Orange County Real Estate Success

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    2021 Real Estate Market Predictions for Orange County, CA

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    2021 Real Estate Market Predictions for Orange County, CA

    Today one of our favorite forecasters, Steven Thomas, gave his thoughts on closing out the crazy 2020 Covid real estate market and what we expect to see here in 2021. If you love stats, be sure to subscribe to our email list, as we send out Reports on Housing statistics monthly. These reports will keep you on top of exactly what is happening right now with property prices, average days on market, and demand.

    More space or a home office are very common reasons to move in 2020, which will also likely roll over into our 2021 season.

    We’ve had a really interesting year in real estate, almost flipped from our normal Orange County trends. We were slower in the spring, obviously due to quarantine and virus setbacks (coined ‘The Pandession’). Then we heated up in summer and are still going strong here in fall, when things usually cool.

    The pandemic really made people think about what they wanted in a home. And now, they are going out to get it. Sometimes it’s a larger yard, other times a pool, being closer to loved ones, or relocating to a rural environment. Change is brewing in all levels of our housing market.

    2020 has seen a SURGE in Luxury demand and sales, and we are seeing it in our team deals as well. Here’s a visual for a better picture:

    Demand far outweighs supply, so almost every listing is selling with multiple offers at this point in time. Will it continue? Read on…

    One of the factors that will affect our market significantly is Coronavirus numbers and which way they are swinging. If we end up in quarantine again, it WILL affect all markets, including housing, so keep that wild card in mind as we enter into 2021.

    Foreclosure Predictions for 2021

    Should you be worried about foreclosures? Waiting for that screaming deal on one??? Not really. Less than 6% of homeowners are on forbearance or late on their mortgage. That’s not enough to create a ‘foreclosure wave’…even if ALL of them get foreclosed on. This chart helps to tell part of the story. In 2006, owners didn’t have much equity. In 2020, owners have a LOT of equity.

    Due to this equity, the forbearance options, and the rates driving buyers, Steven does NOT expect any wave of foreclosures in 2021.

    What about the Rental Moratorium?

    Approximately 20% of renters are late on their rent. At first that number seems like WOW…but…rewind to Oct 2019… and the tardy-on-rent number was ALSO…20%. So landlords aren’t hurt that bad, even though renters are on a break until Jan 31st 2021 with the rental moratorium here in the state of California.

    Will Housing Demand Stay High in 2021?

    Demand is strongest it’s been since Sept 2012 – eight years. If you think we’ve been busy hustling homes, this year is even busier. Demand is expected to slightly drop during the holiday season for November and December, but it will still be higher than the last 8 years. If you have a home to sell before Dec 31st – get in touch – it’s totally a possibility!

    Inventory is the lowest it’s been since 2013 – pushing the average days on the market in OC to under 40. A hot seller’s market is under 60 average DOM….so we are in a hot HOT seller’s market, which not even the election division is extinguishing.

    Should I buy a home in OC before 2021?

    Short answer: Yes. Interest rates are LOW. Demand is high. Prices continue to go up. Lucky for our buyers, even with these prices.. the payment is more affordable than it would have been a few years ago. Check out this comparison:

    Interest rates drive affordability. Right now your payment is SO affordable. If you can qualify to buy, it is a fabulous time to make a purchase. In Steven’s words…’You’ll be kicking yourself if you don’t’ LOL. We know, you don’t have the down payment saved. But let’s have a conversation with a parent or grandparent who has equity, or get you crowdfunding your down payment with Vow2Save.

    2021 Forecast according to Reports on Housing

    Uncertainty with Covid, vaccines, Washington DC, travel, and employment can all make things sticky. If we continue to experience the same demand, things can get sticky.

