The 2023 CA Housing Market Forecast: What You Need to Know
The California housing market is always changing, and it’s important to stay ahead of the trends if you want to be successful on your real estate journey. That’s why we were so excited to have Jordan Levine, Chief Economist at C.A.R., give a can’t-miss forecast of the housing market for 2023 at the ReImagine conference last week.
This valuable data will provide insight into today’s pressing housing issues that may impact your equity and your largest investment in the future. It’s essential information for anyone who wants to stay ahead of the curve in California real estate!
Forecast: Chance of Rain in seller’s paradise
Our economy is getting hit with a lot right now, so it’s important to keep an eye out for the clouds! We just finished years of sunny skies in terms of equity and appreciation, but the buyers running after starved inventory have been a bit burnt out.. and now loan rates have hit them with a huge gust of wind on top of it.
Low low interest rates the last 10 years had allowed buyers to continually increase purchase prices, and still have an affordable payment. It looks like that trend is now dissolving, which brings cloudy skies to our CA real estate market.
If you’re looking at the big picture, our 2022 Jan-June market was white hot, and 2021 had the highest volume of California home sales in an entire decade, over 450,000 homes were sold. 3 out of 4 homes sold over the asking price in 2021. The average days on the market was 7, when it’s historically 30-90 days. This type of supply & demand is not healthy, and it had to ‘simmer down’ eventually. Welp… here we are. We are catching our breath; including agents and lenders who have been pelted the last 2 years.
What Does This Mean for CA Buyers and Sellers?
If sellers are confused why buyers are now offering less than the asking price, the interest rate boost adds an additional $1600-1700 per month for the EXACT SAME HOME.
If buyers can’t qualify for the same amount as they could previously, that will affect our property prices. We are now at less than 20% of individuals in California who can afford a home. It’s not as bad as we have been, but it would still be nice if more people had homeownership as an option.
Warning: Rate pressure is building. Mortgage Rates might get worse.
Because rates may go even higher, its critical to price your homes right and maintain realistic expectations. Because every local market is different, what you see on national news is not necessary YOUR reality. And what you see in the newspapers… remember gloom & doom headlines sell, and the news needs subscriptions. Don’t get caught thinking Southern California prices are on a cliff, when we are just panting on the side of the road from exhaustion. Properly priced homes will always sell.
Fact: The sky is not falling
It’s not projected we are heading into a foreclosure market. Homeowners still have over 122K average in wealth, and renters are no better than they were 40 years ago, with a 6K average net worth. The total net worth of consumers is down right now, so we should expect some pushback. Now is NOT the market for Brother in law effect…’my BIL said xyz’. Now is the market to look to the true professionals and experts to guide you. The news outlets are also not experts. Active real estate agents and mortgage lenders are.
Forecast: What does the future for Orange County real estate look like?
Historically, our new rates are still low, and we should be looking at them as the new normal. According to multiple experts, we shouldn’t expect rates to go back down again in the near future. It’s still a great time to buy a home if you’re renting, and the renters were some of the most ignored in our previous market, so you will see them come back into the fray. Buyers who were at the cusp of affordability may unfortunately be priced out of the market, or they will be offering lower than asking price because they are literally chasing the property that was affordable with 6 month ago rates.
Sellers who listed 30-100K over the previous summer comps will likely have to reduce price or face their listing expiring. It’s a good idea to research sales in the community (comps) the last 90 days, and see what the median comp range is. Listing at the top of your comp range with the current market temperature could cause the home to sit frozen on the market. Not to worry though, properly priced homes in Southern California will always sell. Make sure you work with a seasoned professional and list at the right price from day 1, or you could suffer. Discount and ibuying brokerages don’t do well in this type of market – beware!
Many investors, seeing the writing on the wall with interest rates, are putting 1031 exchanges in motion, and adjusting portfolios accordingly. Some are tiring of strict Los Angeles rent control and housing regulations, and are opting to relocate investments to neighboring counties or even other states that don’t impress as many regulations or red tape.
If you’re curious about the range of your home’s worth, including short term and long term rental rate averages, click here: https://hmbt.co/TTNcDG – If you would like to receive monthly Orange County and Los Angeles real estate reports simply sign in to the link above for a free account – it’s that easy! Angie is only a call or text away if you would like a full broker price opinion on your home or investment property 949-338-7408.
You’re Invited to Homeownership Day 2022 – Achieving Through Real Estate
January is always an ideal time to circle back to our roots, to review our long term goals, and realign with our True North. It’s a fresh new year, and anything is possible. Many people are taking a look at what needs to change, and if 2021 is any indication, we are still switching up the way we live and work in light of all that’s happened the last couple years.
