Monday, July 27, 2015

Nice Chino Home. Offered at $489,000

Very well maintained, Beautiful Two Story Home Located In a Very Desirable Area of Chino, Must See It To Appreciate!!!!!!!, on a Cul de Sac, Enjoy The Amazing Curb Appeal Before You Enter Into The House and Then Relax in The Living Room With Vaulting Ceilings, Plantation Shutters, Formal Dining Room, Bright kitchen With plenty Cabinets, Family Room With Cozy Fireplace and Dining Room Combo, This Home Presents: 4TH bedrooms as Per Title is Three Bedrooms,?The First floor Features One Bedroom, and Bathroom/shower and Laundry Room, Upstairs Features a master bedroom, master bath with dual vanities along with 2 additional bedrooms, Two Car Garage. Well maintained front and back yards No HOA, No Mello-Roos.




Seniors, Use a Reverse Mortgage to Purchase a Home

The reverse mortgage industry was developed to provide seniors aged 62 and above a means to stay in their homes and utilize the mortgage proceeds to supplement their incomes. But not all seniors want to remain in their current homes.

Some seniors want to downsize, or trade their two-stories for one level, or live in a home with barrier-free Universal Design that makes it easier to reach cabinets, turn doorknobs, use a wheelchair, and more. Others may want to relocate closer to family, or to enjoy the activities of a senior community.

Now, thanks to HUD's FHA Reverse Mortgage to Purchase, seniors can buy a new home, using the same advantages of a traditional reverse mortgage. Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion

Mortgage or HECM, and is only available through an FHA approved lender.

Like the FHA conventional reverse mortgages, the Reverse Mortgage to Purchase allows seniors to buy a new home with no credit or income requirements, and no monthly payments for as long as they occupy the home as their primary residence, maintain the home, pay property taxes, and so on.

How it works is that the borrowers would normally sell their current home in order to have a down payment, or if they have enough cash to put toward the new home purchase, they may keep their current home as a rental investment.

The down payment can only come from the sale of the current home, the sale of other assets, or savings. The borrowers may not use cash from credit cards, bridge loans, seller financing or seller contributions to closing costs.

The downpayment plus the proceeds from the reverse mortgage pay for the new home. The sale of the current home and the purchase of the new home can be completed in a single transaction.

Eligible homes for purchase include single-family homes, HUD-approved condominiums, planned unit developments, two-to-four-unit properties, and manufactured homes built after June 15, 1976. Reverse mortgages to purchase may not be used on coops, second homes, boarding houses, bed and breakfasts, or homes on leased land.

Borrowers must occupy the home as their primary residence within 60 days of the closing date. If the borrowers are purchasing new or ongoing construction, the construction must be complete and a certificate of occupancy must be issued prior to the loan application.

With an aging population that's living longer and likely to outlive savings or outspend Social Security and other retirement funds, reverse mortgages to purchase can be a legitimate option for seniors. To learn more, consult with a lender that is HUD-approved to learn more about HECM for Purchase loans.

Monday, July 20, 2015

Gorgeous HIghly Upgraded Pool Home in Chino Hils Offered at $798,000

Gorgeous pool home with lit private tennis court in the Heart of Chino Hills. Enter through the South facing front doors to a spacious floor-plan with travertine tiled ground floor, Plantation shutters, vaulted ceilings, recessed lighting, crown molding. Beautifully updated kitchen boasts, stainless steel appliances, farm sink, granite counter tops, maple cabinetry, pot filling faucet & breakfast nook. Engineered wood installed upstairs. Sizable master with remodeled bathroom, modern Marble flooring, 4' x 5' spa tub from Luxe collection at Pacific Sales, Mr. Steam in expanded Steam Shower, furnished with Hansgrohe ceiling and body sprays. Guest bathroom also remodeled with Claw Tub. Salt water Pebble Tech Pool updated with new D.E. filter and pumps. The lot has been upgraded with stone steps down to a recently installed tennis court (net adjustable for volleyball & badminton), outfitted with an adjustable Basketball Backboard & Rim from 7 ft to 10 ft (same as the one at Scottie Pippen uses) and 4 outdoor lights allowing for night time play. Garage has been updated with and epoxy floor and matching storage. Too many features to mention.





