Riverside Loan Pre-Approval Benefits

Posted on August 29, 2010 by Joey Dodge

When the lender hands a borrower a pre-approval letter, the borrower has several advantages and more leverage in the home buying process. Remember, being Pre-approved is better than being Pre-qualified. Being Pre-approved means the borrower can:

Save Time by Looking at the Right Homes

In terms of price, our real estate agents can send you automatic emails that meet your exact criteria. This way, you’ll save time by checking out homes you can actually afford to buy instead of falling in love with your unaffordable ‘dream home’.

Spend More Time Examining the Right Homes

By decreasing the inventory of homes to those that fit your parameters, you can allot more time to thinking about all the little nuances each home has to offer. Lots of home buyers never move past the price point when sorting out their preferences, but now you can devote your energies to looking at the little things that matter to you most.

Gain Confidence & Avoid Disillusionment

Now when you find that perfect home, nobody can take it away from you by telling you that you do not qualify to buy it. You can minimize anxiety and remove last-minute loan surprises that could disqualify you. You’ll sleep better at night knowing that the home you selected is yours.

Increase Bargaining & Negotiating Power

Sellers will be more likely to immediately accept your offer, even if that offer is for less than list price, because you are giving the seller peace of mind that her home is sold. She can take her home off the market and place it into pending status with confidence.

Enjoy a Faster Closing Period

Because there is no window period while your loan application is processed, the lender can speed up the entire processing procedure. Appraisals can be ordered immediately. It’s possible to shorten a 30-day closing to two or three weeks, which comes in handy if a seller needs to quickly move and can’t decide which offer to accept.

Because mortgage approval is generally the longest contingency to satisfy in a purchase contract, it is to your advantage to obtain a preapproval letter as soon as you’re ready to begin your search. Lenders will render a decision based on your complete loan application, employment verification and data from all three credit reports.

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Riverside Homes Prices Increase in July

Posted on August 27, 2010 by Joey Dodge

Although home sales are down this year, prices are steadily increasing in the Riverside County Real Estate Market. Sales for the month of July 2010 were 2,985, down from last July’s number of 3,868. However, home prices have increased a healthy $15,000. Last July, the median sale price of a Riverside County home was $190,000. Last month, the median home price came in at $205,000, an increase of 7.3%. See the home price data below:

Sales Statistics
for RIVERSIDE County CA
Realist’s most recent sale date for this county is 08/20/2010
 Single Family Residence
 Time Period Number of Sales Median Sale Price 
 Jul 2010 2,985 $205,000 
 Jul 2009 3,868 $190,000 
 Jun 2010 3,902 $211,500 
 Jun 2009 4,097 $185,000 
 2010 YTD 23,111 $205,000 
 2009 43,496 $190,000 
 Condominium
 Time Period Number of Sales Median Sale Price 
 Jul 2010 347 $160,125 
 Jul 2009 353 $147,000 
 Jun 2010 448 $176,250 
 Jun 2009 406 $170,750 
 2010 YTD 2,806 $162,000 
 2009 4,101 $160,000 

As the media continues scaring people about the current real estate market, all you really need to do is take a look at the current data. With most homes in todays market getting multiple offers, it’s pretty safe to say that we’re moving on and the market has stabilized. So, for home buyers who keep submitting low-ball offers because you think the market as a whole is still crashing down and there is going to be a second dip in home prices, I would advise for you to stop holding your breath and make an offer that is closer to the current market value, rather than what you “think” the home is worth with no reasonable data to back it up. I am not saying give the owner their asking price because sometimes, owners are just too unrealistic, but I advise you to do some research and make a good, solid respectable offer.

Please note that the data from above is for Riverside County as a whole. Some local markets may have had stronger price appreciation, while others are still very anemic.

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Woodcrest Home for Sale

Posted on May 7, 2010 by Joey Dodge

Looking for a luxury home in the Riverside Real Estate market?

Property Description:

Move in condition. Super clean and updated. Lots of privacy. Newer kitchen counters, 20″ Tiles on floor. New carpet in some rooms. Huge Great room w/fireplace. Ceiling fans in almost every room. Open Floor Plan. Lots of fruit trees, Large detached patio, Horse Property. Included 40″ Storage Container for Toys, or Tools.

View this property: Riverside Home for Sale

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Riverside Home for Sale

Posted on April 14, 2010 by Joey Dodge

Looking for a luxury home in the Riverside Real Estate market?