As we saw people quit their jobs and aspire for extraordinary things in the year of ‘The Great Resignation‘, we also saw a huge shift in housing needs and requirements. People ‘quit’ apartments & condos, and opted for single family homes with yards. Families upgraded living space, as employment and schools had extended virtual runs. Change is still happening everywhere, and home is at the center of it all.
With so many people wanting a new environment at the same time, the demand for housing across the country reached record heights and the bidding wars began.
This is just one of the many reasons we offer Homeownership Day on a yearly basis; things always seem to be moving fast when it comes to housing, and it’s important to stay on top of the current trends to be most successful with your real estate.
Achieving Through Real Estate
The 2022 theme for Homeownership Day is ‘Achieving Through Real Estate’, and all are invited to this free virtual event on January 29th from 10am-1pm PST. Homeownership Day is designed to be inclusive for all humans – from renters curious if they can purchase property all the way through investors looking to sharpen skills and knowledge. Our program changes up each year so you aren’t hearing the same information, or outdated perspectives.
The program is brought to you in bite-sized 30 minute educational sessions, so you can get a variety of information on today’s important real estate topics. We know you’re busy, and this event is designed to bring about awareness and build relationships with the right community to accomplish your property goals.
Challenges in the recent market have been lack of inventory, bidding wars, discrimination, sharp price increases, loan / appraisal turnaround time, and more. Sessions for this year have been based around these challenges, and offer help to overcome today’s specific real estate market hurdles.
For this year’s specific sessions and offerings, click here:
https://homeownershipday.com/sessions/
If you’re looking to achieve great things with real estate, please join us and register:
Homeownership Day Online Event
January 29th, 2022
10am – 1pm PST
https://homeownershipday.com/sign-up/
Expect to be inspired with some innovative ideas and fresh perspectives. This is not your average real estate event.
In case you’re wondering, Homeownership Day will never try to pressure you into buying or selling real estate. The speakers have all agreed not to ‘pitch’; only to educate. This event is a public service that is put on through multiple outlets, so you’re never getting pigeon holed into the opinions of one particular corporation or company. Our speakers are industry experts, all hand selected with care, and our goal is YOUR success.
This year’s main sponsors are NAWRB & Vow2Save – both entities creatively serving the real estate ecosystem.
It’s my personal opinion that when we are all successful with real estate, we can focus on what is most important in life – the people and the places we love. If there’s a topic you would like to see covered at a future Homeownership Day event, please comment below so we can help you on your journey.
Read Full Post | Make a Comment ( None so far )Hot Topic: FHA or Conventional Loan?
Wondering which home loan will be best for you? Here’s some helpful tips
Lots of buyers have been questioning which loan is best for them and their situation. Honestly, it does depend on just that – your situation. We have put together some information on both of these loan options to make it easier for you to decide what you think is best for yourself! Some of the biggest, but most simple differences between FHA and conventional loans are based on their guidelines and who can apply for them. FHA loans are government backed programs that require a minimum 3.5% down payment. These loans tend to be best for borrowers with lower credit than necessary to apply for a conventional loan.
Conventional loans are open-market and are geared for people with a higher credit score, typically near 700 or higher. Rates tend to be a bit lower, and in most cases no Mortgage Insurance is required.
FHA used to be a much more expensive option, but after FHA MIP reductions in 2015 it is now a real competitor. However, FHA can tend to be more strict in requirements than a conventional loan is.
What does an FHA Loan Require?
FHA loans require homes to have the following in good working order:
- stove
- heat
- functioning roof
- locking doors and windows
- non-lead based paint
If you are looking to buy a condo… it can only be in a FHA approved community. So if you are choosing FHA, you may have less home options available to you. FHA loans also require you to purchase mortgage insurance which protects the lenders from a loss. In January of 2015, the FHA reduced the annual mortgage insurance premium on a 30 year fixed rate from 1.35 % to 0.85% of the loan balance. This is leading to huge savings for many who want a condo but just don’t have the larger down payment.
Okay, so which home loan should you choose?
There isn’t one specific answer that fits everybody. It all depends on you, your needs and wants, and what you can afford to choose. If you plan on owning your home for 6-10 years and you don’t mind refinancing to cancel your mortgage insurance you might choose FHA. If you can put 5% down, you plan on keeping your home for 10-20 years and you don’t like the idea of paying mortgage insurance for thirty years you may choose conventional!
If you are looking into buying a home and need help finding one along with deciding which loan option is best for you – we can help! We work with a lot of amazing lender contacts locally here in Orange County that we would love to set you up with. We like to match-make our clients with lenders that we think will benefit them the most. Depending on your personality, wants/needs, and what kind of loan you are interested in all helps us decide which lender will be best for you! Fill out the form below or contact Angie at 949-338-7408 for more information 🙂
Read Full Post | Make a Comment ( None so far )
2016 OC Home Fair & Homeownership Day – You’re Invited!
Will you be able to move in 2016?
