There’s a ton of Orange County Short Sales out there, and we’re finding many of our buyers are still confused on what a short sale is, and how long it takes to close.  We wanted to give you the scoop on what to expect if you’re searching the Orange County short sale market.

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

This is an historic time to jump into the home buying market!
Home sales in Orange County are UP and home prices are DOWN by 32%!
That is a perfect combination!
Renters, access your situation and you may realize that owning a home is within your reach.  These steps will make your home owner dream a reality!

  Talk with a lender, your bank, credit union to see what your credit score, income and debt will allow you to buy.

 Set up a customized search on our website.  You can put in the criteria to find exactly what you are looking for.
 You can contact us anytime, and we will research any property you are interested and give you all the details you need prior to seeing the home.  Get pre approved for a loan.  This will put YOU in the drivers seat when you find a home you are interested in.   Bank owned properties can sell within a couple days,  great deals DO NOT last on the market for long, if youare pre approved, you are one step closer to making that offer a reality.  Check our our website for a list of qualified  lenders,  our clients always compliment Derek Beisner, on his professionalism, intelligence and honesty.

 The incentives to buy a new home in California make the process easy.  You may qualify for the federal tax credit
of $8,000, the California credit of $10,000 and you can put as little as 3% down with FHA financing!  
DON’T THROW YOUR MONEY AWAY ON RENT WHEN THESE TYPES OF OPPORTUNITIES ARE THERE FOR YOU TO OWN NOT RENT!

We are here to help, in any way, to make your dream home a reality.  Contact us at the WeeksTeam to set up an appointment to get you out of the renters rut!

I was just doing keyword research on Mission Viejo homes for sale, as well as checking some other cities here in the OC.

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…

Looking for a fun outdoor activity in the OC? Here’s some things to do for all ages:

Orange County Zoo :
All kinds of animals – plus the zoo is inside Irvine Park, where you can also ride the railroad and have a relaxing picnic

Lake Mission Viejo :
Go swimming, fishing, or boating.  The lake is closed to guests on holidays before 6pm, though   Make sure you bring your pass!

Crystal Cove state park :
Enjoy a brisk hike, and some historic coastline cottages.  Plus the drive to get there on PCH isn’t so bad either.

The best part is you can do any of the above for between $10-$20 per person, so there’s no excuses not to get out there and grab yourself a little sunshine!

Happy Memorial Day and God bless our troops and their families!!!

CALIFORNIA and FEDERAL Home Purchase credit

This valuable information is provided by Derek Beisner, Certified Mortgage Planner.  There are numerous reasons why this is the BEST time to buy a home.  California and Federal home purchase credits, LOW interest rates, financing incentives including 3% down and values on homes throughout Orange County.
IF you are renting or want a bigger and better home, call us today.  We will customize a search to meet your criteria and you will be in your dream home soon.  Read below to earn $18,000 in tax credits!  Don’t wait another minute!

CALIFORNIA HOME PURCHASE CREDIT

1. New home only, purchase between 3/1/09 and 3/1/10,    inclusive.
2. Two year residency requirement.
3. Credit is $10,000
 

FEDERAL HOME PURCHASE CREDIT

1. Any home purchase qualifies if purchased between 1/1/09    and 12/1/09.
2. Three year residency requirement.
3. Credit is $8,000.

Should you? Shouldn’t you?

Yes, we’re biased, BUT we think its time. Why?

1. Its cheaper for you to borrow money right now than it was for your parents to.

2. Home prices have been slashed by about 40% in the last couple of years.

3. Your mom wants you outta the house. Borrow some $$ one last time for a down payment on an FHA loan and make her proud

As of Friday, March 27, 30 year fixed loans are at 4.5%. This is the lowest rate in over 40 years!

Home sales in Orange County are up almost 49% this year, while home prices are are down for the 18^thconsecutive month.

Here are the facts:

• California lawmakers approved a new budget that includes a $10,000 tax credit for home buyers, the largest home buyer incentive EVER offered in in U.S. History. This incentive is offered between March 1, 2009- March 1, 2010.

