No Bull Agent

Archive for the 'Home Buyers' Category

Short Sales…The Good, The Bad and The Ugly

Short sales have become a very common form of distressed property in San Diego County during the past couple of years.  This type of sale often occurs when the borrower cannot pay the mortgage on their property and the bank decides it’s better to take a moderate loss as opposed to foreclosure.  Short sales have unique characteristics that are important for you to know…

The Good:  Short sales are still owned by the current owner and not the bank.  This fact is important because they are typically occupied and show pride of ownership.  In other words, they are often in better shape than their distressed counterpart…the foreclosure.

The Bad:  The short sale process is slow.  Approvals needed by both the seller and the bank, a negotiator being assigned and the inclusion of first and second loans can make short sales take between four and six months to close. Read the rest of this entry »

Tags: buyer, san diego real estate, short sales

Top 5 Tips for First-Time Home Buyers

Below are the top five tips for new home buyers…

1)  Get help.   Your home is likely to represent one of the largest investments in your life.  In order to make sure the transaction goes smoothly, it is of vital importance that you choose the right agent to represent your interests.

2)  Get pre-approved.  Do you already know how much home you can afford?  There is nothing more frustrating than looking for a home, finding the perfect home and then discovering it is out of your price range.  Speak with a lender to learn about different financing options available to you.

3)  Avoid major purchases.  In order to determine the amount of home you can afford, a lender uses your debt-to-income ratio.  Your debt ratio will include monthly housing costs, vehicle payments, credit cards, student loans and any other installment debt.  If you take on more debt right before buying a home, Read the rest of this entry »

Tags: first-time buyers, san diego real estate