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92883 : Real Estate Advice

  • All23
  • Local Info2
  • Home Buying12
  • Home Selling0
  • Market Conditions0

Activity 17
Tue Oct 25, 2016
Nealj90278 answered:
the hoa is not the best, they seam to find tons and tons of things to send letter to my house about parking, dogs, miss use of my garage because in have to always park 2 cars in it. i feel like the hoa is the gestapo, their are homeless people living behind my house on Santiago canyon road. i could go on and on!!!! ... more
0 votes 14 answers Share Flag
Thu Sep 22, 2016
answered:
No if you have 20% down FNMA only requires you only need to wait 2 years. But most lenders do not honor that. The reason is that the servicing departments of the banks dictate that because they do not want to service the loans

As a guy who worked for 3 years for a major bank, I was not allowed to tell people the bank would not do their loan. I was required to take their loan application and torture them for a month before they turned it down.

The trick is to go to a broker like myself to find a lender who can find a lender who will. You can contact me by clicking on my picture or call me at 714-968-2500
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0 votes 2 answers Share Flag
Wed Sep 10, 2014
Mike Carman answered:
There are older homes is 92883 with lower tax rates. Please call me if you wish to see some.

Mike Carman
Realty One Group
Homes-Lives-Dreams
951-258-2728
1 vote 9 answers Share Flag
Thu Aug 14, 2014
TK Khan answered:
Sycamore Creek is a very nice area to live in south corona, especially if you love the peace and quiet of the outdoors. Most people living there have upgraded and often time 2nd or 3rd time homeowners and well versed in finding the great neighborhoods in Corona. You will also find that there is a huge population of school teachers, police officers and other civil service personnel that gravitate towards this community because of its diversity and high end style living on a budget. ... more
0 votes 6 answers Share Flag
Wed Jul 30, 2014
Mark Stacey answered:
Each mortgage service company has a short sale form to be filled out and submitted also your approval will come with a offer that currently will take about 45 days.
0 votes 7 answers Share Flag
Wed Aug 21, 2013
Cameron Novak answered:
I love Jory's answer. I'd like to think it was a joke, but it appears that he's serious. I'd like a 3,000 sq.ft. new home based on his numbers.... 3,000sq.ft. X $14.34= $43,020.


Sorry to burst your bubble, but that's not reality.

Generally speaking, you can expect construction costs to be more in the range of $100 per square foot. Proper prep of lot, facilities, access, permits, and other considerations must be factored in though.
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0 votes 3 answers Share Flag
Tue Jun 11, 2013
Kim Kershaw answered:
This all depends on your personal circumstances. As a real estate professional who has a very close relationship with some really good lenders, they update me constantly on the current outlook on lending guidelines. Lending guidelines are the "rules" set by the banks and the "powers that be" controlling lending practices. Currently, if you short sale your home you could purchase a home in two to three years with a considerable down payment. If you allow your house to be foreclosed on by the bank, the time period will be longer.

Having a co-signer won't change your wait because both parties have to be able to qualify for the loan and as the person who went through a short sale you need the time to rebuild your credit scores and wait the 2-3 years as mandated by the guidelines.

A really good lender can answer all your questions and if you don't currently have one, let me know and I can give you the names and contact information of a couple who will take the time to explain it all and put you on the path to repair your credit and qualify for a loan in the shortest time possible.

Hope this helps...
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0 votes 6 answers Share Flag
Tue Oct 30, 2012
Devona Garrigus answered:
As the answers below have already stated, tax rates can vary for neighborhood to neighborhood. Find an agent you trust and let them help you with this type of research.
0 votes 4 answers Share Flag
Thu Aug 16, 2012
Donna Richards answered:
Hello,

I am the Sycamore Creek Specialist. I have sold over 100 homes in the community.

Sycamore Creek is a planned unit development with Mello Roos. What is Mello Roos? in the 70's California was experiencing a building boom. The state, county and city, could not afford to build the streets, put in the infra-structure, such as water, sewer, roads, etc. So Mr. Mello & Mr. Roos devised a plan where the builders would put up a bond. Once that home was sold, the assessments were passed on to the new home buyer for the cost of that particular community. Mello Roos can differ home by home in the same community, that would be by sq footage, smaller homes paying less. It can also differ, if the community had multiple builders, as some builders might pay off something that another builder did not. This does not happen very often in a Master planned community with different builders. The taxes can be made up of different assessments. Some being paid off earlier than others. For example in Sycamore Creek, the largest, and longest assessment is the water and sewer, which was the most expensive.

Ultimately, the home buyer pays more to live in a nice new community, and enjoy the amenities, such as Sycamore Creek which has 3 pools, gym, common walking areas, sports park, pocket parks, Club House, and now Beautiful Deleo Regional Park, for larger sporting events.

Most folks, love Sycamore Creek, say they would buy again, despite the mello roos. The county taxes are approximately 1.08 it is a percentage based on the home price. the Mello Roos run respectively $3600-$6500 approximately, which is not a percentage, so putting tax percentage on the whole amount can be grossly incorrect, since Mello Roos is not a percentage, but a fixed amount.

While speaking about the extra cost...HOA Sycamore Creek has an HOA which is relatively low, considering it all it has to offer the residents. HOA's differ, as a rule of the thumb, the more residents to share the cost, the lower HOA. that is why, a community without pools are gyms may have the same HOA, but less residents.

Donna Richards Broker-Owner
Better Homes of Southern California
951-858-4059
donna@betterhomessocal.com
BetterHomesSoCal.com
bre# 01479658
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0 votes 5 answers Share Flag
Wed Jul 11, 2012
Elise Timpe answered:
Village Grove has a 55+ mobile home park off Border Ave. where you own the land. HOA is minimal, it has pool, spa, RV storage, lakes and streams. It isn't a new community, but it is very pleasant.It is also conveniently located near shopping and freeway. I believe that is the only senior park in Corona and the only one where you own the land other than Butterfield.

