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Rossmoor : Real Estate Advice

  • All45
  • Local Info0
  • Home Buying30
  • Home Selling0
  • Market Conditions6

Activity 42
Tue Aug 2, 2016
Markzjordanz answered:
No credit check, 1 percent interest 30 year fixed, 4.5 proof of funds in which u can use vet status or 401k, the property has to be appraised at 350 k and up. 30 day close, 8037576801
0 votes 1 answer Share Flag
Mon Jul 6, 2015
Alexander Greer answered:
No. Co-Ops are completely different and need different financing.

I do not check replies, so if you have a comment or question email me here:
AGreer@TheMortgageOutlet.com

Alex Greer
Loan Officer
408-352-5147
NMLS #1056079
http://www.TheMortgageOutlet.com
... more
0 votes 1 answer Share Flag
Sun Jul 5, 2015
Cindy Davis answered:
You are posing legal questions to a bunch of Realtors. Who ae they 'they' you refer to in your question? If 'they' are attorneys, then I would follow thei advice.
0 votes 1 answer Share Flag
Fri Jul 3, 2015
Margaret Price answered:
HI, Getting a loan on a co-operative unit in Rossmoor from most lenders is difficult as the lender will always want the first lien position. Because of the way the co-ops are set up in Rossmoor, the Mutual who owns the buildings and common space are, in fact, the holders of the first lien. Therefore, the only lender I have found who will make a loan and take a second or junior position lien is National Co-operative Bank (NCB) out of Ohio.

Let me know if I can help you!
... more
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Sat May 30, 2015
Dclandry answered:
Hi Joy,

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You can edit from here. If you are looking to buy, you should hire a Realtor who will send you these updates.

There are many good buys in Rossmoor. Some units need updating but these are typically cosmetic and, because prices are reasonable, enable the buyer to put their stamp on the place.

Derik Landry
Realtor, Goldman Land & Home
dwelldefined.com
... more
0 votes 1 answer Share Flag
Fri Nov 21, 2014
Mary Beth MacLennan answered:
To add a little more clarification, when you purchase a co-op in Rossmoor, your monthly payments will consist of your HOA dues PLUS 1/12th of the annual property taxes due on the property. To illustrate, if the HOA dues are $625/month and 1/12th of your property taxes equals $375/month, you would submit payment for $1,000/month. If you have financed your purchase, you will owe your monthly mortgage payment as well. Hope this helps! ... more
0 votes 2 answers Share Flag
Sun Sep 21, 2014
Jason Wheeler answered:
HOA dues cover garbage, maintenance and landscaping among other things that the homeowners and the board determine needs attention. This is determined by the HOA board and is different for any given condominium project.

Property taxes are typically calculated at 1.25% of the purchase price yearly. After the first year the Tax Assessor will re evaluate them.

Does this help you?

Jason Wheeler
... more
1 vote 3 answers Share Flag
Sat Jul 19, 2014
Monica Velis Fosbery answered:
Home owners dues usually cover all the common area maintenance, some of them like at the keys cover even basic cable and electricity, water and garbage. Some times dues seem high but if it covers most of the utilities it's worth it. They also cover insurance to cover the shell of the building. And the common areas. ... more
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Thu Jul 17, 2014
James Collins answered:
Knowing the last selling price of a property that you're interested in buying is an important thing to find out in regards to what the seller can accept. But don't stop there. Finding out the current loan amount, who is on title, if there's a delinquency in the payment or homeowners association dues and most importantly trying to find out the motivation for selling. All of these questions should be answered by a real estate agent. ... more
0 votes 2 answers Share Flag
Thu Jul 10, 2014
Margaret Price answered:
Hi,
Rossmoor HOA fees, commonly called the "coupon," cover different things depending on whether the property is a condo or a co-operative unit. The "Mutuals" are the Homeowners Association.

The coupon for the co-operative unit covers maintenance of the exterior of the buildings, landscaping, water, garbage, basic cable TV, use of the amenities (such as the tennis courts, pools, fitness center, clubhouse rooms, movie theater etc) and, if the appliances are original to the unit (or have been replaced and maintained by the Mutual) the Mutual will maintain these appliances. In addition, the monthly "coupon" also includes a charge of 1/12 of the property taxes. Also of consideration, Co-op Mutuals have asset and income requirements that must be met in order to purchase a co-op.

If the property is a condominium, the exterior maintenance of the buildings, landscaping, water, garbage, basic cable TV, and use of the amenities is covered by coupon paid to the Mutual. The coupon does not cover the maintenance of appliances, furnace, or water heater. Individual property taxes are not included in the coupon. Condominiums may also be eligible for Reverse Mortgages.