Property Description:

BACK ON THE MARKET WITH AN APPROVAL FROM THE BANK AT $440,000! This is a magnificent estate in an exclusive area of Mockingbird Canyon. The full one-acre lot is completely developed and wonderfully suited for an executive who entertains, with large outdoor patios, a barbecue area and panoramic views. The interior is highly upgraded and very luxurious with a large guest room and bath downstairs, and a bonus room upstairs. The owner’s suite is a treat with a large jacuzzi-style tub, dual vanities and an over-sized walk-in closet. Two upstairs bedrooms are joined by a Jack and Jill bath, another has its own bath and the laundry room is also conveniently located upstairs near the bedrooms. The large 4-car garage has a pass-through door to the backyard and there’s PLENTY of driveway parking for guests. What a great opportunity to own a fabulous home for a bargain price!

View this property: Riverside Home for Sale

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Victorville Home for Rent $950/Month -3bed/2bath

Posted on February 1, 2010 by Joey Dodge

Located on a ½ Acre Lot with a huge deck that’s perfect for the BBQ and family gatherings, this home features a spacious floor plan that includes a formal dining room and living room with a fireplace! The Master Bedroom boasts a Walk-In Closet.

Indoor Laundry hook-ups, Stove, Dishwasher, Central Heating and New Air Conditioner further compliment the home. Pets OK. CALL NOW!

Click Here to View Home

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How to Get Your Homebuyer Tax Credit Refund

Posted on January 19, 2010 by Joey Dodge

Taxpayers taking advantage of the $8,000 first time home buyer credit or the new $6,500 home purchase credit for existing homeowners have been waiting for the IRS to post an updated home purchase credit form on its website for months. Now that the IRS has posted the revised Form 5405 on irs.gov, eligible taxpayers can now start claiming their home buyer tax credits.

Revised Form 5405 & Proof Needed for Federal Tax Credit
Anyone who wishes to claim a federal tax credit for home purchase should first fill out Form 5405, First-Time Homebuyer Credit and Repayment of the Credit. Then, they should attach one or more documents as proof of a qualifying purchase.

Documentation Needed for First-Time Home Buyers
First-time home buyers must provide the IRS with proof of purchase. The IRS indicates that one of the following documents must be attached in order for a federal tax credit for home purchase to be processed correctly:

•Copy of Form HUD-1 (Settlement Statement) or similar document that shows all parties’ names and signatures, the property address, sales price, and date of purchase.
•Copy of the executed retail sales contract (in case of mobile home purchases) that shows the same information.
•Copy of the dated certificate of occupancy (in case of new construction) that shows the owner’s name and property address.
Additional Proof Required for Existing Homeowners
The Worker, Homeownership, and Business Assistance Act of 2009 (H.R. 3548) not only expanded the first-time homebuyer tax credit, but also opened up a new $6,500 tax credit for existing homeowners.

Existing homeowners are eligible for a $6,500 tax credit if they have lived in their old house for five consecutive years out of an eight-year period ending on the purchase date of the new house. In addition to the documentation requirement above, taxpayers who fall into this category must also provide proof of the five-year residence with mortgage interest statements, property tax records, or homeowner’s insurance documents.

Important: Anyone who wishes to claim a first-time or existing home buyer tax credit must file paper returns because certain paper documents must be attached to the returns as proof of purchase.

New Home Buyer Tax Credit – Downloading 2009 Form 5405 Instructions
Unlike previous versions of the document, the instructions for revised Form 5405 come in a standalone PDF document. Revised Form 5405 (otherwise known as the “2009 version,” or “2009 Form 5405”) is available separately.

Here are direct links to revised Form 5405 and its instructions:

Revised IRS Form 5405 (2009 version)

Instructions for Revised IRS Form 5405

Obama Tax Stimulus – $6,500 & $8,000 Home Buyer Tax Credit Form
Currently, the old version of Form 5405 is no longer available on the IRS website. The 2009 version of Form 5405 should be used to claim tax credits for house purchases made in 2009 or 2010 (filed with original or amended 2008 or 2009 tax returns).

Assuming no changes are made to the form between now and the next filing season, this same form may also be required for home buyer tax credits claimed on 2010 tax returns.

New Form for $8,000 & $6,500 Tax Credits – Processing Delays
In a January 15, 2010 announcement (IR-2010-006), the IRS indicated that tax returns with attached Forms 5405 would be processed beginning sometime in mid-February 2010. The IRS mentioned a need to first test its systems for compliance with new tax laws and make sure important fraud detection systems were in place before any home buyer tax credit forms are processed. Anyone who files their return with attached Form 5405 and proof needed for the federal tax credit should expect any anticipated refund to be delayed while the IRS double-checks its systems.