    • Prediction: Real estate will enter 2021 strong and remain that way for at least half the year.
    • Prediction: Appreciation 4-7%. Prices are NOT expected to go down at all in 2021
    • Prediction: Upper ranges will continue to rise
    • Prediction: Closed sales should double what they were in 2020. (from 4 to 8%)

    Want to stay up to date on the Orange County real estate market? Simply fill out the form below and we’ll start sending you Steven’s Reports on Housing via email!

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  • 4 Ways to Decorate with Upcycled and Repurposed Items

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    4 Ways to Decorate with Upcycled and Repurposed Items

    Due to COVID-19, we have all been spending more time at home than ever before. Making your home feel cozy and inviting has never been so important.

    We all have those random “it might come in handy some day” or “I might find a place for that…” items that we have been staring at for the last few months.. We just aren’t ready to let go of it yet. There’s no better way to revamp your home and your dated items than repurposing and upcycling!

    To help you get started, we’ve picked four of our favorite (and…realistic) ideas for repurposing, resuing and upcycling your items.

    1. Bookcase to Coffee Bar

    Transform your space and coffee game by upcycling an old book case or storage cabinet. Staying in more means bringing the coffee shop to you!

    2. Repurpose Your Caddy for Craft Organization

    Caddy’s have a unique look but don’t serve a clear purpose. Upgrade your craft room with this repurposed caddy for storing all of your utensils!

    3. Repurpose Your Ladder for Blanket Storage

    Ladders add height and texture to your room. To make the ladder functional, add your extra blankets for a cozy inviting look!

    4. Repurpose Woven Baskets

    Have baskets laying around that really don’t serve a purpose anymore? Spice up your wall decor by adding those baskets to the wall. The baskets add a unique look to your space and make a statement. Just simply place a nail in the center of the basket and create your own gallery design!

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    History and Current Rules of Fair Housing

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    History and Current Rules of Fair Housing

    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:

    hud.gov/fairhousing/ 

    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. 

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    Endorsed by NAR for Foreclosures and Short Sales

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    Endorsed by NAR for Foreclosures and Short Sales

    Short Sale & Foreclosure Resource

    Struggling to make your mortgage payment?

    Today we sharpened our short sale and foreclosure sword – YES, it’s a battle! Armed with a new designation from the National Association of Realtors (NAR); called Short Sale & Foreclosure Resource (SFR), now we’ve got the most recent tools to fight a foreclosure and win.

    There’s plenty of talk about a potential foreclosure wave once all the COVID forbearance terms have come to an end.. so its important to stay fresh on bank policies, foreclosure timelines, and tools to use to save your property from foreclosure, right?!

    Yes, we made it through the recession of 2007-2011 closing plenty of bank owned properties and short sales, but that was 10+ years ago. Platforms and policies have changed.

    REO stands for ‘Real Estate Owned‘, and is a common term for a property that has been foreclosed. REO’s are property the bank comes to own because the borrower defaulted or could not financially afford to remain in the property. As a foreclosure resource, we can help you STOP your property from becoming a foreclosure, and we can also assist banks in selling off their REO inventory.

    Who’s involved in distressed property situations

    Servicer – who you make your mortgage payment to, they may or may not own your loan.

    Investor – beneficiary entity who owns the promissory note & mortgage or deed of trust on a property.

    Borrower – party in distress; typically struggling to make payments or need to sell when equity is negative.

    Buyer – potential purchaser of the home

    GSE – Government Sponsored Enterprises (Fannie Mae, Freddie Mac, and others in the secondary money market)

    Important Foreclosure Terms to Know

    Deed in Lieu – Involves swapping your keys in exchange for relief on the mortgage. Sometimes this will lead you to a 1099 for the money returned. Never do a deed in lieu before you understand the tax ramifications.

    Loan Modification – Loan Mods are a permanent change in one or more of the terms of your loan. These must be approved by the investor, servicer, and you. It typically reorganizes the mortgage into something more affordable so you are able to stay in your home.

    Notice of Default (NOD) – Official notice of default, and begins your foreclosure timeline. All borrowers have at least 90 days to bring a loan current after a NOD is filed.

