Recently, I bought a home in Orange County – my first. Like most first-timers, I really didn’t know what to expect. But it wasn’t long before my uncertainties began to vanish. That’s because I had a super Realtor there with me every step of the way. Angie Weeks really knew the ins and outs of the Orange County Real Estate marketplace. And she was there all the time with lots of advice and support. I always felt I had somebody on my side. Angie definitely went above and beyond what I had ever expected. I have a lot to be thankful for.

The first thing I would tell any first-time buyer is this – make sure you have plenty of patience. That’s the key. Eventually you’ll find a good deal. Believe me, they’re out there. Just don’t be in a rush. You’ll get the house you want.

The other thing that’s really important is to go into the market with an open mind. That’s the best way to figure out exactly what you want. Sure, it’s pretty typical to be unsure when you first enter the marketplace. But once you embark on your house hunt, you’ll gradually become familiar with all the possibilities. Suddenly, things you never thought of prior to the search might become major issues. On the other hand, things you considered a big deal may not seem so important after you’ve looked around a while. It’s all a question of taking the time to figure out what you want.

Great people, great schools, great environment – there’s plenty to luv about the sunny city of Mission Viejo. And if you’re searching for one of the many ideally-located Mission Viejo homes, you now can register with an Orange County Real Estate resource that will make your house hunt a whole lot easier, effective, and enjoyable. We’re talking full coverage that targets exactly the kind of place your heart desires.

This resource even allows you to extend your search beyond the confines of daytime hours. Don’t worry. You won’t lose any sleep. It’s all done for you online with a Nightly Neighborhood Search. You could literally find the home of your dreams while you dream.

Of course, needs vary. Fortunately, Mission Viejo offers buyers a diversity of choices. A great example is the La Paz tract. Rating sky high on the desirability scale, La Paz is noted for its generously large lots – sometimes stretching out to acres of upscale family living. For the recreation-minded, nearby Lake Mission Viejo offers plenty to do… or not do when you’re in chill-out mode.

If you’d like to learn more about the excellent selection of Mission Viejo homes currently available, I’m ready to help. Just contact me at 949.338.7408 or angie@askangie.com. Or follow me @AngieWeeks or @WeeksTeam.

April 30 – that’s when it’s all over, people. You’ve gotta be in escrow by that date in order to qualify for the extended first time home buyer’s tax credit. It all boils down to this: get your home purchase contract in the pipeline by the deadline, or forefeit up to $8,000.00 in tax credits. Poof! Gone! Hasta la Vista, baby! And time won’t make an exception for you. It’s slippin’ away. You’ve got about seven weeks to get it in gear. On your mark, get set, go! 

But if this time crunch isn’t enough to propel you into a mad dash worthy of an Olympian champ, consider this – the deal has to close within two months of the April 30 deadline. In calendar time, the whole thing has to be signed, sealed, and delivered by June 30. If not, say good-bye to your chance to put up to 8k in your pockets.

True, in a grand show of governmental largesse, Uncle Sam already has extended the tax credit one glorious time. But if you’re sitting on your big sofas waiting for this generous act to repeat itself, make sure your crystal ball is in full working order. Because if you don’t have one of these handy devices, there’s no telling what our friends in Washington will do. So unless you’re prepared to risk 8k on a hunch, it’s best to spring into buyer mode now.

If you’re a first time home buyer, the government is offering you a great way to save up $8 thousand. But the offer won’t be on the table much longer. If you’d like to learn more about benefiting from this generous first time home buyer tax credit before it vanishes, I’m ready to help. Just contact me at 949.338.7408 or angie@askangie.com. Or follow me @AngieWeeks or @WeeksTeam.

No doubt about it. Real Estate Foreclosures are helping to heat up the marketplace throughout the country. And one of the most popular foreclosure hotspots is Mission Viejo. There are many reason for the undeniable appeal of this fair city. Among them are high quality of life, an acclaimed school system, abundant recreation, safety, stunning architecture, and plenty of good ‘ol sunshine. Now factor in the great price of a foreclosure property, and Mission Viejo becomes downright irresistible.

