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real estate: If you want a Headache, read FHA New Letters re Home Loan & Mortgage Approvals at Condo Associations - 11/22/09 05:06 PM
This will make it easy for you to get a headache when reading ...
The Federal Housing Administration issued new letters regarding mortgage approvals for units at condominium associations.
See Letter 2009-46A and Letter 2009-46B, which talk about ~
PreSales of New Homes Owner occupancy ratios Concentration requirements Delinquent HOA dues Transfer of Control to HOAs Attorney certification Reserve Study Owner Invested Units Right of First Refusal Legal Phasing Hazard Insurance Condo conversions Ten year warranty Recertifcation of project approvals Transition Strategy Site Condos False certifications
These are complicated government regs, and I expect will give you a headache while studying it.
The Western … (2 comments)
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real estate: Orange County, CA, Local Housing Market Community Updates - 11/16/09 06:14 PM
Local Housing Market Updates for Orange County Communities
Irvine, California
Costa Mesa
Tustin
and Newport Beach, Mission Viejo and Laguna Beach.
These local homes for sale markets are now more dominated by short listings, and bank owned REOs have been bought up and are a very small share.
See my blog article with lots more detail ~ Irvine, Costa Mesa, Tustin, Newport Beach, Mission Viejo and Laguna Beach ~ Housing Market Updates (click here for article).
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If you are interested in homes and properties at Orange County, CA, communities, please let us know. Thanks.
Harrison K. … (0 comments)
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real estate: US House Today Approved Homebuyer Tax Credit Extension and Expansion - 11/05/09 04:32 PM
U.S. House of Representatives today voted by overwhelming positive vote of 403-12 to approve the Unemployment Compensation Extension Act (H.R. 3548) that included, as an amendment, the extension and expansion of the Homebuyer Tax Credit.
This bill with bipartisan support already passed in the U.S. Senate so now will advance from Congress to the White House for President Obama's signature.
The Administration already has signaled its support of the Homebuyer Tax Credit amendment and the President's intention to sign the bill into law.
So extension and expansion of the US Homebuyer Tax Credit will soon be a reality.
Voices by REALTORS and National Association of Realtors … (2 comments)
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real estate: Will Expected Extension of Homebuyer Tax Credit Help Our Real Estate Clients? - 11/01/09 01:03 AM
Will the Expected Extension of the US Homebuyer Tax Credit help business in our state, be a boost for our clients, the housing market and be good for our US and local economies?
Good question, and we will all see what develops, whether the measure can be worked out between Senate and Congress, and if it passes whether Obama will sign it into law. Then we'll see how buyers and consumers react between December 1 and April 30 of next year.
WE NEED ENCOURAGEMENT FOR HOME SELLERS HERE AT ORANGE COUNTY. Too many are nervous and waiting to sell their homes. Our local markets … (85 comments)
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real estate: Improvement Seen at September 2009 CA Homes Sales ~ California Association of Realtors - 10/29/09 11:54 AM
The California Association of Realtors has issued its September 2009 homes sales report, which has some good news.
Home sold units at CA increased 2.1 percent in September as compared with the same period a year ago, while the median price of an existing home declined 7.3 percent.
"The market's momentum continued in September, as many home buyers took advantage of the federal tax credit for first-time home buyers," said C.A.R. President James Liptak.
"The success of the federal tax credit is clear. Nearly 70 percent of first-time home buyers report that the tax credit was ‘the most important' or a ‘very important' … (0 comments)
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real estate: Scary Hot Housing Market & Challenging Times ~ Orange County, CA - 10/22/09 12:09 AM
Scary Hot Housing Market at Orange County is just about right, especially for homes under $500k. We see homes in this range come onto the market and get multiple offers within 24 hours, with many of these homes going for over asking and for all cash.
To Sellers Advantage. They can wait for the best offers where buyers pay more than asking, some with all cash, waiving contingencies and some appraisals.
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Christi wrote this article about our local OC housing market ~ "As Good As Gold ~ Homes Under $1M at the Orange County, CA, Housing Market" (click here for link to article).
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real estate: Expect Monday After Thanksgiving Weekend To Be a Busy Real Estate Day ~ November 30, 2009 - 10/10/09 11:39 AM
Monday after this year's Thanksgiving Weekend, November 30, 2009, will be a very busy day in real estate, with home purchases to satisfy First Time Homebuyer Tax Credit - Act Now Before It's Too Late ~ Take Advantage of Your First Time Homebuyer Tax Credit.
New FED "TRUTH IN LENDING" requirements for lenders went into effect on October 1. FED Adopted New Rules for Lenders and Home Mortgage Loan Brokers ~ Effective on October 1, 2009.
