5 THINGS EVERY HOME BUYER SHOULD KNOW

Most buyers know the basics of a real estate transaction; the information directly effecting their situation such as mortgage payments, closing costs, commission and so on. Most feel confident in their choice of houses and may have put some time into researching the area and schools, but there are a few things that catch many people off guard. These details often appear at the last minute and the buyer is aware then details usually cannot be changed and the results can often cause delays and or loss of funds.

1. Your Initial Deposit: When you made an offer to purchase, this included a good faith deposit. This deposit is also called "earnest money". This deposit is held in escrow until the close and is credited to the buyers closing costs. But, if escrow gets cancelled what happens to the deposit? Most people are unclear about the disposition of their deposit; sellers assume the deposit is automatically theirs if the buyer cancels but this may not be the case. It's best to find out how this process works and what is needed in order for the buyer to recoup their deposit or what details constitute the forfeiture of the buyers deposit. This is often spelled out in the initial offer, so ask your Pasadena Real Estate Agent to explain the process.
2. Taxes: Most people are aware of their tax rate, but have never calculated what the actual yearly amount will be. Something else to consider, if you purchase a new home from a builder you're going to receive a supplemental bill shortly after the close of escrow. This supplemental bill will be equivalent to one year's worth of property tax. This is a shock to many people, since most people never know its coming. Another little detail that often slips through the cracks; assessments. Newer communities likely have assessments in addition to your basic property tax rate. Many people don't know that often assessments can change and be added yearly, which equates to higher property taxes every year.
3. Homeowners Association: When considering a home within a homeowner's association, it's always prudent to thoroughly read all the Covenants, Conditions and Restrictions (CCNR). Yes, this is often a huge document, but it's given to you before you close escrow for a reason; these CCNRs directly affect you. If you don't know and understand all the rules, this can lead to a less than ideal situation if you unwittingly break a few. Little things like permission to paint your garage door or installation of a backyard patio can lead to huge problems including legal action. Know the rules!
4. Home Warranty: Understanding how your home warranty works will save you a tremendous amount of frustration and hassle. Research before you close escrow, find a plan you understand and feel comfortable with, then request any extra coverage you think you need. Most home warranty companies offer basic coverage for appliances and air conditioning but, did you know they also offer coverage for an additional fee for such items as roof, well, and septic tanks?
5. Homeowner's Insurance: Of course everyone knows they need homeowner's insurance before closing escrow. Unfortunately most people wait till the last minute, run into snags, and then closing is delayed. If you approach this task as soon as you enter escrow this allows time to compare rates and if a snag does arise you have time to handle it, avoiding a hasty decision. If the previous homeowner has had a recent claim this can affect you the new purchaser. Better to know this early rather than the last minute.

Ask your Pasadena Realtor to help you understand the details that are a part of every real estate transaction and you'll enjoy smooth sailing every step of the way!
Search for Pasadena Homes or Pasadena Condos for sale.

New Stylish Designer Homes

If you are looking to buy a luxury home in Pasadena, you should see Orange Grove Circle Garden Homes. They are an exquisite condo community located near the heart of historic Old Pasadena on Orange Grove Boulevard. Located about ten miles northeast from downtown Los Angeles, this unique enclave of condo homes encapsulate the charm of a “small-town” feel with it’s timeless architecture, quaint restaurants and one of a kind shopping that are to be found in this truly unique area.

Pasadena is famous for hosting the annual Rose Bowl football game and Tournament of Roses Parade. Pasadena is the home of many leading scientific and cultural institutions, including California Institute of Technology (Caltech), Art Center College of Design, the Pasadena Playhouse, California School of Culinary Arts Pasadena and Norton Simon Museum of Art. With so much to do in the area, these optimally located luxury condo homes on renowned “Millionaire’s Row” will be sure to suit your lifestyle. These attractive Pasadena condo homes range up to 3 bedrooms, with up to 2,200 square feet of living space with private patios, decks or courtyards and are surrounded with plentiful lush, mature landscaping. Now available to you in one of Pasadena’s most exclusive neighborhoods, Orange Grove Circle Garden Homes offers a unique collection of modern luxury condo homes with a variety of one-of-a-kind open floor plans. A perfect retreat awaits you.

