Federal Reserve Mortgage Comparison Calculator:

Compares monthly  mortgage payments and the amount of equity build up for six types of fixed- and adjustable-rate mortgages.  Determines what the mortgage payments might be three, five, seven or ten years down the road with different mortgage products.

Click here: https://www.federalreserve.gov/apps/mortcalc

The Mortgage Comparison Calculator makes it easy for consumers to compare monthly payments and equity accumulation among 30-year and 15-year fixed-rate  interest-only ARMS, and payment-option ARMS.  The user-friendly calculator includes a mortgage shopping worksheet, a glossary of mortgage terms, links to the Board's other consumer education resources on mortgages.

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Real estate news, and Tehachapi, California community news.

Real estate articles, and loan calculator

 http://money.cnn.com/real_estate

The famous Tehachapi loop railroad

http://en.wikipedia.org/wiki/Tehachapi_Loop

Official Site of National Association of Realtors  - Information Only:

Determine How Much Your House is Worth,  Buyer's and Seller's Guide.

http://www.realtor.com

Realtor Magazine Online:

 http://www.realtor.org/rmodaily.nsf/topstories/topstories

Real Estate - Yahoo: Research Schools in Tehachapi, Foreclosures, Home Values, Neighborhood, Affordability Calculator, and much More.

http://realestate.yahoo.com/California/Tehachapi

Microsoft Real Estate Resources, Buying, Selling, Lawns, Loans and Financing.

http://realestate.msn.com

AOL Real Estate Tools & Information, Insider Stories: Tales Inside the Bubble.

http://realestate.aol.com

I am not a Real Estate Agent.  However, before my "second retirement," I was a real estate broker and Realtor in California and Arizona.  I am not a real estate "expert," However the following information may assist you in YOUR efforts to select an Agent that is best for YOU.

Choosing Your Real Estate Agent
Here's how to locate the best real estate agent for the job.

The quality of real estate agents varies dramatically, from fabulous to frightful. To find an agent who rates at the fabulous end of the scale, look for one who is:

  • a person of integrity in the full-time business of real estate --
  • you don’t want a dabbler
  • experienced with the types of services you need
  • knowledgeable about the area where you want to live
  • sophisticated in business matters
  • tuned in to your tastes and needs
  • licensed by your state, meaning the agent has met minimum levels of education, training, and testing. You’ll get someone with even more education if you hire a “broker” (someone with the power to oversee ordinary agents).
  •  a member of a trade association such as the National Association of Realtors (NAR), meaning the agent is privy to listings, market information, and other data that nonmembers must struggle to obtain, and
  • a recipient of additional credentials (look for initials on their business cards -- for example, NAR offers such credentials as a “GRI” (Graduate Realtors Institute) or the even more advanced “CRS” (Certified Residential Specialist).) You won’t find too many agents with such credentials!
  • Get Referrals For recommendations, go to friends, family, and coworkers -- particularly those who’ve recently bought or sold a home. Once you’ve got a short list of promising real estate agents, let each know you want to interview him or her for 30 to 45 minutes, preferably in person. You’ll be testing not only the agent’s knowledge, but his or her cooperativeness and punctuality.
  • Ask Questions Below are some questions you can ask a real agent to determine if the agent’s experience and success rate are suited to your needs. Also add your own questions. For example, if you're looking for help in buying a newly built house in a development or a condo, you'll want to make sure your agent has experience with such properties.
  • How many homes have you found for buyers in the last year?
  • Ask for the addresses of these recent transactions, and find out the selling prices. This will help you see whether the agent truly works with clients similar to you and how successful the agent has been. How can you help me afford the home I want?
  • Ask the agent what you can expect for your money, and for suggestions on special and new mortgage loan programs and recommended mortgage brokers.
  • Also ask about recent insurance and tax changes.
  • How will you communicate with me? Will the agent call you, or use email?
  • How often will you hear from him or her?
  • Once a week is a minimum in a stable market, but daily check-ins could be necessary in a hot market.
  • How do you organize your work?
  • Ask to see logs, checklists, worksheets, and other tools or documents the agent uses to keep track of the various details -- from the house search and financing through negotiating an offer and closing the deal.
  • Will you be representing the seller in any way?
  • Make sure the agent won’t be acting as a dual agent.
  • If the agent will be representing you exclusively, ask whether he or she expects you to pay the commission instead of the seller. (You don’t have to agree to this in order to have an agent represent you exclusively.)
  • Who are some past clients I can call as references for you?
  • If you think you might hire this agent, be sure to follow through with these calls!
  • During the interview, ask the agent questions from the list above.
  • Consider how well the agent listens to your concerns and answers your questions clearly and directly.
  • Only agree to hire an agent after you’ve found one you’re enthusiastic about.
  • Then, commit your agreement to writing, and play fair by not signing up additional agents to help you.