    Notice of Trustee Sale (NOS) – Official notice of when the foreclosure or auction will take place.

    Foreclosure Sale – The actual sale of the property where the title is transferred. Homeowners become tenants upon sale, and lose rights to property ownership.

    What are my options to avoid foreclosure?

    There are many, but you need to act fast and regularly. One place to check is the Consumer Financial Protection Bureau (CFPB) to help you resolve any shady practices in your loan.

    Another option is HHF – Hardest Hit Fund which has been extended through Dec 31st 2020. This program is in 18 states and it helps struggling homeowners with mortgage assistance.

    MakingHomeAffordable.gov has many trusted routes you can take, be sure to research so you know your most up to date options. Here are their current tips to avoid foreclosure.

    Furthermore, there are local nonprofits in many areas who can connect you with the right resources to save your home. Contact Angie by text at 949.338.7408 ASAP if you would like an Orange County referral.

    Reinstatement vs Redemption period

    Reinstatement is the 90 days you have to reinstate your loan after you’ve received your official Notice of Default (NOD). Redemption periods do not apply to all states, and they begin after the property is sold in a judicial foreclosure. California is NOT a redemption state with judicial foreclosures…once the property is sold at auction it is gone.

    How long does it take to foreclose on a property?

    Every state is different, and has different laws. It usually takes anywhere from 90 days to 3 years, depending on the condition of the market.

    Short Sale to Avoid Foreclosure

    In order to complete a short sale, you must show hardship. Every bank defines this differently; but it can include illness, job loss / unemployment, divorce, 50+ mile job relocation, business failure or natural disasters.

    Most banks have a ‘Short sale package‘ available on their website, and this includes a list of the documents you need to submit in order to be considered for a short sale. Some of the common items requested in a packet are:

    Listing agreement
    Short sale disclosure form
    Listing agreement addendum
    Authorization to release info form
    Federal & State disclosures

    Before you fill out the paperwork above it’s important to check for recourse in your state, or you could owe a tax bill on the amount you’ve been forgiven. If you’re unsure about this, check with your CPA.

    Furthermore, you must get approval. Approval is a gift.. even though it doesn’t feel like it 😦 Not only do you need approval from your mortgage company, you’ll also need approval from any and all junior lienholders including 2nd mortgage, HELOC, & other liens. If you do not have approval from ALL liens then the short sale will not happen, which is why you need to communicate with your debtors early and often!

    Sometimes additional costs will be paid by the investor, but you have to know how to work this into your Estimated Closing Statement (HUD1).


    Short sales and foreclosures are TOUGH to navigate. Please reach out to us if you need help. Angie keeps everything confidential and will always help you with creative thinking so you have the most options with your home. Contact her at 949-338-7408!

    Furthermore, Angie would love to connect with Asset managers, outsourcers, distressed property managers, and others in the banking industry who are looking for a quality agent who effectively works bank systems to get REO properties sold.

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    New Property Trends: Modular Net Zero Homes

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    New Property Trends: Modular Net Zero Homes

    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!

    What is a modular home?

    tesla-model-22-_-9
    S2A Modular Model #GreenLuxHome 22

    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!

    Want to build a modular home of your own?

    tesla-model-13-_-10.29
    S2A Modular Model #GreenLuxHome 13

    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:

    1. Feasibility study (cost $3500, and helps you determine how big you can build)
    2. Design (a modular architect is recommended, it will be less expensive in most cases)
    3. Construction agreement (firming up your choices)
    4. Engineering
    5. Permitting
    6. Site construction / setting modules
    7. 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 🙂

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  • Need to Improve Your FICO Score? Women’s Credit Connection Can Help!

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    Need to Improve Your FICO Score? Women’s Credit Connection Can Help!

