Property Management for Residential and Multi-Unit Properties. Discount fees for Real Estate services.

Varsity Overdrive Realty .com

Right 4 U Property Management and Realty


CAL BRE# 01422865

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right4urealestate@outlook.com

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Sundays by Appointment

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Derrick Autry
CAL BRE# 01422865
424-245-5885

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Home Buying Process

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You want our discounted rates, but you need an agent that speaks the same language? We have cooperative Agents ready to represent you at the discount rates listed on this website. First step: call us. Step two: we forward your contact information to a cooperative Broker-Agent office that speaks your preferred language. Call 323-440-5877
Si prefiere hablar en español, todavía puede aprovechar las ventajas de nuestros descuentos en las comisiones a través de nuestro socio español agente. Seleccione su ubicación en la zona dorada a continuación para obtener más información.

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Vacant Land
Property Zones L.A. County
L.A.County Mapping
Kern zoning definitions
Mapping for Kern County

Note: When we send you land comparable sales, it's important to note, in the square footage area, you may find the square footage only goes up to 5 numbers. If the property is close to 2 acres it likely has 6 numbers in the square footage. Add a zero at the end before calculating a per sq. ft. sell price.



10 Points For You To Consider when pricing your vacant land
There are several factors that come into play when deciding on a listing price. Some agents advise to go high, some advise to go for the quick sale, which means a lower price. I advise you to consider the following:

1- Water: does your property have water in front of house, ready to run a line to house? Remember it cost money to put in a meter.

2- Electricity: does your property have electricity in front of house, ready to run to house? Of less concern, does it have natural gas and sewer?

3- Location: is your property on a well travelled main road, a side street, or a back road? How traveled is that road? Is it a well traveled dirt road or a road that is best suited for an off road vehicles?

4- Extreme location: are there other houses in the area or is this a property you will have to sit on and wait for civilization to come to you? Can you put a house on it right now, regardless of cost for tying into electricity and putting in a water meter? Maybe you want to have a house that sits all by itself in the middle of nowhere? Most people want to be close to other houses, within eye sight. **But of most concern here is, is there a firehydrant near by, because the city will likely make the property owner put one in before building a house and that will effect the sale of your property to a person or entity looking to build on the property.

5- Zoning: Don't compare sales price or a commercial lot or a multi-use lot, to that of a residential lot, or industrial lot.

6- Supply and Demand. How many properties like yours are available in your area. Example: is yours the only horse property available in the area.

7- How fast do you want a sale - do you want a quick sale or do you want to go for the max, even if that means waiting a year for the sale?

8 - When setting the price concider this:
Step A- Take what you paid for the property, add on your agents commission and escrow closing cost so you know what you have to make in order to break even (not taking into consideration the taxes paid over the years of course. If you want to be exact add taxes paid).
Step B- Then add on how much profit you would like to make, and from there maybe add on a little more so the buying party can make their customary cut on your listing price. Give room for the buyer to cut your listing price and get a win, always allow them to have a small victory, if you don't, the buyer's lower offer will cut into your profit. Always keep in mind at what sales price you begin to lose money taking into account the information in step 1.

Step C- If you listed to high don't worry - If during the year you decide that you don't want to hold out for profit and want to go for a sale right now, you can always lower the listing price; after all, you went into it knowing realistically what you were likely to get in the current market based on comparisons, but like most sellers, listed based on a hope that sales don't always flow as the sales comparisons say they should.

9- Sold comps matter, listing comps, not so much, unless it's a hot market:
Last note, many times people want to push for more money because they see the active listings are pushing for more. Compare apples to apples meaning; water on property to water on property, electricity on property to electricity on property, location to location, other influences to other influences such as near a lake, near a shopping center, near a school, has brick walls surrounding property, fronting a major road, things of that nature.

10- Special circumstance:
With Vacant Land, the most important circumstance or condition that normally presents itself is with residential property that is already subdivided. If your property has been subdivided for building multiple homes, there's no way to calculate the exact value since the value is based on the value a home contruction company calculates. In this case, the best thing to do is go for the profit you want and settle for the profit you get.

