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Home Buying in Costa Mesa : Real Estate Advice

  • All171
  • Local Info7
  • Home Buying52
  • Home Selling3
  • Market Conditions9

Activity 62
Sharon Paxson, Real Estate Pro in Del Mar, CA
Wed Aug 24, 2011
Sharon Paxson answered:
Hi Sandy - this is a great question. Many agents and brokers use buyer/broker agreements in todays times. However, you have brought up some good questions. If you are not satisfied with the service, then I understand that you would want to make a change.

In todays times with the internet, everyone has access to the listings. However, a Realtor can guide you through the home buying process. Also, many agents do hold open houses to meet prospective buyers, because those are typically the ones who are looking at the homes.

I think you will find that a number of Realtors are flexible with buyer/broker agreements, however if an agent invests a significant amount of time in working with someone, they would appreciate the loyalty.
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0 votes 15 answers Share Flag
Sharon Paxson, Real Estate Pro in Del Mar, CA
Wed Aug 24, 2011
Sharon Paxson answered:
I believe that an area specialist should be considered and is very important. A Realtor who specializes and lives in the area will know about the schools, programs, restaurants, children´s programs. And of course, provide detailed information about he specific East Side Costa Mesa you are considering. ... more
0 votes 46 answers Share Flag
Ron Thomas, Real Estate Pro in Fresno, CA
Fri Aug 19, 2011
Ron Thomas answered:
Hi Buy,

There are two "Contracts" here; the Contract between you and the Seller, and the Contract within the Escrow:

What I want to address is the Escrow; The Title Company will not do ANYTHING unilaterally; meaning they will not cancel the Escrow based on the Seller's request, you have to agree. They will keep the Escrow open if you do not say so.
So, if the Seller tries to sell the house to someone else, there will be an Open Escrow pending.

In the other extreme; the Title Company will bill you for your expenses. They will bill the Seller for theirs.

Befriend the Officer at the Title Company and ask them to call you if something happens. (do not try to give them a gift or anything; not kosher!)

Good luck and may God bless
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0 votes 10 answers Share Flag
Santin65, Home Buyer in San Bernardino, CA
Wed Aug 3, 2011
Santin65 answered:
I Have a property and I,m the bank but the make me the payment for 15 years but now I want to sell the de
0 votes 14 answers Share Flag
David Pham, Real Estate Pro in Garden Grove, CA
Mon Jul 4, 2011
David Pham answered:
Kudo to Gregorio for a nice summary.
0 votes 6 answers Share Flag
Mark Anderson,  in Orange County, CA
Wed Jun 22, 2011
Mark Anderson answered:
When buying an FHA approved condo - you should be able to hit your 5% max or less. Some of the money can also be "gifted" from others - so your total savings amount may be less. Please qualify through an FHA lender like Kevin Budde. He's the number one Loan Officer for B of A in the country - and his office is right here in Laguna Niguel. His number is 422.2075 - tell him I sent you. Good Luck! ... more
0 votes 11 answers Share Flag
Ted Zervouda…, Real Estate Pro in Huntington Beach, CA
Tue Jun 7, 2011
Ted Zervoudakis answered:
I agree with you all. I just wish more buyers saw the opportunity. The old saying of Buy Low and Sell High really comes into play here but what is missing in that saying is all of the fear that goes into it.

Good Luck to you all!
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0 votes 5 answers Share Flag
Karen Parsons…, Real Estate Pro in Laguna Beach, CA
Fri May 27, 2011
Karen Parsons Fiddler answered:
Hi Marcy,

There are lots of nice neighborhoods of Irvine....but most are not going to have great views. I guess that depends on what you want in a view. There are some nice mountain views in Turtle Rock area and also up in Turtle Ridge, but a lot of Irvine is in a flat area of Orange County.

That said....many surrounding cities have some nice views and pools are fairly common. If you'd like....I can email you some sample listings so you can get a feel for what we have available? If that would be helpful....just shoot me an email and I'll send you some.

