Hot Topic: FHA or Conventional Loan?

Posted on September 22, 2017. Filed under: Conventional Loan, FHA loans, First Time Buyer help, Lenders & Loan info, Orange County Real Estate | Tags: , , |

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.

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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 ūüôā

 

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Is it time to hire a property manager?

Posted on August 24, 2017. Filed under: Balboa's Best Property Deals, Home Seller Tips, Making Life Easier, OC Property Management, Orange County Real Estate, Property Mangement | Tags: , , , |

Thinking about hiring a property manager? Here’s some reasons why you might want to!

Are you having to move away but want to keep your current home and just don’t have the time to take care of it or deal with renting it out to someone else? Do you own multiple properties and don’t have the time to take care of one or more? Are you frustrated with trying to find a renter for your home but need to get it done? Any of these situations are when hiring a property manager comes in handy and really benefits you! Did you know AskAngie team is willing to be your property manager and take these tasks off your shoulders? Well we are, and we can’t wait to share how with you!

We can think of lots of people who would benefit from this process but here is a few on our list:

  • Active military or veterans who are moving to a different location
  • Seniors looking for additional income without hassles
  • Busy executives who travel
  • Active duty military who are deploying
  • A landlord who needs some extra help
  • Relocating for a job but know you want to move back to your home in sunny California someday

What will we do for you as your property manager?

Helping you take care of your home while someone else lives in it is something we are experienced and know how to do for you. We know dealing with this can be such a hassle, and we are ready to make it easier and smoother for you!

  • We will do all the advertising for you that you will need in order to find you the perfect renter for your home! We will initiate, sign, and renew any leasing agreements¬†as well as any terminations that may need to be done, so that you don’t have to worry about the paperwork.
  • We always run credit reports and verify previous tenancy when looking at a potential renter. We also have access to run a complete background check if needed!
  • We will handle getting any repairs or maintenance work that needs to be done, done for you! Living far away from your property or being busy with work can make it hard to be on top of repairs and maintenance your renter may want or need, but don’t worry – we’ve got it handled for you!
  • We take care of issuing any notices like past due rent or notices to vacate.
  • Contracts, expense payments, and security deposits is so much to worry about and make sure you get done, but once again we would do it all for you so there would be no worrying necessary!

Honestly, just kick your feet up and relax – we’ve got this!!
We take care of all the heavy lifting as well as being a professional shoulder to lean on while renting our your home. It really does take so much weight off your shoulders!

How much do Orange County Property Management Services cost?

I’m sure you’re wondering what cost all this work comes at, so here it is:

for a single family home, townhouse or condo we charge only $175 a month to take care of all of these things for you.

Multiple units would depend on the number of units that property had, but it usually ends up being about 5% of the total gross rents from that particular property.
What do you have to lose besides for some extra stress? If this feels like something you need to take advantage of, give us a call today at 949-338-7408! We look forward to hearing from you ūüôā

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Selling your home? 29 Essential Tips.

Posted on February 6, 2017. Filed under: Home Seller Tips, Informed Investor Alliance, Making Life Easier, OC Property Profiles, Orange County Real Estate | Tags: , , , , , |

screen-shot-2017-02-06-at-2-20-51-pmSelling a home in Southern California is no small job. There are hundreds of items that could be attended to Рbut which are most important?

Smart sellers get the inside scoop early – fill out the form below to receive a comprehensive report: 29 Essential Tips that Get Homes Sold FAST & for Top Dollar.

In addition, you’ll receive the latest Orange County¬†Reports On Housing update. Find out out the market temperature, average days it takes to sell, and how many homes are on the market in your city.

A combined $59 value that could net you thousands is yours free by filling out the form below. Get this expert advice at your fingertips Рguaranteed to your door within 7 days!

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Mission Viejo Single Level Gem for sale

Posted on January 21, 2017. Filed under: First Time Buyer help, Orange County Real Estate | Tags: , , , |

Mission Viejo is one of our favorite cities – super safe, great schools, shopping, & scenery! We’re happy to announce a new listing coming to the MLS soon for just $724,900. It’s single level, charmingly upgraded, and sits on an interior corner lot with RV parking.

The backyard is very private & provides a large covered patio with skylights & stone tile – perfect for a future California Room! ¬†Boasting 4 beds, 2 spa-like baths, enormous eat-in kitchen, soaring ceilings, and oversize decorative tile – don’t miss out on this handsome home.

