DQ News has reported that 24 single-family existing homes were sold in Chino in September. The median sales price was $460,000, 7.9 percent less than in September 2006. Sales of new homes are not included.
In Chino, the Inland Multi-Regional Multiple Listing Service reported that 471 existing homes were listed as available on Oct. 28. Of the homes listed for sale, 319 were single-family homes with no monthly association fees and 152 were condos, townhomes or single-family homes in homeowner associations. Fifty-eight were reported in escrow.
Avoid Credit Pitfalls During Escrow
You're pre-approved for a loan to buy the home of your dreams. As long as the home appraises for the sale amount, the title is clear, and you still want the house after reviewing disclosures and the home inspection report, the deal is sealed, right?
Wrong. The lender will run a final credit check just before escrow closes. Changes in your credit status can sink the transaction. Buying a car, for instance, can lower your FICO score enough to make you ineligible for a loan.
Here are eight pitfalls to remember if you are buying a home:
Don't quit or change jobs.
Don't purchase a car, RV or boat.
Don't make large furniture or appliance purchases.
Don't open or close lines of credit.
Don't run up credit card bills.
Don't become delinquent in rent or mortgage payments.
Don't spend savings or retirement funds.
Don't make large deposits or withdrawals from your accounts.
If you must do any of the above durin escrow, talk to your loan consultant immediately. It may be possible to salvage the loan or find another loan program that will enable you to complete the purchase of your home.
Renters Can Become Owners
If you pay rent, you probably can afford a mortgage and buying a home may actually put more money in your pocket. First-time home buyers can benefit from government and private programs that can help them purchase an affordable home and build equity instead of paying rent.
I can help you decide if buying your own home makes sense. I am offering a FREE "How You Can Attain Your Dream of Owning Your Own Home" Seminar this month with James Jackson, a Realtor since 1959, and Cornelius Brown, a senior loan consultant with Mission Hills Mortgage Bankers. There is no charge and no obligation. This is a community service.
Topics are:
Misconceptions about home buying
Deciding on your down payment
Loan pre-qualification
Credit scoring (Myths and facts about credit)
Improving your credit score
Your home loan process
Selecting a real estate professional
Tying down your dream
Explaining closing costs
Space is limited, so reservations are required. Please email me at ila@Tarbell.com or call me at (909) 261-3541 to sign up. Remember, this is a FREE service to the community. There is absolutely no obligation. If you want to buy a home this year, this seminar will be very helpful. If you know someone who is hoping to buy a home, please encourage them to sign up too.
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