Want to Purchase A Home? Tips for Couples or Singles

[abaici]

Originally Posted by SummerChild

Soror, I just looked at the site and there is a workshop coming up on the 24th.
SC

I signed up for that workshop. I'll see. I spent the last year working on my credit. It wasn't bad, but there was room for improvement.

You are far ahead of me.

I think the downtown lofts are cool, however, it's just way too much. I think my problem is tied to being a native Californian. There are not enough gorcery stores and other things to make it attractive to me. But, they are in the process of building it up. I hate to even THINK of how much it will cost once they are finished.

[SummerChild]

Hi Soror, I'd signed up for the workshop too. Did you get your confirmation card in the mail yet? I received the confirmation a couple of days ago.

Yes, the downtown market is so expensive and it will be so much more so as you say, after they finish everything. You're right about the lack of services. There will only be one grocery - the Ralph's that they are building now. Maybe other businesses will come into the downtown area. For me, I moved away from that market b/c it was so expensive and I really don't know that even if I wanted to pay all that - that I'd want to live in a loft with just four walls (and any others that I create) for the next few years. I guess I'd feel like a paid a bunch of money for a studio. lol. But to each her/his own I guess.

NACA seems like a good program and I am looking forward to taking part in it. The limit seems a little on the low side for Cali but whatever. We just have to work with what we have to work with I guess. Did you see any 2 bedrooms under the limit (362,000) or were they 1 bedrooms that you located? Let me know if you found any 2 bedrooms. I hear that the resale is so much better on those. Of course the price is higher so that sucks. LOL.

Have you looked into FHA loans? There is also a comparable loan called My Community. The loans only require like 3% down and they finance the other 97% (or 100% in the MyCommunity program) and the interest rates are supposed to be decent and they are supposed to have really good first time homebuyer programs. I am looking into whether there are any income restrictions. One lender told me yes for FHA but I didn't see that on the FHA website. I'm in the process of getting that info from another lender and will try to call FHA directly - if I can ever find a direct telephone line for them.

I love my current community and was looking at a unit on my street and around the corner...literally. LOL.
But, soror, I am thinking of waiting until the fall and seeing if the prices don't fall on everything like they are projecting with all of the supposed foreclosures and defaults and more stringent mortgage loan requirements that they are talking about is/will be happening in 2007. We'll see. When do you think would be a good time to get into the market?

I also like single families in Torrance - can't afford it, single families in Culver City - can't afford it, single families in West LA - can't afford it, single families in Ladera - sure as h*ll can't afford it (lol). Found a couple of cute houses in Windsor Hills - 2 bedrooms in the low 4's. That might be an option. Shoot, I saw some single families (2 bedrooms) in LA that are in the high 3's and 4's but since I'm not from here, I really don't know about the neighborhoods and whether it's really safe in the evenings, etc. but the houses and lawns looked nice and well maintained - but I was also a little thrown off by the bars on many of the windows. That might be too depressing.

So I'm all in the condo/townhouse market. I'm looking in Culver City, Torrance, Playa del rey and Hollywood. Gardena seems to have some moderately priced units. I got a couple of really long listings of properties in the southbay. Let me know if you want me to send it to you. Know of any other good areas that I'm missing? Hollywood is supposed to be coming back up in the next year...and it's so central to downtown and to the westside.

SC

Originally Posted by abaici

I signed up for that workshop. I'll see. I spent the last year working on my credit. It wasn't bad, but there was room for improvement.

You are far ahead of me.

I think the downtown lofts are cool, however, it's just way too much. I think my problem is tied to being a native Californian. There are not enough gorcery stores and other things to make it attractive to me. But, they are in the process of building it up. I hate to even THINK of how much it will cost once they are finished.

[SummerChild]

Anybody had any personal experiences with obtaining foreclosures or properties on which the seller is defaulting and needs someone to purchase the property?

Have you found that the properties are as risky as everyone writes about? Are there any tricks for having an inspection done beforehand - most of the ones that I've seen don't allow that yet the property is sold "as is."

[Conskeeted7]

I've bought 2 foreclosures. I, personally, did not find the process to be any different than conventional real estate. Of course, you want to have an inspection to determine if you'll move forward with the property. I never had any trouble getting an inspection. However, you may have a hard time getting the bank to fix anything that you find. So, be prepared to handle that cost on your own. For me, it was worth it to fix things on my own because I bought the houses at 50% of market value and there were no structural issues, strictly cosmetic.

