Real Estate Activities in Lake Forest California

Short Sale in Lake Forest - Price Approved by Lender @ $505,000

Sat, 23 Apr 2011 13:56:48 -0700

$505,000 - Big Lake Forest II Home with Pool! $505,000!

Location: Lake Forest II

This lovely home is located on a quiet cul de sac in a fantastic Lake Forest II neighborhood. It features 4 large bedrooms, (one downstairs), approximately 2450 square feet, a roomy family room with fireplace, living room with cathedral ceilings and plantation shutters on the windows.

Upgrades include new metal roof, dual paned windows upstairs, fans in all bedrooms and family room, plantation shutters, and 3 fireplaces. Roomy master bedroom features laminate floors, fireplace, ceiling fan, and walk-in closet with organizers, in addition to sliding door closet. Two car garage has extra attic storage with drop down ladder. Back yard is ready for your parties with pool, spa, built-in bbq & firepit!

Low property taxes of approximately 1.1% and NO Mello-Roos tax. Homeowner's Association Dues of only $64/month give you access to the Lake Forest II Sun & Sail Club with fabulous recreation facilities including a clubhouse, 4 pools, fitness center, 9 tennis courts, sand volleyball, and acres of picnic area on the edge of the lake! (Click on the Sun & Sail Club link on the left.)

(This property is a short sale, but the lender has just approved the price of $505,000.) Call me for details!

Contact Information

Vicki Lloyd

Vicki@VickiLloyd.com

949-457-0281

Licensed by the
California Department of
Real Estate
License #00610006

Pricing

Price: $505,000

Property Location

24401 Mockingbird

Lake Forest, CA 92630

View Map

Links

Sun & Sail Club

Features

Bedrooms: 4	Bathrooms: 3
Year Built: 1978	Subdivision: Lake Park West
Lot Size: 6050	Garage Size: 2
School District: Saddleback	Square Footage: 2444
Agent Name: Vicki Lloyd	Broker: The Real Estate Professionals
MLS #: S645857

Attributes

Interior Amenities

Hardwood Floors

Vaulted Ceilings

3 Fireplaces

Dual paned windows

Exterior Amenities

Patio

Swimming Pool

Built in BBQ

Spa

Equal Housing Opportunity

VFLYER ID: 4103414

Photo Gallery

Equal Housing Opportunity

VFLYER ID: 4103414

All information in this site is deemed reliable but is not guaranteed.

Listing with an Out of Area Realtor?

Tue, 29 Mar 2011 15:06:34 -0700

I just got a call from an out-of-area seller. "Yipee - they want to list with me!" was my first reaction. Wrong! "I already have a Realtor," she told me, "I just need to know if low-flow toilets are required when a property sells in Lake Forest."

"Gee - why don't you ask your Realtor?" I asked (innocently!) "She is from out of the area and doesn't know." was her answer.

OK, I get it. She wants to save money, so she listed the house with a relative or friend who is probably not charging her much, if anything, to put the house in the MLS. Maybe she is a part-time agent who sells one house per year, or less, for friends. Maybe she is a brand new agent who just got her license and has never sold any house, but this person wants to help her get started.

Maybe there are a lot of good reasons to list with someone who doesn't know how to find some basic information about the property, but I can't think of any worth taking that risk if I were the seller!

Other things she may not know:

Is that neighborhood considered more desirable than the one 2 blocks away where you got all of the comps?
Is the school for that neighborhood on the list of potential school closings for next year?
Are there any neighborhood problems that will require a special assessment to fix?
Is the city going to put in a new traffic signal, or widen a street that will affect the value of this house, or neighborhood?
Have many of the homes in that neighborhood had recent slab leaks or other physical problems that should be addressed before marketing?
Is there an environmental issue that the City, County or HOA is currently fighting? (We had an invasion of bugs many years ago that killed a lot of trees in a particular neighborhood!)

I gave her the answer to her question, she thanked me and told me that I was the 3rd agent she had called, and the others just told her to look it up in the phone book.

I will just keep an eye out for a listing with an out of area agent who will probably either over-price it, or under price it substantially, and not be able to answer any questions that the buyers or buyer's agents call about. Maybe I should help one of my buyers "steal" the house! :)

Upgraded 5 Bedroom Home in Mission Viejo $549,000

Tue, 19 Oct 2010 18:46:06 -0700

Upgraded 5 Bedroom Home

Location: Mission Viejo, CA

Beautiful expanded tri-level Dean home (Chanteclaire model). Remodeled kitchen & baths, newer travertine flooring downstairs & wood floors upstairs. Lower level bedroom & private bath with private entry make great guest or nanny room, or home office. Large private yard has garden, many fruit trees, and grass area. Nice sunset view too! Great Dean Homes neighborhood with community pool and tennis!

