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Home Buying in Murrieta : Real Estate Advice

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  • Local Info24
  • Home Buying135
  • Home Selling9
  • Market Conditions7

Activity 153
Thu Feb 16, 2012
answered:
If you are still interested in buying a home in the local Temecula Valley area, there are several programs available to you. I have one program that requires no down payment, and allows the seller to pay all your closing costs effectively getting you in for "No Money" (click on the link below for further information).

The other program is offered through the EDA under the NSP (Neighborhood Stabilization Program). I have one in process now where the County of Riverside is supplying 27% for my client's down payment and 3% for their closing costs. It's a great program, the only draw back is there are limited available properties. Please feel free to contact me if you have any questions.

Best of Luck!
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0 votes 5 answers Share Flag
Sun Jan 29, 2012
answered:
Hi HAi Pham,

Where did you hear that? Did you read that online? I'm a local mortgage lender in Temecula/Murrieta and can give you details on available home buyer assistance programs offered by the state, county, city and non-profit organizations.

Just call me 951-215-6119

Feel free to visit my blog at the link below
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0 votes 1 answer Share Flag
Wed Dec 21, 2011
answered:
Good afternoon Arod0710,

The state of the economy isn't helping. It's not enough that housing sales are down, property values are declining and mortgage lending is tougher than it's ever been. With the state of this economy, more and more folks face daily challenges due to job loss or reduced incomes. Their credit is suffering as a result. Yet, these same folks still harbor the dream of owning a home.

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.
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0 votes 16 answers Share Flag
Fri Nov 4, 2011
answered:
Hi James Kerry,

I would have to echo exactly what Shane mentioned. In fact, I just game him a big thumbs up answer.

I guess the big question is whether you had any late pays in the 12 months leading up to the short sale and the purpose for the short sale.

If you didn't have any late pays but short sold just to go buy a similar home down the street for half the price of your former loan amount, that could be an issue. That is considered taking advantage of the market.

You will find many lenders overlaying (adding) their own more restrictive guidelines.

That is why I work for a mortgage company that is both a direct lender and a licensed mortgage broker. Most direct lenders cannot broker out, which gives them very little flexibility to meet the needs of buyers who have more complicated qualifying scenarios.

If my bank can't approve a particular loan for some reason, I can find a 'niche' who may have less restrictive overlay guidelines.
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0 votes 2 answers Share Flag
Wed Aug 17, 2011
BG answered:
if you can get the data that said "property started out short sale but ended up foreclosed" that would translated to what % of buyers walk away from a short sale (some what).


65% of the original buyers walk before the short sale is approved.
35% of the original buyers walk after the short sale is approved with a counter offer from the bank. :))))))))))))))))))))))))))))
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1 vote 9 answers Share Flag
Wed Aug 17, 2011
Jodi Bettarel answered:
Hi Claude,

Looks like any number of us can help you. Good Luck in your home search and I hope you find the right house to call Home.

Jodi Bettarel
HomeSmart Real Estate
Temecula, Ca
951 536-1374
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1 vote 14 answers Share Flag
Mon Aug 15, 2011
Jodi Bettarel answered:
Hi Danaquitos,

No they can NOT make you use their lender or any other lender for that matter. They can make you pre-qualify with their lender to make sure it is a solid loan and it will close. If it is a new home (new construction.) they can't make you but they will tie in incentives to make it more worth your while via, up grades, closing costs, rate buy downs etc. Bottom line they just want to make sure that you are a Golden qualified buyer. There are many lenders that will just print out a pre-qual and make promises to buyers that they just can not keep, just for a shot at the loan.
Be patient with the process, try to have fun and not get frustrated, and I hope you find a fabulous house to call home!

Regards, Jodi Bettarel
HomeSmart Real Estate
Temecula, Ca
951536-1374
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0 votes 5 answers Share Flag
Mon Aug 15, 2011
Dianne Hicks answered:
Honestly I think the rate is higher than 1 in 4, just my opinion. Maybe 1 in 4 at the end but buyers walk during thee process as well.... There are soooooo many factors that make that a rolling number and so to tie it down to a specific percentage really is almost impossible!!! ... more
1 vote 9 answers Share Flag
Wed Jun 29, 2011
John Arendsen answered:
I'll let you in on a little trade secret. I have purchased many manufactured homes in rental parks and communities over the years. Most if not all rent/lease MH parks/communities have rules and regs that prohibit sub letting.

What I have been doing for several years, and it's very legal and above board, is offering a LO whereby the renter actually puts up any amount of option money they're comfortable with and I make them the registered owner, pending parks approval of rent/lease application and I remain the legal owner (title holder).

This is a win win for all parties. The park maintains control of the primary resident/tenant, I maintain a secured investment with an lessee/owner along with some earnest money and the lessee/owner has a vested interest and pride of ownership which assures me of an adequately maintained asset.

At the end of a comfortably negotiated option period I revisit my capital investment and purchase another MH. If the lessee/owner doesn't exercise the option I regain the registered title without a hitch the tenant moves and prepare the home for another lessee/owner.

This is a very affordable way to play the landlord/tenant game without tying up a lot of cash. Sure it's only chattel and not a real property investment but it's relatively low risk and can pay some pretty attractive returns.
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0 votes 9 answers Share Flag
Thu May 5, 2011
answered:
I know this is an question, but people are still asking these same questions and still unclear about all their options. Their is a 3% grant program that never has to be repaid that works with FHA, VA, and USDA loans.

