Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Home Buying in 92627 : Real Estate Advice

  • All22
  • Local Info0
  • Home Buying10
  • Home Selling1
  • Market Conditions3

Activity 36
Wed May 4, 2011
Colin Delaney answered:
Annie- You are certainly in a good position when you have all cash to buy a property- that can be tremendous leverage when you are negotiating the price.
Should you purchase now with all cash, a good first step would be to speak to a lender about how quickly you can take a mortgage out on the home. Some lenders have a 90 day waiting period after an all cash purchase before a mortgage can be taken out on a property.
Typically a lender will only give you about 80% loan to the value of the home, so taking a loan on the property for more than you paid for it might be very difficult unless you got a steal of a deal!
Generally you can get a much better deal and pay less for the house if you go in with a cash offer. You will also incur less fees upfront with this type of purchase.
As for the other home you plan on buying, a lender will only give you credit of up to 75% of the rental income on the investment property that you own, so factor that into your decisions as well. It might make sense to look at buying the home first, then the investment property second depending on how you might use financing to purchase. I think your best first step is to speak with a lender who can qualify your purchases. If you need a reference for a trustworthy lender, I would be happy to refer one to you.
Good luck!!
... more
0 votes 9 answers Share Flag
Mon Dec 20, 2010
Akop Balayan answered:
Hi Kn,

It sounds like the listing agent of the short sale may have listed the property way too low (which is common), so even if you offer 30k over asking, it's still too low for the bank. Or perhaps the bank received a bad Broker Price Opinion (BPO). I would go back to your agent and ask for an up to date Comparative Market Analysis (CMA), which will indicate the current market value of the home.

What was your offer price? That will put things in perspective for me in relation to the 420k value. Then we'll be able to know if the bank's response is reasonable or not.

Bottom line, make sure you know exactly what the comps indicate so you avoid overpaying for the home.
... more
0 votes 20 answers Share Flag
Sat May 7, 2011
Michael Barron answered:
Hi there KN. Have you asked your agent these questions? If you used a buyers agent they would be able to answer all these questions. Nobody on this site can give you exact information as they have not seen the offer you made. It does sound ike you have some conflicting information. (Heard people saying )is never good. many people say lots of things but in most cases you will get all different answers many of which are inaccurate.

If you are not working with an agent I would be happy to help

Kind Regards
Michael Barron
Realtor/MBA/REO specialist.
First Team Real Estate
... more
0 votes 11 answers Share Flag
Wed Feb 23, 2011
Vicki Lloyd answered:
In the days of the hot market, when everything sold in 5 minutes, you couldn't really negotiate with builders. It's different now! There can be a lot of flexibility in new homes. Many of them don't want to upset their recent buyers who paid more, so instead of reducing the price, they may throw in upgrades, landscaping, or pre-pay HOA dues for some period of time, etc. ... more
0 votes 7 answers Share Flag
Thu Sep 23, 2010
Luke Hagenbach answered:
Kn,
Single family homes in Costa Mesa exist in the sub $500,000 range, but it depends on the size and section of Costa Mesa you are interested in. If you can provide more information on your exact needs and time frame, I can offer more information. Alternatively, you can email me at luke [at] ocluke [dot] com

All the best.
... more
0 votes 11 answers Share Flag
Wed May 29, 2013
Tonya Brobeck answered:
Susan,

There is no fixed rate of commission as a seller or a buyer in any state. They are completely negotiable. However, I would highly encourage you to shop for an agent by their skills, experience, references, and reputation rather then what they charge. Especially in this market!

When you are a buyer there is usually a % or a dollar amount built into the listing price agreed to be paid to the buyers agent from the seller.
... more
0 votes 40 answers Share Flag
Fri Nov 27, 2009
Emily Knell answered:
Your Welcome! I hope you're able to find a great deal in Costa Mesa. Again, it's important to drive the area & figure out which neighborhoods you like the best, you should also check just over the border into South Huntington Beach, there are many more neighborhoods over there that are much like the Costa Mesa side.

