Archive for March, 2011

Yep, I said it.

How can buying your first home cause death, due to sheer frustration, you just might kill yourself!  It can also cause convulsions and paralysis, because drinking that bottle of draino underneath your sink might seem more enticing then dealing with what can seem like an overwhelming process. PUT DOWN THE DRAINO, I CAN HELP!

All joking aside, it doesn’t have to be stressful. Your first step should be to speak to a lender! But Carlos, I want to find something that i like first, THEN get a pre approval letter. Of course you do, you are scared, its a commitment that your not prepared for. Your not sure if you will find a home that you like, I know. Keep this in mind, your time is valuable, dont waste it. You might be looking at homes that are out of your price range, or at fixers when an fha loan is what you will qualify for (fha loans require a move in ready property, fha 203k is the exception). Get pre approved!

Ok, your concerned that getting preapproved might affect your credit score negatively, understandable. The answer is….it might. It depends on what type of information the lender uses for the preapproval, some companies provide approvals based solely on information you give, such as bank records and pay stubs, This does not affect your credit score. Some companies will pull your credit report, if they make an inquiry to the credit bureaus, that can affect your credit score the same way as any other inquiry. If you are really serious about purchasing a home then you will need one wither way, so do it!

Step #2, go to open houses, decide which areas you are interested. Speak to Realtors, find someone you trust.

Buying your first home? Selling your house? Looking to relocate? Give me a call,   Carlos J. Amador at (562) 833-4292 or visit my website or for a no obligation free consultation

icon of elderly people

Image via Wikipedia

Imagine this scenario, a 68 year old man, $40,000 in cash, a deadline and… This is the story of the elderly mafia and how the condo was purchased. Let’s start from the beginning…

 So, I once had a client who was looking to purchase an investment property, something with positive cash flow, turnkey, and 9 to 10% return on investment annually. He had about 200k in cd’s, which was yielding a measly 2%!  So, I found him an approved short sale at 25% under market value, move in ready (needed a bit of cosmetic work) , with a reasonable homeowners association dues. The downside, condo had been on the market for a while and the bank was looking to foreclose. So, it was a race against the clock!

 The upside was that he was able to purchase all cash, otherwise the bank would have passed on the offer. So, offer is accepted, escrow is open, notice of trustee sale is in effect and sale date is scheduled for a week from the opening of escrow. . My investor client had approximately 100k liquid (readily available) , the remainder to be procured from his certificate of deposits. No problem right? Wrong, one was available locally, the other cd was located back east somewhere.  So, paperwork is flowing, telephones are ringing, and deadlines are approaching…

 Two days prior to the close of escrow and my client is shy $40,000 because the bank was unable to close the account and wire the funds(don’t ask me why they couldn’t be wired, don’t remember). What to do, what to do?

Oh yeah, who doesn’t have a friend with 40k under their mattress? So, I pick up my client, drive him to his friends house (yes, his friend had the cash on him….) , run to the bank to get a cashiers check, and head to escrow. Well, the story ended happily, my client rented out the property and the elderly mafia scored another win!

Buying your first home? Selling your house? Looking to relocate? Give me a call,   Carlos J. Amador at (562) 833-4292 or visit my website or for a no obligation free consultation