Thinking about making some real estate moves this year or next? Check out The OC Home Fair at Chapman University coming up on Jan 30th. The event is free and offers 5 sessions guided by experts (1/2 hour each) with various classes for all levels of real estate education.
Taking a Saturday every year to protect your biggest investment is a great success strategy. Just think of how much better your life would be if you maximized your real estate opportunities! This event is pitch-free and will teach you to do just that. Fill out the form below for a personalized session plan based off your individual real estate goals:
We look forward to seeing you at #HomeownershipDay & helping you achieve your OC real estate goals!
Questions??? Comment below or like our for more details Facebook page.
Read Full Post | Make a Comment ( None so far )TRID – What Consumers Need to Know
TRID is the TILA / RESPA Integrated Disclosure Rule which is designed to help consumers understand the mortgage and real estate buying process more thoroughly.
How to most industry people see it? TRID is dirt spelled backwards 🙂 It’s a pretty big change and it’s causing delays. We’re annoyed.
45 is the new 30. That’s what everyone’s saying about an escrow timeline. In order to close in 30 days, everything has to flow perfectly. Now be honest, how often does that happen???
In this perfect world…Escrow needs to get the fee sheet over the day the lender requests it.
Furthermore, disclosures need to go out immediately, and the appraisal needs to be ordered pronto. Before loan docs, well pretty much before anything, a CD (Closing Disclosure) needs to get out to the borrower. The best lenders right now are providing this digitally, and those who aren’t (*ahem* B of A, Chase, Wells) have a closing timeframe of 60+ days, which is completely unacceptable. Every time something big changes, a new Closing Disclosure must go out and there is a 3 day mandatory waiting period. There’s no more room for sloppy documents and slow turnaround for paperwork. Having a good real estate team (title, escrow, lender, and Realtor) who all communicate is crucial more than ever with these TRID guidelines.
Delays can be caused by any one or more of these simple elements within the escrow process:
- HOA dues
- HOA transfer fees
- HOA move in/out fee
- Sewer lateral
- Roof inspection
- Pest inspection
- Security deposit transfers
- Insurance Certification costs
- Prorated rents
- Seller rent backs
- Mobile signing fees
- POA preparation fees
- Subordination prep fees
- Draw deed fees
- Buyer paid Realtor commission
- Repair credits
- Carbon monoxide detectors missing
Inspections should be done as soon as possible to avoid any of the above issues. Changing lenders in the middle of the deal now undoes the entire timeline and forces everyone to start over. You need to interview your lenders and have your team in place BEFORE escrow starts. Call us if you need referrals for competent lenders here in Orange County.
If you’re already in escrow with another team, make sure your agent orders Home Warrantee, all disclosures and inspections right away, and is in good touch with the lender. These are all standard practice already with the AskAngie team.
As a seller, you can help too. Right when you open escrow, call the management company right away with the credit card info and order your HOA documents. They are famously one of the slowest moving parts of an escrow so it should be addressed on day 1.
If you have any comments or questions about working with the new normal and TRID, don’t hesitate to call 949-338-7408, comment below, or tweet @AngieWeeks !
Read Full Post | Make a Comment ( None so far )Reverse Mortgages in Orange County – Love it or Leave it?
We’ve all heard good and bad about the reverse mortgage market, so today I went to a class given by Dirk Pierce with Retirement Funding Solutions at the OC Register building to find out more information. Knowledge is power, right?! Plus it’s not fair to form an opinion about something until the proper research and due diligence is done.
What is a Reverse Mortgage?
Basically, a reverse mortgage lets homeowners convert a portion of the equity in their homes into cash, and eliminate their monthly mortgage payments.
Interestingly enough, Reverse Mortgages are over 100 years old, and they are also available in Britain, Chile, Canada, New Zealand, Australia, and Korea. They were designed to help people who where house rich and cash poor, and were also known as ‘shared equity’. Fast forward to 1989, and Ronald Reagan helped to create the first government regulated Reverse Mortgage plans under the FHA umbrella.
Another variation of a reverse mortgage is HECM for Purchase; both share similiar features:
- Both are FHA
- Neither have monthly payment requirements
- Both offer adjustable or fixed rates
You’ll use HECM for purchase when you are planning to buy a new property, for example to downsize, etc. Reverse Mortgage is when you stay in your existing home, and simply refinance.
HECM for purchase is an FHA loan that enables a person age 62+ to purchase a home with as little as 40% to 51% down and never make monthly mortgage payments. So basically you can get a 500K home for 250K and never make payments if you meet the age requirements. BUT….interest still accrues on your mortgage balance. The nice thing about the programs is they come with the following protections:
- Guarantee that FHA will honor the terms of the loan if the lender becomes insolvent
- Guarantee that you would never owe more than the house was worth
- Guarantee that there is no personal liability for repayment of the loan by you or your heirs. It is truly a non-recourse loan.
