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Tips For Short Sale Investments

by Leticia & Associates

short sales have many requirements and conditions that can stump buyers and sellers. It can be challenging to get the bank to accept less than what is owed on a property. Since the lender is positioned to take a loss on the sale, you will most likely have to deal with the loss mitigation department to process the documentation required to get the contract approved.

Other names for loss mitigation or departments that may handle it may include work-out, foreclosures, loan modification, or reinstatement. Some of the larger institutions may even specifically offer a short sale department.

If you are interested in short sale investments in southern California, here’s what to expect from loss mitigation:

  1. Send Authorization to Release Information Form or Power of Attorney. The Authorization to Release Information (ATRI) Form gives the lender the authorization to give you (the buyer/investor) information about the loan so that you can begin the documentation and negotiation process. If you are able to obtain a Power of Attorney from the buyer for this loan, then you will also have the ability to actually participate in the negotiations directly with the lender.
  2. Establish a rapport with the lender’s rep. Settling a short sale is not the most attractive prospect for a lender. Although preferable to foreclosure in many cases, lenders are not anxious to deal in short sales. If you are able to establish a good working relationship with the loss mitigation rep, then it will help move the process along.
  3. Once you build rapport the rep, send your short sale package. Make sure that you have done your homework and present complete documentation. Then follow up with the rep, after learning what the lender’s standard procedure is and how long the approval should take. You don’t want to be annoying, but you do want to maintain the relationship you have established and make sure that your deal does not get lost in the process.
  4. Once the deal is accepted, move quickly. Get the approval in writing, arrange any necessary financing and take all quested actions to get the deal closed. Many short sales fall out between the approval and close, so by moving swiftly through the last steps you hasten the ability to finalize the transaction.
  5. It is a good idea to stay on friendly terms with the rep. A small effort of sending a thank you note after close can go a long way.

short sales can be difficult for both borrowers and lenders. Establishing yourself as a well-educated, thoroughly prepared investor will help you move your next deal through the process.

 

 

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Salsa Dance Lessons in Chino Hills

by Leticia & Associates

Have you always wanted to Salsa but you never knew how? Well, now you can learn here in Chino Hills, California! Starting August 30, you can take Salsa dance lessons at the Grand Avenue Park Community Building in Chino Hills.

Whether you want to go as a family, couple, or as an individual, this is a great opportunity for you to get fit and learn some smooth moves at the same time! It is not required of you to have a dance partner, although it will probably be beneficial. Please make sure you wear comfortable clothing. For more information, please see page 3 of this document.

 

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Save Energy And Money In Your Chino Hills Home!

by Leticia & Associates

Summer is in full swing here in Chino Hills! This means homeowners are running their air conditioners constantly to survive the heat. During these warm summer months it can be easy to overlook energy conservation, but you can still be comfortable while you save energy. Below are some tips to help you save energy and money in your California home!

Energy Saving Tips For Outside

  • Replace air-conditioner filters regularly. Dirty filters restrict airflow and can cause the system to run longer, increasing energy use. Replace filters monthly for maximum benefit.
  • Longer days mean we don't need out outdoor lighting as much. Adjust your outdoor lighting timers accordingly and you'll save money and extend bulb life.
    Try solar-powered outdoor lighting or garden lighting as an alternative. They are energy-efficient, inexpensive, safe and very easy to install.
  • Consider switching to electric lawn mowers as well as trimmers. By not using the traditional gas models, you can help to save money, reduce pollution and they are also much quieter!
  • If you have an outdoor pool, reduce the operating time of your pool filter and automatic cleaning sweep to four to five hours, and only during off-peak time.

Energy Saving Tips For Inside

  • There is really no need to have your gas fireplace's pilot light during the summer. Save energy, and money, by turning out the fireplace's pilot light until the fall. It is always a good idea to refer to the operating manual for your furnace to learn how to do this properly or consult a technician. 
  • Keep blinds and draperies closed on hot days to keep the inside temperature cooler and comfortable. 
  • Make sure your attic has the proper insulation that will protect your home from excessive heat penetration in summer and cold penetration in winter. 
  • Ceiling fans are an inexpensive way to create gentle breezes throughout your home to help keep the temperature down.

