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Irvine, CA Real Estate News

By Debbie Sagorin, Marketing Irvine to the Highest Level
(Coldwell Banker Realty)
38 of the 57 Woodbridge homes currently on the market for sale, (or two thirds of all properties), are standard sales. The other listings are short sales, (16 homes), and REOs, (3 homes). As far as Woodbridge lease listings go, right now there are 72 available. These range in price from $1,275 per month for a 1-bedroom condo, to $3,800 per month for a 4-bedroom SFR. My beautiful 5-bedroom listing at 1 White Birch has just been reduced in price to $2,950 per month. It's on hold for a couple of days while the handyman & painter do their stuff.
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By Tim Storm, Orange County FHA and VA Home Loan Specialist
(Fairway Independent Mortgage Corporation)
Orange County, CA condo buyers using FHA financing just got an extra month added to the upcoming deadline of the end of the Spot Approval program. Back on June 12, 2009, FHA Mortgagee Letter 2009-19 was released, detailing new FHA Condo project approval guidelines, and setting a date for the end of the Spot Approval program along with elimination of nearly all condo project approvals in Orange County.New Deadline for Spot Approval Program is December 7, 2009Initially, the deadline was to be October 1, 2009. Then, with a push from the National Association of Realtors, FHA relented and decided to delay implementation of the new policy until November 3. Now, the deadline has been delayed again until December 7, 2009.What Will Happen When, Or if This New Policy Goes Into Effect?FHA financin...
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By Ann Urias, Your Real Estate Concierge
(Aston Group - Orange County Real Estate)
RE/MAX Homes & Estates Pre-Foreclosure Division  (714) 588 -7676 ∙  www.orangecountyshortsalerealtor.com   If you are in a situation where: • You lost your job • Your Medical Expenses are too high • Just went through/going through a divorce • You are behind on your payments • You have no equity • You can't afford the cost of selling your home • Your income has been reduced • You are in foreclosure   WE CAN HELP YOU! It's easy and doesn't cost you any MONEY! Our services are Free!!! WHEN THE DEBT EXCEEDS YOUR HOME'S VALUE... we can help is with a SHORT SALE.   Benefits of a Short Sale: • Avoid Foreclosure • Avoid Bankruptcy • Reduced damage to your credit • Postpone your foreclosure sale date • A short sale will stay on your credit approx 3 years • BE FREE of financial and emotional burd...
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By Tim Lorenz, 949 874-2247
(TIM LORENZ - Elite Home Sales Team)
In the Orange County Register today there was an article about the Irvine Company being optimistic about the economy so much so that they are going to bankroll 685 construction units.  While defaults are still mounting Jobless rates are still high the Irvine Company is still optimistic.  Yet housing starts are at a record low, while new homes sales have dropped in 37 of the past 38 months the Irvine Company is still optimistic. On Monday they are unveiling the 2010 New Home Collection,a project that will put 6 home building companies back to work.  You can see the new home models are beginning to sprout up.  They believe the recovery is underway and that they will come out of the gate strong.  They believe that the consumer is looking for homes while the prices are low. The six builders...
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By Satar Naghshineh
(Satar - Amiri Property and Financial Services Corp.)
LISTING AGENTS BEWARE! THE FHA BUYER PURCHASE TRICK!   This also could be titled "How to secure a home for a FHA buyer!". This blog is about housing markets where competition among starter and low end homes is fierce. So there is a property that is listed at 390k. Low end comps at 380k and high end comps at 400k. The FHA buyer's agent makes an offer for 410k! Wow, that is just great and your clients get excited. Ignoring the lower offers that the conventional and cash strong buyers gave, you enter into contract with this FHA buyer as it will net your clients more....or NOT! Guess what, the appraisal comes back at 395k. The FHA buyers do not have more than the 3.5% needed to get the loan. So they re-negotiate the purchase contract at some number (usually appraisal price) and proceed to c...
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By Debbie Sagorin, Marketing Irvine to the Highest Level
(Coldwell Banker Realty)
September ended with 25 Woodbridge closed sales – more that twice the number that closed in August.   Does that mean the upturn has come?   Not necessarily…. 21 Woodbridge homes closed in July.   A lot has to do with the homes that are in Backup Offers or Pending status, and right now, there are 65 homes in these categories. It’s anyone’s guess as to how many will close in October – if indeed they close at all. Only half these 65 homes are Standard Sales and we all know not to hold our breath when working with Short Sales and REO’s, (bank-owned homes).   It’ll sure be interesting to look back in a year’s time, and analyze this market’s numbers.   The prices of the 25 Woodbridge homes that sold in September ranged from $272,500 to $860,000.   55 homes are Active in Woodbridge at the mom...