Alright, you want to grab one of these amazing Mission Viejo foreclosures. Great. But there are a couple of  things you should know to plunge into the market at full power.

Move at Lightspeed

There are plenty of foreclosure properties available. But they go fast, folks. One nanosecond late, and you could miss the deal of a lifetime. On an average, these properties are snapped up within 7 days of being listed. That’s no surprise, since these homes generally on the market at about 10% below market value. So don’t sit around waiting for one to fall into your lap. You’ve gotta get up and get out there if you want to grab those deals. We’re talking lightspeed.

Be Prepared

A  lending institution expects all relevant documents to be in order at the time you make your offer, NOT when your meticulously crafted offer is accepted. Your agent will know more about what to have and when to have it. Just make sure you’re ready. Because if you aren’t, the local bank can choose from plenty of other eager buyers who are.

Grab a Great Deal in a Great City

No doubt about it. Mission Viejo Real Estate foreclosures offer great deals in a great city. Act fast and go in prepared, and you tremendously improve your chances of snapping one up. If you’d like to learn more about these buying opportunities, I’m ready to help. Just contact me at 949.338.7408 or angie@askangie.com. Or follow me @AngieWeeks or @WeeksTeam.

Looking for a beautiful residence so close to the beach you could hop on your bicycle and reach sandy shores in minutes? Then you’re gonna love this Huntington Beach Condo. It’s a one level charmer with one bath, stunning hardwood floors, a cozy fireplace, and a balcony offering dazzling, beach breezes from Huntington Beach. Located in highly desirable West Huntington Beach, this property is pleasantly close to Bolsa Chica Beach, Huntington Harbor, and the Bella Terra shopping center. To complement the relaxed beachy environment, the complex enhances your living experience with amenities such as an open-air, lighted tennis court, racquetball, sauna, pool, and spa, all set against the soothingly scenic wetland preserves. Since this condo is being offered as a short sale, the asking price as an irresistibly-low $175, 000.

Such a fantastic deal is bound to get snapped up in the blink of an eye, so the best advice I can give you is get an early start.

5096 TORTUGA Dr #104 Huntington Beach, CA 92649

Property Details

• # Carport  1
• Studio
• AP #  939-54-375
• Assoc Dues # 1   267
• 1 full bath
• Cross Streets  S/WARNER AVE, E/BOLSA CHICA RD.
• Gated community
• Lot #  7
• Stainless steel appliances in kitchen
• Stories  One Level
• TGNO   857D1
• Total Floors 3
• Tract # 10853

How much is the mortgage?

Glad you asked!  One of our Certified Mortgage Planner friends Derek Beisner has created this Financing-Flyer for you with a few different options – payment could be UNDER $1000/mo….OMG!

If you’re interested in snapping up a great beachfront deal with this amazing Huntington Beach Condo, you may contact Angie at 877-230-3211 or angie@askangie.com to schedule a showing or get any of your questions answered.

Good news for home buyers. Fannie Mae is giving you a 3.5% incentive if you buy and close on a Fannie Mae-owned home. This amazing offer will be on the table between January 28 and April 30, 2010. If you purchase a property listed on HomePath.com and the deal closes within this time frame, you may get up to 3.5% of the final sales price for: 

• Closing costs

• The purchase of a new Whirlpool^® appliances by Fannie Mae

• Or if buyer prefers, a combination of closing cost and appliance discounts up to the maximum 3.5%.

Eligibility Requirements:

• Offers must be accepted on or following January 28, 2010;

• Property sales must close prior to May 1, 2010, and;

• Buyers are required to be owner-occupants. Investors can’t get in on this.

Sounds like a good deal to me. If you're interested in taking advantage of these amazing incentives, I'd leap right into action and talk to a
qualified lender today. And if you'd like help finding the home of your dreams, I'm here to help. Contact me at 949.338.7408 or angie@askangie.com.
Or follow me @AngieWeeks or @WeeksTeam.

