December 2006 Archives

The Best Loan Right NOW



5.625% 30 Year fixed rate loan, 1.6 total points, and NO PREPAYMENT PENALTIES!. Assuming a $400,000 loan, Payment $2302, APR 5.815! This is not an Option ARM! This is a thirty year fixed rate loan. The payment and interest rate will stay the same on this loan until it is paid off! 30 year fixed rate loans as low as 5.5%! Zero points and zero closing costs loans also available!



5/1 ARM loans available as low as 5.25%! This is not an Option ARM! This is a real loan with a real payment that actually pays your loan down, and the rate is fixed for five years!



These are actual retail rates at actual costs available to real people!



No points and no cost loans also available!



If you compare to last week's rates, these rates are higher. The dollar's slide is starting to influence long term rates. Lock in a fixed rate loan before rates go up even more!



All of the above loans are on approved credit, not all borrowers will qualify, based upon an 80% loan to value and a median credit score on a full documentation loan. Rates subject to change until rate lock.



I always guarantee the loan type, rate, and total cost as soon as I have enough information from you to lock the loan (subject to underwriting approval of the loan). I pay any difference, not you. If your loan provider doesn't do this, you need a new loan provider!



Interest only, stated income, bad credit and other options also available. If you need a mortgage, chances are I can do it faster and on better terms than you'll actually get from anyone else in the business.



100% financing a specialty.



Please ask me about first time buyer programs, including the Mortgage Credit Certificate, which gives you a tax credit for mortgage interest, and can be combined with either of the above loans!



Call me. EZ Home Loans at 619-449-0070, ask for Dan. Or email me: danmelson (at) danmelson (dot) com

Christmas Week Off!

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Just a quick note to let you know that there will be no further posts until January 2nd, 2007.



Hot Bargain Properties will continue to be subject to availability after that, i.e what's left over after giving people I'm working with as clients first shot. We're in a time of year when there are not many new listings, and although a lot of what there is are really good bargains, I don't want to recycle old ones. A lot of people like the Hot Bargain Property posts, but it is appropriate and correct that I give people who have actually asked me to help them first shot at what they are looking for.

I am doing an experiment to see if anyone is interested. A seminar on first time buyer programs.



-How to buy with little or no money down!



-The Availability of government programs to help you buy! (Let the government furnish your down payment!)



-The Mortgage Credit Certificate program, which increases your take home pay!



-How to figure how much you can really afford!



-Avoiding “nightmare mortgages”





Thursday January 11th at 7:00 PM



Action Realty Inc.

9143 Mission Gorge Road Suite A

Santee, CA 92071





Reservations not required but space is limited. Please call 619-449-0723 to reserve your space today!



(You may also email me at danmelson(at)danmelson(dot)com)

I anticipate fewer hot bargain property posts for the next month or so, just due to the time of year. Fewer properties are going on the market, and of the ones of those that are potential bargains, people who I am actively working with get first shot.

The Best Loan Right NOW



5.625% 30 Year fixed rate loan, 1.75 total points, and NO PREPAYMENT PENALTIES!. Assuming a $400,000 loan, Payment $2302, APR 5.827! This is not an Option ARM! This is a thirty year fixed rate loan. The payment and interest rate will stay the same on this loan until it is paid off! 30 year fixed rate loans as low as 5.5%!



5/1 ARM loans available as low as 5.25%! This is not an Option ARM! This is a real loan with a real payment that actually pays your loan down, and the rate is fixed for five years!



These are actual retail rates at actual costs available to real people!



If you compare to last week's rates, these rates are higher. The dollar's slide is starting to influence long term rates. Lock in a fixed rate loan before rates go up even more!



All of the above loans are on approved credit, not all borrowers will qualify, based upon an 80% loan to value and a 720 credit score on a full documentation loan. Rates subject to change until rate lock.



I always guarantee the loan type, rate, and total cost as soon as I have enough information from you to lock the loan (subject to underwriting approval of the loan). I pay any difference, not you. If your loan provider doesn't do this, you need a new loan provider!



Interest only, stated income, bad credit and other options also available. If you need a mortgage, chances are I can do it faster and on better terms than you'll actually get from anyone else in the business.



100% financing a specialty.



Please ask me about first time buyer programs, including the Mortgage Credit Certificate, which gives you a tax credit for mortgage interest, and can be combined with either of the above loans!