Information

Contact Information

Vicki Lloyd

Vicki@VickiLloyd.com

949-457-0281

Licensed by the
California Department of
Real Estate
License #00610006

Contact Reply Form

Forward to a Friend

Pricing

Price: $549,000

Property Location

26464 Veracruz
Mission Viejo, CA 92691
View Map

Links

My Website

Search for Homes

Get Your Home Value

Features

Bedrooms: 5

Bathrooms: 3

Subdivision: Dean Homes

Lot Size: Large!

Garage Size: 2 Car +

School District: Saddleback Valley

Square Footage: 2450

Agent Name: Vicki Lloyd

Broker: The Real Estate Professionals

Attributes

Appliances

Range/Oven

Dishwasher

Sink Disposal

Interior Amenities

Fireplace

Hardwood Floors

Vaulted Ceilings

Exterior Amenities

Patio

Fenced Yard

Photo Gallery

View as Slideshow View Photo Gallery (8 Photos)

EQUAL HOUSING OPPORTUNITY

VFLYER ID: 3736203

Lake Forest Home Sales Report September 2010

Wed, 13 Oct 2010 11:38:43 -0700

Sales volume for September in Lake Forest, California is up from last year! This year, 62 homes and condos closed escrow between September 1 and September 30, compared to only 50 during the same period last year. The distressed sales (short sales & foreclosures) represented 53% of the sales compared to 42% last year.

The price range of the 30 single homes sold went from a low of $398,000 up to $910,000. The average price was $510,079 at $265 per square foot.

For condos, the total number sold was 32 with a closed price range of $113,000 to $410,000. The average sold price was $241,234 at $224 per square foot.

There are 200 “Active” listings today on the MLS ranging from from $104,900 for a one-bedroom condo up to $1,650,000 for a custom “point home” on the lake front. If you have been thinking about buying a home in Lake Forest, there are a lot of choices right now!

Days on the Market Statistics - Garbage In/Garbage Out!

Sun, 29 Aug 2010 19:56:44 -0700

“DOM” (days on market) or “CDOM” (cumulative days on market) are reported on most MLSs, and are often included in market reports by agents, newspapers, and real estate analysts. This is a number that should indicate how quickly the market is moving, and give sellers a general idea of what to expect about the time it will take to sell their home and give buyers an indication of how long they have to “think about it” before writing an offer. In reality, this is almost a completely meaningless number!

Homes in “Backup” status continue to add days on the market.

When a seller has accepted an offer, and the escrow is opened, most agents will keep the home in “backup” status until the contingencies are removed. The standard purchase agreement calls for 17 days for that period to be up, but many times there is still missing information that keeps the buyer from removing all contingencies. It is not uncommon that waiting for appraisals, loan approvals, delivery of homeowner association documents, and negotiation of any repairs can add 30 extra days to the time that the sale remains contingent.

Agents leave the property in “Backup” status until it closes.

Homes in “backup” status continue to show as available on the real estate search sites such as Realtor.com, Trulia, and all the IDX services. This will benefit the listing agent who still wants to generate leads by advertising that home, even though it is essentially gone. A home that received multiple offers on the first day, followed by 5 days of negotiation to get to the “highest & best”, followed by a 60 day escrow will show 66 days on the market!

The time to approve short sales often adds months to the days on the market.

Many agents leave the property in the active status until the lender gets around to approving the sale (or foreclosing.) Even though a property received 14 offers on the first day on the market, when it closes 9 months later, it may show 273 days on the market!

Due to the uselessness of these Days on Market numbers, I have decided to no longer include them in my local market activity reports. If you want to know how many days a particular property took to sell, just give me a call and I’ll look up the details for you!

Lake Forest California Market Report - May Sales

Sat, 05 Jun 2010 11:34:56 -0700

Sales activity in Lake Forest for the month of May was (not surprisingly) UP from last year!