]]> http://blog.askangie.com/2010/02/09/two-more-reasons-to-buy-a-fannie-mae-owned-home/feed/ 3 angieweeks fannie mae incentives http://blog.askangie.com/2010/01/28/mission-viejo-real-estate-delivers-the-dream/ http://blog.askangie.com/2010/01/28/mission-viejo-real-estate-delivers-the-dream/#comments Thu, 28 Jan 2010 06:20:20 +0000 angieweeks http://blog.askangie.com/?p=507 ]]> The Undeniable Allure of Mission Viejo Real Estate

One look at the Mission Viejo Real Estate market, and you’ll understand why things are hopping and happening in that picturesque locale.  This Orange County city seems to have it all.  Whether you’re an OC newbie, or a seasoned long-timer, Mission Viejo is a dream-come-true.

First and foremost, Mission Viejo is an absolutely wonderful place to live. Lush green rolling hills, first-rate schools, sprawling lots, approximately two parks per square mile, championship golf courses, and a reputation for being among the safest cities in the U.S. give this prime destination a clear-cut distinction.

Oh, and the lake — that big, shimmery landmark of recreational bliss. Lake Mission Viejo has something for everybody.  Boating, swimming, fishing, suntanning on a powdery beach, special activities, and much more –  it’s the ultimate way to splash up major fun if you’re a resident. Hey, the rain won’t last forever.

Plus in Mission Viejo, there’s no such thing as Mello Roos to nibble away at your hard-earned greenbacks. They’re stayin’ in your pocket, folks.

This is definitely the time to get in on the buying opportunities offered by Mission Viejo Real Estate. And I’d like to help. Contact me at 949.338.7408 or angie@askangie.com. Or follow me @AngieWeeks or @WeeksTeam.  I’ll see you on the lake!

Anti-property-flipping measure waived for one year!

Inman News

Starting Feb. 1, housing regulators will suspend for one year a 90-day waiting period on property resales that it says has put FHA borrowers at a disadvantage in bidding on foreclosed properties.

The waiting period on FHA financing of resales was implemented in 2003 to protect the Federal Housing Administration’s mortgage insurance program from the impacts of home flipping.

The policy did not apply to properties repossessed by Fannie Mae, Freddie Mac, or state- and federally chartered financial institutions. In 2008, FHA lifted the 90-day waiting period on resales of all bank-owned (REO) properties (see story).

Now, although many other conditions still apply, the waiting period is being lifted on all resales — including properties purchased and rehabbed by private investors.

Research shows that acquiring, rehabilitating and reselling properties to prospective homeowners often takes less than 90 days, the Department of Housing and Urban Development (HUD) said in announcing the change.

Some sellers of foreclosed properties have been reluctant to enter into contracts from potential FHA buyers because of the cost of holding a property for 90 days, and the risks that a vacant property would be vandalized, HUD said.

Lifting the waiting period “will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities,” HUD said.

Lenders must have supporting documentation or a second appraisal if the sales price of a property increases by more than 20 percent from the seller’s acquisition cost, HUD said in publishing the waiver requirements. The waiver does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

No doubt about it.  Suspending the 90-day waiting period will be a major stimulus to the Real Estate market.  With quick turnarounds now possible for all properties purchased by FHA borrowers, re-sellers have a strong incentive to put more of their homes on the market. Because of this increase in available choices, FHA borrowers have an equally strong incentive to get in on the buying action.

If you’re ready to take advantage of the buying or selling opportunities that have emerged thanks to this new measure, I’d like to help. Contact me at 949.338.7408 or angie@askangie.com. Or follow me @AngieWeeks or @WeeksTeam.

If you’re seeking a slice of the good life in Orange County, this Laguna Niguel Condo could be exactly what you’re looking for. This is a wonderful listing that you definitely should have a look at. It’s a single story condo with two bathrooms and two baths creating the perfect space for a single person or a small family. Located in prestigious Laguna Niguel North, a community known for its excellence and charm, this residence is in an exclusive gated community that offers both security and a relaxed, inviting atmosphere.  Individuals seeking a perfect blend of affordability and luxury will find this property irresistible, with an asking price of only $225,000. This is an incredible price, considering the first-rate location of the property.  The only drawback is that the neighborhood is not FHA approved.

