Archive for February, 2010

What is a Pre-approval Letter and How Important is This in Today’s Market?

Tuesday, February 23rd, 2010

If you are looking to buy a home in Santa Barbara

Lender's Pre-Approval Letter

(including Montecito, Hope Ranch, Goleta and Carpinteria), most sellers will expect proof of your capacity to pay for the property. The best way for home buyers to prepare for this is to get a mortgage pre-approval letter from a lender before they begin seriously shopping for a home. But the reasons for this advice aren’t always clear, and buyers sometimes are dismayed by the amount of paperwork involved. Here is some of the reasoning behind the advice:

1. A pre-approval letter is more reliable than a pre-qualification letter. Getting a pre-qualification letter is easy. You just call a mortgage broker or lender, provide some basic financial information, then wait a few minutes for the letter to come through your fax machine. Getting a “pre-qual” from a Web site is just as easy. Enter some information, click “submit” and voilà. A pre-approval letter, on the other hand, involves verification of the information. Rather than taking your word on faith, the lender will ask for documentation to confirm your employment, the source of your down payment and other aspects of your financial circumstances. Granted, a pre-approval is more time-consuming (and possibly more stressful) than a pre-qualification The additional due diligence is exactly why the pre-approval carries more weight.

2. You’ll know how much money you can qualify to borrow. Most home buyers have a rough idea of how much they would feel comfortable paying every month on their mortgage. However, there’s no quick-and-dirty way to translate that monthly payment into a specific maximum mortgage amount because other factors — down payment percentage, mortgage insurance, property taxes, adjustable interest rates and so on — are part of the calculation. And, you might not be qualified to borrow as much as you think you should be able to borrow, depending on your income, your debts and your credit history.

3. You’ll have more leverage in negotiations with the seller. Sellers often prefer to negotiate with pre-approved buyers because the sellers know such buyers are financially qualified to obtain the financing they need to close the transaction. A pre-approval letter is an especially favorable point in a close multiple offer situation. And, you might feel more confident about making an offer with a pre-approval letter in hand and the knowledge that you’ll be able to obtain a mortgage.

4. Your real estate agent will work harder on your behalf. A pre-approval letter signals to your real estate agent that you’re a well-qualified buyer who is serious about purchasing a home. The increased likelihood of a closed sale — and a commission — will naturally motivate your agent to devote more time and energy to you. In fact, some agents won’t even show property to buyers who don’t have a pre-approval letter.

5. A few caveats: Pre-approval letters aren’t binding on the lender, are subject to an appraisal of the home you want to purchase and are time-sensitive. If your financial situation changes (e.g., you lose your job, lease a car or run up credit-card bills), interest rates rise or a specified expiration date passes, the lender will review your situation and recalculate your maximum mortgage amount accordingly.

If you would like more information on the Santa Barbara Real Estate Market, or more specific information about its neighborhoods and/or any other areas within Santa Barbara, Montecito, Carpinteria, Goleta, Hope Ranch, Summerland, and/or The Santa Ynez Valley, please contact our Agent on Duty:

Sylvia Elizabeth Miller,
Senior Realtor® Associate
Broker: Coastal Properties, Inc
Email: sylvia@sanbarb.com
Cell: 805-448-8882 ~ Toll Free: 877-San-Barb
Web: SantaBarbaraConnection.com
DRE #: 00558548

Looking for a real estate agent in Santa Barbara?

Sunday, February 21st, 2010

Quintessential Santa Barbara

After having lived in many of Santa Barbara’s, beautiful neighborhoods including Montecito and Carpinteria, I am always extremely happy to introduce new persons to this gorgeous community. With 25 years of experience in helping my clients find the perfect home for their needs, I am committed to providing my clients the utmost in advocacy and unprecedented transparency throughout the sales process.

As your REALTOR®, I always work to maximize the value on your purchase, netting you the best possible result. I provide:

1) Detailed market research
2) Insightful guidance
3) Comprehensive marketing
4) Effective negotiation
5) Unequivocal support

Whether you are a first time buyer or seasoned real estate investor, I work closely with you through every step of the process in a very supportive, no pushy manner.

