we are looking to buy a second home in Chula Vista CA. We are not ready to move yet therefore we want to rent it for the next 2-3 years . my budget

Asked by Tess Laskey, Chula Vista, CA Sun Mar 7, 2010

is not more than 250K . Is there a any foreclose property that you can recommend?

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Vincent Villafranca,REALTOR’s answer
Vincent Vill…, Agent, Chula Vista, CA
Sun Oct 10, 2010
Hi Tess,
I see that you are saying that you want to be at a price at no more then 250k. Why is that? Have you already been approved by a direct lender? With interest rates being incredibly low way under 5% you may want to try to get approved with financing to know what your options are. Purchasing a second home is a difficult task. If you have equity in your home you need to be at 70% loan to value or better to count in rental income. The rental income will help you in your loan prequalification. But, if you are at approx 80 % loan to value or higher they may NOT count in your rental income in which case you will have to qualify for both mortgages with your income only and be at an approx debt ratio of 50% or better. With an FHA loan you can purchase an upgrade house with 3.5% down but if you are buying a home smaller and in the same neighborhood they will call it an investment home and you will have to put down at least 20%. Please call me at 619 972 8798 and I can go over your scenario briefly so you know your options. I was mortgage lender for over 6 years prior to getting into real estate. I love to help:)

Vincent Villafranca, REALTOR, A.B.R.,G.R.I.
Certified Distressed Property Expert
Prudential CA Realty
9400 Eastlake Parkway
Chula Vista CA 91914
Direct 619 972 8798
Web Reference:  http://www.MrOtayRanch.com
0 votes
Dan Chase, Home Buyer, Texas City, TX
Sun Mar 7, 2010
Since you will want to rent this property you need to make sure you can rent it for MORE than the cost of insurance, taxes, and mortgage. You also need to cover maintenance costs that will happen. Maybe even a company to manage the house for you. If you can not you will lose money. That is a bad idea.

Why buy now? Tons of foreclosures are coming to california.
1 vote
Patrick Hale, , San Diego, CA
Thu Aug 12, 2010
I have a lot of upcoming foreclosures in that price range. You can view our website for a free list of contact me and I can keep you updated. I also provide full service management at a discount to buyers that use our services. If you haven't found a place, you are in luck because I am also offer a 15% cash back at closing guarantee.

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

"Help Over 360 Distressed Home Owners Avoid Foreclosure"
If You or Someone You Know is in Financial Distress Visit: http://www.SDRealEstate360.com
Web Reference:  http://www.reofsd.com
0 votes
Erin, Both Buyer And Seller, San Diego, CA
Wed Mar 24, 2010
I have a 4 bedrooms, 2 bathrooms, single floor plan house. This house is about 5 years old. If you are interested in renting ,please let me know at palacios_91910@yahoo.com
0 votes
Barbara Cham…, , Chula Vista, CA
Fri Mar 12, 2010
Tess - I did find a property on 56 I Street in Chula Vista. The property is listed at 244,900 and it is a 2 bedroom 2 bath. I am not sure what your search criteria is however, if you would like a copy of this listing please email me. (Below is my contact information.) I recommended this property because of it's size. Even though it is a 2 bedroom it is listed at 1458 square feet and the lot size is fairly large.

Since you said that you are not ready to move back yet and are going to rent the property you are at an advantage to buy. I would recommend starting a plan of action. My recommendation is to set up a search criteria of your desired home in Chula Vista. You can then look at all sales including Short Sales and Foreclosures. Also, (a fellow realtor commented below) it is true, even though Short Sales typically take longer than a Traditional Sale or Foreclosure, banks are attempting to streamline their processes. So the potential for a "good deal," does exist.

I hope this information is helpful. Please contact me if I can be of further service or send you a copy of this listing.

Thank you for your question,
Barbara Chamizo
(619) 869-1477
0 votes
John Stacy, Agent, Chula Vista, CA
Wed Mar 10, 2010
Hi Tess,

I'm a local Chula Vista Realtor and my company and I specialize in bank owned properties. I would also recommend opening up your search to include short sale homes and traditional (non-bank owned or short sale).

Since it looks like you have time and you won't be moving immediately, there would be a lot more homes to choose from if you include the short sale inventory. The short sale will take longer (generally 2-5 months) but you can pick up a great deal if you have the patience to wait for the bank to approve the short sale. Banks are much more cooperative now and have streamlined their systems.

Regarding your search criteria, can you please provide me with what you are exactly looking for so we can narrow down the search area since Chula Vista has many different communities. Also, are you open to a property with an HOA (home owner association) fee and properties that have Mello Roos Tax?

You can search for homes on my website for free or if you prefer, I can perform a personal search just for you. Let me know if you have any questions and if you would like to discuss your plans with me. Please contact me anytime at your convenience. Tess, I wish you all the best and I look forward to hearing from you... Thanks!

With Kind Regards,
John Stacy

Realtor, CDPE
Bank Owned and Short Sale Specialist
Weichert Realtors Elite
619.892.2985 cell
0 votes
Sergio Casas…, , University Heights, San Diego, CA
Sun Mar 7, 2010
Hi Tess, there are several properties I can recommend to you but without more information about your search criteria there'd be no way of knowing it they'd appeal to you or not. The best way to get you accurate listings is for us to discuss your home search further so I can find out exactly what your situation is and what property fits your needs. Safe Harbor works with several mutli-property owners like you and we can help you navigate the entire process from selecting and purchasing a property to screening prospective renters and managing your tenants.

Chula Vista is my company's main area of operation but aside from that I've also lived here for nearly 30 years and know the city block by block. My company and I have the knowledge and expertise you need, but most importantly my company prides itself on superior customer service and I consider each client's transaction a personal commitment. Contact me when you're ready and we can start looking for your 2nd home in Chula Vista with a no obligation property search that will send you active up-to-the-minute listings in the area to your email. Thanks Tess.


Sergio Casas-Silva
Safe Harbor Money Management
CA DRE License #01863531
(P) 858-405-3289
(F) 619-512-4421
Web Reference:  http://www.safeharbormm.com
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