A deal this good won’t stay on the market long, so I encourage interested buyers to get in the game early.

24212 Avenida De Las Flores #127

Laguna Niguel

Property Details:

• # Garages                              1
• # Units                                    1
• AP #                                        938-71-292
• Assoc Dues # 1                     249
• Assoc Dues # 2                     70
• County                                   OR
• Cross Streets                        La Paz/Pacific Park (Oso Pkwy)
• Hi-Rise Floor Entry               1
  
• Lot #                                       1
• Model Code                            ^
• Stories                                    One Level
  
• TGNO                                       921G6
• Total Floors                           1
• Tract #                                   10922

New Year, New Opportunities in Orange County Real Estate

First let me wish a ‘Happy New Year’ to all.  Yes, folks, 2010 is here.  And with the new year, there promises to be a wealth of new opportunities emerging in the bustling world of Orange County Real Estate.  So get up off  your comfy couch and do what you’ve been wanting to do for a long time. Don’t let opportunity pass you by.  Add that to your list of New Years resolutions right now.

So maybe you’re thinking about buying your first home. Perfect!  If you’re an Orange County first time home buyer, the time has never been better. A major reason for such bright prospects is that there currently are a number of available incentives created to improve your overall experience.

If selling your home for the first time is on your mind, optimism is in order.  Buyers are returning to the marketplace. So sellers rejoice! The market is definitely moving in the right direction. In fact, there are a number things going on that will make selling easier, from listing to close. If you’re worried about Uncle Sam taking a chunk, be aware you might be able to reduce your tax obligation with a few easy and yes, legal steps.

Perhaps you’re opting to make your first Real Estate investment.  Believe it or not, there are well-focused ways to improve your financial future without getting an advanced degree from the school of hard knocks.

Indeed, the door of opportunity is opening wide in 2010.  If you’re ready to learn more about the diversity of emerging Orange County Real Estate opportunities, I’ll be happy to help.  Contact me at 949.338.7408. Or follow me @AngieWeeks or @WeeksTeam.

Ready to own your own home and step up your lifestyle?  Then make fast tracks to the Marriot Anaheim on Sunday, December 13 for the ultimate Orange County home auction.  That’s when 54 units of the luxurious Harbor Lofts hit the auction block. Bids start at an ultra-low $165,000.  That’s right. $165,000.

Gotta Luv the Lofts

The Harbor Lofts are located in bustling downtown Anaheim. A nice, prestigious location with plenty of urban snap and sizzle. What else could you ask for? OK, how about pricing that re-defines Orange County housing affordability.

You’ll Also Enjoy:

• Your choice of 1-3 bedrooms.
• Swimming pool and gym.
• Easy walking distance to shopping, parks, and Farmers Market, as well as a minutes-away drive to Disneyland, the Honda Center, and Anaheim stadium.

All qualified buyers are eligible for up to $125,00 in down payment assistance. And if this is your first home purchase, you may qualify to receive up to $8,000.00 in a first-time buyer tax credit. Nice.

The Remedy for Auction Anxiety

Those of you with ‘auction anxiety’ can rest assured that the whole process is actually quite simple, and even exhilarating.  Before any bidding starts, a speaker will make sure you’re completely informed with a brief summary of the terms of sale, the ways to bid, and any late changes or disclosures. The auctioneer answers any final questions you might have. Then the fun begins as bidders call out their competing offers to gain the property of their dreams. Basically it works like any other auction. If you get a chance, attend a home auction to familiarize yourself with this truly exciting way to grab big time real estate bargains.

If you’re eager to learn more about this amazing Orange County home auction event, I’ll be happy to help.   Contact me at 949.338.7408. Or follow me @AngieWeeks or @WeeksTeam.

As an Orange County first time home buyer, selecting your home is a major decision. Luckily, the U.S. Government is making it easier than ever for newbies. To stimulate the housing market, Uncle Sam has extended the first-time buyer tax credit until April, 2010. The program has already helped hundreds of first-timers see their dream come true. Why not be one of them?

