REO Sellers of Homes in California Required to Provide Written Disclosures to Buyers - 02/28/12 11:06 AM
 
REO buyers should make sure that REO lender/sellers provide all disclosures that are required by law.
REO lender/sellers in California are in some situations exempt from property disclosures to buyers based upon theory that they are not familiar with the properties acquired through foreclosure. 
However, REO sellers of residential properties (one to 4 units) in California are required to provide some disclosures to buyers.
3,229 Orange County properties have resold this year so far (January 1 to February 27, 2012) - with average sold price of $502,130.
563 of those sold Orange County properties (17.4 percent of market) were REO … (2 comments)

Newport Beach CA Real Estate Market Update - February 2012 - 02/27/12 12:29 PM

 
Newport Beach CA real estate and home selling market update shows some interesting changes.
92 Newport Beach homes have sold so far this year (January 1 to February 26, 2012) - with average sold price of $1,286,477 - average market time of 117 days for sold homes.
82 Newport beach homes were sold last year during the same time (January 1 to february 26) - with average sold price of $1,235,448 - average market time of 137 days.
So the Newport Beach CA real estate market has improved this year so far with number of sales up, average sold … (2 comments)

Home Sellers in CA Must Disclose Water-Conserving Plumbing Fixtures - 02/23/12 12:01 PM
 
California government has favored consumers for many years and has imposed laws to protect home buyers.
New CA law now says that home sellers must disclose to buyers whether there are water-conserving plumbing fixtures.
The Transfer Disclosure Statement (form provided by California Association of REALTORs) has been revised to include checkbox in Section IIA for a seller to disclose whether the property has water-conserving plumbing fixtures (low-flow toilets, shower heads, and faucets).
 
This revised transfer disclosure statement (TDS) also clarifies in Section IIB that, by January 1, 2017, a single family residence built on or before January 1, 1994 must … (3 comments)

East Costa Mesa Real Estate Update - February 2012 - Orange County CA - 02/20/12 03:59 PM
  East Costa Mesa is a most popular area at Orange County CA - with old-fashioned neighborhoods where people and kids walk and bike to visit each other, attend good schools, enjoy public parks, nice churches, shop at local markets and restaurants - at gentrified commercial areas on 17th Street. See link to all East Costa Mesa detached homes now listed - click here.  East Costa Mesa is located next to and inland from Newport Beach CA and within two miles of its Newport Harbor and the ocean.   East Costa Mesa home listed - $710,000 - 3 bedrooms and 2 baths - 1400 … (2 comments)

How is Your Local Real Estate Market? Buyer Demand for Housing is Up at Orange County CA Real Estate - 02/19/12 05:14 PM
 
REALTORs® and real estate professionals and their customers are looking for local market trends.
We have something new to talk about now when people at Orange County CA ask - "How is the real estate market?" 
Buyer demand for Orange County CA homes and properties during first 6 weeks of this year 2012 is at highest level as compared with that time each year since 2005.
 
 
This is according to Steven Thomas at ReportsOnHousing.com - who measures buyer demand by the number of new pending sales over the prior month.  Those pending sales numbers are up.
According to this … (0 comments)

Options in California Real Estate Transactions - 02/18/12 01:20 PM
 
People ask us about lease option agreements to buy properties.
California real estate contracts sometimes have  OPTIONS granted to lessees and proposed buyers.
A rent-to-own or LEASE OPTION contract usually contains an OPTION TO PURCHASE clause. 
Sometimes developers get separate OPTIONS TO PURCHASE on bare land so they can buy and develop at some time in the future.
Adjacent property owners sometimes get a PURCHASE OPTION contract, so they can secure future of neighboring property.
Question is whether any such OPTION TO PURCHASE might be something else - such as a RIGHT OF FIRST REFUSAL - where the buyer/optionee gets … (4 comments)

Amazingly Good Mortgage Rates Continue at Orange County CA Real Estate - 02/17/12 04:11 PM
Purchase money loan and mortgage rates quoted today by First Capital Mortgage, Newport Beach, CA, continue to be amazingly low.  
 
 
This is excellent real estate news - good for owners, buyers, sellers and investors.
Such excellent mortgage rates at Orange County CA real estate are a big reason that properties priced under $500k are selling quickly - with average market time of less then 2 months - favoring the sellers.
_______________________________________
 
If you want to buy a home at Orange County, CA, are financially qualified, have twenty percent down payment, good credit history, can qualify for a conforming … (2 comments)

Investors Set Records Buying More Orange County CA Homes and Real Estate - 02/16/12 04:48 PM
 
Investors got busy last month during January 2012 at Orange County CA real estate.
The Orange County Register has reported  that Orange County CA home sold prices were below $400,000 in January 2012 for the first time in 33 months, and the number of sales also slowed.
Orange County’s median home price - price at the midpoint of all sales - was $392,000 - down $23,000 or 5.5% from January 2011 -  while sold prices were down during January at many of the OC zip code market areas.
Orange County CA home sales were at 1,872 units during January - which … (2 comments)

Shortened Time Frame From Default to Foreclosure at Orange County CA Real Estate - 02/14/12 03:27 PM

 
10,898 Orange County CA properties are in the foreclosure pipeline as of today - February 15, 2012 - after filing of notice of default and prior to trustee auction sale at end of foreclosure.
Recent trend at Orange County Ca real estate is that time from default to foreclosure (average number of days) has been significantly reduced since last year.
California is a non-judicial foreclosure state.  Time to foreclose is the average number of days between the filing of the Notice of Default and the final sale at trustee auction after foreclosure during any specified month.
 