To schedule an earlybird showing for this classic beauty, just fill out the form below. More details and photos are available at http://www.24151ViaMadrugada.com

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Orange County All Inclusive Trust Deeds (AITDs)

Posted on November 8, 2016. Filed under: First Time Buyer help, Home Seller Tips, Lenders & Loan info, Orange County Short Sales | Tags: , , , , , , , , , |

loan-denialWhat is an AITD? An All Inclusive Trust Deed¬†is basically when the buyer takes over the seller’s existing loan.¬†And NO, it doesn’t have¬†to be an¬†‘assumable loan’ … The current¬†lender is actually not even notified!

Who Are Good Candidates for AITDs?

As a buyer, you could use AITD¬†as an avenue¬†if you cannot qualify for a traditional loan. If you’re a seller, it’s an option if you don’t want to short sale, or if you have a fabulous¬†loan that you would like to transfer to a family member. Another time an AITD could save the day is if you are a seller and your HOA is in litigation, or there is some type of situation causing purchase loans in your community to get denied.

How do AITD Transactions Work?

With an AITD, most¬†aspects¬†are the same as a normal Orange County real estate transaction. Instead of a traditional lender involved, the escrow company draws up the paperwork and usually collects the payments as ‘the manager’, which they then send over to the existing lender on buyer & seller’s behalf.

AITD allows you to make your own qualification rules, which is pretty neat! You don’t necessarily have to worry about credit history, scores, or capital gains taxes (if it’s not your primary¬†residence) should you go this route.

If you’re thinking of doing an AITD, make sure to record the grant deed as well. It’s better for everyone. Especially if you are the buyer, because then you can technically write off the mortgage interest.

A great company to use for this process locally in OC is Mission Country Escrow. Katie the owner spoke to us about it today, and they have been doing AITD’s in Orange County for 30 years. If you’re thinking of doing one, definitely¬†reach out to them.

Questions To Ask When Doing an AITD

  1. Loan amount: is it a ‘mirror image’ of the seller’s current loan, or if not, what interest rate will be charged?
  2. Down payment: is the buyer putting funds down, and if so, how much?
  3. Length: what is the length of the AITD and are there any extension options?
  4. HOA: does the property have a Homeowner’s Association?
  5. Commissions & closing costs: is the typical ‘each to pay own’ presiding, or who is paying?
  6. Loans: how many does the seller currently have, and are they all current?

All Inclusive Trust Deed Risks

Of course, there are plenty of risks too. Technically, the lender could call the loan due & payable because the owner transferred. However, the chances of that happening (unless there’s a late payment) are very slim.

Furthermore, we had Steve Fink, real estate attorney discuss advantages & disadvantages of AITD. Honestly, there are a ton of risks involved, and these AITD transactions should be done only in very special cases and with extreme caution. Always use a professional, and get your facts!

If you’d like a personal introduction or have questions about AITD’s, just call Angie at 949-338-7408, tweet @AngieWeeks, or fill out the form below – we’ll be sure to connect you with trusted professionals to protect your interest!

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Orange County Solar – will it save me money?

Posted on October 21, 2016. Filed under: First Time Buyer help, Home Improvement Ideas, Home Seller Tips, Informed Investor Alliance, Making Life Easier, Orange County Home Improvement, Orange County Real Estate | Tags: , , , , |

solar-panelsWondering if you should¬†add solar when you¬†buy your¬†home? It’s one of our most common questions, so let’s check into it! Today, we attended¬†a solar seminar with Alan Issacs & GoSolar¬†from our LeTip group to find out more on this popular subject.

The average monthly cost of electricity for a CA resident is $183/mo, or $2200/yr. On top of that, it’s constantly increasing, on an average of 5% per year. So if you think your bills are big now…just wait…

How does Solar work?

Solar panels convert sunlight into the same electric energy you get from the utility company. Materials consist of solar panels installed on your roof, and inverters. In many cases, you’ll still be connected to the grid, so you will have access to electricity if your¬†panels don’t generate enough, and you will get a credit for the excess energy you generate – win win so far!

