Caroline's Blog

Down Payment For First Time Homeowners in Phillips Ranch

2008-07-20T19:04:16Z

Down Payment For First Time Homeowners

If you did not own a house in the past 3 years and are interested in buying a house in Phillips Ranch, you may be eligible for city's down payment assistance program for up to $100,000.

You do not need to pay city back until the house is sold, refinance with cash out or at the end of 45 year. City will share the equity growth with you for 45 years and will forgive 1/45 of the equity growth for each year you live in the house.

To qualify for it, here is the income limit:

Income limit for up to $100,000 Down Payment
1 Person	$42,250	5 Persons	$65,250
2 Persons	$48,500	6 Persons	$70,350
3 Persons	$54,600	7 Persons	$75,200
4 Persons	$60,650	8 Persons	$80,050

Income limit for up to $65,000 Down Payment
1 Person	$50,300	5 Persons	$77,500
2 Persons	$57,400	6 Persons	$83,300
3 Persons	$64,600	7 Persons	$89,000
4 Persons	$71,800	8 Persons	$94,800

There is no set maximum home purchase price. If you are qualified for the program and is ready to buy a home, this is a perfect time for buyers to make a move! 3 bedrooms home starts at $350,000. Call Caroline now for more info!

How To Rent A House After Short Sale Or Foreclosure?

2008-07-19T23:50:35Z

For most homeowners, losing their homes to foreclosure is a very stressful event. It is also frustrating trying to rent a house by explaining their financial misfortunate to the landlords.

In order to rent a house after short sale or foreclosure, it is very important to buy the way into the rental house by giving legal maximum deposit which is equivalent to 2 months rent plus the first month rent. Some landlord requires an extra month rent prepaid. So you will need 3 to 4 months rent ready to apply for a rental.

Only 50% of the landlord will consider renting houses to credit challenged applicants. If your application get rejected, don't get frustrated. Just move on to the next house. Hiring an experience agent to negotiate on your behalf will be a plus as well.

Are You Paying Too Much Property Tax?

2008-07-19T04:44:24Z

The recent pullback in market price gives you an opportunity to ease your property tax squeeze if your property was purchased from 2004 to 2007.

Here a quick outline on the procedure to lower your property tax:

1. Find out the current value of the house by looking up similar comps at:

www.zillow.com

If the current value is lower than your assessed value, go to step 2.

2. File an application with county assessor. Here's the link to the application.

Los Angeles County

San Bernardino County

Riverside County

Please feel free to email or call me if you have any question regarding this.

State of California Homeowner & Renter Assistance Program

2008-07-06T19:07:39Z

If you are over 62 year old and make less than $44,096 in 2007, you may be eligible for homeowner or renter assistance.

This once-a-year payment from the State of California for home owners is up to $472.60 and it is up to $347.5 for renters. Click here for more info...

June Sales Up Due To Affordable Prices

2008-07-05T12:38:19Z

Continuing a spring surge, Phillips Ranch home sales rose in June again and dented the supply of properties on the market.

The market has been inundated with distressed properties. Banks are slashing prices to get foreclosed homes off their books as record numbers of homeowners continue going into default.

Sellers who can't refinance loans and hope to avoid foreclosure seek prices far less than what they owe on mortgages, known as a short sale. As a result, prices have been driven down in Phillips Ranch.

First-time buyers and investors are buying the lowest priced homes. The hottest price range is under $450,000 and it is accounted for more than 70 percent of all June purchases.

A frenzy of sales at lower prices has created bidding contests among first-time buyers and investors alike. Those who miss out on their first choices often find ample alternatives.

With sales bunched at lower price ranges, the overall median price for a Phillips Ranch house was $452,000 in June that declined 38 percent from $729,000 a year ago.

Strong activity at the market's lower end, however, has done little to increase sales at houses priced more than $550,000. By contrast, sales came to a complete halt for homes priced over $550,000. The rapid lower market price is driving high-end buyers off the sideline with a wait and see attitude.

We're going to begin to run out of bank-owned and short sale inventory in the next 6 to 18 months and hopefully we will see some stabilization with market prices.

Bank Owned Condo 50% Off 2006 Price

2008-07-02T17:51:58Z

This new 2Br/2Ba bank owned condo is just listed for sale for $179,900. Similar condos were selling as high as $336,000 in 2006 making this bank owned condo almost 50% off from 2006 price.

It is located in a well maintained complex with swimming pool near Diamond Bar Blvd and Temple. This gated complex is very close to Cal Poly and is centrally located near 57, 210, 10, 60 and 71 Fwys making it fast access from Pasadena to Orange County.

The market rent is about $1350 to $1400 that can be potentially break even if you put 20% down. Please call Caroline if you are interested!

