It’s important to remember and understand where we have been, to have the best future possible. Today I had the pleasure of attending Young Professionals’ Network webinar on The History of Fair Housing.
Equality is an important topic of discussion in our country right now. One of the best ways we can honor our Constitution stating ‘all men are created equal’ is through housing.
Not every race and color has had equal opportunities with real estate in America. It’s something to think about, since real estate is a cornerstone for wealth in our country.
For the purpose of learning and growing, let’s start with a summary of
Where we went wrong with discrimination in housing:
‘Men’ in the quote above meant white men who owned property; not women, nor men of color
Real Estate boards prohibited women or blacks in the early 1900’s
Redline (racially segregated) areas where residents could not get a mortgage were established
Racially restrictive CC&R’s
Federal Fair Housing Act was not passed until 1968
Realtor Code did not prohibit discrimination until 1974 (that’s under 50 years ago…)
Protected class of marital status only recognized since 2005 in California
Gender identity was not protected until 2012 in CA
AFFA Rule is rescinded in 2020 by POTUS. This took the teeth out of Fair Housing enforcement.
Yes, we went horribly wrong, but there are many ongoing efforts to bring about equal housing in the last few decades and today. This includes lobbying efforts from the National Association of Realtors, and California Association of Realtors to bring back the important elements in AFFA.
Did you know that nationwide there are 7 Fair Housing protected classes? In CA, there are 24 Fair Employment & Housing protected classes. When it comes to Fair Housing, the greater of regulations apply, not the lesser. So… if you are a landlord in California, you have 24 classes to remember to truly make unbiased decisions with your tenants. To help you, there is a new Fair Housing disclosure that is now included in each California purchase or lease agreement.
California’s new Fair Housing & Discrimination Advisory; prewritten into every lease and sale transaction.
Sometimes discrimination can be subtle, or without malice. Here are just a few examples of Discrimination in Housing…some may come as a surprise to you.
What Discrimination in Housing Looks Like:
Treating anyone unequally
Failing to show a home or lease
Offering unequal terms
Advertising specific terms or preference
Inquiring about a protected status
Refusing to accomodate a disability (aka emotional support animals)
Denying a family with children’s offer because you don’t think your pool or busy street is safe for them
Refusing to rent an upper unit to an elderly tenant because you feel stairs are too dangerous
Showing preference for one protected group above another (i.e. preferring a family with children over a gay couple)
Not renting the home to a family with multiple kids because ‘the children will destroy the home’.
Not treating everyone with the same professional courtesy (greetings, returning calls, tonality, response time)
Buyer or agent ‘love letters’; especially those with photos
Up until this year, I was an agent sending & receiving love letters. I had no idea they were an indirect method of discrimination; and our stories previously helped my clients get the deal. 2020 brings about many changes, and I am happy to adjust course to assist in offering a better opportunity for all. Please, encourage other professionals in the industry and owners to practice making selling and leasing decisions based on criteria that does not exclude. I will recommend future sellers do not read letters during the decision making process. We can all improve from here and be better at this.
Here’s an interesting infographic with the most common Fair Housing complaints from 2018:
If you know someone who has been party to discrimination in housing, it’s important to educate, and to speak up. Here’s a link to submit a violation:
The only way we change the cycle and truly offer equal housing to all humans is through a system of ethics, awareness of implicit bias, and accountability measures. Feel free to comment your thoughts or experiences below – let’s bring about some positive acknowledgment to build better, stronger, more diverse communities together.
Hi friends! Have you been looking for a cheaper, better, faster way to build a home? Read on for some new trends in modular housing that might suit exactly what you’re looking for!
Modular is NOT manufactured. They are not your rectangle box mobile homes that might come to mind. They are created 90% in the factory, and about 10% on site, and they look and feel like any normal home. Modular homes aren’t different than a traditional stick built home, other than they are built indoors in a controlled factory environment, instead of outdoors.
Brian Kuzdas, CEO of S2A Modular, presented an interesting webinar today and told us about ways that modular homes are more sustainable for the Earth, take less time to create, have a 35% potential ROI for investors.
A couple of the main benefits of modular homes are they save you from shady contractors, and there is no compromise when it comes to design.
Other advantages of modular homes:
Time (traditional home build time: 1 year; modular home build time: 3 months)
Price (15-20% cheaper to build in factory)
Strength (modular homes have to survive a literal transport, traditional homes don’t)
Neighbors (much less stress on the neighborhood)
Contractors (get to work inside instead of out in the elements)
State inspections (less time waiting for inspectors)
One of the downsides to modular is financing. There aren’t a ton of lenders familiar with modular housing loans, but US Bank is one of them. Just reach out if you’d like a contact!
Modular homes can be built ‘tiny’ as ADU’s, and size all the way up to 10,000+ sq ft mansions. There are 7 steps if you’re interested in building a custom modular home from start to finish:
Feasibility study (cost $3500, and helps you determine how big you can build)
Design (a modular architect is recommended, it will be less expensive in most cases)
Construction agreement (firming up your choices)
Engineering
Permitting
Site construction / setting modules
Onsite completion (this is the last 10% of building that assembles the pieces & happens on site. These last materials also dictate the style and make your home exactly as you want it)
Check out https://www.s2amodular.com/ for various design styles & ideas to build a modular home of your own. Endless customization – so neat!!
Sustainability & Modular Homes
The modular homes that S2A builds are ‘Net Zero’ & ‘Net Positive’ when it comes to net metering. They also use high performing, affordable, solar panels and solar roof tiles with Graphene technology. You won’t have any utility bills.
Smart windows, doors, heating, cooling, insulation, & lighting are all used in these custom modular homes. Furthermore, organic building materials are used, and they are all resistant to termite, dry-rot, and mildew free….which saves money down the road. Li-Fi technology is used instead of Wi-Fi, and there is a singular app that controls these homes, which makes the systems un-hackable.
If you’re interested in planning your modular home build, just reach to Angie via text at 949-338-7408, or fill out the form below. We’ll help you plan for your perfect pad, & get you all connected to the right contacts to create your custom home 🙂
Did you know 1 in 10 US residents are considering owning international real estate? But how can you protect yourself from making a lemon investment? Thanks to OCR’s Global committee, we have some pointers for you! Michael Cobb CEO of ECI development started off our International Real Estate Forum today reminding Realtors that we bring value to international transactions by helping our clients know to ask the right questions. In foreign countries, hot water, running water, and other conveniences (like plumbing) we take for granted in America are not alway included in the price tag. It’s critical to be careful and make sure you align with multiple professionals to ask ALL the right questions when you buy internationally. One way to do this is to work with a CIPS Realtor to help you find the most reliable real estate contacts in your preferred country. CIPS agents are Certified International Property Specialists, and have special training to help you avoid international buying nightmares.