Call me. EZ Home Loans at 619-449-0070, ask for Dan. Or email me: danmelson (at) danmelson (dot) com


Is there any program that i can qualify for a home with no down payment?


Lots of them. We may not be talking number of grains of sand on the beach or drops of water in the ocean, but there are more ways to get get into a property with no down payment than most laypersons would believe.

Many loan officers would have you believe that it is a hard loan or that takes something special to get 100 percent financing. It doesn't. In 95 percent plus of all cases, that's just setting you up for three points of origination, setting them up to ask you for referrals, and trying to get you to not shop around. Nor is it a difficult loan to do. As long as you meet the guidelines, 100% financing is routine. Many lenders are begging for these loans. It's almost to the point where fat middle aged men like me have to be careful not to allow ourselves to be alone in the office with young attractive female lender representatives. In my humble opinion, some of these lax underwriting processes are setting the lenders up for unbelievable losses, but as long as I and my clients are telling the truth and playing by the rules, there is no reason why my clients should not benefit.

Now the first way to get 100% financing is obviously to have a lender loan you 100%. Now the best way to structure it, in the vast majority all cases, is the 80/20 "piggyback" loan. As I discuss in One Loan Versus Two Loans, this avoids mortgage insurance (PMI) which saves you money. But there are a plethora of other ways to structure it, if there is a reason to. One rule that I have learned the hard way is never apply for a first and a second from different lenders, even if it looks like the rates will be better applying that way. Even if both wholesalers swear on the name of Domingo Montoya, don't do it. You are wasting your time. If the lender who wants to do the first won't do the second, there is a reason, and the reason is that this person is unlikely to be approved for the second, and the transaction doesn't close until both loans are ready. If I've got the first with the lender, that's leverage that a good loan officer can use to get them to approve marginal seconds. Not so with lenders who are just doing the second. Not to mention that there is ten times the potential for confusion and several times the work coordinating between lenders.

What do you need in order to get 100% financing, you ask? Well, that's a variable. If you have can prove you make enough money to justify the loan (see Levels of Mortgage Documentation), a credit score of 580 is sufficient. Now, the higher the credit score the better the loan, but if you've got a 580 and can prove you make enough money, the loan can be done. The possibility does not vanish completely until you are below a 560 credit score, although comparatively few lenders will go below 580 for 100 percent financing.

If you can't prove you make enough money, lenders will do 100% financing on a stated income basis down to 640 credit score, and maybe down as low as 600. Now even a 640 credit score is 80 points below the median credit score in this country, so most folks can get 100% financing. However, be very careful about overstating your income as you are still going to have to make that payment every month. Stated income loans are a good way to get in serious financial difficulties if you don't understand their limitations. Therefore, despite the ability to inflate your income, I strongly advise against it. Furthermore, as I've said elsewhere, the rates for stated income loans are higher than for full documentation loans, and they become progressively more so the worse the credit score gets. At 600 credit score, not only is it unlikely that you will be able to get 100% stated income financing, but it will be perhaps 1.5 or even 2% higher than the rate that the person who can prove they can make enough money will get. For all of these reasons, I strongly advise you to stay within a budget where you can prove you make enough money.

Now things like being 30 days late on your rent, and how long of a rental history you have will also influence your ability to get 100% financing, not to mention the rate you will be offered. As with so many other things, take care of your credit and it will take care of you. Make payments of whatever nature, in full and on time. Better yet, don't incur any debts you don't have to.

Suppose your credit is so bad that you do not qualify for 100% financing from any lender? Well, not all hope is lost, although it really does constrain your choices. Most lenders will permit seller carrybacks, so long as they are subordinate to lender financing. So if the lender is willing to give you 90% financing, you can do one of the things that called 80/10/10 financing: 80% first, 10% second, 10% third that is a carryback with the seller.

Now not every seller is going to be willing to carry back money. They are selling the property because they want money, or something that money can buy but the property won't get them. If the seller doesn't have enough equity to cover the costs of selling plus what you're asking to borrow, your offer is probably not going to appeal to that seller. A good buyer's agent will steer you away from properties where the seller doesn't have the equity to work with you. Another thing is that sellers may want you to offer more money in order to accept your offer. Furthermore, they might charge you a really hideous interest rate as an incentive to pay them off ASAP. And they may realize that the reason the lenders won't give you 100% financing is because you are not the best credit risk out there. I certainly don't hesitate to tell my listing clients a lot more about the limitations of carrybacks than there is space for here. I'm a decided non-fan of seller carrybacks, as the request tends to indicate a poorly qualified buyer who may not be able to secure any financing. Nonetheless, given the current buyer's market, some sellers are willing to carry back financing in order to get rid of the property, particularly if the offer is for top dollar. Once the market turns back towards the sellers at all, the ability to do this is likely to vanish. There are many advantages to being willing to shop in a buyer's markets, of which that is only one.

