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Welcome to my website! Here you can search for your new home and find information on almost every aspect of real estate. Enjoy and do not hesitate to call with any questions. Warren Nass 714-606-0329 |
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Buying a Home |
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The Customized Home Search System for Buyer Representation, offered by Warren Nass, is designed to provide you with a full service, anxiety-free real estate experience. Warren Nass will deliver a level of service unmatched in the real estate industry.This Customized Home Search System answers all of the questions and concerns that buyers are challenged with when purchasing a home. Let Warren Nass show you how easy your real estate purchase can be. Through the CENTURY 21® Customized Home Search System, Warren Nass can offer proprietary marketing tools to provide you with superior service when purchasing your home. Services include:
Contact Warren Nass today to answer your questions, provide professional advice, and handle all the details for you. Like you, today's consumers want comprehensive services from their real estate professional. Warren Nass offers the services you want and the peace of mind you deserve.
Through CENTURY 21® Connections (SM)Warren Nass offers you additional services and programs that will help save you money and provide the highest level of service ever offered by any real estate organization. With the Customized Home Search System, the CENTURY 21® System averages a home bought or sold every minute of every day. Is there any reason we can't help you purchase yours? Home Edition… News from your REALTOR® Buying Distressed Properties By Elyse Umlauf-Garneau Every cloud has a silver lining, and the rise in California home foreclosures is no exception. That’s if you’re an investor hunting for good deals. Investing in foreclosures is no low-risk venture. You often need to act quickly, have ready cash to buy, and may need to earmark money for repairs to make properties sellable. Here are some basics on buying distressed homes. Options to buy include: Before You Leap Take seminars, visit Web sites, and read books before investing. Do proper research. Check neighborhood comparable prices so you don’t overpay. You’re inheriting previous owners’ problems, so investigate other costs, such as liens and unpaid taxes that you could be responsible for. Consult appropriate experts, such as lawyers, certified public accountants, and real estate professionals. REALTORS® can often locate and execute short sales, find REOs, and help you evaluate market conditions.
FHA 2008 Mortgage Limits Published: Read FHA Mortgagee Letter 2008-06 for the full details. Effective March 6, 2008, HUD will offer temporary FHA loan limits that will range from $271,050 to $729,750 (Limits). Overall, the change in loan limits will help provide economic stability to America's communities and give nearly 240,000 additional homeowners and homebuyers a safer, more affordable mortgage alternative. The maximum amount of $729,750 will only be applicable to extremely high-cost metropolitan areas. Previously, FHA's loan limits in these very high-cost areas were capped at $362,790. Foreclosures hit a record high - and more coming! Foreclosures surge to a record high -- late payments, too, signaling worse to come WASHINGTON (AP) -- The foreclosure hammer is hitting ever harder. People lost their homes at the highest rate on record in the first three months of the year, and late payments soared to a new high, too -- an alarming sign that the housing crisis and its damage to the national economy may only get worse. Dumping more empty homes on an already glutted market also is likely to put a further drag on home prices -- extending a vicious cycle. Foreclosure Alert from “The Kiplinger Letter”
The high number of foreclosures will continue to negatively affect our prices...If you are going to sell in the next 2-3 years, NOW IS BETTER THAN LATER. If values continue to decline, it could be many years before your home is again worth what it is worth today. Please call me. The best time to buy a homeNo one knows when we'll reach a bottom, but you can get a great bargain, if you shop around. Questions: Given all the foreclosures and other problems in the housing market and the economy, do you think this is a good time for someone to buy a house? Or would I be better off waiting for the housing market to recover? -Mari, San Francisco Answers: If you're asking me to predict when the housing market will hit bottom and when prices are likely to start climbing again, I'm sorry, but I can't help you. My housing crystal ball is on the blink. I can tell you, though, that at this point we're still looking at one bleak house scenario. If anything, the latest price statistics suggest that the market is still falling. The Standard & Poor's/Case-Shiller Home Price Index for 20 large metropolitan areas was down 16.6% in August compared to its level a year ago. That's more than the index was down for the year ending in July (16.3%) and in June (15.9%). National Association of Realtor stats for September also show a decline. On a marginally positive note, there has been somewhat of an uptick in sales of