Nicaragua – an International investment gem
Nicaragua has been a growing spot to get deep discounts in real estate, and Michael personally lived there for 14 years, while raising 2 young daughters. It usually takes about 6-9 months after you visit Nicaragua and sign documents to receive your title, and buying is friendly to foreigners. The country has beautiful scenery, and also offers the following benefits:
Safe
Inexpensive real estate
Low cost of living
Low cost medical care
Fishing, diving, snorkeling, surfing
Social projects & involvement
You CAN own the land and get freehold title
Property tax is only 1%
Easy residency programs
Foreign Property Investments in Belize
Belize is a tiny country that wasn’t on the radar at all until recently, and now it’s exploding. The title process is 3-6 months, but you can complete a property transaction in just an hour if you’re there in person. English is the official language, so it’s easy to read contracts. Prices are reasonable right now, and the hotspot to check out is Ambergris Caye. Belize was also voted the “most wished for place to visit” on AirBnB, so an excellent consideration for your vacation rental. If you’re thinking of AirBnB, you will have to pay hotel tax, so be sure to factor that in. Speaking of air…air travel has doubled over the last 3 years to Belize, and there is still plenty of room for growth. Baymen Gardens by Best Western currently offer options under 100K for a residence if you’re looking for an affordable vacation rental. Some benefits of owning property in Belize include:
Political stability
Short easy flights
17% tourism growth the last 3 years
Property is still affordable
US Citizens are now buying property in Costa Rica easily
Beautiful Ocho Bungalows in Costa Rica – Sean the owner used to live in US, and now calls Tamarindo his home. He built these gorgeous bungalows there.
Costa Rica is an absolutely stunning country, with 27% park-protected land. Costa Rica has a “Pura Vida” (Pure life) mindset, so this is the place to go if you like a healthy lifestyle. Hunting is banned, no zoos, and animals cannot be pets. No tornados or hurricanes there, however, they do have earthquakes. Ocean temp is about 80 degrees all year long, so it’s perfect for a vacation home or rental. Weather is typically nice, but they do have rainy season. You can stay for 90 days with a US passport, so plenty of time to research areas, builders, and pick your perfect property! Costa Rica is also a solid consideration for a second home because:
Democracy for 196 years, stable society, tradition of peace
Mostly Bilingual
Foreign property rights
Blue zone for longevity, excellent health care
Quality national public health system, as well as private healthcare
Wildlife tours, river rafting, hikes to waterfalls, hot springs, zip lines
US Babies born there get dual citizenship
Property tax only .25%-.40% (niiiice)
Food has no hormones or weed killers
An update to our previous video about buying real estate in Costa Rica —> there’s now NEW foreign mortgage opportunities for US citizens in Costa Rica!! Previously you had to buy with all cash, so this is really cool! It’s for residential only, no business or land. Interest rates in Costa Rica for locals run high, around 12%. This program comes from a lender in TX, and currently has a 7.5% rate for loans over 100K. No coastline foreign investments closer than 200 meters, though. 720 credit is required, and 30% down is required. If you’d like more info just contact us at 949-338-7408 and we’ll help you on your way to a Pura Vida lifestyle 🙂
Mexico beaches drive global condo buyers
Real Estate expert Alvaro Quirante presented about Riviera Maya and the consistent growth of traffic into the Cancun airport, which creates opportunity. Travel is consistent all year long, so there is no on or off season. Currently they are creating a huge marina, and a theme park, which will create 5000 new jobs in the area. Tulum has been one of the cities that gets the best capital gains each year. A few reasons:
Eco-friendly
Mayan ruins, top TripAdvisor destination
Tulum famous beaches
Stable economy with multiple sources of income
Properties start around 75K
Availability to have major companies back your investment guaranteeing 8-13% yearly ROI, with Lux properties for example.
You can buy property with a self-directed IRA
What does the buying process in Mexico look like? We tried to explain it in this video about buying real estate in Cabo…but here’s an easy slide from today’s presentation that guides you through the process:
As you can see, each country is really different when it comes to process, ability to get a mortgage / title, and the various property options you have. We LOVE international real estate and would love to help you explore your next global property investment. Simply fill out the form below or text 949-338-7408 and we’ll send you some international property buying tips!
Worried about paying your California Mortgage or Rent Payment?
Wanted to share this video with you and let you know about some important financial resource links if you’re struggling to make your mortgage or rent payments due to the recent Coronavirus Pandemic.
Landlords & small business owners, you’re likely eligible for some financial assistance through the SBA’s Paycheck Protection program. Here’s a PDF from the US Chamber of Commerce with more info to see the criteria to qualify:
Additionally, you can click here to apply for the SBA Disaster Relief Fund. This online form takes about 10-20 minutes to complete. Funds can deposit into your bank account in as little as 3 days: https://covid19relief.sba.gov/
Homeowners, you’ve got help as well. Most banks and loan servicing companies are offering a forbearance option. It’s ok if you don’t know what forbearance is – here’s the Wikipedia definition:
Forbearance, in the context of a mortgage process, is a special agreement between the lender and the borrower to delay a foreclosure. The literal meaning of forbearance is “holding back.”
When mortgage borrowers are unable to meet their repayment terms, lenders may opt to foreclose. To avoid foreclosure, the lender and the borrower can make an agreement called “forbearance.” According to this agreement, the lender delays its right to exercise foreclosure if the borrower can catch up to its payment schedule by a certain time. This period and the payment plan depend on the details of the agreement that is accepted by both parties.
Historically, forbearance has been granted for customers in temporary or short-term financial difficulty. If the borrower has more serious problems, e. g. the return to full mortgage payments in the long term does not appear sustainable, then forbearance is usually not a solution. Each lender is likely to have its own suite of forbearance products.
Now a word of warning. Homeowners, PLEASE read the fine print from your bank, and only use this option if you need to. Many times you’ll get more interest in the end, or a really big payment after a forbearance, so you need to understand what you’re getting into.
We’ll also offer the same advice as the renters here..If you’re able to pay your mortgage, please pay it. This will keep funds flowing to the banks, and allow the banks to keep lending to new buyers that need a place to live. Our real estate market has slowed, but it hasn’t stopped. We definitely don’t want to add fuel to this fire and create a bigger issue.
