Thursday, May 31, 2007

Is a brand new home in your future?

Here are some important things to consider…

Develop a purchasing strategy – a game plan that works to your benefit is very important. If you fail to plan, you plan to fail. When negotiating with a new home builder, you must be prepared to follow your plan and never let your emotions take over. Don’t be afraid to ask for what you want or need. Ask for the price, location and upgrades you want to have. Add up what you actually need and can comfortably afford. Make a purchasing plan and stick to it. Don’t be in a big rush to get a response to your initial offer. The builder may need time to think over you’re your proposal and make a decision. If they say no today, they may call back in a few days and say yes. Be prepared to hold firm to a fair and reasonable offer. New Home Builders hate to loose well-qualified buyers in a slow market.

Prepare yourself for the financial side of the purchase - Most new home builders offer large incentives to use their in-house or preferred lenders. The incentives they offer may or may not be a real benefit to you, the only way you will know for sure is to talk to an outside lender or two to compare the numbers and terms. The best way to compare loans terms is to request a “good faith estimate” from each lender. You can also be pre-approved by another lender of your choice without any cost to you. Stephanie and I personally recommend Nelson Oterio of First Allied Financial. Nelson is a local Huntington Beach Mortgage Broker with whom we have worked with on many successful purchases. He and his entire team are honest, informative and extremely professional. They always bring in their home loans on schedule at the terms and prices promised. If you do decide the price, terms and conditions are good enough to use the builder’s in-house lender, I recommend that you still apply for a home loan with Nelson. If the in-house lender pulls any last minute stunts or fails to perform as promised, you’re prepared to move forward without jeopardizing your good faith deposit or the purchase. Nelson Oterio’s office phone number is: 714-373-5700.

Be on the same page – Both you and your spouse/partner must agree to agree once negotiations begin. Never discuss anything in front of the on-site sales rep.! Doing so will show your weaknesses or wiliness to compromise. If you need to excuse yourself from a negotiation to discuss something or to simply regain your composure, do so. Remember the sales rep is the builder’s employee and advocate. Keep in mind – The builder’s sales reps do not have the authority to make any significant decisions without the builder’s approval.

Find a REALTOR – hiring a professional brings experience and control to any real estate transaction. An experienced Realtor will guide you through the entire process of buying a home, without costing you a dime. In fact, you may find that your REALTOR will save you time and money. First find your REALTOR, you will be glad you did. You will need a professional advocate who is fighting for you, not one that is looking out for mostly the builder’s best interest.

Note: Many New home builders are willing to pay a commission to a buyer’s agents, provided they are with you and register you as their client during your very first visit to the sales office or models. Advertising and enlisting the aid of local Realtors has become a rather common practice among most successful new home builders. I strongly recommend that you never going near any new home building site without your realtor in tow.

This Free Report is provided by The Louison Team at RE/MAx Real Estate Services in Huntington Beach. Free Just Listed Property Searches at

Saturday, May 19, 2007

New Orange County First-Time Homebuyer's Program

News Flash! Their is a new and improved Orange County home loan program designed just for first-time homebuyer's.

The new program has the following unbeatable home loan features.

  • No Down Payment Required
  • 100% Financing Available
  • Special Discounted Interest Rate
  • Gifts For Closing Costs Allowed
  • Maximum Purchase Price: $571,128.00
  • Minimum Middle Credit Score (FICO): => 620

    This program offers two loan term options:
    35 Year Fixed Rate Home Loan W/Interest Only Option!
    40 Year Fixed Rate Home Loan

    There are some income restrictions:

    Maximum Income Limits: The moderate income program above has a rather generous income cap. There are also a few combinable low income programs for those with incomes below the Low listed amount.

    Moderate Income/Low Income
    1-2 Person: $97,320.00/$58,392.00
    3+ Person: $113,540.00/$67,151.00
    3 Years USA Income Tax Documentation Required

    Note the program's guidelines defines a first-time homebuyer as someone who has not owned a home for the last three years! If you have not owned any residential real estate for the last 36 months, you may be candidate for this unbeatalbe first-time homebuyer's program. For more details and exact term and conditions of this program, contact the Louison Team for a refferal to one of their preferred program lenders.