On another note....I spent a fun couple of years in Valley Forge when my kids were little...are you in Philly proper? Such a beautiful area! I'd love to work with you on your relocation!

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0 votes 4 answers Share Flag
Bob Phillips, Real Estate Pro in Rancho Santa Margarita...
Sat May 7, 2011
Bob Phillips answered:
In my humble opinion, there are only two parties who benefit from having a buyer, of a short sale listing, opening escrow and putting a deposit into escrow, prior to receiving a final approval of that buyer's offer.

Those two parties are the buyer's own agent - who can then take a break from showing the buyer any further properties that come on the market, over the 2 or 3 months they wait for said final lender's approval, and/or the listing agent ( Both agents are sometimes the same person.) who now has a strangle-hold on that buyer's deposit.

Disadvantages to the buyer? First and foremost, over the ensuing 2 or 3 months there may be numerous better properties which come on the market, including bank owned properties, ( REO's.) other, perhaps nicer short sale opportunities, and equity sales, as well.

Both REO's and equity sales are usually far more attractive purchases because once the original negotiations are completed - in a day or two - you, as the buyer, KNOW what the price is, and when you'll be closing escrow. There is NO such early knowledge in a short sale transaction. You could wait for 2 or 3 months, only to have the lender come back with a counter-offer at a higher - perhaps unacceptable - price.

The OTHER important reason to NOT put money into an escrow prior to receiving the lender's final approval, is the release of your deposit, in the event you decide to withdraw. It is NOT simply your decision - the return of your deposit HAS to be approved by the seller, who - acting under the guidance of THEIR agent - might not be agreeable to releasing it, without further negotiation, or some bogus delaying tactics. It is entirely out of your control.

To reiterate. There is NO good reason - if you are the buyer - to put money into an escrow prior to obtaining the final approval of your offer, from the lender. If your agent tries to convince you otherwise, you might start looking for another agent.
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0 votes 11 answers Share Flag
Justin Ruzic…, Real Estate Pro in Greenville, SC
Wed May 4, 2011
Justin Ruzicka answered:

You really need to consider the affects on your debt to income ratio the "Investment" property will have. Even though you will have it rented out before purchasing another home, very few if any lenders will look at the Rental Income as INCOME, to your household. I have dozens of rental properties i have been doing this for over a decade so my experience and knowledge are second to none, when it comes to rentals and how lenders view them. Lenders want to see 2 years worth of Income/rent payments before they will recognize that as income to you. It sucks, but it is true. Then even when they do recognize it, they only recognize 70% of it...yep, because they know that you have to pay taxes and insurance and in this case likely an HOA few, all those combined will easily be 30% of the money you are getting from rent.
Here is just one blog I have written on Real Estate Investments.…

Best of luck.
If you have found this answer to be the best, please mark it as such, thank you for your time and consideration.
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1 vote 9 answers Share Flag
Connie Nickl…, Real Estate Pro in Costa Mesa, CA
Wed Feb 23, 2011
Connie Nickloff-Scott answered:
If you're looking for a newly constructed home, The Grove is that. If you're looking for the neighboorhood, there are more reasonalbe homes in that tract. If the elementary school (prek - 6) is what you are interested in then I highly suggest this area for Davis Magnet School. Top 10 in OC, and #1 in Newport Mesa Unified API score first year out. Just goes to show you what happens when involved parents, teachers, staff and administration can accomplish when we all work together and have the best principal to lead us. Just look at the web page for Davis and let it speek for itself.

If you would like more info, please feel free to call me. I would love to give you a tour of all the great neighboorhood and available homes in the area.

Connie Nickloff-Scott
DRE # 01883602
Weichman Associates, Realtors
office: 714-444-4663 ext. 420
direct: 714-717-8772
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0 votes 8 answers Share Flag
Alma Kee, Real Estate Pro in Tampa, FL
Mon Dec 20, 2010
Alma Kee answered:
Are you sure it's the lender countering and not a middleman investor that is planning to flip the property to you? Pull up the public records to see who owns the property and if your contract is not with that seller then there could be a fraudulent short sale flip going on.