If you’ve been doing research on various financial assistance programs out there, feel free to share. Please comment any links you’ve found for Coronavirus or financial relief below.
Hope all of you are feeling healthy and excited to go out and do great things once you’re back into the world! Consider reading our post on 5 Important Things to focus on during COVID-19 next, and let’s make some long term progress while we’re here at home. If you’re not sure what to do, you can always setup a website to crowdfund your next down payment with Vow2Save, install CreditKarma to check your score, or call your lender about a low interest refinance 😉
Welp, in a matter of 2 weeks… our world has completely changed with the Coronavirus COVID-19 pandemic, and we’re scrambling along with the rest of society to find a ‘new normal’. That said, it’s refreshing to have the opportunity to rethink everything we’ve been doing; both professionally and personally, to reprioritize what’s most important.
Our Top 5 Focus Areas During Orange County Quarantine
Relationships – Above all, we love & care about our family, clients, prospects, & fellow humans. We’re moving to Zoom meetings, FaceTimes, and other online communication forums to ensure everyone’s safety and flatten the curve. Checking in on people who might be lonely or struggling with kind texts. I’ve committed to doing more regular videos, and virtual open houses. One action item was a comfy space at home to do virtual meetings – have you created yours yet? It’s fun! Feel free to comment a pic for us 🙂
Immunity – Clearly, we’ve got nothing without our health. We think and act better when our body is functioning at it’s best. During this time, are you eating for health & wellness? Taking vitamins? For sure….dark chocolate is still aplenty in our home, but personally I’m watching my sugar, soy, hormone, and gluten intake, and drinking more alkaline water. We’ve got handsoap filled by each sink – one of our fave brands is Jade Bloom if you like delivery & to support small business 😉 Another thing we did was up our Farm Fresh to You order. They deliver all kinds of healthy fruits, veggies, & even organic eggs to your door. Why go to grocery if you don’t have to? Also made a nightly routine of essential oils, because they are soothing & help immunity. Favorites are lavender, protect, & lucid for sleeping. Please share…what are your secrets for immunity?
We’re seeing a lot of our clients on social media baking & crafting with their kiddos. We love to watch everyone embracing this family time in their homes.
Mental health – This is a BIG one. People’s lives just got disrupted and they are angry, scared, and upset. Ignoring it, shaming yourself, or attempts to drown it away won’t help. We need to come to terms, choose LOVE, and a new path to move forward. My preferred way to handle this is to ask: “Is my inner child happy today?” If I do something to make my inner child happy, then I usually feel good about life. When I cage my inner child, shame her, or ignore her because I’m unbalanced in some way….THEN my mental health seems to go sideways. Usually ‘little Angie’ wants to make something, hence the artist studios we’ve been building through Flower Den Retreats. Cooking, yoga, meditation, and prayer are also great daily exercises for mental health. What are you intentionally doing to protect your mindset right now? Are you at peace with yourself & love yourself? This is the space where smart & strategic decisions come from…be ready to make them. And it’s OKAY if you’re down in the dumps. Please reach out to someone you love for a life rope. The national suicide hotline is 1-800-273-8255 – save this number in your phone – you may never need it, but a friend just might!
Budget – Not gonna lie – things could get tight. Are you handling this on a proactive or a reactive basis? You probably have the time to be proactive, so do that. Check online to see what relief your mortgage company is offering, and stay subscribed to our YouTube & blog here for regular updates on national mortgage relief options. Think….Where can you cut more? What small businesses can you support more? For example, we’re planning to cut our 800# & moving to WhatsApp – seems to be the preferred international & ‘long distance’ platform anyway. What apps are you paying for that you don’t use? Subscriptions? This is a great time to organize your finances, put everything on autopay, or even take the time to improve your credit. We recommend the CreditKarma app to get started on credit, and Mint.com for an overall picture. Let us know what resources you use to plan your budget.
Investments – No time like the present to watch your favorite experts on YouTube! Consider sharpening up your knowledge and exploring some new areas to invest in. Ask hard questions like: Am I diversified? Stocks, mutual funds, crypto, property? How can I spread my risk? Do I have all my eggs in one basket? WHO am I trusting to get my facts from? Since we’re experts on the Orange County real estate market, we’ll help you with quality local resources to trust. A couple favorites are Reports on Housing & California Association of Realtors.
“Nothing can bring a real sense of security into the home except true love.” – Billy Graham
For most of our clients, their home is their biggest investment, and they’re spending a LOT of time in it right now. Hopefully, you’re happy with your space and embracing this time to improve upon it. If you’re worried about your property value going up, down, or sideways… you’re not alone. We offer monthly home value reports to show you what’s happening in your neighborhood. Just text Angie your address at 949-338-7408, or fill out the form below to receive your property’s value.
We want to wish you and your family health, healing, and happiness during this quarantine. Please reach out if we can help you with anything – we’re here for you & care about our fellow humans!
Owning a home is the American Dream yet this dream has become more and more challenging to achieve. With the increasing burden of student loan debt, high interest rates, rising rent costs, and a competitive housing market – it seems impossible to purchase your first home on your own.
The costs of owning a home go beyond what you can afford in a monthly payment. Monthly mortgage payments and interest rates depend on how much you can afford for the down payment. But how can you afford a down payment when the cost of living continues to rise? The upfront costs associated with purchasing a home often intimidate people from owning a home. The ease of transferring rental deposits from rental company to rental company seem easier when comparing upfront costs. So, how do you secure your dream home that could be a great investment for your future, without cashing out all of your assets or taking out MORE loans?
Insert Unison!
Unison is a San Francisco-based company that helps homebuyers get the home they want by providing them with the money they need to AFFORD the down payment. Unison shares the down payment cost with you, lowering your upfront costs, reducing your overall mortgage loan, while also lowering your monthly payments. The money is given to homebuyers in the form of an investment, its NOT a loan! That’s right – that means you have no monthly obligations to Unison – interest free! Imagine walking into your dream home and having confidence that you can afford it.
How It Works: Unison Invests in Your Home
Unison helps you purchase a home by giving you money to put towards your down payment (contributions ranging from 5-20% of the homes value).
You don’t owe Unison any money until you decide to sell your home. Yup, no monthly obligations, no interest, no extra loans!
Once you decide to sell your home, you send Unison a single payment equal to the initial investment offer. If your house has increased in value (appreciated) or decreased value (depreciated), Unison will add or subtract the difference.
