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Home Buying in Orange County : Real Estate Advice

  • All332
  • Local Info10
  • Home Buying181
  • Home Selling26
  • Market Conditions5

Activity 1,204
Thu Jun 26, 2014
Todd Foust answered:
I have no idea about a forecast for 3-4 years out. Impossible to predict, although I'm sure opinions are abundant. Down payment minimum right now for FHA is 3.5%
0 votes 3 answers Share Flag
Tue Jul 1, 2014
Terry Farnsworth answered:
Generally, you should be eligible for a mortgage 2 years after a short sale. You'll want to check with a lender for the specifics and requirements. Next, if you want to buy the house you are renting - the owner will have to A. "want" to sell it, and B. "be able" to sell it. If there is a sizable loan outstanding on the property, the owner may be renting it out because he/she can't sell it for enough to satisfy the remaining balance.

Regardless of if you convince the owner to sell you the property you are renting, you'd still have to qualify for and obtain the financing (unless the owner will finance you) to ultimately pay for it. Hope that helps!
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Thu Jan 31, 2013
Suzanne MacDowell answered:
I don't think much changes at all because it is a private sale. Have you been trying the bigger banks? I find people have better experiences with smaller, more local banks that specialize in writing mortgages. Banks like Annie Mac and Residential Home Funding. Do you know a realtor? Are you going to use a real estate attorney for the closing? Those are two places where you might be referred to a good mortgage lender. The part time job is probably the biggest problem, you have to show that you are able to make the payments every month. the assets should help somewhat but you would need to know the formula the bank uses in order to identify the problem and see if it can be solved. ... more
0 votes 10 answers Share Flag
Thu Jul 9, 2015
Miekeba Jones answered:
Hi Halal, Consult a Realtor in the area. Do you need help finding a Realtor?
0 votes 26 answers Share Flag
Sat Feb 9, 2013
Tim Kunze answered:
It's almost always better to buy than pay someone rent (pay someone else's mortgage payments for them).

Hopefully, you've spent the past six years rebuilding your credit and saving for a down payment and can now qualify for a mortgage. Even though the BK will stay on your credit report for another one to three years, you may still be able to qualify.

Let me know how I can help.

Tim Kunze, Realtor(r)
Huntington Coast Properties
714-552-2335
Tim@TimKunze.com
www.TimKunze.com
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0 votes 4 answers Share Flag
Wed Jan 16, 2013
Travis Jackson answered:
Rentals start at $1200 for a 2 bedroom duplex on up. It depends if the house has a view, the condition of the property and the location. If you are looking to purchase an investment in Orange County, you should get in touch with a local Realtor asap. I could have an experienced Realtor working that area contact you. They will be able to provide you with valuable insight and guild you through the buying process. Send me your contact info to Tjackson@c21mm.com and I will have an expert get in touch with you!


Travis Jackson
Century 21 M & M Associates
DRE# 01879566
Tjackson@c21mm.com
http://www.408RealEstate.com
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0 votes 5 answers Share Flag
Fri Jan 31, 2014
Keith Watts answered:
Not all Short Sales are the same, each transaction may have a different lending insitution which is being shorted. The short sale approval or short sale application will state the restrictions of that individual lending institution or debt servicer. If you knowingly or purposely disregard their terms of approval that is a form of loan fraud. Read their approval terms before doing any family planning. ... more
0 votes 14 answers Share Flag
Sun Mar 10, 2013
Lori Hanson answered:
As long as you find a lender that is able to write a loan in Texas it really doen'st matter other than being familar with the rules of the state and any local requriements for the loan. If you are starting a new job in Texas and it it in the same field as you are in now that will help with being able to get a loan. They usually want 2 years on the job before you can get a loan but my waive that if you are staying in the same field or with the same company just relocating.

Good luck and enjoy Texas, Austin is really pretty.
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0 votes 6 answers Share Flag
Sun Feb 3, 2013
Deepak Chauhan answered:
Well if Gated Community is the bench mark for safety for you ... here is what I will suggest.

Try it for yourself; make a list of 25 gated communities of your choice. Go to any of their entrances in your car and follow any other resident who is driving in the gate ... there is your "safety" test result. Only personally manned gates/entrances make some sense for real Safety, all the rest is very theoretical.

Safety was part of the city design for Irvine ... Irvine is one of the first "designed" cities of US. Segregated sections of the neighborhood are one factor that discourages the strangers to take shortcuts through the city. Strangers are noticed in smaller communities easily; also whenever we have a misshapen in the neighborhood, we get quick police alerts via mass telephone broadcasts to warn people.

No community is crime free; people will barge into White House if the "home owner" is not alert. . There is a difference in the quality of a $5.00 and $150.00 wine bottle. When you buy a home, you also buy the neighborhood. Come-on stay in Irvine, you will love it here. May be Mister Rodger’s song will be more convincing.

It's a beautiful day in this neighborhood,
A beautiful day for a neighbor.
Would you be mine?
Could you be mine?...
... Won't you please?
Please won't you be my neighbor?

Deepak
Realty ONE Group IRVINE
http://WWW.HousesInSoCal.com
949 748-9834
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0 votes 11 answers Share Flag
Wed Jan 9, 2013
Julie Barnett answered:
You should find a good contractor who can check the building codes in your community to see if it is 'ok to do.' The contractor can also give you a cost estimate, but make sure you have at least three (3) contractors come to give you an estimate on your job and make sure they outline everything that they will provide for their service. You might want to check with Angie's List or your local Better Business Bureau to see if they can give you recommendations for a reliable contractor. Also, make sure that you pay don't pay the complete amount until the job is completed and satisfactory. ... more
0 votes 3 answers Share Flag
Sun Dec 22, 2013
Carol Lee answered:
Hi Sharin,

It's a great time to buy right now. Prices have not jumped up as much as they might as the year progresses, so would not wait too long!