    No Better Time to Buy

    Mortgage rates fell to an all-time low last month and borrowers are rushing to buy. As the housing market enters the spring selling season, falling interest rates are encouraging people to purchase homes. There has never been a better time to buy!

    As you start the home buying process, it’s important to have good credit score health before submitting a mortgage application.  Your credit score will play a significant role in the rates you qualify for. As mortgage lenders review your credit score, they use borrowers’ FICO scores along with credit reports to determine the risk and likeliness that you might default on your mortgage loan. The better your FICO score is, the less risk from a mortgage lenders perspective.

    Generally, a FICO Score of 670 or above is considered a good credit score, while a score of 800 or above is considered great. If you need help improving your FICO score before submitting your mortgage application, Women’s Credit Connection can help.

    Women Educating Women

    Women Educating Women offers multiple core services through platforms such as automative assistance, credit assistance, mechanical assistance and real estate referral services. Their credit service, Women’s Credit Connection, works to maximize your credit score as much as possible so that you can achieve your financial goals.

    By working directly with credit bureaus and creditors to challenge negative items on your credit report, Women’s Credit Connection will maximize your scores as much as possible. With over 25 years of experience in evaluating credit, Women’s Credit Connection offers:

    • 100% Money Back Guarantee
    • Experienced Tools for Consumer Credit
    • Intimately Involved in Your Credit Repair Experience
    • Active Support Throughout the Entire Process
    • Affordable Prices and No Long-Term Contracts
    • Easy access to your account 24/7
    • Live status updates regarding improvements on your credit report and score

    Here is how it works:

    To request a free consultation and credit analysis, click here. For more information on Women Educating Women, visit their website or contact them by phone at: 949-475-6883. 

     

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    Global Real Estate – Hot Spots & Tips to Buy in them

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    Global Real Estate – Hot Spots & Tips to Buy in them

    Global & International Real Estate is GROWING

    IMG_6359Did 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

    Depositphotos_236823284_xl-2015Nicaragua 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

    DSC01964Belize 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

    IMG_8066
    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

    IMG_4057Real 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:

    Mexico buying 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!

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    California Mortgage & Rent Help During COVID-19

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    California Mortgage & Rent Help During COVID-19

    Hi friends!

    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.

    Renters, you should know there is a moratorium on evictions until May 31st. Click here for more info on the California rental moratorium: https://www.gov.ca.gov/2020/03/27/governor-newsom-takes-executive-action-to-establish-a-statewide-moratorium-on-evictions/ . If you are working virtually and in a position to pay your rent, please don’t use Coronavirus as an excuse not to. This will put undue pressure on the people who really do need this relief.

    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:

    Click to access 023595_comm_corona_virus_sma.pdf

     

    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 😉

     

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    5 Things We’re Focusing on During COVID-19

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    5 Things We’re Focusing on During COVID-19

    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

    1. 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 🙂
    2. 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?

    3. Depositphotos_168021158_xl-2015
      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!

    4. 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.
    5. 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.

    woman and hands with paper house
    “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!

    ← Back

    Thank you for your response. ✨

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    Down Payments Holding You Back? Home Buying Hack: Silent Investors!

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    Down Payments Holding You Back? Home Buying Hack: Silent Investors!

    Ready to Own a Home?

    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.Screen Shot 2020-02-15 at 8.51.14 PM

    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.  Screen Shot 2020-02-15 at 8.52.03 PMUnison 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.

    See If You Qualify for Unison: Apply Here! 

    View Unison’s approved lenders here.

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    Looking to Buy or Sell a Home? See You January 18th!

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    Looking to Buy or Sell a Home? See You January 18th!

    8th Annual OC Home Fair 

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    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

    #5 Home Buying 101 – Pre-Purchase Counseling

    View the full class schedule list here.
    homeownership-day-2016

    Click here to register, just enter your information and select the class you want to attend!