These are a few summer tips to keep your family comfortable in your homes, during this hot summer as well as a few energy saving and environmental alternatives.

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How to Successfully Show Your Home

by Leticia & Associates

You’ve decided to sell your Chino Hills home. You’ve found an agent, staged your house, and now it’s officially ‘listed’ on the market. That’s great, but where do you go from here? If you have never sold a home or it’s been some time since your last sale, you may be anxious about what happens next.  Here are a few basic parts of the process that can take the mystery (and the anxiety) out of showing your home.

  1. Advertising – let your realtor take charge. The realtor will make sure that you have your home listed in MLS – Multiple Listing Service - so that other agents can see it. Your realtor may also place your home on various Internet sites, take ad space in the local paper’s home section and put a sign in your yard – with the realtor’s phone number.
  2. Readiness – you should be prepared to show your home on a moment’s notice. It is best to make sure that your home is neat and picked up at all times. This may be hard if you have small children or pets, but having your home show-ready means that you will never lose an opportunity to have a prospective buyer walk through.
  3. Access – your realtor should install a lockbox on your front door so that other agents can show your home easily. It is best that you are not present when your home is shown, even if it is inconvenient for you. Most prospects are uncomfortable making honest comments about the features they like and dislike if you are present. It’s also easier for them to picture themselves living in your home without the current owner nearby.
  4. Open house – an open house encourages both agents and prospects to visit your home during a specific period of time and ask questions of your realtor. You may opt to have one open house for agents or brokers only and one for buyers
  5. Traffic – In a slow market, you may see a lot of interest right away, as both agents and buyers are eager to check out new listings. Then you may see periods of days or even weeks with no activity or interest. Don’t be discouraged quickly – and have regular meetings with your realtor to discuss feedback and see if there are any adjustments to the staging or décor of the house that may position it better with buyers.
  6. Asking price – Your realtor can advise you of the ‘comps’ or comparable home prices in your neighborhood and how your asking price lines up with the market. You might consider lowering the price after 90 days or other extended time on the market. Depending on your urgency to sell, you may decide to take your house off the market for a period of time, then relist at a different price to generate that ‘new listing’ interest and activity.

Selling your home can be a little nerve wracking, but understanding the process goes a long way in making sure things go smoothly.

 

 

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5 Tips for Selling in a Slow Market

by Leticia & Associates

Even though our nation’s economy is struggling and it can be challenging to sell your home during these times, there is no need to get discouraged. There are several things you can do to help sell your home in a slow market quickly. Listed below are some useful tips to get you into a contract ASAP!

  1. Find an agent who is right for your market.  Your first plan of action should be to locate an agent with proven results with sales. Keep in mind you should also work with someone that you feel comfortable and confident with and has a good track record with sales in your market range and neighborhood. Good sales stats in your price bracket demonstrate that the realtor knows what buyers are looking for and how to move property similar to yours. A great agent can help you move your home, even in a tough market.
  2. Research and understand your market. Understanding the ‘comps’ in your area will help you reach a realistic asking price and get a better handle on the competition. Ask your realtor to provide this information and also take opportunities to visit open houses for homes that are comparable to yours. You can learn a lot about staging, pricing and what is appealing to buyers.
  3. Keep up with repairs and maintenance. Don’t hesitate to make necessary repairs and maintenance to your home when you are ready to sell. You don’t have to undergo major remodeling or expense. Simple updates like fixing broken steps, touch up painting and keeping your lawn mowed and flower beds cleaned out will really go a long way in making your home look move-in ready.
  4. Be flexible. From having your home ready to show at a moment’s notice to your willingness to negotiate, the key to selling your home in a slow market is flexibility and responsiveness. Going the extra mile for prospective buyers can really make a difference in getting more people through the door ready to make an offer.
  5. Add value. Remember that you are competing with short sales and foreclosures, so any extra value you can add to your home can make it more attractive. Whether it’s an appliance, patio furniture or a simple cost concession, small items can add up to big pluses when prospects are evaluating the total value of your home.