If your home appreciates, you’ll make a payment to Unison equal to the original amountUnison provided for the down payment + (or -) the appreciation value.
Looking to buy or sell a home? Investment property? Just curious about becoming a homeowner? Renting and want to own? WE have an event for you!
The Southern California Home Fair is a *FREE* community event designed to provide home owners, home buyers, renters, and seasoned investors with free, personalized and comprehensive information from some leading experts in real estate! Attendees can choose from a variety of relevant topics including: hassle-free home buying, investing to be an automatic millionaire, buying a home under your business umbrella, and much more. Below are 5 OC Home Fair highlights.
The Southern California Home Fair is next Saturday! Join us next week, January 18th at the 8th Annual OC Home Fair and experience Homeownership Day.
5 OC Home Fair Class Highlights
#1 Easy Tips to Improve Credit
#2 Finding up to 90K to Buy Your Home – Down Payment Programs
#3 Real People – Real Estate Success Stories
#4 How Student Loan Debt Can Fit Into your Home Buying Picture
Today we’re spending a Saturday in Pomona at FACE LA’s Homebuying Fair – we met them through NAWRB and LOVE what these organizations stand for. FACE has compiled quite a few programs to help you with down payment funds, and have relationships with LOTS of generous banks who can help with lower interest rates, buy downs, silent seconds, and more. Sharing is caring…so read below to find some free down payment funds to get your family into a home!
Tip 1: Find a lender familiar with the Community Reinvestment Act, and align yourself with a housing non-profit like FACE.
There are literally programs EVERYWHERE. And they change on the regular. Don’t spend your precious time researching outdated internet options when you can meet someone face to face who will help you with free homeownership coaching and what’s available right now.
As of Oct 2019, when we’re writing this post, we wanted to include some snippets on current programs that could help you close the gap to your down payment goal.
Tip 2: Explore Down Payment Programs & properly prepare to buy a home with education
In LA for example there are LIPA & MIPA . The LIPA or low income purchase assistance program offers 90K in down payment funds. The MIPA or moderate income purchase assistance program offers 60K, which goes a long way even in Los Angeles.
These purchase programs (and many others) have some caveats. The home must be your primary residence, and you must pass a homebuyer education class (approx 8 hours). Did you know taking homebuyer education classes before you buy make you 30% less likely to go into foreclosure? This is why many city, bank, and state programs will require you take one before receiving funds. Everyone wants you to succeed in your homeownership venture, so there are milestones like this in place to set you up to win.
If you don’t like the CITY of Los Angeles traffic, maybe the County of LA’s 75K down payment program would be a better fit for you. This program offers a second Trust Deed loan provided at 0% interest with all payments deferred until sale, transfer, refinancing, no longer owner-occupied, or full repayment of the first mortgage. HOP (Home Ownership Program) loans are available to first-time homebuyers in the unincorporated areas of Los Angeles County and cities participating in the Community Development Block Grant (CDBG) Urban County Program.
Maybe Los Angeles isn’t your thing at all….no worries!! CALHFA works all across the state of California for low and moderate income first time homebuyers. They finance almost everything when it comes to costs…down payment AND closing costs. You can literally close with $300 out of pocket. Yup. Read again. We’ve seen it. In OC!!!! Their requirements include 660 credit, owner occupied, and a homebuyer education class. The price cap is currently 765K.
The homebuyer fair today was in City of Pomona, and Pomona offers a fabulous down payment program (MAP) up to 100K! This city has some adorable craftsman homes that could use your TLC. Pomona basically does a silent second for 100K, there is no interest or payments owed by you. It does need to be paid back upon the following circumstances: sale of the home, refinance, occupancy change, or 15 years.
The City of Pomona loan will take a little share of your equity; if you borrowed 10% for this loan, then you need to pay back 10% of your equity upon sale to the city. This is totally fair since they gave you the same percentage to help start you out! Details include no ownership in the last 3 years, homebuying education class (by HUD), income cap requirements, and working with a lender who participates in the program.
Tip 3: Use OPM (Other People’s Money) to Help with your Down Payment
Here’s a video with Cain Rivera’s down payment success story testimony. He was the youngest ever to receive a down payment from the city of LA program. Cain went from paying $1500/mo rent to UNDER $1000/mo mortgage owning his own condo in Balboa Park, and he didn’t have to leave LA to do it:
Tip 4: Layer your SoCal Down Payment Program benefits with bank programs too:
It was great to see so many banks offering programs to first time buyers. Here’s just a few of the programs our banking panelists talked about. If you’d like to get more info, sometime’s it’s easiest to just call FACE or check out an upcoming Home Fair – like OC Home Fair every January.
Bank of America currently offers a 10K grant offering in low to moderate income communities, PLUS a 7500 closing cost credit that applies to the entire country, check into it! In many states 7500 would cover the majority of your closing costs! 🙂
Boston Private has a 1% down conventional first time buyer program without mortgage insurance (when layered w other programs) that considers the entire scenario. If you’re self employed.. this is a great bank to call.
Union Bank has a 3K down payment assistance grant for closing costs or down payment assistance, which can be layered with other programs. Sorry couldn’t find the link for this exact program, but here are the low down offerings!
HSBC offers 7K toward closing costs for first time home buyers, and also 1/2 off your interest rate! Their credit requirement is only 620 so they are good if your credit is bad.
US Bank has 95-97% loan to value offerings & non-traditional credit consideration. They have a Mortgage Insurance program where they pick it up on your behalf. If you want just a lot, ask about their land program! You may also qualify for the American Dream program.
Bank of Hope has an in house underwriting Dept with a quick turnaround. They also waive mortgage application fees if you have an account with them.
Loan Depot – prides themselves on being very familiar with DAP – down payment assistance programs. They like to layer, and they can take credit as low as a 520 score.
These are just a few offerings and programs that are available in communities here in Southern California. Programs work if you are 20-70 years old – it’s never too late or early to consider homeownership!
One negative is these programs sometimes take major negotiating to get a seller to accept your offer, because they take 2x as long as a traditional escrow. You NEED a Realtor to represent you and keep the seller calm and informed.
Also, by the time you come across this post some of these programs may be expired, and new ones available. If you’d like us to hold your hand through the journey we’d be honored, just call or text Angie at 949-338-7408. As a 19 year old first time buyer who put only 3K down, I understand EXACTLY where you are at, and have a heart and the resources to help 🙂
Looking to buy or sell a home or investment property? Homeownership Day has a class for you!