The end of the national first time buyer tax credit, combined with the beginning of the new California tax credit (started 5/1/2010) was likely a very significant factor in this! I am betting that there were several escrows scheduled to close in late April that ended up sliding into the early part of May to take advantage of a potential “double dip.” The April sales totaled only 49 properties, while May included 59 – a 20% increase in volume!

Here’s the breakdown of sales for the month of May 2010:

Condos & townhomes -

24 at average sale price of $240,770 ($201.35/square foot) and 55 days on the market. The range was from $115,000 to $355,000. 14 of these were short sales or foreclosures and closed at an average of 3% over the list price.

Single family homes -

35 at average sale price of $524,011 ($258.60/square foot) and 68 days on the market. The range was from $385,000 to $852,000. The short sales and foreclosures made up 50% of these properties and 9 of them closed above the list price, averaging 102% of asking!

Total sales -

59 at average sale price of $408,794 and 64 days on the market and an average of 100% of list price!

For more details about Lake Forest real estate, or to find a home in Lake Forest, visit my Lake Forest website!

Sold on the Courthouse Steps!

Sat, 27 Mar 2010 12:40:01 -0700

After almost 3 years of delays, cancellations and short sale attempts, this property finally sold on the court house steps in the foreclosure sale. It was purchased by an investor, and will probably come back on the market in the near future.

Time is Running Out for Home Buyer Tax Credits!

Wed, 17 Mar 2010 10:20:47 -0700

If you are planning to buy a home and get the $8,000 or $6,500 tax credit, you now have only 44 days left to find your home and get the offer accepted! April 30th is the deadline to have the property identified and offer accepted, and you must close on the property by June 30th.

Here is a chart that provides a quick guide to what is available to home buyers, and also shows what tax credits are available if you do certain energy improvements.

Click the image to enlarge

Source: Fixr

Beautiful New Listing in Portola Hills (Lake Forest) California

Thu, 18 Feb 2010 12:19:35 -0800

Links

View the Virtual Tour

Photo Gallery

Great Curb Appeal!

Kitchen

Bubbling Spa

Built-in BBQ

Family Room

Living Room

Dining Room

Mini Wine Cellar

Curved Stairs

Lower Bedroom

Master Bedroom

Master Bath

Retreat

Bedroom #2

Bedroom #3

Upper Bath

Extra Storage

Lower Bath

Living Room

1st Floor

2nd Floor

3 Car Garage

Description

Beautiful home in a great neighborhood! Popular design includes 4 bedrooms (one downstairs) plus a master retreat, 3 baths, and over 2600 square feet. The 3-car garage includes additional built-in storage.

This home is in wonderful condition and nicely upgraded:
* Crown molding & decorator baseboards
* Recessed lighting with dimmers
* Plantation shutters
* Ceiling fans
* Upgraded flooring
* Refinished cabinetry & woodwork
* Relax or entertain in your private backyard with a covered patio, built-in barbeque, and bubbling spa with waterfall.

Features

Bedrooms:	4
Bathrooms:	3
Year Built:	1989
Subdivision:	Live Oak Estates
Lot Size:	7400
Garage Size:	3
School District:	Saddleback Valley
Square Footage:	2606
Agent Name:	Vicki Lloyd

Location

29065 Canyon Vista Lake Forest CA 92679

vFlyer Id: 3133437

New Listing in Lake Forest - 4 bedrooms, 3 car garage, $599,900

Tue, 13 Oct 2009 20:08:24 -0700

Links

Check the Virtual Tour!

Photo Gallery

Entry

Living Room

Breakfast Bar

Master bedroom

Family Room

Master bedroom

Family Room

Eating area next to kitchen

Expanded family room

Large side yard

Big back yard

Patio cover/deck rebuilt!

Woodside Neighborhood in Lake Forest

Description

This 4 bedroom, 2 1/2 bath home is located on a large lot at the very end of a cul de sac. Mature landscaping provides extra privacy and there is plenty of room for a pool, putting green or playground equipment! Located only steps away from the Aliso Creek Trail, a nature lover will enjoy watching the birds, walking the dog, or skating or biking along the paths which lead to the Aliso Creek Beach in Laguna.

Specifics about this home:

Built in 1978 by JM Peters Company. Per last appraisal, size is 2,557 square feet.

* Formal living room with cathedral ceilings.
* Formal dining room looks out to back yard.
* Kitchen has lots of counter space, breakfast bar, cabinet space and garden window above the sink.
* Casual eating area next to kitchen has been expanded.
* Family room is large, and includes wet bar, fireplace and entertainment nook.