In a slow market, you need to get your home noticed quickly and be willing to negotiate so that prospective buyers see a great value in your property. Don’t stop looking for ways to make your home stand apart from the competition.

 

 

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Are You Ready to Become a Homeowner?

by Leticia & Associates

Purchasing a home will most likely be the largest purchase you will make. It’s a big step, so how do you know if you are ready to take that leap and become a homeowner? If you are considering purchasing a Chino Hills home , now is certainly the right time for buyers! With historically low interest rates and low home prices, many potential homebuyers are making the leap into homeownership.  Below are some things that you can consider when making the decision:

You are on the right track if you maintain a budget and are able to stick to it. If you have your finances in order that is the major first step. in becoming a homeowner, especially in a difficult economy that can be financially challenging. Having good money-management skills are a must-have so that when you do own a home you will be able to have a smooth financial flow for monthly home expenses.

  • Saving is hard, especially in a struggling economy, but if you are able to save and have a sizable down payment of at least 20%, you are on the right path. Keep in mind that with a down payment of at least 20%, you will start out with having some equity. There are options out there for zero or low money down loans but if you have to sell your home before you expect you can potentially lose money and you will also need to pay for PMI (priviate mortage insurance).
  • Because a mortgage is a large monthly commitment. It is important to have a steady source of income. We all know that these days there is no real thing as job security but when you buy a home you are going to be required to have a reliable source of income to cover not only mortgage payments but all the other monthly and unexpected expenses that come along with homeownership. It is important to look at how stable your source of income is as well as having an emergency savings fund where you will have enough funds to cover these expense in case of a loss of a job or other emergency.
  • Your debt and credit are clean. Having a good credit score will help to not only get a home loan but will also get you a lower interest rate on your mortgage. Hold off on any large purchases such as cars before applying for a loan as this could affect your rating. Also review your credit report for free at annualcreditreport.com  before even applying for the loan to check for any errors.
  • In addition to the financial aspect of homeownership, you need to be sure you are ready for the other things that come along. Owning a home is a big responsibility; things like lawn care, upkeep as well as unexpected repairs need to be considered as part of owning a home!

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Housing Market Casting a Smaller Shadow

by Leticia & Associates

The inventory of future short sales and foreclosures which will be coming to the market is known as ‘shadow inventory’. Future real estate pricing will be determined by the number of these distressed properties which eventually reach the market.

These properties sell at major discounts:

  • short sales at a 10% discount
  • foreclosures at a 35% discount

CoreLogic just reported this inventory is declining as more Americans are staying current on their mortgage obligations. Here is a graph from their latest report:

Bottom Line

There still are a substantial number of distressed properties that must be cleared. They will cause prices to soften in many markets. However, it is comforting that this number is finally beginning to decline.

Article from KCM Blog

 

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5 super smart ways to save your self from Debt Settlement Scams in California

 

The recent economic meltdown has devoured the financial life of millions across the globe. Along with the recession, depression, slump, downturn, economic reset has put thousands of Californians knee deep into debts. If you are one of them, then you must be frantically looking for a solution to get out of debt. You might come across many debt settlement California companies promoting their services by claiming to cut your debt into half or declaring to free you from the clutches of debt. However, remember all of them are not genuine; some of them are nothing but scam artists who are looking for some ways to make quick bucks by promising to solve personal financial problems. These conmen often take advantage of your helpless situation by pretending to be compassionate professionals and make their way to profits. Being in outstanding debts often your thought process gets paralyzed and desperation overrides good judgment and common sense. As an invariable result you succumb to the situation and fall into these scam traps. Weigh and consider the points given below before hiring any debt settlement company.

 

  • There are plenty of legitimate debt settlement companies are out there who are very trustworthy and good at what they do. To hire such reliable debt settlement company do a thorough research first. Look into their service background and profile closely. Read the feedback and testimonials they have received from their previous clients.

  • Find out whether the company is accredited with BBB (Better Business Bureau) or not. To search for reviews and complaints on the company take online help and use personal referrals from trusted family members, friends or associates. If required meet the staff personally at their corporate business office and see whether you can trust them with your finances.