So obviously, you need to know if 100% financing through the lender is possible or likely for someone in your particular situation. You need to know this before you go making any offers to purchase property - and there are types of property where 100% financing is only an option with a seller carryback.

Now, a couple of final points: Just because you can get 100% financing does not mean it's a good idea, or that you should. You get better rates from lenders if you put money down, and writing offers that include having money for a down payment shows a seller that you are serious about buying the property. Other things being equal, I'm going to counsel my sellers that an offer that comes in with even a 5% down payment is a much stronger offer than anything that comes in wanting 100% financing. As a loan officer and buyer's specialist, I've dealt with enough of these that I know the questions to ask to determine if it is likely to work, possible, or ain't gonna happen.

Furthermore, speaking of strong offers: You will need a decent deposit to convince the seller that you're serious about buying the place. The seller is going to spend a lot of money on the escrow for your attempt to purchase that property, and has to give you sole shot for however long an escrow period you agree to. This means they can't work with other offers while they're working with you, and time is money to a seller. They want to know that if you can't consummate this contract in a timely fashion, they are going to have some compensation for the trouble and expense. Prospective buyers with 100% financing can expect to have to put a larger deposit down. Somebody offers a $500 deposit on a $500,000 property, that's going to be rejected so fast and so thoroughly that your fax machine will spin. So if you really have no money, even though you can obtain 100% financing, trying to buy a property in this fashion is likely to be a waste of time.

Caveat Emptor.

Older Home with Granny Flat on Large Lot!



General: Urban East County, 3 bedroom 1 bath plus detached granny flat. Asking price between $450,000 and $475,000. I think an offer of $420,000 net would get it sold.



Why you should be interested: Huge lot with fruit trees! Two car detached garage! Private patio for entertaining!



Selling Points: Huge lot with fruit trees! Two car detached garage! Private patio for entertaining! Granny flat! Lots of parking! Solid neighborhood!



Why I think it's a potential bargain: The styling and fixtures are dated, and public spaces are pretty dark, which turns folks off. I think it's inherited, and the heir didn't put any money into it and now they've had to pay taxes, maybe they will listen to reason. I didn't see any recent mortgages, so no matter what price they sell for, the heirs get a lot of money, and in the meantime, they are spending money.



Obvious caveats: Only one bathroom, and the granny flat doesn't have a kitchen or a bathroom.



Why it hasn't sold already: This is not a modern property. But what it does have is better, and you can get it for a lot less than those modern detached wall condos.



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $420,000, the property would be worth approximately $680,000. If you held it those ten years before selling, you would net about $330,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $1700 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $130,000 ahead of the renter, after the expenses of selling.



Fact you should be aware of: Dark inside and needs updates



Obvious way to enhance value or appeal of property: Add a kitchen and bathroom to the granny flat. Update the kitchen and bathroom in the main house, and let some light in while you are at it. If you're feeling really ambitious, add another bathroom or even a new master suite. There is plenty of room on the lot!



This property does appear to be eligible for a first time buyer Mortgage Credit Certificate provided your family income is not more than $82,800 or $96,600. Ask me for more details, on this or any other property.



I'm a buyer's Realtor®. I find places like this that can be gotten at bargain prices. I save you money while getting paid out of the listing agent's commission, not costing you a penny. Nor are these the only ones I find. In order to protect everyone's best interests, I require a Non-Exclusive Buyer's Agent Agreement. This is a standard California Association of Realtors form that leaves you are free to work with other agents, but if I find the property you want, I'm the agent you'll use. That's fair.



Contact me: Action Realty 619-449-0723, ask for Dan or email danmelson (at) danmelson (dot) com. Ask me to find a bargain that fits you!

Five Bedroom Fixer With Pool Next To Good School!



General: Urban East County, 5 bedroom 2 bath. Asking price between $450,000 and $475,000. I think an offer of $420,000 net would get it sold.