Priced from the $700,000's, homebuyer's will appreciate these low maintenance homes as they're freed to optimize the cultural, retail and fine dining options just minutes beyond their door. Find a Pasadena Real Estate Agent for more information on these fabulous Pasadena Homes.

BRAND NEW MODERN MASTERPIECES OPEN FOR VIEWING THIS SUNDAY

There are two gorgeous newly built homes located just South West of Pasadena that I thought everyone should know about. The homes are located just off of Avenue 64, so they have a Los Angeles address, however they are literally minutes from the heart of vibrant Old Town Pasadena. These architecturally designed modern masterpieces are listed with Ramiro Rivas, a Coldwell Banker Pasadena Real Estate Agent. The homes exhibit tasteful details throughout with three levels of living space. The ground floor features a bedroom plus a den with a private entrance. The main living area on the second level has an open loft-style floor plan with high ceilings making it perfect for entertaining. The main living floor offers a gorgeous limestone fireplace, spacious dining area, recessed lighting, and a large den adjacent to the fashionably modern kitchen. The large gourmet kitchen has custom cabinetry, granite countertops and professional line stainless steel appliances. The top floor has three bedrooms. Two rooms open to a spacious and private outdoor/ patio area. The stunning bath has beautiful travertine tile that blends perfectly with surrounding natural setting. The master features a huge walk-in closet plus a master bath with a gorgeous tiled shower, whirlpool tub, and outdoor balcony with Downtown LA views. Each home is listed for $1,195,000. See a Virtual Tour. View more information about this home or other Pasadena Homes for sale.

5 THINGS TO DO BEFORE PUTTING YOUR PASADENA HOME FOR SALE

There are many things you can do make your Pasadena home shine on the market. Make your home more appealing for potential buyers with these quick and easy tips:

1. Have a pre-sale home inspection. Be proactive by arranging for a pre-sale home inspection. An inspector will be able to give you a good indication of the trouble areas that will stand out to potential buyers, and you’ll be able to make repairs before open houses begin.

2. Organize and clean. Pare down clutter and pack up your least-used items, such as large blenders and other kitchen tools, out-of-season clothes, toys, and exercise equipment. Store items off-site or in boxes neatly arranged in the garage or basement. Clean the windows, carpets, walls, lighting fixtures, and baseboards to make the house shine.

3. Get replacement estimates. Do you have big-ticket items that are worn our or will need to be replaced soon, such your roof or carpeting? Get estimates on how much it would cost to replace them, even if you don’t plan to do it yourself. The figures will help buyers determine if they can afford the home, and will be handy when negotiations begin.

4. Find your warranties. Gather up the warranties, guarantees, and user manuals for the furnace, washer and dryer, dishwasher, and any other items that will remain with the house.

5. Spruce up the curb appeal. Pretend you’re a buyer and stand outside of your home. As you approach the front door, what is your impression of the property? Do the lawn and bushes look neatly manicured? Is the address clearly visible? Are pretty flowers or plants framing the entrance? Is the walkway free from cracks and impediments?

For more home selling tips or to find a Pasadena Real Estate Agent that can help you sell your Pasadena home visit http://www.soldbyramiro.com/

Top 10 Mistakes Buyers Make When Buying in Pasadena

LOOKING FOR A new home in Pasadena? Well, you're in luck -- sort of. First, the good news: Home prices are adjusting and buyers have more negotiating power than ever before. Now, the not-so-good news: Lining up financing has become slightly more difficult as droves of current homeowners default on their existing mortgages. This isn't to say you won't be able to secure the home of your dreams, but you will need to be a bit more cautious and conservative with your purchase.

Here are 10 mistakes to avoid when looking for a home in today's Pasadena real estate market.

You didn't set a budget
Buy a Pasadena home that's way out of your price range and you could well derail your ability to fund other important items such as retirement savings, your kids' education -- not to mention an entertainment budget.
Mortgage brokers will tell you how much you can borrow. But that amount may not be what you can afford to pay.
"What if you have a lot of kids or you like to travel a lot?" he said. "You've got to ask 'How is this housing purchase going to affect our monthly spending?' You have to look at all of your monthly expenditures."
Experts say your total monthly debts, including your mortgage, should not exceed 36 percent of your income before taxes.

