New Potential Client

I began communication with a single woman who desires to stop paying rent and wants to purchase a Condo in Los Angeles, CA. We began discussions in Nov. 2010.
The woman said she had some bad debt she needed to clear up first. So I made some suggestions. None of which she utilized.
By Dec. 2010 she ask me to begin sending her listings of foreclosures under $100,000 which I did. None of which she looked at.
Now it is Jan. 2011 and the woman has not asked to go look at any of the properties nor has she continued ongoing communication. She only conversant with me at church before and after service regarding what she plans on doing.
Sometimes, for a variety of reasons, people say and do unpredictable things which perhaps makes sense to them but perhaps may not always be in their best interest.
When the woman and I last spoke she informed me that she plans on purchasing a list of foreclosures from a Registry and will use the advice of her family member to help her understand the paperwork because that particular family member purchased a home four years ago.
I will continue to make myself available to this woman offering her information to assist her with making choices. I am knowledgeable in this industry, confident and honest. If I can offer you the best options guaranteed would you do business with me?
Paying a registry is fine if that is what you choose. However, a registry is not going to look out for your best interest. They are trying to move a property, period.
When you decide to purchase property for the first time can and is scary. I totally understand that. It is comforting to have someone represent you that has your best interest at heart. I work hard for my clients to reassure them the best options available to them at that particular time.
Real Estate forms are changing all the time. I want my clients to be happy that they made a sound decision. And, I want them to ask me any question that is on their mind. I am here to help place you into the property of your dreams. Call me @ 310-654-3010.

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Starting The New Year Off Right

Today was a wonderful day. I spent it with my oldest son. I closed a REO escrow in the city of Lawndale on a duplex in December 2010 and my son and I went car shopping for myself. You see I’m upgrading from a Mercury to a Lexus. The Lexus is the car that I always wanted. I feel accomplished just for today. I am already working on my next escrow.

Who says you can’t sell property this time of year. So far every escrow that I have opened successfully closed.

Remember, “You won’t get stuck in the middle when you call Little”.

HOMEPATH FINANCE PROGRAMS

Homepath- Program a must have in your arsenal!

Hello everybody,

             Market rate have been heading up for the past 5-6 business days in the opposite direction to what most people were expecting for it to stay low or stable.   Just this month the Federal reserve announced the 2nd Round of buying of additional $600 Billion in treasuries until June 2011, to boost growth and keep interest rates low.   One big change i noticed compared to the 2009  treasury buying, was the focus now is on short term maturing treasuries 10 year notes and below; where before it was on long term maturing 10year and higher.   You see as Federal Reserve buys these treasures each month they will artificially bid up the prices and treasury yield (rate)  moves directly opposite to its price.   So as price go up Yield should come down and Mortgage rates mostly tracking treasuries should of have produced lower Mortgage rates.   But if the Fed wont be using the Billions to buy Long term treasuries then the Long term rates like the 30year Fixed  will be pushed higher.  See the link below for the announcement

Now to the Homepath Program – A must have in your arsenal!

  I just helped a client of mine to buy a investment condominium for his portfolio at discounted cash value and was able to use the Homepath loan to purchase it.   When searching for condos on the MLS you may have noticed “Cash Only”  and these days the biggest reason for that is current homeowners are not paying their HOA fees on time.  If the  percentage of delinquent or non-paying homeowners are 15% or higher then the banks will not give out Conventional or FHA loans and the only option will be “Cash purchase”.   This issue makes the value of the condo complex go down due to lack of financing and buyers are able to buy at a big discount $81,600, compared to other complexes next door average $110,000-120,000.   Eventually finance-ability will come back to the complex when most of the higher priced purchased owner recycle out of the community and complex stabilizes and delinquencies goes lower then 15%.      When that happens finance-ability will come back to the building and prices will go up to the neighborhood prices regardless of what the RE market is doing.   There is a hidden profit on these properties that i have  discovered during my research and i invite you to take advantage of it and share with your buyers!   

Homepath loans allow you to finance in condo/townhome complexes and buy at cash value.   You must look at properties with Homepath financing offered , and only the ones that are Fannie Mae REO qualify for this loan.  Requirements as follows:

– Verify property eligibility at www.Homepath.com
– No appraisal required
– Purchase loan Owner occupied SFR/condo 95% LTV
– Investments to 85% LTV
– Mortgage insurance required
– 1-4 units, condo
– Minimum 660 credit score

And as additional incentive Fannie Mae is offering buyers up to 3.5% in closing cost assistance and a added $1,500 bonus for selling agents on HomePath properties through December 31, 2010.

http://www.bloomberg.com/news/2010-11-03/federal-reserve-to-buy-additional-600-billion-of-securities-to-aid-growth.html

For more information please call me at 310 654-3010

FHA Streamline Refinance

Hello,

   This weeks featured program is the FHA Streamline Refinance.    I really wanted to give you a good understanding of this program due to all the FHA loan we have been doing in the past 2-3 years.   With lower market rates, the benefit of saving money with a refinance has been more appealing. The program requirements are very basic (streamlined):

– Current loan has to be FHA loan and in existence for 12 months.
– Credit score of borrowers  620+
– Have a job (Income will not be disclosed to bank)
– No appraisal will be done, so equity in is not required
– No fixed cost to the borrower, the bank will pay for costs (only 1st payment to be brought in to escrow)

As an example to clarify how the program works.   I had a client that purchased the house in Norwalk with an FHA loan of $255290 December 2009,  $1875 piti  5.5%, 30 year loan.  We did a Streamline refinance on August 2010 with loan of $ 257000 , $1707piti 4.875% rate .   The borrower saved $168 a month without spending money.  In reality the borrower had to bring in one payment to close the loan but when the old loan was closed she got a refund of $2900 from her impound account so at the end of the day she ended up with $1300 cash in her pocket and $168/ monthly savings. 

