How Do You Tell If A Condo Complex Is VA Approved?
October 25th, 2009 Categories: 4S Ranch, Brookside Escondido, Escondido, Mortgage News, Poway, Rancho Bernardo, Rancho Penasquitos
When you are preparing to list your property, having an agent who knows the available financing types for that property, especially condominiums, is extremely important. When you interview agents, make sure they know this information or you may have a more difficult time marketing and ultimately selling your property. 
Here is the link to the section of the VA website that allows you as a homeowner to search for VA approved condo projects:
On the left hand side, click on “Condo/PUD Reports”. You will then have six fields to complete:
- Select report type of Summary or Detail (either is fine)
- Select the type of records to receive (Condo)
- Enter the Condo/PUD name – you are encouraged to use an asterisk (*) as this will pull all approved projects in the specified city, or for example type M* and it will pull all approved projects beginning with the letter M
- Enter the Regional Office (leave this one alone)
- Enter the City and State – unlike the FHA search site, this site does not locate by zip code
- Retrieve only approved Condos – keep marked as yes
Regarding PUD’s – although VA does not require that a PUD be prior approved, the lender is responsible for ensuring both title and lien-related VA regulatory requirements are met for each VA loan such as:
- The estate must not be less than fee simple
- Title must not be subject to unreasonable restrictions of use and occupancy
- VA loan is secured by a first (1st) lien on the property
- Any mandatory homeowner association assessment is subordinate to the VA-guaranteed mortgage
Pretty standard stuff, and one you would expect your Realtor to know but you might be surprised. We have the resources for you and know all the projects. If you have any questions about using this look-up tool or any VA or other loan related items, please feel free to call us at (877) 571-2289 or email us at suejohson@windermere.com.
We also have an expert on our team from CW Mortgage, Kevin Kueneke who supplies us with this type of information and expertise. You may also contact Kevin direct at 760-500-1919 or email him at Kevin@MyCWMtg.com.
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Brookside Escondido Homes For Sale – Current Listings and Statistics
October 21st, 2009 Categories: Brookside Escondido, Escondido, Real Estate News
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How to Buy Your First Home the Easy Way! Avoid 10 Common Potentially Devastating Mistakes
April 24th, 2009 Categories: 4S Ranch, Brookside Escondido, Real Estate News
Many home buyers do very little research before “diving in” and investing their hard-earned money. Before doing that, doesn’t it make sense to be as informed as possible? That’s what this information is all about. It’s designed to help you avoid 10 common, critical mistakes many home buyers make. If you follow these 10 suggestions, with the help of the right real estate professional, you’ll make a good sound business decision that you’ll be happy and proud of for years to come. 
1. Inspect, Inspect and Inspect- Go over the inspection report with a fine tooth comb. Make sure the report was done by a professional organization. For condo purchases, go over the by-laws, and association fees. Don’t take anything for granted… inspect everything!
2. Imagine the Property Vacant- Your furnishings and decorations will be the ones filling this new residence. Don’t be swayed by beautiful furniture … it leaves with the owner.
3. Income Plus Lifestyle Equals Mortgage Payment- Sit down with a competent real estate professional and honestly discuss your income level and living expenses. Take into account future considerations like: children, add-ons, amenities or fix-ups. Your dream home is certainly worth a sacrifice but don’t mortgage your entire future.
4. View Several Homes- See at least 3-5 properties. Don’t move on the first property you see but… don’t move too slowly either. With your agent’s help, you’ll be able to view enough properties to get a good overall perspective of your market. Today’s market is fluid and changes daily. And when you find the right property, all the leg work will be worth it.
5. Utilize Your Team- By aligning yourself with the right real estate professional, you’ll have an entire team working for you. Top real estate professionals have lenders, insurance agents, title reps, inspection teams – an entire group of trained professionals to make the whole buying experience simple and easy for you.
6. Be A Columbo- Check out all your costs and expenses before you sign: utilities, taxes, insurance, maintenance and homeowner dues, if applicable. Make sure all utilities are on (gas, electricity, and water), so you can inspect everything in working order. Ask lots of questions and be very detail conscious.
7. Do a Final Walk-Through- Visit the property after all the furnishings have been moved out to be sure there are no surprises. Be absolutely positive the property was left exactly as you had agreed upon in the contract. Many times, things are unintentionally overlooked that could have been spotted in a final walk-through.
8. Plan For Flexibility- Closing dates are not written in stone. Allow for contingencies and have a back-up plan. If you or the sellers need a little more time to conclude the final arrangements, don’t let these delays upset or frustrate you. These types of circumstances are not uncommon in a real estate transaction.
9. If It’s Not In Writing, It Doesn’t Exist- All promises and discussions are to be in writing. Don’t make any assumptions or believe any assurances. Even the best intentions can be misinterpreted. Have your real estate professional keep an ongoing log (in writing) of all discussions, and get the seller’s written approval for all agreements.
10. Loyalty Breeds Loyalty- Be open, honest and up-front with your team. Hard feelings and disloyalty will cause headaches, delays or may even keep you from getting into the home you worked so hard to locate. Take the time to select the right team in the beginning and your first home purchase will be a simple, easy and profitable experience you’ll have fond memories of… for years to come.
My hope with this information has been to educate you and help you avoid the pitfalls many home buyers go through. I hope you found the ideas valuable and if there is ever any way I can be of service to you or anyone you care about, please contact my office at 877-571-2289 or email us for more info!
Consultation is always completely free of charge and you’re under no obligation of any kind. We’ll sit down for 15-20 minutes… no high-pressure, just plain, honest talk about what it’s going to take to achieve your personal goals.
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