You picked the wrong mortgage
These days, many homebuyers are rushing to secure a mortgage as fast as possible without fully exploring their options. That's because sellers often only consider bids from individuals who have been pre-approved for a loan. A word of advice? Pick your financing package with care.
First-time home buyers may qualify for a programs that requires lower down payments and easier qualification limits than standard loans.

You picked the wrong area
Some areas may just be out of your price range, and you'll probably have to search for a location that's affordable for your budget. That doesn't mean you should choose the cheapest locale.
If you don't like the location you'll be unhappy. What's more, you'll probably have a hard time selling your property if the area isn't good. Ask around and read the local papers to know how the area is faring economically, what the major issues are, how many resources it offers.

You didn't know what homes really cost
The best way to determine if you're getting a fair deal is by comparing the cost of the home you're interested in with similar homes in an area. You can do this easily by having your Pasadena Realtor provide you with a CMA (that's short for Comparable Market Analysis). A CMA lists such things as addresses of recently sold homes, prices, date sold, the number of bedrooms and bathrooms and -- ideally -- such things as the home's condition, its size and extra features.

You used a bad real estate agent
Don't make buying a home more difficult by choosing the wrong agent. You want a buyer's agent who works for you and understands your needs and financial limitations.
References from friends can help you find a good pro. Interview three, and ask to see their activity lists, which reveal every property the agent sold (or whose clients bought) in the past year. Look at sales prices. Make sure the agent has experience in the area where you want to live and the price range that you're looking for. Find a Pasadena Real Estate Agent.

You never went back to check on the neighborhood
If you're like most homebuyers, you probably spend many weekends looking for a new dwelling. But what happens to the neighborhood on weekdays or after dark? Is the house that's "convenient to town" sitting on a main thoroughfare that fills up with cars come commute time?
The only way to answer these questions is to go back and see what the neighborhood's like at various times of the day and week. Do your neighbors spend weekends with the stereo blaring? You want to know as much about the neighborhood as possible before you buy.

You forgot to consider resale
It's easy when you're house hunting to forget what it's going to be like to sell your home down the road. But as you tour homes, put yourself in the perspective of the sellers. You may be drawn to a home that has quirky features or no closets or just one, tiny bathroom. But others may not be as enthusiastic. When you buy, think about the day it comes time to sell.

You bought the most expensive home on the block
It's wonderful when you find your dream house, but if it's the most expensive home on the block you could have a problem. Quite simply, your neighbors' lower home values will dampen yours. Remember, people who buy a $500,000 home usually want to be surrounded by other $500,000 homes, not tiny $100,000 bungalows.

You didn't do an inspection
Bottom line: you should never buy a home without having it inspected. After all, you don't want to learn that you've bought a house that's filled with termites or has a frazzled electrical system. If you're building a new home, an inspection can ensure that all the work has been finished properly.
Home inspections typically run $300 to $600 and usually include a check of a home's heating and air condition systems, plumbing and electrical works, roof, walls, foundation/structure, drainage, the garage and basement.
What's frequently not covered? Termite, radon, asbestos, mold and lead inspections. Don't rely on inspectors to hire other pros to check for these items, that's part of your responsibility. Most home inspectors will describe what they do and what they don't do.

You forgot about closing costs
Think it's bad to pay tax when you eat out? Wait until you're paying closing costs, which can run 2 to 5 percent of the home's purchase price
A mortgage lender should provide you with a specific estimate of what costs will be. But keep in mind they include such things as origination (points) on a loan, escrow fees, title and homeowners insurance, legal costs, property taxes, fees to record your need deed and notary fees.

Using Scent makes sense when selling your home!

Small actions may make big differences in getting your Pasadena home sold!

"When buyers walk into a house before they actually see anything in that house, because they breathe, they are smelling. So they are actually getting an impression, whether it's conscious or subconscious, of your home ‑‑ just by the way it smells," says Rick Ruffolo, senior vice president of brand, marketing, and innovation for Yankee Candle Company.

Choosing to proactively make a statement in the way your home smells is just another step in helping to sell your home faster.Ruffolo says curb appeal gets buyers in the door but then they see and smell your house and begin to decide if this is the property for them.

So, right now take a deep breath, what kind of smells are coming from your house?

"If it's a vacant home it can be musty. But if it's an active home it also could have odors of whatever activities that are going on in that house," says Ruffolo.