Taking Advantage of the Program

If you’re a qualified first-time home buyer, you can receive up to an $8,000 tax credit for your purchase.  To qualify, you’ve gotta purchase your home between November 7, 2009 and April 30, 2010.  Also, you cannot have owned a residence any time prior to buying your new home. If you meet these criteria, you’re on your way. How much you qualify for depends upon two factors: your income and the price of the property you’re considering.  The point is, you’re in for a major financial windfall no matter where you lie on the scale.

The other great thing about the tax credit is that it offers you complete freedom. You can choose any property your heart desires, as long it is used as your primary residence. There are no other restrictions.

Since the first time buyer tax credit expires in 2010, the time is ripe to reap the rewards of this major incentive and live the dream of home ownership. There are dozens of resources to learn more about this exciting program if you’re an Orange County first time home buyer. Should you have specific questions, I’m always available to answer them.  You can contact me at 949.338.7408. Or you can follow me on Twitter @AngieWeeks or @WeeksTeam.

Thinking of submitting a Home Loan Application now that the First Time Buyer credit was extended?

Once your loan application is filled out and sent to the lender for review, the first thing they will look for is your ability to payback the loan you are requesting. My team and I have a streamlined loan process to help you get your ducks in a row prior to this review. A grand slam loan package is in perfect order and answers all the important questions up front. We know what the lenders are looking for, based on long-term relationships with them and extensive knowledge of guidelines for a multitude of loan programs that are available today.

What is the lender looking for when they review the loan application?

The lender wants to know about your personal financial picture, including savings and credit history and your employment stability. The co-borrower’s history is also taken into consideration. The lender also considers the loan amount and appraised value of the home you are looking to purchase. Not every applicant is approved the first time through the process. If the underwriter has any questions or concerns, he or she will require certain conditions be met before they approve the loan. Pre-approval prior to house hunting lets you know exactly how much you are qualified to borrow in advance.

What can I do on my end to make it easier?

Before taking out a home loan it helps to establish a consistent record of paying your bills on time. If you have utility bills that are overdue, bring these up to date. Make sure you are paying credit card installments in a consistent and timely manner.

We can help you evaluate your debt-to-income ratio to determine what mortgage payment will be comfortable and affordable for you on a monthly basis. Aim for having enough savings to cover your down payment, closing costs if necessary, and two month’s expenses in case of emergency. We’ll help you find the loan program that works for you.

If I just started a new job six months ago, can I still apply for a loan?

A stable employment history is important, but the lender does take human factors into consideration. If you’ve recently completed college or vocational training, or were released from the military, you have good cause to have a lack of consistent work history. If your profession is seasonal, and gaps in employment are normal in your field, there are loan programs that can work with your situation. If you are a freelancer or do contract work, the lender will look for consistency in income over the last two years.

Consistency is the key word in the lender’s mind. But know that lenders have developed many different loan structures to meet the needs of the general public. When your grandparents bought their first home, they probably put 50% down and made a lump sum payment when the note was due. Times have changed, and so have loan programs. My team and I stay on top of current mortgage trends. We monitor rates daily and have a support network of RealtorsR, CPAs, Financial Planners and Credit Repair Consultants to lend you additional assistance.

Call me directly for a free consultation.

Derek Beisner
Certified Mortgage Planner
Premier Lending Group
Phone: 949-637-9939
Fax: 949-380-1819
derekb@plgp.com
www.DerekBeisner.com

What exactly is a HUD home?

Of course, you know HUD stands for US Dept of Housing and Urban Development.  The listing agent, Barbara Kerr with Realty Execs, explained HUD homes as properties with FHA loans that had been foreclosed on.  Because FHA is a government backed loan, these properties go back to HUD when owners abandon the property or go through foreclosure.

How do I buy a HUD property?

