How much will my house payment be if I buy a home priced at $300,000? I really want to buy this house but first I want to know if I'm comfortable with the house payment.  I know I'll qualify for a home loan.  My fico score is 800, have never been late on any of my payments, I have never filed for bk or had a foreclosure or repossession on my credit. I make about 120K at my job as a plumber which I’ve had for 10 years, and my company is growing as they are hiring instead of laying off.  I don’t have any outstanding credit card balances and my car will be paid off in 2 months.

*************************************************************************************************************************

Well first let me congratulate you for being "the Perfect Buyer;" you have managed your credit well!  It’s great that you want to buy your own home instead of renting!  There's never been a better time to buy then NOW!

To answer your question: your payment is based on many factors!  The financing of a home is complicated, even more so now than ever before!  To try to explain exactly “how to finance a home” is beyond the scope of this post.   The best thing to do is to ask a local realtor® or lender but here are some basic guidelines.

Your monthly house payment will depend on:

1) The current interest rate you qualify for

2) How much down payment you give

3) What type of loan: Conventional or government: FHA, VA

4) The term of your loan: How long do you want the loan for: 15, 20, 30, 40 years.  The shorter the term the bigger payment.

5) How many Loan points you are willing pay; the less you pay the higher your rate.  You can buy down your rate by paying more points but you should really sit down with a local expect to go over this--it may not be beneficial to pay more for a lower rate.  It’s kind of complicated and beyond the scope of this post to explain it well.   

6) How much are you borrowing?  What is the total Amount financed? and

7) Will the loan amount fall into the “conforming loan limits for your area?” To find out what those loan limits are in your state and county, click here (https://entp.hud.gov/idapp/html/hicostlook.cfm)  The conforming loan limit for Los Angeles county CA click here!

The above guidelines are just for information purposes only!   If you want to know what your exact payment will be--the best way to know is to meet with a professional real estate loan consultant or Local Realtor® to get you prequalified.  Most real estate professionals will do this for you at no cost or obligation to buy. 

If you are looking for a Realtor in the Los Angeles county area, please consider me for your next home purchase or real estate investment.

All my friends are tell me to wait until home prices bottom and then buy.  Should I wait or should I buy now?  I am sure your friends have your best interest at heart and they may not know how real estate works.

Real estate goes up and down, they always have....if someone purchased a home at the wrong time or wrong place and wrong loan (maybe during a California real estate bubble during the early 90’s and 2005 and 2008 with a toxic loan), then they may have a bad taste in their mouths for real estate. 

Maybe some of your friends purchased at the height of the real estate bubble with a toxic loan and their homes have lost value and their loan has or is about to explode, they may not be your best real estate advisors.

You need to purchase after the bubble pops not while it’s being inflated. I work the Downey CA area and I believe that Downey has bottomed and prices will be low for the next few years with a little increases here and there, but they will come back up again.

Will home prices ever come back up to the 2006/2007 bubble prices?  No one knows at what rate homes will appreciate but prices have no where to go but up, but that’s just the real estate cycle.

The danger of waiting is your interest rate can go up and so can the cost of getting a loan: loan points, title insurance, homeowner insurance, private mortgage insurance, escrow fees. 

Also remember, buying a house is more than just a financial decision, it’s a place where you are going to build a home for your family. If you find that right place at the right price, what does it matter if prices fluctuate up or down, if you are planning on staying for at least 5 to 7 years, you’ll be ok. 

If you are buying to flip and trying to make a quick profit, then I say you might be treading in dangerous waters more so in certain areas like Downey CA were home prices shot up too high and to fast during the bubble years and are now in a correcting stage, which is good news for those who want to buy a home in Downey CA to raise their family.  If you are planning on flipping for a profit, I wouldn’t be able to help you but if you want to buy a house to make it a “home,” then I can most certainly help you.   

Please call me discuss how I can help you find the right home for you and your family.

With so many government home loans available to first time home buyers, I really don't see why someone who can buy doesn't.  If you want to know whether you qualify for a home loan in Downey CA call me at (562) 916-3237.  If you want to buy a home in San Diego, Call Robert...go over to Robert's blog and let him know that you appreciate him taking time to write this informative blog.

First-Time Homebuyer Q & A and Seminar in Downey CA

  Save the date:

 Saturday, November 19, 2011

We will be having other dates opening up soon

 Time: 12-5 p.m.

  Location: Downey, CA

Sponsored by Aida Pinto, Real Estate Broker

United Associated Brokers

You must RVSP to reserve your seat.  

Email me your request to: PintoRealty@yahoo.com or  call (562) 916-3237.

 There will be Spanish speaking agents available to assist you as well.

 Come to this great and informative Firstime homebuyers class,

It’s free and at no obligation to you.

