Category: FHA home buyer fullerton


 

I cant tell you how many times I get asked this question, and contrary to prior belief we do not just sit back and collect paychecks all day! My typical work week is 60-70 hours, 6-7 days a week. As a Realtor taking the weekend of is not an option.  So, here is a short list of what a typical day might entail.

 Previewing property for potential clients, holding an open house, door knocking or passing out flyers in your farm (chosen neighborhood), attending a seminar to learn new legal rules or client incentives, meeting with an inspector for a home inspection, writing an offer for a buyer, new buyer consultations, going on a listing presentation, follow up with guests from open houses, mls searches for buyers, inputting a new listing in the mls, taking pictures of a new listing for the mls, writing a description for a new listing, final walk through for a new home purchase, reviewing preliminary title reports for potential red flags, attend local board of realtor meetings, coordinate with loan officers, coordinate with title companies, create newsletters and postcards, create marketing material for new listings, coordinate with escrow officers to ensure escrow will close on time, PROBLEM SOLVE FOR CUSTOMERS!,  advise clients, sign documents, run comps, go to city hall to review permits, inform sellers of activity and marketing for their home, meet with appraisers, review escrow instructions, attend office meetings, get keys made for lock boxes, install signs, show buyers homes, and some of us like to write blog posts 🙂

This are just a few of the things that I can think of off the top of my head. I am grateful every day for the opportunity to work with amazing people and help them make their dreams come true!

Buying your first home? Selling your house? Looking to relocate? Give me a call, Carlos J. Amador at (562) 833-4292   
  
RE/MAX North Orange County   

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Did I catch your attention??

You might be asking yourself what the catch is, and I would be lying to you if i said there are none. So, here’s the deal, the city of Anaheim is giving $100,000 dollars toward the purchase of your next home…wow! The best part, as long as you live in the home the loan does not have to be payed back!!!!!!

 Ok, here are the specifics. Eligible parties can not make more than $72,500, and not all housing will apply toward this program. I will use a buyer that I have been working with as an example: the purchaser made a little over $50,000 a year, and was prequalified for a loan amount of $200,000. His options were fairly limited and his tastes were a little less peanut butter and jelly, and a little more caviar and escargot. After applying the 100k from the city of Anaheim, his purchase price had escalated to 300k, and the complex he chose was state of the art, with all of the amenities (health club, open access wi fi, pool, spa, clubhouse, controlled access entry to the complex, etc…).  Everybody wins!

As I mentioned earlier, a certain amount of housing is eligible, and specific lenders must be contacted to qualify. Contact me for more details, you wont be sorry!

Buying your first home? Selling your house? Looking to relocate? Give me a call, Carlos J. Amador at (562) 833-4292   
  
RE/MAX North Orange County   

  http://carlosamador.remax.com/   http://www.carlosjamador.com    http://twitter.com/CarlosjRealtor   https://carlosjamador.wordpress.com   http://activerain.com/blogs/carlosjamador   http://www.facebook.com/carlos.j.amador

For Sale: 2BR/2BA Single Family House in Diamond Bar, CA, $360,000.

1093 Oak Canyon Way, Brea, CA | Powered by Postlets.

            California….that’s the answer, specifically to sunny Orange County. Would you like to know the why, where when and how of this question/answer?

Scenario #1, a couple from Wisconsin interested in taking advantage of the currently deflated value of the Orange county home market, who would like a home with an ocean view. This would be a second/vacation home and possibly a rental property as well. They are intimately aware of the potential for property values to increase at a reasonable pace (unlike the prior bubble, this time property values will increase at a moderate pace) and see great value in purchasing a dream home at a bargain price. I informed them that a second home purchase would require more than a 25% down payment from a lender, not a problem was her response! The couple will be in town next week to look at condominiums along the coast, with an ocean view. Some of which can be purchased for a mere half million dollars! This may sound high, keep in mind 4 years ago these properties were going for ¾ of a million and beyond! The most important factor when determining a home price is location, and locations like this are few and far between!

 Scenario#2 a couple from Boston looking for an incoming producing property and capable of paying all cash for the home. They would like a fixer, preferably an reo or short sale as that is where the best deals are to be had. They have family in Irvine, and would like to possibly move down here sometime in the future. In the mean time the will be renovating the home they chose, and then renting it out for an 8-10% return on investment annually! Jumbo Cd’s, or certificate of deposits for 5 years and 100k minimum investment yield approximately 2.55%, a 10% return on investment is a considerably higher yield!