Our annual Homeownership Day & OC Home Fair is coming soon! We are hosting at Chapman University for the 8th year in a row on Saturday, January 18, 2020.
The Southern California Home Fair is an event open to the community designed to provide home owners, home buyers, renters, and seasoned investors with free, personalized and comprehensive information from some of the leading experts in real estate.
OC Home Fair is for Everybody!
Attendees have a variety of choices from many classes offered throughout 3 sessions covering a variety of topics! Some of the topics include:hassle-free home buying, investing to be an automatic millionaire, buying a home under your business umbrella, and much more.
Twelve classes are available this year, spread out over three sessions – pick from four during each time slot! When you register online at OC Home Fair you are able to choose which class you want to be in during each time slot. Some of the highlighted classes this year include:
Investing to be an Automatic Millionaire
What to Expect With New Home Builds
Buying with Cryptocurrency – What You Need to Know
How Veterans Buy with Zero Down
Click here to register to attend this year’s OC Home Fair, held Saturday, January 18, 2020!
Check back here for updates as the event approaches!
Sol-Nest is “building for the right reasons” and changing the building industry while they do it! Sol-Nest strives to ensure families have a sustainable and affordable roof over their head. Sol-Nest provides people with shelter regardless of where they’re located. It is their mission to reverse the housing attrition trend by “creating resilience and lowering the threshold of affordability.”
Sol-Nest recognizes that fires, floods, hurricanes, earthquakes and tornadoes destroy thousands of homes every year. Your home is an investment, to some it is your greatest asset – the last thing you want to worry about is a natural disaster destroying your home. But how can you minimize the risk of natural disasters destroying your home without packing up and moving?
The Disaster Proof Housing Solution? Sol-Nest
Sol-Nest understands the economic effects that these events cause, thats why Sol-Nest developed a patent pending proprietary building technology that is less expensive than your typical building methods. The new building technology can be used in distressed areas to provide affordable housing, built to last longer than traditional homes. Sol-Nest, LLC homes are built to survive earthquakes, fire, floods and 250 MPH winds.
Hybrid I- Post and Panel System
The patent pending process under Sol-Nest, LLC is called HIPPS™. HIPPS stands for Hybrid I- Post and Panel System.
What Makes Sol-Nest, LLC/HIPPs homes sustainable and strong:
Renting has its perks – short-term lease agreements, low upfront costs and the flexibility to move anywhere you want on a short notice.
However, it’s exciting to have a place you can actually call your own! You want the freedom to paint the walls the color you want, tackle a DIY kitchen project, or to be as loud as you want without worrying about neighbors stomping above you. Owning a home has so many great perks, read about some of the perks here. If you think you are ready to make the leap from renter to homeowner, here are a few things to consider first.
Breaking a Lease Early to Buy a Home
More and more renters are looking to break their leases and make the leap into homeownership. As you get closer to finding the home of your dreams, the fear settles in that you are “stuck” in a lease. Landlords are fairly accommodating when it comes to allowing tenants to break their lease and move out early.
Work with your real estate professional to assist you in this communication to your landlord. If you find that you are still stuck paying intimidating fees, your real estate professional can help you negotiate the terms of your lease and help you cover your early move-out expenses to make purchasing a home easier for you.
If you find a home you love a few months before your lease ends, don’t let the fear of breaking your lease scare you out of becoming a homeowner. You might spend more money on the house you want if you wait for a lease to expire.
The housing market is constantly changing. You don’t want to miss an opportunity to purchase the home of your dreams, at the price that fits your budget. It is better to get the best deal than it is to worry about abandoning an apartment, these fees can be minor when accessing the long-term costs of waiting.
I see it, I like it, I want it, I FIX It!
Becoming a homeowner means that every repair that you would typically request via email the Apartment Complex front desk – is now your personal responsibility. All repairs are now up to you to fix, and pay for. With each repairs comes additional expenses due to installation fees, maintenance fees, and other costs renters typically do not pay for. It is important to prepare for these unexpected repairs so that you are ready to take action (or hire the experts) when the basement floods or the furnace stops working mid-winter.
The best way to avoid becoming Mr. & Mrs. Fix It is to consult with your real estate agent DURING the home buying process to ensure all potential repairs are identified (short term and long term). A thorough inspection is necessary to help you identify those hidden repairs that you might not find as you complete a tour of the home. Work with your realtor to ensure you have a thorough home inspection completed, this will help you avoid purchasing a property that is a potential money pit.
Expenses To Budget
Homeownership comes with unexpected expenses and surprises. As you determine what you can afford, it it important to consider additional costs other than the mortgage payments and real estate taxes.
As a renter, your utility bills are typically lower as you occupy a smaller space. Make sure to budget for an increase in bills such as: electricity, trash, heating and cooling. Think long term, often times renter consider the costs of owning a home based on down payments, closing costs, and taxes. While considering short term costs are required, it benefits you to also prepare (and budget) for those long term costs. It’s important to be realistic about what you can afford, the more you prepare for these costs, the more success you will have as a homeowner.
Stay tuned for more blog posts that will assist you throughout the homeowner process.
Women In The Housing & Real Estate Ecosystem (NAWRB)
While attending the ‘Women in the Housing and Real Estate Ecosystem’ annual conference in LA last week, I had the pleasure of learning more about women in real estate and the power of connections. NAWRB is an advocate and leading voice for women as they focus on “advancing gender equality, raising the utilization of women-owned businesses and providing women the tools for economic security, stability and sanctuary.” You can learn more about the how NAWRB provides women with financial freedom here. For more information about the statistics provided from the conference and where women stand in real estate, you can click here.
Did You Know?
Women are DOMINATING the world (and the real estate market). Women control 65 percent of global spending and more than 80 percent of U.S. spending. Women make majority of household decisions when it comes to purchases, especially when it comes to home ownership. According to Forbes, self-made women are increasing at a greater rate than the number of billionaires overall. As more and more women are becoming successful entrepreneurs, the door opens for opportunity: homeownership! Women represent one of the fastest growing groups in the housing market and are interested in buying their own home – regardless of their marital status.
Single Ladies
Single women are the second-largest home-buying group behind married couples (where they are likely making the decision). In 2017, single women made up 17% of homebuyers. Women are delaying marriage (and proud of it!) and pursuing their dreams. Census Bureau data shows that women on average are entering into marriage at an average age of 27. Regardless of their marital status, women are buying homes. Women are earning college degrees at a higher rate when compared to men. This allows them access to achieve higher wages (despite the wage gap).
