Hi all,

I got a forward from one of our recent buyers – she referred a friend who is ready to buy her first home.  With her permission, I am sharing her advice to another buyer with you!

Hi,

My friend Caren just bought a place and now is in escrow in Mission Viejo Ashton community which is also really nice!  She only needed to put 3.5% down!!

Ok, well if you want to chat more wb and we can switch numbers — but please take a look at Angie’s website www.askangie.com.  

Take care!

I think its so fun to let you guys help eachother and just be the guide.  Feel free to comment with your own first time buyer experiences and searching suggestions.  It does take hard work and dedication from all parties involved!!!

Hi everyone!

We’re starting a new series  to open up the first time home buying experience – blogs from our buyers!!!  We figured you would want to hear details from people who just went through the process.  WARNING:  we are NOT editing or sugar coating any of the down and dirty, read at your own risk 🙂

One of our favorite buyers last year, Kimberly, had good news to share a about her experience and the first time buyer credit.  She writes:

Deciding to buy my first home after steadfastly saving for nearly 2 years was the best decision I have ever made and wanted to share that thanks to Obama Bucks I am getting over $7,000 back from my taxes this year!!  I only owned my condo for 2 months in 2009 and had started claiming 4 once I was in escrow however my tax guy told me I could still stay at 4 and next year get nearly $2000 back!  I wake up every day so excited to own these walls and not have a landlord anymore!  I hope this feeling of pride and achievement never leaves, I’m on cloud 9!  I’ll add some tips for new comers very soon!

Thanks, Kimberly!  We agree the tax benefits to owning a home are very nice indeed 🙂

In today’s real estate market foreclosures are a big deal. They’re also big business for any real estate agents who are lucky enough to have such listings. The popularity of foreclosures has soared in recent years due to the unique opportunities that they present would-be homeowners with. In many areas especially those of an upscale and luxurious nature, prospective home buyers are able to purchase a home far below its true market value in a neighborhood that, in a normal market, might just be out of reach budget wise.

There are numerous areas throughout the country that are considered foreclosure hotspots by home buyers but perhaps none are more popular than Mission Viejo real estate. The homes in Mission Viejo are all of an upscale nature and are located in one of the safest neighborhoods in all of the United States. Furthermore Mission Viejo real estate, especially homes and for closure there, are not only being offered at a price far below their true market value but are priced even lower than non-foreclosures as banks are looking to sell these homes as quickly as possible. Is for this reason above all others that Mission Viejo real estate attracts more people than perhaps any other area within the country.

Mission Viejo real estate also boasts homes that are unique in architecture as well as floor plans and there are plenty of both for home buyers to consider. People flock to Mission Viejo not only for the communities lavish homes but because the city itself is one of the most popular in all of Orange County and is surrounded by a large number of other prominent cities as well. With so many sister communities within close proximity to Mission Viejo a homeowner in that city isn’t far from schools, jobs, and even entertainment.

Another reason Mission Viejo real estate is so popular regardless of market conditions is because of the coastal community. Coastal communities, generally speaking, both some of the most sought after homes and neighborhoods in all the country. With the beach just mere minutes away from any home within Mission Viejo homeowners there have water and seasonal fun at their virtual back door. As Mission Viejo is a coastal community it’s also attractive to home buyers because of the serene and sometimes surreal atmosphere coastal life creates. Temperate weather is also something many people come to the community for.

If you ever want to own a home in Orange County and more specifically Mission Viejo now is the time to consider the purchase. Mission Viejo real estate foreclosures have never been more sought nor more affordable and those who wish to own a home there should strike while the iron is hot. While the market remains downtrodden prices on Mission Viejo real estate foreclosures will either remain as they are or will continue to fall in some cases but should the market recover, even in miniscule proportions, prices as well as interest rates on home loans will likely rise very quickly. If you want to own a piece of Mission Viejo real estate the time for action is now.

Ready to Get Started?? Search For All Mission Viejo Homes For Sale Today!

