First Time Buyers

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Category: First Time Buyers

Great Short Sale Opportunity in South Torrance – In Escrow

Short sale opportunities have just about dried up in the South Bay with homeowners quickly regaining any lost value after the bubble burst.  Although no longer  commonplace and not the deals they once were, short sales and foreclosures still do occasionally come along.

Just listed is a very nice sized home in a great South Torrance neighborhood at 4026 W 234th Street 90505.  The home features 3 bedrooms, 2 baths, and an impressive 2171 square feet.

[idx-listing mlsnumber=”7529016010″ showall=”true”]

in Buyers, First Time Buyers, Homes for Sale, Short Sales and Foreclosures, South Torrance, Torrance Real Estate Posted by Keith Kyle

Pocket and Off Market Listings are All the Rage in Torrance CA

By Keith KyleWest Torrance Homes

If you’re a home buyer at the moment, you’ve probably been a little frustrated with just how little housing inventory there is, how quickly the good homes sell, and how often they sell for far more than they were listed.  You’ve probably also heard the terms pocket listings and off market listings as those are definitely the buzz words of the moment.

So what do these words really mean and how do you find out about them?

Pocket listings and off market listings can mean several things, but basically they are homes that agents may, or may not, have formal agreements to sell, but are aware the sellers are interested in selling.  Most often the realtor has a written agreement to represent the sellers, but for one reason or another, the sellers either don’t want their home to be put on the MLS or perhaps they just aren’t quite ready.  In other situations it may be far more informal with either the homeowner telling a realtor “bring me a buyer and maybe I’ll sell” or something in which the owner would only consider selling at a price over the market value of the home.

So how does this help you?

The concept is pretty simple….the fewer buyers that know about a home the better the chances of having your offer considered and accepted.  Without the buyer frenzy that comes with most new listings these days the price may be kept at a reasonable level as well.

Torrance Home UpdatesSo how do you find these homes?

The best way to find these off market listings is to work with a successful local agent that specializes in the area you’re interested in.  It’s all about networking and the more owners, sellers and other agents the realtor is in contact with the more likely they may have ways of finding listings the public isn’t aware of.   Good agents will also actively seek out some unknown sellers with letters or even by door knocking.  Buyers can certainly try this on their own as well, but just won’t have the same reach as a well connected local agent.  If you would like us to help simply fill out our “let me know about pocket listings form” and specify if you want us to update you on all listings….or just the homes not on the market.

Be realistic

Although many deals are happening off market and it is a very good way of trying to find a home in a very challenging sellers market, buyers must be realistic.  Finding something off market generally doesn’t mean paying 70% of it’s value.  In our very high end market in which sellers have resources and information to know what their homes are worth, sellers are very savvy and often only willing to sell their homes off market if the price is right.

in Buyers, First Time Buyers, Listing Agents, Pocket Listings, Real Estate Market, Sellers, Torrance Real Estate, Torrance Realtors Posted by Keith Kyle
Vista Sotheby's International Realty logo

Vista Sotheby’s International and South Bay Brokers

When working with Keith Kyle, you get more than just the expertise and service of one person….you get the backing, support and global reach of Vista Sotheby’s International Realty, one of the most successful and reputable real estate companies in the South Bay.

While Vista Sotheby’s and South Bay Brokers merged in the summer of 2015, the new company still holds the values and founding principles.  Founded in 1985, South Bay Brokers had been an industry leader since it’s inception and continues today to be a leader in terms of expert, honest real estate in the South Bay. With offices in Manhattan Beach, Hermosa Beach, Redondo Beach, the Hollywood Riviera and Palos Verdes, Vista Sotheby’s agents are area experts in the cities of Manhattan Beach, Hermosa Beach, Redondo Beach, Torrance, El Segundo, Lawndale, Hawthorne, Palos Verdes and surrounding neighborhoods.

Serving all of your Torrance real estate needs. With offices in Manhattan Beach, Hermosa Beach, and Redondo Beach, we are your South Bay Realtors.

  • Manhattan Beach – 2501 N Sepulveda Blvd 2nd Floor, Manhattan Beach CA 90266
  • Hermosa Beach – Pier Avenue, Hermosa Beach CA 90254
  • Redondo Beach – 1640 S Pacific Coast Highway, Redondo Beach CA 90278
  • Riviera Village – 1801 S Catalina, Redondo Beach, CA 90277
  • Palos Verdes – 608 Silver Spur Road – Suite 103, PV Peninsula CA 90274

Founded in 1985, South Bay Brokers has been an industry leader since it’s inception and continues today to be a leader in terms of expert, honest real estate in the South Bay. With offices in Manhattan Beach and Redondo Beach, South Bay Brokers are area experts in the cities of Manhattan Beach, Hermosa Beach, Redondo Beach, Torrance, El Segundo, Lawndale, Hawthorne, Palos Verdes and surrounding neighborhoods. South Bay Brokers has recently become noted as short sale experts and can help both buyers and sellers through this rather challenging process.