Solar Installation & Purchasing Tips:

  • Size your system to produce 80% of the energy you need, not 100%. You can always add panels later if you want to, as long as you are using a micro inverter instead of a¬†string inverter.
  • If you buy solar (not lease) before Dec 31st 2021, you’ll receive a 30% federal tax credit
  • Just like homeownership, the really big savings comes over the long term; check out this 20 year projection graph:

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Interested in Going Green Now? Steps to Go Solar:

  1. Solar Energy Consultation
  2. Proposal
  3. Solar Site Assessment
  4. Contract
  5. HOA Approval (remember many HOA’s only meet once a month, and many times they require neighbor approval – plan in advance!)
  6. City Permit – the company you select for solar will usually pull this for you
  7. Installation – these work on EVERY type of roof, and typically takes 3 days
  8. Inspection
  9. Net Energy Metering (NEM) agreement
  10. Permission to Operate (PTO)

The entire process takes about 4-8 weeks, depending on weather, how many panels you have, and various other factors.

How Should I Pay For Solar?

It’s all about options – and there’s plenty. Some are by far better than others. Let’s explore them further:

  • Upfront – typically pays back within 5 years and offers a 30% tax credit
  • Consumer Energy Efficiency loan – also eligible for tax credit. This¬†is also tied to you the owner, which will save headaches when you go to sell your Orange County home.
  • HELOC – you can use your current home equity to purchase by taking out a Home Equity Line of Credit
  • HERO / PACE loan – a secured loan where your credit is not even checked. Be careful of these options, it can scare buyers if you go to sell your home. If you KNOW you’re going to stay in your property until it’s paid off, then go for it. The interest rate is usually 8%; so it may be better for you to take out a HELOC if you have equity.
  • Lease / Power Purchase agreement – the worst option for payment, because you are not eligible for tax credit, it’s typically a TWENTY year agreement, and your lease payments typically increase annually (around 3%). This option can also make it difficult for you to sell your home.

If you’d like more info on Solar, feel free to reach out to 949-338-7408 or tweet @AngieWeeks, and we’d be happy to connect you with multiple people we know in the Solar industry!

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Tiny Homes & Cutting Edge Home Performance Monitoring 

Posted on September 23, 2016. Filed under: First Time Buyer help, Home Improvement Ideas, Home Seller Tips, Informed Investor Alliance, Making Life Easier, Orange County Home Improvement, Orange County Real Estate | Tags: , , , , , |

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Tiny Home owner / builder Corbett Lunsford

Good times at Orange County Association of Realtors today – we got to tour a tiny home & meet the builder! First cool point, the builder, Corbett, is a totally *normal* person, who has never built a home. He’s towed this tiny 7000 miles & it’s still in tact! Hopefully this inspires some of you readers who are interested to explore tiny builds further ūüėä Check out the pics!

Tiny Terrors?

But wait. Isn’t it dangerous to try to build your own home? Well, builder homes aren’t as safe as you might think. Construction crews blow it all the time. A good build is about time & attention, you don’t have to be a rocket scientist. It’s ok if you don’t want to DIY, but read on for some tips about ensuring your existing home is safe for your family.

Your home is a system.

Everything is designed to work together. But does it? Is the symphony in tune? You get a heart monitor at the hospital, but what about a home monitor for your most important investment?

And hey – energy efficiency is all the rage – the government will give you a rebate for replacing your furnace or air conditioner with a higher performance model; plus you’ve heard about all the solar credits too. Who wouldn’t want lower bills & tax breaks?!

How do I know my home is safe & efficient?

You won’t know until you get an Energy Audit & do some home performance testing! Here’s your 4-3-2-1 on what you want to look for:

4 Elements – heat flow, airflow / pressure, moisture, air quality.

3 Recommendations – air sealing (control heat bleed), insulation, HVAC / mechanicals

2 Systems – enclosure, engine (anything that moves)

1 Goal – CONTROL

Thermal imaging can tell you so much about a home’s efficiency. If you’re building a home, buying a home, or selling a home, then consider doing a blower door test and an infared thermal photography scan. This will prove beyond a doubt your mission critical systems are functioning or failing. More tests to prove efficiency are:

  • Duct / air tightness testing
  • Zonal pressure testing
  • HVAC testing

Home Diagnostics with Corbett & Grace Lunsford will be on TV next year if you’d like more info on how to go CSI on a home! Want it sooner? Check out #TinyLab on social media.

Call the AskAngie Team at 949-338-7408 or tweet @angieweeks if you need a referral to do one of the tests mentioned – we want you safe & smiling in your home, whatever size it may be ūüŹ° ūüėĄ ūüĆü

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Orange County 1031 Exchange & Other Investor Property Tax Shelters

Posted on September 14, 2016. Filed under: Informed Investor Alliance, Making Life Easier, Orange County Real Estate | Tags: , , , , , , , |

smart-investorGot investment property?

