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Search Bank Owned, Pre-Foreclosures and all Homes for Sale

August 21, 2010 By Leave a Comment

Frustrated by all of the home search options available these days? Would you like to receive either email updates or do you prefer RSS feeds?

Search all Homes for Sale in Pasadena, South Pasadena, Altadena and all surrounding areas

Looking for a single family home with 3 beds and 2 baths with 1600 square feet in the Pasadena zip code of 91104?

Want to keep it between $600,000 and $700,000 square feet? Very easy to set up.
How about a condo in South Pasadena between $450,000 and $500,000? Want to try and buy below market and think you may be interested in a bank owned home in Altadena? Its all here for you.

The search results below are from a search I created for pre-foreclosures and bank owned homes in the Pasadena zip codes of 91104 and 91107. Here is how you can customize and create your very own search:

  1. In the upper right hand sidebar of www.up2daterealestate.com you see “Home Search”, click it. It is just below the logo on this page.
  2. The search screen pops up with menu options on the left.
  3. Enter a city or zip code.
  4. Click in the box below and enter a price or move the sliders.
  5. The next options will limit the properties you will see. Unless you are very specific, don’t be too precise with your parameters.
  6. Property Types – enter single family, condo, etc.
  7. Foreclosures – tab will show you bank owned or pre-foreclosures and short sale properties.
  8. Click “SEARCH”
  9. Properties that meet the guidelines and criteria you have selected will now populate on the screen with an easy to read map interface.
  10. To see complete listing information and more pictures, click the picture of each listing.

Set up your account and elect either email or RSS updates and have your home search come to you. When you find something you like, give us a call. We would appreciate the opportunity to help you find your next home.

You can also bookmark this page. This search will remain intact.

Filed Under: Buying a Home Tagged With: , , ,

Buying Real Estate? Buyer Beware

August 4, 2009 By Leave a Comment
Make sure you read and understand your real estate contract

The purchase of a home in California can be a fairly complex process as evidenced by the purchase agreement. A lengthy 8 page document before any attachments, or addendum’s are included. The standard purchase agreement developed by CAR covers most of the transactions in California and will apply most of the time on existing construction.

Make sure you read and understand your real estate contract

Make sure you read and understand your real estate contract

If you are buying into a new development chances are the builder will have their own contract that will specifically apply to that particular project. At this point you have two options, you can read it before you sign it or you can just sign it like the folks in Congress do. There is one big difference though, this is your money. Your understanding of what you are signing will go along way towards your ultimate satisfaction with your purchase.


My intent is not to explain the contract to you point by point but to alert you to some red flags that may arise due to today’s environment in the lending and real estate markets. These new situations were uncommon when the market was experiencing rapid appreciation, but due to tougher lender requirements you owe it to yourself to thoroughly investigate the property and ask questions along the way.


It doesn’t matter whether you are buying a condo, townhome or single family residence, the contract the offer is made on is the same. With a single family house you may spend more time and money on physical inspections and the appropriate professionals so that you have an idea of the possible remaining life or potential repair expense.


With a condo or townhome the physical inspection is just as important however you are going to receive a lot more reports and disclosures on how the units are governed and managed. You should also receive financial statements that indicate the condition of the budget, minutes of the homeowners meetings which would include anticipated or upcoming expenditures that may not have been planned. These may be covered by special assessments which are incremental to your monthly dues.


In addition to what you receive your lender will usually require a special document that will have to be completed by the homeowner association or management company that oversees that particular project. This document may ask suck information as the number of units that are non owner occupied as well as the number of units that are delinquent in their monthly dues.

First of all, as a buyer you typically have a 17 day contingency period (which is negotiable). You may have satisfied all of your lender requests and provided all of the documentation that your lender needs to process and approve your loan. The appraisal may have been completed and everything seems in order. However there is a potential red flag out there which you need to be aware of.

Beware the Red Flag

Before you sign off on your contingencies and potentially put your deposit at risk, ask your lender if they have received the homeowner certification. If not, you may want to discuss your options with your agent. Due to the economic situation we are in, some associations are finding that they have an unusually high number of delinquent dues. Why is this important? If you sign off on your contingencies and then find out a week before closing that your lender has just received a statement showing an unacceptable level of uncollected HOA fees, your loan may be in jeopardy. There are Fannie Mae underwriting guidelines that lenders adhere to which state the number of allowable units past due.