Are home buyers going to smell the dirty dog that has been running all over your home after a long walk? Are they going to smell your gym bag filled with dirty and soiled socks that have been buried in the hamper for the last few weeks? Or how about the cat litter box that needs to be cleaned? While we all have different preferences for scents most would agree that none of the above are welcoming aromas.

Creating pleasant aromas in your newly‑listed house can help the buyer to experience an emotional connection with the home. Ruffolo says when it comes to bathrooms, great rooms, or even basements it's a good idea to try different fragrances. "You may want to think of what we refer to as clean or fresh fragrances and those could be based in various fruits, so the citrus family is a really good one," says Ruffolo. He also mentions that any fragrances that are over powering are good to avoid.

Ruffolo encourages home sellers to use fragrance that appeal to many such as vanilla, kitchen spices, citrus or freshly cleaned laundry. There are many things that can help the scent of your home. From candles to oil diffusers they are both decorative and powerful. Ruffolo says with all the tips out there about selling a home, the scent factor is often the most forgotten.

"If you don't have a scent that you want in there, buyers are going to smell whatever is going on in that room. So if it's been closed up or doesn't have a lot of air flow there will be more of a musty, damp, or a less desirable scent," explains Ruffolo.

All and all it just makes sense to have scent as a part of selling your Pasadena home.

Find a Pasadena Real Estate Agent.

Reasons why condos are a great second home!

If you make a Pasadena Condo or Pasadena Townhome your second home chances are you will be very happy with your choice.

More than seven in 10 condo and townhome owners say they are satisfied with their purchase, according to a recent survey conducted by Zogby International for the Foundation for Community Association Research. The foundation conducts surveys periodically to keep track of the perceptions of owners who live in condos and townhomes and also to identify trends in the condo market.

There are a number of reasons why satisfaction is such a big trend in regards to communities governed by homeowners associations. Compared to single‑family homes, condos are generally less expensive. Cheaper prices make condos cheaper to operate as a vacation home, because property taxes, homeowners insurance and utility bills cost less. Townhomes and condos are also easy on your back!


Landscaping chores are not managed by you but by the association. Given the average condo has a smaller sq. footage than the average single family home keeping the interior clean and up to date is much easier. If this property is a vacation home then this means much less time and money spent on upkeep.

What's more, the homeowners association, as the community's on‑site governing body, is there to serve the best interests of the community. The association protects your home's value, provides security for the community and uses a professional management company to keep on top of operations.

Furthermore, the association is there to serve the best interests of the community. They protect your homes valuem, provides security and uses professional management companies to keep on track of operations.

All and all, with a single‑family home, not only could you spend more, but you are also pretty much on your own keeping things in working order. And lets face it who wants to being doing that when you could be enjoying your investment and entertaining guests!!

Find a Pasadena Realtor.

ALICANTE VILLA TOWNHOMES ARE NOW FOR SALE

I came across these gorgeous new Pasadena townhomes for sale that I thought I should tell you about. They are designed by the architectural firm of Tyler and Gonzalez, Alicante Villas represents a wonderful opportunity to live in a new community of town homes located in the heart of Pasadena. This newly built home is not only elegantly finished, but designed with todays lifestyle needs. There are hardwood floors, crown moldings, recessed lighting, cherry cabinets, stainless steel appliances, and an abundance of slab granite and travertine surfaces. The powder room features a pedestal vessel sink. The master suite includes dual vanities in the bath. The unit has direct access to your private two car garage, as well. The homes are built around a lovely courtyard, complete with fountain, gazebo covered sitting area, and rose garden. Exterior details include; smooth finish plaster, custom tile accents, decoratively finished corbels, patios, and balconies with elegant iron work. They are also conveniently located to shopping areas and restaurants.

There are two and three bedroom townhomes available, listing price starts at $699,000. View more Pasadena Homes for sale or find a Pasadena Real Estate Agent that specializes in new construction.

Short Sales Defined - Rise of Pasadena Foreclosures

The rise of Pasadena foreclosures have saturated the local market. It seems that almost every neighborhood has at least one home that is in the process of foreclosure. If you don't know what the term "SHORT SALE" means, it it defined as the following:

A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes.