  • Helping Orange County’s Underprivileged: WISEPlace

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    Helping Orange County’s Underprivileged: WISEPlace

    Meet WISEPlace

    WISEPlace, a nonprofit organization, is a “community of housing and hope for women in crisis.” With 90-years of history of caring for the community, WISEPlace provides safe, affordable transitional housing, healthy meals, and employment assistance to help women move from “homelessness and hopelessness” to independence and hopefulness. There case managers provide counseling to help women overcome the issues that led to unemployment and or homelessness. To learn more about WISEPlace, watch this video. 

    Screen Shot 2019-12-22 at 4.51.45 PM

    We got to meet Brateil Aghasi, Executive Director at WISEPlace and learn all about WISEPlace while attending the NAWRB conference. WISEPlace offers regular open houses to support the community to assist in a better understanding of homelessness and the ways we can all come together to work towards ending it. Interested in attending an upcoming event with WISEPlace? View the upcoming Learning Session & Tour dates here. 

    Homeownership Day & OC Home Fair 

    We can’t wait for our annual Homeownership Day & OC Home Fair at Chapman University for the 8th year in a row on Saturday, January 18, 2020. We are only a few weeks away! We are even more excited to invite the Women of WISEPlace to Homeownership Day.

    Learn more about WISEPlace here. We are looking forward to supporting the WISEPlace mission by continuing to encourage and empower women through organizations like this. 

     

  • Going Global with California Real Estate

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    Going Global with California Real Estate

    Going Global! 

    The world just keeps getting smaller! We attended a great forum this week by Orange County Association of Realtors Global Committee – they went over 4 of the most common countries that Californians move to and from. Have you ever considered an international investment property? Such fascinating info, read on!

    United Kingdom buyers 

    • Usually they hire an independent buyers agent that they pay 1-2% out of pocket to.
    • There is no MLS system. Right move & Zoopla are the platforms most listings are on. 
    • Agent helps search for properties, viewings and makes offer.
    • Sellers agents only works for the seller. 
    • Buyers can ‘outbid’ and existing buyers offers and its allowed in a sellers market, so it can be tough.
    • When it comes to loans & financing, buyers typically put 5-20% down, the rest can be financed
    • There is no such thing as escrow, lawyers executing the contracts once a price is agreed upon
    • Buyers receive title deeds 2-5 months after completion / closing. 

    The UK welcomes US buyers. HSBC is best bank for a smooth mortgage – its in both countries. A warning about age….a 36 year old got 2.5% rate and a 50 year old client got 4%, so they literally practice age discrimination over there. Buy young!?! The exchange rate as of the date of this post is low, and college towns are great to invest in, as there are many international students. Birmingham, London, and others are all good. 

    UK buyers are very self reliant to buy in US, and they frequently buy in Florida, California, Texas & New Jersey. Most tend for suburban areas, but 20% are still opting for in urban areas and cities. UK buyers need to be able to trust the agents and feel educated by them. We also need to remind them that they receive our services for FREE.

    Tips On Buying Investment Property In India

    Raj Rajpal, CIPS in India offered us some international business tips . India is the 8th most secure country, and India is the fastest growing economy in the world, at a GDP of around 8% for 5 years in a row. India is building over 10M properties per year, which gives plenty of inventory!  

    Price points in India are very similar to CA, 300K – over 1M. You can search India properties on Realtor.com. They don’t have an MLS either, but seem to be working on one. Many of the homes range 1000-2000 sq ft range, are concrete, and take about 6 months to build. 

    India uses both buyers and sellers agents. Commissions there do not have to be disclosed. It’s common practice to buy homes cash, but they do offer financing options. 

    When it comes to Indian buyers in the US, the numbers consistently increase every single year. They don’t tend to sell their homes as much as other buyers. 

    Planning on buying in or from Canada, Eh?!

    Tricia Lehane is a CIPS Realtor well versed on Canada and US real estate, and helped us with some great stats today. Canada’s average price is around 500K. Canada’s population is smaller than the state of CA, and they have Provence instead of states. Putine for heart attacks haha. 

