Tag Archives: buy santa maria real estate

Central Coast Investor Tip — 20% Down Payment Required

Posted on March 22, 2009 by Tni LeBlanc, JD, MA, CDPE, REALTOR®

For those looking to buy your first rental property, or pick up an extra one now that prices make sense again, be aware that lenders have rolled back the down payment requirements for investment property. Most lenders I polled recently say that a 20% down payment is required for an investment property. Many of us remember when lenders required a 30% down payment for investment property, and I wonder how long it will be until we are back to those days. Lenders slowly but surely increased the down payment requirement for investors during the housing boom and have slowly but surely increased that obstacle again. Continue reading →

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Buyer Tip — Use a Local Lender when Buying Central Coast Property

Posted on March 20, 2009 by Tni LeBlanc, JD, MA, CDPE, REALTOR®

In the past couple of weeks, I have had two clients shop for mortgages online after securing a contract on a home. Both came back with inaccurate information. My advice to both was to use a local lender. It is natural and good practice to want to shop around. Online shopping is very convenient because you can do it at your convenience. But, I highly advise my clients to shop their loan with local lenders for several reasons inspired by experience: Continue reading →

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What is a "contingent" listing on the Central Coast market?

Posted on March 7, 2009 by Tni LeBlanc, JD, MA, CDPE, REALTOR®

Approximately 25% of the 500 active single family listings in the Santa Maria California market are “contingent.” Buyers run up against this time and time again, and often wonder, “what exactly is a contingent listing?” Before the housing bust, “contingent” was primarily used when a seller accepted a contract that was contingent upon another home selling. For example, if I offered to buy your home but I needed to sell my own home to make that happen, I could make an offer contingent upon my home sale. Continue reading →

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