It’s surprising how many property investors we meet who aren’t familiar with 1031 Exchange. Since money doesn’t grow on trees, maybe we can save you some when you decide to sell – read on!

Recently Debbie Bannister with Exchange Resources spoke to our Real Estate Focus group with some 1031 Exchange tips. If you are wondering whether your property fits the mold for a 1031, here are some qualifying terms:

  • Must be an investment property, not a primary residence
  • Property you are exchanging for must be equal or greater value than net sales¬†price
  • Exchange must be done by a qualified intermediary

What kind of properties can be included in a 1031 Exchange?

The properties must be ‘like kind’. Like kind is defined as any real property held for the productive use in a trade or business for investment purposes. Land can also qualify. 1031 properties¬†cannot be for your personal use, but you can put your business in one, per the definition above :). Many investors also ask if the debt on the property counts toward the exchange. The answer is Yes, loan debt is included. If you don’t want to take on new debt, however, you have the option to¬†pay cash as the down payment on your move up property. And if the property you’re purchasing needs work, you can also do an “improvement exchange”. Lots of options!

1031 Exchange Timelines

45 days after the close of your investment property, you must identify a property to buy that is of equal or greater value. If you can’t buy one of the properties you identify for the 1031 exchange, then your¬†exchange is off even if you buy some other property; therefore this is a crucial step. You can identify up to 3 properties, so make sure not to put all your eggs in just one basket. Strategy: identify your favorite on the first day, then wait till day 40-45 to identify your backup options.
180 days to buy, close, and be completely done.

1031timeline

Cashing out funds with a 1031 Exchange

In some situations you may not want loan debt, so a partial exchange is an option. Or maybe you want cash. This is also an option, but talk to your CPA about how much cash you should keep because you will be taxed on it.

Tax intelligent ways to get completely OUT of your real estate investments

Bruce Jones our tax strategist talked to this extent, and you’ve got some options:

  • Charitable property
  • Deferred sales trust (don’t do it – none of our experts recommend this!)
  • Structured sale
  • Traditional installment sale (aka seller carry back)

Remember the IRS is not your enemy, lack of knowledge is.

Bruce suggested to consider coupling a monetized loan with an installment sale. You still get a tax free chunk of change at close of escrow, and you can defer your taxes for 30 years. It’s kinda complicated, so here’s a pic to help!

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In case you’re on a mobile & it’s hard to see what’s in the graphic above, here’s the breakdown:

You’ll do a interest only 30 year installment sale:
Seller –(installment sale)–> Dealer –(resale on original terms)—> Final buyer

then, with a Separate investment business loan:
Lender –(loan typically 95% of net sale proceeds)–> Seller –(invests)–> $$$

followed by the Lender’s payment processing and loan guarantee system:
Dealer –(automatic installment payments)–> Payment Processor –(single source limited recourse loan–> Lender

Bruce showed us example after example of SoCal & Orange County property investors he has helped to save hundreds of thousands of dollars. Some even millions, so it’s worth a consultation with him if you decide to cash out all or even some of your real estate portfolio. After all, property investments aren’t all about how much you ‘make’, they are really about how much you get to keep. He’s been utilizing this strategy for almost 20 years and never ran into a problem ūüôā

If you’d like a personal introduction to any of our tax experts, Real Estate Focus group consultants, or a list of investment opportunities, just fill out the form below or call / text Angie at 949-338-7408, & we’d be happy to assist!

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Resort Living All Year Round in HB

Posted on March 3, 2016. Filed under: First Time Buyer help, OC Property Profiles, Orange County Real Estate | Tags: , , , , , |

Affordable Huntington Beach, CA Condo

IMG_1063Looking for your first place or a¬†beach close¬†investment property? ¬†Look no further – 5096 Tortuga #104 is prefect for a college student, first time buyer, bachelor / bachelorette, snowbird, or even investor since there’s great rental potential! Located just over a mile from the beach, the possibilities of sun & fun are endless.

 

Cabo del Mar Community condos

IMG_1048With a long list of amenities that include a clubhouse, pool, spa, sauna, tennis courts, racquetball courts, gated parking, and a large greenbelt area that over looks the wetlands, Cabo del Mar lets you indulge. Plus being¬†situated near shopping, restaurants, and dog beach offers such a convenient lifestyle. If you like nature, you’re just moments¬†to the Bolsa Chica wetlands and the sand of Huntington’s world famous beaches. It’s easy to see why people flock to¬†Huntington Beach!