both existing and new homes. But given the fact that foreclosures and mortgage delinquencies have also been rising and the job market and the economy generally have been softening, I don't think anybody believes that the recent improvement in sales represents an imminent reversal of fortune. I suppose it's possible that the various government and private efforts to help homeowners avert foreclosure could help stabilize the market. When you look at the overall picture, however, it's hard to imagine the housing situation improving significantly before the end of next year. Don't time the market But I don't think all this necessarily means that you should put off buying until certain prices have bottomed out, assuming you're planning to live in your house for, say, at least five years as opposed to flipping it. Why? Well, for one thing I don't think it's possible to time the housing market any more than it is to time the stock market. Sure, you might be able to get a somewhat better deal by postponing your purchase. On the other hand, it's unrealistic to think that you're going to be able to catch the market just as prices are ready to rebound. Buying a house isn't something you can do at a moment's notice. You've got to find the house you really want, settle on a price and get your financing. Your chances of timing all this to coincide with the market trough - even if you could call it - are pretty much nil. Besides, even when prices do eventually start to rise, no one knows how quickly (or slowly) they'll climb. Do some legwork That said, if you're really serious about owning a home, you're actually in a very good position as a buyer right now. Prices have fallen substantially over the past year or so, which should give you lots of leverage to negotiate a favorable price. And since there's no immediate sign of a turnaround in the market, it's not as if you've got to rush into a deal either. So don't. Use this opportunity to do plenty of research in areas where you might consider buying. You can do that online these days at sites like Zillow and Trulia. But don't restrict yourself to virtual legwork. Drive around a bunch of neighborhoods, talk to homeowners and business owners to get a better sense of how the area is doing and what it would be like to live there, stop by real estate offices and banks to get the current pulse of that specific market. You may even be able to pick up bargains among foreclosures or by working with sellers eager to avoid a foreclosure. At the same time, you can start lining up your financing so you'll be ready to move ahead should you find a home you like at a price you're willing to pay. Remember, lenders are more picky about making loans than they were during the real estate bubble, which means they're requiring more information about your income, assets and expenses. You don't want a snag in the mortgage process to hold you up when you're ready to close a deal. So get all your financial paperwork in order ahead of time and scout out lenders offering competitive loan rates, which you can do by checking out our Real Estate section. Bottom line: Without the benefit of 20/20 hindsight, no one can tell you when it's the absolute best time to buy. But if you make a real effort to shop around and get a feel for the market, you can almost certainly increase your chances of getting a house at a price you can be happy with now and in the future. February 26, 2007 Forbes HOUSING BOOM! by Kenneth L. Fisher "Don't buy it. For months now the debate has been on whether America will have a hard landing or a soft landing, the answer hinging on how big 2007's housing disaster turns out to be. Well, there won't be any housing disaster. We won't have a landing at all, soft or hard. Right now the U.S. and global economies are both accelerating. You can see right through the housing crash story by looking at the price of housing stocks. The market knows what the economic worrywarts do not, which is that the housing sector is already making a comeback. In the last six months housing stocks are up 24%, well ahead of the overall market. If housing were destined to fall apart in 2007 these stocks wouldn't be so strong now. Did you know that housing sales are up in the last few months, not down, and the inventories are lower than 6 months ago? Were accelerating, not landing. This is true not just in housing but also pretty much across the board. The Federal Reserve probably won't cut interest rates soon, but it doesn't need to. The economy is humming along without any artificial boost." November 30, 2006 C.A.R. Reports Median Price of California Home Up 2% from Last Year
This week, C.A.R. released their monthly housing report for the state of California including home price & sales statistics for Orange and Los Angeles counties.
For Buyers
Buying a home is an exciting time in one's life. Making the smart move of choosing a REALTOR® is your first step to ensuring that your new home and community meets your needs. My services and experience range from financial aid to helping you find the home that best suits you and your family. For your convenience, I also provide listings by email. Email me what you want in a home and I will send you a list. I pride myself on repeat business and hope you'll come to understand why.
