[jan777]

I agree about sellers not being insulted. We just recently sold our house and after lowering our price by $20,000 we had an offer that was $15,000 below our newly lowered price. We told our realtor that we could not accept the offer so the buyers countered again and our realtor ended up paying the closing costs. It was a win/win for all of us. We weren’t insulted with the original offer we just knew it was time for our realtor to work for her commission and make the deal happen and be within our price range.

On another note – We have bid on bank owned homes and apparently the rule with banks is if you bid within $30,000 of the current asking price then they will respond with a counteroffer and most will pick up some if not all closing costs. Any offer that is $30,000 or more lower than the current asking price the banks generally will not respond (at least not now).

[jan777]

Here’s our situation and why we played the re market. Lots of equity in our home. Put home on market, bought a new construction home, sold home just in time as to not have to cancel new construction home.

Listed home for $599,000 sold for 529,000 1724 sq ft. home
New construction home bought for 582,000 3700 sq ft. closing costs paid by builder. Same area of South Corona.

We win!

[jan777]

Here’s our situation and why we played the re market. Lots of equity in our home. Put home on market, bought a new construction home, sold home just in time as to not have to cancel new construction home.

Listed home for $599,000 sold for 529,000 1724 sq ft. home
New construction home bought for 582,000 3700 sq ft. closing costs paid by builder. Same area of South Corona.

We win!

[jan777]

Legally, the owner, when he collects rent from you has to use the rent money to put toward his loan. If he goes into default then technically he cannot take rent from you. I have a friend who is living rent free in her house because the owner is in default. She is sitting tight until she receives an eviction notice.

[jan777]

Legally, the owner, when he collects rent from you has to use the rent money to put toward his loan. If he goes into default then technically he cannot take rent from you. I have a friend who is living rent free in her house because the owner is in default. She is sitting tight until she receives an eviction notice.

[jan777]

WOW! Great feedback and info. I’m not sure if this makes sense but one reason we were considering the interest only loan is my husband, who is self-employed, is going to take the next 2 years and finish his PhD. The interest only loan is about $500.00 less per month than a trad 30 year fixed. This gives us the option that if we have extra money in a given month to put towards the equity, 401k, savings, etc. In 2 1/2 years my husband will have about $50,000 in school loans due. At that time we were thinking if interest rates were still good to consolidate the school loans and refi. Yes? No?

Alex_angel – The loan you mention is the loan we were considering. The loan interest is 6.250.

[jan777]

WOW! Great feedback and info. I’m not sure if this makes sense but one reason we were considering the interest only loan is my husband, who is self-employed, is going to take the next 2 years and finish his PhD. The interest only loan is about $500.00 less per month than a trad 30 year fixed. This gives us the option that if we have extra money in a given month to put towards the equity, 401k, savings, etc. In 2 1/2 years my husband will have about $50,000 in school loans due. At that time we were thinking if interest rates were still good to consolidate the school loans and refi. Yes? No?

Alex_angel – The loan you mention is the loan we were considering. The loan interest is 6.250.

[jan777]

I didn’t say we were going to take an interest only loan I am simply asking for the pros and cons of the loan.

[jan777]

I didn’t say we were going to take an interest only loan I am simply asking for the pros and cons of the loan.

[jan777]

Hey folks,

Have we forgotten about the good ol’ us govt programs for first time homebuyers?

Here are just a couple of requirements:

San Diego county
income cannot exceed $35,520-40,848
house price cannot exceed $548,657-670,580

Buyers only have to come up with up to 3% down payment

All things equal I’m sure you have to have good credit, job, etc. Let’s be realistic though, first time buyers with this income requirement obviously won’t be able to afford the maximum price. So what can they afford? Here you go for those who like to do math examples.

For more info go to http://www.calhfa.ca.gov

[jan777]

Hey folks,

Have we forgotten about the good ol’ us govt programs for first time homebuyers?

Here are just a couple of requirements:

San Diego county
income cannot exceed $35,520-40,848
house price cannot exceed $548,657-670,580

Buyers only have to come up with up to 3% down payment

All things equal I’m sure you have to have good credit, job, etc. Let’s be realistic though, first time buyers with this income requirement obviously won’t be able to afford the maximum price. So what can they afford? Here you go for those who like to do math examples.

For more info go to http://www.calhfa.ca.gov

[jan777]

First, I forgot to mention we bought in South Corona. Second, it is a long list of upgrades but I will give the the more expensive items

3rd car garage
converting den into bedroom #4
adding tub and shower to bathroom for bedroom #4
ceiling to be 10′ instead of nine on the first floor
custome stair rail
kitchenaid stainless steel appliances
kitchen countertops with Silestone not granite
custom tile flooring w/ medallion in front entryway

Also, these were upgrades door hardware, outdoor lighting, all faucets and handles, front door, upper cabinets in laundry room, and more but I will stop here.

Granted I personally would not have upgraded some of the things but hey if someone is giving it to me then I will take it.

Overall, we are getting a really nice house at what I think is a great price. You can’t touch a house like this at this price in Corona. I checked and didn’t not find anything and I have been looking since January.

[jan777]

First, I forgot to mention we bought in South Corona. Second, it is a long list of upgrades but I will give the the more expensive items

3rd car garage
converting den into bedroom #4
adding tub and shower to bathroom for bedroom #4
ceiling to be 10′ instead of nine on the first floor
custome stair rail
kitchenaid stainless steel appliances
kitchen countertops with Silestone not granite
custom tile flooring w/ medallion in front entryway

Also, these were upgrades door hardware, outdoor lighting, all faucets and handles, front door, upper cabinets in laundry room, and more but I will stop here.

Granted I personally would not have upgraded some of the things but hey if someone is giving it to me then I will take it.

Overall, we are getting a really nice house at what I think is a great price. You can’t touch a house like this at this price in Corona. I checked and didn’t not find anything and I have been looking since January.

[jan777]

We bought in South Corona. Keep in mind the previous owner bought in 2006 and was paying close to 800,000 for this home with all the upgrades. What is sick is the profit KB was making at that price. I’m sure they are still making a profit at 582,000. But we are looking at this as an investment property. Nothing in Corona, not even the bank owned homes, came close to this deal.

[jan777]

We bought in South Corona. Keep in mind the previous owner bought in 2006 and was paying close to 800,000 for this home with all the upgrades. What is sick is the profit KB was making at that price. I’m sure they are still making a profit at 582,000. But we are looking at this as an investment property. Nothing in Corona, not even the bank owned homes, came close to this deal.

[Author]

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