buying a house: There is No Such Thing as a "Golden Buyer" Anymore - GET PRE-APPROVED FIRST!!!
- 05/14/11 09:39 AM
I recently came across What do you mean, you need a letter from my Lender? by Tish Lloyd and it reminded me of some of the referrals I'm getting lately as well as some of the prospects that are contacting me. Tish blogs about the "old days" and what Realtors used to do back then. It reminded me of my own "old days" (circa 2002) where prospective buyers could "lock & shop". Buyers would get pre-approved, lock in their rate and then go shop for a home.
Needless to say, those days are over and for a lot of Realtors … (69 comments)
buying a house: The War is Still Raging.....Buyers are Just Battling a Whole Different Opponent Now!
- 04/26/11 09:00 AM
I recently came across, Waging War . . . Real Estate Deals Where No One Wins! by Carla Muss-Jacobs. Carla describes some of her more recent transactions as "war-like" and her buyers as having the propensity of "ripping the sellers' flesh off". It kind of reminded me of my own market but not exactly in the way that Carla sees her market. I started in the mortgage industry in 2002, a time when sellers were getting double rates of appreciation every year for their homes. A time, not so different from today, when multiple offers were the norm not just on the really nice … (24 comments)
buying a house: What Happens if My Appraisal Comes in Low? - FAQ #10
- 04/06/11 09:26 AM
Since the inception of HVCC in May 2009, I have seen more low appraisals in my escrow transactions than I had seen in the previous seven years of my mortgage career. A low appraisal doesn't necessarily have to be a deal breaker though. There are a few different options that are available to both buyers and sellers that can keep the transaction moving and progressing forward.
OPTION 1: - When receiving a low appraisal, I will almost always recommend that my borrowers try and re-negotiate the sales price they initially agreed to. This is the preferred option that most buyers … (19 comments)
I recently came across Do You "Disclose" a Home's Obvious Deficiencies in Your Marketing? by Jennifer Allen. Jennifer presents a scenario of a listing she once had where the listing had a serious and obvious defect and she wanted to know how the AR Realtors/agents would market such a listing in the MLS. It reminded me of so many of the listings on the MLS around here. On that note, I want to preface this … (16 comments)
buying a house: RELOCATING TO LOS ANGELES OR VENTURA COUNTY: Strap in & Hold on Tight; You're in for a Wild Ride.
- 11/12/10 08:01 AM
For many years, so many residents here couldn't afford to buy because they were just simply priced out of the market. Even my low-medium income buyers who were getting down payment assistance (dpa) were having a hard time finding a suitable home for them or their families. The affordability rate here in Los Angeles & Ventura counties is higher now than it has been in years and most residents, especially low-medium income individuals and families, are now in a position to buy a home. With rising rental rates and decreasing vacancy rates, so many residents could own a modest sized home for … (11 comments)
buying a house: RENTER MENTALITY: Some People are Just Not Meant to Be Homeowners (30DC27)
- 09/22/10 10:43 AM
Some people are just not meant to be homeowners. It takes a certain kind of person to want to be a homeowner, especially a first time buyer and around here (Los Angeles & Ventura counties), you have to want it really bad in order to get it. You have to want it so bad, that you are ready, willing and able to sacrifice certain wants and needs in order to even get into escrow. Furthermore, you have to have a certain kind of mindset in order to even begin thinking like a prospective homeowner. In other words, you have to completely … (23 comments)
buying a house: Buyer Broker Agreements You Can Choose From in California
- 09/20/10 12:47 PM
I liked this post so much that I re-blogged it. It kind of goes along with the post by Courtney Poulos that I re-blogged earlier about buyers getting their own buyers agent (BA). Here, Ken Barker, a local Conejo valley Realtor, outlines the various types of Buyer Broker Agreements (BBA) that are available to buyers here in CA.