Upstairs :
* Master bedroom has been expanded to include office or sitting area. French doors lead out to balcony where you may sunbathe, sip your coffee, drink your wine, or just enjoy the view!
* Master bath/dressing area includes double sinks, over-sized bath tub, separate shower.
* Triple wide master closet with mirrored doors.
* 2nd bedroom with double door entry, makes nice office or bedroom.
* 3rd and 4th bedrooms are roomy.

Other Details :
3-car garage, with driveway to hold 3 more (everyone wants that!)
Interior laundry room.
New Roof (2007)
New Furnace (2008)
2 Water Heaters - One Solar and One Standard gas water heater.

Low HOA dues of only $44/month.
No Mello-Roos tax.
Current 2009-10 property taxes are 1.03% of full value.

Call Vicki for Appointment : (949) 457-0281

Features

Bedrooms:	4
Bathrooms:	2.5
Year Built:	1978
Subdivision:	Woodside
Lot Size:	6720
Garage Size:	3 Car
School District:	Saddleback Valley Unified
Square Footage:	2557
Agent Name:	Vicki Lloyd

Location

22602 Manalastas Lake Forest CA 92630

vFlyer Id: 2856960

Lake Forest Sales - September 2009

Mon, 05 Oct 2009 17:34:27 -0700

The September closed sales number of 47 properties was 19% below the number of sales in September 2008, when 58 were sold. The good news was that the average price per square foot only fell 4% since then! There may be a few more closings reported in the next few days, so I may update this to show the late closings.

Bank owned sale $120K

Read the rest of this report.....

Lake Forest - New Listing in Lake Forest II Neighborhood

Wed, 13 May 2009 15:27:44 -0700

Vicki Lloyd | The Real Estate Professionals | vicki@vickilloyd.com | 949-457-0281

25535 Sawmill Lane, Lake Forest, CA

Gorgeous upgraded home in Lake Forest II neighborhood. 4 bedrooms, 3 baths, 3 car garage, about 3,000 square feet on private corner lot.

4BR/3BA Single Family House

offered at $699,900

Year Built	1975
Sq Footage	3,000
Bedrooms	4
Bathrooms	3 full, 0 partial
Floors	2
Parking	3 Car garage
Lot Size	8,000 sqft
HOA/Maint	$65 per month

DESCRIPTION

Open House - Sunday 5/17 1pm

Beautiful traditional home on very private corner lot in great Lake Forest II neighborhood.

Highly upgraded:
* Remodeled kitchen
* Beautiful dual-paned French windows
* Plantation shutters
* Crown molding
* Tall base boards
* Textured ceilings
* Recessed lighting
* Raised panel doors
* Updated baths
* Game room with fireplace
* Large backyard with used brick patio, and new patio cover.

Only blocks to great elementary school (La Madera). Low HOA dues of $65/month provide access to Sun & Sail Club with super recreation facilities!

See the virtual tour:
http://www.visualtour.com/show.asp?T=1886248

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Fireplace
High/Vaulted ceiling	Walk-in closet	Hardwood floor
Tile floor	Family room	Living room
Bonus/Rec room	Office/Den	Dining room
Breakfast nook	Dishwasher	Stove/Oven
Microwave	Granite countertop	Laundry area - inside
Balcony, Deck, or Patio	Yard

COMMUNITY FEATURES

Clubhouse	Fitness center	Swimming pool(s)
Sauna/Spa	Tennis court(s)	Lake
Playground

ADDITIONAL PHOTOS

Beautiful Home!	Remodeled kitchen
Big yard	Cozy Family Room
Bonus Game Room	Google Map

Contact info:

Vicki Lloyd

The Real Estate Professionals

vicki@vickilloyd.com

949-457-0281

For sale by agent/broker

Equal Opportunity Housing

Posted: May 13, 2009, 12:43pm PDT

Lake Forest Market Update - March 2009

Sun, 19 Apr 2009 20:54:25 -0700

The numbers are in, and the real estate market in Lake Forest, California is definitely more active this year than last year when only 28 properties were sold. Sales more than doubled with 69 closed sales in Lake Forest for the month of March 2009. The prices ranged from a low of $122,000 for a one-bedroom condo, up to $711,000 for a 3 bedroom lake front home.

