August 2009

FHA Financing Works for First Time Home Buyer

Thursday, August 27th, 2009 at 9:55pm. 75 Views, 0 Comments.

Orange County First Time Home Buyer FHA Success Story

After putting in 18 offers on other homes in Orange County, Toriana was finally successful in buying a huge 3 bedroom condo using FHA financing.  And to top off the success story, the condo was an REO property.  Read on to find out what led to Toriana's success and some of the hurdles along the way!

To begin with, the Real Estate market in South Orange County, Ca has seen a shift in the second half of 2009 - a shift toward a sellers market.  No, I take that back, shift is too benign a term - the market has actually catapulted into a sellers market.  Low inventory levels (meaning not enough homes for all the qualified buyers) has caused fierce competition - 10 to 20 to even 30 or more offers on the…

Orange County Home Seller - A Success Story

Saturday, August 22nd, 2009 at 4:10pm. 67 Views, 0 Comments.

Local Orange County Home Seller Has Great Success!

When Terri talked to me about selling her Costa Mesa, CA home in today's challenging market, I made sure to find out specifically what she wanted to accomplish.  After a number of detailed discussions, very thorough research on her neighborhood and all of Costa Mesa, and Terri's relentless hard work on staging her home, we agreed on the listing price, finalized the marketing plan, took all the photos, and put it on the market.  We were both extatic when we got 6 offers in the first week!  And the house went to a well qualified couple, using VA financing, for over the list price.  And despite the stringent VA requirements (including installation of a brand new furnace prior to closing) we closed in 30…

VA Loans Can Come True in Today's Market

Friday, August 21st, 2009 at 10:21am. 111 Views, 0 Comments.

Buying an Orange County CA Home Using VA Financing

Well, after putting in offers on 23 houses in 9 months, Rachel and Alan finally made their Orange County home buying dream come true.   Why did it take 23 offers and 9 months for them to finally buy a home?  If you are looking for a home to buy in Orange County today - you probably already know.  But read on to see if their story help you make sense of today's real estate market! 

Rachel and Alan began their search last December.  No real big aspirations, although they did have some pretty unwaivering requirements.  (Come on guys, you know you did...)  They had to have 3 bedrooms and 2 baths and room for all of their toys.  Like the Jeep (their third car) and the RV - I cannot tell you how many times…

The Short Sale Package - What Every Potential Short Sale Seller Needs to Know

Wednesday, August 12th, 2009 at 10:34am. 88 Views, 0 Comments.

What Every Seller Must Have to Request Your Lender to Consider a Short Sale

Once you have come to the conculsion that a Short Sale is the best option for you, there are documents you need to provide to your Realtor.  Your Realtor will represent your case to your lender, but you have some work to do up front to give yourself the best chance at being successful with a Short Sale in order to avoid foreclosure.

The following documents necessary to submit what is known as the Short Sale "Package"

• The past 2 months Mortgage Statements (from all mortgage holders including HELOCs)
• The past 2 months of bank statements, including savings accounts
• The past 2 years tax returns
• The past 2 pay period pay stubs for all wage earners who contribute to the…

California Property Tax Transfer

Wednesday, August 5th, 2009 at 9:22pm. 101 Views, 0 Comments.

California home owners over age 55 can take advantage of the Proposition 60 or Proposition 90 provision to transfer their property tax basis.  Here are the basics:

• At least one of the home owners must be 55 or over
• Must be selling and buying a home within the same county or moving to a participating county
• Must be buying a home of equal of lesser value than the California home you are selling
• One time only transfer
• Must be transferring to your primary residence
• Must set up before closing escrow on the purchase of the new home
• Can extend time from sale to purchase up to one year

These links will take you to the State Web Sites that will give you the detailed informtion:

ORANGE COUNTY

LOS ANGELES COUNTY

SAN DIEGO COUNTY

RIVEDRSIDE COUNTY

SAN…

FHA Loans for Condo and Townhome Buyers

Tuesday, August 4th, 2009 at 8:56pm. 81 Views, 0 Comments.

If you are in the market to buy a condo or townhome and are going with an FHA loan, you have to make sure the condo complex or condo project is FHA approved.  If you are in Orange County, California and are an FHA condo buyer, this link will take you to the page where you can input the information you have about the complex you are considering to check the status.  Sorting by zip code is very effiecient.  but you can also search by City name, Condo Name, and Field Office.  Santa Ana is the closest Field Office for Orange County, California condos.

To search righ now for FHA Approved Condo Complex - click below!

And if it is a new complex and not on the list, you can try to get an FHA Spot Approval.  Call me for more details
 

Summer Feeding Frenzy Continues in South Orange County Real Estate

Monday, August 3rd, 2009 at 1:30pm. 79 Views, 0 Comments.

Multiple offes and offers above the asking price continue to be the new normal in the South Orange County Real Estate market this summer.  There is fierce competition for those looking to buy a house in Orange County in the $500K and below ranges.  While it is sypical these days for buyers tho have to make offers on over 20 homes to finally close and to move in.  I have also recently helped several buyers get their first offer accepted and close escrow.  Strategy matters in this market - both your strategy as a buyer and your Realtor's strategy.

There are buyers willing to bring in cash to make up for the short fall on the appraisals - not all buyers can do this - especially with VA financing.  There are all cash buyers winning out even if they have…