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Torrance : Real Estate Advice

  • All242
  • Local Info9
  • Home Buying74
  • Home Selling6
  • Market Conditions3

Activity 113
Sun Apr 26, 2009
Wallace Hagstrom answered:
Banandy based on your description the answer is YES you would qualify no problem. Your payment at 5% 30 year fixed would be around $2,300 a month including taxes and insurance. That gives a debt to income ratio of around 27%. Based on those figures you would have no problem qualifying for a loan. In fact if you wanted to put down less than 10% you could easily qualify for an FHA loan. I would be happy to pre-qualify you. Simply go to my website and check out our offer, you will be pleasantly surprised. I have 25 years experience as a mortgage broker/Realtor.
Good luck!
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Sat Apr 11, 2009
Earl Cline answered:
There is no license required to be an on-site Manager in CA. If you are interested in working in the industry, try looking at www.irem.org. They will have classes that you can take to become a Certified Apartment Manager (CAM). You can also use the site to find managers that may be looking for an on-site manager. ... more
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Thu Apr 9, 2009
Jeff K answered:
Hi Jennamarie,

Usually the minimum is 620. There are a few lenders out there that might still be willing to go lower. IMO - 620 is a much more responsible minimum than what we've had before. Of course, other factors such as income and savings and debt-to-income ratio are very important as well as credit.

http://mortgagedfuture.com/fha-increases-minimum-credit-score-requirement/

Good credit isn't merely good for buying houses - a good credit score also affects the ability to get a car loan and What Rate a person gets. It also affects Insurance rates. It is very worth-while for people to do whatever they can reasonably do to improve their credit to at least 680 and above.
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Wed Jul 1, 2009
Shel-lee Davis answered:
Stephanie:

This is precisely why you work with an agent, and specifically an agent who has worked with buyers using FHA loans. Those of us who specialize in FIrst Time Homebuyers and buyers using FHA loans know what to look for, what questions to ask the listing agents, and can help you focus on homes that meet your buying criteria. And the great part of getting all this knowledge, experience, guidance and advice, is that the seller is paying for it, not you. Hope this helps bring clarity to the process and Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
http://shel-lee.listingbook.com
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Tue Oct 12, 2010
Shel-lee Davis answered:
Stephanie:

The short answer is, no, this is not how it works. The good news is that the lenders do not look at your lowest score, but rather at your middle score. The other good news is that "FHA does not have minimum credit score requirement". That is in quotes, since FHA doe not actually make the loans, they only insure them and most LENDERS do have a minimum credit score requirement. If your middle score is 580 or above, then contact me. I will refer you to a lender that still does FHA lending with middle scores in the the high 500's. More importantly, they look at how many late payments you have incurred in the last 12 months. If your credit is damaged due to medical bills, high credit balances and/or collections activities that started a while back, then you might be okay.

Contact me if you would like the lender referral and Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
http://shel-lee.listingbook.com
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Wed Jun 24, 2009
Patty Fisch answered:
You need to check with a lender for your particular situation to get a solid answer ... in the interim:

Overall FHA loans require a 620 score and last 12 month payment history is important!

Zillow.com has a mortgage tab where you can enter all your personal data without revealing your name/SSN and multiple lenders will look at your situation and let you know what they can offer you.
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Sun Mar 22, 2009
Shel-lee Davis answered:
Stephanie:

This is a great question. The answer is, this is the perfect time for you to find an agent who is willing to make the tough telephone calls and work to find you a lease option, if that is your preference. Some sellers will note that they are open to a lease option, but usually this is an agent to agent communication.

In answer to your question about lease signs that you see in Torrance, usually they are just that, leases. There are many owners whose focus is not on selling, but only on renting out their properties. This can be for a variety of reasons, two of which might be, they are waiting for the market to turn around or this is their business model (they buy properties to rent them out and live on the income stream). However, a well placed call to those property owners might get them thinking about the benefits of having a different exit plan (i.e. a very good tenant who will take care of the property because they intend to buy it in one or two years).