From the California Association of Realtors, "Homeowners faced with stalled appreciation, little or no equity, and subprime adjustable-rate mortgages (ARMs) that are resetting to higher rates are combining into something of a perfect storm. * Many subprime borrowers are barely treading water and others have precipitated a wave of foreclosures that is unlikely to ebb anytime soon. * The statistics are daunting. In April, DataQuick reported that the number of default notices (NoDs) sent to California homeowners last quarter increased to its highest level in almost 10 years. Between January and March, NoDs were up by 23.

For Buyers:

This is a great time to buy Pasadena foreclosure homes. The banks have finally awakened and are ready to negotiate with qualified buyers. Most banks minimum requirements for accepting offers has been 10% down, strong fico scores, and being able to provide proof of income. If you meet these basic requirements, then you can buy many great Pasadena Foreclosure opportunities.

Find a Pasadena Realtor.

Where To Find Million Dollar Foreclosures

In Southern California, foreclosure opportunists are going after cheap homes in downtrodden neighborhoods, but there are plenty of million dollar-plus homes out there, in good neighborhoods, which have fallen into foreclosure as the result of shoddy lending practices, speculative buyers and homeowners walking away from a negative equity situation.

Many of those in the high-end foreclosure market were traditionally good borrowers with strong credit scores, unlike the profile of the typical subprime borrower. Still, the same gaffes occurred on the lending approval side, as people were given excessively high loans, based on the presumption that housing prices would continue upward.

Foreclosures have always been present in the top end of the market, but what best accounts for the increase are negative equity situations. For Pasadena homes around the million-dollar mark, it's a case of the home no longer matching the value of the loan. Many of the million dollar-plus Pasadena homes listed as foreclosures and REOs were built in the last five years and are now worth significantly less than the inflated prices the owners originally paid. But it's not necessarily that buyers didn't put down enough money or had a piggyback loan; the owners may have owed more on the house than it was worth, sinking them into a negative equity situation. Banks are often reluctant to list foreclosures for less than the loan's outstanding value because they don't want to take a loss. In addition, they're usually paying a brokerage firm to list the house, as banks aren't in the business of owning and selling property.

Brokerages take foreclosed home listings on a case-by-case basis.
Despite the previous owners not being able to, or not wanting to, make payments, there's nothing wrong with the houses. The best way to find such homes is through a local Pasadena Real Estate Agent that knows the foreclosure inventory. View Pasadena Foreclosure Homes and Pasadena Luxury Homes for sale.

Foreclosures are not all bad news for the high-end real estate market. In fact many buyers see the current market as a financial opportunity. The increase in foreclosures has driven interest from investors, out-of-town and foreign buyers looking to snag a deal in sunny California.

Find a Pasadena Realtor.

New Pasadena Condos

Pasadena has become the most exciting place for night life in the San Gabriel Valley with chic shops, fine restaurants and state of the art movie theatres. Cinema Lofts are the newest development of Pasadena condos located in the heart of the city. The 37 loft condominiums have the benefits of both a residential and urban setting and are located in an elegant tree lined community just blocks from the vibrant urban center of Pasadena, the Paseo Colorado Mall and Old Town Pasadena.

There are several floor plans to choose from and prices begin at $365K. Features include city or mountain views, vaulted ceilings, Caesar stone quartz counter tops, stainless steel appliances, balcony or patio, gated parking and high tech internet wiring. For more information on Pasadena Real Estate Listings visit the website of Pasadena Real Estate Agent Ramiro Rivas.

Pasadena Craftsman Homes

Pasadena is known for it’s unique and unparalleled Craftsman architecture homes.
This spectacular 1923 Craftsman Home has recently been updated and is located on beautiful street. The home has 3 bedrooms and 3 baths in the main residence and a gues house. Main residence is 3,044 square feet and sits on a 13,440 square foot lot. The home features a large kitchen and entertainment area that includes handmade kitchen tiles and insets, hand blown scavo lights. Home also offers a large living room with a beautiful stone fireplace, formal dining room with large built-in cabinetry, and separate office / den. It’s currently listed for $1,279,000, view more Pasadena Luxury Homes.

