Hello buyers of homes and condos and own your owns,

I was recently asked to go through a bit of what a transaction would be like. The following should give you an idea as a buyer of a property. Keep in mind all transactions are different and everything varies. This is only a sample of what may happen:

1) Offer gets negotiated and accepted.

2) Deposit check goes to escrow. Initial paperwork goes to escrow and escrow opens.

3) Contract goes to the lender and paperwork heads to the lender from the buyer and time period of contingency is usually within 17 days after acceptance of the property unless negotiated differently, which can be shorter or longer, already agreed upon in initial contract agreement. Appraisal contingency period is also usually 17 days after acceptance unless negotiated differently. Buyer usually pays this up front and costs usually varies between $350 and $500 for single family residence and condos and own your owns and coops. Residential income units generally are higher in pricing.

4) An inspection is set up for the property. This time period is usually within 17 days after acceptance of contract. Sometimes it gets negotiated to a shorter period of time. The inspection is usually ordered by the buyer and can include but not limited to general physical, radon, lead, mold, termite, plumbing specialist, foundation specialist, roofing specialist, general contractor, whatever item that the buyer wishes to inspect. Each inspection varies in pricing. General physical inspection usually costs between $250 to $400 for each unit and can cost more with larger square footage.

5) The seller usually has 7 days to give the disclosures of the property to the buyer or at least order the disclosures to the buyer. Buyer has 17 days after acceptance usually to agree to them unless it was given after which gives the buyers additional days after the receipt of such disclosure paperwork.

6) Should there be any requests or disagreements, it should be done within the first 17 days or whenever the days were negotiated for in the initial contract. A written request should be given to the seller and a period of 5 days to respond usually ensues unless negotiated differently beforehand. A resolution should come to a conclusion or the escrow will fall out and parties in the right will have claim to the deposit held in escrow. The deposit will only be given to the proper party when both seller and buyer agrees to how the disbursement shall be. Should problem arise, then resolution shall be either with litigation or arbitration based on what the buyer and seller agree to in initial contract. Please read contract should you have any questions in this regard.

7) Should all items deem satisfactory, the buyer removes the contingencies and pushes towards the closing of said property. Hopefully within the time period set forth in initial contract.

8) Prior to close of escrow, repairs, should there be any agreed upon, shall be done. Buyer usually has up to 5 days prior to close of escrow to walk through the property and make sure the property is in the original state that they saw it or repaired state that seller and buyer agreed upon.

9) Loan documents get sent to escrow or lender. Final paperwork gets signed either at escrow or with a traveling notary. The remainder amount of money necessary to complete the transaction (down payment and closing costs) shall be in either a cashier's check given to escrow or wire transfer given to escrow so that transaction can be completed. This usually happens a week or so prior to close of escrow.

10) Escrow completes the transaction with the title company taking the documents and money and records the documents with the county and gives the money to prior lender and/or seller the amount due while the parties are informed of the final recordation by county registrar of legal documents after confirmation. Then and only then the transaction is completed.

This is mostly what happens. I may have missed a thing or two. There are lots of hurry up and waits.

Please let me know if you have any other thoughts or questions. Thank you for your request! Let me know how I can assist you in your purchasing of units or single family residences (home) or condos!

Best regards,

Chun Liu, Real Estate Consultant for life!
Please refer me to anyone you know regarding real estate!
Team WOWWHEE.com at Keller Williams Coastal Properties
(562)961-1409 realtoromy@aol.com Chun@WOWWHEE.com

Newest REOs (Bank Foreclosures) in Your Area!

Labels: : Cerritos Banked Owned, Cerritos Condos, Cerritos financing, Cerritos Homes, Cerritos mortgage rate, Cerritos real estate, Cerritos REOs, Cerritos unit buildings

Monday, April 20, 2009

American Recovery and Reinvestment Act of 2009: Homebuyer Tax Credit

Hello there first time home and condo buyers,

I've been asked lately to try and find some answers about the tax credit. Well, here is a brief but effective little article that was put out by NAR (National Association of Realtors) about the 2009 Homebuyer Tax Credit.