• This tax credit is not limited to first time home buyers and you DO NOT have to pay it back as long as you stay in your home for 3 years!

• This California credit CAN be used with the $8,000 first-time home buyers credit made available by the Stimulus Plan.

• This means, IF you are a first-time home buyer in California, and you purchase a home that is over $200,000, you’ll get $18,000 in tax credits if you stay in your home for 3 years.

• If you take advantage of FHA Financing, you can put as little as 3% down on your new home. That could equal a few months of rent, and at the end of the year, you will have a tax credit!

OWN YOUR OWN HOME NOW!   Take advantage of LOW interest rates, lucrative tax incentives, many financing options and low down payment options!

Also,  your home = your decisions! Create your dream garden, paint in bold bright colors, decorate any way you wish!

Did you know only 1% of lenders are actually Certified Mortgage Planners? Contact one of the best! Derek Beisner provided us with the above information and is a WeeksTeam client favorite!

We at the WeeksTeam are here for you and will customize a home search to fit your criteria. Let’s work together to make your housing dreams a reality!

Do you have any friends in Orange County going through foreclosure? They aren’t alone, and hopefully you will forward them this link.  Here’s 3 things you should know about foreclosure:

1.  Just because you’re late doesn’t mean you’ll be out on the street
2.  The bank doesn’t want your house back.  The bank is willing to work with you.
3.  There are FREE NONPROFIT organizations who are happy to help

90% of avoiding foreclosure is having the strength to fight your fears and deal with the people you don’t want to when you are down and out on your luck and finances.  Here is a PDF link to Orange County nonprofits who can help you avoid foreclosure:

FREE ORANGE COUNTY AGENCIES

TO HELP YOU FIGHT FORECLOSURE

Other agencies to contact who can help you avoid or deal with foreclosure are HUD, FHA, Freddie Mac and Fannie May.  Even the White House has a blog post to help you.  You worked hard to get the house, now work hard to keep it.  We know its hard & scary but YOU CAN DO IT!!!

Many banks are also creating home-preservation programs and have offices set up near you where you can talk to a face and eliminate the phone tree nightmare. For example, Wamu/Chase has a center set up in Santa Ana – call 866-550-5705 if you have a loan through them and want to find the closest center to you.

BEWARE:  There are a ton of shady people preying on those who are scared and late on payments right now.  Its ok to talk to professionals about your situation, but before you pay someone money to help you you should:

1.  Make sure they have a good reputation.  I’m talking personal referrals, not good sales staff.  GOOGLE THEM!
2.  Get every service they say they will provide you in writing
3.  Verify they are licensed – only licensed professionals have the right to accept $$ for services!

Its always best to exhaust your free options first.  These people want to help out of the goodness of their heart, not the goodness of their bank account.  USE YOUR RESOURCES its a tough process to go through alone!  Feel free to post your foreclosure solutions and problems below!

If you’re one of thousands who already lost the battle with foreclosure, its ok, most successful investors have been through it too!  Here is a post-foreclosure blog post for you to read.  We are happy to help direct anyone who is at any stage of this process to the right professionals, so don’t hesitate to call 877-230-3211 if you need some help or advice.  After all, its not just our duty to help you buy or sell a home.  We want you to retain it!!!!!

How does the stimulus plan affect you, the first time home buyer?  What if you are ready to buy a bigger home?  Are you renting and want a place to call your own?  Read the following article, written by Derek Beisner, a local Certified Mortgage Planner.  Only 1% of all lenders in the Country are actually Certified Mortgage Planners.  Derek told us that within the last week, interest rates are the lowest they have been in decades!  Contact Derek, he will run the numbers for you, and you will know exactly where you stand.  You will be surprised how affordable it is to own a home!

First-time home buyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit. Remember a tax credit is very different than a tax deduction – a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.

The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000. Buyers will have to repay the credit if they sell their homes within three years.