  • You may be more likely to be successful to settle your debts if you hire a professional lawyer or a group of lawyers who can offer you legal advice and can handle your paperwork and negotiations with greater proficiency. In addition, a debt settlement law firm is well versed with bankruptcy law and therefore can guide you to file bankruptcy if needed. Having a law degree does not assure legitimacy, but a California lawyer must be a member in good standing with the State Bar of California to practice law. It is always safe to hire lawyers as they always have the fear of losing the bar card in case they are found guilty of unethical behavior.

  • The fees of your debt settlement company can cost you a fortune. Shop around and compare charges offered by different companies. Don’t forget to provide the attorney with sufficient information regarding your case to avail a realistic cost estimate. Make sure your debt settlement lawyer’s fees must not put you into further debt.

  • Most lawyers or debt settlement agencies settle the debt with 30 to 40 % reduction in the total balance amount, if your settlement agency claims for more, do not believe them blindly. If their promises appear too good to be true, verify whether they are capable of providing the services they trumpet about or not.

 

The FTC has decided to take strict action against the scammers who have slammed the debt relief market. Once these companies are banned then you can avail help of an authentic debt relief firm quite easily and can secure your financial future. Stay alert and follow the above mentioned points to save your self from debt settlement scams.

What is Happening with Home Values?

by Leticia & Associates

These past few weeks we have seen a drastic change on what is happening in Real Estate. It is becoming the norm for the home buyer to come in with the difference if the home doesn't appraise for the sales price.

Example:

      Buyer makes an offer for 350k.Appraisal comes in at 325k.So there is a 25k difference.BUYERS ARE NOW WILLING TO COME IN WITH THE DIFFERENCE.

Who are the buyers coming in with the difference?

     Cash buyers and buyers that have extra money to come in with the difference.

What is the effect of this?

      Home values increasing. Based on our experience this means that we are in a transition stage from a decrease in home values TO an increase in home values.

 

Loan Applications - What You Need

by Leticia & Associates

Once you have selected the type of loan you prefer and qualify for, the lender will ask you to complete a loan application, which will require a great deal of personal and financial information, including the following:

1) Your residence history
• Your previous addresses for the past two years
• The length of time you’ve lived at each address
• If you currently rent, your landlord’s name and addresses (for past 12 months)

2) Your employment history
• The names and addresses of all your employers for the past two years
• The dates you worked at each place of employment
• If there have been any gaps in your employment, explain why

3) All outstanding loans and credit cards
• The creditor’s name(s) and address(es)
• Your account number(s)
• The current total balance you owe and the months left to pay
• The amount of the monthly payment

4) Savings, checking or investment accounts
• The names and addresses for each financial institution
• Your account numbers • The current balance or value

5) Real estate you currently own
• The property address(es)
• The estimated market value
• The outstanding loan balance
• The amount of your monthly payment (including taxes, insurance, homeowner’s association dues)
• The amount of your rental income (if applicable) 6) Personal property you own • The net cash value of your life insurance
• The make, year and value of your automobile(s)
• The value of your furniture, jewelry and other personal property 7) Tax records • Some lenders may require copies of your tax records from the previous two years

If you would like to discuss the loan process and to become a pre-qualified buyer, please call us or request a loan analysis.

Displaying blog entries 311-320 of 327

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Contact Information

Photo of Leticia & Associates Real Estate
Leticia & Associates
Keller Williams Vision
15325 Fairfield Ranch Rd Ste 100
Chino Hills CA 91709-8834
(909) 731-8187
(909) 731-8187 cell/text

We can assist buyers, sellers, investors, first time home buyers, relocations, and is a certified short sale specialist in todays real estate market. We provide real estate services in Chino Chino Hills and the surrounding communities of Corona, Diamond Bar, Fontana, Ontario, Rancho Cucamonga, and Upland, Yorba Linda, Brea, La Habra. 

This website created and maintained by
Kim Hughes - Real Estate Virtual Assistant

CA BRE No. 01885348