Buying Foreclosures

RIGHT NOW, IT'Sanyone's guess when the housing downturn will finally hit bottom. But if you're looking to buy a home now — and plan to stay in it for a while — there are plenty of bargains to be had on a foreclosed property.

Banks are often willing to sell foreclosed homes for up to 20% below market value just to get these troubled properties off their books. With foreclosures at an all-time high in the past year, there's no shortage of these opportunities to pursue. However, prospective buyers should know that closing on that super-cheap distressed home is often a lot more complicated and risky than buying a home that doesn't have all of that financial baggage.

Here are five things you should know before you buy a foreclosed home.

1. Finding Properties in Foreclosure

Thanks to the Internet, it easy to find foreclosures.  You find list on the following websites:  www.foreclosure.com  and RealtyTrac, which list thousands of properties.

The biggest bargains can be found in areas where there's a large concentration of distressed properties. The banks with the most exposure to these areas are typically the most motivated to cut a deal since they don't want to get stuck with a glut of real estate they can't unload. But before you snap up the cheapest home you can find, make sure to do some research. Find out if the property is located in a decent neighborhood with good schools and healthy employment rates. (Local real estate web sites are a great place to start your research.) If you buy in an area that's losing jobs and is riddled with crime, home values are likely to take a lot longer to recover.

2. Avoid Auctions
While there are a number of safe ways to buy a foreclosed property, bidding on one at a court auction isn't one of them. That's because you're buying a home sight unseen and without an inspection.  You'll have no idea whether the home needs repairs and how much they might cost. Some of these properties also owe back taxes, a headache that's transferred to the new owner. And finally, in most cases, you'll need to pay cash for the home.

The least risky way to buy a foreclosed home is to wait until the bank has put it back onto the real estate market. These properties are called bank-owned or real estate-owned (REO). Before a bank hangs a "For Sale" sign, it pays off all the existing debts and taxes, and in many cases, repairs the home to bring it up to the standards of the neighborhood. Best of all, you should be able to buy a bank-owned property with a traditional mortgage.

3. Research Home Values
Just because a home is being sold by the bank, doesn't necessarily mean it's a bargain. Home prices have fallen dramatically from their peaks in 2006, a time when loose-lending practices allowed people of all credit ranks to easily obtain mortgages. Now, many homeowners going through the foreclosure process owe more on the mortgage than their property is actually worth. To make sure you aren't assuming an overpriced loan, research home values in the area. That way, you'll be better able to identify potential deals.

If you fall in love with a home in preforeclosure that's overpriced, then you can see if the bank will allow a short sale. This is when the bank accepts less for the home than the amount owed on the mortgage. While not an ideal scenario, accepting a lower price is often in the bank's best interest. Banks typically spend $25,000 to $50,000 during the foreclosure process. On top of that, they typically end up reducing a home's asking price to match current market values.

4. Line Up Financing First
While it's always a good idea to get preapproved for a mortgage before you start shopping for a home, it's even more critical when you're shopping for foreclosed properties. Even if you have stellar credit, some lenders won't make a loan on a distressed property. Other lenders will only offer a mortgage if the house is in decent condition.

If your loan officer is willing to make a loan on a foreclosed property, find out what criteria the home needs to meet in order to qualify for a mortgage. You can expect the lender to allow cosmetic repairs, but be unforgiving of termites and other serious fixes.

5. Get It Inspected
Even if a home is brand new you want to get it inspected. But inspections are especially important when you're dealing with homes in foreclosure. When people have trouble paying their bills, they typically put off the regular maintenance on their homes. Once a home is seized by a bank, it then sits vacant and falls even further into disrepair. In a worst-case scenario, a homeowner could be so angry he lost his home that he actively destroys a property before he moves out. Without an inspection, you won't be able to estimate the cost for repairs or be able to report the home's true condition to your lender.