Another thing to keep an eye on in the coming weeks is President Obama’s plan to help struggling borrowers before they are faced with a default on their mortgage.

According to reports, the Obama administration is discussing plans to help borrowers who are struggling to stay afloat, but who have not yet fallen behind on their payments. At this point, details are scarce; however, reports indicate that President Obama is looking to spend approximately $50 Billion to directly help homeowners before they face foreclosure and financial disaster.

While this is good news for individual homeowners, it will likely be good for the housing industry as a whole. That’s because, assisting struggling borrowers before they default should help stop the wave of foreclosures, which are estimated to top two million this year. That, in turn, will help stabilize home prices.

We are here for you and will customize a search to fit your needs.  There are amazing values in Orange County and we will find the right home for you!

This question is asked at dinner tables across the country. Here in Orange County, it may be the best time to buy vs. rent.

Orange County ranked #3 for most expensive rent afford ability through the United States metro areas.

Rents and leases are averaging $1,600+ per month; to comfortably pay rent, you would need to work a 72 hour work week just to pay your rent and utilities. Rent prices are going up in North Orange County and the priciest cities for renting remain Newport Beach, Irvine and Aliso Viejo.

December 2008 was the sixth straight month of new home sales gains and it looks like January 2009 will make a seventh straight month. Single family homes are selling for 42% less than during their “peak period” of June 2007, condo’s are selling for 44% below their March 2006 peak period and Builder prices for new homes are 43% below their February 2007 top selling period.

In the last several months, Orange County home shoppers bought 31% more residences vs the same time period one year ago.

PROS to buy- Financing is low- 5% or below. FHA loans and other loans allow only 3% down on your new home. When you own your home, you make the decisions! Paint, décor, landscaping, you name it. And of course, tax incentives. Talk with a certified mortgage planner for the latest information on interest rates and the BEST loan to fit your needs.

If you don’t think you have a down payment and it is cheaper to rent, it is not! After factoring the costs of security and pet deposits, first and last months rent, you could have the 3% down needed to own your dream home.

If you not registered on our website to start a home search, do so today! You can browse homes 24/7 and be up to date on home values in your area.

We look forward to helping our clients get out of the “renting rut” and into their new home in 2009!

There are a ton of Orange County rentals right now, and I continue to see people trying to get into a lease, but they are going about it the wrong way.  Everyone loses when this happens!  I know what I write below should seem like “common sense”, but right now, apparently not.  Can you tell I’m annoyed?  HELP me HELP YOU, like Jerry McGuire would say!!!!!!

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!!!

We love selling Laguna Beach homes!  Today is absolutely GORGEOUS, and I am sitting at 637 Loretta Drive in Laguna Beach.  The view of Catalina island is completely unobstructed… I can also see South Laguna, North Laguna, and Newport Beach from the wrap around balcony.  Its so beautiful, I promise my treo pictures don’t do it justice but I will post below anyway.

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

• 10.  Orange County Real Estate investments are among the highest yielding home buys in the United States.  When you purchase a home in Orange County, particularly along the coastal area, you will have a high return for your investment and a great quality of life.
• 9.   Several of the “top cities” in America are here in Orange County.  Irvine is rated #4 for 2008.  Families who live in Irvine say it is close to perfect… award winning schools, low crime rate, beautiful open spaces for outdoor activity and great shopping and entertainment, not to mention a hub for technology.
• 8.  You can now buy a Newport Beach mansion for under 40 Million dollars- at least a 17 Million dollar reduction from its original asking price!
• 7.  Interest rates on 30 year fixed mortgages are at their LOWEST in 30 years!  As of today, they are under 5%.  Consult a certified mortgage planner for details.
• 6.  Your neighbor could be one of the “Real housewives of Orange County” and if you borrow a cup of sugar, you could end up on a reality show!
• 5.  Home sales are UP, median home prices are DOWN.  All told, county-wide, sales were +39% vs. median home prices down -31%, therefore, a great time to BUY.
• 4.  Orange County is unlike anyplace in the world.  Our diverse industry has kept our economy and per capita income growth strong.  We have blue ribbon schools and the best climate and environment; mountains, canyons and 40 miles of ocean frontage.
• 3.  We have Fashion Island, The District, Irvine Spectrum, and other beautiful outdoor shopping centers.  Where else in the country can you take your family AND your poodle to dine and shop in the middle of winter?
• 2.  Getting married in 2009?  Let your family and friends know you are saving for your first home!  FHA and other loan options allow you to put only 3% DOWN on your dream home, and this can come from “gift money”.  So instead of a place setting or a toaster, use your “gift money” for your down payment and don’t throw away money on rent!
• 1.  WE are specialists in Orange County Real Estate and are here for ALL your housing needs!  The WeeksTeam will customize a home search for you and offer the BEST in customer service and satisfaction.  Let’s work together to put you and your family in an Orange County dream home!