The house value had gone down in value since the  purchase and her husbands income has gone down considerably.   But because of the programs No Appraisal requirement and No income verification these were no issues.   There loan balance only went up by $1700 because of all the costs were paid by the bank. 

Currently the rates on FHA Streamline are ranging from 4.5- 4.625% with all fixed costs paid by lender.    Savings will be higher or lower depending on balance of the existing loan and from my past experience if you can lower the rate by .5% it is worth doing the refinance.   So go through your old clients and see if you can help them save money!!!!! Call me let me help

Tigran Momdjian (Direct lender/ loan broker)
American Capital  Corp.
10058 Rosecrans Ave.
Bellflower, CA 90706
License# 01402250
NMLS# 330782

Phone(562)920-1300 x106
Cell    (323)810-7114
Fax    (562)920-1909
Email: Tigran5@yahoo.com

Actual programs are subject to change without notice and may change due to market conditions, program offerings, product requirements, required qualifications, and other criteria. American Capital Corporation is a licensed real estate broker with the California Department of Real Estate, Broker License #01174694

Getting bad tenants out in a rent control area of Los Angeles, CA apartment

My original clients called and ask, “Do you know a good eviction lawyer?” I said, “call your apartment association for the recommended eviction attorney for your area”. They called the appropriate people and found out something very remarkable.

Well, first they were told they couldn’t simply evict these people based on the fact that the families son is a known criminal. You see the son is on parole and part of his parole states that he is not to associate with other known criminals. The son violated his parole.

There were a couple of events that happen which makes the landlords want to evict these people. First, the son has a party with known gang members and the party gets out of hand and the police are called in. The party disturbs the other tenants on the property. Second, another event that happens is the LAPD and S.W.A.T. team show up to do a routine parole check when bad news break out.  The son was in the house with a known criminal and they were socializing. Well, the associate of the son ran out the door, the son on parole’s mother handed the young man running a brown paper bag. The young man hops over a fence and gets away. The owner of the property just happened to be on the location at the time all of this happened. Next, the police convescate a large hump some of money from the house and arrest the son on parole.

These are the events that have happen. The attorney tells the landlords that they can not evict this family. First, the family never had a “No Trespassing sign” placed in a clear visible place. Second, the landlord needs the police report. Third, the landlords then need to apply for a permit from the city of Los Angeles to evict. After all of this, it is actually up to the city to make the final decision. It takes the police department several weeks to a month to process the report and have it ready for the landlords. And on top of this the landlords are charged a fee of $35 for the report.

So overall, my buyers are no longer looking to buy in Los Angeles. However, they are going to keep the duplex that they have for now. They have made $95,000 (equity) in 6 month. Great buy! I am now working on a duplex for them in the Southbay area.

32nd Annual Legislative Day & Housing Fair

Los Angeles county Board or Realtors(R) will host “How the State of the County affects you and your Clients” on Friday, October 1, 2010.  It will be held at Hall of Administration-500 West Temple Street, Los Angeles, CA 8th Floor Patio.  Free Parking (@ the Music Center); Free Admission; Free Continental Breakfast and Lunch.

8:30am-9am Registration/Coffee/Fair Opening

9am-12pm Legislative Presentations

12pm-1pm Buffet Luncheon

8:30-1:30pm Housing Fair/Exhibitors

Supervisors Michael Antonovich, Don Knabe, Gloria Molina, Mark Ridley-Thomas and Zev Yaroslavsky

Master of Ceremonies   John Noguez, Special Assistant, Los Angeles County Assessor’s Office

HOUSING FAIR FEATURING:

HUD, FANNIE MAE, COMMUNITY DEVELOPMENT DEPT., LA COUNTY ASSESSER, PROPERTY ID, HOME INSPECTORS  AND MORE…

RSVP: Warren Rohn 310.372.6024 (FAX) or 310.372.8453 (PHONE) or MRKTPLNWJR@AOL.COM (EMAIL)

SEE YOU THERE!!

42nd Annual Rental Housing Expo

On Wednesday September 8, 2010 at the Long Beach Convention Center, the AACSC hosted the greatest show on earth trade show. The Trade Shows theme was “The Greatest Show on Earth.” The were over one hundred and fifty booths along with thousands of guest. There were waste management companies, insurance companies, roofing companies, pool companies, plumbing companies, real estate attorneys, banks, and many more exciting booths on displays. There were free seminars, free workshops, free prize drawings and one stop shopping. I had the privilege to volunteer with the Rancho Southeast Association of Realtors’ booth (RSAOR). I had a wonderful time. It was knowledgeable, fun and exciting.

If you didn’t have an opportunity to attend this event there will be many more trade shows in the upcoming future. To find out more about this particular event please contact (562) 426-8341