Final Note:
The way I work is I provide you all the information you need to feel good about the list price you decide on. I will of course give you my opinion about a listing price but keep in mind, no agent can predict the market at any point in time. Comparisons may show one thing and four months later a property sales far below or far above comparisons the agent presented. As with any type of sales, if the buyer sees the value, they will pay it.
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Estimating Escrow cost for Vacant Land
Seller's Cost Escrow cost
$2.00 per thousand (plus) $200 (put a dollar on every thousand and double it then add $200) $50.00 doc fee Title Insurance

(sale price = cost)

$50,000 = $418
$100,000= $588
$150,000=$705
$200,000 = $808
$250,000 = $920
$300.000 = $1,032
estimate in betweentransfer fees $1.10 per thousand (multiply 1,1 x sales price)

********

Buyer's Cost
$2.00 per thousand (plus) $200
$50.00 doc fee
$50.00 recording fee

These are estimates only.
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Homebuyer Do’s and Don’ts:
Recommended DO’S:
DO continue to make payments on time for current mortgages, cars, credit cards, etc.
DO paper trail, document, and explain any large or unusual deposits or withdrawals into accounts (checking, savings, stock, etc.).
DO keep pay stubs, bank statements, tax forms, etc., in case the lender needs to update the documentation prior to closing.
DO ask questions if something is unclear about the loan program, fees, and/or loan conditions.
DO let the loan officer or mortgage broker know if anything changes.  For example; employment, income, assets, credit history, etc.
DO document that the earnest money deposit has cleared your account obtain a copy of the cancelled check and/or the statement that reflects the funds have cleared. ..........
DO lock-in the interest rate, have homeowner’s insurance agent.information available and provide updated documentation (pay stubs, bank statements, etc.) in a timely manner so as not to delay the closing.

Recommended DON’TS:
DO NOT increase credit card balances and/or loan balances.
DO NOT apply for additional or new credit or put balances on a paid credit card.
DO NOT ignore late payment and/or collection notices that are received during the mortgage process.
DO NOT purchase anything that is “same as cash” — it will show on the credit report as a new debt.
DO NOT buy furniture, cars, or appliances on credit until after closing. 
DO NOT lend money to family members, friends, etc. if it is needed for closing.
DO NOT store money at home, place it in a bank account so it can be documented as savings throughout the loan process and can qualify as assets on hand.
DO NOT have overdrafts on a checking account. 
DO NOT quit or change jobs during the loan process.
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About Loans & Accepted Funds

The Benefits and Risks of Locking Rates

Some of the benefits and risks of locking rates are as follows:


Benefits Lock-ins protect against rising interest rates and potentially higher payments. Lock-ins protect against a borrower initially qualifying for a loan and then being denied because higher interest rates caused higher payments, pushing the borrower over the debt limits. Lock-ins can be set up with a locked rate and locked points, locked rates and floating points, or floating rates and floating points, which gives the borrower the ability to take advantage of falling rates.


Lock-in periods are usually 30-60 days, which gives the lender time to complete the loan processing.  Some lenders offer longer lock-in periods, even up to 120 days.


Risks

Lock-ins limit a borrower’s ability to take advantage of falling interest rates.

Lock-ins can have additional lender fees based on the length of the lock-in.  The longer the time period, the higher the fees.  Borrowers should factor in natural delays and select a lock-in period accordingly.

Lock-ins are effective for a set period of time.  If the lock expires before the loan closes, rates will be charged at the current market rate.




Source of Funds

Listed below are some common sources of funds and whether they're usually acceptable.

Source

Money in traditional bank accounts, such as checking, savings, money market, or CD accounts - Usually acceptable with appropriate source or seasoning of large deposits

401K or IRA withdrawals - Usually acceptable with appropriate paper trail

Sale of assets such as homes or cars - Usually acceptable with appropriate paper trail

Gift funds - Usually acceptable with appropriate paper trail

Seller paid down payment and closing costs - Usually acceptable on some loan programs with nonprofit agency involvement and appropriate paper trail

Cash on hand or “mattress money” - Generally not acceptable — The borrower needs to put the money in the bank and leave it there for 60 days to season it prior to applying.

Withdrawals from credit cards - Generally not acceptable

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The Loan Process

Loan Officer (Mortgage Broker)

Acts as the main point of contact with the borrower.
Recommends different loan products.
Takes the application.
Collects supporting information and documentation.

Loan Processor

Organizes the loan file.
Acts as the central point to collaborate with all other key players.
Sends for verifications and interfaces with the underwriter.
Communicates with the borrower if additional information or documentation is needed.
Orders flood certifications, title searches, appraisals, etc.
Consolidates all received documentation and prepares loan files for underwriting and closing

Underwriter

Weighs all risk factors in the loan file and determines if the loan will be approved, approved with conditions, or declined.
Offers different programs if the applicant does not qualify for the first loan program
.


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