Category: New Housing
You have signed your loan documents. Seller has done repairs. Now is good time, before closing, to walk-thru the home again! Read More
I am a first time buyer and am confused about many aspects of the buying process in California. Just how many different agencies are involved when you purchase a home in this state? There are 5 different Companies you will be dealing with, each having a very important part in the transfer of property. Your Realtor-what is referred to as a buyer’s agent Appraiser- An appraiser is licensed under the state real estate commission who evaluates the house and property that is to be purchased for the Lender. The appraised value of the house is what the lender will go by for the mortgage loan. Home inspector- An inspector is usually a building contractor or specialist. This inspector should be hired by you, the purchaser, to “inspect” the structure, plumbing, electrical and roofing to insure that the house being purchased is in good working and safe condition. Mortgage Lender- this is either a bank or a other lending institution who will carry the loan(Trust deed) on the property. Escrow officer-A third party who holds any money transfers in a trust account until closing and gathers all pertinent documents concerning the property. Traditionally, the Escrow Company is where you will sign all the documents and close the deal. Title company- does a search of the property for any liens or other encumbrances. They insure that the property’s title is “Clear” Read More
Good news for the South Bay Real Estate Market. Well Fargo has lowered its FICO score standards from 640 to 600. This means that more people can qualify for mortgage loans that do not have perfect credit. You can be pretty sure that other lending institutions will follow the lead of Wells Fargo. "The goal is to increase access to credit, especially for low- and moderate- income borrowers and first-time home buyers," said Tom Goyda, a bank spokesman. "These are fully underwritten, fully documented loans, consistent with FHA program guidelines and responsible lending principles." Read More
Well it looks like after years of delay and controversy, the 700-unit plan for Ponte Vista in San Pedro was approved at a public hearing on Dec 17th. This area is the past home of former Navy housing on Western Ave. A hearing with the full Los Angeles City Council... Read More
The City of Carson completed the sale of a lot that formerly housed the Dominguez Trailer Park. The land will be used to build 13 new single family homes and the development has been approved by the City Council. The one acre parcel located at 2666 Dominquez St. was sold to City Ventures for $467,000. The city will use the profits to help develop an affordable housing complex at 409 E. Carson St. according to staff reports. Read More
Ponte Vista, a planned community to be built on the old Navy Housing land on Western Av, may be coming back to life after seven years on the chopping block. A new development team is proposing 1135 or 830 housing units. They are looking for comments from the community. Read More