Buyer Broker Agreements You Can Choose From in California Part 1
Over the past couple years my office and all of my Company has not demanded but they have recommended using the Buyer Broker Agreements with our clients. It … (3 comments)
buying a house: LOOKING FOR A HOME TO BUY CAN BE A FULL-TIME JOB (30DC20)
- 09/15/10 05:38 AM
For some prospective homebuyers, looking for a home is about checking out a few open houses on the weekend and after a couple of weeks, they find something they like, make an offer, sellers accept it and they open escrow. Sound familiar to anyone? To some this may sound just like how they bought their home. However, for so many prospective buyers here in Los Angeles & Ventura counties, this is certainly not a familiar scenario that many of these prospective homebuyers can relate to, at least not many of my clients. For many prospective homebuyers, looking for a home has … (7 comments)
buying a house: IT’S A HOME, NOT A PIECE OF STOCK! (30DC05)
- 08/31/10 04:23 PM
ATTENTION FUTURE HOMEOWNERS: If you are currently looking to purchase a primary residence to live in for awhile, please keep in mind, you're buying a home not some piece of stock for your investment portfolio. Stop thinking of the place where you and your family will live for many years to come and where you will be making memories that will last a lifetime as some piece of stock that is to be traded on the market for maximum return on the dollar. Don't get me wrong, I think it's absolutely vital that a whole laundry list of matters need to … (48 comments)
buying a house: BUYING A HOME IN THE 9TH MOST EXPENSIVE CITY IN THE U.S. TO LIVE: Helping Low-Medium Income Buyers in Los Angeles & Ventura Counties
- 08/03/10 10:56 AM
I'm often asked why I spend so much time, energy and effort working with my low-medium income borrowers who are in the low end (200k-400k) of the market here in Los Angeles & Ventura counties. My response, "because they need the most help". Kiplinger just came out with the top 10 U.S. cities with the highest cost of living. It comes as no surprise to me that five of those cities are here in California. California is one of the most expensive states to live in, right after New York and Hawaii. Ranked as the 9th most expensive city to live in, … (4 comments)
buying a house: YOUNGEST HOMEOWNER? Frugal Teenager Buys a House
- 05/23/10 07:04 AM
Well I thought I worked with some pretty young buyers but this teenager takes the prize. I think it's great when young people understand the value of homeownership, which is one of the reasons why I love working with my 20-something first timers. Most of my youngest clients have been recent college grads who decided to jump into homeownership right after securing their first jobs. Working with young buyers is actually really fun because they're usually so motivated and excited and that enthusiasm is really contagious. For me, it's such a trip watching them going through this huge step in their … (18 comments)
In the past few weeks, I've been touching base with a lot of people in my SOI. It's always so nice to speak with friends and catching up with each other. I don't know about you folks but I love to talk on the phone. Good Lord, I could go on for hours (and often do). Hubby constantly teases me about how much time I spend on the phone babbling and giggly with family and friends. What can I say, I love to talk. Talking with clients (current and past) is great too. I especially love talking to recent … (38 comments)
buying a house: ATTENTION PROSPECTIVE HOMEBUYERS: Buying a Good Home in Today’s Market is Really Hard – Part 3: Closing Escrow
- 12/23/09 12:04 PM
In part 1 and 2, I talked about getting pre-approved and finding a home, which are the first two steps to buying a home. After getting pre-approved and finding a home and making dozens of offers, you finally get one accepted and now you're in escrow. The challenge now is to get to the closing table as smoothly as possible with as little drama and craziness as possible. Buying a home is really hard and you have to want it really bad and for many prospective homebuyers, that means that the seller and their agent will pretty much dictate the process … (10 comments)
buying a house: ATTENTION PROSPECTIVE HOMEBUYERS: Buying a Good Home in Today’s Market is Really Hard – Part 2: Finding a Home
- 12/16/09 12:51 PM
In part 1, I talked about getting pre-approved, which is the first step to buying a home. After getting pre-approved, you know how much you can afford and what price range you are going to be in. Now, you need a Realtor to help you find a home in your price range that you actually want to buy. Buying a home is really hard and you have to want it really bad and for many prospective homebuyers, that means not getting emotionally attached to properties you aren't qualified to buy. It doesn't matter that you absolutely fell in love with … (11 comments)
buying a house: ATTENTION PROSPECTIVE BUYERS: Buying a Good Home in Today’s Market is Really Hard – Part 1: Getting Pre-Approved
- 12/13/09 06:39 AM
Buying a home is really hard and you have to want it really bad, especially around here in Los Angeles and Ventura counties. The first step in buying a home around here is finding out how much you can afford to buy; what kind of price range are you going to be in. That means that you MUST be pre-approved before starting your search. Around here, most Realtors won't show you a thing or in some cases even give you more than 10 minutes of their time without a pre-approval from a lender. Some won't even work with you unless you … (5 comments)
I recently came across What do you mean, you need a letter from my Lender? by Tish Lloyd and it reminded me of some of the referrals I'm getting lately as well as some of the prospects that are contacting me. Tish blogs about the "old days" and what Realtors used to do back then. It reminded me of my own "old days" (circa 2002) where prospective buyers could "lock & shop". Buyers would get pre-approved, lock in their rate and then go shop for a home.
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