You can find information on foreclosures in your county office (if it's being foreclosed because of taxes) or some realtors work closely with them as well. We actually found ours by driving around and seeing houses that looked 'under the weather.'

[SummerChild]

Dang Soror, you've done everything in the real estate market! I want to be like you when I grow up.
I often see foreclosures listed but the ad often states something that made me think that you could not inspect the property before you bid. A realtor was telling me that he gets listings of pre-foreclosure properties so I'll follow-up with that. Did you find that it was much more expensive (like you had to pay out of pocket some huge % or could you just come with proof of loan funds)? I been reading a few articles and read a short book.
So it sounds like it was not all that risky at all - in your experience b/c you were able to get an inspection ahead of time.

SC

Originally Posted by Conskeeted7

I've bought 2 foreclosures. I, personally, did not find the process to be any different than conventional real estate. Of course, you want to have an inspection to determine if you'll move forward with the property. I never had any trouble getting an inspection. However, you may have a hard time getting the bank to fix anything that you find. So, be prepared to handle that cost on your own. For me, it was worth it to fix things on my own because I bought the houses at 50% of market value and there were no structural issues, strictly cosmetic.

You can find information on foreclosures in your county office (if it's being foreclosed because of taxes) or some realtors work closely with them as well. We actually found ours by driving around and seeing houses that looked 'under the weather.'

[SummerChild]

Here's further info from my agent re foreclosures.

You get an inspection, as Soror Conskeeted7 stated, and have your contract contingent on the results of that - as with any other house that you make an offer on. Also, the loan for obtaining a foreclosure is the same as for any other property.

Here are two links for pages with listings of foreclosures.
http://www.all-foreclosure.com/reolist.htm
http://www.mortgagecontent.net/reoSe.../reoSearch.jsp

Originally Posted by SummerChild

Dang Soror, you've done everything in the real estate market! I want to be like you when I grow up.
I often see foreclosures listed but the ad often states something that made me think that you could not inspect the property before you bid. A realtor was telling me that he gets listings of pre-foreclosure properties so I'll follow-up with that. Did you find that it was much more expensive (like you had to pay out of pocket some huge % or could you just come with proof of loan funds)? I been reading a few articles and read a short book.
So it sounds like it was not all that risky at all - in your experience b/c you were able to get an inspection ahead of time.

SC

[Conskeeted7]

When I bought foreclosures, I used conventional financing, so I didn't have to come up with anything out of the ordinary.

The only issue that you might find if a property is in a great deal of disrepair is that you may not be able to get insurance coverage for it. This would impede the closing process, since conventional loans require home insurance at closing. With our first foreclosure, although the repairs were cosmetic, the insurance company still wanted us to repair them. They allowed us to start a policy with the contingency that the repairs would be made within 30 days. We actually didn't have the repairs complete, but were able to show receipts from vendors to complete the work and that was enough for them.

[abaici]

I am. I'll see you there next Saturday! I did not see any 2 bedrooms in my areas of interest. You are right, two bedrooms are more desirable. I am interested in a single family, however, I don't think it fits my lifestyle. I'm not one to worry about lawns and what not. I see that I will have to compromise a little bit on the location. Torrance is usually very expensive. I don't mind Gardena. I personally want to live on the Westside. That's my thing. I saw a really cute bungalow a while back in Hollywood. Overall, I'm not feeling Hollywood too much. Kinda cool, but I don't know. I'm trying not to look too much. I don't want to be too depressed with the loan people snap me back to reality. lol.

Originally Posted by SummerChild

Hi Soror, I'd signed up for the workshop too. Did you get your confirmation card in the mail yet? I received the confirmation a couple of days ago.

Yes, the downtown market is so expensive and it will be so much more so as you say, after they finish everything. You're right about the lack of services. There will only be one grocery - the Ralph's that they are building now. Maybe other businesses will come into the downtown area. For me, I moved away from that market b/c it was so expensive and I really don't know that even if I wanted to pay all that - that I'd want to live in a loft with just four walls (and any others that I create) for the next few years. I guess I'd feel like a paid a bunch of money for a studio. lol. But to each her/his own I guess.

NACA seems like a good program and I am looking forward to taking part in it. The limit seems a little on the low side for Cali but whatever. We just have to work with what we have to work with I guess. Did you see any 2 bedrooms under the limit (362,000) or were they 1 bedrooms that you located? Let me know if you found any 2 bedrooms. I hear that the resale is so much better on those. Of course the price is higher so that sucks. LOL.

