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Home Buying in South Pasadena : Real Estate Advice

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  • Home Buying8
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Activity 8
Tue May 6, 2014
Heather Walker answered:
If you are looking in the Highland Park area, an all cash offer would put your offer ahead of the financed offers, especially for a distressed property in need of some fixing up. Yes, Highland Park is up-and-coming with increasing home values due to neighborhood developments, but there are still lots of properties that don't qualify for financing because of the repairs needed, so cash would be your best asset in this case! As for a reduction in purchase price, that depends on the property and the motivation of the sellers.

My office is on the border of Highland Park and South Pasadena, so if you need some personal attention, please let me know!
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Sat Nov 16, 2013
Jeff Wu answered:
I have a possibility for you with a 3 bed 3 bath with an exercise studio I can lease out to you in South Pasadena for $3,600. This house sits in a quiet cul-de-sac with its own tennis court. It is available now. Please get in touch with me and let me know your situation if you are interested. I am a licensed California R/E Broker. ... more
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Thu Mar 14, 2013
Ryan Shimp answered:
Hello Mary,

Typically in order to obtain a new Fannie Mae backed conforming loan, you must wait 2 years from the date your short sale closed. Unfortunately in this case you will not be able to co-sign for your Daughter at this point until 2 full years have elapsed. Here is some information for you in regards to short sale waiting times:

FHA has a three year wait period for borrowers who were in default at the time of the short sale (or pre-foreclosure sale). FHA tends to be a popular option as the minimum down payment is currently 3.5% and FHA is more forgiving with credit than Fannie or Freddie.

Fannie Mae has various wait periods depending on loan to value:
•2 years with a minimum 20% down payment
•4 years with a down payment of at least 10%
•7 years with standard down payment guidelines (varies depending on credit scores)

Freddie Mac has a 4 year waiting period.

I hope this helps and if you have any other questions please feel free to contact me directly.

Ryan Shimp
Prestige Realty & Investments
DRE #01864245
818-741-2935
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Sun Jun 3, 2012
Khalif A. Majied, (Certified Mold Inspector) answered:
Dear Deena,

Al Luna @ Keller Williams in Arcadia has over 20 yrs. of experience. Please give him a call: (213) 709-4993

Healthiest regards,

Khalif Majied, CMI
A Plus Mold, Inc.
(310) 849-6903
www.aplusmoldinspection.com
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Tue Dec 21, 2010
Melissa Krchnak answered:
In this case, the Listing Agent can try to negotiate with the Bank but your best bet is probably to go to the City and see what needs to be done and go from there. For your loan, you�39;ll probably need to have all the work done prior to Close of Escrow. I just had a situation where a home was thought to be okay but when we went to the City to pull permits, realized that a lot of the work hadn't been finaled so we had to work with the City to get that remedied so my Buyers loan would work. I would work your Lender with the City and the Listing Agent at the same time. Best of luck! ... more
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Thu Jul 22, 2010
Carrie Benuska answered:
Hi David! 1906 Mission Street is a 1,169 square foot home, which sits on a 6,000 square foot lot. It has 2 bedrooms and 1 bath. It is in a great central location, although Mission Street is a bit busy. Without seeing the home and looking closely at the comparable sales in the neighborhood, it would be impossible to price the home with any kind of certainty. In an article that I wrote for my blog, the San Marino Real Estate Report http://thesanmarinorealestatereport.wordpress.com, called "The Search For Rock Bottom", I compared price per square foot in five prominent communities for the past four years. South Pasadena home prices held steady during the economic downturn and have hovered in the high $400's a square foot. Through May 31 of this year, the average price per square foot of homes in South Pas was $479. This will give you a baseline to look at. ... more
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Tue Jun 8, 2010
Laura Twors answered:
Hi Kim,

I'm an agent and I live and work in South Pasadena. I agree with both answers below. Both places have many things to offer. However, I would like to add that South Pasadena has a fantastic public school system which is why most families chose to live here. This helps keep the property values high. This is an enormous plus when thinking for future re-sale value. There are not many towns in the metro LA area that can boast about their school system. It is something we are very proud of here in South Pasadena. ... more
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Tue Dec 15, 2009
Jenny A. Le answered:
Keep an eye on the submitted offer and continue to look and submit offers for other short sales, REOs properties that fit your property criteria.

You don't have anything to loose by continuing looking and submitting other offers.

But...you will if you don't have an accepted contract by April 30, 20010....$8,000 home buyer tax credit for first time home buyer || or $6,500 if you're trading up...http://www.federalhousingtaxcredit.com/
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