Will lenders be able to close transactions on a timely basis, or could this TRUTH IN LENDING regulations gum up the works with anticipated and planned closings for November 30, 2009, … (2 comments)
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real estate: Buyer Demand Wiping Out REOs at Irvine Housing and Local Real Estate Market - 10/05/09 03:26 PM
Buyer Demand is Wiping Out REOs at the Irvine Housing and Local Real Estate Market. Trend for local market shows huge buyer demand for REO homes and that the market doesn't have enough listings to support.
Homes sold at Irvine, CA, last thirty days (ending September 29, 2009) - 170 homes Regular equity sales last thirty days - 131 REO homes sold last thirty days - 16 Short listings sold last thirty days - 23 More than half of homes sold were between $500k to $1 million
Irvine homes now listed for sale at SoCal MLS ~ 506 homes for sale (not enough). 345 of those … (6 comments)
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real estate: Good News for Homebuyers and Better Mortgage Rates Quoted Today - 10/02/09 11:31 AM
Great news for Homebuyers and borrowers is that better mortgage rates were quoted today by Caliornia lenders and mortgage brokers.
Conforming
30 Year to $417k 4.750%
30 Year to $729,750 5.000%
15 Year 4.250%
5 Year 3.750%
Jumbo
30 Year to 2M 6.125%
30 Year to 5M 6.500%
FHA
30 Year 4.875%
30 Year Jumbo 5.125%
Rates were stated with 1 point. Borrowers must contact their local mortgage brokers and lenders to confirm information about rates for their area and individual situations.
Great news for Homebuyers and borrowers is that better mortgage rates were quoted today by California lenders and mortgage brokers.
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For information about Orange County and Southern … (1 comments)
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real estate: Interesting Coincidence: Orange County Home Sold Prices Rose Almost $8K During August 2009 v. July - 09/17/09 07:19 PM
The Orange County median home sold price was up almost $8,000 in August from July 2009.
Coincidence is and on lots of minds these days that the $8,000 US First Time Homebuyer Tax Credit expires November 30, 2009.
My prior article ~ Act Now Before It's Too Late ~ Take Advantage of Your First Time Homebuyer Tax Credit.
Median sold price of an OC home was $427,750 in August 2009 ~ per MDA DataQuick. August's median sold price is the highest that Orange County has seen in 10 months, but down about 3% from same time during 2008. And it's down more than 30% from all-time high in June 2007.
Home Prices Rise … (0 comments)
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real estate: Dove Canyon ~ Rancho Santa Margarita's Premier Residential and Private Community - 09/17/09 03:53 PM
Dove Canyon - Rancho Santa Margarita, South Orange County ~ premier residential community designed and built around Dove Canyon golf club and its course.
With about 1,200 homes and 5,000 residents, Dove is located in the foothills of South Orange County on the south and east side facing toward Saddleback Mountain.
Inside the guard-gated entry is a Jack Nicklaus signature golf club, pool, tennis courts, child's park, play field, shopping center, and water reservoir. All homes in Dove are single-family residences.
A horse trail starts outside the community gate and continues to Sycamore Canyon, where hikers, horse riders, bikers, go into neighbor community, Coto de Caza.
Homes at Dove range from asking price of $599K to … (0 comments)
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real estate: Act Now Before It's Too Late ~ Take Advantage of Your First Time Homebuyer Tax Credit - 09/15/09 06:30 PM
Act Now and Take Advantage of your first time homebuyer tax credit ~ Get Going before it's too late, and deadline for purchase and closing of escrow is November 30, 2009.
Existing US home sales have jumped recently, and first-time homebuyers are buying about one third of all homes sold. This is because of tax incentives, interest rates at historic lows and housing affordability at best level in many years.
Guidelines for eligibility for this tax credit:
First-time homebuyers can claim 10% of the purchase price up to $8,000, or $4,000 for married individuals filing separately. Tax Credit for purchases completed on or after January … (3 comments)
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real estate: Property Tax Value Basis Protection in California on Home Selling and Buying - 09/14/09 06:05 PM
For home owners age 55 years of age or more in California, it's possible to plan and protect property tax assessed value basis on the sale of a home and buying replacement.
Home value basis protection is important in California where most property taxes are paid at one percent of assessed value.
Assessed value protection for people 55 years of age and over who want to sell their home and buy another is especially important.
California Proposition 60 was a constitutional amendment approved by the voters in 1986 ~ Section 69.5 of the California Revenue & Taxation Code~ allowing transfer … (2 comments)
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real estate: Irvine's Home Sales Continue on the Upswing - 09/14/09 11:01 AM
Irvine, California, home resales have continued to be on the upswing.