Not just anyone can get their hands on one.  HUD homes have a special key to enter; they don’t have normal lockboxes and supra keys us Realtors typically use.  Interesting… *thought* there could be less competition for our buyers on these properties because this is an additional hoop to jump through. Of course, we checked the details on the website – we need to have a Name and Address Identifier number with HUD in order to make a bid.  It appears the required NAID # is issued to our broker, not us.  So, we’ve been in touch with Darrell our fabulous broker to see about getting all set up

Barbara, the nice & helpful *yay, rare!* listing agent, said she gives a class on it, I told her I would like to attend.  I’ll blog more after that…We’re always learning something in real estate!

Having capability to offer on HUD properties will help both our investor and first time buyer clients – double win!!

We know. You want to buy a home in Orange County because prices and rates are down.  Plus, there’s so many tax incentives right now.  Buuuut the down payment hasn’t magically appeared in your bank account.  Well, we may have a solution for your down payment blues.

This week I had breakfast with another one of our preferred lenders, Bruce Campbell. I wanted to let you know about a loan option Bruce offers which I haven’t seen from other lenders:

FHA based loan that only requires a HALF PERCENT down!

What?  Half a percent? Like, if I were buying a $200,000 condo……….. $1000 dollars? How could that be?????

I know, I asked the same thing. The program basically involves TWO loans – your first is an FHA loan, and your second is an ‘access’ loan. When you buy a property with a normal FHA loan, you are required to put 3.5% down. The second ‘access’ loan in this scenario pays your other 3%, so this is how you get away with only putting down a half percent.  *please note, there are other fees buyers need to pay such as inspection, escrow, and any other fees you agree to on page 2 of the purchase agreement.  These fees are all minimal compared to a down payment, though!*

I immediately asked about the rate of the 2nd access loan, thinking it was probably high. Bruce said its usually less than 8.25%. That’s way better than a lot of seconds, and if I recall correctly it wasn’t a variable rate loan. Ok, that base was covered.

What about other stipulations? Who qualifies? I was suprised there weren’t more – the main 3 were:

1. In Orange County, combined max household income needs to be LESS than 103K.
2. You need a 580 credit or above (this is for all FHA loans, though)
3. Your Debt to Income Ratio can’t be higher than 43%. If you want to buy a home in Orange County, but don’t have 3.5% saved, this program could be a great option for you as long as you match the above criteria. You don’t even have to be a first time buyer!

Bruce said he’d be happy to talk details with you, no obligations. Here’s his contact info so you can find out for sure if you qualify:

Bruce Campbell

BR.Campbell@cox.net – 949.540.2300 ext 343

I was just meeting with one of our first time buyer preferred lenders, Manny Piceno.  Manny plays hockey with Mike at Aliso Ice rink, and he’s always been one of our favorite g0-to guys because he’s full of good info but not full of himself

If you’re not actively looking for a home right now, you may not know that the most common first time buyer loan, FHA, has stricter guidelines than other loan packages.  FHA is a great 1st time buyer loan to get because its fixed rate, backed by the government, AND you only need 3.5% down.

BUT, there are additional guidelines for FHA loans.  One of those guidelines is that the HOA doesn’t have too many homeowners defaulting on their HOA payments.  When people get in financial trouble, one of the first bills they stop paying is the local HOA.  Also, the HOA needs to have a certain percentage of owner occupied properties.  If too many investors own and are renting out properties in that neighborhood, it may not be FHA approved.

FHA approved neighborhoods in Orange County – how the heck do you find them?

Well, Manny let us know about this website:

https://entp.hud.gov/idapp/html/condlook.cfm

Of course, its not perfect and the status of neighborhoods is constantly changing, but at least  you can have a resource to get an idea.

What about spot FHA approval for Orange County condos?

Well, its possible, but highly UNlikely if your neighborhood is listed on this website as ‘withdrawn’ or ‘rejected’.  If you’re a first time buyer doing an FHA loan, you just cannot buy a property in that neighborhood.  We’re sorry, you may complain to the government   Or, you can borrow $$ so you have a 20% down loan, and buy wherever the heck you want.  Really, although it can be frustrating to be limited when buying your first property, FHA is truely looking out for you and your best interest.

