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Los Angeles : Real Estate Advice

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  • Local Info289
  • Home Buying1K
  • Home Selling216
  • Market Conditions75

Activity 4,480
A few hours ago
Gregg Pomeroy answered:
Hello, I'm a mortgage professional.

There are programs for people with lower credit scores especially if you have a larger down payment.

I would need more details to determine what you could qualify for.

If you have any other questions or would like help you are welcome to get in touch with me.
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Yesterday at 2:40pm
Melvin List answered:
I have a 5% jumbo with no mortgage insurance if you are in Florida.
0 votes 37 answers Share Flag
Yesterday at 1:27pm
Kathy Burgreen answered:
Los Angeles does not have "boroughs." The only places that I know of that have boroughs is New York City and Alaska. Los Angeles has towns and neighborhoods.
0 votes 2 answers Share Flag
Yesterday at 2:32am
Solomonjohnson911 answered:
Just look over these on in the source. Prices are low and affordable, so I'm not sure they will accept your voucher, but if it's affordable, you can take it without no problems.
0 votes 1 answer Share Flag
Sun May 21, 2017
Lfc1001 answered:
This is certainly not the only way in getting a house, but I have to agree with Greg because I was able to purchase my first home in a similar way.

I was 27 when I was able to purchase my first house back in 2009. After college, my then-girlfriend (now wife) and I both stay with our own parents and try to save every dollar so we could buy a house in the San Gabriel Valley. Back in the summer of 2005, our plan was to save $1,000 each per month for the next 5 years. We also wanted to pay off our student loans as soon as possible. We both were able to pay off all our student loans in just a couple of years and increased our saving toward a house to $2,000 per month for each of us.

When the market crushed in 2006/2007, it did not derail our plan but we saw opportunity ahead. We try to save even more and waited for the right opportunity. In April 2009, we saw a nice condo (without major makeover needed) for $395K. At the time, we also got an additional $8,000 credit for first time home buyer (it was the last thing that push us from saving mode to buying mode). I understand most of you that doesn't live in SoCal would think it is crazy to buy a 1600 sq ft 3bd 3bth condo for close to $400K, but that's the rule of the game in the SoCal market. In 2016, our condo is worth around $600K or could be rented for $2,600 per month.

For a couple of young adults in their early 20s to dedicate their early adult life in saving for a house is certainly not the norm. We were determined to purchase our own house before hitting 30. With that said, we could have never be able to accomplish our goal without living with our own parents until we were 27. Our parents were working class and certainly unable to provide a down payment for us. Our family helped us greatly just to allow us to stay with them. Our parents definitely contributed into our down payment for providing food and shelter. Not paying rent and buying food for about three years allowing us to save enough for our down payment. We only spend $10,000 in remodeling (D.I.Y.) and furnishing (Ikea!!) our entire house. We also did not have an expensive wedding like most other couples. We just invited our family for a gathering dinner. I knew I found a keeper when she told me not to get her a diamond ring.

We are now 34 and purchased our 2nd house also in the San Gabriel Valley for $750K. We also have plans to purchase another house in 6 to 10 years from now. Most of our friends just got their first house or are still saving to get their first house. We are on the right track of an early retirement. We are still saving but no longer penny saver like we were in our 20s. We love to travel and currently traveling two times a year. Now with a newborn baby, we will have to change some of our traveling habits.

Buying a house in a nice neighborhood in SoCal is not easy. In my own experience, I believe it takes lots of planning, lots of hard work, lots of help from others, and a bit of luck on your side. Basically, that's my motto not just in buying a house but doing anything in life.
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Fri May 19, 2017
Dusty.lloyd answered:
The reason to get a home loan is tax savings. If you can better use that cash in the market, buying rental properties, stocks, bonds, etc... the mortgage interest is a tax write off. So if you can lock in a fixed rate at 4% and you are paying 25% in tax, approximately 3% is the return you need on investment to end up ahead.

Some people don't like having the headache of paying a mortgage payment, if that is the case, just pay cash.
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Fri May 19, 2017
Dusty.lloyd answered:
You would submit a claim against the Title Company. Their Owners Title policy, if there is one, insures against the new owner having free and clear title at the time they close.
0 votes 1 answer Share Flag
Thu May 18, 2017
Dspeiche answered:
Thu May 18, 2017
Pamela Bellah answered:
Wed May 17, 2017
Mary answered:
Hi,

Thank you for reaching out. Please follow the instructions below on how to find a Section 8 rental listings.

1. Click the Rent tab on our homepage
2. Enter your desired area in the search bar and hit Enter
3. Click More, enter the keyword 'Section 8', and click Search.

Let me know if you have additional questions by replying to email I sent you and I will be happy to assist.

Thank you for using Trulia!

Mary
Consumer Care Advocate
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Sun May 14, 2017
Brandon asked:
I own a condo in Los Angeles and am thinking of doing some extensive kitchen and dining room remodeling. Essentially, we are thinking of taking down some walls and "putting up some…
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Fri May 12, 2017
Babak4242 asked:
Looking for Best brokerage with most training and help to start my real estate career with, one that will guide me, train me and wont be taxing as much on fees on me
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Thu May 11, 2017
Dorene Slavitz answered:
Maybe. It's a big hassle to remove them and the brace that holds them leaves a huge hole in the wall that has to be repaired. Many people just leave the wall mounted television for that reason. ... more
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Wed May 10, 2017
Mistystebner answered:
After contract has been signed and close date made.
How many times are the sellers allowed to ask for more time ?
This time we are saying no. Because we have to give up the apartment.
If we say no . Can the seller back out of the sell ? This contract we where told was solid .
Ark . Contact. Or well house is in ok . What do we do now .?
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0 votes 31 answers Share Flag
Tue May 9, 2017
Sheryl Arndt answered:
Hello Bria.ball13, yes you should be able to secure a rental with additional deposit. You may also qualify to buy depending on the evictions and how they appear on your reports. Are they on the reports as judgements? If so you may qualify to buy with 3 payments made in a payment arrangement.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve any agent can email listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

How much are you paying in rent and for how many bedrooms and if condo, townhouse or single family home and the maximum payment you are looking to achieve? There are many cities within Los Angeles and zip codes so if you could narrow it down. You should study RENT vs BUY listings to make a decision although many rentals are ready to move in and purchase take 30-45 days once you find a home and get into escrow.

The rentals in LA start from $800-$900 for studio or 1bd 1ba apts. The purchase start from 175k for 3bd 1ba single family home in Los Angeles.

You may qualify to buy with minimal out of pocket expenses and pay about what you would pay in rent with down payment and closing cost assistance programs.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
Credit Repair Advice At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
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Tue May 9, 2017
Rich Reed answered:
It's not really a question of whether a buyer can back out of a deal, but what will be the consequences. You will have to review your purchase agreement with your Realtor and your attorney. ... more
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Tue May 9, 2017
Rich Reed answered:
Seller disclosures could come before or after, it all depends on the terms negotiated in the purchase agreement. In the current RPA-CA used by most Realtors in CA, the default time for the seller to provide disclosures is 7 days. The default time for the buyer to complete inspections is 17 days. Both terms are commonly negotiated to be something other than the default. So as you can see it is possible that the buyer will complete a professional inspection before the seller provides their disclosures.
Hope this helps!
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