If you'd like a heads up when homes come on the market in there, send me an email address and I'll send you auto updates from the MLS.

Butterfield Ranch is a communty of manufactured homes near Trilogy and Tom's Farms, though it isn't a senior community. I believe their HOA dues are $83 a month and you own the land.

There are senior condos in Dos Lagos and senior homes in Trilogy, though those areas can be pricey when adding the initial cost and monthly dues. It depends on her financials.

There are also independent through assisted living apartments, though it doesn't make sense for her to piddle away her money on rent when she could own and hold on to it or get a reverse mortgage.
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0 votes 3 answers Share Flag
Mon Jun 28, 2010
Reuben Pacheco answered:
Hi Chaty,
You can buy a HUD home with $100.00 as your down payment. The properties can be found on any HUD site and require a HUD agent to complete the transaction. There are strick guidelines to qualify for the low down and you'll want to make sure you have a good grasp on the requirements.

In as far as traditional lending is concerned, I've not heard of 100% financing in a couple of years now. With FHA you can put as little as 3.5% down and those funds can be gifted from a immediate family member.

Call around to a few bankers/mortgage brokers and see what city programs are being offered ( if any at all) you may be surprised. What area are you looking to buy in and what targeted price range are you thinking of?

Best,

Reuben Pacheco
Prudential California Realty
Pacific Design Center- West Hollywood
8687 Melrose Avenue, Suite G271
West Hollywood, CA 90069
323 466 5358 Offc.
213 804 4245 Mobile
www.ReubenPacheco.com
Reuben.Pacheco ( SKYPE)
preuben ( TWITTER)
Reuben.Pacheco1 ( Facebook)
TheReubenPacheco ( YOUTUBE)
GOOGLE ME ( Reuben Pacheco)
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0 votes 4 answers Share Flag
Tue Jun 22, 2010
Elise Timpe answered:
Inventory of homes for sale in Corona is dropping. Currently, we have less than one month of inventory. I believe we've set a record. What that means is that if no more homes were put up for sale, our current inventory would be sold in less than a month. A neutral or normal market has 6-9 months of inventory.

In addition, interest rates are at an all time low. Subsequently, due to the laws of supply and demand, homes are getting multiple offers and prices are being bid up. Your full price offer may not have been their best offer.

Agents have a fduciary duty to their clients. They can only disclose the details of other offers if authorized by their clients to do so. Disclosing that information is not always in their clients' best interest. Unfortunately, getting your offer turned down doesn't entitle you to know the details of the accepted offer. There are also no rules as to what offer to accept. It is the decision of the sellers.

When evaluating offers, there are many things to take into consideration. Much of them hinge on the likelihood the buyer sucessfully getting the loan and closing the sale. Most people don't realize that the main reason sales fail to close is that the buyer doesn't get the loan. Unlike virtually every other kind of loan, in Real Estate a buyer can have loan "pre-approval' and still fail to get "final approval" for a variety of reasons.

For this reason, cash offers often "win" the property because they are a "sure thing". Second, conventional loans are often preferred because the requirements are a little less stringent than FHA and VA regarding the properties condition and underwriters guidelines.

Other things that elevate one offer over another (besides offer amount) are how much money is initially put into escrow (earnest money deposit),amount of down payment (signifying strength),whether or not buyer is asking seller to pay their costs and several others.

Unfortunately, there is nothing you can do in this situation but keep searching and watching to see if this home comes back on the market.
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0 votes 11 answers Share Flag
Tue Feb 23, 2010
Renee Lewis answered:
Hi, my name is Renee Lewis and I have a team of experts that I work with who specialize in mortgages, tax, real estate, debt, investments or any financial issue. There is an excellent CPA in Corona who I would recommend. Call me and I can direct you to him. I live in Corona also.

Renee Lewis
Financial Advisor
951-781-0573
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0 votes 3 answers Share Flag
Tue Aug 25, 2009
Marcia Escobosa answered:
Connie,
We are still in a moratorium. The one that was supposed to end in April was extended by another three months by Obama. It is ending this month (August 2009).
1 vote 5 answers Share Flag
Wed Jun 10, 2009
Elise Timpe answered:
It sounds like you may have started your home search before getting pre-approved with a reputable lender.
The downpayment amount really depends on the specific lender and the loan programs they offer. If you can come up with 20% down, you can save yourself the cost of monthly PMI (private mortgage insurance). If you are going through the approval process with this lender, ask them what you want to know. They are working for you. If there is anything else you can do, they should tell you. After all, if they can't get you the loan, they don't make money.

Virtually all of the "bank sales" in Corona demand that the buyer must have loan approval from a direct lender complete with FICO scores before submitting an offer . Variations can include that the buyer must prequal through a lender that the listing agent/seller knows & trusts. The reason for this is that most sales fall apart because the buyer can't get the loan.

If you are beaten out on this one by the competition, make sure you have an experienced agent. Get them to refer you to a reputable lender. Most experienced agents have been "burnt" by inept lender/loan reps who can't deliver on their promises to potential buyers and know some reputable lenders/reps who can get you securely pre-approved and ready to make offers.
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0 votes 6 answers Share Flag
Fri Mar 7, 2008
Sean Giorgianni answered:
I searched Trulia, Zillow, and the County tax records. There is no record of a property at 8043 Soft Winds Dr., Corona, CA. There is, however, an 8044. There are 4 houses for sale on that street ranging from $700K to $1.35M. One is a short sale and the others are regular sales.

Good luck with your search. Thanks for the opportunity to help. Let me know if you need anything else!
... more
0 votes 1 answer Share Flag
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