Joan Patterson\’s Blog

I am sure that many of you are seeing a lot of short sales out there right now.   Let me give you a bit of a better understanding as to what a short sale is.   A short sale basically is what a seller does when he/she, they are having a hard time making payments.   They have to “prove” to the bank that they are unable to make the payments anymore.   It is to the bank’s advantage to take the sale of the house a bit short of what is owned, rather than to undergo the hassles of a foreclosure.  

Short sales can be fabulous deals for buyers, and they will hurt the seller’s credit by 80-160 FICO points.   It is better than up to 300 FICO points for a foreclosure.   However, both have ramifications on the seller’s credit.   The other factor that a buyer needs to remember is the fact that just because a seller agrees on a price that a buyer has given, that price must also be agreed upon by the bank.   Buyers can wait and wait and have the bank say that they won’t do the deal.   It seems crazy, but it is true.   I have recently encountered a couple that I am representing in a short sale and it has been 3 months and we have still not heard back from the bank.   They have so many short sales right now and foreclosures and truly are bogged down with many of the negotiators having 500 files on their desks.   They simply cannot get to everything because the keep getting more and more short sales every day!

If you happen to have a seller that is working with an agent that really has short sale experience, you may be able to really get a great deal if you have a lot of time and patience.   Remember, the bank can say no, so don’t get discouraged.   You can get a great deal, but just know the facts going into a short sale.   Good luck to you!   If you have any questions, you may give me a call at 951-204-1864 or please visit my web site www.calljoan4homes.com

Buyers…did you know that many builders out there are really desperate to get rid of existing inventory for new homes?   If you are working with a realtor, you can take your realtor with you to the new homes.   Many developers will compensate your realtor for even bringing you there.   Not all will, but if you have been working with an agent, it would be nice if they got paid as well for all their efforts in finding you a home.   And, it certainly does not cost you a dime.   If your agent has been driving you around with the high price of gas, they deserve to get paid.  

So, if you bring your agent with you, ask them to help negotiate a better price off of what the developer is asking.   Many times, you will be able to save a large amount of money by doing so.   This way it is a win-win for everyone, you, the developer and your agent.   If you have any questions or are looking for brand new homes in Rancho Cucamonga, Fontana, Corona, Murrieta, Temecula, Claremont, or any place in the Inland Empire, you can give me a call at 951-204-1864 and I will be happy to help make sure you get the best deal out there!

Thanks!

Joan Patterson, B.A., A.S.P., G.R.I., Realtor

Keller Williams Realty

8250 White Oak Avenue, Ste 102

Rancho Cucamonga, CA 91730

visit my website: http://www.calljoan4homes.com

After the offer has been accepted, typically you have 17 days (unless the sellers countered that lower) to do your due diligence in finding out what is wrong with the home you made an offer on.   There are many great physical inspectors out there and I would highly recommend you getting one.   This is a very important step.   Your lender will hire an appraiser to make sure the home appraises for what you made an offer for.   You also have to look at all the disclosures from the seller, and the property zone disclosure company to make sure if your home is in an earthquake zone (hello we live in California!) or a flood zone, or if the property has Mello-Roos or Special Assessments on top of the regular taxes.   These are all things to check out.   Don’t forget after the close of escrow your house will be re-assessed by the county tax collector and you will not only have regular taxes to pay but also a one time supplemental tax as well.

The next thing to do would be to sign all the disclosures and also see if you want to ask the seller to fix any of the repairs that the property inspector found as well.   These are negotiable.   If it is a bank owned property, most are sold as is and they won’t fix any of the items.   A seller does not have to fix any of the items either, but it is nice when they do.   So, once all that gets worked out, you can remove your 17 day contingencies by signing a form.   When it gets about a week before your close of escrow you will do a final walk through to see if the house is in the same condition that you made the offer.   If it is, you can sign off on that form as well.   Contact escrow and find out how much money you need to bring in to close.   Your lender should have documents already at escrow for you to sign.   Go sign and bring your money in and then it is closing time!!!

I love working with first time buyers because I really like the fact that I can make sure they are totally taken care of when it comes from getting the right lender as well as making sure they find the right house.   I have found that many people start their search on Realtor.com or some other place to search for houses.   After all, this is the easiest and most convenient way to shop for just about anything, so why not a house as well?   Most people assume that they can afford a certain dollar amount in a home before consulting with a lender.   This is one of the first and foremost steps in purchasing a house.   You really and truly need to find out exactly what you can qualify for and what you are comfortable paying in a mortgage.   So, the first step is finding out what you can buy for your money.   Secondly, it is important to find a real estate agent that loves working with first time buyers.   You really need someone to direct you through the maze of purchasing a home.   It can seem pretty scary at first, but with the right agent, it will be a piece of cake.