The average price (add up all the sold prices, and divide by the 69 properties that sold) was $339,168, or $231 per square foot. This was down almost 20% from the average price of $412,000 and $276 per square foot in March 2008. The house pictured below is the closest to the average, but really closed at $325,000 after being reduced from an original list of $379,000.

The median price of the closed sales was $370,000, at $323.14/square foot! (To find the median, list all properties in order of sale price, and find the middle value, which was the #35 property.) That property was a bank-owned home and was listed for $325,500 and sold in 7 days! Note to bargain hunters - just because it is bank-owned, doesn't mean that other people might not want to bid the price up!

Search all 11,500+ homes in Orange County (some aren't even distressed!)

Thanks for visiting!

My Newest Listing - Great Home in Lake Forest, CA

Sun, 19 Apr 2009 14:26:26 -0700

Vicki Lloyd | The Real Estate Professionals | vicki@vickilloyd.com | 949-457-0281

25081 Owens Lake, Lake Forest, CA

Parkwood Estates "Geneva" Plan!

5BR/3BA Single Family House

offered at $674,900

Year Built	1977
Sq Footage	2,861
Bedrooms	5
Bathrooms	3 full, 0 partial
Floors	2
Parking	2 Car garage
Lot Size	5,200 sqft
HOA/Maint	$75 per month

DESCRIPTION

Fantastic house in popular Parkwood Estates neighborhood. Private yard with no one behind. 4 bedrooms + bonus, or 5 bedrooms. Convenient to everything - schools, parks, recreation, & shopping. Virtual tour is available at: http://www.visualtour.com/shownp.asp?T=1862571

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Fireplace
High/Vaulted ceiling	Walk-in closet	Tile floor
Family room	Living room	Bonus/Rec room
Dishwasher	Stove/Oven	Laundry area - inside
Balcony, Deck, or Patio	Jacuzzi/Whirlpool

COMMUNITY FEATURES

Clubhouse	Fitness center	Swimming pool(s)
Sauna/Spa	Tennis court(s)	Lake
Playground

ADDITIONAL PHOTOS

Front of house	Kitchen
Family Room	Living Room
Back Yard	Map

Contact info:

Vicki Lloyd

The Real Estate Professionals

vicki@vickilloyd.com

949-457-0281

For sale by agent/broker

Equal Opportunity Housing

Posted: Apr 19, 2009, 12:36pm PDT

Orange County Market Update

Sun, 22 Feb 2009 18:11:00 -0800

The market continues to be busy in the lower end of the price range, and bank-owned and short sales are making up about 61% of all closed sales in Orange County.

Today, there are a total of 11,577 homes for sale in Orange County. Of those, 4783 (42%) are labeled as either bank owned or short sales. Of the 4363 that are currently in escrow, 2925 (68%) are distressed. In the last 30 days, 1018 (61%), of the 1653 closings were distressed.

Buyers are looking for the best values that they can find, and the best priced homes are usually bank owned. Short sales are closing more often than in the past, but it is still frustrating for a buyer to make an offer, then have to wait weeks or months to get an answer from the lender. It will be interesting to see what effect, if any, the President's new stimulus plan will have.

The latest foreclosure listings are now posted on my other blog for selected cities or areas in South Orange County. If you are looking in an area that I haven't included, please let me know and I'll run the list just for you!

Property Tax Reduction SCAMs

Thu, 12 Feb 2009 18:27:16 -0800

Yesterday I found in my mailbox an official looking letter from "Property Tax Assessment Adjusters, LLC". In addition to a lot of legalese type verbage, it said:

IMPORTANT : Upon a preliminary check your assessed value appears to be higher than your current market value. You may obtain property tax relief, even if you have received a reduction for a previous tax year.

For a fee of only $93, they will "advocate as my agent for the purposes of filing an application, answering all questions pertinent to the inquiry, attending a hearing, and accepting a modified assessment through the Assessor or the Assessment Appeals Board."

Our former Governor, and current Attorney General, Jerry Brown, warned today that many of these companies are complete scams and will only take your money and disappear while you patiently wait for your tax adjustment.

This is something that most homeowners can do for themselves, by contacting their county's assessor's office and asking about it. There are a few forms to fill out, and it helps if your local real estate agent can provide a list of the current comps (call me if you are in Orange County!), but the proceedure is very simple and shouldn't cost you more than the price of a stamp!

The Orange County Tax Assessor's website has a good explanation of the process, and forms available to download.