    There IS an MLS in Canada, and they have a Canada Real Estate Association (CREA), which is nice to see the structure and organization ahead of some of the other countries discussed here. Realtor Quest in Toronto is a great conference to go to. 

    Canadians hate winter and they love California… Don’t we all?!

    As a Michiganer who used to go to Canada regularly, I can feel your winter pain and I now only visit the cold. If you’d like to accomplish this migration as well, simply call me! 

    Canada financing can happen in 10 days – 2 weeks, so its important to make sure Canadian buyers understand the difference in a California timeline. Canada doesn’t do Home Warranty, and they usually require 20% down. RBC bank and bank of Montreal are good banks to use for financing. 

    US is the main country that moves to Canada, and China is also has high stats. 

    For foreign sellers in Orange County, Escrow leaders has a great program that doesn’t tie up your profits with the IRS for a year like many other escrow companies do. 

    Our Final Presenter: Luis Mendoza About Buying In Mexico.

    Luis’ advice is to work with the system in the country you are buying or selling in – don’t try to change it to the system you know. Mortgages are available but tough to obtain. No FICO scores. 

    Mexico has a new president and a lot of people want to bring their money here to the US, and get a green card. Did you know Mexico City has more billionaires than any other city? And Tijuana has 72 cranes right now??? 

    You can own land(ish) through a bank trust called a Fedicomico. Mexico uses escrows and a Notario Publico who has been appointed by the government. See this video interview for more info. Cabo is one of the most popular cities right now.  San Felipe, Rosarito, and Los Alamos are all up and coming affordable cities. One thing to note is closing costs are 9%, so PLAN ACCORDINGLY. Property taxes are basically non-existent – they make their money off of sales tax. Proxio is a great international platform. 

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    Buying Your First Home in California: How to Dig up Down Payment Funds

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    Buying Your First Home in California: How to Dig up Down Payment Funds
    Angie & Hyepin Im, FACE FounderToday 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.

     

    Businesspeople Giving High Five In OfficeThese 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! 🙂
    • Wells Fargo has a lift program that gives 25K.
    • 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.
    • IMG_7409Union 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 🙂
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    Homeownership Day 2020 – Register Today!

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    Homeownership Day 2020 – Register Today!

    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 Image result for money homescovering 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!
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    Sustainable & Strong Housing – Meet Sol-Nest

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    Sustainable & Strong Housing – Meet Sol-Nest

    Sol-Nest: Building for Humanity

    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:

    • The use of indigenous materials 
    • The use of Basalt Filament Rebar
    • Stands up to an ever changing climate
    • The method of laying concrete 
    • Quick assembly: little as eight weeks
    • Designed to be implemented in large-scale housing projects
    • Lower cost of building
    • Ability to utilize solar power to build homes “off the grid”

    Screen Shot 2019-10-11 at 10.09.07 PM

    If you’re thinking of building anywhere in the world, make sure you build strong. For more information, visit: https://sol-nest.com/

    Interested in investing in this sustainable building technology? There’s opportunities in Puerto Rico and other gorgeous areas across the world.

    Contact Garry Spain.

    Phone Number: 310-625-6622

    Email: intercorpresources@yahoo.com

  • Considering Bankruptcy? Learn How Declaring Bankruptcy Affects Your Home

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    Considering Bankruptcy? Learn How Declaring Bankruptcy Affects Your Home

    The Basics

    If you’re feeling overwhelmed by debt and feel you can’t keep up with your mortgage payments, you aren’t alone. According to Debt.Org, the total U.S. consumer debt is reaching $13.51 trillion (this includes mortgages). Many homeowners feel the pressure to sell their home to help eliminate their debt. For many homeowners, bankruptcy is the last option however filing bankruptcy can help alleviate some of your debt and potentially allow you to start over financially.