There's a darling home on Cambridge for sale now, and great condos in Granville, in Altezza and near Lido. Some have glorious views!

Call me if you'd like help finding your next home, Sharin!!

With best regards,

Carol Lee
Surterre Properties

949.395.3994
clee@surterreproperties.com

www.newportism.com

CA DRE: 01402855
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0 votes 17 answers Share Flag
Fri Dec 4, 2015
Alain Picard answered:
Mon Apr 29, 2013
Linda Lukas answered:
Hi Sonia

It depends on how the offer is written....check with the realtors involved.

Linda
0 votes 19 answers Share Flag
Sat Jan 5, 2013
Dan Tabit answered:
Melissa,
Assuming your contract anticipates this possibility, read over the provisions there first and discuss this with your buyer. If the buyer wants to proceed, do they have sufficient cash to make up the difference? If your buyer only wants to proceed with a selling price that matches the appraisal, call the listing agent and be direct about the situation, but be patient. You have had a chance to digest this situation and it favors your buyer. The listing agent and the seller will be upset with the news, but they need to hear it. Give them the time your contract allows to discuss and come up with a response.
If this is an FHA purchase, that appraisal will be in effect for some time. If not, the seller could overlook it and prefer to go back on the market. Have you reviewed the appraisal and the comparables used? Were they the best comps? If the seller opts for another appraisal, what are the chances it will come back higher?
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0 votes 3 answers Share Flag
Sat Feb 9, 2013
Debra (Debbie) Rose answered:
If he is a "numbers" person, then did he factor in the NET cost of owning versus renting?

Did he factor in any tax benefits (write offs ) for interest and property taxes?.........


Did he also factor in upkeep/maintenance on a home one owns? - you don't pay for a new roof or furnace when you rent!

I think his statement is rather broad.............you'd also have to factor in what you would do with the (assuming you have it) down payent money if you didn't invest it in a home............what interest would it generate - and how might it grow as compared to investing it in a purchase?

Landlords can raise rent every year , or decide not to rent if it is an owned property (yes, I know - taxes go up, too), but moving is expensive........so that potential cost should at least be considered when looking at the whole picture.

My point is......there are too many variables, imo, to give such a cut and dry answer!!

happy new year!
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0 votes 9 answers Share Flag
Mon Jan 7, 2013
Holly Schwartz answered:
Hello Buyer22,
Thanks for asking this question. In the current Southern California Real Estate market there is limited inventory. Cash buyers certainly can have an advantage, especially when a home needs to be completely rehabbed.

The budget that you mentioned is a heathy one and you seem realistic. By being open to areas that are a but inland you will gain more options and see a variety of price points.

I would be happy to suggest homes to you that fit your requirements in terms of condition and return. Please feel free to contact me to discuss the market further, specifically in Orange County.

Sincerely,
Holly Schwartz
714-928-4682
Holly@torellirealty.com
www.TheOCHouseHunter.com
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0 votes 7 answers Share Flag
Thu Jan 17, 2013
Shane Milne answered:
1. Is there an additional credit on page 1 of the HUD to offset the "one expense item" that was changed from the seller's side to the buyer's side?

If not, and you have had no luck getting answers by talking to them on the phone or emailing, then I would march into the escrow companies office and demand an explanation or you won't leave. They can't simply ignore you, particularly if you are noisy enough to where their other customers start to get concerned.

2. I am not aware of such law. That has occurred in purchase situations where I've been the loan officer, and to me it's the buyer's real estate agent's responsibility to make sure all utilities will be on at the time of the appraisal. If the real estate agent was told by the seller that they would be on, and then they weren't on when the appraisal inspection happened, then at that point, to be fair, the seller should pay for the additional appraisal re-inspection... but if the seller doesn't agree to that in writing, then the appraisal re-inspection fee still needs to be paid, and unless the buyer wants to be the one holding up the transaction then they (or their real estate agent) should pay it.

Shane Milne | Lending in all 50 states | NMLS #81195
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0 votes 6 answers Share Flag
Wed Jan 2, 2013
Alex Vargas answered:
Hi Susan,

Sometimes agents make mistakes and go back and fix them. I can send a message to the agent letting him know his bath count is incorrect.

Please let me know if there is anything else I can help you with.

Best,

Alex Vargas
(714) 269-8775 Mobile
Weichert Realtors
DRE # 01332235

555 Corporate Drive Suite 100
Ladera Ranch, Ca 92620

www.AlexSellsSoCal.Com
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0 votes 3 answers Share Flag
Wed Jan 2, 2013
Cynthia Fleming answered:
Just saw a similar question, is the higher offer enough to eliminate the need for the short sale?
0 votes 3 answers Share Flag
Wed Jan 2, 2013
Linda Lukas answered:
It is more likely that the bank will make the seller a sweetheart offer to refinance or modify his loan....this is what is happening here in California....you should find a reliable broker in your area and ask this question of him/her....

Here, once an offer goes to the bank, other offers are held as "Back Up offers" and if the initial offer does not succeed, the back up offers are turned to....

Call me with further questions...714-381-1723

Linda
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