- Guarantees that the loan won’t become due until the last remaining borrower leaves the home.
Frequently there is remaining equity in the home…what happens with that? After the home is sold, any remaining equity goes to the heirs.
Do you qualify for a reverse mortgage?
- minimal credit requirements
- minimal debt to income ratios
What types of properties are allowed?
- single family
- PUD
- 1-4 unit property
- FHA approved condo
- new construction
- NOT second homes or investment properties, sorry!
More reverse mortgage facts:
- Only YOUR name is on the title, so don’t believe the rumors that the bank is on title.
- The loan becomes due when the last remaining borrower leaves the home.
- You can sell whenever you want to, and they do not have a prepayment penalty.
- Family has up to a year to either refinance your property with a normal mortgage or sell it before the loan is officially due.
Reverse Mortgages are all age based, so contact Dirk today if you’d like a chart to see what your down payment would be at your age. Want to learn more? Register for his class at http://www.OCHomeFair.com on Jan 30th, 2016.
Read Full Post | Make a Comment ( None so far )What’s in store for Orange County Real Estate in 2014?
What’s in store for 2-0-1-4?
Today we had the pleasure of attending a lunch & learn by The Real Estate Focus Group and Steven Thomas, one of Orange County’s best real estate forecasters. Steven’s reports have been published in Forbes, USA today, NY Times, and especially the OC Register because he’s constantly pulling tons of valuable data about what’s going on with the OC housing market.
2013 Real Estate Review
In 2013, short sale volume dropped by 61%, (holla:) we experienced a hot hot hot market with 18% appreciation and then the unrealistic sellers entered the market after June. We saw many more move up sellers, which is a great sign. There was a significant lack of inventory at the beginning of the year, followed by a spike and overpriced inventory in the fall. We also had a refinance bonanza, so hopefully you took advantage of that! Interest rates are still historically low, but tapering is looming, so 2014 is a year to get your financing while financing is still good.
2014 Real Estate Ramp Up
We currently have 5000 homes on the Orange County market, and we have a 49% increase in inventory since this time last year. Our market is healthy because interest rates are still low (but expected to go up), and we are currently at 90% equity (standard) sales.
Only 5% of the mortgaged homes in Orange County are currently underwater. That means 95% of you are back to even or have (gasp!) equity – FABULOUS NEWS – and this makes the perfect formula for a continued move up market. If you’d like to get the house with the yard or the pool, this year is opportunity time for you.
First time buyers who have been squeezed out of the market the last 12 months will come back, even though their rates are a little higher and FHA guidelines have changed. In addition, more luxury buyers are expected to enter the market this year.
Sellers, our expected time for a properly priced home on the market in Orange County is 93 days. Our median sales price is 610K, and buyers, your monthly payment for a 4.5% loan at this price is approximately $2500. Still affordable. Unless you like paying off your landlord’s mortgage instead.
New home construction is going up: Rancho Mission Viejo, Great Park Irvine, and Baker’s Ranch in Foothill Ranch are all big developments underway. Remember it’s still a good idea to have a Realtor represent you even in a new build situation, so be sure to call us if you would like to check out any of the inventory out there.
Some concerns for 2014….. uncertainty, lack of fair market value homes, interest rates, and the circus in Washington DC.
Some expectations for 2014…… buyers will insist on fair market value vs. paying over appraisal, active inventory will continue to rise, interest rates will continue to rise, and we should have a mild appreciation of 0-5%.
If you are interested in MORE geeky data, we have it at our fingertips! Just email angie@askangie.com, tweet @angieweeks or @weeksteam, or call 877-230-3211 to request a copy of this month’s Orange County housing report.
Read Full Post | Make a Comment ( None so far )California Real Estate Market Update from Leslie Appleton Young
What’s in store for Orange County Real Estate and the California market in general in 2014? We had The California Association of Realtors Chief Economist Leslie Appleton Young present a ton of great market data and facts today, so we wanted to share with you!
Here are 8 quick facts about CA Real Estate:
1. REO level is at 5%. There are only 205 bank owned properties for sale in OC right now.
2. There are now only 15.4% underwater homeowners in California.
3. Foreclosure and delinquency rates are now at their historic normal level. (Big WHOOP WHOOP!!)
4. Sept median price in CA for detached homes: $428,810
5. 72% of properties from the beginning of this year had multiple offers. (This is why you need a good Realtor!)
6. 82% of investors bought & HELD. Only 18% flips in 2013.
7. There are 3.6 months of inventory supply in CA as of Sept.
8. Only 28% of buyers were first time buyers because they were outbid by all cash investors 😦 The long running average is 38%.
The big question: Will there be home appreciation or depreciation in 2014????????
Leslie predicts we will have more inventory, and sales volume will be up 3.2%. She is projecting a 6% appreciation, and mortgage rates will RAISE to 5.3%.