2008 Holiday Boat Parade in Lake Forest California

Tue, 16 Dec 2008 11:26:39 -0800

The annual Lake Forest Keys Boat Parade around the lake was held on Saturday, December 13. About 25 boat owners, battled the cool breezes and sprinkles off and on all day, but still turned out to show off their decorations on Saturday evening.

Several lakefront homeowners who were having parties at their homes, offered to provide judges for the decorating contest. (This also makes a good party game!) At the end of the evening, a few judges forgot to call in their results, so the final tabulation had to wait until Sunday morning, but the winners were announced, and prizes delivered by Sunday evening.

The grand prize (also known as the "Clark Griswald" award for most lights) went to John & Evy Gasca, on Arrowhead Lane. Their grandson, Bryan, gets most of the credit for the design and decorating of their boat. The "Most Creative" boat, was designed and decorated by Rex Buxton, from Huron Lane, for his very realistic looking ‘57 Chevy in an authentic turquoise and white combination. Kathy Griffen's boat, from Ponchartrain Lane, won the "Most Festive" category - based on the boat's passengers appearing to be having the most fun. (No, ladies, this is not Mardi Gras - you didn't have to flash anyone to win!)

Thanks go out to the Lake Forest Keys Association as well as to Keys resident, Tina Ross at "Our Place Restaurant" for her donation of gift certificates for prizes, and to our local music diva, Kim Beaney, of Superior Lane, for allowing us to include her song on the video.

Wouldn't you love to live in this great neighborhood and participate in the fun next year?

Check the current list of 12 homes for sale, ranging from $569,000 up to $1,650,000.

Photos are for MARKETING a Property!

Sun, 19 Oct 2008 21:04:16 -0700

At least once a week, while checking the MLS, I find awful photos that an agent has loaded in to the MLS with his latest listing. I have been collecting them in a folder for a while, and sending them to my friend, Athol Kay, a Conneticut agent who has posted them on his "Bad MLS Photos" blog. Athol has since left the business, and I decided that I will just post them myself occasionally as I find them.

To me, the whole purpose of adding photos of listings is to present the attractive features that might make a potential buyer want to come see the property in person. With that in mind, see if you can figure out why an agent would include these photos (these were all actually in the SoCalMLS!):

I would really expect an agent to let his client know to clean everything up before the photos would be taken. In addition to the clutter all over the counter, and the open drawer with something sticking out of it, this agent couldn't even figure out how to get out of the way to avoid the flash in the mirror!

If the purpose of this photo is to prove that there is a lockbox on the door, couldn't the agent have at least pulled the junk mail and coupons off the door before taking the picture?

Sellers - before you sign a listing agreement, ask the agent to show you examples of his or her other listings and the photos that were used! Just because someone says they will put 20 photos in the MLS, doesn't mean they will be 20 good photos!

If you are thinking about buying or selling a home in Lake Forest, or other communities in South Orange County California, please contact me to help!

Vicki Lloyd, MBA, e-PRO, Realtor
The Real Estate Professionals
(949) 457-0281
email :Vicki@VickiLloyd.com
http://LiveLakeForest.com

Is NOW the Time to Buy in Lake Forest California?

Fri, 17 Oct 2008 20:11:54 -0700

Now that prices in Lake Forest have declined almost 30% in the last year, the "fundamentals" that so many "bubble bloggers" talk about are getting much closer to justifying a purchase!

My word-of-mouth, shoot-from-the-hip, gut feeling, and informal survey of average rents in Lake Forest give me the following starting basis for comparison:

2 bedroom average rent = $1550

If you have decent credit and have saved up about 6% for a down payment plus closing costs (or can get a relative to "gift" it to you), and use an FHA loan with the mortgage insurance premium added to the loan balance, the payments after tax consideration are very close to the same as paying rent!

Basic Assumptions :

FICO score = 680+

Down payment = 3.5% (can be a gift from your parents, or other close relative)

*Closing costs = 2.5% (title insurance, escrow fees, loan fees, etc.)

Mortgage insurance premium of 1.75% added to loan balance

*You may get the seller to pay some or all closing costs, but you will generally end up paying a higher price by that amount.

Sample purchase of $225,000 of a 2 bedroom condo:

Down payment = $7875
Closing costs = $5625

Loan amount = $220,924 (includes upfront mortgage premium)
Interest rate = 6.25%

Mortgage Insurance = 0.5%

Condo dues = $300/month (includes insurance)
Property taxes = 1.1%

Annual interest paid = $13,807
Property taxes = $2475
Net tax deductions @25%* rate = $4070 = $340/month
*I'm not a tax advisor, and this is just a rule of thumb for estimating purposes.

