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Home Buying in Wildomar : Real Estate Advice

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  • Local Info3
  • Home Buying11
  • Home Selling4
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Activity 14
Fri Aug 14, 2015
Bat_Man answered:
figure on ...

40 for gas
350-650 for electricity
100 for water
50 for internet
50 for garbage
50-150 for tv and phone

go solar via HERO program and cut electricity in half
get rid of your lawn via pay-back program in county to cut water in half or more

Also figure on double all of that in San Diego county.
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Wed Jan 14, 2015
Kevin and Julie McLaughlin answered:
Thu Mar 27, 2014
Byron Hebert answered:
I bought one from DR Horton in 2005 and flipped it in 2006 in Florida. I was very pleased with the quality and their process from start to finish was like a well oiled machine. Easy to buy, easy to make selections, and the construction phase was well managed. They are a great choice for someone looking for a mid ranged priced home who is not looking for tons of customization and is ok living in a neighbor hood with 4-6 floor plans total. ... more
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Thu Mar 13, 2014
Kevin and Julie McLaughlin answered:
Visiting with a reputable mortgage lender is the only way to know for sure - Good luck!

Kevin McLaughlin, Broker Owner
Berkshire West Realty
info@BWestRealty.com
0 votes 9 answers Share Flag
Tue Jul 24, 2012
Ray Wright answered:
Are you just looking for houses for $85,000 or are you interested in a specific property? Please let us know more details so we can better answer your question. I look forward to hearing from you. ... more
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Sun Feb 19, 2012
Cliff Vail answered:
Home search web-sites are getting more and more sophisticated all the time, the newer IDX search engines connect directly to the MLS with the ability to filter many options in your search including bedroom and bathroom count, age of the home, community and of course swimming pools/spas and much more. I agree with the other answers with regard to working with an agent, they are able to find homes with pools that really meet you criteria, however, using the tools some web-site have can put you on the right tract with your search. This preliminary search will payoff once you start going out to view homes. Look up TheHouseShoppers.com this web-site has the ability to customize your search. Once your at the site, just "Click a City-Find a Home" once you have found what your looking for, then contact an agent, go out and start viewing homes.

Please do not hesitate to contact me with any questions you might have.
All the best
Cliff Vail
Allison James Estates & Homes
Phone 1-951-203-1316
E-mail: 519inc@gmail.com
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Sun Oct 24, 2010
Monir Mamoun answered:
Jill, this is not your responsibility. The seller wants to sell. Just as the seller pays the commission for the real estate agent, any non-traditional fees (this is a non-traditional expense) must be paid by the seller, especially due to its highly speculative nature. A short sale is not guaranteed. No need for you to be on the hook for this. Negotiate to have them pay this expense out of closing costs, or walk away. There are too many good deal situations available for you to get into a trap. ... more
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Thu Aug 12, 2010
Stefan West answered:
Great questions and good blog Dianne. I wrote about this a few years ago and I still see people reading the original article all the time.

I just wrote a blog on this on Trulia --> http://www.trulia.com/blog/stefan_west/2010/08/temecula_property_taxes

Also, here is the original one I wrote that crunches numbers a bit ---> http://www.stefanwest.com/Temeculapropertytaxes.html

Good luck in your search
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Wed Jun 9, 2010
Stefan West answered:
You need another lender to look at your Wildomar real estate situation and verify that it is being done correctly and in your best interest. If your lender isn't communicating effectively with you to put your concerns to rest, you really need to look at that.

The way your question is posed is lender so most agents responding are not sure if you are talking about the listing lender or you own lender processing your loan. If this is about a short sale, often they are pre-approved but have to go back through the approval process when they lose a buyer. Trust me doing that for the 3rd time on a property in Wildomar right now!

But if this is a question regarding lending on your side, you need to act immediatley on that to get your questions answered.
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0 votes 6 answers Share Flag
Fri May 28, 2010
Steven Ornellas answered:
Hi Pechvill, the answer to your question is best answered by a Mortgage Broker at this time that has all your details if you really want to make sure of your status and construct a plan to aid in getting you ready to buy once more. You may also be able to answer your own question by yourself after reviewing what I have provided below.