Customer service and satisfaction is more important now than ever before.  When we have less money to spend and want the most for our money, we need to be 100% satisfied with the service we receive.
The WeeksTeam want you to know that we value you as clients and vow to offer the best in customer service at all times.  We the ability for you to search 24/7 for your dream home with updates every 15 minutes!  Also, we are full service throughout your home buying experience.  We never take for granted that our clients make our business what it is, and we thank you for that.
Sadly, not all companies offer superior service.  We found one that did.
This week, one of our clients needed to purchase a range/oven for his new home. Timing was critical, due to escrow closing soon and other deadlines we needed to meet.  We researched and found HOWARDS (Appliances and Big Screen Superstores).
The price was competitive with other retailers, but the delivery and installation charge was much less, therefore the overall price was best at Howards.  Also, delivery was offered in 1-2 days, unlike Sears, which was over 1 week.
The best part of the experience was Rick, our customer service representitive.  He placed our order, insured we would have delivery on time, called us with updates, and best of all, helped us with pricing and billing so we would satisfy our client and escrow requirements.
Rick, there are few like you!  We want to thank you for your help! 
To all customer service representitives that offer this type of exceptional service, you are a rare breed- thanks for what you do! 
Call or email us anytime for all of your home buying needs.  We will prove to you that the WeeksTeam offers the best in service and satisfaction!  Let us customize a search to find your dream home!

Maybe you know the Pillgrams arrived here to the New World on the Mayflower… but do you know the history and origin of these popular Orange County Cities?  Click the link after each city to discover a special value on an reo/bank owned home in these featured cities!

MISSION VIEJO
Although not a fledged city for too many years, Mission Viejo is steeped in a tradition that dates back to the vanishing days of men on horses driving cattle.
Nearly 25 years ago, the Mission Viejo Co. bought a 10,000-acre section of Rancho Mission Viejo from the O’Neill family, which once owned much of the land from Oceanside to El Toro.  An adorable condo, walking distance from the lake with low taxes and hoa, click here

IRVINE
Around 2000 years ago, the Gabrielino Indians inhabited what is now Irvine. Irvine is comprised of several villages, each of which was master planned by the Irvine Company. The first was constructed in the 1960’s and more are planned. The land, once granted to individuals by the Spanish and Mexican governments, was purchased in the second half of the 1800’s by James Irvine.
The Irvine, Flint and Bixby ranches were devoted to sheep grazing, although in the 1870’s tenant farming was permitted. In 1878, James Irvine acquired his partners’ interests for $150,000. His 110,000 acres stretched 23 miles from the Pacific Ocean to the Santa Ana River.
James Irvine died in 1886. In 1893, his son, James Irvine, Jr., came into full possession of the ranch which he incorporated into The Irvine Company one year later. James, Jr. began shifting ranch operations to field crops, olive and citrus orchards.  A stunning townhome, reduced over $70,000!  Click here
LAGUNA BEACH
In early times, local Indians thrived on the rich coastal lands and freshwater canyon lakes that made up the area they named Lagonas, for ‘lake.’
By the late 1800s, visitors were making an annual pilgrimage on rutted trails through the canyons to camp at Laguna Beach each summer. By the time painter Norman St. Claire visited from San Francisco in 1903, Laguna already had become a popular tourist destination with a hotel: the Hotel Laguna.
Within a few years, Laguna Beach had a permanent population of about 300 people—half of whom were artists.
In 1918, artist Edgar Payne opened an art gallery that later became the Laguna Art Museum, one of the first art museums in the state.  A beautiful home with a spectacular view/click here.