REVERSE MORTGAGES 101 FOR SENIORS AND THEIR HEIRS

Living longer on less income than they'd planned, older homeowners are looking for ways to supplement their income and looking into the benefits of a reverse mortgage for their homes. Once prey for predatory lenders, older homeowners who want to tap their home's equity safely are more protected under today's stricter guidelines.

Conventional reverse mortgages are only available to homeowners aged 62 or older, who occupy the home as a principal residence, and who either own their home outright or have substantial equity in the home. Credit worthiness is not a factor, nor is monthly income, but homeowners are expected to pay hazard insurance, pay property taxes and maintain the property.

Approximately 90% of reverse mortgages are conventional loans, or FHA-insured Home Equity Conversion Mortgages (HECM). The HECM guarantees that the FHA will meet the lender's obligations to the borrower, limits loan origination costs, and ensures full repayment of the loan to the lender up to the maximum claim amount, explains Dr. James Gaines, research economist for the Real Estate Centerat Texas A&M University.

"Reverse mortgages are based on the home's current value, borrower's age and existing interest rates," says Dr. Gaines, "Borrowers can choose to receive loan proceeds in a single, lump-sum payment, as periodic predetermined payments, a line of credit or both."

How reverse mortgages work is ingenious, and they can be a blessing to homeowners who want to stay in their homes. With a typical loan, borrowers pay interest added to the total payment. With a reverse mortgage, the interest is subtracted from the current price of the home, and the borrower is given the difference.

According to Dr. Gaines, reverse mortgages have definite pros and cons that should be considered carefully by borrowers and their heirs.


Pros of a reverse mortgage:


  • No fixed due date
  • No repayment required as long as the home remains the principal residence of the borrower
  • Nonrecourse loans -- the amount can never exceed the selling price
  • Borrowers hold title to property
  • Loan proceeds not taxable
  • Flexible payment options
Cons of a Reverse Mortgage


  • Loan-to-value ratios typically yield only 65% to 80% of the home's present value
  • Upon death, the loan's interest and costs are due and payable, usually requiring the sale of the home. Such inheritance planning may not please heirs, who may have to pay back the loan if they wish to retain the home.
  • Foreclosure is still possible, if the borrower fails to remain in the home for 12 months, or fails to pay taxes or maintain the home.
  • Terms and conditions of reverse mortgages may be difficult to understand and borrowers may also be targets for aggressive sales pitches or other expensive or inappropriate services or products.
  • If you're considering a reverse mortgage, FHA insists that homeowners are counseled to make sure they understand the transaction before they are allowed to sign for the loan.

Monday, July 13, 2015

Understanding "Realtor Speak"

Buying a house comes with a language all its own. Luckily, these key terms will help get you started. Still not sure about the meaning or importance of something? Ask your real estate professional to explain something more thoroughly. He or She lives, breathes and sleeps real estate, and will be able to help you out or point you in a direction of someone who can.

1. MLS

An MLS, or Multiple Listing Service, is an organization that provides the real estate community with products and services to facilitate the sale of properties and establish contractual offers of compensation. The term "MLS" also refers to the system that real estate professionals use to enter and access information.

Why is this important to you? Real estate professionals enter properties directly into the MLS, so the MLS includes the most accurate and up-to-date information. When you’re getting a list of properties for sale from your agent, you can trust whenever you view those properties that you are viewing the most recent status, price and information available for those properties.

2. LISTING

Your agent and his or her colleagues “list” properties that are for sale in the MLS. A listing is simply one of these properties and all of the information that accompanies it. Typically, a listing includes basic information like the size of the house, bedrooms, bathrooms, acreage and taxes. It also includes Public Remarks, which tell you more about what the home has to offer, including information about the neighborhood, recent renovations and more.

3. INCLUSIONS AND EXCLUSIONS

Some listings have items marked as Inclusions and items marked as Exclusions. Inclusions are items the seller plans to include in the sale of the house; the exclusions are items the seller plans to take with them.

It’s best not to assume an appliance is included with the sale of the house. Always check or ask your agent to check the Inclusions and Exclusions to make sure you understand what you may need to purchase for your new home.