As geeky Realtors Mike and I are constantly trying to drag our vendors kicking and screaming into the big new technical world, so we can all work more efficiently together.  Below I am posting a letter I just sent to our CA public representatives to try to talk some sense into FHA when it comes to accepting digital signatures.

I guess a lot of agents are getting offers kicked back because they don’t have ‘wet’ signatures.  This upsets me greatly as a professional in the industry because right now on the average my FHA clients are having to submit at LEAST 5 offers to get one accepted.  A normal offer is no less than 25 pages, so in essence FHA is killing trees, wasting ink, and WASTING MY TIME & GAS to go and meet with these buyers for wet signatures.  As far as I’m concerned, a digital signature is no different than a fax…so what’s the problem??????  Please comment your thoughts below.

Dear Commissioner Stevens:

Until recently, many real estate professionals, such as myself, have been successfully using electronic signatures to execute purchase and sale agreements. In the last year, we have been experiencing considerable problems in connection with FHA loans—loans which now dominate the market and fuel the buying and selling of homes. While other federal agencies and market participants are readily and eagerly accepting electronically signed agreements, FHA is refusing to accept electronic signatures on real estate purchase and sale contracts.

As a result, real people–consumers and real estate professionals alike–are being negatively impacted:

* Commerce is significantly slowed as lenders retract long-standing policy decisions to accept electronic signatures on P&S agreements;
* Real estate and mortgage loan closings are being delayed because lenders and escrow agents are having to chase down “wet” signatures to meet the FHA rules;
* Delayed closings are resulting in foreclosures;
* Short sales are also being impacted;
* Valid and legal contracts entered into between buyers and sellers are being ignored; and
* Significant productivity gains for real estate professionals are being lost.

Use of e-signatures in real estate transactions has a positive impact on the economy with the average REALTOR saving over 6.6 hours per week. Unfortunately, because of the current status quo and problems with lender acceptance, REALTORS are only using e-signatures in 45% of their purchase transactions due to lenders and escrow not accepting e-signatures at the closing table. With electronic signature acceptance by the FHA, REALTORS and lenders using e-signatures could be saving another 5.4 hours/week of productivity. Without a clear written policy on electronic signatures, this equates to a 13.5% drag on economic productivity based on a 40 hour work week.

E-signatures are not a new idea. Signed into law in 2000 by President Clinton, the ESIGN act made it clear that documents and signatures in electronic form have the same standing as paper documents and handwritten signatures. RESPA and TILA rules recognize the use of electronic records to meet disclosure requirements. Fannie Mae and Freddie Mac accept electronic signatures on all loan documents. By not recognizing electronic signatures on purchase and sale contracts, these otherwise 100% valid electronic transactions, FHA is single-handedly setting e-commerce back years and is creating real economic hardship.

As a real estate professional impacted by FHA position on electronic signatures, I am asking FHA to take action immediately and to issue a Mortgagee Letter (similar to the Mortgagee Letter for the use of electronic signatures on appraisal documents) providing clarification on the acceptance of electronic signatures on purchase and sale contracts. Without a clear statement from FHA on this matter, consumers, real estate professionals, and the economy will continue to suffer undue and unnecessary delays and increased costs.

Sincerely,

Mike & Angie Weeks

Happy Saturday everyone!

We’re going to take Smokey to the dog park today and wanted to share these links with various dog parks in Orange County:

http://www.ocdogfriendly.com/dogparks.html

http://www.ocregister.com/ocregister/life/pets/dogparks/article_1640738.php/

For us, our dogs are our kids, and we know some of you spoil your pups even worse than we do.   What a better way than taking them out for an afternoon romp!

For travelers, we found Laguna Beach has some great dog friendly hotels, too.  We’ve stayed at Casa Laguna with Smokey – its nice place with some history behind it!   Walking along Laguna Beach is one of our favorite things to do, there are so many people, beautiful homes, and dogs to see 🙂

Where is your favorite dog hang out?  Let us know – comment below!  Have a wonderful weekend!!

