Archive for May 16th, 2010

New Loan Program Boon to Home Buyers and Sellers

Posted on May 16, 2010. Filed under: First Time Buyer help, Lenders & Loan info, Making Life Easier, Orange County Real Estate | Tags: , , |

Innovate Program Wraps Home Improvement Costs Into a Single Loan

Good news for Orange County home buyers, sellers, and agents. There’s a great new Home Improvement Loan program that will make a large number of homes far more affordable. Basically, this nifty financial solution combines the sale price of a home and the cost of home improvements into one convenient loan.

What a powerful incentive for a buyer who’s reluctant to commit to a home simply because it’s screaming for repairs. With this program, everything is covered in one simple package. No instant out-of-pocket expenses to discourage would-be buyers.

Another great thing about the program is that the house being financed gets appraised on FUTURE value. In other words, after the improvements have been completed. So there’s never deal-stalling appraisal issues nagging at the parties involved.

Here are the basics:

  • Basic Explanation:  the Home Sales Price plus all clients’ home improvements get wrapped into one, low fixed rate loan!
  • Loan Limits = same as FHA County Limit  (1 Units: $729K in Orange & LA County, $500K in Riverside.  2-4 Units higher)
  • Low Down Payment – only 3.5% required!  (plus normal closing costs carried by seller or buyer)
  • Possible Renovations to home include:  (Remodeled rooms such as kitchens, bathrooms, etc.  Additions, alterations, or structural changes to home.  Repair or replace plumbing, heating, air, roof, foundations, etc!)
  • Also available for Refinances
  • [Gov’t Insured Loan, 1-4 Unit SFR (no condos), 620 Min FICO]

But wait, there’s more! With this home improvement loan, you’re assured of a quick close. And there will be no more worries about buying a bank-owned property.

Alright, so your dream home needs a few repairs. No problem. You’ve got the ideal solution. Learn more about how this new loan program can make your Orange County dream home happen. Or get a quick pre-approval. Just contact Cory Hillis at 888-299-4484 or

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Short Sale Approval: Welcome to Big Top Banking

Posted on May 16, 2010. Filed under: First Time Buyer help, Lenders & Loan info, Orange County Real Estate | Tags: , , |

Want a Short Sale Approval? Join the Circus.

After much frustrated hair pulling and gnashing of teeth, I’ve finally concluded that getting a short sale approved is basically a trip to the circus. Only in this case, the big top is the bank. It’s as if Barnum and Bailey merged with B of A.  And guess who’s jumping through all the flaming hoops. That’s right — the agents. Worse part is, there’s no applause at the end. If the Realtors are lucky, they emerge with their wits intact. 

So how does an agent get a short sale approved in the contemporary big top banking environment? The consensus among agents I talked with is that you’ve gotta do some major attention grabbing.  OK, so how do you do that without painting your hair all the colors of the rainbow and cartwheeling through the bank lobby?  Here’s what one agent did to secure an approval.  Bear in mind, this is totally 100% serious, unadulterated fact.

  • Called the bank prez.
  • Saturated bank inbox with emails, sending one ever minute for 60 days.
  • Made sure to call the negotiator first thing in the morning. The rationale here is that if you’re the first call of the day, you’ve got a far better chance of getting through.
  • Tweeted messages to customer service.
  • Asked for the supervisor.  And the supervisor’s supervisor.  And the supervisor’s supervisor’s supervisor.


Just to put things in perspective, according to B of A, it takes a grand total of 88 days from entry into their equator system until close.

Luckily, some banks are offering ‘fast track’ programs. Case in point is Wachovia. Here, a short sale can attain approval status in as few as 10 days. Nice. Let’s all hope that EVERY noble lending institution will offer similar programs very soon.  But until that that day dawns, we agents will just have to continue being fountains of creativity to get those short sales approved.  Just think how much better it would be if we focused all this attention on our clients instead of the banks.

Have a short sale approval solution? Luv to hear what flaming hoops you (if you’re an agent) or your agent had to jump through to gain an approval.  Just connect with me @AngieWeeks or @WeeksTeam.  This is your chance to impress the world with your or your agent’s creative genius!

And if you have any questions, feel free to call 949.338.7408 or email:

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    Orange County, CA Real Estate for hip first-time buyers and investors. Plus, fun things to know and do in OC.


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