Whittier, CA

For more than a year now, I've repeatedly heard Lenders and Realtors discuss going "Back to Basics." But exactly what does that mean? For lenders like myself, going back to basics means really going back to what we each first learned when we started out in the business. The Four C's, Capacity, Character, Capital and Collateral. The four C's are also known as Income, Credit, Assets and Property. They're described below.

Capacity - Homebuyers need to have stable jobs (2 years) and adequate income. It's also important to remember not to overstretch yourself.

Character- Your history in paying bills will be scrutinized. Its important you can explain derogatory and show good trends.

Capital - Down payment is required for most purchases now days. It also gives you an edge over other buyers

Collateral - Soundness and quality of the home is important. The price has to be right and the value has to be there.

A good analogy is to look at each of the C's as a leg on a chair. If you miss one, you end up wobbly and might need to do some fixing before you're ready to buy. In addition to being ready to buy, there are other do's and don'ts to take in to account.

Do have your paperwork in order. Essentially, one month of paystubs, two years of W-2s and three months of bank statements will be needed. Additionally, special situations require some extra documents. If you're divorced, the settlement paperwork might be needed. We might also need bankruptcy papers for those who filed in the past and deferral confirmation for deferred loans. Self Employed buyers will need to present two years of tax returns.

There's also some don'ts to consider.

Don't increase debt or open new accounts and don't make late payments. Especially mortgage or rental payments. Even if you're refinancing, there's really no such thing as "skipping a payment." You'll pay interest on borrowed money until the day its paid off.

Hope this is informative to any potential homebuyers or Realtors still adjusting to our current market.

Best regards,

Hector A

I would like to let you know about my new web site dedicated to real estate in Whittier and surrounding communities. It is called www.WhittierWelcomesYou.com. It is a great new website for Whittier, La Habra, La Habra Heights, La Mirada, Norwalk and neighboring cities.

Whittier is a jewel of a city that offers some of the best deals in homeownership in Southern California. Come to www.whittierwelcomesyou.com to learn more.

Whittier Welcomes You to become a homeowner. If you are a First-Time Home Buyer you'll want to check out http://www.whittierwelcomesyou.com/FirstTimeBuyers.html.

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You can request many other FREE reports related to real estate from the Whittier Welcomes You report page at http://www.whittierwelcomesyou.com/FreeReports.html. The topics include "What to do to Improve Your Credit", "7 Reasons to Own Your Home", "17 Tips for Packing Like a Pro", "Common First-Time Home Buyer Mistakes" and many more.

Do you need to sell your home so you can buy your dream home, but are worried that it won't sell? My company offers a Guaranteed Sale program. We will buy your home if it doesn't sell in 120 days. For more information, go to http://www.whittierwelcomesyou.com/GuaranteedSale.html.

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Whether you want to buy now, in six months or in a year, a Buyer Consultation with a professional REALTOR® should be the first priority of your home search. First time buyers, investors or long-term homeowners will all benefit from my one-on-one home buyer consultation. It's custom designed for you and your needs. You can learn more about my Buyer Consultation at http://www.whittierwelcomesyou.com/BuyerConsultation.html.

Are you curious about how much they paid for the house that sold down the street? You can get that information by requesting the FREE report from http://www.whittierwelcomesyou.com/SoldCompsReport.html.

Want to know how much your home is worth? Sign up for a FREE Market Analysis at http://www.whittierwelcomesyou.com/FreeCMA.html.

I hope you find the information at www.whittierwelcomesyou.com useful. If I can ever be of assistance to you with your real estate needs, please feel free to contact me.

Ruby's is great and on Friday nights you can see around 150 hot rods at their

Friday Night Cruz

hosted by American Streetrodders.

Great Food, Prizes.

Come on by and join the fun.

RUBY'S DINER - Whittwood Mall

10109 Whittwood Dr
Whittier, CA 90603

(562) 947-7829

The other night one of the agents in my office stated that we are now in a sellers' market for homes under $400,000. I had been coming to that conclusion slowly, but it really became apparent when he said it.

Here are the facts for homes selling in Whittier, CA:

• Well-priced homes under $400,000 are receiving multiple offers. I have seen many of them over the last 4-5 months, and they are increasing. I wrote an offer on one property that had over 33 offers. My buyers made a full price offer, but lost to someone with $100,000 down and a higher price.
• Whittier inventories are reducing. Total properties for sale in the City of Whittier have gone from 888 residences on May 25, 2008 to 757 residences on September 13, 2008. Less selection means that more people will be bidding for fewer properties.
• REOs are selling faster than other properties, if priced reasonably. If priced low they will receive multiple offers.
• Homes in good condition that are not REOs or short sales are very difficult to find.

First time buyers are coming out of the woodwork. They see that now is the time to buy. The $7,500 tax credit is a huge incentive. The Fannie Mae and Freddie Mac takeovers actually turned out to be good for buyers because they caused interest rates to fall near or below 6%, depending on the type of loan. So these first time buyers now realize that they can buy a home; and the homes they can afford are typically below $400,000.

Real estate recoveries usually start at the lower end of the market. Has a recovery just started, or is this just a temporary change?

We are still seeing a buyers' market for homes above $500,000 in Whittier. If homes in this price range start selling like homes under $400,000, then we may very well be on the way to recovery.

Bob Willis, Realtor®
Prudential California Realty
16218 E. Whittier Blvd.
Whittier, CA 90603

Phone: (562) 639-9400

Email: bob@willisrealtor.com

http://myhome.listingbook.com

I attended an estate sale in Palm Park on Sunday, at 11067 Lorene Street. I was there as the Realtor®, greeting any people who seemed interested in purchasing the home. Since the focus of the estate sale was to move the items inside the house, and not the house itself, the Realtor® station was in the back yard, out of the limelight.

Lorene Street is a very quiet street, with well-kept homes throughout the neighborhood. It is, indeed, one of the hidden gems of Whittier.

This home is still for sale, by the way. It is a beautiful home, and, with 1,463 square feet of living space, it is larger than the average home in the Palm Park area. Originally a 3 bedroom home, one of the bedrooms was enlarged and converted into a large den adjoining the living room. A second fireplace was also added to the den area, as well as a second bathroom. It is a great home for entertaining guests, whether inside the house in the living room/dining room/den, in the screened back porch or in the neat back yard.

This house has gotten a lot of attention lately, so I expect it to sell soon. Wouldn't you like to buy this beautiful home? If so, give me a call!

Do you have an estate and a house to sell? I work with a local estate sale company that will handle the sale of the furniture and household items. I would be happy to explain to you how my marketing program works, not only to sell a house with an estate full of goods, but to sell any house in this market.

Bob Willis, Realtor®
Prudential California Realty
16218 E. Whittier Blvd.
Whittier, CA 90603

Phone: (562) 639-9400

Email: bob@willisrealtor.com

http://myhome.listingbook.com