Archive for September 1st, 2011

First Time Homebuyers Have a New Reason to Rejoice

Posted on September 1, 2011. Filed under: First Time Buyer help, Making Life Easier, Orange County Real Estate | Tags: , , |

As if there weren’t a bonanza of incentives already available to first time homebuyers, newbies have yet another excellent reason to purchase a house. Called Homepath, this very generous program currently enables Fannie Mae to offer buyers up to 3.5% in closing cost assistance through October 31, 2011.  In addition, a $1,200 selling agent bonus is available to agents who close on an owner occupant property and meet all eligibility requirements and terms and conditions. 

Remember, Homepath is available only for Fannie Mae properties and to first time buyers. If you and your chosen property qualify, the program offers you a fantastic way to get some amazing benefits. Possibilities include getting your closing costs paid or changing a prohibitively costly condo into an affordable dream home.

If you’re interested in Homepath, here are some of the conditions you should be aware of.

  • Buyers and/or selling agents (the agent representing the buyer) must request the incentive upon submission of initial offer.
  • Initial offer must be submitted on or after June 14, 2011 and close by October 31, 2011. Initial offers made prior to June 14 are not eligible for the June 14 – October 31 incentive.
  • Sale must close on or before October 31, 2011. No exceptions will be made to this deadline. (Note: Initial offers submitted after September 15, 2011 may not close by the incentive deadline of October 31, 2011.)

If you’d like to learn more about Homepath, I’ll be delighted to help. Just call, tweet, or email me at 949.338.7408,   @AngieWeeks, @WeeksTeam, or  angie@askangie.com.  I’m ready to assist you in any way I can.

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A Good Deal Starts With a Realistic Investor Strategy

Posted on September 1, 2011. Filed under: First Time Buyer help, Making Life Easier, Orange County Real Estate | Tags: , |

Like any investors, those delving into Orange County real estate want the best possible deal. Great. But investors also need to temper their profit quest with a sound strategy and realistic expectations. Getting a good deal boils down to four essentials:

1. Decide how much you want to spend.
2. Determine your intention. Do you want a portfolio piece or a buy & flip?
3. Know how to recognize a good deal.  After determining market value and identifying the desired neighborhood, an investor who gets a property at 10 percent below market value definitely is getting a  DEAL.
4. Factor in the REAL numbers. How much are expenses, upgrades, commissions, rents, etc.?

I gained a few additional insights from John, a full time courthouse steps investor. According to him, if you make 10-15% on a foreclosure, you’ve done mighty good for yourself. Remember, the key to making a profit is how fast you can move the property or turn your money.  

John added that many investors seek unfinancable condos. That’s because the more difficult it is to buy a home, the more its value drops. Many investors buy condos to hold for 5-10 yrs, hoping the hoa recovers and the property significantly appreciates. He pointed out that condos in college towns are in fairly high demand because of their proximity to the local campus.

If you’re scouring the marketplace for investment possibilities and want to do some number crunching, I can provide you with a very useful spreadsheet. Just call, tweet, or email me at 949.338.7408,   @AngieWeeks, @WeeksTeam, or  angie@askangie.com.  I’m ready to assist you in any way I can.

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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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