These differences can make it difficult to compare the purchase of a Rossmoor co-op and a Rossmoor condo. This is where an experienced agent who sells frequently in Rossmoor can help you. The agent must keep up to date with changes in the dozens of Mutuals, each with their own policies and procedures.

It is always best to verify what is covered by the HOA fees in any condo or co-op complex you are considering--there is no consistency and Rossmoor is no exception.

I hope you consider the wonderful lifestyle offered by Rossmoor to active, age 55+ adults!

Margaret Price
Lafayette/Rossmoor
925.285.4559
CalBRE 01888827
mprice@rockcliff.com
www.SoldbyPrice.com
... more
1 vote 4 answers Share Flag
Thu Jul 10, 2014
Margaret Price answered:
Rossmoor Co--Ops have certain advantages in what is covered by the HOA fees over what is covered by condo fees. Remember, too, that the property tax is included in the so-called "Coupon" or HOA fees for the Co-Ops but the condominium coupon does not include property taxes. There is much to consider other than sales price when looking at Rossmoor! ... more
0 votes 2 answers Share Flag
Sun May 11, 2014
Kim Benedict answered:
Nope there isn't. if you stop paying them you can be foreclosed on by the HOA for lack of payment... some places are higher then others just depends on where you live... Ive seen them from 200.00 a month on up to 1100.00 a month! If you have no income and can't pay it either borrow it, or sell so you don't lose to foreclosure... I know its not an easy choice yet its better then losing it and the money invested. ... more
0 votes 7 answers Share Flag
Tue Feb 25, 2014
Keith Bosworth answered:
I just came across your question and wanted to know if you were able to attend the open house? If not you most likely need to speak with a Realtor that can help you. Sometimes the information to enter a gated community is listed on the MLS. In the future, if you need assistance and would like a list of open houses feel free to call me or send an email if it is more convenient.

Keith L. Bosworth
Arise Realty
650-376-3852
keith@ariserealty.com
... more
0 votes 1 answer Share Flag
Mon Dec 23, 2013
Steve Curtis answered:
listen to Jackie Giffin below... dues are high but the amenities and services included exceed anything else out there for the active senior.
0 votes 6 answers Share Flag
Tue Nov 26, 2013
Pacita Dimacali answered:
At least one resident must be 55 years of age or older to live in a home in Rossmoor. If the resident travels all the time that may be advantageous to you and the resident to have someone stay home.

Visit their website
https://rossmoor.com/about/about-rossmoor/

And contact them for more detailed information
... more
0 votes 3 answers Share Flag
Tue Oct 22, 2013
Elizabeth Haslam answered:
Rental and Rossmoor are few and far between. The best resource is the Rossmoor newspaper which comes out every Wednesday. You can access it online at www.Rossmoornews.com. Owners in Rossmoor are restricted to a twelve-month rental period over the length of ownership. ... more
0 votes 2 answers Share Flag
Mon Sep 23, 2013
DeAnn J Simpson answered:
Yes, of course, if you qualify with terms & conditions of loan financing. I have a team of professional ready to help! With 30+ years in the industry I would welcome the opportunity to assist you! Please call today so we may get started in locating the perfect home for your Mother in Rossmoor!
DeAnn J Simpson #01138722 - Better Homes & Gardens 925/974-7653
... more
0 votes 8 answers Share Flag
Sun Sep 22, 2013
Brian Nguyen answered:
Yes! There are loans that allow you to buy with as little as 3.5% down. I recommend you speak with a lender like myself if you would like to know more about loans that will work best for you. I am a lender based out of Southern California and I would be more than willing to speak with you to help you get the loan you need. Well I hope this helps! If you have any other questions or if you would like a loan, feel free to contact me. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com ... more
0 votes 19 answers Share Flag
Fri Aug 9, 2013
Mehran Saky | Broker answered:
Yes, I'm glad you asked this question because many people don't consider the condo route as a viable option for income stream. However, I work with clients who buy condos for that reason. I specialize in condos and townhouses in the WC and adjacent cities, condos4all.com. Things to look for: lower HOA fees around or less than $300, then just do the ROI math for the condo. Keep in mind some of the HOA fee you pay goes towards the upkeep of the exterior of the unit, the complex, the roof, the available amenities, etc. Condo living is a lifestyle any according to CCAR the month-over-month and year-over-year growth/appreciation has shown that condos have kept up the pace in appreciation along with homes. Keep in mind that condos provide a great living/lifestyle at the lower price point and as the price point for homes push upward, condos and townhouses present a viable option for 1st time buyers, singles above 55, buyer who only quality for conforming loan limit, etc. Yes, there are condos in the area for rental purposes, just visit www.condos4all.com ... more
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