Please let me know if I can answer any specific questions. Upon contact, I can provide you a very extensive list of referrals from professionals.

All the best in your move to Santa Barbara.

Sincerely,

Sylvia

Sylvia Miller

Senior Realtor® Associate
Cell: 805-448-8882 ~ Toll Free: 877-San-Barb
Broker: Coastal Properties, Inc
Email: sylvia@sanbarb.com
Web: www.santabarbaraconnection.com

Ca. Dept. Real Estate Agent License Number: 00558548
Ca. Dept. Real Estate Broker License Number: 01208634

The golf scene in Santa Barbara is excellent!

Friday, February 5th, 2010

SANTA BARBARA
A Golfer's Paradise

It’s so wonderful to golf near the ocean.

The salty breezes across the links make for the most refreshing kind of recreation. Santa Barbara offers six championship golf courses alongside several other nine-hole and private courses for all your golfing desires.

If your dream is to live on a golf course, or within a golf community, with its country club atmosphere and safe, luxury homes, contact me today for the best deals on homes and condominiums in Beautiful Santa Barbara. – Sylvia Miller, Santa Barbara Connection, 805-448-8882, sylvia@sanbarb.com.

Santa Barbara offers the golfer enthusiast some of the most recognizable, award winning and world renowned golf courses in the world. One of the most beautiful courses is Sandpiper. This championship course has been rated by Golf Digest in the top 25 public courses in the country:

Sandpiper Golf Course!

Sandpiper Golf Course
(par 72)
The Sandpiper provides breathtaking Ocean views and expert-level play. The only ocean-front course between Los Angeles and Pebble Beach. With breathtaking ocean and mountain views from every hole, Sandpiper is truly a memorable experience.

Website: sandpipergolf.com

Address:
7925 Hollister Avenue
Goleta, CA 93117-2421

Phone:
(805) 968-1541
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If you would like more information on the Santa Barbara Real Estate Market, or more specific information about its neighborhoods and/or any other areas within Santa Barbara, Montecito, Carpinteria, Goleta, Hope Ranch, Summerland, and/or The Santa Ynez Valley, please contact our Agent on Duty:

Sylvia Elizabeth Miller,
Senior Realtor® Associate
Broker: Coastal Properties, Inc
Email: sylvia@sanbarb.com
Cell: 805-448-8882 ~ Toll Free: 877-San-Barb
Web: SantaBarbaraConnection.com
DRE #: 00558548

Pets…growing segment of real estate industry!

Thursday, February 4th, 2010

Santa Barbara is a very pet friendly community! Pets and their families are a growing segment of the real estate industry and we at Santa Barbara Connection can help you find the best pet friendly real estate available in all of our beautiful locations, including Montecito, Hope Ranch, Goleta, Carpinteria, and …Santa Ynez (home to many world famous horse farms).

Meet our friendly little Chihuahua mascot, ChaCha.

ChaCha, Official Mascot of SBC

ChaCha, Official Mascot of SBC

ChaCha, the best and only official Chihuahua Realtor Assistant in Santa Barbara. Ask her ANYTHING about Pets and Pet Friendly Real Estate and she will retrieve the answers! chacha@sanbarb.com
.
ChaCha was born into a Santa Barbara family of Real Estate Professionals. ChaCha’s mother, Sylvia Miller is one of Santa Barbara’s most experienced real estate agents. ChaCha’s grandmother, the late Gail Miller Ross, was considered amongst her peers to have been one of the best Realtors® in Santa Barbara.

If your family members include the four-legged, furry kind, Sylvia and ChaCha can help you find the perfect pet-friendly home. For more information on the Santa Barbara Real Estate Market, or more specific information about its neighborhoods and/or any other areas within Santa Barbara, Montecito, Carpinteria, Goleta, Hope Ranch, Summerland, and/or The Santa Ynez Valley, please contact our Agent on Duty:

Sylvia Elizabeth Miller,
Senior Realtor® Associate
Broker: Coastal Properties, Inc
Email: sylvia@sanbarb.com
Cell: 805-448-8882 ~ Toll Free: 877-San-Barb
Web: SantaBarbaraConnection.com
DRE #: 00558548