Buying a House 2 - Mylene Merlo - North County San Diego Real Estate Advisor

Buyer Escrow Timeline – What to Expect When Buying a Home

Buyer Escrow Timeline Congratulations! Your offer was accepted, and you have opened escrow on your new home. So what’s next? How long should everything take? Is there a general escrow timeline to follow? It usually takes between 30 to 60 days for an escrow to close. Sometimes the escrow timeline can be shorter or longer. You and the Sellers agree to an escrow timeline during the contract negotiation. Here’s a general escrow timeline for home buyers. While every

North County San Diego Real Estate Market Report – October 2023

Update: The Real Estate Market in North County San Diego Data Source: Mylene’s Real Estate Market Report uses data from CRMLS for 2021-2023 and represents properties listed or sold by various brokers. Housing Inventory In most North County cities, San Diego housing inventory has been climbing slowly since the beginning of 2023. We hope for a break in interest rates, to incentivize more owners to sell. Today, there are many home buyers who are waiting

Down Payment Funding – Solutions for Home Buyers

One of the biggest obstacles for home buyers is having enough cash up front. Many home buyers qualify for the monthly housing payment, yet they don’t have enough cash to cover the down payment and closing costs. While this can seem daunting, there are some ways to get around this financial obstacle. Check the California database of current down payment programs! When Do I Need a Down Payment? Most buyers need to provide a down

Down Payment Assistance – CalHFA Loan and Grant Programs

The California Housing Finance Agency (CalHFA) was established in 1975. CalHFA provides home financing and down payment assistance programs for low to moderate income Californians. If you take out an eligible CalHFA first mortgage loan, you may be eligible for additional CalHFA down payment assistance: MyHome Assistance Program, which can be combined with the Zero Interest Program (ZIP) Conventional, FHA, and VA Programs School and Teacher Employee Assistance Program (formerly Extra Credit Teacher Home Purchase Program) Cal-EEM

Owner Alert Service for San Diego County Homeowners – FREE to sign up

Owner Alert Service – FREE for San Diego County Homeowners Thanks to the San Diego County Assessors Office, there’s a new measure you can take to protect yourself from fraud. Why Do I Need Owner Alert? Companies and individuals can record documents that link to either you, your trust, or your property. This can be a lien, a forged grant deed, or a number of other records. Unless you know to look for it, you

Make Your Home a Rental Property and Buy a New Home

Have you thought about investing in rental property? What about renting out your existing home? If your home would make a good rental property, and you are enjoying a super low interest rate, keep it! You can use up to 75% of its potential rental income to qualify to buy a new home. Here’s how it works: let’s say your home could rent for $1,000 per month. Instead of selling it to buy your next home, covert it

Concurrent Closing – Selling and Buying a Home at the Same Time

What is a Concurrent Closing? A concurrent closing is used for selling and buying homes at the same time. If you need to sell your home in order to buy another home, the fastest way is with a concurrent closing. Concurrent closing does not mean simultaneous closing. The sale and the purchase can’t happen at exactly the same time. A concurrent closing usually happens within two days. Often, a concurrent closing means that the sale of

Home Appraisal – Buying and Selling a Home

If you’re reading this article, there’s a good chance that congratulations are in order! If you’re a home seller, you have accepted an offer on your property. Or, if you’re a home buyer, you have successfully submitted an offer, and opened escrow. In the next week or so, you probably need a home appraisal. Here’s what you should know about home appraisals, and how they can affect a real estate transaction. Home Appraisal vs. Home

Home Inspection – What to Look For When Buying A House

Congratulations! The sellers accepted your offer, and you have opened escrow. The next step is to order a home inspection. Home inspections help buyers learn more about their house. Sellers are required to disclose information they know about the property (read more about Seller Disclosures), but it is the buyer’s responsibility to conduct their own investigations. Remember the movie, The Money Pit? Tom Hanks and Shelley Long played unsuspecting home buyers, stuck with a delapidated house that required an expensive

Military Investors – Real Estate Investing for VA Borrowers

Are you eligible for a the VA loan program? If so, then you are a potential military investor. San Diego County has thousands of people who can become military investors. Within the greater San Diego area, there are approximately 95,000 uniformed military personnel. In addition, there are more than 77,000 retired military personnel who reside within a 50-mile radius of Camp Pendleton. First of all: THANK YOU for your service to our country. And: Do you