Have you looked into FHA loans? There is also a comparable loan called My Community. The loans only require like 3% down and they finance the other 97% (or 100% in the MyCommunity program) and the interest rates are supposed to be decent and they are supposed to have really good first time homebuyer programs. I am looking into whether there are any income restrictions. One lender told me yes for FHA but I didn't see that on the FHA website. I'm in the process of getting that info from another lender and will try to call FHA directly - if I can ever find a direct telephone line for them.

I love my current community and was looking at a unit on my street and around the corner...literally. LOL.
But, soror, I am thinking of waiting until the fall and seeing if the prices don't fall on everything like they are projecting with all of the supposed foreclosures and defaults and more stringent mortgage loan requirements that they are talking about is/will be happening in 2007. We'll see. When do you think would be a good time to get into the market?

I also like single families in Torrance - can't afford it, single families in Culver City - can't afford it, single families in West LA - can't afford it, single families in Ladera - sure as h*ll can't afford it (lol). Found a couple of cute houses in Windsor Hills - 2 bedrooms in the low 4's. That might be an option. Shoot, I saw some single families (2 bedrooms) in LA that are in the high 3's and 4's but since I'm not from here, I really don't know about the neighborhoods and whether it's really safe in the evenings, etc. but the houses and lawns looked nice and well maintained - but I was also a little thrown off by the bars on many of the windows. That might be too depressing.

So I'm all in the condo/townhouse market. I'm looking in Culver City, Torrance, Playa del rey and Hollywood. Gardena seems to have some moderately priced units. I got a couple of really long listings of properties in the southbay. Let me know if you want me to send it to you. Know of any other good areas that I'm missing? Hollywood is supposed to be coming back up in the next year...and it's so central to downtown and to the westside.

SC

[SummerChild]

Soror, see my email to Lady of Pearl about Fannie Mae loans. It seems to be a G-Dsend! And how about loans and programs based on your occupation? I will see you Saturday!
SC

Originally Posted by abaici

I am. I'll see you there next Saturday! I did not see any 2 bedrooms in my areas of interest. You are right, two bedrooms are more desirable. I am interested in a single family, however, I don't think it fits my lifestyle. I'm not one to worry about lawns and what not. I see that I will have to compromise a little bit on the location. Torrance is usually very expensive. I don't mind Gardena. I personally want to live on the Westside. That's my thing. I saw a really cute bungalow a while back in Hollywood. Overall, I'm not feeling Hollywood too much. Kinda cool, but I don't know. I'm trying not to look too much. I don't want to be too depressed with the loan people snap me back to reality. lol.

[SummerChild]

Hey Soror, it was great to see you. Just to let you know, there are 2 bedrooms/2 baths falling below the NACA limit in our area. I can tell you about some of the complexes that I've found if you like whenever you get ready.

SC

Originally Posted by abaici

I signed up for that workshop. I'll see. I spent the last year working on my credit. It wasn't bad, but there was room for improvement.

You are far ahead of me.

I think the downtown lofts are cool, however, it's just way too much. I think my problem is tied to being a native Californian. There are not enough gorcery stores and other things to make it attractive to me. But, they are in the process of building it up. I hate to even THINK of how much it will cost once they are finished.

[Still BLUTANG]

This is from an announcement at my church. Please pass along to anyone in the MD/DC/VA area who might benefit from this seminar.

The Young Adult Ministry and Delta Sigma Theta Sorority will host a Homebuying Expo on Saturday, April 21st from 8:00 am - 2:00 pm in the Main Sanctuary. Lenders, mortgage companies, insurers, and financial advisors will lead free seminars and workshops ranging from "Understanding the Mortgage Process" to "Repairing Credit." Pre-register at www.DeltaChallenge.com or email YoungAdults@ebenezerame.org.

Ebenezer AME Church
7707 Allentown Rd
Fort Washington, MD 20744

[abaici]

Originally Posted by SummerChild

Hey Soror, it was great to see you. Just to let you know, there are 2 bedrooms/2 baths falling below the NACA limit in our area. I can tell you about some of the complexes that I've found if you like whenever you get ready.

SC

COOL! My appt is in June.

[SummerChild]

Hi Soror. If you want to get in earlier, you can call on Mondays and they will fit you into any cancellation slots. I got an apptmt last week after calling on Monday (I was scheduled for May) but I had to cancel at the last minute...but I still got re-scheduled for April. So if you want to get in sooner, it's possible.

Originally Posted by abaici

COOL! My appt is in June.