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By Tim Storm, Orange County FHA and VA Home Loan Specialist
(Fairway Independent Mortgage Corporation)
Too often, Orange County real estate transactions fall out of escrow just when they are supposed to be closing. Why? While there are no specific statistics to back an answer to this question, 2106 expenses would seem to be good answer to that question. We know that appraisal issues have also been common in 2009, but too often tranactions fall apart because of the borrower qualification, even after they were supposedly "PreApproved." What are 2106 Expenses and why do they become an issue, at times, late into escrow?What are 2106 Expenses?2106 Expenses are also called Unreimbursed Employee Expenses. These are expenses some employed workers will writeoff on the Schedule A of their Federal Tax Returns. Typically, these expenses are associated with people who have a sales or commission based...
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By Satar Naghshineh
(Satar - Amiri Property and Financial Services Corp.)
If You Think That Your Short Sale Owner Is a Retail Owner, then Refer Them Out!   Dear Southern California short sale agents. Have you obtained a short sale listing in which your clients will not: 1. Clean up their home? 2. Be flexible on showings? 3. Allow lockboxes or signs? 4. seem reasonable to you? Well then, please do the right thing and refer them to an agent who knows what they are doing. One that understands the mentality of someone who is in a foreclosure situation.   Dear Southern California Short Sale Owners. Don't hire the wrong agent to do your short sale! Do they want you to do one or more of the following?: 1. Keep your property clean?  2. Make you leave when buyers are visiting your property? 3. Want to put a lockbox and sign on your property? 4. Make repairs? 5. Mainta...
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By Sharon Butler
(Short Sale Resolution Network)
Homeowners do you have questions about your home? Do you currently owe more money on your home than it is worth? Click here. If you have been thinking what should we do....here is a thought!  Real Estate Prices go up and down, the scary thing is many positive thinkers are saying give a few years,.....who are they trying to kid?  Real Estate is a 10 year cycle.  If you are a homeowner and you owe more on your home than it is worth you have to decide if 1) you are planning to stay in your home for the long run and 2) can you afford to stay in your home for the long run?  Homeowners, if you made it pass the initial shock of reality and you do not want to take the chance of holding on to your home in fear of foreclosure, a short sale may be the best bet.  A short sale is when your mortgage ...
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By Sharon Butler
(Short Sale Resolution Network)
Are you thinking of buying a home?  Have you noticed that 1 of every 2 homes if not more are Short Sales? It can get kind of frustrating when nearly every home listed is a foreclosure or in default.  The biggest complaint I hear is about the bidding wars.   There are tons of stories of how buyers place offers on properties and never hear ANYTHING back! Rule of thumb, if you have not heard anything, you did not get the property!  Best way to get the home you want, "Common Sense"!  Say the property you want is listed at $535,000 and the homes in the area are selling for $640,000, do you really think the house is going to sell at $535,000?  I guess the best tip I can give you is to work with an agents that has successfully secured a property on a short sale for several clients. An agent wh...
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By Satar Naghshineh
(Satar - Amiri Property and Financial Services Corp.)
  It Might Be an Irvine Short Sale, BUT You're still a BARNEY!   So the story goes... It's a busy Monday morning. I get a call from one of my buyers. He's excited, a new listing came on the MLS and he tells me that it is listed very low and he wants to see it TODAY! I said that I will look into it and call him back. The listing is a condo that is located on a four level complex next to Irvine Valley College and there is no view. So basically every unit will be relatively the same price for the same floorplan. Before I even look on the MLS, I have this gut feeling that this property is listed by a Barney short sale agent. Sure enough, it is listed as a short sale by "Stupid & Dense Reality", a private brokerage, who should not be doing short sales! A quick comp check tells me that this u...
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By Carlos Morales
(Re/Max Homes and Estates)
Short Sale Specialist, Orange County California Are you behind your Mortgage Payment?                                                            Esta atrasado con el pago de su hipoteca? Did your lender deny a Modification?                                                           Su banco le nego una modificacion? Are you facing some type of hardship?                                                          Esta atravesando por aglun tipo de crisis? Can't or Don't want to keep your house?                                                           No quiere o ya no puede retener su casa por mas tiempo?   A V O I D    F O R E C L O S U R E  ! !                                                             E V I T E   L A   R E P O S E C I O N ! ! Call Me For a Free Consultation. 714 - 955 -...
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By Carlos Morales
(Re/Max Homes and Estates)
8,000 dlls tax credit in Orange County, Do you qualify for it? 8,000 dlls credito sobre los impuestos en Orange County, Usted Califica? What if you already own a vacation home, are you disqualified? Que tal si ya tiene una casa que usa para vacacionar o que no habita en ella? quedo ya descalificado para este credit? What if your partner owns a house but not you, are you eligible for the tax credit? Que tal si su pareja ya tiene una casa pero usted no, viven juntos pero no estan casados, califica para este credito? This is a great opportunity for first time home buyers, to actually own a property, buy it with very low down payment, home prices are very affordable and interest rates and very low, nevertheless, a lot of buyers don't know whether they qualify for the tax credit, and if they...
