Buy a Fixer Orange County Home with FHA Financing

Thursday, January 7th, 2010 at 12:49pm. 83 Views, 0 Comments.

Buyers who find the perfect Orange County home for sale, but are using FHA financing are sometimes at a disadvantage to other buyers because FHA has certain requirements about the "livability" of the home.  The FHA 203k Rehab Loan program is designed to help people buy a home that needs some work.

FHA 203k Program

Basics of the Program

Essentially, this program allows you to buy a home that is listed for sale below the market price because it needs repairs, and build the cost of those repairs into your financing.

There are obviously a few requirements to qualify for the program.  Here's a quick rundown:

• The program is for "owner occupied" purchases only - no investors/income properties
• Single Family homes, Condos (with some restrictions)…

Great News for Orange County Home Buyers - New Home Buyer Tax Credit

Wednesday, November 11th, 2009 at 7:47pm. 222 Views, 0 Comments.

This is the news that all Orange County home buyers have been waiting for!  If you have been waiting for the extened and expaned Home Buyer Tax Credit - here it is.  And it is not limited to First Time Buyers anymore! Watch this short video for the high points:

This overview is provided by the National Association of Realtors and goes over the main benefits to Orange County home buyers (click the image to see a large version):

There are great deals on homes to buy in Coto de Caza today - everything from a 2 bedroom condos in Fairway Oaks to custom equestrian estates in Los Ranchos - for a total of 116 Coto homes you can choose to buy and take advantage of the new benefits of the Tax Credit. 

Of course, you can always call me for a free…

Attention ALL Orange County Home Buyers - Tax Credit Expanded

Friday, November 6th, 2009 at 1:18pm. 83 Views, 0 Comments.

Great news came from Washington D.C. today for all Orange County Home Buyers.  The House approved a bill that would not only extend the current tax credit for first time home buyers, but also expand the benefit to additional home buyers too.  You can read the Washington Post article which also discusses other items included as part of the bill expected to be signed into law by the President shortly.  The main points for home buyers to note are:

New Home Buyer Program

• $8,000 Tax Credit
• Applies to buyers purchasing a home for the first time in three years
• Sign a contract by April 30
• Close by June 30

Additional Home Buyer Program

• $6,500 Tax Credit
• Applies to buyers who are buying a primary residence AND
• Have owned their home for five…

California Property Tax Transfer

Wednesday, August 5th, 2009 at 9:22pm. 96 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…

It's a Seller's Market in Orange County Real Estate Today

Thursday, June 18th, 2009 at 1:40pm. 148 Views, 0 Comments.

Breaking News Item - The median price of homes sold in California increased two consecutive months for the first time in almost two years.  What does this mean to you as an Orange County, CA home seller?  It means the cards are in your hands once again.

 As your Real Life Real Estate Agent I'm here to fill you in on what is happening TODAY in Orange County - giving the insider scoop to buyers, sellers, investors, and home owners.
 

Supply Has Fallen From Last Year's Highs

We are currently in a Sellers market in Orange County - due to the never failing forces of Supply and Demand.  In the housing market, we've seen the over supply of houses and pressure forcing prices down from last year begin to make a reversal as the nation-wide Foreclosure Moritoriom…

Ladera Ranch Activity for May 2009

Tuesday, June 2nd, 2009 at 11:48am. 111 Views, 1 Comments.

Ladera Ranch Real Estate Activity for May 2009

There are currently 140 homes actively listed for sale in Ladera Ranch, with asking prices ranging from $220,000 for a 1-bed 2-bath 1,100 square foot condo to $4,899,900 for a 8,700 square foot custom 6-bedroom home in Covenant Hills (on the market since July of 2008).  66 of the homes listed are Short Sales, but only 4 are Bank Owned, meaning 50% of the homes on the market are "distressed" sales.

41 homes came on the market during the month at an average list price of $283 per square foot, and 13 of those are already in escrow or have sold.

75 homes came off the market pending sale.  The average list price per square foot at the time they were "pended" was $249, a reduction from the $266 per square…

Saddleback Valley Real Estate Activity for May 2009

Monday, June 1st, 2009 at 7:40pm. 126 Views, 0 Comments.

Saddleback Valley Real Estate Activity for May 2009

Including Coto de Caza, Rancho Santa Margarita, Trabuco Canyon, Mission Viejo, Ladera Ranch, and Lake Forest

There are currently 1002 homes actively listed for sale in the Saddleback Valley, with asking prices ranging from $85,000 for a 1-bed 2-bath 985 square foot condo in Lake Forest to $22,000,000 for a custom home in Los Ranchos Estates of Coto de Caza.  404 of the homes listed are Short Sales, but only 31 are Bank Owned, for a total 43% of the homes on the market "distressed" sales.

The two communities hardest hit by owners in distress are RSM and Ladera Ranch, with 50% or more of the homes on the market either Short Sales or Bank Owned.

406 homes came on the market during the month at an…

Mission Viejo Activity for May 2009

Monday, June 1st, 2009 at 6:42pm. 108 Views, 0 Comments.

Mission Viejo Real Estate Activity for May 2009

There are currently 286 homes actively listed for sale in Mission Viejo, with asking prices ranging from $115,000 for a 1-bed 1-bath 450 square foot condo to $2,995,000 for a 5,500 square foot custom 6-bedroom home on the lakefront.  102 of the homes listed are Short Sales, but only 8 are Bank Owned, meaning 38% of the homes on the market are "distressed" sales.

126 homes came on the market during the month at an average list price of $281 per square foot, and 38 of those are already in escrow or have sold.

146 homes came off the market pending sale.  The average list price per square foot at the time they were "pended" was $273, a reduction from the $287 per square foot of the original listing.

85…

Rancho Santa Margarita Activity for May 2009

Monday, June 1st, 2009 at 3:10pm. 99 Views, 1 Comments.

RSM Real Estate Activity for May 2009

Including Dove Canyon, Rancho Cielo, Robinson Ranch, Wagon Wheel, Las Flores, and Walden

There are currently 219 homes actively listed for sale in Rancho Santa Margarita, with asking prices ranging from $110,000 for a 1-bed 1-bath 650 square foot condo to $1,349,000 for a 4,150 square foot 5-bedroom home in Dove Canyon.  108 of the homes listed are Short Sales, but only 8 are Bank Owned, meaning 53% of the homes on the market are "distressed" sales.

97 homes came on the market during the month at an average list price of $260 per square foot, and 21 of those are already in escrow or have sold.

115 homes came off the market pending sale.  The average list price per square foot at the time they were…

Coto Monthly Activity for May 2009

Monday, June 1st, 2009 at 11:45am. 408 Views, 0 Comments.

Coto de Caza Real Estate Activity for May 2009

There are currently 157 homes actively listed for sale in Coto de Caza, with asking prices ranging from $369,900 for a 2-bed 2-bath 1,342 square foot condo to $22,000,000 for a 16,000 square foot custom Los Ranchos Estate (on the market since February of 2008).  22 of the homes listed are Short Sales, and only 3 are Bank Owned, for a total "distressed" ratio of less than 16%.

Once again, 37 homes came on the market during the month at an average list price of $437 per square foot.  The price per square foot is heavily skewed by 3 or 4 multi-million-dollar listings - if those over $3,000,000 are excluded, the average price per square foot is $332.

22 homes came off the market pending sale.  The average…