REPOST: 7 neighborhood details you may be ignoring

A good-looking place isn’t enough of a consideration when looking for a new home. Virginila MacGuire of Trulia lists and discusses seven often overlooked important details that buyers and tenants need to pay more attention to when house hunting.

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You've checked out the schools and read neighborhood crime statistics. You've timed your commute and figured out where to buy groceries. But what are you missing when it comes to evaluating a new neighborhood?

Don't forget to check these seven neighborhood details before you sign a lease or buy a home.

1. Where will you go to have fun?
It's natural to focus on proximity to your job when you're looking for a place to live. After all, you probably travel between home and the office more frequently than you travel anywhere else.

But don't forget to think about your downtime. Does the new place offer easy access to your favorite hobbies? Will you have to drive further in rush-hour traffic to get your kids to their after school activities or get up earlier on weekends to get to your favorite hiking trail? Make a list of the places you go most often to relax and make sure getting there from your new home won't take all the fun out of it.

2. Read the fine print
Hidden in your community bylaws, there might be rules on what you can and can't do with your new home. The covenants, conditions and restrictions, also known as CC&Rs, govern things such as whether you can paint your house, put up a satellite dish, keep a vehicle on the street or store a boat. Make sure you understand all fees imposed by the community association and factor them in when you're figuring out how much rent or mortgage payments you can afford.

3. Homeowner's association and property manager
The property manager or the homeowner's association will make a huge difference in your quality of life. You can look for obvious signs of their management abilities, such as whether the building is kept in good repair. But a more thorough search may be warranted. If the property is managed by a large company, you may be able to find ratings online. Talking to neighbors can be useful, and you might try searching the online archives of your local newspaper to see if the HOA has received any press — good or bad. Problems with the HOA may explain suspiciously low rents, and you want to know if the HOA has declared bankruptcy or imposed a special assessment on members.

4. Taxes and insurance
If you're moving to a new area, you may not be aware of the differences in taxes from one municipality to another. Property taxes can change dramatically when you cross a political border such as the city limits or the county line, and some cities charge local income tax on top of what you're already paying to the state and the federal government. Car insurance may also be higher depending on where you park at night, so talk to your insurance company and your accountant before you make an offer or sign a lease. You don't want any expensive surprises.

5. Connectivity
Property listings usually tell you what kind of sewer and water access you'll have, but you may not think to check for other types of utilities. Will you be able to get high-speed internet access in your new home? If you work from home, reliable internet access and phone service is a must. You may also want to find out what cable companies provide the best service in the area. Cellphone reception has improved a lot in recent years, but pay attention to how many dropped calls you experience in your potential new neighborhood. You may find that you need to get a new carrier along with your new address.

6. Light and noise
The basketball hoop in the cul-de-sac seemed like a great indicator of a kid-friendly community when you were house hunting. But it's not so charming when the neighborhood teenagers are shooting hoops late into the night. If you're sensitive to noise or light, look around with an eye toward protecting your sleep. Busy roads, bus and train routes, bars and restaurants, street lights — if you love to be in the thick of things, you may be thrilled by the activity. If you're a light sleeper, you may want to invest in a white noise machine or find another neighborhood.

7. Walkability
Being able to walk to a cafe, a library and a grocery store will save you money and keep you healthier, so don't forget to check the Walk Score of your new address. Who knows? Maybe you can do without a car altogether. If you're moving to a rural area, you can still think about potential walks from your home, but instead of walking to the bakery on a Saturday morning you may be walking across a field to have a cup of coffee with a neighbor, or walking to your favorite bird-watching spot in the woods. Take it a step further and look for bike lanes. A good network of bike lanes and well-kept sidewalks indicates a local government that is willing to invest in the health and safety of its constituents.

Learn more about real estate in Woodland Hills and Los Angeles County from realtor Marian Khosravizadeh’s website.

REPOST: Fannie, Freddie ease lending crunch during shutdown

 CNN reports that lenders are now allowed to issue loans without verification from the Internal Revenue Service (IRS) during the federal government shutdown.

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Fannie Mae and Freddie Mac have relaxed rules that would have kept banks from approving mortgages during the government shutdown.

Typically, Fannie and Freddie require lenders to verify a borrower's income with the Internal Revenue Service before closing on a mortgage. But last week, some lenders reported that they could not approve the mortgages because the shutdown had severely curtailed the IRS's operations.

The government-backed mortgage giants have since said lenders could continue to issue new loans even without the IRS's confirmation.

Borrowers who apply for mortgages will still need to sign an income verification request with the IRS. But verification can wait until after the government shutdown ends, and lenders can use other means to verify a borrower's income.

Wells Fargo (WFC, Fortune 500), the nation's biggest mortgage lender, had originally said all mortgage applications would have to wait until the shutdown ends. But now it is telling underwriters they can move mortgage applications through the pipeline without the completed IRS verification, said Tom Goyda, a spokesman for the bank.

Some banks, however, may be more cautious, according to David Stevens, president and CEO of the Mortgage Bankers Association. Stung by a flood of defaults after the housing bubble burst, lenders are especially wary of borrowers who claim earnings from self-employment or who supplement their wages with freelance work, consulting or other less-thoroughly documented income sources.