After you have your financing (pre-qualification letter) but a pre-approval is even better, and you have a realtor, then it is time to start really looking at the houses in real life!   If you happen to find something you just love, your agent can be ready to write up an offer.   Your pre-qualification or pre-approval letter will go right along with a copy of your deposit check (good faith deposit which goes towards closing costs).   If you have asked the seller to pay all the closing costs, then after the close of escrow this money will be refunded to you.   But, there needs to be something at stake in order for you to tie up the seller’s house.   Some agents, require copies of your FICO scores as well, you can ask your agent as to what they need with the offer.   Then it is just a waiting game to see if the sellers actually will take the full 3 days to get back to you (unless your agent made them respond quicker by asking for 2 or even a 1 day response).   In any event, they may or may not counter your offer.   Then you can decide (if they do counter) if you want to accept it or not.   If not, then the whole process starts all over again.   If you have any questions or I can help answer anything, you can email me at calljoan4homes@aol.com or please visit my  web site at  www.calljoan4homes.com   You can search Southern California there through my MLS site which is free to you!  

I actually specialize in equestrian properties in the Inland Empire.   I own property in Alta Loma and also a community called La Cresta.   In Alta Loma, you can purchase half acre properties above Banyan and you are allowed to have 2.5 horses in this area.   There are trails typically behind each street that you are able to ride your horses on.   The community takes pretty good care of the trails.   There have been some trails that have been blocked, but for the most part, you are able to ride in this lovely community.   The property owners are responsible for maintaining the trails.   If they do not, code enforcement steps in to make them maintain these areas.   One of the best things of this community is the fact that we have Heritage Park which has 2 arenas and a bull pen.   You can trailer your horse up there even if you live in another area.  

There are miles of riding in the foothills.   One of my favorite rides is going up by Heritage Park and going around what is called Canyon Creek Ranch.   There you go up and down hills and through small streams and back onto what is called the Almond Trail.   It is a beautiful place to ride.

 If you need a place to board your horses, Canyon Creek Ranch is one of the nicest places to keep your horses.   It is located at the top of Amethyst.   They have onsite trainers there as well.   If you are looking for a place that you can buy and keep your horse in a community area, then you could always purchase in Etiwanda Estates.   I used to live there myself.   You can keep one horse in the barn there and share a community feed room per each small barn.   They have a bullpen and an arena there as well.   They have more wind there than over in Alta Loma.   I prefer Alta Loma just for that fact.  

You can also board your horses in Upland at a place called Greystone.   It is North of the 210 freeway.   They are self contained as well.   So, in case you don’t have horse property, you can always board and have the options.   Let me know if I can help you with any of your equestrian needs!

Some of the best horse properties exist in a community called La Cresta, or the Santa Rosa Plateau.   This is located about 10 miles off of the 15 freeway off of Clinton Keith Exit.   You would go West.   There are many communities located there as well.   Some of the communities are Santa Rosa West, LaCresta Highlands,  Tenaja,  Deluz,  and The Trails.   I am a property owner down there and an avid equestrian.   There are many areas to ride there as well.   The Santa Rosa Plateau actually has a nature preserve of which you can park your horse trailer and ride for miles upon miles in a lovely area which includes ancient oaks and meadows.   You can actually ride for a long time there.   The nice thing about this area is that it is so peaceful and undisturbed.   Pack a picnic lunch and bring some hay for your horses and just enjoy nature!

There are many homes available for sale as well.   In LaCresta the minimum amount of land is 5 acres.   Of course, there are homesites that have more land in this area.   In LaCresta Highlands, you can find a nice mini ranch with 10 acres of land.   Tenaja is just as lovely.   Take a drive down there, you will see that it is a bit of paradise here in Southern California.   You can actually get a nice house now with 5 acres for around $800,000.00 or less with the REO market.   You can purchase homes for even more up to 8,995,000.00 right now as well.   So, there are ranches for every budget. Just give me a call at 951-204-1864 or visit my website at http://www.calljoan4homes.com.   As a fellow equestrian, I know what you are looking for in horse property!

Welcome to Joan Patterson’s Blog! This blog will provide you with valuable information, tips, and general insight into the real estate market in Rancho Cucamonga.