4. SELLER'S DISCLOSURE

When you get further along in the process and find a home you really like, your agent may give you a document called a Seller’s Disclosure. This document includes all of the known defects and conditions on the property. It is filled out to the best of the seller’s knowledge, which is why if you consider buying the home it’s important you pay a professional to conduct a home inspection and look for potential issues with the home.

5. AGREEMENT OF SALE
You’ve found your dream house and you’re ready to put in an offer. If you’re a big fan of the real estate TV shows you may expect this process to go something like this: you agree on a price, your agent makes a phone call and just a short while later you hear back that the house is yours. In reality, putting an offer in on a house requires a lot of paperwork, including the very important Agreement of Sale.

This document formally puts in writing your offer, the items included with the sale, the length of time before closing and more. While signing this form may be a bit overwhelming, listen to your agent and ask questions as you go

Newer Costa Mesa Home. Just Beautiful!! Offered at $865,000

This gorgeous home is centrally located in the heart of Eastside Costa Mesa with easy freeway access, a respected school district and a short walk to the OC Fairgrounds and Newport Back Bay trails! IT SHARES A LOT WITH ONLY ONE OTHER RESIDENCE AND HAS ITS OWN DRIVEWAY & GARAGE! This home offers 3 bedrooms, 2,5 bathrooms with 2162 square feet of living space and an extra deep two car garage. Features include a spectacular open space downstairs floor plan, beautifully appointed kitchen featuring fine maple cabinetry, under cabinet lighting, granite countertops, spacious center island and stainless steel appliances. The large master bedroom features vaulted ceilings and a walk in closet with built-in shelving. Secondary bedrooms boast walk-in closets and are joined by a Jack and Jill bathroom. Upgrades throughout the home include; custom paint with textured walls, gorgeous tiled fireplace, dark wood flooring, upgraded carpet, designer lighting, ceiling fans, roll up shades throughout, recessed lighting, crown molding, dual paned windows, tank less water heater, rain gutters and fully landscaped front & rear yards with block wall and vinyl fencing.




Monday, July 6, 2015

Why makes a Buyer choose a Home to Purchase?

You may think buyers will love your home because of your extraordinary taste in home furnishings or the incredible job you did with your home addition. Nope, it's not the d├ęcor or the vast add-on that gets them to commit, although they may help. There are three top reasons a buyer chooses to buy a home -- price, condition, and location.

Let's start with Price. To choose the right asking price for your home, you need to know if your neighborhood is in a buyer's market or seller's market. A buyer's market is characterized by large inventories of six months' supply or higher, few buyers making offers, low offers, and many other concessions asked of sellers. A seller's market is characterized by low supply of six months on hand or less, heavy buyer traffic, multiple offers, and close to full price or full price offers.

Bankers, buyers' agents and buyers all have access to the same market information that your agent has given you. If you overprice for the current market, your potential buyers won't get to see your home, and even if they do, they won't get their loans approved.

Condition

Allow your real estate agent to help you market your home by putting it in the best condition possible. Buyer's pet peeves may be easy items to fix, but you don't want your house to go to the bottom of their list because you failed to paint, mow, replace the carpet, etc. Sometimes you have to invest a little money to make money.

Remember, today's buyers are more skeptical about buying a home, so creaky steps, dripping faucets, and outdated wallpaper just give buyers a reason to skip your home.

Location

You can't do much about your home's location, but you can make your home more attractive with lovely landscaping, fences to block out ugly views and sounds, a lower price and immaculate condition.

If you do have a great location, don't overprice. People expect to pay more for a great location next to schools, transportation, shopping and restaurants, but if you overprice, they will scrutinize the price and the condition.

It's hard not to be sentimental about the home you've lived in for years, but to buyers, your home is a commodity. Like you, they simply want to make a good deal on a home they love.

You'll quickly find out what real estate agents and their buyers think of your home. If you get a quick offer, you know you priced it right for the location, condition, and the current market.

If you don't get an offer within a couple of weeks, or whatever period is normal for your area, there's something wrong. Look at your price and condition and see if you can make your home a little more desirable.