There are several FTHB programs and many changes have been made to many of the programs.....as well as a down payment assistance for 2nd time buyers.

Robert's answer has some validity....just because some of these programs are available doesn't mean you really want them....there are many factors to consider.

Head on over to http://homeloanartist.com for more info or call if anyone has questions.
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0 votes 5 answers Share Flag
Wed Apr 27, 2011
Veronica Lawrence answered:
Shortsales in my opinion you can get a great home, when it comes to the pricing though it just depends on how the listing agent listed the price for sale. Some listing agents list low to attract more buyers, some list at market. Use an agent and go with the comparables ... more
0 votes 15 answers Share Flag
Fri Mar 11, 2011
Micki Dickinson and Teri Berg answered:
We have seen a reduction of value in the past and a little shake now and then the market in Murrieta has not dropped to that price field. My question for you is where are you employed because of transportation costs etc.? There are properties in Menifee (next to Murrieta) that you may find more sale price deversitive. There are new schools, new shopping centers etc. Many of the homes are newer homes so you would be seeing energy efficient homes but you may also incourter the extra tax of Mello-rouse. This is a deferred tax the builder puts in place for schools, roads etc. I can set you up to get emails on listings in this area. This would give you the opportunity to see first hand where the most value may be found. Micki Dickinson GRI, RECS, BROKER, NFSTI, REO CERTIFIED, CERTIFIED SHORT SALE AGENT. 951 377 8083 ... more
0 votes 6 answers Share Flag
Tue Dec 28, 2010
Micki Dickinson and Teri Berg answered:
I don't think anyone has the answer to that question. We have been told to "GEAR UP" for Government repo's back in November. To date we have not seen a big increase. There was a eviction freeze during the Holliday Season thru the first part of January. We may see some hit the market about the middle of February. This is just a educated guess.
Micki Dickinson GRI, RECS
Multi Certified REO & BPO SHORT SALE BROKER
Professional Real Estate Srv.
951 377 8083
Broker/Owner
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0 votes 8 answers Share Flag
Tue Dec 14, 2010
Jesse Madison answered:
Yes you do need 3.5% down to qualify for NSP program 2nd loans.
I do have a list of lenders that could advise you on whether or not you qualify. Please feel free to contact me.
jesse@jessemadison.com ... more
0 votes 3 answers Share Flag
Sun Oct 24, 2010
Scrivener01 answered:
Pardon me, folks. What's going on . . . has nothing to do with the real estate market. What we are witnessing is the systematic destruction of the American middle class. Homeownership only impedes that process . . . as does collective bargaining and demands for decent wages.

Before you go pointing fingers at people for wanting to take part in the American dream, drop the elitist attitudes and think hard about the stunning differences between the current recession and the Great Depression of 1929.

Where are the W.P.A. and the C.C.C.? When people need jobs, you give them jobs. You don't give them ecomomic theory. You don't drop billions into the economy with no actual job-producing mechanisms in place. We're expected to accept the theoretical probabilities that go along with conservative attitudes. People can't eat theories.
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0 votes 12 answers Share Flag
Sat Sep 25, 2010
Kevin and Julie McLaughlin answered:
Hi Sandra,

Seems you have your answer - Just want to wish you the best of luck in your home search. If you find that you have additional questions, feel free to ask me.

Kevin McLaughlin
Broker Owner
Berkshire West Realty
Murrieta, CA
951-375-0367
Info@BWestRealty.com
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2 votes 8 answers Share Flag
Thu Sep 23, 2010
Team Forss, #1 in SoCal answered:
We agree that it is difficult to get a bank owned property as there are generally multiple offers on it. We list and sell bank owned properties for several banks and lately we have seen an increase in bank listings. We have received 2-3 times more listings in the past 2 weeks, but they're currently in eviction and will soon be on the market. It sounds like it should get easier to get a bank owned home soon. Hang in there. Hopefully you already found a home. ... more
2 votes 13 answers Share Flag
Thu Sep 23, 2010
Team Forss, #1 in SoCal answered:
Jesse makes a good point about competing offers that are not VA. We list and sell bank owned properties and the seller do accept VA offers on many of our properties. However, if two offers are similar, and one being FHA and the other VA, they generally take the FHA. There are several ways to make the VA offer stand out and being more attractive. We recommend you work with an agent who is very familiar with the bank owned properties. They should be able to help you get your offer more likely accepted. ... more
1 vote 11 answers Share Flag
Tue Sep 7, 2010
Jordan Panina Chow answered:
A good agent is one who listens to their clients needs and not their wants. An good agent is one who has knowledge of the market area and how to negotiate terms best suited for their clients. A good agent is one who answers emails/phone calls/texts/etc. immediately. A good agent is one who is caring, understanding, ethical, and hardworking. One who is a full time agent compared to the fly by night part-timers. Good luck and please let me know if you need anything else. ... more
0 votes 137 answers Share Flag
Thu Aug 26, 2010
Stefan West answered:
Sorry for all the poor writing in my previous response. When I get to a certain point in this form, it is very hard to type as the screen starts jumping all over the place. Just please do yourself a favor and check the real comps in that tract, not just the new home comps. If other homes have been built in the last 2-4 years, you should be comparing them, especially if they are the same model. ... more
0 votes 11 answers Share Flag
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