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  • February 2, 2009 at 3:46 PM #14962
    eclipxe
    Participant

    So after a year and a half of searching, I closed escrow on my first home in Temecula.

    Details:

    -Exactly 3x income
    -Under $100/psqft
    -Over a third of an acre
    -Low taxes incl. mello roos
    -New construction (2003/2004)
    -5% down, 5% FHA loan

    I am now in the process of paint, carpet, landscaping, etc. Basically living my life at Home Depot/Lowes (I take after you tg). Prices are excellent on materials and labor.

    A bit about my loan process and purchase:

    -Loan approval was easy, full-doc 719 low credit
    -The house had 15 other offers. I had to bid up a bit over list price. My initial offer was in about 30 minutes after it appeared on the MLS.
    -No other homes for sale in same tract, haven’t checked foreclosure radar
    -Met a few neighbors, two work at home, one works in town, one commutes to SD. (I work at home also)

    Overall I’m pretty pleased with how smooth things went. Redfin definitely helped. I have been bidding on properties in the area for several months and I was very happy to find this place. With the amount of activity out there (on decent, non trashed, right priced places) I am pretty confident the area is searching for a bottom. I am however prepared with cash reserves to handle a 5-10% loss of equity if I had to sell in the next 5 years. I am in at about 10% off the original 03 purchase price, and the pool came for free.

    Only bummer – it wasn’t in South Temecula, so no Rainbow Gap for me. 🙁

    February 2, 2009 at 3:56 PM #340037
    capeman
    Participant

    They’re still taking 5% Downs? That means we’re nowhere near bottom.

    Congrats on the house though! I can’t wait to get my own home at some point.

    February 2, 2009 at 3:56 PM #340362
    capeman
    Participant

    They’re still taking 5% Downs? That means we’re nowhere near bottom.

    Congrats on the house though! I can’t wait to get my own home at some point.

    February 2, 2009 at 3:56 PM #340459
    capeman
    Participant

    They’re still taking 5% Downs? That means we’re nowhere near bottom.

    Congrats on the house though! I can’t wait to get my own home at some point.

    February 2, 2009 at 3:56 PM #340487
    capeman
    Participant

    They’re still taking 5% Downs? That means we’re nowhere near bottom.

    Congrats on the house though! I can’t wait to get my own home at some point.

    February 2, 2009 at 3:56 PM #340580
    capeman
    Participant

    They’re still taking 5% Downs? That means we’re nowhere near bottom.

    Congrats on the house though! I can’t wait to get my own home at some point.

    February 2, 2009 at 4:27 PM #340097
    eclipxe
    Participant

    [quote=capeman]They’re still taking 5% Downs? That means we’re nowhere near bottom.

    Congrats on the house though! I can’t wait to get my own home at some point.[/quote]

    Thank you! It is pretty anticlimatic. Everyone is very excited around me but I’m just kinda ready to get on with my life and stop checking redfin daily or looking at the daily rates…

    I could have done 3.5% (FHA) but I wanted to put a bit more skin in the game, without depleting my cash reserves completely. I do have to pay PMI. I could have done 20% traditional but I need cash on hand to cover some of my taxes from last year.

    February 2, 2009 at 4:27 PM #340421
    eclipxe
    Participant

    [quote=capeman]They’re still taking 5% Downs? That means we’re nowhere near bottom.

    Congrats on the house though! I can’t wait to get my own home at some point.[/quote]

    Thank you! It is pretty anticlimatic. Everyone is very excited around me but I’m just kinda ready to get on with my life and stop checking redfin daily or looking at the daily rates…

    I could have done 3.5% (FHA) but I wanted to put a bit more skin in the game, without depleting my cash reserves completely. I do have to pay PMI. I could have done 20% traditional but I need cash on hand to cover some of my taxes from last year.

    February 2, 2009 at 4:27 PM #340519
    eclipxe
    Participant

    [quote=capeman]They’re still taking 5% Downs? That means we’re nowhere near bottom.

    Congrats on the house though! I can’t wait to get my own home at some point.[/quote]

    Thank you! It is pretty anticlimatic. Everyone is very excited around me but I’m just kinda ready to get on with my life and stop checking redfin daily or looking at the daily rates…

    I could have done 3.5% (FHA) but I wanted to put a bit more skin in the game, without depleting my cash reserves completely. I do have to pay PMI. I could have done 20% traditional but I need cash on hand to cover some of my taxes from last year.

    February 2, 2009 at 4:27 PM #340548
    eclipxe
    Participant

    [quote=capeman]They’re still taking 5% Downs? That means we’re nowhere near bottom.

    Congrats on the house though! I can’t wait to get my own home at some point.[/quote]

    Thank you! It is pretty anticlimatic. Everyone is very excited around me but I’m just kinda ready to get on with my life and stop checking redfin daily or looking at the daily rates…

    I could have done 3.5% (FHA) but I wanted to put a bit more skin in the game, without depleting my cash reserves completely. I do have to pay PMI. I could have done 20% traditional but I need cash on hand to cover some of my taxes from last year.

    February 2, 2009 at 4:27 PM #340640
    eclipxe
    Participant

    [quote=capeman]They’re still taking 5% Downs? That means we’re nowhere near bottom.

    Congrats on the house though! I can’t wait to get my own home at some point.[/quote]

    Thank you! It is pretty anticlimatic. Everyone is very excited around me but I’m just kinda ready to get on with my life and stop checking redfin daily or looking at the daily rates…

    I could have done 3.5% (FHA) but I wanted to put a bit more skin in the game, without depleting my cash reserves completely. I do have to pay PMI. I could have done 20% traditional but I need cash on hand to cover some of my taxes from last year.

    February 2, 2009 at 5:19 PM #340137
    Nor-LA-SD-guy
    Participant

    Nice , Congrats…

    Bottom, I would not worry at this point in Temecula.
    Just my opinion but at this point in Temecula your probably close enough that waiting is just wasting time/effort. Sure it may go somewhat lower but in ten years will you care all that much ???

    Plus I think we have already been oversold somewhat (maybe we will get more oversold who knows), but we may just get a bit of a spike that sticks as well.

    February 2, 2009 at 5:19 PM #340461
    Nor-LA-SD-guy
    Participant

    Nice , Congrats…

    Bottom, I would not worry at this point in Temecula.
    Just my opinion but at this point in Temecula your probably close enough that waiting is just wasting time/effort. Sure it may go somewhat lower but in ten years will you care all that much ???

    Plus I think we have already been oversold somewhat (maybe we will get more oversold who knows), but we may just get a bit of a spike that sticks as well.

    February 2, 2009 at 5:19 PM #340559
    Nor-LA-SD-guy
    Participant

    Nice , Congrats…

    Bottom, I would not worry at this point in Temecula.
    Just my opinion but at this point in Temecula your probably close enough that waiting is just wasting time/effort. Sure it may go somewhat lower but in ten years will you care all that much ???

    Plus I think we have already been oversold somewhat (maybe we will get more oversold who knows), but we may just get a bit of a spike that sticks as well.

    February 2, 2009 at 5:19 PM #340586
    Nor-LA-SD-guy
    Participant

    Nice , Congrats…

    Bottom, I would not worry at this point in Temecula.
    Just my opinion but at this point in Temecula your probably close enough that waiting is just wasting time/effort. Sure it may go somewhat lower but in ten years will you care all that much ???

    Plus I think we have already been oversold somewhat (maybe we will get more oversold who knows), but we may just get a bit of a spike that sticks as well.

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