Basically, there is a 5-year waiting period; however, this can be lowered to a 3-year period if the “extenuating circumstances” test is met. Additionally, you will always be subject to the “eligibility matrix.” Allow me to explain:


There is actually different Lender waiting periods for purchasing a home that depends on how you exited the distressed property. These are all covered in the "Fannie Mae Single Family Selling Guide" found here: https://www.efanniemae.com/sf/guides/ssg/sg/pdf/sel043010.pdf
Specifically regarding your Foreclosure, here is what the Selling Guide says:


“FORECLOSURE
A five-year waiting period is required, and is measured from the completion date of the foreclosure action as reported on the credit report or other foreclosure documents provided by the borrower. Additional requirements apply after five years up to seven years following the completion date:

• The purchase of a principal residence is permitted with a maximum LTV, CLTV, and HCLTV ratio (“LTV ratios”) of the lesser of 90% or the maximum LTV ratios for the transaction per the Eligibility Matrix.
https://www.efanniemae.com/sf/refmaterials/eligibility/pdf/eligibilitymatrix.pdf

• The minimum representative credit score is the higher of 680 or the minimum credit score for the transaction per the Eligibility Matrix.

• Limited cash-out refinances are permitted for all occupancy types pursuant to the eligibility requirements in effect at that time.

EXCEPTIONS
A three-year waiting period is permitted if extenuating circumstances can be documented, and is measured from the completion date of the foreclosure action. Additional requirements apply between three and seven years, which include:

• The purchase of a principal residence is permitted with maximum LTV ratios of the lesser of 90% or the maximum LTV ratios for the transaction per the Eligibility Matrix.

• Limited cash-out refinances are permitted for all occupancy types pursuant to the eligibility requirements in effect at that time.

Note: The purchase of second homes or investment properties and cash-out refinances (any occupancy type) are not permitted until a seven-year waiting period has elapsed.”


Now, another key bit of information your need is the definition of “Extenuating circumstances”, which is found on page 427.


“EXTENUATING CIRCUMSTANCES
Extenuating circumstances are nonrecurring events that are beyond the borrower’s control that result in a sudden, significant, and prolonged reduction in income or a catastrophic increase in financial obligations. If a borrower claims that derogatory information is the result of extenuating circumstances, the lender must substantiate the borrower’s claim. Examples of documentation that can be used to support extenuating circumstances include documents that confirm the event (such as a copy of a divorce decree, medical reports or bills, notice of job layoff, job severance papers, etc.) and documents that illustrate factors that contributed to the borrower’s inability to resolve the problems that resulted from the event (such as a copy of insurance papers or claim settlements, property listing agreements, lease agreements, tax returns (covering the periods prior to, during, and after a loss of employment, etc.). The lender must obtain a letter from the borrower explaining the relevance of the documentation. The letter must support the claims of extenuating circumstances, confirm the nature of the event that led to the bankruptcy or foreclosure-related action, and illustrate the borrower had no reasonable options other than to default on their financial obligations.”

Good Luck!

Best Regards, Steve
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Mon Jan 25, 2010
Jesse Madison answered:
Cash offers are the most attractive for banks. They can close quickly with less contingencies and are preferable to financed offers. A lot depends on how you structure your offer and what the terms are. You want to make it more attractive to the seller by netting them the highest offer possible. Most homes have been receiving multiple offers so it has been difficult but if you should be in a very good position with cash. But cash offers will often not ask for some of the customary reports and inspections sellers pay for in financed offers which involve lenders that require these. Sometimes these small requests will net the seller less and prevent your offer from being accepted.

Let me know if you need assistance.

Jesse Madison
951-526-2574
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Sun Jan 10, 2010
Dianne Hicks answered:
Hi Star!
You might want to check out USDA loans. Here is a blog about this kind of loan http://www.trulia.com/blog/dianne_hicks/2009/12/100_financing_-_really_usda_home_loans . I know Menifee and Winchester qualify, not quite sure about Wildomar. let me know if you need more info or contact Brad on the responses, he is very familar with it and having a lender familar is key to the success of the loan.

Kindest Regards,
Dianne Hicks
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Tue Jun 23, 2009
New Home Buyer answered:
HI Karla, I am in the same boat and I asked the same question. I called the hotline taxes and I was told yes as long as you are paying on taxes on the house you would qualify. I hope that is true. Did you find out anything? If you dont mind me asking, which builder are you using? Do you plan to stay in Ca after your husband retire or get out? These are questions we are dealing with right now.
Thanks
Alicia
... more
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