Please review and let me know if you have any questions. Thanks!

******************************************

American Recovery and Reinvestment Act of 2009: Homebuyer Tax Credit

2009 Homebuyer Tax Credit

The homebuyer tax credit is one of 10 key provisions of the American Recovery and Reinvestment Act signed by President Obama into law on Feb. 17, 2009.

The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

Monday, April 13, 2009

Current REOs (Bank Owned) in Your Area!

Hello everyone,

Here a list by city of the newest REOs (Bank Foreclosures) in your area. Check out the great real estate deals that are available as of today 4/13/09!

Bellflower REOs (Bank Owned) Single Family Homes and Condos

Cerritos REOs (Bank Owned) Single Family Homes and Condos

Cypress REOs (Bank Owned) Single Family Homes and Condos

Long Beach/Lakewood REOs (Bank Owned) Single Family Homes and Condos

Los Alamitos REOs (Bank Owned) Single Family Homes and Condos

Rossmoor REOs (Bank Owned) Single Family Homes and Condos

Seal Beach REOs (Bank Owned) Single Family Homes and Condos

Signal Hill REOs (Bank Owned) Single Family Homes and Condos

Whittier REOs (Bank Owned) Single Family Homes and Condos

If you see something you like, do not hesitate to contact me for more information!

Talk to you soon!

Chun Liu, Real Estate Consultant for life!
Team WOWWHEE.com at Keller Williams Coastal Properties
(562)961-1409 direct (562)889-8898 cell
aka Chun@WOWWHEE.com http://www.wowwhee.com

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Thursday, April 09, 2009

Newest REOs (Bank Owned) in Your Area!

Hello everyone,

Here a list by city of the newest REOs (Bank Foreclosures) in your area. Check out the great real estate deals that are available as of today 4/9/09!

Bellflower REOs (Bank Owned) Single Family Homes and Condos

Cerritos REOs (Bank Owned) Single Family Homes and Condos

Cypress REOs (Bank Owned) Single Family Homes and Condos

Long Beach/Lakewood REOs (Bank Owned) Single Family Homes and Condos

Los Alamitos REOs (Bank Owned) Single Family Homes and Condos

Rossmoor REOs (Bank Owned) Single Family Homes and Condos

Seal Beach REOs (Bank Owned) Single Family Homes and Condos

Signal Hill REOs (Bank Owned) Single Family Homes and Condos

Whittier REOs (Bank Owned) Single Family Homes and Condos

If you see something you like, do not hesitate to contact me for more information!

Talk to you soon!

Chun Liu, Real Estate Consultant for life!
Team WOWWHEE.com at Keller Williams Coastal Properties
(562)961-1409 direct (562)889-8898 cell
aka Chun@WOWWHEE.com http://www.wowwhee.com/

Labels: Cerritos Banked Owned, Cerritos Condos, Cerritos financing, Cerritos Homes, Cerritos mortgage rate, Cerritos real estate, Cerritos REOs, Cerritos unit buildings

Newest REOs ( Bank Owned) in Your Area!

Hello everyone,

Here a list by city of the newest REOs(Bank Foreclosures) in your area. Check out the great real estate deals that are available as of today 4/9/09!

Bellflower REOs (Bank Owned) Single Family Homes and Condos

Cerritos REOs (Bank Owned) Single Family Homes and Condos

Cypress REOs (Bank Owned) Single Family Homes and Condos

Long Beach/Lakewood REOs (Bank Owned) Single Family Homes and Condos

Los Alamitos REOs (Bank Owned) Single Family Homes and Condos

Rossmoor REOs (Bank Owned) Single Family Homes and Condos

Seal Beach REOs (Bank Owned) Single Family Homes and Condos

Signal Hill REOs (Bank Owned) Single Family Homes and Condos

Whittier REOs (Bank Owned) Single Family Homes and Condos

If you see something you like, do not hesitate to contact me for more information!

