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Home Buying in Cerritos : Real Estate Advice

  • All96
  • Local Info5
  • Home Buying26
  • Home Selling4
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Activity 32
Wed Sep 26, 2012
Jessica Tracy answered:
The minimum down payment requirement for FHA is 3.5% of the sales price. Your mortgage payment would depend on how much you put down, the taxes, insurance, and interest rate would be to get an idea of how much your monthly payments would be. ... more
0 votes 4 answers Share Flag
Sun Sep 30, 2012
Maria Gilda Racelis answered:
It is very speculative. However,based on historical sales, home prices will not rebound as quickly as you want them to be. Far-fetched prediction in 3 years.
0 votes 8 answers Share Flag
Sat Nov 3, 2012
Emily Knell answered:
Don't do a "lease option or rent to own". It does not make very good sense in this type of volatile market. The only time in recent history a lease option was a good idea was between 2003-2005. In 2003, let's say you did a lease option for 2yrs with an owner & agreed on a price of $300,000 & with your $10-15K in option money should you have "exercised" your option to buy, you could have at any time in those 2yrs.

And when the market jumped you could have purchased at $300K, say in mid 2004, when the home value boomed & became, say, $475K, then the owner was up a creek without a paddle & you just scored big time.

These days, your best bet as you're cleaning up your credit & being good with paying your bills, just simply get into a regular lease, put up your 1st mo + security deposit & if you REALLY like the house you're renting, put a CLAUSE into your lease that states "Tenant has the right of first refusal should the landlord wish to sell the property during or at the end of the lease term".

This gives you first dibs on the house to place an offer & unlike the lease option, you will not put any other "option" monies at risk. Lease option monies are non-refundable, should you choose to NOT exercise your option to purchase within the specified time frame.

I don't look back on this same Trulia posting for answers after mine.

Emily S. Knell
Realtor Since 1996
Realty One Group
EmilyKnell1@yahoo.com
562-430-3053 c
... more
0 votes 4 answers Share Flag
Sun Sep 16, 2012
Vipul Modha answered:
It depends on the area and the school zone. Please, let me know if you need more information about different school zone in Cerritos
0 votes 3 answers Share Flag
Sun Sep 16, 2012
Emily Knell answered:
$500K to $745K for the criteria you've described.

A note on short sales: I Pre-Qualify all short sales that I may or may not show to a buyer. Factors include the existence of equity loans, who 2nd liens are held or serviced by & the success ratio of the listing agent for closing short sales. If it passes my "smell test" I'll give the green light for my buyer to view a particular short sale.
On avg., there isn't really an avg, but if the listing agent has a high success rate closing their short sales, I'd say an avg. time would be between 60-90 days at the high end.

I don't look back on this same Trulia posting for answers after mine. Shoot me an email directly if you would like to talk about this further.


EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Realty One Group
100% short sale success ratio
& I can Prove it.
... more
0 votes 2 answers Share Flag
Sun Sep 16, 2012
DJ Bonner answered:
Hello,
The price for a 4 bedroom in Cerritos starts at 400k, which is realistic for the area. There are a few homes on the higher end that are overpriced, but please feel free to email me and I would send you a list of available homes.
Best regards,
DJ Bonner
Keller Williams Realty
djbonner@kw.com
... more
0 votes 2 answers Share Flag
Tue Jul 31, 2012
Fernando Villegas answered:
.First you do a Bk chapter 7 then you put your house on the market for short sale we make sure that the bank does not come back to you for the difference!! which I specialize in and as soon as the property has been sold in transferred out of your name 2 years from then 24 months later you can purchase going FHA...
Thanks! call me or email me anytime ..
Fernando..
... more
0 votes 1 answer Share Flag
Sat Jul 28, 2012
Mg15764352 asked:
I am a landlord with 12 properties, valued at over $5 million, and total assets of over $12 million. I've successfully skated through the recession without missing or being late o...
0 votes 0 Answers Share Flag
Wed Jul 25, 2012
Robert Chomentowski answered:
It can take over a year if the borrower just received a Notice of Default. Traditionally it has only taken about 6 mos, but there has been a lot of Government intervention into the mortgage market making it take a lot longer now. ... more
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Thu Apr 26, 2012
Wyndle Jordan answered:
Right now Cerritos does have some inexpensive properties, however due to the professional demographic and high price point expectations it is not the best place to invest. If you were to move over a couple of cities to Norwalk, Buena Park or Anaheim you would be able to find properties all day long. ... more
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Sun Dec 4, 2011
Carlos Herrera answered:
Are you sure it's the owners that are in the home? Sometimes (at least in FL), the lender who forecloses allows a tenant with a current contract to stay for the remainder or the lease perior provided they pay the rent to the lender.
If the owner is still in there, the lender may not have started the eviction process. And I'm not sure how they process these foreclosures and how many they have in the works. It may just be a matter of the bank getting to that specific home on their list.
... more
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Wed Oct 19, 2011
answered:
• FHA requires 2-years BK discharge (only 1 year if it was due to extenuating circumstances, such as medical or death of a wage earner, etc.)
• VA requires 2-years BK discharge (only 1 year for extenuating circumstances)
• USDA requires 3-years BK discharge (only 1 year for extenuating circumstances)
• Fannie Mae & Freddie Mac require 4 years (only 2 years for extenuating circumstances)