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By Carlos Morales
(Re/Max Homes and Estates)
My Property is on FIRE and we are in Escrow now What? Surely this question has come to your mind if your property is located in a fire hazard area, and more than once you have thought what would happen in the event I'm selling my property and during the escrow period a fire strikes my neighborhood therefore my house?   Well, here you will find some information about this event.   What are the general rules relating to who bears the risk of loss in a real estate transaction where a fire or other natural disaster, strikes the property?    If the purchase contract between the buyer and seller does not state who is to bear the risk of damage or loss to the premises during the time between the execution of the contract and the transfer of title, the liability of the parties is governed by th...
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By Tim Storm, Orange County FHA and VA Home Loan Specialist
(Fairway Independent Mortgage Corporation)
The FHA Spot Approval program  for unapproved condominium projects is going away on October 1, 2009. But realistically, it's already gone. Most lenders are not about to begin the Spot Approval process when only a few weeks remain. According to the new guidelines announced in Mortgagee Letter 2009-19, effective October 1, not only is the Spot Approval process eliminated, but also all current project approvals will be invalid and projects will need to be re-approved before an FHA loan can be closed. The only exception to this is that any project that has been approved after October 1, 2008 will stay approved.What Does This Mean for Orange County, CA Condo Projects?This will mean that virtually no condo projects in Orange County, CA will be approved for FHA financing. Over the past year, i...
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By Satar Naghshineh
(Satar - Amiri Property and Financial Services Corp.)
You Just Got A Short Sale Listing...Do you spend time and money to market it?   Sally & David Hanson wrote a great blog about short sale marketing. You can read it by clicking here!   Very interesting blog about marketing your short sale listing. Obviously, Sally and David Hanson made very good points about their opinion as to why an agent should market the property. Their main point is that regardless if this is a short sale or a retail listing, an agent should put together a marketing plan to try to sell the property. I, on the other hand, come from a different opinion. I just use a pricing strategy. Lower the price on a scheduled basis and the property will eventually get an offer. Unfortunately, because of my opinion, the reputation of my company was questioned. I want to display th...
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By Tim Storm, Orange County FHA and VA Home Loan Specialist
(Fairway Independent Mortgage Corporation)
The FHA 203K Rehab loan program is a great loan for Orange County First Time Buyers. Currently there is a very tight supply of homes available in southern California, especially in the $250,000 to $500,000 price, which is a sweet spot for Orange County First Time Buyers. It has been frustrating for these new buyers to get an offer accepted. After going through the FHA Loan PreApproval process, they were ready to make an offer and close escrow 30 days later. So they thought. It's tough to compete against two or three other offers, let alone 20 or 30, especially when some of those offers are "all cash." New home buyers should keep their options open.FHA 203K Streamline Program is the SolutionWhat does it take to separate from the crowd? How about a program that will allow even a buyer wit...
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By Tim Storm, Orange County FHA and VA Home Loan Specialist
(Fairway Independent Mortgage Corporation)
The VA loan program is being heavily utilized by Orange County residents for the first time in several years. There are several reasons for this. The increase in the Orange County, CA VA loan limit for $0 Down financing to $593,750 in 2010. The drop in property values in Orange County, CA. (And the rest of the US) The lack of other high loan to value programs. VA 100% Financing for Orange County, CA Homes to $737,500   *updated for 2010  $593,750 is limit in Orange and LA countiesThe VA loan program is a great program for those that are eligible. Fannie Mae/Freddie Mac require a minimum of 10% down payment for a home in Orange County. Even FHA, which is a great program, requires a 3.5% down payment. To make the comparison even better, while FHA has Monthly Mortgage Insurance equal to .5...
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By Carlos Morales
(Re/Max Homes and Estates)
Hello My Fellow Colleagues, It is very common in California and I'm assuming in other states, that a lot of Real Estate Agents are now doing Modifications, is this legal? Are we as Realtors entitle to do Modification Services? This is what I think, we should all understand our function as Realtors, people trust on us, people deposit their hopes when they talk to a Real Estate, and we should always remember that. Even though the documentation and the department that deal with this king of request is the same with the lender "Loss and Mitigation" I would recommend to all the Real Estates interested in becoming a "Modificator" to read the new RESPA regulations and if possible to partner with an Attorney for at least the begining, until you gain real knowledge and confidence on how to prese...
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By Satar Naghshineh
(Satar - Amiri Property and Financial Services Corp.)
                      VICTORY IS MINE!!!   A few days ago, I came across some bad information on Active Rain and on the web. The subject matter was about short sales (something I love to talk about and do). The bad information that was circulating was stating that agents could not short sale their own properties. This statement is FALSE! Some of the Active Rain blogs even plagiarized another website. I alerted the blog owners via their blogs that they were giving bad information and plagiarizing a website word for word while claiming the material as their own. Only 1 blog owner responded by deleting their blog. The others just deleted my comments. My personal philosophy is to live and let live so I never reported these blogs to Activerain. Only one blog did not plagiarize the website bu...
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