Los Angeles REO of the Day 05-01-08

3449 LARISSA, LOS ANGELES ,CA 90026
Type: duplex
Units: 2
Price: $525,000
List Date: 04/02/08
Broker: CENTURY 21 REALTY MLS:M08047992

Large Duplex (Assessor shows 1879sf)in the Heart of Siverlake/Hollywood. Needs some updating, but could be a great home for first time buyer who wants a tentant to help out with payments. Great neighborhood and only getting better. Walk to Sunset Junction or Hillhurst restaurants. I might go in a little lower on this one after researching rents and condition.

Your LA REO of the Day 04-24-2008

2116 KENT ST, LOS ANGELES ,CA 90026
Type: 4plex
Units: 4
Price: $399,000
List Date: 04/17/2008
Broker:Real Solution MLS:08-272661

Nice 4plex in Echo Park North of 101. Listing states total rental income of $2498 for 3 units plus vacant unit for owner. Don't wait to put in an offer. Easy qualifier for first time buyer or investor.

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FHA Loans Help First Time Buyers.

The expansion of FHA conforming loan limits to $729,750 has greatly helped REO and foreclosure home buyers in Los Angeles. There are also programs that allow for the seller to give up to 6% of the purchase price to the buyers to apply to expenses and closing costs. Other programs allow buyers to have up to 60% debt to income ratio.

The 203(k) program is great for buyers who are still buying fixers. This program loans you additional funds to make repairs on a property up to four units.

FHA loans can take a little longer to process so get PRE-APPROVED NOW to be ready when that perfect REO or foreclosure property comes up.

First Time Buyers and Foreclosures

Now is an amazing time to buy for first time buyers. Rates are incredibly low, and prices are dropping to levels we saw three to four years ago. Best of all the increases in the FHA loan amounts in the Los Angeles area to
$687,500 SFR
$880,100 Duplex
$1,063,850 Triplex
$1,322,150 Fourplex
allow many more homes to qualify for FHA approved loans. (check here for other counties FHA Loan limits)

What does this mean to you? Buying a home is more affordable than it has been in years and now may be your best opportunity to buy ever. The most important thing is to be prepared because when the deals come they sell fast. Here a few things we can do to make sure you are ready when your dream foreclosure comes up.

1. Find out how much you can afford by being pre-approved. THIS IS THE MOST IMPORTANT THING. Pre-quals are no longer acceptable. To compete for these homes you need to show the bank you are a qualified buyer and that you have been approved for a loan with all your paperwork submitted.
2. Know what you are looking for. The great thing about this moment is THERE WILL BE MANY HOMES AVAILABLE. You need to decide what are your wants and needs in a home. We can help you with this by sitting down and prioritizing your needs so when that perfect home comes up you are ready.
3. Have an inspector lined up to look at the property quickly. Most REO's are sold as is and often do not accept offers with inspection contingencies. This means that you need to have an inspector out immediately.

Now is an amazing time to buy so sign up as a Premier Member at no cost and get started now!