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Riverside Real Estate For Sale – Great Community

Posted on January 17, 2010 by Joey Dodge

Looking for a home in the Riverside Real Estate market?

Property Description:

WOW!WOW! LOCATION*LOCATION*LOCATION… 50k PRICE REDUCTION FOR QUICK SALE!!! NOT A SHORT SALE, NOT A REO!!! Cozy single story home in highly desired area of Riverside! GREAT neighborhood on tree lined street! Large spacious lot with HUGE pool and spa! Covered porch and patio! Hardwood floors! Tile counter tops! Newer Aluminum roof! New cooper piping throughout! Newer Pool equipment including pool heater. Purchase to include appliances including refrigerator! Garage is insulated, paneling on walls and has A/C unit. Charming home waiting for your buyer’s family. Don’t miss out on this GEM, it won’t last! CHARMING*CHARMING*CHARMING

View this property: Riverside Home for Sale

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Interview a Riverside Real Estate Before Buying a Home

Posted on January 5, 2010 by Joey Dodge

Since buying a home is most likely the biggest and most complex purchase you will ever make in your life, it is vital that you choose a real estate agent that can help make the transaction go as smooth as possible. When interviewing a real estate agent, here are 5 straightforward questions that you should ask:

  • How long have they been licensed as a Realtor?An inexperienced real estate agent may be fine for easy transactions, like condos or townhouses. But for most transactions, you want to look for a real estate agent who has a minimum 5 years of experience. It’s not too difficult to become a licensed real estate agent. It’s staying licensed and staying in the real estate industry for at least five years that demonstrates a strong commitment to the profession.
  • Does the Real estate agent do this as a part-time or full-time job?While all agents have to start somewhere, working with a part-time real estate agent may not be in your best interests. Part-time real estate agents have other obligations that can get in the way of giving you full time attention
  • How much of a real estate education does the real estate agent have behind them?Although designations and college degrees are not needed, there are very few agents that have industry designations or a college degree. Getting one or the other, or both may show the real estate agent’s devotion to their expertise.
  • How accessible is the agent?Does the agent have office hours? Can you call them at home? Do they quickly respond to emails? Buying real estate can be a hectic experience. With lots of surprises along the way, you’ll want an agent that’s easily accessible if you need to reach them.
  • Take note if the agent is good listener.Do they butt in before you’ve finished a sentence? There’s nothing worse than wasting time looking at houses you have no interest in because the agent has not listened carefully to your needs.
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Affordable Riverside Custom Home

Posted on January 2, 2010 by Joey Dodge

Looking for a luxury home in the Riverside Real Estate market?

Property Description:

Are you sick and tired of the same old humm drum tract house? Bored with cookie cutter details and flat walls? Have you ever dreamed of being different than all of your neighbors? Then THIS is the home for YOU! A fabulous vine covered trellis leads the way to your wood-shingled entry way. Once inside, the open floorplan encompasses the kitchen, dining room and sunken living area which leads out to a covered patio and raised planter beds. You will love the rustic columns throughout! Formal living room, a bathroom for every bedroom, two fireplaces, and a master balcony that wraps around almost the whole house! There is an entire basement apartment, complete with bathroom and kitchenette which is not permitted , so not included in the square footage of the house. Access from inside or outside means room for all of the teenagers, or a separate rental unit. Set in a quiet little neighborhood with tree-lined streets. Come and see and fall in love with your new home.

View this property: Riverside Home for Sale

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Woodcrest Home for Sale!

Posted on December 30, 2009 by Joey Dodge

Beautiful Woodcrest Home for sale in the Riverside Real Estate market.

Property Description:

This exclusive Woodcrest home has views at every angle. Spacious Gourmet kitchen w/ double oven, granite countertops, custom 20~ tile flooring w/ granite inlay, walk in pantry. High ceilings throughout, French doors, Great room, Unique octagonal dining room, Upgraded maple cabinets throughout. The Large Master retreat features a Double door entry, Private Fireplace, Whirlpool tub, Large Walk-in closet, and private entrance to back patio. Featuring a unique outside pool shower and bathroom with changing area, a roomy 4 car garage ~-with extra high clearance and tandem parking for a large boat. Gated RV parking w/ sewage and electrical lines run to it. Covered patio in the backyard w/ exterior fans. The front has a courtyard area w/ fountain and a circular driveway. Pool size yard with outside shower and dress area. Side yard ready to build your own dream backyard, all acreage is usable space; plenty of room for basketball/tennis courts, etc.

View this property: Riverside Home for Sale

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