Cabo Del Mar has parking galore, with underground subterranean parking spots for residents and street level parking for guests, you’ll always be sure to have close parking to your condo. Unlike most studios, 104 has an extra level of privacy / separation thanks to the plantation style shutters, ceiling added soundproofing, and quiet location in the complex. On cool beach nights sit IMG_1045in front of the cozy gas fireplace to warm up and relax.

5096 Tortuga is a must see, a solid investment priced at just $284,999 this unit won’t last long!¬†To schedule a private viewing call us, The AskAngie Team at 949-338-7408, fill out the form below, or email us at Angie@AskAngie.com.

 

 

 

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Charming Homes in Palm Beach Park, San Clemente

Posted on February 26, 2016. Filed under: OC Property Profiles, Orange County Real Estate, Senior Communities | Tags: , , , , , , , , |

55+ Oasis with Private Beach

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Palm Beach Park Private Beach

Droves¬†of seniors are settling in the seaside community of Palm Beach Park in San Clemente, CA – a manufactured home development with it’s own tranquil beach oasis. This quiet retirement community is the perfect place to slow down, unwind, and just be one with the sunsets and ocean. Residents are just across the street from an¬†exclusive private beach that is almost 2 acres, and the best part is they don’t have to pay 2 million dollars to get whitewater views and a walk to the sand.

There are currently 10+ models to choose from, varying in size and price from 100-500K. Truly, there is a home for every senior in this San Clemente treasure. Some coaches are fully upgraded, and others you can add your own personal touches to make it your own beach oasis!

Unparalleled Senior Living

Palm Beach View 1

View of the Clubhouse and pool

Luxurious amenities at the clubhouse include a full kitchen and bar, a library, and a game room with shuffle board. Also offered is RV parking, a car wash on site, and the salt water pool that is heated all year round. On the privately owned beach you can enjoy the volleyball court, picnic tables, BBQ area, and the bonfire pits! Palm Beach Park is true retirement living with wonderful neighbors, amazing whitewater ocean views, and breathtaking sunsets!

“Walking down to the private beach and the different social events at the clubhouse are some of my favorite memories here at the park” JoAnn Cota, a homeowner,¬†recently told us. “We love coming down from Buellton to visit the beach.” Another resident, Tom Mallett, states “The shimmering sunsets over Catalina Island¬†are a true delight”.

The AskAngie Team has two listings, 407 and 401 Ebb Tide Drive currently available for showings. Another listing on Bay will be hitting the market soon.

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Sparkling Ocean View from 407 Ebb Tide

Stop by and check out what Palm Beach Park has to offer on Sunday, March 6th from 12-3PM. Multiple homes will have open houses Рyou can tour many homes in one day and find the right fit for you!

Please join us on Sunday, March 6 from 12-3PM if you have any questions or would like a personal tour feel free to call us on our toll free number at 877-230-3211 or email us at Angie@AskAngie.com.We look forward to seeing you by the ocean!!

Photo credit: Antis Orange County Photography

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Orange County Real Estate Forecast for 2016

Posted on February 9, 2016. Filed under: First Time Buyer help, Home Seller Tips, Informed Investor Alliance, Orange County Real Estate | Tags: , , , , |

Had a great afternoon today listening to expert Gary Watt’s predictions for OC’s real estate market this year. Last year, we had a modest appreciation of 4.8%. Real people scenario:¬†If you own a 500K condo, it’s now worth 524K ūüôā What’s in store for this year?

OC Inventory Predictions

real estate forecastInventory should stay around 6500 homes, and appreciation is expected to be 2-3%. If our inventory goes up to 7500 homes, then we’ll have flat appreciation. If everyone freaks out because the election candidates suck and list their home,¬†then a negative 2% is expected (if inventory rises over 7500).

New home sales should continue to decline (they were down last year), and high end and single family homes should decline. Not in overall price, just in volume, mostly due to affordability.

Rates aren’t expected to go much above 4%. Historically, the Feds have always lowered interest rates in an election year, and this year it’s different…so we have to see if that affects our market.

Buyer Trends in Orange County

First time buyers are 28% of our market, the main reason it’s lower than the rest of the country is affordability. Qualifying for homes is stricter, which is also a factor. And let’s not forget about student debt.

As a nation, the average is 63.7% for homeownership. Only 49.1% of Orange County residents are homeowners; our county is one of the hardest to buy in.

What about the younger buyers? 20% of Millennials are currently homeowners, but we’re seeing a commitment issue with about 10%, who don’t even have ‘buying a home’ on their radar.

