Long Beach Home Buyer Tips - Things to Avoid Before Purchasing a Home

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Posted on April 04, 2007 06:06:52 by Laurie.Manny

Sub Prime Implosion

Some of you may have heard about the implosion in the sub-prime market.  Many are intimating that 100% financing is no longer available, or only available to those with pristine credit.  At this time approximately 40+ mortgage companies have closed their doors, some without notice, and foreclosures are on the rise. 

It is still possible to obtain 100% financing.  The lenders have certainly tightened up the requirements, and will continue to do so.  If you have reasonable credit and are not reaching beyond your means you should not have any problem obtaining financing for your purchase.  The wisest decision would be to call your loan officer prior to beginning your home search, and to shop within your means. 

If you would like referrals to several excellent lenders, do not hesitate to ask. 

Posted on March 17, 2007 20:29:47 by Laurie.Manny

Buyers Dont Get Ripped Off By Your Lender

Psssssssst,

Hey you...

Yeah you...

The one getting a loan...

Wanna know a secret?

Shhhhhhhhhhhhhhhh...

It's a good one...

It's called a lock in letter, and it is one of the most valuable assets you have to protect yourself from getting ripped off by your lender. Yeah, I know, he is a nice guy and you trust him.  So did many other buyers that got ripped off. 

So many buyers are being sold loans by lenders who do not have the ability to provide the loan they initially present.  Insisting on a lock-in letter assures you the loan is real and that you actually qualify for it.  You see, they could not provide you with the lock-in letter otherwise.

If you request a lock-in letter and it is not provided immediately, RUN as fast as you can.  I don't care what the excuse or reason your lender gives you, it is false.  No lock-in letter, no business.

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Posted on February 27, 2007 14:19:16 by Laurie.Manny

FREE Southern California and Long Beach MLS Search

FREE Southern California MLS Search

Are you still using Realtor.com to search for Long Beach CA property? 

Are you aware that their information is not current and the site is slow and unfriendly? 

Did you know they charge Long Beach Realtors for inferior service? 

Why would you use any service that makes you sign in and spams you relentlessly?

Did you know that you can access, up to date SoCalMLS information for FREE - all of it - every single listing that is on the MLS? 

You should be able to search the actual local MLS from your Long Beach Realtor's website.

You can search the SoCalMLS for FREE, from this website.  It is one of the many services that I provide to my clients. 

While I would love it if you subscribed to my email updates, there is an unsubscribe link at the top of every email for your convenience.  

The very best way to search the SoCalMLS for your next Long Beach Home or Income Property is from the comfort of my office.  While there you will receive in depth information and explanations which will make your search a much more rewarding experience.  Plus, I love having company over.  I promise to spoil you a bit while you are visiting. 

Posted on February 23, 2007 10:13:34 by Laurie.Manny

Title Insurance Issues

In a recent transaction I represented a buyer purchasing a Long Beach CA condo.

One of the many components involved in a purchase is Title Insurance. Early on during the escrow process the Title Company will deliver a Preliminary Title Report to the REALTOR® for review and to disburse to the buyer.

The title report will disclose any obstruction to the transfer of clear title from the seller to the buyer. It will show balance of mortgage due, any unpaid taxes, liens, judgements, all which must be cleared prior to the close of escrow in order to transfer clear title. It will also show any easements and anything else that might cloud clear title.

This particular Preliminary Title Report had a paragraph, buried deep in the back of the report in the boilerplate of the contract. I noticed this while I was reviewing the document and was initially so confused by the statement that I had to re-read it 4 or 5 times, run it by a couple of people in my office and call the title officer that I normally use. I could not believe what I was reading, and was convinced that I must be having a half-heimers moment because this just could not be possible!

The basic crux of the paragraph was that the title company would not deliver title insurance on the 2 parking spaces that are deeded to the unit. I can not even begin to describe the potential problems this could cause. The title company was instructed to remove the paragraph or another title company would be used. They did so, and very quickly when challenged.

Understand that the Title Company is "INSURING" clear title to your new home and these 2 parking spaces are deeded to and a part of your new home.

My title officer went on to explain to me that this is a new ploy being used by a few less than reputable title companies in an effort to reduce their liability. Well it seems to me that if they did their job properly and did proper searches to do just that, they would not have to worry about reducing their liability.

He went on to explain that this has already caused a problem for one Long Beach Buyer and REALTOR®. They were fortunate enough to have been able to work the problem out. Apparently the 2 spaces deeded and transferred had been with that particular unit through several owners and the fact that a prior owner had switched spots with another owner in the building had gone undetected (more poor work by other title companies). When searched the problem was resolved by switching the spaces back without harm. Under different circumstances this could have been a huge problem.

So now we are back on track in the transaction (you would think).

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Posted on February 23, 2007 08:46:07 by Laurie.Manny