Why you should be interested: Five bedroom home on a quiet street. Walk around the corner for elementary school, and the high school is one of the best going. Back yard deck and vinyl bottom below ground pool.



Selling Points: Five bedrooms, nice open family room with high cielings.



Why I think it's a potential bargain: It's dated, and the carpet needs replacing and the walls need painting. If these folks had the money to do it, they could get a lot more money. They haven't, and so they can't.



Obvious caveats: Back Yard is essentially filled by pool and deck. Front yard could be used for play, but is not currently fenced.



Why it hasn't sold already: Not attractive in appearance.



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $420,000, the property would be worth approximately $680,000. If you held it those ten years before selling, you would net about $330,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $2200 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $240,000 ahead of the renter, after the expenses of selling.



Fact you should be aware of: Dark inside and needs updates



Obvious way to enhance value or appeal of property: Carpet, paint, modernize kitchen and bathrooms, fence the front yard so kids have a place to play.



This property does not appear to be eligible for a first time buyer Mortgage Credit Certificate provided your family income is not more than $82,800 or $96,600. Ask me for more details, on this or any other property.



I'm a buyer's Realtor®. I find places like this that can be gotten at bargain prices. I save you money while getting paid out of the listing agent's commission, not costing you a penny. Nor are these the only ones I find. In order to protect everyone's best interests, I require a Non-Exclusive Buyer's Agent Agreement. This is a standard California Association of Realtors form that leaves you are free to work with other agents, but if I find the property you want, I'm the agent you'll use. That's fair.



Contact me: Action Realty 619-449-0723, ask for Dan or email danmelson (at) danmelson (dot) com. Ask me to find a bargain that fits you!

Modernized Property with a View!



General: Eastern San Diego City, 4 bedroom 2 bath. Asking price between $450,000 and $475,000. I think an offer of $430,000 net would get it sold.



Why you should be interested: Two minutes to the freeway, ten to Mission Valley! Thoroughly modernized home near great schools!



Selling Points: Corner lot, very well updated home with lots of amenities. Updated kitchen, nice views of the city, outside deck for entertaining, detached garage. Large master suite!



Why I think it's a potential bargain: Vacant and on the market for months in a tough market. Was seriously overpriced for the neighborhood, and nobody comes to look at properties that have been on the market this long, even with price drops.



Obvious caveats: Not much yard for younger kids to play in.



Why it hasn't sold already: Initially overpriced, and now nobody's paying attention to the price drop.



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $430,000, the property would be worth approximately $700,000. If you held it those ten years before selling, you would net about $330,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $1900 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $160,000 ahead of the renter, after the expenses of selling.



Fact you should be aware of: Small lot that doesn't have a lot of room left.



Obvious way to enhance value or appeal of property: I didn't see any. It looks very well cared for.



This property does appear to be eligible for a first time buyer Mortgage Credit Certificate provided your family income is not more than $82,800 or $96,600. Ask me for more details, on this or any other property.



I'm a buyer's Realtor®. I find places like this that can be gotten at bargain prices. I save you money while getting paid out of the listing agent's commission, not costing you a penny. Nor are these the only ones I find. In order to protect everyone's best interests, I require a Non-Exclusive Buyer's Agent Agreement. This is a standard California Association of Realtors form that leaves you are free to work with other agents, but if I find the property you want, I'm the agent you'll use. That's fair.



Contact me: Action Realty 619-449-0723, ask for Dan or email danmelson (at) danmelson (dot) com. Ask me to find a bargain that fits you!

Dated Fixer in a Good Central Neighborhood



General: Eastern San Diego City, 3 bedroom 1.75 bath. Asking price between $425,000 and $450,000. I think an offer of $400,000 net would get it sold.



Why you should be interested: This home is on a quiet sidestreet close to the main traffic arteries. Less than 15 minutes to downtown or Mission Valley. Very dated, and not attractive inside to most buyers. Elementary school, middle school, and high school are all easy walking distance without crossing major streets. The neighborhood is noticeably quieter and higher quality than other nearby areas.



Selling Points: It is attractive on the outside. The yard is well taken care of.



Why I think it's a potential bargain: On the market for a long time, and the listing says they had to sell by a date several months in the past (I'd sue my agent if I were them!). For investors, this is near to a proposed renovation zone.



Obvious caveats: Could not get a good look at the roof.