You definitely don’t want to assume your loan is on tract only to be derailed at the last minute.

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Pasadena Home Buyer Assistance Programs

December 1, 2008 By Leave a Comment

With Pasadena real estate prices declining over the last several months, many would be home buyers still find themselves priced out of the market. The reasons may include insufficient funds for a down payment, or overall prices coupled with the mortgage payment and taxes still exceeding their monthly budget. If this describes your current situation, the City of Pasadena may be able to help.

Housing programs available through the City include rental and home ownership. For the purposes of this article we will look at programs available to those wishing to become homeowners. For those people who do meet the requirements, a few caveats also come along. These may or may not change depending upon the program you are applying for:

  1. Eligibility – restrictions are imposed on who can and cannot qualify.
  2. Owner Occupied – if you are going to be a recipient of the program, you must also live in the unit. Forget the “would be” landlords aspiring to let the property and collect a rental check.
  3. Income Limits – due to the generosity and intent of the program, income limits have been placed on the applicants wishing to apply for the aid. These income limits are determined for low to medium income households as determined by a formula using the median income for LA County as determined by the U.S. Department of Housing and Development. Income limits vary by the number of people in a household.
  4. Restrictions on Selling – the City may receive a “first right of refusal” to purchase the property or may share in the increased equity, once you decide its time to move on.
  5. Increasing Income – rising income may impair your ability for ongoing participation in the program

As with anything, a critical implied component is timing. Timing is important since federal, state and local money is the source of funds. These programs will usually have a predetermined annual budget. In other words, you need to know when the money becomes available and take the necessary steps towards application. Once the money is gone, you will more than likely be waiting until next year.

Down Payment Assistance

Known as the Homeownership Opportunity Program, this option is available as long as the purchase price does not exceed $425,000 and offers down payment assistance in the form of a second trust deed up to $200,000 with a 45 year term. To sweeten the deal, interest and principal for the first 5 years are waived. Plus, the interest on the second trust deed may be as low as 1.5%. A purchaser has to make a minimum of a 3% down payment which can also be a gift and must be a first-time homebuyer. The critical factor is your ability to meet the qualification terms of the first loan. Also participants have to attend a special homebuyer education class.

Pasadena Inclusionary Housing

As you drive through town slowing down at the construction zones, you probably did not realize that some of those units being constructed are reserved for Low to Moderate Income Households as Affordable Housing. Before the City of Pasadena agrees to green light new development, the Developer has agreed to set aside 15% of the available units for this special program. Priority is given to eligible households that live and work in the City of Pasadena. I should also preface this paragraph by saying that other options are available to Developers if they choose not to set aside the required ratio of mandated units. They may offer a payment In-Lieu fee, may build other affordable housing off site, or may convey other land to the City. Each development project is different and may hinge on whether the developer was granted a density bonus as to the choice of action they pursue. Unlike the HOP (above), being a first time buyer is not a prerequisite for the program.

To find out what other programs are available as well as which projects may be participating, I would suggest checking with the City of Pasadena or working with a local Pasadena Real Estate Agent who can help you navigate the process.

Filed Under: Buying a Home, City of Pasadena Tagged With: , , ,

Pasadena Real Estate Investment Trifecta?

April 25, 2008 By Leave a Comment

We’ve all heard the real estate success stories when people purchased an investment home at a low price and then were flabbergasted at the 5 or 6 digit appreciation they realized when they sold it a few years later.  Everyday in the news, we hear or read about our country’s current economic slowdown, triggering a possible recession and responsible for the subsequent down turn of the Pasadena real estate market.  Is this the real estate trifecta we’ve been waiting for?

Let’s take a closer look at the city of Pasadena.  There is a large inventory of homes available on the market today.  In Pasadena, experts estimate about 10 months worth.  The average selling cycle to sell a home often exceeds 100 days with selling prices  well below asking price sometimes up to or greater than 10%.  In addition, the number of home foreclosures & short sales is greater than in past years.  In all, it seems as though, today’s real estate market is prime to purchase a solid investment residential property in a desirable neighborhood at a reasonable price.