Do your research to know how much you should save for a down-payment before you start house-hunting
A $30,000 down payment might seem very intimidating – break it down!! Save $10,000 a year for 3 years. That’s roughly $800 a month. Married? That is $400 a month for each individual.
APPLY for down payment assistance programs
Did you know there are 2400 down payment programs??!!?
Click here to learn what buyer program you qualify for – based on the state you live in
Down payment assistance programs delay the process of closing the deal, make sure you have an agent who can smooth that over with the seller and still get your offer accepted in a timely manner.
Make sure your a house payment fits into your budget!
Have an emergency fund set aside to be prepared for unplanned costs.
This is especially important for all the independent single ladies relying on one income. As a homeowner you will run into unexpected costs, having an emergency fund ready to go will provide you with reassurance that you are prepared and ready for those unexpected costs. Consult with your financial professionals to determine the right amount to save based on your lifestyle and goals.
Plan Ahead!
Consider your future
Depending on what your goals are can vary the way you buy a home.
Keep your future in mind when looking for homes. This could be your forever home!
Always save enough money to get you through multiple home payments
Having this cushion will provide you with the freedom to make decisions that are not money-driven. At a job you hate? Rest assured that you have a budget to get you through the job hunt. Craving a vacation? You can drink all the mojitos you want while knowing your bank account won’t overdraft when your mortgage payment comes out.
Stick to your PLAN!
You have it in you, it got you to where you are now! Your real estate professional will help guide you in the direction that YOU want to go and that aligns with your financial goals.
If the house you can afford doesn’t have the Chip & Joanna style you love, a few trips to Target will have your new house feeling like home in no time.
Be Patient
Don’t let the process overwhelm you
If you feel overwhelmed with the costs of your dream home, it is okay to buy a house that requires some TLC. After you settle in you can decorate with a budget that works for YOU (or works for Target).
Take time to weigh your options and compare
Observe the inside of the house: run the faucet, flush the toilets, check the HVAC (the whaaattt?).
If you have been living in an apartment – you might assume all of these things automatically work as new. Consult with your real estate agent to see who can provide these inspection services for you and determine what you can negotiate with the seller.
Want To Know More?
Do you want to learn more about how YOU can become a woman in the housing and real estate ecosystem? Become a member of NAWRB! If you are a girl boss looking to expand your career, get on a corporate board, or become financially independent – NAWRB supports ALL women as they march to the beat of their own drum. Photo below: Desiree Patno, CEO of NAWRB. Click here to hear from Desiree and solidify why YOU should join the NAWRB Ecosystem!
Click here to watch Mortgage Banking Professional Adriana Shannon (an elite NAWRB member) talk about the ways NAWRB has empowered her and given her more of a voice not only in her career but in other aspects of life too.
Zillow Offers provides sellers the opportunity to “skip the hassle and sell your home directly to Zillow.” Zillow Offers targets sellers who want to sell their property as fast as possible. The houses are sold quick and without the “hassle” of a traditional sell (no open houses, repairs are ‘taken care of’, you chose your move and closing date).
You might have seen Zillow advertised on billboards, commercials, or even on personalized yard signs. Zillow promises sellers an instant cash sale for their homes. It sounds great for sellers on a tight timeline, but what’s the catch?
Zillow Offers Are Below Market Value
While Zillow does provide a fast sale and near-instant cash to the seller, this comes at a cost. While your Zillow Offer is providing you instant cash by cutting out the hassle – you are paying for this convenience by selling your house lower than market value.
Zillow offers you a below market value Zestimate because they are taking on the responsibility of selling, fixing, and putting your home on the market. By selling your home for a lower market value, you are able to sell faster. However, Zillow is able to re-sell your home at the actual market value (after making repairs that were technically paid by you by selling the home for less).
What Your Zestimate Actually Costs You:
Zillow provides you with a Zestimate: the estimated market value. It is not an appraisal. After they provide the Zestimate they factor in information they receive from the seller (recent renovations, the current condition of the home, etc.), the opinion of a local real estate agent and fees. Zillow weighs whether renovations will be needed and the cost of holding and reselling the home. This is important to understand – while you do not have to make the necessary repairs and updates to your home, you are still paying to have those repairs completed (the cost is subtracted from your Zillow Offer).
While Zillow says they’ll take care of repairs these will often be priced above market value. This means you will be paying more for repairs than if you hired a contractor yourself. Additionally, you will not be benefiting from the equity that these repairs will bring to the cost of your home. Which means you are PAYING for the repairs by selling your home for less AND not earning anything from it.
Keep In Mind:
According to Zillow’s Offers page – once the Zillow Offer is confirmed, it may be adjusted when an in-person inspection is performed on the home. Just because you received the offer and it sounds appealing, this amount can still be adjusted.
Once Zillow purchases the home, they will make “necessary repairs and updates” and then put the home back on the market. By taking the burden of preparing your home to be listed off the seller – Zillow will earn the equity on your home (that you paid for).
It is important to note – you will still need an agent to determine an offer when using Zillow Offer. If a seller is represented by an agent and they accept a Zillow Offer, the agent still needs to be paid a commission by the seller based on the agreement between the seller and agent.
Sell Your Home Fast Without Losing Equity
Part of being a homeowner means you have invested in a property that will provide you with a return on your investment when you decide to sell. A fast sale should not compromise your investment and result in a below market value offer. We understand you want to sell your home fast – working with a real estate agent doesn’t mean that is an impossible ask.
Real estate agent commissions are between 5-6%, if you are listing your home for 10-15% less than market value you are spending MORE money. Real estate agents have resources to find you a buyer quickly.
If you are determined to move quickly, work with your real estate agent on setting a price that works for you and a buyer. Working with your real estate agent helps you receive better offers because your Agent is negotiating a deal on your behalf, one that will put money into your pocket! Real estate agents can sell your home quick without compromising your equity in the process.
If you have received your Zestimate and would like to compare the offer to market value, reach out to Angie today at: 949-338-7408. Comment below if you have a Zillow Offer Experience!
Congratulations grads! You did it! Graduating is an exciting time in your life! The inevitable question always lingers: “what’s next?” If you are considering home ownership, you are already a step ahead!
Rent or Own?
One of the misconceptions people have about owning a home is that it costs more than renting. The rent prices have been increasing over the last few years making the cost of renting the same as a mortgage payment (sometimes MORE). Home ownership is associated with more up-front costs than renting however you could potentially earn that money back. The value of your future home may increase over time providing you with a return on your investment. California has an extremely profitable housing market.