Talk to you soon!

Chun Liu, Real Estate Consultant for life!
Team WOWWHEE.com at Keller Williams Coastal Properties
(562)961-1409 direct (562)889-8898 cell
aka Chun@WOWWHEE.com www.WOWWHEE.com

Friday, April 03, 2009

U.S. renters turn buyers as homes become affordable Record-low inte

Reuters

U.S. renters turn buyers as homes become affordable
Record-low interest rates and favorable home prices have resulted in some first-time home buyers realizing that it costs the same or less to own a house as it would to rent a comparable place to live.

MAKING SENSE OF THE STORY FOR CONSUMERS

· According to an executive at John Burns Real Estate Consulting, out of the 76 metropolitan area markets across the U.S. tracked by the company, approximately 50 percent show that a person can buy a house for less than renting when considering the after-tax cost of homeownership.

· In some areas of California, especially in Riverside and San Bernardino counties, monthly mortgage payments on single-family detached homes are significantly lower than apartment rents.

· By most measures, affordability is at a record high. The NATIONAL ASSOCIATION OF REALTORS®' housing affordability index rose 13.6 percentage points in January to 166.8; the highest since tracking began in 1970. The CALIFORNIA ASSOCIATION OF REALTORS®' (C.A.R.) First-time Buyer Housing Affordability Index stood at 59 percent in the fourth quarter of 2008, meaning that more than half of California households could afford to purchase an entry-level home in the state.

To read the full story, please click here

C.A.R. Mortgage Update

This week's C.A.R. Mortgage Update contains information about mortgage rates; mortgage refinancing; how to get the best refinancing deal; mortgage-help programs; jumbo loans; and cashing out.

Mortgage rates drop to record low

Rates on 30-year, fixed-rate mortgages averaged 4.85 percent for the week ending March 26, following an announcement by the Federal Reserve that it is launching a new effort to assist the U.S. housing market. The rate marked a record low in the history of the Freddie Mac survey. The previous low was 4.96 percent set during the week of Jan. 15.

To read the full story, please click here

Get the best refinancing deal

The recent declines in interest rates on 30-year, fixed-rate mortgages have resulted in many homeowners seeking to refinance. Due to the large number of requests to refinance, some homeowners are experiencing difficulty in trying to reach their lender. According to Fannie Mae's chief economist, it may take as long as three months for the mortgage industry to start working at full capacity.

To ensure they receive the best refinancing deal possible, consumers should be patient and follow a few tips from industry experts:

First, consumers should recognize there is opportunity for significant savings by refinancing. Rates currently are hovering around 4.6 percent, but historically hover around 8 percent.

Second, homeowners should be aware that Fannie Mae and Freddie Mac have increased their fees, so borrowers could be paying extra fees of 1 percent or more of the total loan amount.

To qualify for the best rates, most borrowers must have at least 20 percent equity in their homes and FICO scores of 720 or higher.

To read the full story, please click here

To view additional articles about mortgages, which also may be of interest to clients in the market for a new home loan, please visit the following:

Foreclosures spike – so do mortgage-help plans
To read the full story, please click here

'Jumbo' mortgage still costly – and harder to get

To read the full story, please click here

Mortgage refinancings seen rising
To read the full story, please click here

'Cashing out' is now harder
To read the full story, please click here

C.A.R. launches mortgage protection plan for first-time home buyers

Hello!

I just read this and thought it was a fantastic program that I'd thought I'd share with you. Please read through and if you have any questions, please don't hesitate to contact me, I am a Realtor with the association!

Thanks.

*****************

C.A.R. launches mortgage protection plan for first-time home buyers
The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today launched the C.A.R. Housing Affordability Fund Mortgage Protection Program (C.A.R.H.A.F. MPP), for first-time home buyers.