    Filing bankruptcy can help you gain a fresh start by liquidating assets to pay debt or by creating a repayment plan. While bankruptcy is not an easy-fix to eliminate debt, nor is it a decision to be taken lightly, bankruptcy might be the best way for you to get back on your feet while keeping your house. Declaring bankruptcy can affect your mortgage in various ways. It is important to consider the risks and benefits before you file bankruptcy. 

    Bankruptcy Prevents Foreclosure

    As debt accumulates, you might not be able to keep up with your mortgage payments as other debts are taking priority. Lenders may threaten foreclosure proceedings against you, putting your home at risk. Foreclosure allows a lender to take your home to settle the remaining balance of your mortgage. Filing bankruptcy can stop a foreclosure proceeding.

    Once you declare bankruptcy, the court imposes as an automatic stay to all of your creditors. The automatic stay imposes a “freeze” preventing your creditors from taking legal action against you to collect debt during your bankruptcy term. As your home approaches the final stages of foreclosure, filing bankruptcy will prevent this process from continuing.

    Chapter 7 vs Chapter 13

    When filing bankruptcy for personal debt, you have the option to file Chapter 13 or Chapter 7. In a Chapter 13 bankruptcy, you keep your assets while working on a repayment plan (typically 3 to 5 years). Chapter 13 bankruptcy allows individuals with a regular income to develop a plan to repay their debts. In a Chapter 7 bankruptcy, the appointed bankruptcy trustee cancels many of your debts by selling (liquidating) some of your property to repay your credits.  If you have assets not protected by an exemption, the appointed trustee may sell the assets to repay the creditors. Click here to learn more about which bankruptcy chapter could be right for you. 

    Reaffirming Mortgage Debt

    If you feel you could pay your mortgage payments on time if your other debts were no longer piling up, the court may grant you the option to reaffirm your mortgage through bankruptcy. While in bankruptcy, the court may consider granting you the option to reaffirm your mortgage through the bankruptcy process. During the affirmation process, you can reach an agreement with the mortgage lender to continue making making mortgage payments on your home and the court then agrees not to include your mortgage in the bankruptcy proceedings. 

    Here To Help

    It is important to consider the benefits of Bankruptcy when bills start to get too far behind or when traumatic financial events occur. Filing bankruptcy gives you an opportunity to save your home while gaining a fresh start. The Law Offices of Kaufman and Kaufman help people file for bankruptcy relief under the Bankruptcy Code. Contact Leah Kaufman today with your Bankruptcy questions.

    Leah Kaufman
    Law Offices of Kaufman and Kaufman
    Phone: 714-550-9205
    info@kaufman-kaufman.com
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    From Renter to Homeowner – How to Make the Leap

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    From Renter to Homeowner – How to Make the Leap

    RENTER

    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.

     

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    Women In Real Estate – The Future Is Female

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    angieweeks

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    Women In Real Estate – The Future Is Female

    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).

    Tips for Female Homebuyers 

    MONEY Money MONEY 

    1. Know what you can afford 
    2. 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. 
    3. 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. 
    4. 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!

    1. 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!
    2. 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. 
    3.  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

    1. 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). 
    2. 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 – NAWRBNAWRB 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.
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    A Nightmare Real Estate Story – Groundhog Day Escrow

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    angieweeks

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    A Nightmare Real Estate Story – Groundhog Day Escrow

    Groundhog escrow timeline (2)Do you love a good nail biting, back and forth drama flick? Or a hilarious Groundhog Day story that just couldn’t get any wackier? Since sometimes I feel like I’m in the middle of both of these flicks without a camera…I thought I would share with you. Getting this out there should feed your appetite for a good story, while I practice some humility and potentially lessen the PTSD. And **action**

    Our Timeline – Deals Seem Great Until They Crumble

    The story starts as a fairy tale with a full price offer, and a lender who was a trusted referral of the buyer’s agent. Here is how things started – escrow opened on April 11th, the Close of Escrow was scheduled May 10th. The deadline was missed meaning the tail chasing continued until May 17th. This caused the seller to become more and more anxious to close, while at the same time the buyer is refusing to close.