Let me follow this with a few words of caution. These cautions are why it helps to be working with a real estate professional who can negotiate in your best interest:
1. Lease options require some money up-front (the option fee), which is typically not refundable. You want to pay as little as possible and the seller wants to get as much as possible. Also, you want to check the title on the property and the outstanding liens against the property. Don't turn over your hard earned money to someone who does not have the right to sell the property or who owes more on the property than you will be paying for it.
2. If there is a mortgage on the property, make sure that your money is going to a third party who will pay the mortgage before disbursing the balance of the funds to the owner. You want to make sure the owner does not go into default on their mortgage, which might result in the loss of your home and your option fee.
3. Make sure the lease option addresses the owner's right to refinance during the course of the agreement. It might not be in your best interest for the owner to pull money out of the property and possibly jeopardize your position in the home.
4. Make sure the option price is favorable to all concerned, and that there is a way to deal with the possibility of the home not appraising for the option price at the time of sale.

These are just a few of the many concerns you need to take into consideration when negotiating a lease-option. Lease-options are beneficial if you don't have the down payment or need time to clean up your credit scores before you buy. On the other hand, most lease options leave the tax benefits of home ownership with the current owner, not with you, and the tax benefits are one of the things that makes home ownership affordable for most people. Lastly, if you have 3.5% to put down (or someone who will gift it to you) and you have a decent credit score, then you might want to consider buying now, not later. Interest rates are very low, many sellers are willing to pay some or all of the closing costs to get their property sold, and inventory is high. So if you find the property you like and the seller is flexible enough to do a lease option, they will probably also be flexible in helping you get into the home now. It is all about having someone on your team who will negotiate in your best interest.

Hope this helps. Contact me if you have any other questions. And most importantly, Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
http://shel-lee.listingbook.com
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Wed Jul 15, 2009
David Chamberlain answered:
Do you have any exp as a mortgage broker or have any exp in real estate.
0 votes 2 answers Share Flag
Wed Oct 8, 2014
Frank Spencer answered:
Hello again Moni,

Be careful you are falling into a familiar trap. One that has you always looking for the 'PERFECT" time to purchase a home. The window of perfection is too small and too subjective for many to take advantage of. But I will tell you this. Today is as close to perfect as you will likely see. Inventories are declining, Interest rates are at near record lows, more units are selling today than at any other time in the past three years. And all of these facts are indicators that we are near the bottom of our current market. And that is the absolute best time to purchase. One thing to consider, even if values drop another couple of percentage points, if interest rates go up even marginally from where they are today you will have lost any gain that you might have from the lower purchase price. If you are ready to be a home buyer, today is a great day to jump in with both feet.

Happy home hunting

Frank Spencer
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Sat Mar 28, 2009
Marty S answered:
I have a Realtor that can show you SEVERAL REO's in Torrance.

His name is Bob Simpson and his number is 323-721-1777

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
513-536-7184
877-238-6324 FAX
MSmith@PrecisionFundingUSA.com
http://www.PrecisionFundingUSA.com
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Tue May 22, 2012
Dominique Ressurreicao answered:
Hello,

I might be able to help you. I would like to talk with you whenever you have a chance.

Thank You,

Dominique Ressurreicao
American Pacific Mortgage
559-892-6812
0 votes 3 answers Share Flag
Mon Nov 24, 2008
Shel-lee Davis answered:
Sheyla:

As with most foreclosure auctions in this area, the auction will take place on the courthouse steps (if it takes place at all) at 12720 Norwalk Blvd, Norwalk, CA. Currently it is scheduled for December 2 @ 10:00 a.m. Remember, at the Trustee's Auction, you must have all cash to support your bid.

Beware of misleading information on RealtyTrac. The home will not sell for $55,300. That is the published bid for the 2nd TD only. There is a 1st TD also against this property. Make sure you have all the facts before you ago bid on this property.