What does this mean for you? It’s a great time to seize the opportunity of lower prices while rates are still in the 4’s! Call us at 877-230-3211 for help and to maximize your investments!
Read Full Post | Make a Comment ( None so far )Why Buy Orange County Property NOW?
Orange County Property is a great investment for TWO reasons right now:
- Home prices have dropped SIGNIFICANTLY in the last 5 years, the median home in Orange County is now an affordable $435K!
- Loan rates are the lowest they’ve been in 20+ years. A picture is worth 1000 words:
Reproduced with the permission of Mortgage-X.com
If there were ever a time to buy Orange County property, its now. Renters are renting properties that they could be buying for the same price or LESS. Down payments are affordable, and banks are even allowing ‘gift money’ if you haven’t been able to save your down payment.
Call us NOW 877-230-3211 before this window of opportunity closes. The presidential election is coming up, and that can frequently cause uncertainty in the economy, which can drive up interest rates. Questions?? tweet @angieweeks or call one of our preferred lenders for info!
Read Full Post | Make a Comment ( 1 so far )Do You Qualify for a Loan Modification?
I’m astounded at how many Orange County homeowners qualify for a loan modification. And I’m even more astounded that they never seize the opportunity, generally because there’s so much misinformation floating around. As a result, hundreds of distressed 
homeowners never get the help they need. Mike Hatcher, seasoned modification advisor with the Ascent Network, is here again to offer a wealth of valuable insights —
The best thing I can do is clear away all the debris of misinformation. So, in no particular order, here’s a list of GREAT loan modification candidates:
- Those yearning to save an average of $1,000 a month — our average improvement.
- Those with W2 income between $40k-$130k. Or the self employed, who usually don’t qualify for a refinance. We are 99% successful securing modifications for this group.
- Those who never “rob Peter to pay Paul” in order to cover the bills.
- Those who have perfect payment records but wonder how long they can afford to make their payments.
- Those in default and are 14 days from a foreclosure sale on their property.
- People worried sleepless because they fear losing their home and fear seeking help. This reluctance typically is the result of mass misinformation.
- Those who want to shoot their spouse (or realtor) for deciding to purchase the house back in the mid-2000s.
- Individuals seeking a long-term mortgage solution with a fixed rate.
- Those who realize that renting ultimately costs more, don’t want to pay for or expend the energy for a move, and don’t want to live in someone else’s rental property.
- Those who fail to qualify with their lender, or are given a token $30-$100 monthly savings modification as a consolation prize.
Quite a list, with more than a few surprises, eh? So, are you ready to learn how a loan modification can put $1,000 extra in your pocket every month? Just call Mike at 877.871.2400 x15. You’ll be amazed at how simple it is to cast your financial worries to the wind.
And, of course, if you’d like to learn more about the variety of opportunities the Orange County real estate market offers, I’ll be delighted to help. Just call, tweet, or email me at 949.338.7408, @AngieWeeks, @WeeksTeam, or angie@askangie.com. I’m ready to assist you in any way I can.
Read Full Post | Make a Comment ( None so far )Why Loan Modifications Are Great For Investors
You all know that Orange County homeowners can reap substantial rewards from loan modifications. But were you aware that loan mods are a great avenue for investors as well? Believe it or not, most investors can qualify for this excellent financial option. Here’s a quick overview by Mike Hatcher, seasoned modification advisor with the Ascent Network —
Here at the Ascent Network, a faith-based, non-profit organization, we offer a number of outstanding options for investors. Thanks to 
our experienced and knowledgeable team, we’ve helped thousands of clients since 2007. And one of the major ways is by securing loan modifications for investors. Why should you pursue a loan mod if you’re an investor? Here are the five top reasons:
1. Income qualification is based on Profit and Loss (P&L), which we help put together for you, not your tax return. A P&L is a great asset. That’s because, depending on your debt to income thresholds, deductions may or may not be applied to ensure the best fit for a client.
2. Our average, the investor modification rate is 4.25-4.5%
3. This is a fixed rate.
4. The term typically is 30 years, with some going as long as 40 years. For the record, 30% of lenders consider a 40-year term.
5. We negotiate successful outcomes with 80% of our clients.
Would you like to learn how modification can help you leverage the value of your investment property to put more cash in your pocket on a monthly basis? Call Mike at 877.871.2400 x15, and boost the cash flow from your investment property.
And, of course, if you’d like to learn more about the variety of opportunities the Orange County real estate market offers, I’ll be delighted to help. Just call, tweet, or email me at 949.338.7408, @AngieWeeks, @WeeksTeam, or angie@askangie.com. I’m ready to assist you in any way I can.