Mortgage Qualification Tips – Getting Your Pre-Approval Letter

Buying a home is often the largest purchase we might ever make, and we usually need to take out a mortgage to pay for it. Unless you are paying cash, the first step to homeownership is mortgage qualification. And, while mortgage qualification used to be a daunting task, today’s technology has simplified the process. The mortgage qualification steps are the same, whether you are applying for a conventional, VA, or FHA mortgage. Start Your Mortgage

2018 Tax Code Changes – A Guide for Homeowners and Real Estate Investors

The 2018 tax code changes are the first major tax code overhaul in 31 years. Here’s what homeowners and real estate investors need to know. 2018 Tax Code Changes Mortgage Interest Deduction Primary Residence In expensive states like California, the mortgage interest deduction is a significant reduction in tax liability. Beginning in 2018, the mortgage interest deduction is capped at $750,000 of debt. You can only deduct the interest on up to $750,000 of debt.

Avoiding Property Tax Reassessment – Property Tax Relief for Seniors and Disabled Home Buyers

UPDATE: Effective April 2021, Proposition 19 expands tax portability options to many California homeowners. Please read my Proposition 19 article for more updated information. If you are over 55, or permanently disabled, you may qualify to avoid a full property tax reassessment when you sell one property and buy another. California Propositions 60, 90, and 110 provide tax relief for seniors and disabled home buyers. Under Proposition 13, a home’s taxable value matches the purchase

Buying Short Sales – A Guide for San Diego County Home Buyers

If you’re shopping for a home in San Diego County, you might consider short sales and foreclosures. Here’s what to expect when shopping for and buying short sales. What is a Short Sale? When a seller owes more on the mortgage than the home is worth, the seller’s mortgage servicer needs to give permission to sell it. In a traditional sale, the seller pays off the mortgage balance from the net proceeds of the sale.

Testimonial: Shishir Govindan and Sirisha Jonnavittula

Her response time was second to none. Mylene worked her time around our schedule, every single time.

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GSFA Platinum Down Payment Assistance Program – Up to 5% Grant for Home Buyers

Are you a low- to median-income home buyer? You may be eligible for a non-repayable grant from the GSFA Platinum Down Payment Assistance Program. The GSFA Platinum Down Payment Assistance grant program provides money to help home buyers pay for their down payment and closing costs. The grant is up to 5% of the loan amount. The loan can be FHA, VA, or conventional. The program can also be used to refinance your home, if you are

Testimonial: Christina Guillen

Mylene always responded quickly to answer all my questions, and was very flexible with her schedule to look at properties.

$250 Off HERS Home Energy Audit for Home Buyers

“Most people would never buy a car without knowing the mpg ratings, yet many buy and live in their homes with no idea how efficient their home is, or how easily efficiency and comfort can be improved.” – Mark Pulis, HERS rater

Testimonial: Brian and Katie Molidor

Mylene is a diligent agent who thoroughly understands time sensitive matters.

Testimonial: Roger and Melanie Aperocho

We are blessed to have had the opportunity to work with Mylene. We highly recommend her services!

3790 Florida Street #A112 in North Park – SOLD After Only TWO Days!

3790 Florida Street #A112 – SOLD After Only TWO Days! UPDATE: 3790 Florida Street #A112 closed escrow on September 14, 2016 for $215,000. It sold after only 2 days on the market. Here’s your opportunity to live where North Park and Hillcrest meet! 3790 Florida Street #A112 is located in North Park’s Coral Ridge complex. This end-unit condo is located on the top floor of Building A. This studio has a 520 ft2 floorplan, which includes a

Testimonial: Thomas Family

Mylene Merlo proved to be one of the sweetest and most helpful people we’ve ever met.

Down Payment Assistance – HomePath Ready Buyer Program

On April 14, 2015, Fannie Mae announced the HomePath® Ready Buyer™program. First-time homebuyers may receive up to 3% of the purchase price for a HomePath property. That’s $9,000 of down payment assistance on a $300,000 home! Check the California database of current down payment programs! Down Payment Assistance Requirements The property you are buying must be a HomePath property. You can look for HomePath properties at www.homepath.com. HomePath properties are Fannie-Mae owned. You must be a first-time home buyer. This means that you

SOLD! 6027 Paseo Alameda

UPDATE: SOLD on 8/29/14 – final price $549,000. Are YOU thinking about selling your home? Here’s how I prepare your home to be listed in the MLS. This Rancho Carrillo/Ventana Village home is located at 6027 Paseo Alameda, built in 2000, and features three bedrooms, 2 1/2 baths, and a bonus loft/office nook in 1600 square feet. There are tall ceilings throughout, and lots of light. This house is equipped with Central Air Conditioning, not found in all Rancho