Real Estate Information

We are so excited to introduce the new look of 2 of our billboards located in Norwalk and Downey!  We have had the previous design up now for over 2 years and we thought that this was the perfect time to create a new look.  What makes this billboard design particularly different is that we are introducing our new Mother & Son Team logo in the background, just to the left of our photo.  We are in this business day in and day out and we don't plan on going anywhere anytime soon, so we thought what better way to show our commitment to our community, our clients and our business than to brand ourselves with logo. 

Since we are a family run business we thought the best way to display our commitment was to create a type of family crest design that suits our business of selling homes.  For centuries, families have created Crests with different emblems and symbols that represent them, so we designed a logo that is a family crest with some features that represent the business that our family is in!  You can see both billboards on Firestone Blvd which has a tremendous amount of historical significance in Downey and surrounding areas.  One of the billboards is located at the Old River School Rd & Firestone Blvd intersection and the other is located at the intersection of Orr & Day Rd & Firestone Blvd just one block away from Imperial Hwy in Norwalk. 

We love this time of year because we love GREEK Food, and what better place to get your hands on some Greek Food than at the annual Downey Greek Festival.  This is the perfect event to enjoy a beautiful day learning about the Greek  Hellenic heritage, faith, culture and cuisine.  Walk around the Festival area on June 4th & 5^th and plan your gastronomical excursion into Greek Festival cuisine.  You can enjoy their Greek Dinner booth and order a plate of their highly praised lamb. The LAMB they serve is cooked slowly on spits over hot fire coals for up to six hours. Try a piece of their homemade PASTITSIO or MOUSAKA. While you're there tell them to add a couple of DOLMADAKIA to your plate (grape leaves stuffed with rice and ground beef). 

No Greek Festival would be complete without a mouth watering GYRO with garlic cucumber sauce onions and tomatoes. Move on and add some GREEK FRIES with FETA cheese and special Greek spices. They are delicious. You can top off the meal with a couple of sticks of SOUVLAKIA.  My mouth is watering as I write this blog post!  ;)

This is a must attend event and it’s only here once a year folks so don’t miss it!!!  Not only will they have food, but they’ll have entertainment and a designated Kid Zone for children to enjoy and be entertained. 

JUNE 4^th & 5^th, 2011
11am – 10 pm
10830 Downey Ave
Downey, Ca 90241

May 2011 Real Estate Report

We decided to do things a little different this month with the market report.  We've been tracking the average sales prices of homes in Downey and surrounding areas since April 2008 and we now have a full 3 years of data.  

If you want to see what has taken place with home values since the so called "Bubble" bursted, we encourage you to take a look at the video.  It really is interesting to see and Chris Gonzales even makes a couple of predictions of where home values may go from here...  Enjoy...

We had so much fun at this years Downey Street Fair.  We had the opportunity to meet a lot of people that were looking for some real estate advice and we were able to give a few tips to people that were currently undergoing loan modifications on their homes.  The Downey street fair was the perfect, relaxed environment to really build relationships not only with the attendees, but also the street vendors who were lots of fun.   We look forward to next year and we hope that you can come out and say hi. 

As always, if you or anyone that you know have any questions regarding your home we are hear to help.  We always make ourselves available to our loyal clientele. 

Come out with your friends and family to the Downey Street fair on Saturday May 7th.  It's going to be a lot of fun and the weather is going to be perfect!  There's going to be TON'S of food, drinks, music, and plenty to do.  We're going to have a booth there and we'll have a couple of raffles and give aways so please stop by our table and say hi!  The street fair goes from 9am - 5pm and is located right next to Downey High school on Brookshire Ave and Firestone Blvd.  Hope to see you there!!!

We are already through the 1^st quarter of 2011 and we have the official low down of what real estate has done thus far into the year.  Values have declined further and it will be interesting to see what takes place in the coming months.  As you can see from the graph below we have been tracking the average sales prices for almost 3 years now and by next month we will have a complete 3 years of data showing the average sales price for every month since April of 2008. 

The figures for March are now in showing the average sales price in Downey and the surrounding area to be $301,783.  That is a drop of approximately 3.5% from the previous month with an average price of $312,609, and we are now officially at the lowest point in home values since April of 2008.  Simple economics tells us that when there is a great supply of product the price/value of that product goes down because there is an overabundance.  This may certainly be the case and reason for values being lower over previous months.  There were 849 homes sold in March, 589 in February, and only 655 homes sold in January. 

Overall it is a great time to buy.  We are working with buyers that end up having an equal or lower payment on their mortgage then when they were renting.  Values are so low now that it so much more affordable than in the past.  Rates are still amazingly low with the average 30 year fixed rate at 4.79% in California…Give us a call or send us a message through our website.           

You may be asking, as so many have already asked us, “If I do a short sale on my home, when is the soonest that I can purchase a home again.”  Ninety percent of the sales that we are doing today have been short sales in the Downey and surrounding area and each of those home owners have asked us when they will be able to buy a home again.  Of course there are so many factors that come in to play when giving someone an answer to that question but we did a little research as far as lending guidelines are concerned and we’ll shed a little light on that. 