Read Full Post | Make a Comment ( None so far )How Short Sales and Foreclosures Can Affect You
It’s the law of the universe. Every action triggers a reaction. And this law certainly comes into play in the world of foreclosures and short sales. If you’re an Orange County homeowner who’s gonna go through with one or the other, it’s best to know what’s in store for you when the dust settles.
Derek Beisner, a certified mortgage specialist with New American Funding, cites the following as among the most important potential affects of a short sale or foreclosure action. Derek points out that guidelines in this area are always subject to change. But as of this posting, these are some possibilities consumers definitely should be aware of.
- With a short sale, the lending institution has the legal right to 1099 the seller for the difference between what the house sold for and what was owed on the property. Bear in mind that this has been changed to a non-taxable 1099 for the years 2010 to 2012.
- In a foreclosure situation, a buyer must wait 3 years from the foreclosure date to get an FHA loan. Securing ownership of a property also will require a minimum credit score of 620 and a letter of explanation documenting the reason for foreclosure.
As with any other important undertaking, it’s best to get the input of an expert before plunging into a short-sale. Derek advises speaking to a CPA or Real Estate attorney well in advance of taking action. 
After all the foreclosure or short sale dust settles, your credit definitely will need some major repair work. The good news is that credit repair is very do-able. Derek recommends three fundamental steps:
- Establish new credit.
- Know your credit score.
- Consult a credit repair specialist to get things back on track.
If you would like to learn more about Orange County short sales and foreclosures, Derek will be delighted to help. You can reach him 949-637-9939 or derek@derekbeisner.com.
Read Full Post | Make a Comment ( None so far )Orange County Foreclosure Help – TEN Dimensions Team
Pull Yourself Out of Foreclosure Chaos
The prospect of foreclosure typically whips up a whirlpool of financial and emotional woes for homeowners facing this very stressful scenario. More often than not, folks caught in the swirl of foreclosure chaos feel overwhelmed, out of control, and hopelessly trapped. 
Fortunately, we at Weeks Team understand the excruciating trials and tribulations that those confronting the foreclosure beast experience. That’s why we’ve put together a powerful team of Orange County short sale specialists who can help you pull yourself out of foreclosure chaos. As you’ll see, each member of this carefully-selected team is an expert in his or her particular field. As such, they have the knowledge and skill to guide you to your best course of action, whether that means bankruptcy, loan consolidation, or short selling your home.
Orange County’s Premier Foreclosure Help Team:
Cindy Logan – Short Sale Investor
949-433-7187
www.reinvestorsolutions.com/clogan/
Cindy@Investthebestway.com
Shaun Smith – Foreclosure Delay Specialist
Phone: 949-241-0218
Fax: 866-798-4192
www.mortgagecrisisremedies.com
shaun@mortgagecrisisremedies.com
John Harris – Debt Settlement
Phone: 949-202-7305
Fax: 949-270-7557
www.usdebteliminators.com
john@usdebteliminators.com
Mike Langle – Title, Liens, and Related Issues
Phone: 949-300-5373
www.Title365.com
Mike@Langgle.com
Steve Fink – Real Estate Attorney
Phone: 949- 637-0871
www.falawyers.com
sfink@falawyers.com
The Weeks Team is Ready to Help
If you or somebody you know is struggling with a mortgage or with house payments, call the Weeks Team at 888-281-7665 x2. We’ll be happy to direct you to the right TEN Dimensions team member who can provide a speedy solution to and welcome relief from your foreclosure woes. Or if you would like to receive our package of resources, feel free to email us your address or that of a friend or family member who can benefit from our services. We look forward to helping in any way we can.
Read Full Post | Make a Comment ( None so far )Liven Up Your Living Space With a Special Home Improvement Loan
OK, I’ve told all you Orange County homebuyers, sellers, and agents about this fantastic home improvement loan before. Now you get a sneak peek of what’s possible. But first, a recap – –
Right now you can take advantage of a Home Improvement Loan program that combines the sale price of a home and the cost of home improvement into one convenient loan.
These are the basics:
- Basic Explanation: the Home Sales Price plus all clients’ home improvements get wrapped into one, low fixed rate loan!
- Loan Limits = same as FHA County Limit (1 Units: $729K in Orange & LA County, $500K in Riverside. 2-4 Units higher)
- Low Down Payment – only 3.5% required! (plus normal closing costs carried by seller or buyer)
- Possible Renovations to home include: (Remodeled rooms such as kitchens, bathrooms, etc. Additions, alterations, or structural changes to home. Repair or replace plumbing, heating, air, roof, foundations, etc!)
- Also available for Refinances
- [Gov’t Insured Loan, 1-4 Unit SFR (no condos), 620 Min FICO]
Cori Hillis of Best Rate Financial has helped many individuals secure one of these dream loans. With his assistance, great things like this happen:
BEFORE HOME IMPROVEMENT LOAN AFTER HOME IMPROVEMENT LOAN
You can liven up that special living place, too. Learn more about how this new loan program can make your Orange County dream home happen. Or get started with a quick pre-approval. Just contact Cory Hillis at 888-299-4484 or cory@bestratefinancial.com . He’ll be more than happy to assist you.