Chinese & foreign buyers are still a force to be reckoned with. They like to spend their cash here.

OC Rental Activity

Our rental market is on fire, and will continue to be. The rental gap is about $1000/mo. Many residents are taking a short term mindset of saving the extra monthly spend instead of a long term equity building mindset. There are also many who are still rebuilding credit from foreclosure or short sale, who will remain renting until affordability and credit scores increase.

Overall, we should have another good year in 2016, as long as we don’t get an El Nino of inventory! If you are considering listing your home, the sooner the better, because our busy season¬†starts to slow after May. Call or text Angie at 949-338-7408 to have our team crunch numbers and get a spreadsheet of your potential profit!

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2016 OC Home Fair & Homeownership Day – You’re Invited!

Posted on January 6, 2016. Filed under: First Time Buyer help, Home Seller Tips, Informed Investor Alliance, Making Life Easier, Orange County CA Foreclosures, Orange County Home Improvement, Orange County Real Estate, Orange County Short Sales | Tags: , , , , , , , |

Orange County housing forecast

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.

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TRID – What Consumers Need to Know

Posted on November 9, 2015. Filed under: First Time Buyer help, Home Seller Tips, Informed Investor Alliance, Lenders & Loan info, Making Life Easier, Orange County Real Estate | Tags: , , , , , |

clock-runningTRID 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 ūüôā 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¬†!

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Reverse Mortgages in Orange County – Love it or Leave it?

Posted on October 27, 2015. Filed under: Informed Investor Alliance, Lenders & Loan info | Tags: , , , , , , |

Reverse Mortgage Answers orange countyWe’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‚Äôt 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.

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Experienced Developer Seeking Investors for Immediate Opportunity

Posted on October 9, 2015. Filed under: Informed Investor Alliance, Orange County Real Estate, Senior Communities | Tags: , , , , , |

Investment Property Opportunities in CA

Orlando Lutheran Towers, located in Orlando FL is just one of many projects completed by this developer.

Attention Investors:

We’re working with an experienced developer of over 30 years on multiple projects. He’s originally from the east coast, and is expanding his successful ideas west. He’s seeking investors here, and asked us to reach out to our sphere! You can meet him in person to ask questions & find our more details on Oct 20th, 2015, 1-2pm at our office in Corona del Mar.

If you’d like to partner on investment property, read on for specifics.. maybe this equity partner opportunity is for you.

Each Project will require approximately $500,000 investor funds to launch. Don’t worry, you don’t have to plunk ALL that down, a group of 10 investors paying $50K each is also fine.

Preliminary Equity Partner Participation:

  • Separate LLC’s will be formed to procure entitlements;
  • This entitlement process will be undertaken by our developer who has completed over 20 similar projects. Expected turnaround is¬†3 – 9 months depending on local circumstances¬†and planning requirements.¬†Note: We have independent specialist contractors lined up to perform these services and obtain final approvals.
  • Equity Partners will receive an Annual Return of 18 % secured by a promissory note.
  • Equity Partners will be repaid in full at construction loan take-down
  • Final Project Equity Entitlements (Equity Kicker) will be 5%

Development Details:

  1. Types of Projects which we are developing are:
    • senior independent living
    • senior assisted living
    • memory care and congregate housing; each project managed by experienced successful licensed care provider to run the operations. See Items 8-10.
  2. Locations: Central to Southern California; we have pre-selected two locations: San Clemente and Mission Hills (Palm Dessert); with a potential #3 is in Santa Barbara.
  3. Project size:  150- 300 revenue Units
  4. Costs to build and furnish (excluding land) 25-30  million;
    When turn-keyed and 70% occupied value multiplier is estimated to be 1.2 : For example: when our project million completed and occupied  at 30,000,000 = 30m X 1.2 yields project value of $ 36 m to be purchased by REIT/ or other cash buyers within 1 year or less. (Some projects may be held longer if investors choose)
  5. Three Money Sources will underwrite these loan guarantee programs after equity partnerships are formed.
  6. Project’s ROI: 20- 25 % annually
  7. All projects are Green (electricity, materials, smart utilities)  and create up to 30% Investment tax credits and sheltered ongoing income which a portion will be available to the equity investors.
  8. Each project’s care operations will be contracted to a premier California Licensed Care Provider ¬†(LCP)
  9. Our private company, Banyan Care Group Inc (as the 20% GP with our 80% Limited Partners) will develop & provide the AAA facility for the LCP to run.
  10. The LCP contractually will provide resident management & services, controlled operating costs, and guaranteed revenues.
Invest in assisted living communities CA

St Marks Village, an assisted living community in Florida was also a project of this developer.