First off, we need to remember that when a homeowner is doing a short sale on their home, they’ve hired a real estate agent to begin the marketing process on their home, but the homeowner is in financial hardship and therefore may not be making the payment on their home.  If the homeowner is not making the payment on their home, it is affecting their credit.  The bank does not dismiss those missed payments.  This is why it is crucial to begin the short sale process if you know that you are in such a hardship that the bank will not allow you to remain with the property.  Some sellers that we speak with want to stay in the property so badly and unfortunately are so desperate that they are trying to remain in the property even though the bank has told them that they will not allow them a modification on their loan.  When a seller continues the waiting process, and they are still waiting to sell their home, their credit is getting worse and worse as the months pass. 

Now to answer the question of when you can buy a home if you do a short sale…  FHA guidelines state that a person cannot buy a home until 3 years from the date of the short sale of their home.  You may be asking, “Why should I consider a short sale if that’s the case?”  Well, you can buy much sooner if you do a short sale then if you have a foreclosure on your record.  The Foreclosure will stay on a person’s record for at least 7-10 years.  It’s going to be very difficult for a person to buy a home and get appealing interest rates and loan terms when a foreclosure is showing on their record. 

No matter which way you spin it, a short sale is the best option for a homeowner and the sooner a person realizes that they are unable to afford their home any longer, the better it is for them to begin the short sale process so that there is less damage to their credit, and their recovery is much sooner.

If you or anyone that you know is in financial hardship and you foresee a time coming where your savings is going to be drained maintaining the payments on your home, definitely give us a call so we can help and guide you through the best option for you and your family. 

We now have the first two months of data showing us how real estate has performed thus far in 2011.  As has been the case, at least for the past 2 years, property values decline in December and then rebound in the following months of January and February.  Overall home values are lower now than they have been for the majority of 2010 but if we look at the big picture, real estate has not taken a drastic turn for the worst as was the case in the later part of 2008. 

The average sales price for January was $311,775 and for February the average sales price was $312,609.  If you are in the market to buy right now, we urge you not to wait too much longer.  30 Yr Fixed interest rates are currently at 4.85% which is low compared to what rates were a few years ago.  In the last 3 months alone rates have already increased almost 14% higher than where they were in November of 2010.  There’s always talk of rates going up again and as you can already see from the graph above showing the past 6 months of interest rates across California, rates have definitely gone up.  So please don’t wait any longer.  Take advantage of this great buyers market.  Take a look at our Listings here www.Mother-SonTeam.com/Properties...

Remember the show MTV Cribs?  Well, we thought it would be fun if we made made our own "Cribs" style video of our listing on 8040 Cheyenne Ave in Downey. Chris Gonzales takes you through a fully upgraded Downey home in pure "Cribs" fashion. The home is only 2 Bed 1 Bath, but this video makes the home look like a mansion...It was a ton of fun to make!!!!

We actually already sold this home, but we plan on doing more videos like this because it really will help our Listings stand out from among the competition.  Just another reason to sell your home with the Mother And Son Team when you are ready to sell.  Enoy!

As we all well know, there are many Military Veterans that are coming back from serving our great country, and we wanted to make sure that they are all aware of the great benefit that they have as far as financing when it comes to buying a home.  We have already helped many US Military Veterans buy their home using VA financing and we are convinced that if you are a Veteran, it is the absolute way to go!  We've completed VA transactions recently in Lakewood, Maywood, Bellflower, and Downey in the past 4 months and we know that every Veteran must take advantage of the VA program if they are looking to buy a home in the near future.  Currently the VA Loan is the only loan program that will allow a buyer to buy with 0% Down Payment!  Below is a list of Questions and Answers to see if the VA program is something that you qualify for.  Please give us a call if you are a Veteran and you are interested in buying a home.  We are well acquainted with the entire process and we can be of great assistance to you...

Eligibility Frequently Asked Questions:

Questions about who is eligible for a VA loan and reuse of eligibility for another VA loan.

Q: How do I apply for a VA guaranteed loan?

A: You can apply for a VA loan with any mortgage lender that participates in the VA home loan program. At some point, you will need to get a Certificate of Eligibility from VA to prove to the lender that you are eligible for a VA loan.

Q: How do I get a Certificate of Eligibility?

A: Complete a VA Form 26-1880,  Request for a Certificate of Eligibility: You can apply for a Certificate of Eligibility by submitting a completed VA Form 26-1880, Request For A Certificate of Eligibility For Home Loan Benefits, to the Winston-Salem Eligibility Center, along with proof of military service. In some cases it may be possible for VA to establish eligibility without your proof of service. However, to avoid any possible delays, it's best to provide such evidence.

Q: Can my lender get my Certificate of Eligibility for me?

A: Yes, it's called Web LGY. Most lenders have access to the Web LGY system. This Internet based application can establish eligibility and issue an online Certificate of Eligibility in a matter of seconds. Not all cases can be processed through Web LGY - only those for which VA has sufficient data in our records. However, veterans are encouraged to ask their lenders about this method of obtaining a certificate. 