Monthly payment = $1939

Less tax savings = $340

Net effective monthly = $1599

The $49 difference between paying rent and owning can be justified with the emotional reward of being able to paint and decorate your own place to your own taste, keeping your pet without a deposit, and knowing that your landlord will not be giving you notice of either a rent increase, or that he is selling it and you will be having to move!

There are currently 40 condos on the active MLS priced at $230,000 or less. In the last 90 days, 34 have closed at less than $225,000. Are you tired of making your landlord's payments?

Contact me today to get started to find your very own home!

Vicki Lloyd, MBA, e-PRO, Realtor
The Real Estate Professionals
(949) 457-0281
email : Vicki@VickiLloyd.com

Buying a Home in an HOA? Read the Disclosures!

Tue, 14 Oct 2008 11:33:31 -0700

If you are planning to buy a condo, or a house in Lake Forest, Mission Viejo, Rancho Santa Margarita, or other South Orange County area, there is a good chance that you will be buying in to a home owners’ association (HOA). If that is the case, make sure you read over all the HOA documents soon after you receive them. These are usually provided to you during the escrow process, and you will normally have 5 days after receiving these to either approve them, or cancel the purchase and get your money back.

What should you look at, or what should you look for?

Start with the budget. This will show you the items that are expected to be paid each month by your dues. Some budget items can be expected to go up almost every year - like costs for electricity, water, utilities, gasoline, insurance, and most labor. Also, look at the year-to-date actual financial statements to see how they compare to the budget. Have there been unexpected or substantially over-budget expenses? Is the income (from dues) under the budgeted amount? If there have been a lot of foreclosures in the association, the unpaid dues from those homes will have to be written off, and the shortfall will have to be made up by an increase to the next year’s dues budget. By law, in California, the HOA dues may be increased by the board of directors by up to 20% without a vote of the homeowners. If a 20% increase is not enough to cover any shortfall, a “special assessment” of up to 5% of the annual budget may be declared by a vote of the board of directors. Most associations publish their new budgets in November for the following calendar year, and the new dues assessments go into effect in January.

Review the Rules. Most HOAs have rules that address many areas of your life. Putting a basketball hoop on your garage, or a portable one in the driveway, may be restricted. Do you have a boat or RV? Many HOAs require that they not be visible from any other property or from the street, or that you may only park your RV in front of your house for the time it takes to load or unload it after a trip. Also, if you drive a commercial vehicle, know that there may be restrictions on keeping that in your driveway. Do you work from home? Some associations will not allow any kind of manufacturing or retail types of businesses, or will restrict the hours that you can operate. What kind of pets do you have? Chickens, ducks and pot-bellied pigs are often outlawed, and some associations put a weight limit on the size of dogs that are allowed. Read over the rules and make sure there aren’t any that you can’t live with!

Architectural Guidelines. Before you plan that room addition, front porch, patio cover, or major remodel to your new home, find out what is likely to be approved by the architectural committee. If you want to add a 2nd story, or change the exterior look of the home, find out before you buy that it will be allowed!

Meeting Minutes. The minutes from the Board of Directors’ meetings will tell you what is going on in the Association. Much of the time, the minutes are quite routine and boring, but check to see what issues are coming up at board meetings. Are neighbors fighting about something? Is the association failing to enforce the rules? Are they anticipating discontinuing any services, or upgrading any of the commonly owned facilities? Are there any lawsuits threatening the Association?

Buying a home that is part of an association means that you are buying ownership in that association. Do your homework - You need to know what you are buying!

Valuable Rebates from Irvine Ranch Water District!!!

Tue, 07 Oct 2008 19:34:17 -0700

Irvine Ranch Water District serves all of the city of Irvine and portions of Tustin, Newport Beach, Costa Mesa, Orange and Lake Forest. They are currently offering rebates on high efficiency water-saving upgrades such as a new washing machine ($335), new high-efficiency toilets (up to $265), weather based irrigation controllers ($60 per valve) and synthetic turf ($.30/square foot). Details of the programs and application forms are available at their website where they also have other tips to save water (and money!)

Now, you just have to figure out what to do with the old, less-efficient items!