If you find a particular area you like but aren't finding enough homes on the market that look like they'll work for you, just let me know. It may just require my digging around a bit, there's likely homeowners who are terribly upside down & you could get a great deal on a short sale/pre-foreclosure property.

emilyknell1@yahoo.com
... more
0 votes 0 Answers Share Flag
Wed Oct 28, 2009
Thomas M Abercrombie asked:
Fri Jul 12, 2013
Rod answered:
Seller, you have to get at closing a clear/clean record of the house...
0 votes 6 answers Share Flag
Wed Aug 26, 2009
John Alesi answered:
Jamie,

Congratulations on closing your large deal. My first advice would be to talk to a qualified loan consultant and discuss your financial situation. While you get paid in large sums, you will need to convince a lender that there are many more large paychecks in the future. Once you have been qualified by the lender, you can begin your search for the perfect property. If you can live cheaply for now, use this time to save up your down payment. A lender will be more willing to take a risk on loaning for your purchase if you have enough "skin in the game" (a large enough down payment).

It is obvious that you have done some homework and know that spending $2000 per month on rent is crazy if you can purchase a home. Many people can afford the monthly payments but don't have the down payment money. If you can prove future income, you should be in a good position.

Best wishes!
... more
0 votes 3 answers Share Flag
Tue Sep 29, 2009
Amy Mosley answered:
It is not necessary to offer to pay the sellers escrow fees. If you are in a multiple bid situation I will give you some suggestions on what to do if you want to get the property.
1. Go to the maximum price that you feel comfortable with. This way you won't look back and wish that you offered more when they tell you that you didn't get the property.
2. Have a strong preapporval letter from a reputable lender/company that the listing agent will be comfortable with.
3. Tighten up the contract and dates.
5. It is not a bad idea to write a short note telling a little about yourself, your stability and your qualifications.
6. Have a great buyer agent that knows what they are doing and has strong negotiating skills so they can represent you.
... more
0 votes 6 answers Share Flag
Fri Nov 22, 2013
Carolynn Santaniello answered:
Good evening, Ronnie.

Much of Costa Mesa is great. It depends what you are looking for. Mesa Verde is lovely and a highly desirable area to live. Of course, the prices tend to be a bit higher due to this fact. East Costa Mesa close to the back bay is pleasant also. It is important that you communicate to your Relator what you are looking for and they will be able to direct you to the neighborhood that best suits your needs/wants/price.

If you are not familiar with the city you should drive around and note the areas you feel most comfortable with. If your question is what area is a good investment ? That is a completely different question.

I would guess that each Realtor will have a different opinon as to which neighborhood they prefer in Costa Mesa, however, what is most important is matching your opinions to the community.

Regards,
Carolynn Santaniello
carolynn@ocrealtress.com
714.797.3622
... more
0 votes 12 answers Share Flag
Thu Nov 21, 2013
Karen Parsons Fiddler answered:
Hi Jessica,

What kind of dogs do you have? Actually in Costa Mesa there are some older condos which have some nice patios.....Depending on your price range, there might even be some small homes with great yards.

Why don't you email me and give me a better idea of price, size, and kind of dog and your yard needs and I can send you some listings back to drive by.

K

karenfiddler@great-western-realty.com
... more
0 votes 5 answers Share Flag
Sun Oct 21, 2012
Maryann Hardwick answered:
There are different loan programs available where you do not need 20% downpayment. FHA is 3.5% downpayment. You may be able to find a condo in Costa Mesa in the low 200's, not many available at that price right now (except a couple that have land leases) but they do pop up every now and then. You may want to consider surrounding areas. You need to get approved for financing, so if something does come on the market your ready to go. If you would like to know whats available, send me your criteria and I will email you listings that fit your criteria. ... more
0 votes 12 answers Share Flag
Tue Nov 18, 2008
Harrison K. Long answered:
The HOA ... or MAINTENANCE ASSOCIATION ... is responsible for the building elements in this condo and complex, including the building itself, roofs, floors, foundation, decks, private streets, exterior siding, and termite damage. This is different that the home that is detached and not a condo where the HOA is NON-MAINTENANCE, and the homeowners takes care of those elements.

Harrison K. Long, Realtor and broker, Explore Group Properties, Coldwell Banker Previews, Irvine, CA.
For the Best Home and Property Search Site check out
... more
0 votes 1 answer Share Flag
Sat Dec 6, 2008
Maria Le Doux answered:
An association of Home Owners within a community formed to improve and maintain the quality of the community. An association formed by the Developer of condominiums or planned developement. ... more
0 votes 5 answers Share Flag
1 2
Search Advice
Search

Followers

406