You might still have time to beat the others to the courthouse steps. Contact me if you want to explore this further. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
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Sat Nov 1, 2008
Sheyenne Schultz answered:
Hi Art! I have an awesome lender who is the ceo of the company here in Torrance and is the goddess of loans....she can take a look at your situation for no obligation at all and let you know what you can do or rather what they might be trying to do to you and what your options are.....in this market, lenders should be on their knees for your business and work with you...not against you...you should be able to get a better rate or monthly payments...give me a call and I'll point you in the right direction..at no obligation and let's see what your options are....knowledge is power...then you'll know how to deal with the situation...Shy
Sheyenne Schultz
Call Realty
310-429-4170
shy@shysells.com
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Sun Nov 2, 2008
Scott Godzyk answered:
your credit score is not affected, they can modify it in a couple of different ways. if you are behind they can take say the 2 months you are behind and add it to the balance or they can divide it by 6 or 12 mo and add it to yourmonthly payment to bring you current. they can also modify it by making it a 30 yr fixed from an adustable or adjust your high rate down to current levels. as far as your finaicals they want to make sure you can still pay the monthly payments. good luck in working it out ... more
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Sun Nov 2, 2008
NonRealtor answered:
Right now, you're probably thinking "We should have rented", right? Sol means "sun" in spanish. It means something else for your situation. Maybe ask your neighbors what they are doing, some of them may be in the exact same situation. Good Luck ... more
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Thu Oct 2, 2008
Chandra asked:
--
This question is about this property: http://www.trulia.com/property/36222593-22336-Harbor-Ridge-Ln-Torrance-CA-90502
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Fri Oct 3, 2008
Sheyenne Schultz answered:
Hi Sha Chris23! I think you are right! I am a buyer's agent and represent buyers all day long here in the southbay...so I see alot and I do mean alot of homes! And the price the builder has put on these is great! When you think of the fact that you are getting a BRAND NEW HOME, and the amenities they offer as well as the great square footage..it's a no brainer. As for the neighborhood...there are lots of developments around there that are popping up like crazy...so as more and more newer develpments pop up and buyers snatch these up....it starts to turn the area into a desirable area. Fair market value constitutes comps..and it depends on the lowest prices the builder will be willing to take since it depends on supply and demand and his reserve...the price he will definitely not go below. As far as parking goes...if you have no more than 2 cars in your family..that's ok...plus there is guest parking. It's pretty much a win/win situation..and I am in no way affiliated with the builders of this project. ... more
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Thu Oct 21, 2010
Michael Barron answered:
Hi there Fat, This is a great time to buy, The statistics do show this.
When you work with Realtor they have a Fiducary realtionship to work for you and to have your best interests at heart. With the number of foreclosures and the banks flooding the market with REO properties there is little that we can really do unfortunately. It is out of our control. Getting great deal also depends on the type of property that you are looking to buy.
If you drop me a line I can explain all this to you

Kind Regards
Michael Barron
Realtor/ MBA
First Team Real Estate
(714) 552-6817
Michael-barron@sbcglobal.net
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0 votes 17 answers Share Flag
Sat Sep 6, 2008
Yvonne Cousar answered:
Hi Dee....... talk to your CPA. Rent is income to the property owner and it does not matter if the rent is greater than or less than the mortgage. However, you will probably be able to deduct the expenses you pay in maintaining the rental from whatever income you are paid. This could be a benefit to you.

Yvonne Baker, Real Estate Consultant
www.YvonneBaker.com
ycbaker@kw.com
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Sun Nov 2, 2008
Dyanna answered:
I have nothing against mortgage broker, I use them all of the time, but you might be better off going with a direct lender. You have good credit, 25% down and stable as far as employment. What you could do is go to a mortgage broker and ask for a good faith estimate. See what a broker can offer you and compare. Your real estate agent should be directing you to the right path, if you aren't working with one, I would be glad to help. E-mail me dyannaavila@hotmail.com

Good Luck!
Dyanna
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