South Bay Brokers sales volumeAt Vista Sotheby’s International we take pride in our consistently high sales volume, unquestioned ethics and deep community involvement – and have done so for the past 20 years. All of these winning qualities stand firm upon a strong, stable, enduring foundation provided by our founding Brokers, our dedicated agents, staff longevity, cooperative working environment and continuing education program.

If you’re looking to buy, to sell or just get a feel for the area, you’ve come to the right place. We are here to help.

in Buyers, First Time Buyers, Listing Agents, South Bay Brokers, Torrance Realtors Posted by Keith Kyle

10 Torrance Home Buyer Tips

Assistance for First Time Home Buyers in Torrance CA – 10 Home Buying TipsBuying a Home in Torrance

  1. Find a real estate professional who is the right fit for you.   Home buying is not only a big financial commitment, but also an emotional one. It’s critical that the Realtor®  you choose is both skilled and a good fit with your personality.
  2. Timing the market.   There is no “right” time to buy anymore than there is a right time to sell. If you find a home now, don’t try to second-guess the interest rates or the housing market by waiting. Changes don’t usually occur fast enough to make that much difference in price and a good home won’t stay on the market long. See article on trying to time the real estate market.
  3. The most important opinion is your own.  It’s natural to want reassurance for such a big decision, but too many  ideas will make it much harder to make a decision. Don’t ask for too many opinions and trust your own instincts.
  4. The Big Picture. Accept that no house is ever going to be perfect. Pay attention to the things that are most important to you and let the minor things go. Make the decision based on whether you would be happy in the home.
  5. Keep negotiations realistic.  Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price may lose you the home you love and although the difference may sound like a lot, it may be an insignificant difference over the life of a 30 year mortgage.
  6. Remember your home doesn’t exist in a vacuum.   Don’t get so caught up in the physical aspects of the house: room size, kitchen, floors, etc. that you forget such issues as amenities, noise level, neighborhood, etc. that have a big impact on what it’s like to live in your new home.
  7. Get pre-qualified or pre-approved.  Don’t wait until you’ve found a home and made an offer to get approved for a mortgage. Not only is getting pre-qualified quick and easy, but there is no obligation. Finding out how much you can afford, whether your credit could use some repairing, and what your monthly payments might be, is a significant step toward buying a house and making the process less stressful.
  8. Factor in maintenance and repair costs in your post home-buying budget. Even if you buy a new home, there will be some costs. Don’t leave yourself short and let your home deteriorate.
  9. Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big commitment, but it also yields big benefits. It is common to question your decision but in the long run, home ownership is usually a fantastic opportunity.
  10. Choose a home first because you love it; then think about appreciation. A home’s most important role is as a comfortable, safe place to live. With the increases in value in the early 2000’s, people have begun to think of their home strictly as a way to make money. Make sure your home is something that you’ll enjoy living in for a long time.

See our other articles for first time homebuyers:

in Buyers, First Time Buyers Posted by Keith Kyle

Will Overpricing Help Slow the Market Down?

By Keith KyleTorrance Homes

I’ve noticed an early January trend in some of the local markets as many homes now seem to be listed at prices that recent sales just don’t seem to justify. Will this overpricing help slow the market down a little as we’re starting to see some homes sit on the market and even eventual price reductions.

We’ve seen the market increase in value dramatically in the past 12 months with values generally rising each month but since late November we seem to be seeing more homes priced well above the current market and well above the pricing trend. Only time will tell what 2014 has in store in the Beach Cities real estate market but as perception is such a real part of real estate, buyers now seeing homes sit on the market without selling may mark the beginning of a slow down.

in Buyers, First Time Buyers, Real Estate Market, Real Estate Trends, Torrance Real Estate Posted by Keith Kyle

Who Pays for What in Escrow

Closing Costs – Who Generally Pays What In a Torrance CA Escrow

Title Fees

Cost
Customarily
Charged By/To:
Description

Owners
Title Policy

 Title:
To Seller		 Fee for the title policy. Calculated using the sales price.
May be reduced if home was purchased or refinanced in
the last 5 years. Insures that the title is as agreed
to at closing

Lenders
Title Policy

 Title:
To Buyer		 Title  policy issued to lender to cover the amount of the loan. Based on the loan amount unless it is a negative amortization loan.