Why it hasn't sold already: Because this is a buyer's market and it's more badly dated than green polyester leisure suits. The average buyer is not attracted to dated properties.



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $400,000, the property would be worth approximately $650,000. If you held it those ten years before selling, you would net about $310,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $2000 per month most comparable currently available rental and investing the difference at 10% per year tax free, you would be approximately $200,000 ahead of the renter, after the expenses of selling.



Fact you should be aware of: Just that walking in the front door is like hitting a time warp. Kitchen and bathrooms all look basically original.



Obvious way to enhance value or appeal of property: Please redo the kitchen and bathrooms. Buff the hardwood floors.



This property does appear to be eligible for a first time buyer Mortgage Credit Certificate provided your family income is not more than $82,800 or $96,600. Ask me for more details, on this or any other property.



I'm a buyer's Realtor®. I find places like this that can be gotten at bargain prices. I save you money while getting paid out of the listing agent's commission, not costing you a penny. Nor are these the only ones I find. In order to protect everyone's best interests, I require a Non-Exclusive Buyer's Agent Agreement. This is a standard California Association of Realtors form that leaves you are free to work with other agents, but if I find the property you want, I'm the agent you'll use. That's fair.



Contact me: Action Realty 619-449-0723, ask for Dan or email danmelson (at) danmelson (dot) com. Ask me to find a bargain that fits you!

The Best Loan Right NOW



6.00% 30 Year fixed rate loan, no points, and NO PREPAYMENT PENALTIES!. Assuming a $400,000 loan, Payment $2398, APR 6.040! This is not an Option ARM! This is a thirty year fixed rate loan. The payment and interest rate will stay the same on this loan until it is paid off! 30 year fixed rate loans as low as 5.5%!



5/1 ARM loans available as low as 5.00%! This is not an Option ARM! This is a real loan with a real payment that actually pays your loan down, and the rate is fixed for five years!



These are actual retail rates at actual costs available to real people!



If you compare to last week's rates, these rates are higher. The dollar's slide is starting to influence long term rates. Lock in a fixed rate loan before rates go up even more!



All of the above loans are on approved credit, not all borrowers will qualify, based upon an 80% loan to value and a 720 credit score on a full documentation loan. Rates subject to change until rate lock.



I always guarantee the loan type, rate, and total cost as soon as I have enough information from you to lock the loan (subject to underwriting approval of the loan). I pay any difference, not you. If your loan provider doesn't do this, you need a new loan provider!



Interest only, stated income, bad credit and other options also available. If you need a mortgage, chances are I can do it faster and on better terms than you'll actually get from anyone else in the business.



100% financing a specialty.



Please ask me about first time buyer programs, including the Mortgage Credit Certificate, which gives you a tax credit for mortgage interest, and can be combined with either of the above loans!



Call me. EZ Home Loans at 619-449-0070, ask for Dan. Or email me: danmelson (at) danmelson (dot) com

I'm going to try something a little different here. Usually when someone approaches me I've got some good properties already in the "found" list tha are good matches. This client, however, asked for something I don't make a continual habit of looking for.



I am looking for a level buildable lot, anywhere within half an hour commuting distance of places where there are lots of employers. Most preferably zoned for a four plex, but as long as it has a residential zoning already in place it may meet the client needs. The client is interested in anything suitable for four units or less.



There cannot be a big mystery about the waste disposal. Need to have sewer available or perc test already done and satisfactory for at least one unit.



I am looking at what's in the MLS, but there's nothing that reaches out and says "I might buy that!" Mostly, folks with lots for sale seem to want so much for the lot that there's no way somebody building a new structure could sell for more than the cost of the lot plus construction. That's not the way it works.



If you have such a lot, I have a qualified buyer with a substantial down payment, more than able to justify the loan.

Detached Housing for a Condo Price!



General: Urban East County, 3 bedroom 2 bath. Asking price between $400,000 and $425,000. I think an offer of $380,000 net would get it sold.



Why you should be interested: This is PUD, but it's an example of how to do PUDs right. Single story, feels like a private single family residence, no shared walls, garage and outside parking, private fended yard and another lush yard outside of that. Maintenance is $60/month. Place is nice, and appears new. In fact, it's only about ten years old and in excellent shape as far as I can see.



Selling Points: Nice patio and deck in the private back yard. 2 car garage. Vaulted Cielings. Master bath is quite posh.