The Craftsman Movement (also known as the American Arts & Crafts Movement) emerged in the early 20th Century in the United States as an outgrowth of the English Arts & Crafts Movement. Its hallmark is a philosophy of honest, simple design expressed in hand-made creations by skilled craftsmen. While the Movement flowered throughout the U.S., Pasadena became a particularly strong center for Craftsman style design including architecture, art, and ceramics. International recognition of Craftsman expression in Pasadena has been accorded to the work of architects Charles and Henry Greene, tilemaker Ernest Batchelder, artists Elmer and Marion Wachtel, and writer/photographer Helen Lukens Gaut, among others.

View more Pasadena Real Estate listings for sale or locate a Pasadena Real Estate Agent that can help you find Craftsman style Pasadena Homes.

Buying An Affordable Pasadena Home

If you're in the market to buy a new home, second home, vacation home or investment property in Pasadena, with loan interest rates as low as they've been in 40 years, there's never been a better time to buy a home then now!

Are you looking to buy a home in Pasadena? It is a good idea to get approved for a loan first, before you start shopping with a Pasadena Real Estate Agent. Your real estate professional will require that you already have your Pre- Approval letter so you may submit it with your purchase offer. At minimum, get pre-approved, not just "pre-qualified".

The next step is to find the best mortgage broker, who will work out the best financing for you, by offering the lowest mortgage rate. Whether you're purchasing a new home, refinancing, or looking for a home equity loan, this process is simple, takes only a few minutes and puts the power of competitive bidding in your corner. Once you have found a mortgage rate that satisfies your home loan needs, contact the mortgage company and get started on financing your future!

The next step is to figure out how much of a mortgage you can afford. This is one of the key criteria banks look at when they approve your home loan. And considering the expensive housing market in California and especially in Los Angeles County, the level of home affordability is a very important thing to determine. You can sample the mortgage calculator, a tool that is provided online by your Pasadena Real Estate Agent that allows you to have an idea how large of a home loan you can afford for your new Pasadena home; approximately how much you will pay each month on your home loan depending on the interest rate and loan amount. View Pasadena Real Estate listings.

Pasadena Luxury Homes: Rare Opportunity

I came across this stunning Pasadena Home that I thought you should know about. Rarely do you get the chance to own new construction in an established and sought after area of Pasadena. The prestigious Langham, Huntington Hotel and Spa (formerly the Ritz-Carlton) area. Attention has been paid to every detail in this beautiful Spanish style residence. Experience the towering grandeur as you enter the two-story foyer. Enjoy a cozy fire in one of the three fireplaces. After a long day, unwind on the upstairs balcony overlooking the fully landscaped yard. This beautiful 4 bedroom Pasadena home is listed with Coldwell Banker for $2,350,000. View more Pasadena Real Estate Listings or find a Pasadena Real Estate Agent.

Builders offer buyers price guarantees

Below is an article I found interesting about what a major developer is doing to promote buyer confidence:

The Orange County Register, updated 2:45 a.m. PT, Mon., Feb. 18, 2008

Faced with plummeting home sales and reluctant buyers, some homebuilders are offering a plan designed to take the worry out of buying when prices are falling.
At least three companies in the region are offering price guarantees.

One plan promises to lower the amount a buyer pays for a new home if prices drop after they buy, but before they get their keys. Another lets buyers back out of deals and get their deposits back if their home is appraised for less than they paid.

How it works
KB Homes’ North Los Angeles division began offering price guarantees in January through May. If the base price of a buyer’s home is less at closing than they paid, the company will honor the lower price.

Steve Ruffner, KB Home’s president for the five-county division that includes Orange County and the Inland Empire, said his office will roll out a price protection plan at the end of the month for its Clementine condo project in Placentia.

It will appear at other projects in KB’s Southern California/Coastal Communities division within the next 90 days, he said. Ryland Homes offered a similar plan. Although its sales event ended, Ryland will honor the price guarantee should a customer ask for it, Barlow said.
Capital Pacific Homes’ plan is being offered at seven Inland Empire developments in Corona, Murrieta, Menifee, Beaumont, Winchester and Victorville. It also is available at one development in Lancaster. The company is looking at extending it after the Feb. 28 expiration date, Hernandez said.

Under Capital Pacific’s program, buyers can back out of deals and get their deposits back if the home loan appraisal issued about 30 days before closing shows that the home value is less than the price tag.

“We don’t have oodles of rules,” he said. “It’s really simple. You get your money back.”