 
During … (0 comments)

New California Smoke Free Housing Law 2012 - 02/10/12 12:46 PM
  
California New Smokefree Housing Law for 2012
The  California Smokefree Housing Law (SB 332) went into effect on January 1, 2012 - added Section 1947.5 to the California Civil Code - and gives multifamily property owners and managers the power to prohibit smoking in rental units.
 
This authroizes a landlord of a residential dwelling to prohibit the smoking of tobacco products on the property, in a dwelling unit, in another interior or exterior area, or on the premises on which the dwelling unit is located.
This new law makes requirements on notices and leases that a landlord who prohibits smoking pursuant to this authority is subject to … (8 comments)

Investors and IRS 1031 Exchange Reporting Requirements - 02/09/12 01:02 PM
  Final step for an investor after closing escrow on a 1031 exchange replacement property is reporting the exchange to the IRS.   Tax law requires all taxpayers to report a 1031 Exchange of property with Internal Revenue Service using its Form 8824.   Completing IRS Form 8824 can be challenging and time consuming, and filing instructions can be found at the IRS web site.   Closing services by a professional property 1031 exchanger should include: Preparation of IRS Form 8824   Memorandum to client and tax adviser describing the exchange   Legal references for applicable complicated tax issues   Audit support … (6 comments)

Irvine CA Real Estate Update - February 2012 - 02/08/12 03:01 PM

 
Irvine is the economy powerhouse at Orange County CA and has more jobs for employees than any other city of it size (with more than 200,000 people) in Southern California. 
 
 
 
 
Irvine has 572 homes now listed for resale with average listing price of $953,253. 
121 of those listed are short sales, and 31 of those listed are REOs.  So 26.5 percent of current listings are distressed properties. Realtors and brokers resold 2,201 Irvine homes last year during 2011 - with average sold price of $638,742. 
443 of those sold homes last year were short sales (20 … (4 comments)

Foreclosures Are Part of Newport Beach CA Real Estate Landscape - 02/07/12 12:49 PM
 
Newport Beach is one of the most sought after cities in Orange County and Southern California for residential living and investment.
Newport Beach is like other areas in Orange County - and has distressed properties in the non-judicial foreclosure process.
159 Newport Beach homes and properties are now scheduled for trustee auctions sales - with sale dates after non-judicial foreclosure at some time during the upcoming 8 weeks.
These and other Newport Beach properties are scheduled for foreclosure trustee auction sales:
2412 Vista Hogar  - at Eastbluff 
53 Harbor Ridge Drive
115 Old Course Drive - at one Ford Road
… (2 comments)

Congress Shouldn't Use G-Fees on Mortgages to Fund Extension of Payroll Tax Cut - 02/06/12 12:52 PM
  Real estate professionals should follow the lead of Moe Veissi, president of the National Association of  REALTORS®, and urge Congress to resist using the guarantee fees (g-fees) charged by Fannie Mae and Freddie Mac to fund a 10-month extension of the payroll tax cut.   The recently enacted “Temporary Payroll Tax Cut Continuation Act of 2011” funds a two-month extension of the payroll tax cut, unemployment benefits, and Medicare reimbursements through a 10 basis point (bp) increase in the average g-fee charged by Fannie Mae and Freddie Mac for the next 10 years.     Diverting these fees away from their … (0 comments)

SBA 504 Small Business Loan Program - 02/04/12 12:16 PM
 
The U.S. Small Business Administration  - CDC/504 - government loan program can be a valuable source of loan funding for small business owners.
This SBA 504 program is a long-term financing tool, designed to encourage economic development within a community.
The SBA 504 Program accomplishes this by providing small businesses with long-term, fixed-rate financing to acquire major fixed assets for expansion or modernization.
A Certified Development Company (CDC) is a private, nonprofit corporation which is set up to contribute to economic development within its community.  CDCs work with SBA and private sector lenders to provide financing to small businesses, which … (7 comments)

Strategy for Your Orange County CA Short Sale Home Selling Success - 02/02/12 04:10 PM
 
Different issues are sometimes overlooked and trip up short sale sellers at Orange County CA real estate.
These issues should be reviewed carefully at the start of the process, so sellers don't get surprised with negative lender response and rejections.
Who Owns the Loan - It's important to determine who owns the notes and deeds of trust (as used in California).  If you are dealing with a third party negotiator who works for a lender, you need to confirm name and address of the lender, investor, and separate negotiator.  It's also important to find out what authority to negotiate has … (0 comments)

 
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Harrison K. Long, business, REALTOR®, GRI, Broker

Harrison K. Long

Irvine, CA

More about me…

Coldwell Banker Previews, Irvine, South OC

Address: 6833 Quail Hill Parkway, Irvine, CA, 92603

Office Phone: (949) 854-7747

Cell Phone: (949) 701-2515

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