 Do you have questions about buying a home in Downey CA

• What do I need to do to buy my home in Downey CA?

• Why do I need to be pre-qualified?
• How much money will I have to have up front?
• What types of loans are available to buy my first home in Downey?
• How do I apply for a loan to buy a home?
• What credit score do I need to have?
• If I have a short sale on my credit record, can I buy a home?
• What kind of home can I buy in Downey CA with the kind of loan I qualify for?
• Should I buy new, resale, foreclosure or short sale? What are the advantages and disadvantages of each?
• What about an inspections? What are the different types of inspections that should be performed when buying a home. Do I need them and who pays for them?
• Who pays for the appraisal when buying a home?  
• Who hires the home inspector, the buyer or seller?
• What is the difference between an home inspection and an appraisal?
• What are the “red flags” I should be looking for when viewing homes?
• Who pays for the closing cost, escrow fee, title insurance, loan points?

You will find your answers to all your real estate questions....

just call (562) 916-3237 or email your request at: PintoRealty@yahoo.com.

Get the answers to these and any or questions regarding the home buying process!

For reservations for this seminar or other dates:

please call (562) 916-3237 or

 e-mail” PintoRealty@yahoo.com

What would motivate you to buy a home or sell and buy an up-grade or

downsize?

  A recently survey....found selling and buying trends within the “Baby Boomer” demographic and separated the baby boomers into younger Boomers (aged 47-55) and older Boomers (56-64). “With nearly 79 million Americans in this demographic, the insights gleaned from the survey can definitely help you understand this massive group of potential clients.”

“Young Boomers want all the upgrades!”  

Survey says! 

According to “the survey” only 6 percent of agents report that those in the 56-64 age category are looking to get into a bigger home.   Interestingly, the younger boomers would love more space. In fact, 31 percent of those same agents said this younger group was in the move up buyer category. With the 47-55 age category it’s more likely additional space is needed for growing children.”

“Nearly 80 percent of the older boomers would love to downsize to a smaller home.”

According to Jim Gillespie, CEO of Coldwell Banker Real Estate, “I know baby boomers are a very diverse group and cannot be described in generalities, but our survey clearly indicates that those boomers who are financially secure are actively seeking to buy their retirement home, or a second home, and they are taking advantage of the opportunities and value available in today’s market.”

What are your thoughts on this and what would motivate you to make a decision to buy or sell in today’s market?

Are you a "baby boomer" who has an empty-nest and would love to move closer to the grand-children or maybe buy that vacation home on some remote island you always wanted?

OR why not rent your vacation home? 

Maybe you could find some great vacation rentals instead of buying!

Or, maybe you're just tired of keeping up with a large home and you want to downsize to a condo or smaller home!

Or, maybe you want to move in with your extended family out-of-state!  Or, maybe you live out-of-state and want buy a rental property closer to home.

There are so many possibilities. One caveat: if you don't need to sell, don't!  But if you do, and you own real estate in Downey CA or Long Beach CA and you need a full-time Realtor who has the knowledge and the desire to help you sell your rental property or primary home in downey, I know I can get the job done!  I would love the opportunity to interview for the job of being your Real Estate Broker and Realtor.

Please visit my website: Click here-->>www.PintoRealtyInc.com

I know it sounds crazy but I’d rather risk it then to have to pay those outrageous dental prices. How hard can it be?  There’s no law that says I can’t pull out my own tooth!

.....Of course, I'm kidding!

This blog is dedicated to those For Sale By Owners know as FSBOs!

There are some things you can do yourself with no major consequence like, doing your own nails, doing your own hair but really...there are some things that should be done by a professional like: pulling your tooth out or selling your home.

What can you do for me that I can’t do for myself?  You maybe asking!

Well, as a professional Realtor my full-time job is to sell your home, and in today’s challenging market, it’s a full time job to sell a home.  I can’t imagine someone trying to work all day long at their regular job and then have to take on another full time job of selling their own home.   

As a full time Realtor ®, this is what I can do for you:

Correct Pricing

As your Realtor®, I will prepare a custom market analysis and create a unique pricing and marketing strategy. Most homes don’t sell because they are not priced right. Many "For Sale by Owners" don’t have the experience in home evaluations and often price it either too high or too low.  Hiring a professional Realtor will ensure you that you get “market price” for your home or investment property. 

Right Exposure

As your Realtor ®, I post your property not just in the MLS but on my websites, and real estate blogs in addition to all the other traditional marketing methods.  As a "For Sale By Owner" you will have to spend money marketing your property, buying signs, printing fliers, creating a website, conducting your own open house, etc. A Realtor that is knowledgeable will know how to give your property the Right Exposure. Do you  have the time and money to spend marketing your property? The fact is that the exposure a Realtor can give your property can never be matched by anyone.  By not listing your home with a professional Realtor® there are hundreds if not thousands of potential buyers who will never see your home.  