Before You Start Looking For Your New Home:
Five Powerful Buying Strategies 1. Don't Get "Pre-Qualified, Get Pre-Approved! 2. Sell First, Then Buy! 3. List The Top Ten Things You Want In A Home! 4. Do Not Be Pushed Into Any House! 5. Stop Calling Ads! Transaction Management Coordinate disclosure forms, including any pertinent regional/state disclosures, making certain that the forms are completed in a timely manner.
Provide you with government mandated booklets regarding Earthquake Preparedness, Enviromental Hazards and Lead Based Paint. Coordinate with the appropriate third parties to ensure that your home conforms to all government regulations:
Obtain Foreign Investment Real Property Tax (FIRPTA) statements. In addition we will direct you to a reputable mortgage broker for lender qualification. Click here to get Pre-Approved today! It's bargain time for homebuyersIn many parts of the country, sellers have finally gotten the message: They can't be so stubborn about their asking prices. For buyers, now's when to find deals. By Michael Giusti, Bankrate.com Two years of stormy real estate markets appear to have created an ideal climate for bargain-minded house hunters who know where to look. Real estate experts say a switch in the psychology of the housing market has helped buyers to see the silver lining around the market's storm clouds and usher in the fine shopping weather. "We are now in a solid buyer's market," says David Lereah, the chief economist for the National Association of Realtors (NAR). "It has been a seller's market for many years, but now we are seeing people across the country making deals and bringing prices down." A loss of confidence on the part of real estate investors triggered the psychological switch, he says. "What happened was, investors pulled out in droves, and the housing markets went dead," Lereah says. "When the investors stopped buying, regular buyers got scared." That fear drove many house hunters to the sidelines, thinking that housing prices would continue to fall and waiting to see what would happen. "At the same time, sellers refused to bring their prices down, and so buyers had no real incentive to get back in the market," Lereah says. "With everybody sitting on the sidelines, the market came to a standstill." Sellers conceding With a dearth of buyers, sellers eventually realized they would have to make concessions on their sale prices. "Now they are making deals," Lereah says. If the downturn was simply a product of a short-term panic, things would likely be back to normal by now. But Mickey Levy, the chief economist for the Bank of America, points out that the market is also suffering from an oversupply of homes created by an overzealous home-builder community. "While demand is picking up, there is still that large supply overhang," he says. "And while the numbers are starting to come up for sales, prices still have a bit to drift before they start rebounding." A Buyer's Market? - If you're considering BUYING a house in a BUYER'S market, here are (4)four tips for buying.
Recently The New York Times reported on a condo seller who was offering to give the buyer a year's use of a leased Mercedes Benz E-Class sedan. One seller was offering a $100,000 bonus to the selling agent if the property sold for over $4,000,000. When is the Best Time to Buy or Sell a Home? By Warren Nass Many people ask me, “Is now a good time to buy?” There are so many things to consider when purchasing a new home—interest rates, price, area, location, lenders, fees, disclosures, the commute, crime rate, financial responsibility, affordability, schools, money, Megan’s law and the list goes on. This is why it is important to work with a qualified ‘full time’ professional Realtor to assist you with all of your real estate needs. The real estate market changes constantly, but it seems to do it in cycles. Another way to look at the market it is like a roller coaster that goes up and comes down. Since the mid 1950’s, we have seen this cycle change approximately every 5 to 10 years. We are now at the top of the hill of the roller coaster and just at the crest of coming down. So does that mean, “We should not see the prices of homes as high as they were at their peak until 2011,” as stated from real estate expert, Jim Droz, from the Century 21 Top Agent Retreat, 2006. But how far will prices come down, or will sales just continue to slow down? Prices statewide have dropped 1.8% since last year, but what does the future hold? They may not come down anymore. The low interest rates seem to be helping the housing market, but “they” say rates in 2007 will be on the rise. The foreclosures and bank repos are also on the rise. All the better reason to get a good loan. The home inventory in La Mirada, and the surrounding areas is the highest we have seen in years. This means there are more homes from which to choose and the competition is fierce. Some sellers and home builders are offering higher commissions to selling agents as well as buyer incentives. Six (6%) and seven (7%) percent listings are appearing again on the Multiple Listing