Here is an example: In 1998 you purchased a home in California for $200,000. Despite the up-front costs and the down payment, you made the leap into home ownership. Fast forward to 2019, your needs have changed and you want to sell your home. You sell your home for over $600,000 dollars! That is money in your pocket and money that goes right into your next down payment! You can read more about the perks of being a first time home buyer HERE and start planning for your future today!
How Will I Afford A Down Payment?
Many first time home buyers still believe a 20% down payment is required before you can get approved for a mortgage. That is how conventional mortgages were designed however there are more options for buyers today. FHA loans, VA loans, and USDA loans provide different rates and charge insurance differently. It is important to choose the loan that fits your downpayment needs. Read more about your mortgage lending options here.
Let’s talk savings. Your best change to get the property you desire in the time frame that works for you is to have a down payment saved so you are ready when you find your perfect home. After considering your options, you have decided what your target down payment is. You just graduated, you might feel like that amount of money is unattainable for you to earn within a reasonable timeframe but what if you didn’t have to wait that long? Crowdfunding could provide you with the down payment you need, in the time you need it.
Crowdfunding is exactly what is sounds like – it is the use of small amounts of money from a large amount of people to help you finance your first home. Your graduation party is approaching, and you’ve probably heard that your graduation gift is… MONEY! Some graduates might want to spend that money ASAP. What if you INSTEAD contributed that money towards a savings account for your first home? Check out this graph:
If you invite 100 people to your graduation party and they gift you $100 dollars each, that is $10,000 going towards your down payment! Not ready to make the jump into home ownership yet? Throw that money into a savings account and earn money from interest! When you are ready, the money is yours for the taking.
How Can I Start?
When you are ready, you can reach out to Angie or the Vow2Save Team and they will help you make every step to purchasing your new home easy and exciting! Then you will be able to customize your very own website however you would like. Let your friends and family know that you have a goal of becoming a first time homeowner and direct them to donate on your website! As donations roll in, the meter on the website will grow. This encourages your friends and family to help you reach your goal.
Ready to start saving for your home? Check out Vow2Save and start planning your future today. By the time your wedding rolls around you can create a wedding registry that will fill your home with things you love!
Losing a relative can be a very difficult time. We are very sorry for your loss. As you are figuring out your next steps, you may have questions about handling existing mortgage affairs. It is important to remember that you have options and we are here to help you consider the best options for your situation. An assumable mortgage is a home loan that can be transferred from the original borrower to the subsequent homeowner.
Determine if you are permitted to assume the loan
Not all mortgages are assumable – you can check the language in your note and mortgage. Certain types of government-backed loans are easier to assume than conventional loans. Typically you must meet the qualifications of the government agency in order to assume the loan. If you are not sure if you qualify – check with the lender of the loan as well as a real estate professional and a lawyer to ensure you will assume the loan properly.
Lean on professionals to help you determine if you should assume the loan
There are many benefits when assuming a mortgage. When you assume the mortgage, you keep the interest rate that the original owner had on the loan. This could increase the marketability of the property especially in a market where interest rates might be rising. Assumptions typically take less time. If you were listed on the note or in the trust agreement, the process could take only 30 days.
A properly recorded deed is public record. This means once an individual inherits the property – it becomes public record if a trust agreement was not in place. It is important to stand by your trusted professionals during this time to ensure you make the best decisions for you and your family. Offers will come your way that might encourage you to sell the home, it is important to make this decision based on what is best for you. Making sure you have the right people beside you during this difficult time is crucial to ensuring you make the best financial decisions.
Decide if selling the property would benefit you
It is important to remember that you have options. Selling the home might seem appealing and marketable however owning the home could provide an income for your family. Assuming the mortgage allows you to inherit a property at a lower cost, with potentially lower interest rates. If you assume the loan, you will have to pay taxes and assumption fees. While selling the home provides you with an advantage as a seller (lower rates, quicker closing) you could lose a valuable asset. Assuming the mortgage provides you with an opportunity to use the property as an investment. If you do not wish to reside in the home, you could consider using the property as an investment to provide a monthly income to you and your family. Real estate is an imperishable asset with an increasing value. You can learn more about how to turn a property into a source of income here.
If you have additional questions and are seeking help from a trusted professional, contact Angie at 949-338-7408. You can also fill out a contact form if you would like to discuss how you can begin the process of assuming a mortgage!
To All of Our Veterans – Thank You. Happy Memorial day!
The VA loan is a mortgage loan that is designed to help eligible veterans finance their home with no down payment – guaranteed by the US Department of Veterans Affairs.
5 Benefits You Need To Know About VA Loans
1. No down payment required!
The VA loan is a $0 down payment mortgage – available to Veterans, Service Members and certain military spouses. Conventional loans typically require a down payment that can be as high as 20%. While there is no down payment required, there is a VA Funding Fee. The fee is a governmental fee that is applied to every VA loan. This fee can change based on different circumstances and factors.
2. No Mortgage Insurance!
Private Mortgage Insurance is a type of mortgage insurance that is required for borrowers who finance more than 80% of their home’s value. This is a monthly cost (or one-time upfront premium) that is added to a traditional mortgage loan. Because the VA Loans are government backed, Private Mortgage Insurance is not required by the banks! This is a huge savings for homeowners.
3. Easier to Qualify!
These loans are backed by the government so that means banks assume that there is less risk involved. These loans do not have as many qualification standards as traditional home loans. These loans are easier to obtain and allow for more credit and income flexibility.
4. VA Loan Closing Costs Are Lower!
Another cost saving perk – the VA limits the closing costs lenders can charge to VA loan applicants. The average closing cost of the loan is between 1% – 3% of the loan amount. The percentage can raise to 3% – 5% if the home is less expensive. Your real estate agent can request the seller to cover some closing costs for you – reducing more costs for you.
5. The VA Loan Is Reusable!
These loans are not just a one-time benefit. If you have earned this benefit, you have it for life! There is no limit on the number of times you may use the loan. The VA loan has accessibility to different property types, you could re-use it to buy a house, condo, new-built home, manufactured home, duplex or other types of properties It can even be used to refinance your existing mortgage.
Have more questions about the VA loan process? Derek will be there to walk you through the process. He provides expert advice while walking you through every step of the process. You will be a client for life with Derek Beisner.