In all situations you need at least 12 months of re-established credit and 3 traditional trade lines, some lenders want 3 trade lines of 12 months each. Trade lines that survived a BK, such as a credit card you kept open, a car loan you maintained payments on/didn't include, student loans that you are making payments on that couldn't be included, etc. can count towards the re-established credit.
... more
0 votes 1 answer Share Flag
Sun Jul 3, 2011
Rick Manzanares answered:
I would love to help you out. I can email you current listings that fit your criteria.

Here is my contact information

Rick Manzanares
Coldwell Banker Dynasty
17410 Bloomfield Ave
Cerritos, CA 90703
(562)650-9664
Rick90650@yahoo.com
... more
0 votes 5 answers Share Flag
Tue Jul 31, 2012
David Burnham answered:
Unless foreclosure is scheduled in the next week or two, I would not worry about it. There is no guarantee that you will get a better deal and it could take a year or longer before you see the house back on the market after foreclosure. ... more
0 votes 6 answers Share Flag
Sun Jan 30, 2011
Mark Anthony Ruiz answered:
There are 8 condos in the city of Cerritos available todat 1/30/2011...all of them are short sales. There are different stages in an approval of a short sale. Once a short sale is a approved the sale moves along more rapidly than that of the past.
Most condos in that price range sell fast if its a regular sale and most likely it an all cash offer the ends up as the best offer. If you ahve a great credit score why rent? I believe we are close the the bottom of the market for several reasons.
I just put a client in a rental because both husband and wife re4ceived great job offers in LA. They sold their house in Palm Springs and work out here in LA and needed to sell quickly so rather than make a quick decision (21 days) on a few properties they wanted to take their times with in 6 months.
I have not seen a lease to own option in about 5 yrs in the City of Cerritos....but i will keep my eye out for you.


Let me know if there is anything else I can do for you.

Thanks for the oppurtunity,
Mark Anthony Ruiz
714-815-4634
www.MarkAnthony.tv
... more
0 votes 1 answer Share Flag
Sun Jan 30, 2011
Mark Anthony Ruiz answered:
There are 8 condos in the city of Cerritos available...all of them are short sales. There are different staghes in an approval a a short sale. Once a short sale is a approved the sale moves along more rapidly than that of the past. Most condos in that price range sell fast if its a regular sale and most likely it an all cash offer the ends up as the best offer. If you ahve a great credit score why rent? I believe we are close the the bottom of the market for several reasons.
I just put a client in a rental because both husband and wife re4ceived great job offers in LA. They sold their house in Palm Springs and work out here in LA and needed to sell quickly so rather than make a quick decision (21 days) on a few properties they wanted to take their times with in 6 months.

Let me know if there is anything else I can do for you.

Thanks,
Mark Anthony Ruiz
Office 562-246-5200
Cell 714-815-4634
www.MarkAnthony.tv
... more
0 votes 1 answer Share Flag
Thu Oct 21, 2010
Lourdrie McNamee, MRP answered:
Pari,

You say, you are familiar with Cerritos. My suggestion is find a few areas of Cerritos you would like to live in. Then we can see what is available as far as sales go and in your price range. There may be sellers that would consider "rent to own". You don't know until we have asked.

It would be my pleasure to search out Cerritos for you, let me know.

Lou McNamee
Coldwell Banker
562-879-9677
... more
0 votes 1 answer Share Flag
Tue Mar 30, 2010
Monique & Joe Carrabba answered:
Hello Jk,

What is the adress on Charlwood? There is a home at 13524 Charlwood. It is listed at $657,777. It requires 24 hours notice to show. Let me know when you would like to see it and I'll make an appointment if this is the correct home.

Best,

Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
mcarrabba@kw.com
(323) 899-2900
... more
0 votes 5 answers Share Flag
Mon Jan 11, 2010
Scott Godzyk answered:
A true fha loan is 3.5% down, there are variations where they are combined with State programs that offer grants to the buyer to use towards the down payment, You could contact one of the loan officers you currently work with, or in CA i would contact the CA housing authoritty or the CA versiion of that. ... more
0 votes 12 answers Share Flag
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