Archive for April, 2019

Spring Cleaning – Orange County Tree Trimming Services

Posted on April 27, 2019. Filed under: First Time Buyer help, Home Improvement Ideas, Home Seller Tips, Homeownership, Making Life Easier, Spring Buying Season |

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The birds are chirping and days are getting longer – spring has sprung! Whether you’re selling your home soon or just want to spruce it up – we wanted to share with you our favorite tree trimming service here in Orange County! Tree Trimming Team – TTT is fast, professional, and knowledgable.

Lets Talk Trees

Properly maintained trees will help you get top dollar for your home, and ‘tree hacking’ by beginners is a real struggle. You don’t want your car squished or someone falling out of the tree on your property. We wanted to provide you with a quick post supporting a small business that will help make your life easier!

Tree Trimming Team can do regular pruning, trimming, unsightly stump removal, palm tree skimming, and more. Since these jobs are tough and frequently require a team, they can turn good buyers away! If you’re planning to sell for top dollar then it’s important to have top dollar curb-appeal.

Meet The Experts (for free!)

Bob is the teams Arborist with 49 years experience! Just priceless if you have a precious tree that you want brought back to life. They offer free consultations so that you can have a true expert come out! The team is bilingual with license, insurance, bonding and workers comp. You can find their raving reviews on Yelp, Instagram & Facebook. They do commercial too.

Our contact is Amir Sharafi with Tree Trimming Team info@treetrimmingteam.com 949 874-7538 – please let him know that we referred you! You can learn about other spring cleaning professionals in our LeTip group: http://ocletip.com/

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What the hoo is an ADU?? Maximizing your Southern California Real Estate

Posted on April 16, 2019. Filed under: Accessory Dwelling Units, ADUs, AirBnB, FHA loans, First Time Buyer help, Home Improvement Ideas, Homeownership, Informed Investor Alliance, Lenders & Loan info, Los Angeles property, Los Angeles Real Estate, Orange County Home Improvement, Orange County Real Estate | Tags: , , , , |

Have you heard of an ADU?

Accessory Dwelling Units are additional legal units on your property, and they can help you earn BIG bucks. If you’d like to run a duplex or generate additional income without buying an entire new property, then adding an ADU to your lot is a GREAT option. ADU’s can cost anywhere from 20K-200K, which is waaaay cheaper than a ‘unit’ in today’s Southern California real estate market. That said, not everyone has an additional 20-200K laying around to seize this opportunity, so let’s learn how you can use other people’s money to make some of your own!

Renovation loans are NOT construction loans, so if you have never heard of one… read on. There are multiple options for reno loans, so it’s about finding your best fit. Today we were at Eric C Miller’s Finance of America’s presentation and got some details & highlights for you. Finance of America highlighted how this process benefits you!

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Orange County Renovation loan process in a nutshell:

Pre-qualification –> Offer Accepted –> Disclose –> Underwriting conditional commitment –> Assign Project manager –> Collect credit conditions –> Project Scope & bids –> Appraisal –> Clear to Close –> Sign Docs –> Close –> Begin Renovations

Fannie Mae Homestyle Renovation Loan

  • Utilizes a construction project inspector sourced by lender
  • No minimum in repairs
  • Inspection prior to draw disbursements, up to 5 draws
  • All repairs and improvements must be attached to property, and supported by appraisal
  • Borrowers have 6 months to complete improvements
  • Repairs must begin within 30 days. (it’s ok if permits are the delay…you can pull permits on a property you don’t yet own)

They can be FHA or conventional, and they are a fully amortized single close transaction. 98% of the time they appraise on resales, so don’t worry if you’re buying resale.

FHA 203K – limited

  • nothing structural,
  • limit of 35K,
  • repairs must be completed in 4 months
  • limit of only two payments to each contractor

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FHA 203K – standard

  • can tear down the entire property but MUST use the entire foundation
  • utilizes a HUD consultant.
  • 6 months to complete improvements
  • can loan up to FHA limit for the county, high balance eligible
  • owner occupants only
  • Contract lingo: “The borrower has applied for Section 203k financing, and that the contract is contingent upon mortgage approval and the borrowers acceptance of additional required improvements”…this must be in there, but is not necessary in the purchase agreement.

Things to know & next steps:

  • Choosing the right contractor and renovation team is critical! Always get multiple quotes. If you’re looking for a forward thinking Orange County ADU company, check out RC Smith Design & Build.
  • 30 day escrows won’t fly, renovation loans take 45-60 days.
  • Reno loans are TOUGH. You’ve got to coordinate bids, contractors, and make deadlines. If you’re looking for an ‘easy button’ into homeownership, this may not be it 😉 BUT then again…you could try buying one of these Amazon ADU’s and avoid MOST of the contractor back and forth 🙂
  • ADU regulations are different and ever-changing. Here’s an OC ADU resource to get started. Always check with the city to find out your guidelines before beginning work or submitting offers!