Show your home anytime

Buyers will need to see your home before they make an offer, at least most buyers do. Will you be available during the day to show your home?  Will you have to leave work early to meet a buyer that you don’t even know if he/she is qualified to buy?  Will you be able to schedule your life around the needs of the buyer?

With the use of a Supra lockbox, a Realtor® can show your home any time and as your Realtor® I will always know who is going in and out of your home.  Only professional Realtors will have access to your property.  If you do not wish to have a supra lockbox for whatever reason, don't worry, as your Realtor®, I'd be available to be present at all showings. 

Show your home to only qualified Buyers

Or are you going to show your home to anyone and everyone, even if they can’t buy? As your Realtor ® I will only let qualified buyers see your home, and I will instruct other Realtors to only show to qualified buyers.  So you will never have looky-loos with me as your Realtor.

Get you the best and highest offer

Most buyers who are looking at For Sale By Owner homes are bargain hunters and will make extremely low offers regardless if the home is priced well or not. Bargain hunters will make several low-ball offers on different properties because they are not serious buyers.  As your Realtor®, I only work with serious buyers who want to buy.  

Qualify the Buyers

Will you be doing the qualifying?  Do you know how to qualify the buyer? Will you be running their credit? Analyzing their financials and making sure the debt ratio is acceptable? Verifying their down payment?  Verifying their job? I personally qualify all buyers before they make any offer on a home listed by me.

Even the founder of ForSaleByOwner.com ended up hiring a professional Realtor after he failed to sell it himself. { http://agentgenius.com/real-estate-news-events/forsalebyowner-com-founder-gives-up-on-own-listing-hires-real-estate-broker/}

If you own an home or investment property in the Downey-Long Beach area and you need a Realtor®, please feel free to call me at (562) 916-3237 anytime to discuss how I can help you sell your home.

Will I owe income taxes if I do a short sell on my home in Downey, CA? It depends and you should really be asking your tax adviser....because only he/she can give you the right advice...and...since I am not a tax expert, and this is not tax advice and is for informational purpose only, I must repeat you would be better off checking with your tax adviser...but....

JUST FOR YOUR INFORMATION:

If you purchased a home in Downey, CA (or Long Beach, CA or anywhere in California) and NOW owe more than it’s worth...and...you want to short sell it... thanks to: "The Taxpayers Relief Act Of 2007*," you may not owe any income taxes if you short sell your home...but. . . there are some restrictions: it must be your primary residence and you must close escrow by 12/31/2012! 

There is also a provision for those who short sell their rental in Downey, CA where you can also be excluded from owing income taxes on a short sale of a rental but like I keep saying, you need to talk to YOUR tax expert for tax advise or you can go to the IRS website! 

In the past, if you had “debt forgiven,” the IRS would consider that "debt forgiven"  that as income that you earned and wolud have report that on your income taxes as income to you and therefore pay income taxes on that "debt forgiven"... but... if you short sell your home and close escrow by 12/31/2012,  the IRS will not count "debt forgiven" as income and therefore will not tax you as if you earned that income...

You may thinking: “oh, I have plenty of time to short sell my home in Downey, CA” but in this type of real estate market you never know how long it will take to get your home sold.  If you price it right it will sell fast and if it’s in top condition it will sell even faster but even if you were to get an offer today, you still would not close escrow in 30 or even 45 days.  Depending on they type of offer you get and how receptive or flexible or willing your lender is and depending on your bank negotiator; all that will dictate how long the escrow process will be.  And then, there is always something that might cross your path and prevent you from closing on time. There are so many unknowns that it would be impossible to guarantee that your home in Downy will close escrow in 30 days, even if you get a CASH offer.

The escrow process is like having a baby, the doctor gives you a due date and rarely is it the actual date of delivery.  Your escrow process could take up to three months, in some case even more, and the marketing time and negotiations with your lender can take up to a year.  

So if you were planning on short selling your home in Downey, CA and you are thinking that there’s plenty of time to make that decision, please think very carefully because you may not have as much time as you think...."time waits for no man" and 2012 is just around the corner.

*Please make sure that you check with your tax adviser whether "The Taxpayers Relief Act Of 2007!”  applies to you; only he/she can tell you for sure if you will or will not owe income taxes on the sale of your primary residence on a "short sell" of your Downey home.

Thank you for reading and for your comment.