Why I think it's a potential bargain: On the market for a long time, they've been paying two mortgages and they are motivated to sell.



Obvious caveats: Unlike most PUDs, this complex does not appear to have a master policy of insurance.



Why it hasn't sold already: PUDs have a bad rep because of so many that have been done wrong. This one is done right. Lots of greenery, you have your own private yard, and I only counted three units on the property, not twenty.



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $380,000, the property would be worth approximately $620,000. If you held it those ten years before selling, you would net about $300,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $1650 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $120,000 ahead of the renter, after the expenses of selling.



Fact you should be aware of: Nothing I haven't already covered.



Obvious way to enhance value or appeal of property: Actually, the place is in pretty good shape already. Maybe update the kitchen appliances is the only thing I saw.



This property does appear to be eligible for a first time buyer Mortgage Credit Certificate provided your family income is not more than $82,800 or $96,600. Ask me for more details, on this or any other property.



I'm a buyer's Realtor®. I find places like this that can be gotten at bargain prices. I save you money while getting paid out of the listing agent's commission, not costing you a penny. Nor are these the only ones I find. In order to protect everyone's best interests, I require a Non-Exclusive Buyer's Agent Agreement. This is a standard California Association of Realtors form that leaves you are free to work with other agents, but if I find the property you want, I'm the agent you'll use. That's fair.



Contact me: Action Realty 619-449-0723, ask for Dan or email danmelson (at) danmelson (dot) com. Ask me to find a bargain that fits you!

4 Bedroom with Low Maintenance Yard!



General: Urban East County, 4 bedroom 1.75 bath. Asking price between $450,000 and $475,000. I think $410,000 is reasonable.



Why you should be interested: Because it's outdated, and it's asking price is the same as two updateds that sold on the same block, they aren't getting offers. Vacant and on the market for months, and it's a bad time of year for sellers.



Selling Points: Nice patio and deck in the back yard. 2 car garage.



Why I think it's a potential bargain: One of the most common stories: Overpriced, bad time of year, seller is paying two mortgages.



Obvious caveats: Furnishings are dated. If you want a property that worth what the neighboring properties are, you need to update them. Culvert behind the lot.



Why it hasn't sold already: Overpriced



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $410,000, the property would be worth approximately $660,000. If you held it those ten years before selling, you would net about $320,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $1700 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $130,000 ahead of the renter, after the expenses of selling.



Fact you should be aware of: Back yard is pretty much wood deck and concrete.



Obvious way to enhance value or appeal of property: Update the kitchen and bathrooms, please!



This property does appear to be eligible for a first time buyer Mortgage Credit Certificate provided your family income is not more than $82,800 or $96,600. Ask me for more details, on this or any other property.



I'm a buyer's Realtor®. I find places like this that can be gotten at bargain prices. I save you money while getting paid out of the listing agent's commission, not costing you a penny. Nor are these the only ones I find. In order to protect everyone's best interests, I require a Non-Exclusive Buyer's Agent Agreement. This is a standard California Association of Realtors form that leaves you are free to work with other agents, but if I find the property you want, I'm the agent you'll use. That's fair.



Contact me: Action Realty 619-449-0723, ask for Dan or email danmelson (at) danmelson (dot) com. Ask me to find a bargain that fits you!

Lender Owned in Upscale Neighborhood!



General: Urban East County, 3 bedroom 1.75 bath. Asking price between $575,000 and $600,000. I would offer about $520,000.



Why you should be interested: This is one of east county's more upscale neighborhoods, and this is a nice large property with a nice courtyard in front and a good sized back yard with a beautiful view of the hills. The property appears to be in really good shape for a foreclosure. Master suite has a fireplace and a nice extra room that you could use for an office or a nursery.



Selling Points: The kitchen and dining room are nicely tiled, the living room carpet looks new, there's a formal dining area that looks out the back at the hills!



Why I think it's a potential bargain: It's lender owned, and it's in pretty good condition, and it's in an upscale area. There are million dollar properties nearby. Nonetheless, until it sells, the lender is paying taxes and has a non-performing asset.



Obvious caveats: Like I said, lender owned, which means no transfer disclosures.



Why it hasn't sold already: It was in escrow and fell out. Their loss is your gain.



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $520,000, the property would be worth approximately $840,000. If you held it those ten years before selling, you would net about $840,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $2500 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $250,000 ahead of the renter, after the expenses of selling.