Did you know most people spend 15K on their home the first year they buy it, and they statistically put it on credit cards? Ouch. Don’t be that guy, there’s a better way! Call or text Angie to start exploring your best ADU options at 949-338-7408 or email Angie@AskAngie.com

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Congrats! You Made It To Escrow! Now What?

Posted on April 13, 2019. Filed under: escrow, First Time Buyer help, Making Life Easier, Orange County Real Estate | Tags: , , , |

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Your offer has been accepted – congratulations! You’re ready to settle into your dream home and enjoy a glass of wine. The only thing standing between you and the keys to your new home is escrow, so now what? You’ve probably heard the term escrow (also referred to as closing) thrown around but didn’t quite understand what it meant. Escrow is something most people don’t fully understand until they experience it. In a nutshell, they are your neutral third party assisting to ensure the contract is executed correctly by all sides. 

The Orange County Escrow Process Made Easy

 
Escrow protects all parties involved in the real estate transaction (including you)! Escrow is a third party service that holds a valuable asset (in this case – your “earnest” money) until the transaction between the seller and the buyer is complete. Once your offer is accepted, an escrow company is hired to implement the transaction in accordance with the terms of the sales agreement.

Does A Home Buyer or Seller Choose Escrow?

Not all Escrow companies are created equal and we always prefer to work with companies we know and trust. That said, it’s our advice to negotiate price over services. If you are a buyer, you may get the seller to accept your offer or your price if you let them choose the escrow company. In most Orange County and SoCal cases, the seller selects the escrow and title companies used for closing.

What Happens Next? How Do We Close Escrow?

It’s a series of steps in a specific order of operations. Your escrow, title, and lender will know it all and help guide you through. As your Realtor, it’s our job to make sure they are all doing theirs. Sometimes it feels like a circus and sometimes it feels like a symphony. Rather than writing you a book, here’s a fun graphic thanks to Finance Of America Mortgage to guide you through the main hurdles, contingencies and objections to overcome!

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5 Tips To Make Your Escrow Process Run Smoothly

1. Let Your Lender Lead The Way!

You’ll need to sign loan disclosures before an appraisal can be ordered, so do everything your lender requests and do it promptly. This is the BEST way to have a smooth escrow.

2. Complete Documentation

The purchase agreement must be completed with signatures from all parties. The Escrow officer will send a package of paperwork, make sure to be on the lookout for this paperwork and complete it promptly. Signing documents online will help you stay organized.

3. Sign On Time

The purchasing of a home will require a significant amount of paperwork and legal documents. It is important that all of this paperwork is signed and in a timely manner to ensure that the sale may proceed without any delays. The escrow officer will take possession of these documents to ensure that all necessary paperwork has been completed, signed, and filed on time.

4. Communicate!

Check your email regularly! Your escrow officer will be reaching out to all parties involved frequently! Your escrow officer might need a signature sent over in a timely manner.

5. Halt Credit Utilization – You’re In A Financial Fishbowl

During the closing process, your financial history is being reviewed carefully and frequently. A change in your financial circumstances could implode the escrow process. You have made it this far based on your current financial standing – if changes occur lenders have the right the always make drastic changes.

Learn about what to avoid when closing on a mortgage here:
3 Ways To Mess Up Closing

If you are ready to get your escrow process stated, contact Angie Weeks at 949-338-7408!

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Using Your Tax Return for Your Home’s Down Payment

Posted on April 6, 2019. Filed under: First Time Buyer help |

tax return

Tax Season Ending Soon

It’s almost time for the last tax returns to be sent out and the final time to file if you haven’t already. Every year when this time rolls around people update their cars or go on family vacations, but did you ever think about using your tax return to buy your first home? It’s definitely doable and probably the wisest way to use your return – here’s how.

Low Down Payments

loans

With as little as 3% down the majority of your down payment could be your tax return which leaves you only a little to save throughout the year with the goal in mind of buying your first home around this time of the year. We believe this is an attainable goal for many of our clients and their friends. We know the idea of a down payment seems impossible and really steep when you think about in terms of income and other things needed throughout the year. However, if you plan to put your whole tax return towards it, that limits a lot of the stress and savings throughout the year.

We work with some awesome mortgage guys that we know could steer you in the right direction of getting approved. Derek Beisner was a great resource for us when looking for current down payment rates in California, and he would be a great resource for you as well. We would love to sit down with you and help you plan out a realistic goal for yourself based on your tax return and the amount your wanting to spend on a home. Contact Angie at 949-338-7408 if this sounds like something you could do!

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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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