Service. Because of the inflated housing market, “The number of Realtors nationwide has risen to 1.2 million and should decrease to approximately 800,000 Realtors in 2011,” says Jim Droz. California Association of Realtors (C.A.R.) reports home sales decreased 30.1 percent in August in California compared with the same period a year ago, while the median price of an existing home increased 1.6 percent from a year ago. “We experienced the greatest year-to-year sales decline in August, 2006 since August, 1982, when sales fell 30.4 percent,” said C.A.R. President Vince Malta. “This is another indication that we’re in the initial stages of a long-anticipated adjustment in the market.” “Buyers today have a much greater selection of properties from which to choose, while some sellers are still clinging to price expectations that are no longer valid in today’s market,” said Vince Malta. I feel the best time to buy or sell a home is when it is best for you and your family. If we only had a crystal ball, we would all be rich. Daily Real Estate News | August 7, 2007 What Buyers Want: Top Home Preferences The number of buyers expressing a desire for oversized garages grew 16 percentage points since NAR's last survey of buyer preferences in 2004. About 57 percent of home buyers surveyed now say they want an oversized garage. What's more, among buyers who purchased homes without big garages, 56 percent said they would have paid more for an oversized garage, compared to only 6 percent in the 2004 survey. NAR's latest home buyer preference survey, which reports responses from buyers who purchased homes in 2006, asks buyers about the importance of 75 home features and room types. What They're Shopping For Other priorities for today’s home buyers include:
First-Time Home Buying: 5 Tips for Smarter House Hunting by Brandon Cornett The home buying process can be an emotional roller coaster, especially if it's your first time. It is, after all, one of the biggest financial moves you'll ever make. So before you begin house hunting, make sure you have a good plan in place. Here are five tips for success with first-time home buying: Home Buying Tip #1 - Bring a Friend Along When you think about it, it makes perfect sense. The home buying process stirs up a lot of different emotions -- excitement, anxiety, joy, fear, frustration, exhilaration. And while these emotions are perfectly normal, they can cloud your judgment. That's not something you want when making a big financial decision. You can balance this out by bringing a friend or family member along on your house hunting trips. This gives you an objective ally who can help you identify the pros and cons of each house. Chances are, they'll also be able to spot aspects of a house you might have missed otherwise. Home Buying Tip #2 - Take Pictures of Each Home The photos will also give you an opportunity to see each home more objectively, after your initial excitement has faded. Then you can more easily decide which houses you’d like to follow-up on. Home Buying Tip #3 - Compare the House to Your Budget Think of it this way. If you have to work longer hours and scrape by each month just to afford a house ... is it really worth it? Keep your finances in mind, no matter how beautiful a house may be. Home Buying Tip #4 - Consider the Commute It’s easy to be so enamored with a home that you forget about the drive time. But if you commute every day, drive time is a quality-of-life issue you can't afford to dismiss. Try driving to or from the house during rush hour. That will give you a good idea of what you'll face every day. Home Buying Tip #5 - Avoid Snap Decisions Remember, there will always be another house to come along. So even if you miss one due to your cautious approach, another home will be right around the corner. The A-to-Z of Mortgage Loans: 42 Definitions for Home Buyersby Brandon Cornett Without a proper grasp of mortgage lingo, the home-buying process can leave your head spinning. But fear not, for help has arrived. The 42 definitions that follow will give you a solid understanding of mortgage loans and lenders. Amortization -- The monthly reduction of a mortgage loan brought about by making regular mortgage payments. Annual Percentage Rate (APR) -- Shows the monthly cost of the mortgage (including interest, points and mortgage insurance), expressed as a percentage. Application -- First step in getting approved for the loan. The application provides information about the borrower that the lender will use to justify the loan. Appraisal -- A formal assessment of a home's fair market value, generally required by the mortgage lender to ensure the home is worth the loan amount. Adjustable Rate Mortgage (ARM) -- A type of loan that starts out with a lower interest rate for an introductory period (3 years, for example) and later adjusts to whatever the current interest rate is at the time of adjustment. Balloon Mortgage -- A mortgage that offers low rates for an initial period (generally 5, 7 or 10) years. After this period, the owner must pay the full balance or refinance the loan. Cap -- A limit