Also, in case you are not aware, the listing price on Short Sales are "ficticious" and often well below an acceptable price to the underlying lender(s). Unless a short sale price is "approved" you have no assurance (other than a CMA provided by your Realtor) that your full price offer is a reasonably possible sale price.
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0 votes 20 answers Share Flag
Connie Bramb…, Real Estate Pro in Rancho Cucamonga, CA
Thu Sep 23, 2010
Connie Bramble answered:
Hi Kn,
Your answers are correct here, there are many homes under 500K! So I wonder why you are having trouble finding them. If you are searching on any of our local sites you should be finidng numerous homes! May I suggest when you do your search that you limit the criteria you are requesting. Only enter that which is absolutely necessary for you. No. of bedrooms, price and then look. Many times things are not completely filled out on our input screens and if you get too specific, you may be eliminating many potential properties!
Best of luck to you,
Connie Bramble
Placentia CA Realty
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0 votes 12 answers Share Flag
Mott Marvin…, Real Estate Pro in Sunny Isles Beach, FL
Sun Jun 20, 2010
Mott Marvin Kornicki answered:
Here is the definition of FORECLOSURE:

Foreclosure is the legal process by which a mortgagee, or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption.[clarification needed] Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption. Other lien holders can also foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue homeowners' association dues or assessments.

The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien". If the promissory note was made with a recourse clause then if the sale does not bring enough to pay the existing balance of principal and fees the mortgagee can file a claim for a deficiency judgment.

Lenders take title to a prorty in default and offer it to another buyer...
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0 votes 14 answers Share Flag
Emily Knell, Real Estate Pro in Huntington Beach, CA
Fri Nov 27, 2009
Emily Knell answered:
Your Welcome! I hope you're able to find a great deal in Costa Mesa. Again, it's important to drive the area & figure out which neighborhoods you like the best, you should also check just over the border into South Huntington Beach, there are many more neighborhoods over there that are much like the Costa Mesa side.

If you find a particular area you like but aren't finding enough homes on the market that look like they'll work for you, just let me know. It may just require my digging around a bit, there's likely homeowners who are terribly upside down & you could get a great deal on a short sale/pre-foreclosure property.
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0 votes 1 answer Share Flag
Thomas M Abe…, Real Estate Pro in Newport Beach, CA
Wed Oct 28, 2009
Thomas M Abercrombie asked:
Rich Littlef…,  in Huntington Beach, CA
Tue Sep 29, 2009
Rich Littlefield answered:
Michael Barr…, Real Estate Pro in Irvine, CA
Wed Aug 26, 2009
Michael Barron answered:
Hi thee Jamie, You have received some good advice. Step1 Consult with a lender to review your financial situation and your approval.
Step 2. Interview 3 agents to find one that you are comfortable with. If you need information on what questions you should be asking let me know and I can send you some very helpful information

Kind Regards
Michael Barron
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0 votes 4 answers Share Flag
Harrison K.…, Real Estate Pro in Irvine, CA
Sun Feb 1, 2009
Harrison K. Long answered:
Jessica ... Some good answers with information by others here about finding a pet-friendly community.

Please drive around Costa Mesa and see for yourself what areas appear to be pet friendly and whether people are walking their dogs. I believe you will be impressed in a positive way.

Harrison K. Long, Explore Group Properties.

Sounds of Irish and Happy St. Patrick's day greeting to you. ♫
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0 votes 4 answers Share Flag
Luong, Home Buyer in Houston, TX
Sat Dec 6, 2008
Luong answered:
Mr. Long,
FYI, I'm purchasing a property in Costa Mesa, not in Houston.
Mr. and Mrs. Michell had answered my question. Thanks.
0 votes 5 answers Share Flag
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