If you DID buy a property in a neighborhood where the HOA is belly up, the exterior could go south quickly and then it would be hard to sell.  Don’t believe us?  Call and ask Angie about how she had to be an expert witness in a court case where the HOA went bankrupt and the complex is now INFESTED with termites.  A poor unsuspecting homeowner cannot sell her condo, and she had a shady Realtor represent her in the buy.  She is still living with lots of winged roommates, and this has literally been going on for YEARS.  If FHA loans would have been available in CA at the time she bought, they would have prevented all the drama for her.  So sometimes, being told no is a good thing people!

Please call us if you have any questions about getting an FHA pre-approval.  You CAN own a home, we can help! 877-230-3211

First, what is a “short sale“?  In laymans terms, short sales are properties that have depreciated to the point where the amount mortgaged on the home is more than the home is currently worth.  Because the owner is forced by circumstances either financial or personal to move, they actually have to negotiate with the bank to take a lesser amount than is mortgaged on the property.

So, what does this have to do with you, the buyer?  A LOT.  Short sale rules are different, and we want you to know what to expect if you fall in love with a short sale property.  Here are a few “must know facts” when dealing with short sales.

1. The price you see on the MLS is not always APPROVED as the sales price. WH-WHAT?  Isn’t that like…false advertising???   Maybe, but that’s correct.  Many banks will not even consider taking a lesser amount than you owe for your home until you have an offer for your home on the table.   The short sale condo in Mission Viejo you like could literally be listed on the MLS for $299K, but once you submit your offer for $299K, the bank comes back and says “no go, we want $315K”.  As the buyer, you can choose to walk at that point, but you need to be aware this can and does happen regularly.
2. Short sales are anything but short. Remember, the bank has to “approve” the price of your offer, not just the current owner of the home.  Many times it takes weeks and even MONTHS for them to get back to you.  For this reason, if you need to be into your new home in 6 months or less, you may want to eliminate short sales from your property search.  Make sure you’re using a professional Realtor *like us* because we can help to sniff out how far along a short sale is.
3. You’re expected to play by the bank’s rules. Every bank is different.   After making you wait for months, many banks come back and expect you to close in a whirlwind of 3 weeks or less  (this is NOT a reasonable amount of time to get a loan anymore).  Also, the bank may want to re-write the CPA (California Purchase Agreement) and have you sign forms their lawyer has created for the transaction.  This makes many people uncomfortable, so be prepared!
4. After the bank accepts your offer, they still have the right to accept someone elses offer. SERIOUSLY?  Seriously.  Because the bank is put in the situation where they are taking less money than they are owed, it is their right to accept someone elses higher or stronger offer AFTER they accept yours.   You could literally have your bags packed and get this bad news, and as your Realtors we want you to know its a possiblilty.  This doesn’t happen that often, because the bank just wants to get the process done too, but it can happen.

Orange County short sales are a roller coaster to say the least!  Don’t be discouraged, though.  We can help.  Or, we can weed out the short sales for you.  There are still plenty of Orange County foreclosures to buy, too!   That’s a blog post for a different day

Its interesting, I’ve found ‘homes for sale’ and ‘foreclosure’ searches to be up, and ‘real estate’ searches to be down:

Mission Viejo Real Estate – 5400 searches last month compared to 8100 average

Mission Viejo ca homes for sale – 22,200 searches last month compared to 18,100 average

Mission Viejo foreclosures – 33,100 searches last month compared to 9,900 average

Newport Beach Real Estate – 12,100 searches last month compared to 14,800 average

Newport Beach ca homes for sale – 33,100 searches last month compared to 22,200 average

Newport Beach foreclosure – 12,100 searches last month compared to 2400 average

Orange County Real Estate – 40,500 searches last month compared to 33,100 average

Orange County homes for sale – 9900 searches last month compared to 5400 average

Orange County foreclosures - 6600 searches last month compared to 4400 average

This data comes from Google’s keyword selector tool, so it may be a raw indication that interest in Mission Viejo and Orange County foreclosures and homes for sale is up.