to how much a monthly payment or interest rate can increase or decrease. Caps are commonly used on adjustable rate mortgages. Cash Reserves -- Money often required to be held in addition to the down payment and closing costs. Lenders have their own requirements as to the amount. Closing -- The process through which property ownership is transferred from the seller to the buyer. Also known as settlement. Closing Costs -- Expenses above and beyond the sale price of the home. Closing costs vary from state to state, but they often include such items as title searches and lawyer's fees. Conventional Loan -- A loan made from the private sector and not guaranteed by the U.S. government. Credit Report -- A record of your credit history, including previous debts, payments and other financial details. Used by lenders to determine your credit score. Credit Score -- a number derived from your credit report. Used by mortgage lenders to determine your level of qualification for a loan. Debt-to-Income Ratio -- A ratio calculated by dividing your overall monthly debt by your gross monthly income. Mortgage lenders use this to help determine your "credit worthiness." Deed -- Official document that shows ownership of a property. It transfers from seller to buyer during the closing process. Default -- This is what happens when a homeowner is unable to make mortgage payments. Defaulting on a loan could lead to foreclosure (defined below). Discount Point -- Equal to 1% of the loan amount. Points can be paid by the buyer at closing to reduce the interest rate on the loan. Down Payment -- Portion of the home's purchase price that is paid in cash and is not part of the mortgage loan. Earnest Money -- Money the buyer puts down to show sincerity in buying the home. If the offer is accepted, the money becomes part of the down payment. If the offer is rejected, the money is returned. If the buyer pulls out of the deal, the money is forfeited. Fixed-Rate Mortgage -- A mortgage with payments that stay the same throughout the life of the loan. In other words, the interest rate and other terms of the loan remain fixed. Foreclosure -- Process through which the home is sold to repay the loan of the defaulting homeowner. See definition of default above. Good Faith Estimate -- An estimate of all fees and charges that will be due at closing. Must be given to the borrower within three days of a loan application submission. HUD-1 Statement -- A list of all closing costs. This document must be given to the buyer prior to closing. Also referred to as a settlement statement. Interest -- A fee charged for borrowing money, expressed as a percentage of the amount borrowed. Lien -- A legal claim on a property. Must be resolved before the property can be sold. Lock-in -- Offered by some lenders to guarantee a certain interest rate if the loan is closed within a certain time. Mortgage Broker -- Individual or company that originates and processes loans for a number of different lenders. Mortgage Lender -- Bank or lending institution that loans you money for a home. Mortgage Insurance -- Insurance purchased by the buyer to protect the lender in the event of default. Usually required on loans with less than 20 percent down payment. Also known as Private Mortgage Insurance or PMI. Origination -- Process of preparing and submitting a loan application. Usually involves a credit check, a property appraisal, and other forms of financial review. Origination Fee -- Charges associated with origination, defined above. PITI -- Principal, Interest, Taxes, and Insurance. These are the four elements that will make up your overall monthly mortgage payment. PMI -- Private Mortgage Insurance. See "Mortgage Insurance" above. Pre-Approval -- When a lender commits to loaning you a certain amount (as long as you still meet their qualification requirements at time of purchase). Pre-Qualification -- When a mortgage lender informally reviews your finances to determine the maximum amount they're willing to lend you. Principal -- The "core" amount borrowed from a lender, excluding interest and additional fees. RESPA -- The Real Estate Settlement Procedures Act is a law that protects consumers during the home buying and loan application process. Among other things, it requires lenders to make full discloses about settlement costs and conditions. Settlement -- See previous definition under "closing." Title Insurance -- Protects the mortgage lender against claims that come from a dispute about property ownership. Similar coverage for home buyers is also available. Title Search -- A review of public records to ensure the seller is the legal owner of the property and that there are no unsettled liens or claims. Truth-in-Lending -- A federal law that requires mortgage lenders to provide written disclosures of all conditions and costs associated with a loan. VA Loan -- A loan guaranteed by the Department of Veterans Affairs. These loans are made to qualified military veterans and often come with the benefit of no money down.
Call Warren Nass! (714) 606-0329
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