 Both of these scenarios are clients I am actively working with to help fulfill their financial goals. Opportunities abound in this economy; more millionaires were made in the great depression than in any other era of history (J Paul Getty, Howard Hughes, Gene Autry). According to N.A.R  an astounding 32% of all  home purchases in the United States are ALL CASH! Have I piqued your interest?

Thinking of buying a home, selling a home or possibly relocating? Give me a call, Carlos J. Amador @ (562) 833-4292.

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 www.carlosjamador.com or www.yourfullertonhome.com for a no obligation free consultation

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Imagine this scenario, a 68 year old man, $40,000 in cash, a deadline and…..me. 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 www.carlosjamador.com or www.yourfullertonhome.com for a no obligation free consultation

Names and companies omitted to protect….me! There once was an agent with a high end listing, the sellers agreed to use the agent,  signed, sealed  and delivered in the dead of winter. The home he listed had many upgrades and amenities, and was marketed diligently by the agent. All was well but for one catch, the sellers needed to find another home, and the proceeds from the listing had to be rolled over to a new home. Door knocking, flyer’s, mailers,listing syndication, virtual tours, open houses oh my! The listing agent had many offers initially, but few were acceptable to the sellers. Until, one day a buyers agent called with an offer, and a price acceptable to the sellers! Joy and happiness rained down from the sky, everyone was happy. All seemed well, except for one thing, the terms…..

  The buyers agent negotiated furiously with the listing agent, one counter turned to two, two to three, at last count was five counter offers!!! Untold hours were spent on the phone between the listing agent and buyers agent, who asked for everything from the absurd (when the buyer can fund the loan, written agreement that buyers deposit will be returned if seller cancels because they can not find acceptable housing (that’s a given), to the reasonable (reimbursement for appraisal and inspection fees if seller cancels). Both parties came to an impasse after three weeks, because the listing agent sensed a scam brewing. The sellers conceded to all of the buyers monetary concerns in regards to cancellation, but the buyers agent insisted that both parties have the same length of time for contingency periods. Bear with me for a minute, the sellers need to purchase another home and have a 17 day contingency period on their next purchase, while the buyer for the listed property has the same 17 day contingency period. Having said that he seller has a longer period of time to back out of the contract, and the buyers did not like that….so they left.

  Fast forward 4 weeks, guess who’s back?????? The same buyer, who swears up and down that things have changed and they will concede on the contingency issue issue (the sellers agreed to reimburse the buyers on all fees and monies that buyer would lose if they cancelled). So, the skeptical sellers and listing agent agreed to give it another shot. Negotiations continued, the listing agent stipulated 3 days to get this in to escrow or else. Guess what happened?? The same issue arose again, the listing agent refused and ceased contact. Then the buyers agents boyfriend calls to intervene, and confirmed what the listing agent had known all along (with a little skillfull interogation)

THE BUYER WANTED TO LET THE SELLER ENTER IN TO ESCROW ON THEIR NEXT HOME PURCHASE, AND INCUR FEES AND TIME AND EMOTIONS. THE NEXT STEP WAS TO GRIND THE SELLERS DOWN ON THE PRICE, OR THREATEN TO BACK OUT OF THE CONTRACT!!!!

The good guys won in the end, home was purchased by a nice couple for all cash at 99.27% of list price 🙂

The End

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 www.carlosjamador.com or www.yourfullertonhome.com for a no obligation free consultation

Great news for first time buyers with less than stellar credit and little cash on hand, the credit score requirements with some lenders have become more favorable! Two of the largest lenders recently announced (with very little publicity) that the “overlay” requirements (lender mandated requirements that supersede FHA guidelines) on fico scores.

The two participating banks are Wells Fargo and Quicken Loans, and the new minimum requirements are a 580 fico score and 3.5% down payment.Let me repeat that: THE NEW MINIMUM REQUIREMENTS ARE A 580 FICO SCORE AND 3.5% DOWN PAYMENT!!!! That is down considerably from a previous minimum fico of 620.The reason lenders had gave prior for imposing higher guidelines was that they need an extra cushion of protection to shield them from borrows with a higher risk of default. The “overlays” contributed to the cost of obtaining a loan in the form of points and fees.

As everyone knows, many have gone through financial difficulties over the past few years, which has affected credit scores and decimated bank statements. It is refreshing news to hear that some lenders are willing to take a calculated risk, and present a scenario where both the borrower and lender 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 http://www.carlosjamador.com. For a no obligation free consultation.Free first time home buyer information for Fullerton, Anaheim, and Brea.