We see lots of buyers and investors getting involved. Homes at under $500k are in special demand, get multiple offers, and are on the market a very short time.
There are now only 558 Irvine homes listed at MLS on the market.
135 Irvine homes are short listings, which are mostly not good situations for buyers.
15 Irvine homes are bank owned REO after foreclosure.
187 Irvine homes have sold during the past 30 days ending September 13, 2009. Average sold price for those 187 homes was $671,743.
We expect the … (2 comments)
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real estate: Upswing Continues for Orange County Home Sales - 09/11/09 02:52 PM
The Orange County Housing Market has heated up even more these days. Those of us involved with real estate sales at Orange County have known for several months that buyer demand and sales have improved, particularly for homes at under $500k.
We and other Orange County REALTORS and real estate professionals have written and presented lots of purchase offers during the past ninety days.
Why aren't some purchase offers been accepted? Here's our experience:
Heated buyer demand Competition from other buyers Multiple offer situations Some buyers have expectations of success based upon 2008 slow market FHA buyers with 3.5% down are unable to compete with … (2 comments)
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real estate: Short Listings (Short Sales) Are Messy and Very Challenging for Buyers - 08/25/09 03:10 PM
These should be called "SHORT LISTINGS" ... not "Short Sales" ... and won't actually be homes for sale or "short sales" until after all lenders notify in writing for approval of seller side debt forgiveness and deal.
A SHORT LISTING is where a property seller needs to sell and sale proceeds are not sufficient to pay off the existing mortgage or lienholders. This is an alternative to foreclosure.
SHORT LISTING and SALE requires the mortgage company and lienholders to agree for a reduced payoff. If not, the sale won't take place.
All sale costs must be included in SHORT SALE price. The Seller receives nothing, except debt relief and not having a foreclosure on his … (5 comments)
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real estate: Luxury Home Sellers at Orange County Reducing Asking Prices to Attract Buyers & Provide Opportunities - 08/19/09 01:31 PM
Buyer Opportunities are improving these days at the Orange County luxury home markets. 291 of the Orange County homes now on the market priced at $1 million or higher in Laguna Beach, Newport Beach, San Clemente and Dana Point have had price reductions during the past 30 days.
Orange County homes for sale priced at $1 million and above received an average price reduction in more than 85 percent of the situations.
See Orange County Register article ~ Are Luxury Home Prices Collapsing? (click here).
The current expected market time for Orange County homes priced between $250,000 and $500,000 is about one month, and market time … (0 comments)
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real estate: Tips On Avoiding Loan Modification Scams ~ California Attorney General - 08/13/09 11:29 AM
Loan Modifications Scams have popped up in California big time. Our state Attorney General posts articles at its site with news on this ~ and how to Avoid Loan Modification Scams (click here).
Five Tips to Avoid Being Scammed
1. Don't pay up-front fees.
Foreclosure consultants are prohibited by law from collecting money before services are performed. 2. Don't ignore letters from your lender or loan servicer.
Responding to those letters is your best bet for saving your house. 3. Don't transfer title or sell your house to a "foreclosure rescuer."
Beware! This is a scam to convince homeowners they can … (2 comments)
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real estate: Foreclosure Prevention and Loan Modification Help The Right Way ~ If You Are Upside Down on Your Mortgage - 08/11/09 08:03 PM
Never use a private foreclosure prevention agent or loan modifier if they ask for advance fees to be paid.
See my articles ~
Do Your Home Loan Modification Through Non-Profit Groups & Organizations (click here) Be Skeptical About Anyone Asking for Advance Fees to be Paid For Private Loan Modification Services (click here). Never use a private foreclosure prevention or loan modifier agent who advertises on television or radio, because many of these will be scammers.
The loan modification business has attracted some bad guy deal makers. It's good that some are being prosecuted by district attorneys for law violations, and others will have … (2 comments)
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real estate: Getting Prepared to Buy Your Home ~ What You Need to Know and Do - 08/10/09 06:15 PM
Here is at least part of what you need to know and do to get prepared for buying your home.
Do this at first and before you begin house hunting. Contact a lender or experienced mortgage broker and get a letter of loan prequalfication.
Fill out lender's requested paperwork for preapproval that will determine how much home you can afford to purchase. This preparation will increase your bargaining position with the sellers. Getting preapproved sets you apart and signals to the agents and the seller that you are dedicated and serious and that you can afford the home you want.
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Harrison K. Long, business, REALTOR®, GRI, Broker
Irvine,
CA
More about me…
Explore Group, 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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