Read Full Post | Make a Comment ( None so far )New Loan Program Boon to Home Buyers and Sellers
Innovate Program Wraps Home Improvement Costs Into a Single Loan
Good news for Orange County home buyers, sellers, and agents. There’s a great new Home Improvement Loan program that will make a large number of homes far more affordable. Basically, this nifty financial solution combines the sale price of a home and the cost of home improvements into one convenient loan.
What a powerful incentive for a buyer who’s reluctant to commit to a home simply because it’s screaming for repairs. With this program, everything is covered in one simple package. No instant out-of-pocket expenses to discourage would-be buyers.
Another great thing about the program is that the house being financed gets appraised on FUTURE value. In other words, after the improvements have been completed. So there’s never deal-stalling appraisal issues nagging at the parties involved.
Here are the basics:
- Basic Explanation: the Home Sales Price plus all clients’ home improvements get wrapped into one, low fixed rate loan!
- Loan Limits = same as FHA County Limit (1 Units: $729K in Orange & LA County, $500K in Riverside. 2-4 Units higher)
- Low Down Payment – only 3.5% required! (plus normal closing costs carried by seller or buyer)
- Possible Renovations to home include: (Remodeled rooms such as kitchens, bathrooms, etc. Additions, alterations, or structural changes to home. Repair or replace plumbing, heating, air, roof, foundations, etc!)
- Also available for Refinances
- [Gov’t Insured Loan, 1-4 Unit SFR (no condos), 620 Min FICO]
But wait, there’s more! With this home improvement loan, you’re assured of a quick close. And there will be no more worries about buying a bank-owned property.
Alright, so your dream home needs a few repairs. No problem. You’ve got the ideal solution. Learn more about how this new loan program can make your Orange County dream home happen. Or get a quick pre-approval. Just contact Cory Hillis at 888-299-4484 or cory@bestratefinancial.com
Read Full Post | Make a Comment ( None so far )Short Sale Approval: Welcome to Big Top Banking
Want a Short Sale Approval? Join the Circus.
After much frustrated hair pulling and gnashing of teeth, I’ve finally concluded that getting a short sale approved is basically a trip to the circus. Only in this case, the big top is the bank. It’s as if Barnum and Bailey merged with B of A. And guess who’s jumping through all the flaming hoops. That’s right — the agents. Worse part is, there’s no applause at the end. If the Realtors are lucky, they emerge with their wits intact. 
So how does an agent get a short sale approved in the contemporary big top banking environment? The consensus among agents I talked with is that you’ve gotta do some major attention grabbing. OK, so how do you do that without painting your hair all the colors of the rainbow and cartwheeling through the bank lobby? Here’s what one agent did to secure an approval. Bear in mind, this is totally 100% serious, unadulterated fact.
- Called the bank prez.
- Saturated bank inbox with emails, sending one ever minute for 60 days.
- Made sure to call the negotiator first thing in the morning. The rationale here is that if you’re the first call of the day, you’ve got a far better chance of getting through.
- Tweeted messages to customer service.
- Asked for the supervisor. And the supervisor’s supervisor. And the supervisor’s supervisor’s supervisor.
Whew!
Just to put things in perspective, according to B of A, it takes a grand total of 88 days from entry into their equator system until close.
Luckily, some banks are offering ‘fast track’ programs. Case in point is Wachovia. Here, a short sale can attain approval status in as few as 10 days. Nice. Let’s all hope that EVERY noble lending institution will offer similar programs very soon. But until that that day dawns, we agents will just have to continue being fountains of creativity to get those short sales approved. Just think how much better it would be if we focused all this attention on our clients instead of the banks.
Have a short sale approval solution? Luv to hear what flaming hoops you (if you’re an agent) or your agent had to jump through to gain an approval. Just connect with me @AngieWeeks or @WeeksTeam. This is your chance to impress the world with your or your agent’s creative genius!
And if you have any questions, feel free to call 949.338.7408 or email: angie@askangie.com
Read Full Post | Make a Comment ( None so far )Fannie Mae Extends Assistance For Homebuyers
Orange County Homebuyers Have Added Incentive
First the bad news. It’s official. The government’s popular 8k tax incentive is now history. But the good news is, you can dry those tears of regret, good people. Fannie Mae is offering up the perfect incentive to fill the gap. 
What’s This All About?