HUNTINGTON BEACH
The area of Huntington Beach was originally occupied by the Tongva people, also known as Gabrielinos, whose lands stretched from what is now Topanga Canyon through Aliso Creek in Laguna Beach.  European settlement can be traced to Spanish soldier, Manuel Nieto, who in 1784 received a Spanish land grant of 300,000 acres, which he named Rancho Los Nietos, as a reward for his military service.  The Stearns Rancho Company ran cattle and horses and raised barley crops on what is now the city of HB.  In the early 1800’s a portion of property was sold to Col. Robert Northam, who raised and sold barley to surrounding ranchers.  By 1889, the city was called Shell Beach and consisted of a small group of settlers.  In 1901, Shell Beach was changed to Pacific City when P.A. Stanton formed a local syndicate and purchased 40 acres along the beach with 20 acres on each side of Main Street.  Stanton’s dream was to build a town on the Pacific Coast which would rival Atlantic City on the East Coast… Huntington Beach!  A condo that is walking distance to the beach/click here

We at the WeeksTeam wish you a wonderful Thanksgiving and want you to know we are thankful that you are our client.  Have a beautiful Holiday Season!

An REO or Real Estate Owned property is a home that’s been through the foreclosure process and is now held by the lending institution. When borrowers default on their monthly mortgage payments, lenders will start foreclosure proceedings beginning with the notice of default, through the pre-foreclosure stage and into the final foreclosure step of the bank taking possession of the home, or REO.

REO homes are often sold by banks at below market values in order to sell quickly. REO homes are expensive for banks to hold because they require maintenance and the bank may have to repay any liens against the property.

Foreclosures that are owned by banks are usually clear of any liens that may have been recorded against the property.
Since the seller of REO homes is also the lender, you may be able to negotiate with the bank to have them pay for all or some of the closing costs.

Bank-owned properties are usually vacant because the banks have evicted the previous owner, saving the investor or homebuyer time, money and emotional toll involved in the eviction process.

The first step is to determine your NEEDS and WANTS.  You NEED a 3 bedroom home, you NEED to be in a good school district, you WANT a yard for entertaining, you WANT to be close to shopping and have freeway access.  Don’t settle for less than what you really want just because there may be a good value on a home.  You and your family need to be happy and without regrets.  We have a reputable system that allows you to search for your dream home 24/7 and uses the latest technology to insure up-to-the-minute information.  Click the home search section on our website and create a search that insures all your NEEDS and WANTS are met.

Buying an REO can be a competitive process.  You want to be ready.  Speak with a mortgage planner prior to starting your search.  You will be pre approved and know exactly what you can afford, factoring in HOA dues, taxes and other fees related to buying your home.  A mortgage planner can assure you of these costs and get you pre approved.
Once pre approved, you can make that offer if you find your dream home.  Most Orange County REO properties are on the market less than 2 weeks, some as little as a few days. 

We can customize a search for you and let you know when an REO/BANK OWNED Property comes on the market that fits your criteria. 

There are amazing values here in Orange County and we at the WeeksTeam are skilled in making one of them your dream home!  We look forward to talking with you about your housing needs and finding you a home that satisfies all your wants and needs!

Tuesday, November 4, 2008 will be a historic day in American History.  Thanks for doing your part and voting.  Here is a link to find your polling place in Orange County:  http://www.ocvote.com/

Now for some fun facts about the United States of America and how YOUR ONE VOTE COUNTS!