June Market Report

2008-07-01T14:54:57Z

The following is a list of home sales in our neighboring cities. Comparing to the last month, existing-home sales doubled in Chino, Diamond Bar, Phillips Ranch and Walnut. Total housing inventory were down comparing to last month.

June 2008 MLS Data	No. of Homes For Sale	No. of New Listings	No. of Homes Pending	No. of Homes Sold
Chino	358	111	82	45
Chino Hills	305	113	56	52
Diamond Bar	210	82	52	43
Hacienda Hts	149	58	32	30
Phillips Ranch	51	19	15	9
Rowland Hts	102	42	22	30
Walnut	116	45	19	19

How To Buy A Bank Owned Property?

2008-06-25T00:27:05Z

I just closed an escrow on a bank owned property. Even though my clients act real fast and checked out the house the day it was listed, we were still competing against several offers.

So, how did my client's offer knock out other competition? Here's the insider secret:

If you find a bank owned properly that is selling way below market, ACT FAST. Offer bank a full price offer or an offer that is slightly higher than the asking price.

Next, you hire an experienced agent to negotiate handsome sum of credit from the bank to pay for your closing cost and repairs.

If you are looking for a professional agent with bank owned expertise, I'll love to devote my undivided attention and unparalleled service to you! Please call me!

Purchase Home Warranty for Rentals

2008-05-14T19:09:16Z

Home warranty covers basic plumbing, electrical, A/C and water heater problems that are not cover by the homeowner insurance.

If home warranty is purchased for the a rental property, tenant contact home warranty company directly for most common household repair. That way, it will reduce the amount of work involved in finding and hiring the right contractor for the repair.

Also since tenant can submit repair request on line or call the 24-7 toll free number with the home warranty company, it is very convenient for the tenant to make arrange for immediate repair.

How Much Should I Put Down For A Home?

2008-05-12T11:29:14Z

Due to the mortgage meltdown crisis, lenders are very tight on issuing loans. Therefore, in order to secure a loan, it is best to put at least 20% down payment when you purchase a new home in today's market.

Sycamore Heights in Chino Hills

2008-05-10T16:35:40Z

Sycamore Heights is one of the newest communities in Chino Hills. Built from 2003 and 2005, most houses are view homes over 3300 sq ft with beautiful architecture and functional floor plan priced between $700,000 t0 $1,200,000.

Buying A Bank Owned Home Is Better Than Renting?

2008-05-06T11:01:28Z

This 2005 built 3Br/2.5Ba bank owned home in Pomona is listed for only $299,990. This 1500 sq ft home has hardwood floor and 2-car garage. It is located in a secure gated complex in a safe side of Pomona.

If you are renting now, this house is so affordable, it might be better to pay your rent towards your own mortgage than to the landlord! Call Caroline today for a free viewing of this lovely steal!

Phillips Ranch

2008-05-04T21:04:00Z

Phillips Ranch is a master planned community with tree lined streets and lots of beautiful walking trails. It is a college town of Cal Poly Pomona.

It is geographically isolated by 60, 57, & 71 freeways. It provides the convenience of easy freeway access with a small town atmosphere.

Chino Hills Bank Owed Bargain with Golf Course View!

2008-05-03T10:16:35Z

Check out this gorgeous 1997 built 3004 sq ft home with amazing golf course view for only $569,900! It was listed 3-day ago and is in pretty good condition! The bank is selling it in as-is condition and you might need to do some minor cosmetic work on interior of the house.

A similar bank owned home on the same street with a lot worst condition and priced at $20,000 more was sold in 10 days. This one will be gone in a week. Hurry and don't miss this rare opportunity to live in a gorgeous golf course front house!!! Call Caroline now for a free viewing today!

Glen Ivy Hot Springs

2008-05-02T10:26:02Z

It's Friday and Friday is fun! Water park is fun for kids. Glen Ivy Hot Springs is like a water park for mature adults with more tranquility.

Hiding at the foothill of Cleveland National Forest, Glen Ivy Hot Springs is a real serene paradise with fresh air and beautiful garden. For those who like to soak in the water, this is a perfect place to spend a relaxing day.

May Market Report

2008-05-01T10:10:22Z

The following is a list of home sales in neighboring cities. Sales activities went up slightly comparing to last month. Available homes for sale is slightly less than last month.

April 2008 MLS Data	No. of Homes For Sale	No. of New Listings	No. of Homes Pending	No. of Homes Sold
Chino	408	85	97	18
Chino Hills	319	85	104	55
Diamond Bar	204	89	48	23
Hacienda Hts	175	64	33	32
Phillips Ranch	62	20	8	4
Rowland Hts	114	55	32	15
Walnut	122	57	19	10

Home Resale Activity Ending March 2008

2008-04-27T17:17:36Z

According to Dataquick who tracks home sales activities, California sales in March '08 is up 19.8% comparing to February '08.

