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Dorota Dyman and Associates Real Estate: Experts offer tips for first-time homebuyers

Dorota Dyman and Associates Real Estate: Experts offer tips for first-time homebuyers | Dorota Dyman & Associates | Scoop.it

The market can be tough for first-time buyers so with the spring homebuying season now in full swing (March through June are the year’s four busiest months), here are some tips for first-time homebuyers [ http://seattletimes.com/html/homesrealestate/2023278367_hrefirsttimebuyersxml.html ].

 

With two daughters and a baby on the way, Carlos and Cinthya Jijon decided last year to buy a house for about the same monthly cost as a bigger apartment. But they couldn’t find a home.

Supply was tight. And investors armed with fistfuls of cash outbid them every time.

 

This month, however, the Jijons are unpacking, settling into a one-story house in Buena Park, Calif. The auto-parts deliveryman and the nurse made the transition from renters to first-time homebuyers.

The market is tough for first-time buyers such as the Jijons, and statistics show the number of first-timers is falling.

 

But the Jijons persevered, taking an eight-hour homebuying course, learning about cash-assistance programs, and getting loads of practical advice. They beat the odds.

 

With the spring homebuying season now in full swing (March through June are the year’s four busiest months), here are some tips for first-time homebuyers.

 

Determine what you can afford. The first step is to meet with a lender, review your finances and find out how much you can afford to spend on a home and how much you have for your down payment.

 

“If they qualify for a $300,000 house, they shouldn’t be wasting their time looking at a $500,000 house,” says Maritza Reyna, an education manager at Consumer Credit Counseling Service.

 

Experts [ http://www.sodahead.com/united-states/dorota-dyman-associates-real-estate/group-32383/ ] also warn not to shop for the most expensive home you qualify for, unless you truly can live with the payment that comes with it.

 

Shop for a mortgage. Don’t use whatever lender your agent recommends without doing some independent shopping, says former loan processor and author Carolyn Warren.

 

Another classic mistake: calling 10 lenders and asking for their interest rates. A lender can’t be held to those quotes, so “it’s just going to lead you to the smoothest-talking liar,” says Warren, author of “Homebuyer Beware” and another book on mortgage rip-offs.

 

She says it’s better to look up mortgage rates online, then call three or four lenders and mortgage brokers and ask them for a written list showing their fees.

 

“The lowest rate is no good if you’re paying too much in fees,” Warren says.

 

Check for down-payment assistance. Before you shop, check to see if you qualify for one of the down-payment assistance programs.

“Don’t assume your income is too high,” says Karla Lopez del Rio of NeighborWorks Orange County, a housing assistance agency. “These special programs [ http://www.dailystrength.org/groups/dorota-dyman--associates/discussions/messages/18575135 ] , no one’s going to tell you about it if you don’t seek it out.”

 

Get preapproved. Getting a lender to preapprove a loan before you shop can make your offers more attractive, while avoiding deals falling apart because loans don’t get approved during escrow.

 

Get all the documentation you’ll need for the loan process — W2s, tax returns, pay stubs, bank account statements. Find out from your lender exactly what you’ll need.

 

And go to AnnualCreditReport.com to get your free credit reports from all three major credit agencies. If necessary, follow the steps for correcting errors or repairing your credit.

 

Pick an agent who’s right for you. Get referrals for agents from friends and family, then talk to each one. Look for someone with whom you can communicate.

 

“Interview them a few times,” says Robert Ortola, an agent with Keller Williams Newport Estates in Orange County, Calif. “You have to see how they communicate and how knowledgeable they are.”

 

“Keep in mind that they work for you,” adds Reyna. “If you’re not happy with that Realtor, you can fire them.”

 

Find a home you can afford. Make a wish list of where you want to live and what you want to have in your home. But don’t fall so in love with a particular home that you don’t see its flaws, experts say.

 

Move on if the asking price is unrealistic or the bidding rises beyond your budget.

 

Make a realistic offer. When you find the right home, Ortola advises first-time buyers to find out what comparable homes sold for, learn the true value of the property and make a realistic offer. A good agent will be diplomatic but honest if your offer is too low.