So glad you asked. Right now Fannie Mae is extending its very generous 3.5% Closing Cost Assistance and Appliance Incentive. This means, the marvelous offer is now good through June 30, 2010. To qualify, you’ve gotta purchase and close on a Fannie Mae home by that date. If you’re buying one of the many properties listed on HomePath.com, you get a healthy incentive of up to 3.5% of the final sales price. You can apply it to any one of the following:
- Closing costs
- The purchase of new Whirlpool appliances
- Any combination of closing costs and appliances as your heart desires, all the way up to the maximum of 3.5%.
Who’s Eligible?
- Anyone who purchases a Fannie Mae property whose sale closes on or before June 30, 2010.
- Buyers who are owner-occupants. Purchasing a second home? No problem, as long as you’re taking up residence there. This means, if you’re buying the house simply as an investment and not a place to live, you’re plumb outta luck. Gotta live in the place to be eligible. So if you want to take advantage of the incentive, plan on planting yourself in the residence — at least for a while.
This enticing offer is further proof of Fannie Mae’s dedication to buyers and communities. Want to know more about this incentive? Visit HomePath.com or contact a Fannie Mae listing broker. And naturally, I’m always on hand to help. You can reach me at 949.338.7408 or angie@askangie.com. And be sure to follow me @AngieWeeks or @WeeksTeam. Looking forward to hearing from you soon!
Read Full Post | Make a Comment ( None so far )First Time Home Buyers Have New Opportunity
Program is a Wish-Come-True for First Time Home Buyers
The door of opportunity has just swung wide open for first time home buyers. Those eager to get their first place now can get substantial down payment assistance through a dynamic new resource called the Wish Program. 
Bruce Lawrence, a loan officer at Pacific Mercantile Bank in San Juan Capistrano, is delighted his bank is offering this service. Naturally, borrowers must meet certain criteria. Bruce points out that in order to qualify for the program, prospects must be verifiable first-time home buyers. As long as you haven’t owned a home for at least three years, you’re considered a first timer. So this need not be your very first home.
Now here’s the really good news! First-timers can now receive a 3:1 match on home buyer contributions, eligible for properties throughout the state of California, and use in conjunction with FHA Financing.
If you’re an interested first time home buyer, the next step is easy. Simply contact Bruce Lawrence at 949.235.5353 or bruce.lawrence@pmbank.com. He’ll be happy to provide you with further details or schedule an appointment.
Read Full Post | Make a Comment ( None so far )Two More Reasons to Buy a Fannie Mae-Owned Home
Buyers Get New Closing Cost Assistance and Appliance Incentives From Fannie Mae
Good news for home buyers. Fannie Mae is giving you a 3.5% incentive if you buy and close on a Fannie Mae-owned home. This amazing offer will be on the table between January 28 and April 30, 2010. If you purchase a property listed on HomePath.com and the deal closes within this time frame, you may get up to 3.5% of the final sales price for: 
-
Closing costs
-
The purchase of a new Whirlpool® appliances by Fannie Mae
- Or if buyer prefers, a combination of closing cost and appliance discounts up to the maximum 3.5%.
Eligibility Requirements:
-
Offers must be accepted on or following January 28, 2010;
-
Property sales must close prior to May 1, 2010, and;
- Buyers are required to be owner-occupants. Investors can’t get in on this.
Sounds like a good deal to me. If you're interested in taking advantage of these amazing incentives, I'd leap right into action and talk to a qualified lender today. And if you'd like help finding the home of your dreams, I'm here to help. Contact me at 949.338.7408 or angie@askangie.com. Or follow me @AngieWeeks or @WeeksTeam.
Grab the Orange County Real Estate Opportunities in 2010
New Year, New Opportunities in Orange County Real Estate
First let me wish a ‘Happy New Year’ to all. Yes, folks, 2010 is here. And with the new year, there promises to be a wealth of new opportunities emerging in the bustling world of Orange County Real Estate. So get up off your comfy couch and do what you’ve been wanting to do for a long time. Don’t let opportunity pass you by. Add that to your list of New Years resolutions right now.
So maybe you’re thinking about buying your first home. Perfect! If you’re an Orange County first time home buyer, the time has never been better. A major reason for such bright prospects is that there currently are a number of available incentives created to improve your overall experience.
If selling your home for the first time is on your mind, optimism is in order. Buyers are returning to the marketplace. So sellers rejoice! The market is definitely moving in the right direction. In fact, there are a number things going on that will make selling easier, from listing to close. If you’re worried about Uncle Sam taking a chunk, be aware you might be able to reduce your tax obligation with a few easy and yes, legal steps.
Perhaps you’re opting to make your first Real Estate investment. Believe it or not, there are well-focused ways to improve your financial future without getting an advanced degree from the school of hard knocks.
Indeed, the door of opportunity is opening wide in 2010. If you’re ready to learn more about the diversity of emerging Orange County Real Estate opportunities, I’ll be happy to help. Contact me at 949.338.7408. Or follow me @AngieWeeks or @WeeksTeam.
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