Derek is available to text on weekends: 1 (949) 637-9939
Seller financing is an agreement in which the seller handles the mortgage process instead of a financial institution. Seller financing cuts out the middleman and some of the red tape that comes with real estate transactions. The seller is the lender in this type of transaction, this allows the buyer to make payments without the hassle of a loan.
Seller financing is a better option in a buyers’ market however this benefits both the buyer and the seller of the home. Here is some quick facts about seller financing!
Pros for the Buyer!
Faster Closing Process – skip the bank lines. You won’t have to wait on a loan officer, underwriter or legal department to review and approve the loan application
Saves Money – no bank fees or appraisal costs
Seller financing lets people who might not be able to secure a mortgage buy a home
The down payment is based on an agreement between you and the seller
Pros for the Seller!
Sell quicker – you have the potential and ability to negotiate to sell the property “as is” without making costly repairs
Investment! Earning money from the lending process
Retain the title: if the buyer defaults – the seller keeps the down payment and the house – rather than the bank
Take Aways:
Working with a real estate agent in addition to a real estate attorney is necessary. They will write the sales contract and the promissory note
Sellers should (and can) run a credit check
Buyers should offer a 10% down payment
Don’t forget about your credit score – it is still important and considered in the transaction
Learn more about the seller financing process here:
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/
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!
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
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
As more and more Americans become internationally savvy investors, we love bringing you experts and tips on how to safely buy abroad. Iceland is a gorgeous country and it’s growing quite fast – which means opportunity knocks!
Iceland’s capital is Reykjavík, so we scoped out a quality agent who has been selling there for more than 5 years – Pall Palsson. When you are considering a purchase as a newbie to a country, you do not want to work with a newbie agent! It’s a really good idea to ask your main Realtor if they are an International Specialist (CIPS) and if so, they can help pair you with a good fit in the country you plan to purchase.
RESEARCH is key, and that’s best done with a team. Iceland currently has a stable government, currency, and job market. Iceland is one of the fastest growing real estate markets in the world. Iceland has an even market right now which makes it easier for both buyers and sellers to obtain their goals. It also means their are enough houses on the market if you’re looking for your next big move!
Here’s an interview with Pall that goes more in depth about the current real estate market in Iceland:
Other factors to consider are education, cost of living, and climate.
As far as climate, Iceland tends to have very short summers that are still chilly and usually pretty cloudy. If you’re from California, it would be quite the opposite of the sunny beautiful weather we are used too! Their winters are very long and wet, but if the snow is something you love – it’d be perfect for you! The temperature in Iceland hardly ever drops below 17 degrees which if you’ve ever been to the Midwest where it drops down to a brutal -20 with wind chill often during the winter months then that might not seem so bad. You won’t usually see the temperature rise much higher than 62 degrees in Iceland. The absolute beautiful of this country may sway you to deal with the cold anyways – we’ve truly never seen such beauty.
The cost of living in Iceland is close to comparable to Southern California right now – expensive. You can get a 2 bedroom 1 bath town home around $350,000 – $400,000. If you’re able to afford that and even spend half of your time in a place with such outstanding sights to see you’d be living your best life.
Unison shares the down payment cost with you, lowering your upfront costs, reducing your overall mortgage loan, while also lowering your monthly payments. The money is given to homebuyers in the form of an investment, its NOT a loan! That’s right – that means you have no monthly obligations to Unison – interest free! Imagine walking into your dream home and having confidence that you can afford it. 
Did you know 1 in 10 US residents are considering owning international real estate? But how can you protect yourself from making a lemon investment? Thanks to OCR’s Global committee, we have some pointers for you! Michael Cobb CEO of ECI development started off our International Real Estate Forum today reminding Realtors that we bring value to international transactions by helping our clients know to ask the right questions. In foreign countries, hot water, running water, and other conveniences (like plumbing) we take for granted in America are not alway included in the price tag. It’s critical to be careful and make sure you align with multiple professionals to ask ALL the right questions when you buy internationally. One way to do this is to work with a CIPS Realtor to help you find the most reliable real estate contacts in your preferred country. CIPS agents are Certified International Property Specialists, and have special training to help you avoid international buying nightmares.
Nicaragua has been a growing spot to get deep discounts in real estate, and Michael personally lived there for 14 years, while raising 2 young daughters. It usually takes about 6-9 months after you visit Nicaragua and sign documents to receive your title, and buying is friendly to foreigners. The country has beautiful scenery, and also offers the following benefits:
Belize is a tiny country that wasn’t on the radar at all until recently, and now it’s exploding. The title process is 3-6 months, but you can complete a property transaction in just an hour if you’re there in person. English is the official language, so it’s easy to read contracts. Prices are reasonable right now, and the hotspot to check out is Ambergris Caye. Belize was also voted the “most wished for place to visit” on AirBnB, so an excellent consideration for your vacation rental. If you’re thinking of AirBnB, you will have to pay hotel tax, so be sure to factor that in. Speaking of air…air travel has doubled over the last 3 years to Belize, and there is still plenty of room for growth. Baymen Gardens by Best Western currently offer options under 100K for a residence if you’re looking for an affordable vacation rental. Some benefits of owning property in Belize include:
Real Estate expert Alvaro Quirante presented about Riviera Maya and the consistent growth of traffic into the Cancun airport, which creates opportunity. Travel is consistent all year long, so there is no on or off season. Currently they are creating a huge marina, and a theme park, which will create 5000 new jobs in the area. Tulum has been one of the cities that gets the best capital gains each year. A few reasons:
Today we’re spending a Saturday in Pomona at FACE LA’s Homebuying Fair – we met them through NAWRB and LOVE what these organizations stand for. FACE has compiled quite a few programs to help you with down payment funds, and have relationships with LOTS of generous banks who can help with lower interest rates, buy downs, silent seconds, and more. Sharing is caring…so read below to find some free down payment funds to get your family into a home!
These purchase programs (and many others) have some caveats. The home must be your primary residence, and you must pass a homebuyer education class (approx 8 hours). Did you know taking homebuyer education classes before you buy make you 30% less likely to go into foreclosure? This is why many city, bank, and state programs will require you take one before receiving funds. Everyone wants you to succeed in your homeownership venture, so there are milestones like this in place to set you up to win.
Union Bank has a 3K down payment assistance grant for closing costs or down payment assistance, which can be layered with other programs. Sorry couldn’t find the link for this exact program, but here are the low down offerings!
NAWRB supports ALL women as they march to the beat of their own drum. Photo below: 