 

“In a seller’s market, the buyer doesn’t have negotiating power,” he says. “There still are cash offers out there. You might have to make 10 offers before you buy a house.”

 

If the home is priced right, bid the asking price — or a little over, Ortola says.

 

You might, however, run into trouble getting a loan if your offer is higher than the lender’s appraised value of the home. Lenders won’t approve the loan if the appraisal is less than the loan amount.

 

Find a good home inspector. Talk to two or three inspectors rather than blindly accepting one that your agent recommends.

 

Get referrals from family and trusted friends to make sure you find someone working for your best interest and who isn’t trying to help his or her friend, the agent, close the deal.

 

“A bad inspector can turn into a $15,000 plumbing problem,” Lopez del Rio says.

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Real Estate news Dorota Dyman and Associates, Existing home sales in Tokyo area hit record highs in 2013 - Dorota Dyman and Associates

Existing home sales in Tokyo area hit record highs in 2013


Sales of existing homes, both condominiums and single-family houses, rose to record highs in 2013 in Tokyo and three surrounding prefectures on the back of the improving national economy, a real estate information firm said Saturday.

 

The number of used condominiums sold in Tokyo and Chiba,

Kanagawa and Saitama prefectures jumped 16.0 percent from the year before to 36,432, the most since the Real Estate Information Network for East Japan began collecting data in 1990.

 

Sales of existing single-family homes in that area increased 6.9 percent to 12,245, also a record.

 

"Consumer resistance to used houses is becoming less" as remodeling has grown popular in Japan, an official of the company said, adding the uptrend is expected to continue this year despite the consumption tax hike in April, thanks to housing loan tax breaks.

 

The growth in existing home sales is also attributable to the rising cost of new condominiums.

 

 

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Dorota Dyman & Associates Real Estate Centerville Real Estate Developers Guilty of Fraud

Dorota Dyman & Associates Real Estate Centerville Real Estate Developers Guilty of Fraud | Dorota Dyman & Associates | Scoop.it
SALT LAKE CITY — Two Centerville real estate developers were found guilty of fraud for stealing thousands of dollars from investors.In 2011, All...
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SALT LAKE CITY -- Two Centerville real estate developers were found guilty of fraud for stealing thousands of dollars from investors.

 

In 2011, Allan Bruun and James Did Erickson of Equity Partners were charged with dozens of felony theft charges after it was discovered that they stole nearly $240,000 from their investors.

 

After a two-week trial at the 3rd District Court of Salt Lake City, a jury found the two men guilty, according to a release from the Utah Attorney General's Office.

 

In 2007, Bruun and Did Erickson bought 29 acres of property in Saratoga Springs for $3.5 million along with investors to form Tivoli Properties. They received $750,000 for development and were obligated to make $10,000 payments back to the investors each month, according to court documents

 

Over a period of six months, the pair wrote 28 checks for their personal use and their other real estate projects, without the knowledge or consent of their business partners. In total they were found guilty of stealing $240,577. After the monthly payments stopped, the investors discovered their money was gone, according to the Office.

 

About half of the Tivoli properties was foreclosed on, causing the investors to lose even more money.

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Real Estate Dorota Dyman & Associates blog: Canadian real estate’s next worry: commercial property

Real Estate Dorota Dyman & Associates blog: Canadian real estate’s next worry: commercial property | Dorota Dyman & Associates | Scoop.it
As capital pours in and prices soar, concerns mount over pension funds’ exposure to hot commercial market
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First, it was Canada’s housing sector. Now, it’s the country’s commercial real estate market.

 

Pundits around the world are still immersed in a vigorous debate about just how overheated the residential real estate market here is, and whether it’s destined for a crash. Now some are also training their sights on Canada’s commercial real estate market – the wide array of office towers, shopping malls, and factories that have become hot commodities in recent years.

 

The key players in this sector – including Canadian pension funds, real estate investment trusts and insurers – have been saying for at least a year that the market, which has always been cyclical, appears to be near its peak.

 

But questions are being raised about whether they’ve done enough to prepare for a potential softening.

 

Richard Johnson, a Zurich-based managing director of UBS Global Asset Management, held a meeting with pension funds in Toronto last month and told them that UBS is concerned about their level of exposure to Canadian real estate.