    The seller asked to cancel the listing and pursue a different route – they wanted to sell with Zillow Offers. The Zillow Offer is verbal and is $50,000 LESS than all previous offers. The seller denies the offer. The buyer comes back to the table with a new offer – he can close with a new lender by the end of the month. The seller agrees but with a stipulation – the seller requests an immediate $2,000 deposit release and an additional $4,000 release if they do not close by 5 PM on July 1st.

    Seller offers solution that covers $3,000 of the $4,500 in question. The buyers agent refuses to put addendum in writing, refuses to remove contingencies. On 5-29 a NEW offer is received & countered (but it was contingent on a sale). On 6-1 the seller tries to cancel my contract and states they would like to go with Zillow offers, I advised that they are under contract. They are resistant to follow the terms of the contract so I reiterate that they are welcome to sell to whomever they chose and are allowed not to sell the home however they are obligated to pay the commission fees. As a realtor, I completed the tasks it took to achieve a closing deal. The seller proceeds to initiate the Zillow offer anyway despite the fact that we are in a legal binding contract.

    June 9th rolls around and we are notified that Zillow has proposed an “offer”. There is an inspection fee, a fee for estimated repairs, a Zillow convenience fee, and oh that didn’t cover any commissions. So Zillow really offered him $40,000 less after assessing fees and costs. As stated in our previous blog – 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.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. Read more about how Zillow Offers work here. 

    So to summarize the Zillow Offer: there is an initial below market value offer – deductions – estimated closing of $2,600 – estimated preparation & repair $3,000. The final offer is $40,000 below market value with a 72 hr deadline. Plus, the seller still owes my commission after that. The buyer comes back to the table on 6-10 saying they can close the loan IF the purchase price is a set price (above Zillow offer and above market value). The seller has a new tune now that he has sat on the market with only contingent offers or the Zillow *under marker value* offer.

    We go back and forth on email and text with all, at least 2 email requests to send over a revised addendum. 48 hours go by, still no revised addendum in my inbox. My client keeps negotiating with himself the way Chris Voss tells us all to avoid (read his book here). I try to nicely explain this to him. It continues. If my client closes with this buyer we will be required to do all of the paperwork…again if the buyer closes with this lender.

    The buyers agent edits the addendum manually, sends it to the lender, and doesn’t send it to us. We found out we had a fully executed addendum from the lender the next day. We are finally able to connect with the new lender and they seem confused that I don’t have the addendum too. We had already reached a closing disclosure –  a five-page form that provides final details about the mortgage loan you have selected. There are checks and balances through out this process, there are not just last minute surprises and missing documents by the time you reach closing disclosure. We experience some backpedals saying they may not have it fully executed. Best case scenario: we are left spinning our wheels, in a worst case scenario? Straight up fraud. The buyers agent is possibly the worst agent I have ever had to deal with. He abandoned his client, misled him, and left him to find his own lender. It was a shady process no matter the outcome. 

    We come to an agreement that I will be the first to know if there are any hiccups with the loan; I tell her I’m just trying to protect my client. I’m still fighting for that same guy who wants to fire me. Because that is my job. All the while helping the buyer’s side get their full 3% commission. On 6-26 the deal finally closes. It is important for all of our clients to know and feel assured that as a real estate agent – we take several measures to protect a home buyer’s interests. It is a lenders objective when purchasing a home to protect their own financial interests. Real Estate Agents have a fiduciary duty to act with their clients (sellers and buyers) best interests in mind, through the highs and even the lows. We are working for you, to protect your financial interests and ensure that you are getting the best deal. Even through this nightmare real estate story, the clients best interest were always kept in mind.

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