Q: What is acceptable proof of military service?

A: If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which identifies you and your social security number, and providesyour date of entry on your current active duty period and the duration of any time lost.

If you were discharged from regular active duty after January 1, 1950, a copy of DD Form 214, Certificate of Release or Discharge From Active Duty should be included with your VA Form 26-1880. If you were discharged after October 1, 1979, DD Form 214 copy 4 should be included. A PHOTOCOPY OF DD214 WILL SUFFICE.....DO NOT SUBMIT AN ORIGINAL DOCUMENT.

If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which shows your date of entry on your current active duty period and the duration of any time lost.

If you were discharged from the Selected Reserves or the National Guard, you must include copies of adequate documentation of at least 6 years of honorable service. If you were discharged from the Army or Air Force National Guard, you may submit NGB Form 22, Report of Separation and Record of Service, or NGB Form 23, Retirement Points Accounting, or it’s equivalent. If you were discharged from the Selected Reserve, you may submit a copy of your latest annual points statement and evidence of honorable service. Unfortunately, there is no single form used by the Reserves or National Guard similar to the DD Form 214. It is your responsibility to furnish adequate documentation of at least 6 years of honorable service.

If you are still serving in the Selected Reserves or the National Guard, you must include an original statement of service signed by, or by the direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters showing the length of time that you have been a member of the Selected Reserves. Again, at least 6 years of honorable service must be documented.

Q: How can I obtain proof of military service?

A: Standard Form 180, Request Pertaining to Military Records, is used to apply for proof of military service regardless of whether you served on regular active duty or in the selected reserves. This request form is NOT processed by VA. Rather, Standard Form 180 is completed and mailed to the appropriate custodian of military service records. Instructions are provided on the reverse of the form to assist in determining the correct forwarding address.

Q: I have already obtained one VA loan. Can I get another one?

A: Yes, your eligibility is reusable depending on the circumstances. Normally, if you have paid off your prior VA loan and disposed of the property, you can have your used eligibility restored for additional use. Also, on a one-time only basis, you may have your eligibility restored if your prior VA loan has been paid in full but you still own the property. In either case, to obtain restoration of eligibility, the veteran must send a completed VA Form 26-1880 to our Winston-Salem Eligibility Center. To prevent delays in processing, it is also advisable to include evidence that the prior loan has been paid in full and, if applicable, the property disposed of. This evidence can be in the form of a paid-in-full statement from the former lender, or a copy of the HUD-1 settlement statement completed in connection with a sale of the property or refinance of the prior loan.

Q: I sold the property I obtained with my prior VA loan on an assumption. Can I get my eligibility restored to use for a new loan?

A: In this case the veteran’s eligibility can be restored only if the qualified assumer is also an eligible veteran who is willing to substitute his or her available eligibility for that of the original veteran. Otherwise, the original veteran cannot have eligibility restored until the assumer has paid off the VA loan.

Q: My prior VA loan was assumed, the assumer defaulted on the loan, and VA paid a claim to the lender. VA said it wasn’t my fault and waived the debt. Now I need a new VA loan but I am told that my used eligibility can not be restored. Why?

Or,

Q: My prior loan was foreclosed on, or I gave a deed in lieu of foreclosure, or the VA paid a compromise (partial) claim. Although I was released from liability on the loan and/or the debt was waived, I am told that I cannot have my used eligibility restored. Why?

A: In either case, although the veteran’s debt was waived by VA, the Government still suffered a loss on the loan. The law does not permit the used portion of the veteran’s eligibility to be restored until the loss has been repaid in full.

Q: Only a portion of my eligibility is available at this time because my prior loan has not been paid in full even though I don’t own the property anymore. Can I still obtain a VA guaranteed home loan?

A: Yes, depending on the circumstances. If a veteran has already used a portion of his or her eligibility and the used portion cannot yet be restored, any partial remaining eligibility would be available for use. The veteran would have to discuss with a lender whether the remaining balance would be sufficient for the loan amount sought and whether any down payment would be required.

Q: Is the surviving spouse of a deceased veteran eligible for the home loan benefit?

A: The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the home loan benefit. If you wish to make application for the home loan benefit as a surviving spouse, contact our Winston-Salem Eligibility Center. In addition, a surviving spouse who obtained a VA home loan with the veteran prior to his or her death (regardless of the cause of death), may obtain a VA guaranteed interest rate reduction refinance loan. For more information, contact our Winston-Salem Eligibility Center.

[NOTE: Also, a surviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003, may be eligible for the home loan benefit. However, a surviving spouse who remarried before December 16, 2003, and on or after attaining age 57, must apply no later than December 15, 2004, to establish home loan eligibility. VA must deny applications from surviving spouses who remarried before December 16, 2003 that are received after December 15, 2004.]

Q: Are the children of a living or deceased veteran eligible for the home loan benefit?

A: No, the children of an eligible veteran are not eligible for the home loan benefit.