In cases like those, said Stevens, lenders may seek to verify the information on a borrower's 1040 by asking for a copy of their bank statement from the month they deposited their 2012 tax refund or copies of the check they sent to the IRS to pay their taxes.

A small percentage of lenders -- perhaps 10% or fewer -- may decide that lending without the IRS income verification is too risky, said Stevens. If a mortgage defaults, Fannie or Freddie could force the lender to shoulder the losses.

"There's less appetite for risk, after the fiscal crisis," said Stevens. And that could be enough to scare some lenders into waiting until the shutdown ends.

Mariyan Khosravizadeh is a realtor at Woodland Hills Real Estate Services. She specializes on serving clients who are looking for real estate opportunities in Los Angeles County and  its surrounding communities. Visit this website to learn how she can help you find your ideal home or sell your property at the highest value.

REPOST: How Fast Can You Buy a Home?

Homes are selling fast these days as the real estate market continues to perform well. But how financially prepared are people when buying a home? Credit.com’s Gerri Detweiler finds out in the article below.

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In hot markets across the country, homes are selling fast. And that means if you hope to buy a home, you have to be prepared to move quickly.

"I've seen all cash offers close in three days," says Realtor.com's Consumer Housing Specialist Leslie Piper. "And I've seen loans get approved and close within 21-25 days."

Forty-seven percent of all homes sold in June 2013 were on the market for less than a month, according to the National Association of Realtors. It also reports that the median time on market for all homes was 37 days in June. Short sales were on the market for a median of 68 days, while foreclosures typically sold in 39 days and non-distressed homes took 35 days.

If you don't have cash to buy a home, it's critical that you get pre-approved for a mortgage. "Prior to starting your house hunt, you give your lender all of your financials," says Scott Sheldon, a loan officer with Sonoma County Mortgages. "You let them pull a copy of your credit report, run your debt ratios … and you go house hunting knowing you are ready to roll."

Once your offer on the home is accepted, be prepared to be at your loan officer's beck and call. "If you are diligent about providing the lender everything they request, you should be able to close in 25 days or less provided the real estate agent title company and everyone is diligent about meeting contractual time frames," Sheldon adds.

Barriers to Speedy Homebuying

Piper warns that if deadlines can't be met, you can lose the home. "We are seeing a lot of back-up offers so if someone overpromises but underperforms things can fall out of escrow."

Searching for the right home to buy might take a little longer.

According to an annual survey by the National Association of Realtors, the typical buyer searched for a home for a median 12 weeks and visited 10 homes, down from 12 homes in the previous year's survey.

It helps to find a real estate professional you can trust to help you in your search. "That person is going to be your eyes and ears and tell you what is going on," says Piper. In addition to providing profiles on real estate professionals, Realtor.com offers free mobile apps with information about millions of homes for sale, and includes the ability to search within a particular school district.

Also be sure to scout out neighborhoods where you'd like to live so you are prepared to make an offer when a home you like becomes available. "Most buyers are choosing a (home) based on the neighborhood," says Walter Molony, spokesman for National Association of Realtors. "They want to be close to work or close to family and friends. If you are an entry level buyer you want to make sure you understand that neighborhood. Try it in rush hour. Get a crime report if you don't have first-hand knowledge. Check out schools if you are a family with children."

Tips to Buy a Home Fast

• Check your credit reports and your credit score before you start shopping for a home to give yourself time to fix any mistakes you find. You can check your credit reports for free once a year from each of the three major credit reporting agencies from AnnualCreditReport.com. You can also check your credit score using Credit.com's free Credit Report Card.

• Get preapproved — not just prequalified — for a mortgage. Doing so may even put you at an advantage over a cash buyer who may be offering less money.

• Work with real estate and mortgage professionals who have a track record of meeting deadlines. Don't be afraid to ask for references.

• Protect yourself. No matter how much you love the home, make your offer contingent upon a satisfactory home inspection, so you aren't stuck with a house with unknown problems, suggests Molony.

Buyers seek the help of real estate agents like Mariyan Khosravizadeh in their quest to purchase their dream house. Learn more about the essentials when purchasing a home from this Twitter account.

Distressed properties: Worth the investment?

The remodeling industry is thriving under the current economic conditions. Home remodeling is a popular topic in the media, particularly in magazines and reality television shows. Distressed properties are in abundance, and renovating these homes for a handsome profit has attracted the attention of both amateur investors and specialists.

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Distressed properties—particularly those that have undergone a considerable amount of disrepair through the years—can be a real estate investor’s goldmine. While the actual profit margins from buying and selling remodeled real estate are not as big as those seen in popular media, repairing and renovating a low-priced rundown home can be a very good investment depending on the circumstances. Much of the advantages come from low initial cost of the home and of remodeling the property. The markup prices of newly renovated homes are usually more than the initial price of the home when it was first purchased.

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Homes that are dilapidated are usually sold for much cheaper prices than homes that are in mint condition. The costs of remodeling these homes are typically much lower than the costs of building a new home, assuming that the home has not dilapidated beyond a certain point.

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Done right, a distressed property can be transformed into a nice home ready to be sold at a substantial profile. This article on Forbes.com provides more information on profiting from distressed properties.

Mariyan Khosravizadeh is a sought-after real estate agent in the Los Angeles area. Visit this site for more information about her work.