Sub
Escrow Fee

 Title:
to Buyer & Seller		 Fee  to administer the payoff of loans or property taxes
of the seller and collection of funds from the new lender

Document
Transfer Tax

 County,
City: to Seller		 Fee  charged on all properties that transfer title – based
on sales price.

Record
Release/Reconveyance

 County:
To Seller		 Charge  to record the release/reconveyance

Federal
Express

 Federal
Express: to Buyer & Seller		 Charge  to deliver all time sensitive documents and monies

Title/Wire
Fee

 Banking
Instituion: to Seller		 Charge  to wire funds to escrow, seller, lenders, etc

Electronic
Recording

 County:
to Buyer		 Charge  to electronically record the document

Record
Grant Deed

 County:
To Buyer		 Charge to record the grant deed

Record
Trust Deed

 County:
To Buyer		 Charge
to record the trust deed.

Messenger

 Messenger
Service: To Buyer and Seller		 Charge to special messenger documents during the escrow: Fee  varies with distance

Lender’s
Endorsement

 Title:
to Buyer		 Charge  for endorsements required by lender to cover “outside the normal” risk circumstances

Escrow Fees

Cost
Customarily
Charged By/To:
Description

Escrow
Fee

Escrow:
to Buyer & Seller		 Covers  liability assumed as well as standard processing costs.

Damand
Fee

Escrow:
to Seller		 Charge  to request a statement & process involved in getting
a payoff figure to escrow on the outstanding amount of the current loan.  One demand fee per loan.

Process
HOA Docs & Transfer Fee

 Escrow:
to Buyer & Seller		 Fee  for processing required to assign membership for HOA
a& copying all governing documents

Document
Fee

Escrow:
to Buyer		 Covers  the cost of all processing required to meet new lender
requireents

Loan
Tie-In Fee

 Escrow:
to Buyer		 Covers  the cost of all processing required to meet new lender
requirements

Federal
Express

Federal
Express: to Buyer		 For  document packages to out of County Lenders.

Lender Fees

Cost
Customarily
Charged By/ To
Description

Origination
Fee

Lender:
to Buyer		 Charge  for lending money at 1% of the loan amount

Documentation
Preparation

 Lender:
to Buyer		 Paid  to lender for preparation of final loan documents

Tax
service

Tax
Service: to Buyer		 Fee  charged to buyer to set up property taxes with the state

Wire

 Banking
institution 		Charge  for the wiring of funds to title for closing

Underwriting

 Lender:
to Buyer		 Fee  to direct lender for the process of approving

Tax
impounds

Lender:
to Buyer		 Collected  to create an impound reserved account for the lender to pay property taxes twice a year

Insurance
impounds

Lender:
to Buyer		 1yr  + 2 months hazard insurance collected for impound reserve  account

Appraisal

 Appraiser:
to Buyer		 Paid  directly to appraiser for appraisal of property

Credit
Report

Lender:
to Buyer		 Paid  to credit bureau for report containing 3 credit scores

Processing

 Lender:
to Buyer		 Paid  to mortgage broker for processing loan package from
application to closing

Disbursements

Cost
Customarily
Charged By/ To
Description

HOA  Transfer Fee

 HOA Management: to Seller To  transfer ownership and handle new accounting set up

HOA  Dues

HOA Management: to Seller Paid  through month o closing

Fire  Insurance

Insurance Agency: to Buyer 1  year prepaid premium for Homeowners insurance

Notary

 Notary:  to Buyer Charge  to seller for signing of grant deed or certificatin

Payoffs

Cost
Customarily
Charged By/ To
Description

Recording  Fee

Existing  Lender: to Borrower Charge  for having reconveyance recorded.

Statement forwarding fee

 Existing  Lender: to Borrower Charge  for issuing a payoff statement

Credits
and Prorations

Cost
Customarily
Charged By/ To
Description

HOA  Dues

 Seller: to Buyer Calculated  from date of COA through month-end

County  Property Taxes

 Seller:  to Buyer Calculated  from the date of payoff through end of period paid for.
in Buyers, Escrow Process, First Time Buyers, Sellers Posted by Keith Kyle

CONTACT US

for all of your Torrance real estate services

your torrance realtor

Torrance realtor Keith Kyle
Keith Kyle
Realtor

DRE#01712785

Vista Sotheby's logo

310-251-2344
Keith@Keithkylehomes.com

Keithkylehomes.com

Vista Sotheby's International

Vista Sotheby's International Realty services the South Bay, Beach Cities and Palos Verdes for all of your real estate needs. With offices throughout the area Vista Sotheby's combines local market knowledge and experience with the global and national reach of Sotheby's International

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