Fact you should be aware of: Just the usual warnings for lender owned properties.



Obvious way to enhance value or appeal of property: Water the plants. Maybe update the extra room. It's pretty nice as it sits.



This property does appear to be eligible for a first time buyer Mortgage Credit Certificate provided your family income is not more than $82,800 or $96,600. Ask me for more details, on this or any other property.



I'm a buyer's Realtor®. I find places like this that can be gotten at bargain prices. I save you money while getting paid out of the listing agent's commission, not costing you a penny. Nor are these the only ones I find. In order to protect everyone's best interests, I require a Non-Exclusive Buyer's Agent Agreement. This is a standard California Association of Realtors form that leaves you are free to work with other agents, but if I find the property you want, I'm the agent you'll use. That's fair.



Contact me: Action Realty 619-449-0723, ask for Dan or email danmelson (at) danmelson (dot) com. Ask me to find a bargain that fits you!

Lender Owned Beauty!



General: Urban East County, 3 bedroom 1.75 bath. Asking price between $425,000 and $450,000. I would actually offer about $400,000.



Why you should be interested: I was in this property six months ago before it was auctioned, but the lender has actually gone in and spent some money fixing it up! Still, because it is lender owned and there are no transfer disclosures, it's worth less than the surrounding properties.



Selling Points: Decent sized corner lot, and it feels bigger than it is. Nice hardwood floors, new kitchen, paved patio area for entertaining, detached garage, timed sprinkler system, and the whole back yard is walled in so you have a place for the kids or grandkids or even grown ups to play!



Why I think it's a potential bargain: It's lender owned, and it's in pretty good condition now. Nonetheless, until it sells, the lender is paying taxes and has a non-performing asset.



Obvious caveats: Like I said, lender owned, which means no transfer disclosures.



Why it hasn't sold already: most Agents who looked at it while it was for sale before the auction won't go look again. I almost didn't.



If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $400,000, the property would be worth approximately $650,000. If you held it those ten years before selling, you would net about $310,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $1700 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $140,000 ahead of the renter, after the expenses of selling.



Fact you should be aware of: Just the lender owned stuff.



Obvious way to enhance value or appeal of property: You might update the master bath. Other than that, the work has been done



This property does not appear to be eligible for a first time buyer Mortgage Credit Certificate provided your family income is not more than $82,800 or $96,600. Ask me for more details, on this or any other property.



I'm a buyer's Realtor®. I find places like this that can be gotten at bargain prices. I save you money while getting paid out of the listing agent's commission, not costing you a penny. Nor are these the only ones I find. In order to protect everyone's best interests, I require a Non-Exclusive Buyer's Agent Agreement. This is a standard California Association of Realtors form that leaves you are free to work with other agents, but if I find the property you want, I'm the agent you'll use. That's fair.



Contact me: Action Realty 619-449-0723, ask for Dan or email danmelson (at) danmelson (dot) com. Ask me to find a bargain that fits you!

The Best Loan Right NOW



5.875% 30 Year fixed rate loan, no points, and NO PREPAYMENT PENALTIES!. Assuming a $400,000 loan, Payment $2366, APR 5.914! This is not an Option ARM! This is a thirty year fixed rate loan. The payment and interest rate will stay the same on this loan until it is paid off! 30 year fixed rate loans as low as 5.5%!



5/1 ARM loans available as low as 5.00%! This is not an Option ARM! This is a real loan with a real payment that actually pays your loan down, and the rate is fixed for five years!



These are actual retail rates at actual costs available to real people!



All of the above loans are on approved credit, not all borrowers will qualify, based upon an 80% loan to value and a 720 credit score on a full documentation loan. Rates subject to change until rate lock.



I always guarantee the loan type, rate, and total cost as soon as I have enough information from you to lock the loan (subject to underwriting approval of the loan). I pay any difference, not you. If your loan provider doesn't do this, you need a new loan provider!



Interest only, stated income, bad credit and other options also available. If you need a mortgage, chances are I can do it faster and on better terms than you'll actually get from anyone else in the business.



100% financing a specialty.



Please ask me about first time buyer programs, including the Mortgage Credit Certificate, which gives you a tax credit for mortgage interest, and can be combined with either of the above loans!



Call me. EZ Home Loans at 619-449-0070, ask for Dan. Or email me: danmelson (at) danmelson (dot) com

 



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