Hi everyone, this is an article written by Mary Jane Cambria, 2009 Orange County Association of Realtors‘ President. As an agent, many of my buyers are feeling this pain, and I am posting with permission to help bring about awareness and change to make your experience with buying Orange County real estate a pleasure!

There’s an old story that goes like this:

“A city boy moved to the country and bought a donkey from an old farmer for $100. The farmer agreed to deliver the mule the next day.

The next day, the farmer drove up and said, “Sorry, but I have some bad news. The donkey died.”

“Well then, just give me my money back.”

“Can’t do that. I went and spent it already.”

“Okay then. Just unload the donkey.”

“What ya gonna do with him?”

“I’m going to raffle him off.”

“You can’t raffle off a dead donkey.”

“Sure I can. I just won’t tell anybody he’s dead.”

A month later the farmer met up with the city boy and asked, “Whatever happened with that dead donkey?”

“I raffled him off. I sold five hundred tickets at two dollars apiece and made a profit of $998.”

“Didn’t anyone complain?”

“Just the guy who won. So I gave him his two dollars back.”

It’s not nice to sell dead donkeys. Nor is it nice if, instead of a donkey, you list an REO property on the MLS as active when it should be in “back up.”

By the rules of the MLS, when an owner accepts an offer, the listing agent is required to change the property’s status even if, as we all have experienced, the bank takes weeks to approve the transaction.

A friend of mine suggests that agents are committing a fraud when they allow properties to stay active even as an accepted offer awaits lender approval. “I could be spending time with my mother who is in stage IV kidney failure instead of calling on so-called active listings. It wastes time and distorts true market inventory,” she complained to me recently.

I understand her frustration. But I understand the listing agent may be frustrated too, when forced to wait, sometimes for months, their deal is rejected by the bank. They are trying to serve their clients—sellers often in distress, selling short and desperate to resolve their financial crisis.

I do not have a perfect solution to this but wish to point out that the REALTOR® Code of Ethics stipulates there is an “obligation to treat all parties honestly.” And Article II subsequently states, “REALTORS® shall avoid exaggeration, misrepresentation, or concealment of pertinent facts relating to the property or the transaction.”

The most successful REALTORS® practice the art of cooperation to perfection. Professionalism is the bedrock of their business: They nurture their image and reputation in small ways, including being courteous to colleagues.

We cannot forget these basic principles because we are frustrated. Rationalizing poor business practices because the market is in turmoil is no way to convey confidence and trust to our clients. I can only imagine what an anxious buyer must think touring all day long only to find out that none of the properties he or she visited are actually for sale.

In the end, we cannot persist in criticizing lenders for being unresponsive and neglectful, when we in turn go about our workday refusing to return phone inquiries on our REO listings.

Author bio………………………………………

Mary Jane Cambria serves as President of the Orange County Association of Realtors®, which is the 2nd largest Association in California.   Mary Jane is Broker/Owner Cambria Real Estate. She has earned many achievements in her 20-year real estate career.  She serves as a director for the California State Association of Realtors® and as a National Association of Realtors® director. She was the 2004 California State President for Women’s Council of Realtors® and was awarded the: 2007 State Member of the Year. She serves as a volunteer at Fair Housing of Orange County with the Foreclosure Prevention Program and teaches First Time Buyers Classes there and at Neighborhood Housing Services of Orange County. She is a director on the OCHOPC council (Orange County Housing Collaborative, Director for the Orange County Housing Trust, and Director for AREAA (Asian Real Estate of America Association and a member of the Orange County District Attorney’s Advisory Board for the Real Estate Fraud Department.

MARY JANE CAMBRIA,
CIPS, CRS, GRI, LTG, PMN, SRES,E-PRO
2009 PRESIDENT ORANGE COUNTY ASSOCIATION OF REALTORS®