FUN FACTS

1.   The state that was the birthplace for the most former presidents is Virginia, with 8 former presidents born there.

2.   The religion to which the most former presidents belong is Episcopalian, with 11 former presidents.

3.   Four of our presidents have won the presidency but not the popular vote.  They are John Quincy Adams, Rutherford G. Hayes, Benjamin Harrison and George W. Bush.

4.   Armored knights used to raise their visors to identify themselves when they rode past their king.  This custom has turned into the modern military salute.

5.   There are over 50 recognized political parties, though many are very small and many are based out of only one or a few states.

6.   Definition: Psephophobia: The fear of voting.

7.   You must be 35 years old to be president, 30 to be U.S. senator, 25 to be a U.S. House member, 18 to be Governor of Vermont and 18 to be a state senator of Vermont.

8.   The youngest elected president of the U.S. was John F. Kennedy, at 43 years old

ONE VOTE MAKES A DIFFERENCE!

1714: One vote placed King George 1 on the throne in England and restored the monarchy.

1800: One vote kept Aaron Burr, later charged with treason, from becoming president.

1839: One vote elected Marcus Morton as the Governor of Massachusetts.

1844: A farmer in Switzerland County, Indiana named Freeman Clark was seriously ill on Election Day.  He had his son carry him to the county seat so he could vote for David Kelso for state senator.  Clark died on the way home from the polling place.  David Kelso was elected state senator by one vote.

1844: Back when state senates elected U.S. senators, the Indiana state senate elected Edward Hannigan for U.S. senate by one vote; that vote was David Kelso’s.

1845: The U.S. Senate passed a convention to annex Texas by a vote of 27 – 25. One of the two critical votes was cast by Senator Hannigan from Indiana.

1850: One vote made California a state.

1859: One vote made Oregon a state.

1868: One vote saved President Andrew Johnson from being removed from office.

1876: President Rutherford B. Hayes was elected by one vote. Here’s the full story: His democratic opponent Samuel Tilden won the popular vote, but came up one electoral vote shy of a majority.  Twenty electoral votes were under dispute because political tactics were so shady. Congress appointed a commission of eight Republicans and seven Democrats to resolve the issue of the disputed electoral votes. The members voted along party lines, and so the Republicans, with a majority of one, voted to give all 20 of the electoral votes to Hayes, thus making him the President.

1889: One vote made Washington a state.

1890: One vote made Idaho a state.

1920: Tennessee ratified the 19^th amendment, which allowed women to vote, by one vote.  Tennessee was the last state needed for ratification.

1941: One vote made the term for selective service 2 ½ years instead of 1.

We at the WeeksTeam look forward to helping you with your housing needs.  This remains a GREAT TIME TO BUY A HOME.

Good news from JPMorgan Chase.  Read this article from www.businessweek.com

 In what may the biggest sign yet that banks are getting serious about attacking the nationwide wave of home foreclosures, giant JPMorgan Chase (JPM) announced on Oct. 31 that it is sharply ramping up its efforts to restructure the loans in its massive mortgage portfolio. For the next 90 days, JPMorgan will not place any new homes into foreclosure.

The banking behemoth, which acquired troubled lender Washington Mutual on Sept. 25, says it hopes to modify terms for 400,000 homeowners, accounting for $70 billion in loans. Among the steps it is taking: eliminating toxic “pay option” loans, offering new loan terms to homeowners before they default, and hiring an additional 300 loan counselors to bring the company’s total to 2,500. “While Chase has helped many families already, we feel it is our responsibility to provide additional help to homeowners during these challenging times,” said Charlie Scharf, head of Chase’s retail financial services, in a prepared statement.

The JPMorgan Chase announcement comes as the U.S. bailout strategy seems to be shifting from the initial approach of having the Treasury Dept. buy $700 billion worth of troubled mortgage assets from lenders, to investing directly in big banks to spur more loans (BusinessWeek, 10/29/08), and now toward a coordinated effort to restructure loan terms for individual borrowers. Federal Deposit Insurance Corp. Chairman Shelia Bair has been pushing to have the federal government take a more active roll in loan restructurings (BusinessWeek.com, 10/30/08). The effort could be modeled after the fast-track mortgage modification program the FDIC put in place after taking over failed IndyMac bank in July.