Through the Housing Affordability Fund Mortgage Protection Program, first-time home buyers who lose their jobs due to layoffs may be eligible to receive $1,500 per month, for six months, to help make their mortgage payments. A qualified co-buyer also can participate in the program, and receive a monthly benefit of $750 per month for up to six months. Program benefits also include coverage for accidental disability and a $10,000 death benefit.

C.A.R.'s Housing Affordability Fund is dedicating $1 million toward its Mortgage Protection Program, and estimates that as many as 3,000 families will benefit from the program this year.

To qualify for the Mortgage Protection Program, applicants must:

· Be a first-time home buyer – someone who has not owned a home in three

or more years

· Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009

· Use a California REALTOR® in the transaction

· Purchase the property in California

· Be a W-2 employee (cannot be self-employed)

To apply for the program, home buyers must request an application for the H.A.F. Mortgage Protection Program from their REALTOR®.

C.A.R. launches mortgage protection plan for first-time home buyers

Hello,

I just read this and thought it was a fantastic program that I thought I would share with you. Please read and see if you can take advantage of this program as well!

****************************

To qualify for the Mortgage Protection Program, applicants must:

· Be a first-time home buyer – someone who has not owned a home in three

or more years

· Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009

· Use a California REALTOR® in the transaction

· Purchase the property in California

· Be a W-2 employee (cannot be self-employed)

To apply for the program, home buyers must request an application for the H.A.F. Mortgage Protection Program from their REALTOR®.

Remember to test...

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This is a test post for Chun Liu....

Hurry! April 15^th is almost here. File your Federal taxes FREE with TaxACT.

Thursday, April 02, 2009

REOs (Bank Owned) and Cerritos Real Estate

Good Afternoon Cerritos,

Looking for the newest REOs (Bank Foreclosures) in Cerritos area? I have a compiled a current list as of 4/2/09 for you to view. All of these are Cerritos REOs(Bank Owned) Single Family Residence or condos. Check it out! Also, for current REOs (Bank Foreclosures) in nearby cities check the links to the right.

If there is something you would like to see or just need more information, please do not hesitate to contact me!

Cerritos REOs (Bank Owned) Single Family Residence
Cerritos REOs (Bank Owned) Condominiums

Talk to you soon!

Chun Liu, Realtor
Real Estate Agent for Life
Keller Williams Coastal Properties, Long Beach
http://www.wowwhee.com/

Labels: Cerritos Banked Owned, Cerritos Condos, Cerritos financing, Cerritos Homes, Cerritos mortgage rate, Cerritos real estate, Cerritos REOs, Cerritos unit buildings

: Name: Chun Liu; Location: Long Beach, California, United States

Graduate of California State University at Long Beach, Chun Liu has been living, playing, loving the life near the beach in the Long Beach area of Los Angeles county. As life changes with kids and family, the commitment becomes stronger and stronger. Through the website www.WOWWHEE.com, Chun has many followers receiving updates and tips regarding real estate market both for buying and selling of homes and condos and apartments or unit buildings or investment property. Please call Chun Liu for any assistance in real estate. Looking forward to earning your real estate business, an award winning Realtor and real estate consultant.

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Tuesday, April 28, 2009

Current REOs (Bank Foreclosures ) in Your Neighborhood

Tuesday, April 21, 2009

List of timeline & approximately what happens during a transaction for purchase!

Newest REOs (Bank Foreclosures) in Your Area!

Monday, April 20, 2009

American Recovery and Reinvestment Act of 2009: Homebuyer Tax Credit

2009 Homebuyer Tax Credit

Monday, April 13, 2009

Current REOs (Bank Owned) in Your Area!

Thursday, April 09, 2009

Newest REOs (Bank Owned) in Your Area!

Newest REOs ( Bank Owned) in Your Area!

Friday, April 03, 2009

U.S. renters turn buyers as homes become affordable Record-low inte

C.A.R. Mortgage Update

C.A.R. launches mortgage protection plan for first-time home buyers

C.A.R. launches mortgage protection plan for first-time home buyers

Remember to test...

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Thursday, April 02, 2009

REOs (Bank Owned) and Cerritos Real Estate

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