Want to RSVP for our investor information session on Tues, Oct 20th at 1pm? Call or text Angie Weeks at (949) 338-7408 to secure your spot, or fill out the form below:

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Great Townhouse Deal in Anaheim Hills – Just Listed!

Posted on May 19, 2015. Filed under: First Time Buyer help, Informed Investor Alliance, Orange County Real Estate | Tags: , , , , |

Summit Park in Yorba Linda

Summit Park in Anaheim Hills

866 South Yellowstone Anaheim Hills, CA 92808

New to the market in the heart of Anaheim Hills is a beautiful townhouse in the Summit Park community. Anaheim Hills is located just south of Yorba Linda, California, opposite the 91 freeway at Imperial Highway.

Priced BELOW recent comps at $399,900, this 1,113 square feet condo includes 2 spacious master bedrooms and¬†a half bath downstairs for guests. With hardwood floors and a fireplace in the living room, it sure makes it cozy. Looking for convenience? A¬†two car direct access garage is also included. Want privacy? You’re also in a very secluded¬†location in the complex, with¬†no one above or below!

The Summit Park community has plenty of amenities. Come take a dip in the pristine community pool or relax in the spa. Also includes a playground for the children and an exercise room!

High ceilings, distressed hardwood floors, slider to your patio or California Room!

Relax by the fire or enjoy your private patio!

Summit Park¬†is close to shopping, freeways,¬†and plenty of fun things to do on the weekends. Nearby is a nature center where you can hike and have fun. Looking for something¬†different and interesting¬†to do? ¬†Try sleeping outside in an amphitheater under the stars! And don’t forget to check out all the fabulous places to eat at Savvi Ranch!

Private patio in a low traffic area with high fences

Pets? Check out the large patio & high fence!

Don’t miss out on this great townhouse, it’s going to sell fast!¬†Come to the open house this Saturday May 23rd. Please email or give us¬†a call with¬†any questions or to set up a private showing. ¬†877-230-3211;¬†angie@askangie.com. Look forward to seeing¬†you this Saturday!!

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OC Home Fair & SoCal Home Ownership Day 2015 is this weekend!

Posted on March 25, 2015. Filed under: First Time Buyer help, Home Improvement Ideas, Home Seller Tips, Informed Investor Alliance, Making Life Easier, Orange County CA Foreclosures, Orange County Home Improvement, Orange County Real Estate, Orange County Short Sales, Orange County things to do | Tags: , , , |

10923534_364393790399627_1417328444113218007_nHave any plans for this Saturday March 28th? If not, come visit the OC Home Fair at Chapman University. Learn everything about everything on home-owning, buying/selling, investing and plenty more! The speakers are industry leaders and hand selected Рthe best of the best!  The event is designed to help normal people make the most of real estate, and Chapman graciously hosts it with our YPN group, The OC Register, and NeighborWorksOC every year for FREE!

Existing Homeowner Classes

For all you home owners out there, there are plenty of seminars that could help and educate you. Everyone wants to save money, right? “Go Green and Save Money” and “¬†Ways to Reduce Your Electric Bill” are a couple of seminar suggestions that will help save precious pennies! Would you like ¬†to be an “Automatic Millionaire Homeowner“?¬† It’s actually a really easy concept – you’re invited to come learn how.¬† Thinking about a loan mod? Loan Modifications Tips and Tricks is taught by a non-profit.¬† You’re welcome ūüėČ Then, it may be time to consider Moving On Up: Making a Smooth Transition.

Classes To Buy A Home

Loans can be confusing, so there are TONS of classes, FHA Loans and Changes: What You Should Know or How Interest Rates Affect Buying Power is also super important.

First time buyers, check out “Steps to Buy Your First Home” to know what to do. Need better credit first? Well.. there is a class for that too, Ways To Improve Your Credit Score. Foreclosures are always a bummer! But did you know there is¬†Life After Foreclosure and you can get back in the game? Closing costs can be scary but we have a class for that; Closing Costs: What Should I expect?. Want to know¬†The Escrow Process, What to Expect With Your Home Inspection, or How To Make The Most Of A Small Space?¬† Come find out!

ochfgraphic

Learn How to Invest in Real Estate

Investing is always a good long term plan if done correctly. Find out Property Management: Do’s and Don’ts¬†and¬†Commercial Property Purchases: Do’s and Don’ts.¬† Staging Your Home for Top Dollar is totally important along with,¬†Deferring Capital Gains Taxes: 1031 Exchanges¬†and¬†Orange County Housing Market Report.¬† All of these sessions are custom tailored to teach you crucial things to know!