What do you think??  We’re getting more people signing up for online searches lately, and more questions instead of complaints while we’re out in the field…

Here are 3 things you should NOT do when you are looking for Orange County rentals:

1.  Partially filling out your application
2.  Working with multiple agents
3.  Stiffing on your appointments

I am going to explain why each is bad for you, and hopefully this madness can stop  

First, its essential that you fill out your lease application COMPLETELY, even if you are putting in n/a.  Your application is the initial impression your landlord will get from you!  You only get one chance to make a good first impression.  Yes, we all understand that you would like to keep some of your life private… but not putting your bank account info or balance on an application makes the owner of the property think you don’t HAVE a bank account.  Would YOU rent to an individual who did not know how to use the bank?  I think not.  The same goes for your references.  If you leave this blank the owner thinks that not one person out there will say a nice word about you.  Would YOU rent to someone like that?  A nicely written application (oh, we need to be able to read your writing too!) that is complete, goes a loooooong way.  Its ok if you don’t look perfect on paper, you need to be honest anyway. If you think the landlord won’t consider you if they know the short details then write a letter of explination and paint us a picture of how we can make this situation work for all involved.

Second, why are you working with multiple agents?  Do you really think you’re going to get better service that way?  If the agent you are working with is lazy and puts you on the back burner then CALL them, be honest in how you feel, and select a Realtor who CARES about you and your situation.  Thinking that 3 or 4 agents out there looking/working for you will get the job done quicker is WRONG.  Agents talk, and they will eventually find out about eachother.  Go ahead and apply that scenario to relationships and dating.  When you date multiple people and aren’t honest about it, what happens when they find out?  Who loses?  That’s right, cheaters never win.  In real estate either.  You may or may not know this, but unless a Realtor closes a deal with you, they do not get paid.  How ethical is it for you to let 4 people work for you knowing 3 of them will not get paid?  You need all the good karma you can get when you are looking for a good rental in OC!!!  Do yourself a favor and build a relationship with ONE, GOOD, Realtor. 

Finally, its important to GO to the APPOINTMENT you made!  Agents are constantly stiffed by internet inquiries.  Craigslist is such a great resource, and it makes us sad that stiffers are giving it a bad reputation.  Its totally ok if you decide you don’t want to see a property.  Agents LIKE it when you can filter out properties from the internet and not have to be carted to each one.  What they do not appreciate is you calling them, telling them you will be there at 7pm Friday night, and then you not showing up and not answering your phone.  These agents are re-arranging their schedules for you, and its sooo disappointing if you don’t call to say you will not be there.  Its common courtesy, everyone should practice it.  Stiffing agents makes them not trust you.  If they don’t trust you they won’t prioritize you.  If you think they don’t prioritize you, you may begin working with multiple agents….do you see how this is a vicious cycle?! 

Any and all comments are encouraged — go ahead and expose your rental horror stories, and the things you’ve learned not to do.   Here at The Weeks Team, we have proven strategies to make your application look good and get you into a rental.  Tell your friends, but only if they aren’t stiffers!!!

637 Loretta Drive, Laguna Beach CA

Alright, alright.  I’m big on views.  I’m sure you want to know about the property…  Its immaculate   The trilevel offers 3 bedrooms, 4 bathrooms, 2 car attached garage and 2700 square feet.  EVERYTHING is upgraded, Hardwood floors, granite counters, a nice corner fireplace and wonderful dining/living area to entertain, patios and balconies off of EVERY room, master bathroom with a perfect view of the ocean…definately somewhere you would want to check out.

Laguna Beach views

Laguna Beach is ON SALE right now, there’s 3 active listings on Loretta alone.  One is going for 4.2M, the other for 1.6M, and the one I am holding open today is asking 2.4M.  What a range, huh?  This is one of the reasons its so important to work with a Realtor, we can help you understand why the house next door is twice as much. 

I’ll be here for another hour if you want to come and check it out – or I can schedule an appointment to show you any afternoon.  I recommend to come check it out around sunset…it will be spectacular

Laguna Beach sunset off of 637 Loretta Drive lower balcony