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Home Buying in Moreno Valley : Real Estate Advice

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  • Local Info33
  • Home Buying104
  • Home Selling7
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Activity 96
Mon Feb 25, 2013
Ray Wright answered:
I'm a little surprised none of my colleagues have answered your question.

The biggest issue you will face is the fact that there are not enough homes on the market for the number of buyers that want to buy them. I have one very near that area that just fell out of escrow and is now back on the market in the lower price range. But it won't last, not in today's fast paced sellers-market. The competition is fierce and man buyers are willing to pay more and more just to get the offer accepted. There are homes in those areas that are not yet on the market. Those may be your best bet.

Your BEST option, if you're serious about purchasing a home is to get with a Realtor who knows the area and can help you through the process. That's the FIRST and foremost step in purchasing a home. Check with friends and family to see if they can refer someone to you or research sites, such as this one to find a good professional Realtor such as one of the few that already answered your question.

Unless you're paying cash, then your SECOND step is to get pre-qualified for a loan. AFTER you find a Realtor, he or she will have you meet with the lender that he or she uses regularly. This is important.

Good luck!

Ray Wright
Keller Williams Realty
951-354-1303
RayWright@kw.com
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0 votes 3 answers Share Flag
Wed Feb 6, 2013
answered:
Amazing how no one did enough research to uncover this, isn't it? Unfortunately, this happens often.

The other big surprise is when lenders purposely under collect when setting up escrow account for property taxes. Many lenders just automatically collect at a rate of 1.25% and don't bother to collect at the actual effective tax rate which could be as high as 2.5% if buying in certain parts of MoVAl or Menifee.

An experienced local real estate agent will usually know the tax rates in their area. The info is not difficult to access and disclose.

I assume the servicing lender will now increase your payment a few hundred dollars a month to catch up on your escrow shortage? Or are you able to write a big check to pay those special assessment taxes?
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0 votes 3 answers Share Flag
Wed Nov 19, 2014
Tim Moore answered:
Pools are funny things. Some people look at a pool and figure how much it will cost to fill it in. Some look at it as an expense to maintain and others look at it as a must have item. An appraiser will add value for it but some buyers will avoid the house because of it, others will require it. ... more
0 votes 7 answers Share Flag
Sat Feb 9, 2013
Keith Jean-Pierre answered:
Yes but there are strict stipulations, this article should be able to help you with the process:

http://www.realtor.org/intupdt.nsf/Pages/Basics_Representing_Foreign_Buyers_US

Best of luck!! ... more
0 votes 6 answers Share Flag
Thu Nov 7, 2013
Laura Coffey answered:
If you do not perform per the contract the seller has a right to cancel and open escrow with someone else.
Choosing the right lender is so important for this reason.
0 votes 18 answers Share Flag
Mon Apr 25, 2016
Lisa LeQuire answered:
1/2% of $120,000 is $600. May I ask what your are referencing?
0 votes 6 answers Share Flag
Mon Apr 25, 2016
Phil Rotondo answered:
Contact a local agent in the area who will, at no charge, advise you:
What's available....
What they have been selling for recently....
What they are renting for.
Good Luck.
0 votes 4 answers Share Flag
Sat Nov 30, 2013
Lisa LeQuire answered:
Most Auctions (whether at the courthouse or in a public venue like the Riverside Convention Center) are open to the public.

Sometimes the sellers will put limiting factors on buyers i.e. previous owner cannot purchase their own home back.

However, if the auction is public that usually means anyone can bid. The seller wants as much competition as possible to drive the sale price up.
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0 votes 5 answers Share Flag
Thu Oct 18, 2012
Tim Moore answered:
Obviously you have not spoken with a lender and that is always step #1. Do that and they will explain the different loan programs which require different down payments. Step #1 is like looking at a road map prior to a trip, you need to do it first and then plan the trip. They are free and don't affect your credit so go see 1 or 2. ... more
0 votes 8 answers Share Flag
Fri Apr 29, 2016
Devona Garrigus answered:
A probate sale involves the sale of a property owned by someone that has deceased without a will or testament.
0 votes 5 answers Share Flag
Tue Sep 11, 2012
Leanne Austin answered:
Hi Omar,
If you've already been working with a lender, they can help you through that process. Sounds like you may be working with one already considering you are aware of your credit score. If you need some recommendations for a lender, I'd be happy to provide those. You always want to make sure that you are working with a lender that has a primo track record.

