Chino / Chino Hills

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roundcorners_IHB

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I thought there was a Chino Hills thread, but I couldn?t find it, there has been much discussion about Chino (Hills); so here it is...



A good friend informed me today that they are opening escrow for a three bed, three bath town home in Chino Hills; built in the early 90's. $310,000; they are putting down about $64,000. He doesn't know the tax, HOAs around $200. Total payments come to about $1900-$2000/month. They are going into it with eyes wide open; it's no use talking them out of it. The spring/summer buying season is in full swing.
 
The commute from Peyton and Chino Hills Parkway to Jamboree and El Camino is about an hour and a half each way during traffic time.
 
No Vas, I know you used to live there, I saw from earlier postings; the good news is that he doesn't work in the OC; he?s an outside rept like me. They want to be by Diamond Bar/Walnut, where all the other Asians are... They are currently living in the San Gabriel Valley. One more tidbit, they just had a 1 month old!



Working out the math; I guess Chino will be closer to the bottom than the OC; their total housing costs again will be around $2,000; current rents top out at around $1,400 for the same model.
 
No need to put Chino (Hills) in parentheses. Chino and Chino Hills are two separate cities. ;-)



So, how much square footage are they getting?
 
hey Socal, so I should have titled it Chino or Chino Hills? How do you change the title anyways, I never figured that out! They are getting about 1,400, three levels...
 
[quote author="roundcorners" date=1240573210]hey Socal, so I should have titled it Chino or Chino Hills? How do you change the title anyways, I never figured that out! They are getting about 1,400, three levels...</blockquote>


Hello. If you ever want to edit your title, you can visit your initial comment and click the edit button on that. It will let you adjust anything in the comment box plus the title.



Oh, I was just saying that "Chino (Hills)" = Chino Hills. It's not the same city as Chino (and the people of Chino Hills usually remind you of that. ;-) )



Was that a typo, or did they really buy a place that is 1,400 sq ft spread out over 3 levels?? Wow, that's got to be tight. I don't mean to be a party pooper, but that's going to be hard with a little one. Good luck to them, though.
 
[quote author="roundcorners" date=1240573210]hey Socal, so I should have titled it Chino or Chino Hills? How do you change the title anyways, I never figured that out! They are getting about 1,400, three levels...</blockquote>




I will be less kind and say that three levels in such a small place sounds like it will be miserable! Just wait until 6-7 months from now when the little one starts crawling. The money spent on gates and the time wasted putting them up, hopping over them and worrying about the kid falling down the stairs doesn't sound like something a new mother will enjoy. It also doesn't sound like a place they will want to live in for long, so I think they might be surprised when they want to move in a few years and don't have any equity.
 
yeah, 1,400 sq foot; I'll mention the gates they will need for the stairs... thanks for the input; just my one anecdote, first-time buyers are really itching to jump right in; this was confirmed from several reports on the radio and media...
 
[quote author="roundcorners" date=1240630851]yeah, 1,400 sq foot; I'll mention the gates they will need for the stairs... thanks for the input; just my one anecdote, first-time buyers are really itching to jump right in; this was confirmed from several reports on the radio and media...</blockquote>


Just wait 'til they are on the 3rd floor... get ready to go somewhere... run down to the first floor garage... realize they forgot something... run up two flights of stairs holding the baby... run back down two flights... get in the car... baby poops and they have to get out... run up two flights up stairs again... change the baby... run back down. This has happened to me so many times and it was irritating enough just with a 2-story house.
 
Sorry, I heard wrong, it is only a two story.. but still, a little under 1,400 sq/ft; they got their loan approved yesterday; through a mortgage broker, Wells Fargo turned out to be the lowest...



4.5% - 30 year fixed

Payments come out to be about $1,218

HOAs, tax and insurance, monthlies come out to be: $1,800, I was right on the money!



oh Socal the closing costs are around $4,200 - I think he said split three ways? Between the selling, buying agent & mortgage broker? Is that right? That seems way too low...
 
So the closing costs were almost 1.5% of the purchase price which I think sounds about right. I'm not sure about it being split amongst the agents, though. First time I've heard that. Thanks for the update.
 
yeah, I thought that sounded kinda wierd; so who gets the closing costs? So, points, if any goes to the mortgage broker, percentgage of sale goes to the agents 3%-3%? and...
 
quick update on my friend...



the bank called yesterday; and the condo is falling out of escrow; apparently the bank was looking into the comps and noticed that about 20% of the HOAs in the tract has not been paid; the bank is afraid that the property will continue to loose value due to the expected delinquencies around; therefore they are holding off lending... my friend and his wife are leaving work early today & the their baby to find another lender... looks like the banks are being super stick, anyone else experiencing this? do you think this trend will continue?
 
I think the banks are very nervous about lending on condos right now. Houses, not so much. The main issue is that if the HOA isn't getting enough money in, the condition of the outside property will deteriorate due to the HOA not being able to pay for repairs and upkeep, and then the price of the property will collapse. Also, if there's a lot of renters in a complex, they get nervous for similiar reasons.
 
Your friend was "Saved by the Lender who said NO" although I doubt he feels that way.



They'll have a rude awakening when they learn thier payment went up 20% since they entered escrow because rates have skyrocketed.
 
Have to agree with no_vas, the bank did them a favor. Tell them to stop being stupid and give it up. I know it can be hard once you've imagined yourself living in a place but they should take the banks words very seriously, the bank isn't being stupid, why should they? If they are religious people, maybe you can tell them to see it as a sign from God, whatever works.
 
One of my friend bought a week ago. 5 beds, 3 bath, two story detached condo for 350k in chino. Brand new.

I liked the house, but the commute is too much. I don't know how they are planning to work it out. They work in Pasadena.
 
[quote author="SoCal78" date=1240655719][quote author="roundcorners" date=1240630851]yeah, 1,400 sq foot; I'll mention the gates they will need for the stairs... thanks for the input; just my one anecdote, first-time buyers are really itching to jump right in; this was confirmed from several reports on the radio and media...</blockquote>


Just wait 'til they are on the 3rd floor... get ready to go somewhere... run down to the first floor garage... realize they forgot something... run up two flights of stairs holding the baby... run back down two flights... get in the car... baby poops and they have to get out... run up two flights up stairs again... change the baby... run back down. This has happened to me so many times and it was irritating enough just with a 2-story house.</blockquote>


There was this condo on Honey Locust that I totally fell in love with. It was the three level plan with master bed way on top, garage on the bottom. DH tried hard to talk me out of it. At last, told me to go to the garage, and go back running all the way to the master, and come back to the car, without huffing and puffing. That worked:)



Two is also a pain sometimes, but I like the privacy it provides.
 
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