 

See full article: http://www.theglobeandmail.com/report-on-business/real-estates-next-worry-commercial-property/article17631875/

 

Related Article:

http://www.dailystrength.org/groups/dorota-dyman--associates http://www.sodahead.com/united-states/dorota-dyman-associates-real-estate/group-32383/)./ http://www.dailystrength.org/groups/dorota-dyman--associates/discussions/messages/17825503

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Dorota Dyman & Associates Real Estate: More funding is now available to fight real estate fraud

Dorota Dyman & Associates Real Estate:  More funding is now available to fight real estate fraud | Dorota Dyman & Associates | Scoop.it
Upset with the rise in property crimes, and concerned about desperate homeowners--especially seniors--being victimized by scams, officials from the Santa Clara County District Attorney's Office said last week that they are taking a more active...
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http://www.mercurynews.com/los-gatos/ci_24502807/more-funding-is-now-available-fight-real-estate

 

Upset with the rise in property crimes, and concerned about desperate home-owners--especially seniors--being victimized by scams, officials from the Santa Clara County District Attorney's Office said last week that they are taking a more active approach to real estate fraud and now have the resources to fight these crimes.

 

Deputy district attorneys Kim Connors and Mike Fitzsimmons asked real estate agents for their help in fighting real estate fraud.

 

Realtors are in the trenches and know what is happening to homeowners. "You are our eyes and ears," said Connors.

 

Real estate fraud has been on the rise since the mortgage meltdown. "Desperate homeowners are ripe to be victims of loan modification and other scams," said Fitzsimmons.

 

The good news is the district attorney's office now has more funds to fight property crime issues. Fitzsimmons explained financing to fight real estate fraud comes from recording fees. Before this year, $3 from each recording fee went to the unit; this year, $10 will go to toward real estate fraud prosecution.

 

The increased funding has allowed the office to beef up its real estate fraud unit with four prosecutors, three full-time paralegals and seven investigators. One paralegal is solely engaged in reviewing changes in titles, sending out letters to homeowners verifying authenticity, and letters to homeowners who have received notices of default, with information on what they can do and victim prevention tips.

 

"We have a lot more money to work with and will be hiring more attorneys and investigators. If you see suspicious activity, report it to us. With new funding, we now have the ability and higher capacity to deal with these crimes," said Fitzsimmons.

 

Connors, who is a Department of Aging and Adult Services financial abuse specialist, said elder fraud is high on the list of crimes that are occurring more frequently and it is very important that crimes, or suspicions of crimes being committed, be reported immediately. She explained that once homeowners are victimized and a new buyer is involved, "it is very hard to put someone back to where they were because the law protects innocent third party buyers."

 

The office is seeing many cases involving rental scams, including rental of rooms in a property, and Ponzi schemes involving the financing, sale and transfer of property. Crimes involving sovereign citizens are also on the rise.

 

Sovereign citizens do not believe the law applies to them. Some have been caught usurping the role of agents and other officials. They file liens and notices seeking to wipe out mortgages and cancel foreclosures, then charge homeowners for their services, but the documents are fake.

 

They name themselves as trustees, convince financially strapped homeowners to deed the property and make payments to them, with the promise that after a few years they would deed the property back. In the meantime, these criminals strip the property of all its equity, or sell the property to someone else. Some 574 homeowners have been contacted by these criminals and crimes have resulted in a loss of as much as $94 million.

 

Fitzsimmons said, fortunately, real estate is ready-made for creating a case because documents create a paper trail for good evidence, but Connors noted an investigation can take time, and while the district attorney's office can prosecute, it does not have the authority to correct title or evict residents. This is why reporting suspicious activity immediately is critical.

 

"Don't hesitate to contact us. Do not be the easy house. If you think something it not right, report it," said Connors.

 

For questions, or to report a crime or suspicious activity, contact the Real Estate Fraud Unit at 408.792.2818.

 

Read more:

http://my.opera.com/dorotadymanassociates/blog

http://www.reddit.com/r/news/comments/1rr6ur/dorota_dyman_associates_real_estate_police_warn

 

 

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