More Than 2.2 Million Are 60 Days Late
The banking and mortgage industries have been criticized for not doing enough to prevent foreclosures and to modify the terms of troubled loans. According to the most recent data compiled by the Hope Now Alliance of lenders, counselers, and other industry players, lenders started the foreclosure process on 565,000 homeowners in this year’s third quarter. Some 265,000 homes were actually foreclosed on, nearly twice the number from the third quarter of 2007. Moreover, more than 2.2 million homeowners are more than 60 days delinquent in their mortgage payments, also a near doubling from last year.

The Hope Now Alliance was put together to keep borrowers in their homes. However, while Hope Now says it reached loan modification terms with 593,000 borrowers in this year’s third quarter, only 265,000 actually had the terms of their loans changed. The rest merely entered into payment plans, typically where the bank agrees to be repaid past-due payments and late fees over time. Mortgage industry critics say borrowers aren’t really out of danger unless the interest rates or principal is reduced, lowering monthly payments.

With IndyMac, the FDIC is reducing interest rates (BusinessWeek, 10/8/08), typically for five years, in an effort to keep borrowers’ payments to no more than 34% of their monthly income.

No More Pay-Option Mortgages
JPMorgan Chase says it’s reviewing its entire portfolio to determine which homeowners may be in trouble. The company says it will eliminate pay-option ARMs, a controversial type of adjustable-rate mortgage that allowed borrowers to defer part of their monthly payments, rolling the difference onto the principal they owed. Borrowers were often enticed to take such loans by the lower payments but now find themselves owing even more on their dwellings, even as home values have slid. A recent study by research firm First American CoreLogic found nearly one in five borrowers in the U.S. owes more on a home than it is worth.

New York City-based JPMorgan Chase also says it will proactively contact borrowers with prequalified offers to reduce their interest rates or loan principals and establish 24 new regional counseling centers to provide face-to-face help in markets with high delinquency rates. Many borrowers in trouble say it is difficult to reach lenders when they want to renegotiate loans. Many often feel they have to stop making payments to get a bank’s attention.

On Oct. 6, Bank of America (BAC) announced a settlement with attorneys general in 11 states that involved an aggressive loan modification program involving 400,000 borrowers and $8.4 billion in interest rate reductions. Bank of America’s Countrywide division had been accused by state officials of putting borrowers into loans they couldn’t afford during the boom just so it could resell those loans to Wall Street at a fat profit. Bank of America acquired Countrywide in July. 

We at the WeeksTeam feel this news from JPMorgan Chase is very positive and hope more banks follow in their progressive footsteps.  Contact your lender for more information on loan modification and contact us for all your housing needs.  It remains a GREAT TIME to buy a HOME. 

If you are looking to buy a home in Orange County, you are making a wise investment.  The “OC” is ranked #7 in the country for median home values for top-ranked US counties.  In fact, 8 of the 10 counties are here in California with the only Southern California county being Orange County.

6 Orange County cities ranked among the 25 cities with the highest home values in the Country; Newport Beach, Irvine, Huntington Beach, Mission Viejo, Costa Mesa and Yorba Linda.

This means, it is really a BUYERS MARKET.  Home prices may be dropping, but still at a level where they are considered the best in the country.  The advantage of course is you, as a buyer can buy your dream home NOW and know you made a secure investment.

With FHA options financing 97% of your loan, you come up with ONLY 3% down. This 3% can come from GIFT MONEY which is money given to you for this down payment, from family, friends, employers, anyone or anywhere.  Consider this option when signing another year on your lease (apartment or home) or putting off buying, thinking that you don’t have the money for the down payment.

The WEEKS TEAM is here for you and your housing needs.  Don’t sign another year on that lease before you look at the options of owning your dream home!