OK, let’s go on this hypothetical journey, you purchase an investment home.  Am I going to get a decent rental income?  Who am I going to rent it to?  Is there a demand for homes to rent?   All of these questions have different variables (i.e. size, location, available amenities in the home) that prohibit an absolute answer to them.  However, according to the MLS, the median monthly rental price in Pasadena for the past year (3/07-3/08), is $ 2200.  With the availability of numerous websites for potential renters, advertising a home to rent is easy, inexpensive and accessible to more people.  With the increase in foreclosures, there is and will be a rise in the number of people/families needing to rent.  Plus, these people will be renting long-term in order to save for a down payment towards a future home. 

So, did we hit the real estate trifecta?  No one knows for sure.  Take a closer look.  Do some research on the internet, meet with your local real estate agent and financial counselor to examine the numbers.  Who knows…in five years, you may be the one boasting of the great real estate investment.

Filed Under: Buying a Home, City of Pasadena Tagged With: , , ,

10 Steps to Buying Pasadena Real Estate Below Market Value

March 21, 2008 By 6 Comments

No matter what kind of real estate market we are in, either a buyers or sellers, people always want value. It is said that you don’t make money when you sell; you make your money when you buy. It is especially true in today’s market where prices in some areas continue to fall while others have stabilized or have even maintained their value. The question becomes “How do you find value in today’s market”?

There are several factors that can assure your success that if followed will help you begin to amass your real estate fortune:

  1. Be Committed – realize that there are properties available below market value but they may be difficult to uncover. If a property is widely publicized, chances are everyone would know about it and it would not be a deal. Finding a seller that is highly motivated may take some time. Realize too, the chances of falling into a “deal” are highly unlikely. Doing this successfully will become a continuous pursuit.
  2. Define What You Want – are you looking for investment property or a place to live? Are you looking to rent it or resell it? Your decision will affect the financing you obtain.
  3. Reduce Your Expectations – accepting the fact that you are probably not going to find your dream home is important. Many times, distressed properties become distressed since owners have mentally removed themselves from the house and have no desire to continue to maintain it. They realize their time is short lived and the property may slip into a state of disrepair. Also, the number of properties to be snapped up at below market is generally less than what you will find if paying market price.
  4. Secure Financing – money talks. It shows that you are serious and mean business. So many times I have seen sellers that will not accept or entertain offers below a certain set price. However, I have seen these same people go through a complete turnabout once someone presents then an offer in writing. Their entire mindset changes.
  5. Explore Short Sales & Foreclosures – these are an excellent source of real estate priced below market. Many of these are published either through the public record or the Multiple Listing Service which is easily accessed on our web site. There are also many real estate related web sites that offer this information. The first offer will sometimes be accepted, contingent upon the approval of the bank. A bank may come back and ask for more money to reduce their loss. It will be up to you as your negotiating ability may be put to the test.
  6. Stay Firm on Your Price – let your sellers or bank know that you just cannot go any higher on price. Having an understanding of the market with respect to how many houses are in the foreclosure stage, and how long are they taking to sell? Counterpoints like this will be a big benefit to you. Facts will outweigh opinions any day. Also realize that the bank or the home seller needs you more than you need them. Power is a wonderful thing when it is on your side.
  7. Know all of the Costs – make sure you understand what the fix up costs will be. How much is PITI? (principal, interest, taxes , insurance) A property may look under priced until you do some analysis and realize that once you pay for the repairs, the rent may not cover the payment. Do not expect the seller to make any repairs. Factor all of this in to your offering price. How much are the rents in the area? You may make some mistakes once; chances are you will not make them twice.
  8. Neighborhood is Key – you need to focus your search in areas that have a high concentration of foreclosures. The chances of finding a $400,000 fixer in Madison Heights are slim. So don’t bother to look, it’s just a waste of time. Focus your search where values are soft, where properties are staying on the market for months.
  9. Develop a Brain Trust – get some people on your side who do all of these things on an everyday basis. Create relationships with a lender, a real estate agent, a contractor. Let them know you are serious and they can make money with you.
  10. Know When to Walk – as with any negotiation there may come a time when this particular property looks less and less appealing. Don’t be afraid to ask for concessions. If the task becomes to overwhelming there are plenty of other properties out there. Just see item #1 above.

Real estate like any other investment can be very rewarding if you are willing to commit yourself and take the necessary steps to properly evaluate a property. Many people make money in a down market. Just make sure you understand the margin for error is much smaller.

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