you don't like your agent ask him to release you from the contract. It might just be your judgment that he gets frustrated maybe he just really is working hard for you and wishes he could get you into a home. Every agent in Chula Vista is in the same boat, there's little inventory and many many buyers. Only one buyer can buy a house with 30 to 50 offers. Good luck finding the perfect fit in an agent, they're out there.

Dawn Lewis - Chula Vista Realtor 20 Years Experience

http://www.dawnsellssandiego.com/
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0 votes 3 answers Share Flag
Fri Aug 14, 2009
Dawn Lewis answered:
Beth, It is a good time to buy but only if it's a good time for you. There are and will be more foreclosures coming. No matter what market you're in there's always more listings, foreclosures, short sales coming. Right now there is a definite shortage of homes for sale in lower price ranges in Chula Vista. Good Luck and it's a good time when it's a good time for you.

Dawn Lewis San Diego Realtor 20 Years Expereince

http://www.dawnsellssandiego.com/
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0 votes 2 answers Share Flag
Mon Aug 10, 2009
Mike Lewis answered:
I would email Trulia Help and let them know you don't want the service any longer. They respond pretty fast. Good Luck Jeff.

http://www.dawnsellssandiego.com
0 votes 1 answer Share Flag
Mon Jul 6, 2009
Raana Jamshide answered:
Hi Yesenia,
It is sold! Escrow close June 30Th.
0 votes 1 answer Share Flag
Tue Jun 30, 2009
Chris Keller answered:
It went into pending on June 3, 2009.
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