Buying a Bank Owned Home in Orange County

Sun, 21 Sep 2008 20:28:11 -0700

I have been getting a number of calls or emails from buyers who think they want to buy a foreclosed home. After I ask them why they would want to do that, I usually hear "Because I want to get the most for my money and I've heard that foreclosures can be a real bargain."

Fair enough answer. Many buyers believe there are lots of bank-owned homes just waiting to be bought for 35% - 50% of market value. But here is what you should really expect :

If the property is priced well, you will be in competition with many other buyers, and it will probably sell for over the list price, after you and the other buyers have submitted your "highest and best" offer.
The bank will have a very one-sided contract - you will have to cool your heels and wait, and wait, and wait for them to get the contract back to you in writing, but then they will want you to remove all of your contingencies ("escape clauses") very quickly.
You will be buying the house in "AS IS" condition, even though you won't know what the condition is until you pay an inspector* to examine it in detail.
If you find that the cost of repairs will exceed your budget - too bad! They will very rarely re-negotiate the price or give credit for repairs. Your choice will be to cancel the contract, or spend more than you had originally expected.

*Make sure you find an experienced and thorough inspector! The seller (bank) really has no idea what may by right or wrong with the house and you will have no recourse if big problems reveal themselves after closing!

Foreclosure Sale at the Orange County Courthouse

Sun, 21 Sep 2008 13:52:44 -0700

I've heard for years about foreclosure sales taking place "on the courthouse steps," and had a picture in my mind of crowds gathered on a wide stairway in front of a courthouse, and furiously bidding on bargain properties. Of course, in my mind, this "crowd" would be very formally dressed bankers and wealthy investors.

Well, not only is this process not held on the courthouse steps (it's in the breezeway on level ground), but most of the participants, including the auctioneer, are dressed in comfortable shoes, and very casual clothes appropriate for the weather conditions! So much for mental pictures!

This particular property was offered at $684,000 on a defaulted loan balance of $745,800. There were no bidders, so after 3 requests for bids, it went back to the beneficiary. I expect it will be offered as an REO within the next few months, and it will be interesting to see what price is put on it at that time.

(This is the first video I have posted, and haven't quite figured out how to get the sound captured or adjusted, but the photos tell the important part of the story.)

City of Lake Forest Provides Low Rate Home Improvement Loans

Mon, 01 Sep 2008 19:23:57 -0700

If your Lake Forest home needs painting, new windows, garage door, new roof, plumbing, appliances or other repairs or upgrades, check into the City of Lake Forest's "Housing Rehab Loan" program. They offer up to $30,000 for home improvements at a great interest rate of 3% for 15 years, or for those who qualify, a zero percent interest deferred loan with no payments!

These loans are available subject to income limits and the properties must be owner-occupied and have some equity. More details are available at the City's website.

Lake Forest Market Report - August 2008

Mon, 11 Aug 2008 19:27:01 -0700

Today, there are 269 properties on the market in Lake Forest, with 128 currently under contract. With an average escrow period of 6 weeks, this equates to about a 12 week, or slightly less than 3 month absorbtion rate (although that assumes equal desirability of all properties, which will never really be true). Our average prices have fallen about 27% since the peak of 2006, and we are now back to pricing at early-2004 levels.

The "troubled" homes are leading the price decline with 75% of the current escrows either foreclosed, or short sales. Of the homes that closed during the month of July, 46 of the 79 (58%) were in that troubled category. From talking with other agents, it seems there are many of us working with motivated and qualified buyers who can't find the right house right now. Sellers who aren't in trouble are holding off for a better market, so good clean homes that are ready to be sold (without a bank approving the sale) have become very scarce, and when they appear, they sell quickly.

The banks, or their agents, have taken the tactic of pricing new listings at the lowest end of the comps, so when a new one comes on the market, it immediately gets a lot of attention. I recently wrote a full-priced offer on one of these homes on the first day on the market. It was good sized, in a good location and although it was dirty, it didn't really need a lot of work to be able to move in. The listing agent held my client's offer for 6 days until he had received 9 more offers, then instructed all of us to ask our buyers to write new offers at their "highest and best" price. My client felt that her first offer at full price was her highest and best (30% down payment, documented W-2 income and a very high FICO score), so she chose not to participate in the bidding war. Someone else bought that house, and I am now curiously waiting to find out what the "winner" ended up paying.

For reports about specific neighborhoods in Lake Forest, please visit my other blogs, Live Lake Forest, and Lake Forest II Homes.