Data for 03/08 Single Family Homes	Median Price	Price Change Since 03/07
Chino	$390K	-21.7%
Chino Hills	$515K	-14.3%
Diamond Bar	$568K	-4.6%
Hacienda Hts	$550K	-5.6%
Pomona (91766)	$379K	-12.4%
Rowland Hts	$448K	-17.6
Walnut	$550K	-19.7%

Million Dollar Bank Repo

2008-04-25T22:24:56Z

This 4270 sq ft colonial mansion in "The Country" estates was sold in February 2007 for $1.65 million. It was foreclosed by the bank and the lender put it on the market for sale on 04/25/08 for only $1.2 million.

Like any other bank owned properties, the house is sold in as-is condition. It has a large flat usable lot of 73,616 sq ft with room for pool and tennis courts. It also has panoramic mountain view.

House is upgraded with wood floor entry and circular drive way. Gourmet kitchen has granite countertop, stainless steel appliances and 2 cooking islands. It also has a movie theatre with wall speakers, drop screen and theather chairs.

If you are interested in take a look at this house, please call Caroline at 626-922-8408 for viewing.

Wonderful Visit To Laos

2008-04-24T22:24:46Z

It's Friday and Friday is fun! Growing up in a city jungle, it was so surreal when I visited Luang Prabang in Laos last summer.

Luang Prabang, a UNESCO World Heritage Site, was ancient royal capital of the Kingdom of Laos on Mekong River. Surrounded by green mountains and jungles, the air is extremely fresh.

The language is so soft and when people talks, it almost sounds like they are singing to each other. Food are mostly home grown organic food.

It was a lot of fun visiting Luang Prabang to see a place that is totally non-modernized with lots of unspoiled charm.

More Rent For My Home?

2008-04-22T08:04:23Z

One of the most asked questions from landlord is "Can I get more rent for my home since I have 'so and so' upgrades?" Here's the answer to those questions. In our neighborhood, if your home is located in a multi-million dollar custom home community, you can add about 10% to 15% more for the prestige.

If you have a pool home, you can get about 10% more than a non-pool home. If you have a view home, since it only adds to the aesthetic value but not the functional value, it will make your house a preferable choice but not too much to the rent. If your property is super upgraded with hardwood floor, plantation shutters, granite countertop and designer 2-tone paint, depending on the upgrade, you can get up to 10% more.

Refund of Security Deposit

2008-04-21T09:34:41Z

Landlord may deduct the back rent and cost of fixing damages form your security deposit. However, landlord can not keep your deposit for normal wear and tear such as worn carpet & chipped paint.

Landlord can only deduct the cost of fixing damages that is beyond normal "wear and tear" such as broken window or kid's crayon art work on the wall.

In California, tenant can not deduct the last month rent from the security deposit. Landlord must send the deposit refund to tenant within 21 days after move out.

The Country Estates in Diamond Bar

2008-04-19T23:44:07Z

If you are looking for a luxury home with acreage lot in an upscale guard gated community, you'll find it in The Country Estates in Diamond Bar.

As of today, there are 16 homes for sale and the price is ranging from $960,000 to $5,500,000. Click here to see all of them.

Since houses in The Country Estates offer acreage lots, you can enjoy the country ambiance with city convenience. It is also a terrific place to raise kids who can attend excellent Walnut schools.

Chino Hills Bank Owned Property with Pool & Golf Course View!

2008-04-19T07:37:05Z

I was searching for a pool home in Chino Hills for one of my buyers and I come across this unbelievable bargain couple of days ago.

Built in 1998, this 4Br/3Ba 3004 sq ft home has a pool, beautiful 180 degree golf course view and a huge master retreat. It was valued at $820,000 in Summer 2004. I was very surprised to see the bank listing it for sale at $589,900 on 04/15/08 making it one of the best bargains in Chino Hills.

Like other REOs, this house requires lots of care. If you are looking for a fixer upper and would like to enjoy the pool and nice golf course view, call Caroline today for a free viewing!

Market Price

2008-04-17T22:19:30Z

Who is setting the market price in a down market? To the surprise of many sellers, it is the buyer who sets market price.

At today's down market where we are experiencing 10% to 20% drop a year in our area, most houses stay on the market un-sold.

When buyer makes an offer to purchase a property, once the transaction is realized, buyer sets the new market price in a down market.

Best Time To Look For A Rental

2008-04-17T11:44:34Z

What happens if you start looking for a rental 2 months ahead and find a perfect home? Most likely landlord will ask you to start the lease in 2 to 4 weeks.

From my past experience, here are two possible outcomes:

1. You agree to the landlord's request by moving in earlier than what you need to.

2. You decline landlord's offer and decided to look for a house at a later time.

Either way, you might end up wasting your money or wasting your time. Therefore, the most ideal time to start looking for a rental is about 30-day prior to your actual moving date.