Please visit my Website: www.PintoRealtyInc.com/ OR <Free Home Search: Click here!>

Sincerely,

Aida Pinto

Real Estate Broker/Notary Public {Direct: (562) 916-3237, Cell: (562) 884-6196}  {United Associated Brokers, 11561 Paramount Blvd., Downey, CA 90241}  {DRE Broker Lic. 00972295.  In business since 1987 and proudly serving the Los Angeles County area}  Disclaimer: The information given on this post, blog, website or any other site is solely for informational purposes. Aida Pinto is a California Realtor since 1987 and a real estate broker since 1994 and also a Notary Public since 1988.  She is not an attorney nor a tax accountant and this is not legal or tax advise. All information provided by this Broker is deemed reliable but not guaranteed. Please consult with an attorney for legal matters or a tax professional.  http://www.irs.gov/individuals/article/0,,id=179414,00.html

Small Claims Court after January, 2012.

Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®.

New California Laws for 2012

Increasing Small Claims to $10,000: Commencing January 1, 2012, the small claims court jurisdiction will generally increase from $7,500 to $10,000 for an action brought by a natural person.

For a claim of bodily injury from a car accident, the increase to $10,000 will not occur until 2015.

The dollar limit in small claims court for an action brought by a corporation or other entity will remain at $5,000.

Senate Bill 221.

This is not legal advice and is sole for informational purposes.  Please consult with an attorney if you need legal advise.  If you need a realtor to help you buy or sell a home or investment property in the Los Angeles county area, Aida Pinto is a real estate broker (DRE Lic. # 00972295).  Please feel free to call her at (562) 916-3237 for all your real estate needs.

Can a Lender sue me for the difference if I do a short sale on my home in Doweny, CA?
In California thanks to SB 931 and SB 458, if the lender has agreed to a short sale, regardless whether they are in 1st or second or if it was a purchase or refinance, they can’t go after the owner for any the difference! Also, this is not legal advise as I am NOT an Attorney.

Senate Bill 931 became effective in January of 2011:  If a lender has agreed to a short sale they
can’t not purse the seller for deficiency amount but only on the 1st note, or make you sign a Promissory Note but....

Senate Bill 458, amended the Civil Code Procedure 580(e) prohibits a deficiency after a short sale for one-to-four residential units, regardless of whether the lender is a senior or junior lien holder” was passed on July 15, 2011.

Deficiency is the difference between what is owed to the lender and what the property sells for in a short sale or foreclosure.  In the past, the lender could sue the seller for the difference, even if they agreed to a short sale but thanks to SB931 they can’t anymore and thanks to SB 458 which applies to 2nd loans/liens.

Every state has different laws so please make sure that you are getting information from a professional who is licensed in the state that the property is located. I am a California Real Estate Broker and I can help you sell your home in Los Angeles County.  

Please feel free to call me directly at (562) 916-3237 or you can email me at PintoRealty@yahoo.com or leave a message here.  I would love to hear your thoughts on
this.

Thank you for reading and for you comment. 

Please visit my Website: www.PintoRealtyInc.com/ OR

<Free Home Search: Click here!>

Sincerely,

AidaPinto

Real Estate Broker/Notary Public

Direct: (562) 916-3237,
Cell: (562) 884-6196

United Associated Brokers

11561 Paramount Blvd.,

Downey, CA 90241

DRE Broker Lic.  00972295

{In business since 1987 and proudly serving the Los Angeles County area}

Disclaimer: The information given on this post, blog,  website or any other site is solely for informational purposes. Aida Pinto
is a California Realtor since 1987 and a real estate broker since 1994 and also a Notary Public since 1988.  She is not an attorney nor a tax accountant and this is not legal or tax advise. All information provided by this Broker is deemed reliable but not guaranteed.   Please consult with an attorney for legal matters or a tax professional.

Si usted necesita vender su casa en Downey, CA o Long Beach, CA pero le debe mas del que vale, usted puede hacer una venta corta (short sale).  

Par haber si usted califica para un venta corat "short sale," llame a su agente de bienes raíces, Aída Pinto at (562) 916-3237 o mande un correo electrónica a: TheShortSaleDiva@yahoo.com.

Gracias por visitar me blog y por su comentario. 

Por favor de visitar mi Website: www.PintoRealtyInc.com/ o <Búsqueda de casas de venta gratis: ¡haga Click aquí !>

Sinceramente.

AidaPinto

Real Estate Broker/Notary Public

Línea Directa: (562) 916-3237

Celular: (562) 884-6196

United Associated Brokers

11561 Paramount Blvd.

Downey, CA 90241

DRE Broker Lic. 00972295

{Agente de bienes raíces des del año 1987 y sirviendo a  la comunidad hispana en el condado de Los Angeles, CA.  Si usted necesita vender o comprar una casa en Downey, ca o Long Beach, Aida Pinto le puede ayudar}

Esta blog es par información y no es ayuda legal.  Si usted necesita consejos legales, por favor consulte con un abogado de bienes raíces. Aída Pinto es un agente y corredora de bienes raíces desde el año 1987 y también es un “Notary Public” des del año 1988.