A huge thank you to the OC Register, YPN, Neighborworks OC  and Chapman University. They have all put hard work into promoting and supporting this annual event. Also a big thank you to all the speakers who take time out of their day to help educate the community on the important factors of everything Real Estate!

Now, Hurry and register for any class that interests you before all the seats fill up at www.OCHomeFair.com!!

Questions or comments?  Hashtags are #HomeownershipDay or #OCHomeFair.  See you Saturday 12-5pm!

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Villagio in San Clemente – Homes for sale in San Clemente CA

Posted on March 18, 2014. Filed under: First Time Buyer help, OC Property Profiles, Orange County Real Estate | Tags: , , , , , , , |

Villagio Homes in San Clemente

Villagio community homes – condos with backyards!

Have you been looking for real estate in San Clemente and turning up empty?¬† Check out the Villagio community!¬† Villagio is located in ¬†Rancho San Clemente, and although they are technically condos, the entire community is detached!¬† You’re getting a home for the price of a condo, so that makes Villagio one of the best priced communities in the entire city! Just 3 miles from the beaches of San Clemente, 1 mile from the Talega golf course, and 1 mile from shopping centers and high school, this centrally located community has it all. ¬† Many of the homes have ocean views, plus the community is quiet with very friendly neighbors.

Want to see a home in Villagio?

Check out this virtual video tour of our listing at 716 Via Otono:

Homes For Sale in San Clemente

As of the date of this post, there are only 7 detached homes in the entire city of San Clemente priced below 600K, and 716 Via Otono is one of them!¬† Hurry!!¬†This gorgeous 3 bedroom 3 bath house has a spacious backyard with a patio. Also includes 2 master bedrooms, a 4 car driveway. If you’d like to get more options for detached San Clemente homes we have 15 available between 600-700K.¬†¬† Also Want the list?¬† Just tweet @WeeksTeam for one or email info@successinweeks.com.¬† You can also schedule your own San Clemente property search at http://properties.askangie.com

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Laguna Beach House Sale

Posted on March 17, 2014. Filed under: First Time Buyer help | Tags: , , , |

Luxury Laguna BeachIMG_4135 (2)

Laguna Beach, located in southern Orange County, is known for many different activities and entertainment.¬† First, the gorgeous beach, whether you are laying in the sun or drinking a martini at a restaurant you will always have a spectacular view of the ocean.¬† All of Orange County knows that this is a great place to come relax.¬† Second,¬†Laguna Beach is known for being very artsy.¬† In the¬†summer months, the Sawdust Festival comes to town!¬† This is where many artists come together to sell their beautiful masterpieces,¬†from glass blowing to fabulous photography to jewelry, this is a must see¬†event. Third, the famous Pageant of the Masters¬†which in essence¬† is¬†“Living Art”¬†– you will¬†see famous masterpieces recreated in a new way.¬† Lastly, hidden up in the green rolling hills is a little secret spot called “Top of the World”, it is high up, but the view is worth it!¬† Up there you can also hike or bike through out the trails.

Dream Come True Home

Speaking of the green rolling hills, this is where this dream come true house is located. With a breath taking view of the ocean, this house is to die for.  An incredible 5 bed and 5 bath home includes an outstanding kitchen, a private entrance with a gate, a gorgeous entrance hall way, wrap around balcony, a spacious master bedroom and closet, and so much more.  The house has a modern architecture, built for luxury and entertaining. Though the lot is mostly slope, with minimal maintenance , you will never have to worry about a skyscraper ever stealing your view. Through out the house are huge windows that will let the sunlight surround you.  A great entertaining home. Each of the 5 bathrooms, yes I said 5, is decorated for relaxation and primping.  If this House sparks an interest to you, contact me (949) 338-7408 or tweet @AngieWeeks.

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What’s in store for Orange County Real Estate in 2014?

Posted on January 14, 2014. Filed under: First Time Buyer help, Home Seller Tips, Informed Investor Alliance, Lenders & Loan info, Orange County CA Foreclosures, Orange County Real Estate, Orange County Short Sales | Tags: , , , , , , |

Orange County 2014 Real Estate Economic Forecast

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.

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