Omar, I wanted to provide you some additional information regarding the market of today. We are very low on inventory (the number of homes available for sale) at this moment and it is a highly competitive game in getting an offer accepted by the sellers of the home. In order for you to be more competitive and actually end up owning a home, you may be better off saving just a little longer and coming up with the down payment on your own. When a seller of a home has multiple offers and can choose the "best" of the bunch, they often will not take an offer that will be utilizing down payment assistance programs. It makes your offer not as strong for couple of reasons.

1. Using a down payment assistance program usually means a longer escrow time.
2. It may look as though you are not a strong buyer being that you don't have the funds for your down payment. It may look to some sellers that you may be at higher risk of falling out of escrow leaving the seller to start over again with a new buyer.

Consider going into save mode and see if that's a possibility down the road, or you could have a family member that could help out with the down payment.

There are many other things to consider in this market when writing offers that will get accepted.
When you are ready to get started with the education on writing an offer that won't get thrown in the trash, get with a reputable agent and get on the right road to home ownership.

The process is simple with the right people on your team.
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0 votes 4 answers Share Flag
Tue Sep 11, 2012
Ray Wright answered:
You won't find it. At least not now, as values are steadily increasing. I have 2 clients looking for condos so I'm very familiar with what's available. There are several decent listings available in gated condo areas under $85,000 but nothing built 2000 or after. The least expensive is $120,000. ... more
0 votes 3 answers Share Flag
Mon May 18, 2015
Debbie Demars answered:
Hello,

Sunnymead Ranch and Moreno Valley Ranch are both good areas. Please keep in mind every place has a certain amount of crime or issues. I would be happy to assist you in finding your family's dream home. Please feel free to contact me directly at (951) 601-1170. You may also visit www.homesbydebbiedemars.com for additional home buying tools and data.

Sincerely,
Debbie Demars, DRE #01713434
Coldwell Banker Pioneer Real Estate
(951) 601-1170
... more
0 votes 5 answers Share Flag
Fri Apr 29, 2016
Matthew Lahti answered:
You could contact the previous listing agent or you could contact another agent you like to work with and they can make contact with the owner to see whether they're still interested in selling the condo. ... more
0 votes 8 answers Share Flag
Sun May 1, 2016
Maritza Gutierrez answered:
It's not safe to put money out of your pocket because short sales are not a for sure sale, the bank might accepted or rejected and you are going to loose your money.
0 votes 10 answers Share Flag
Sat May 26, 2012
answered:
Sounds like you may have had your offer from the seller accepted.......the actual people living in the home. Now the sellers bank must officially accept the new buyer's (you) offer and replace your name on the purchase contract.

That can take time. 1-4 weeks usually. Once you execute the actual purchase contract documents from short selling lender, then you open escrow.

Are you using the .5% down payment FHA loan program? It's a great way to finance a home purchase because you only need .5% down payment and can use more of your own money in your bank account or use to buy furnishings for the home.

Rates are very low and we may even be able to give you a lender credit back of up to 1-2%.

Call me if you want more details. (951) 215-6119.
... more
0 votes 5 answers Share Flag
Tue Sep 11, 2012
Shanna Rogers answered:
Hi Gregory,

I'm not sure what you mean by 'hold up'. If you mean why does it take time, there are several steps the bank has to take before approving a short sale. They have to make sure the seller has a qualifying hardship, they have to ascertain the current market value of the property (either by ordering a BPO or a full appraisal), etc.

Short Sales require patience....by all parties.

Good luck!

Shanna Rogers
SR Realty
www.RealtyBySR.com
... more
0 votes 7 answers Share Flag
Fri Apr 13, 2012
answered:
no arguments here....go for it. That rent you collect will pay for the mortgage payment on your new home that I get you approved for:-)
0 votes 5 answers Share Flag
Thu May 18, 2017
Keith & Kinsey Schulz answered:
It can be pretty quick if all parties agree. Usually the slowest part of the process is the lender underwriting and appraisal, but you can bypass all that by paying cash. If the sellers agree to a quick closing then it's just dependent on how quickly the title company can get documentation together. ... more
0 votes 16 answers Share Flag
Wed Mar 14, 2012
Pkato93 answered:
That would be regis not registered. sorry.
0 votes 6 answers Share Flag
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