Lake Forest, CA

Did you know, there are several organizations that offer Orange County residents Down Payment Assistance for home purchases? It's true; it just takes a little homework and aligning yourself with a Realtor® and Mortgage Broker who understand the details.

With the tightening mortgage guidelines these days and the availability of low down mortgages; some good news is needed and this is great news for those considering purchasing their first home but is also limited on the necessary funds it takes to get into a home.

Now if you have read any of my other articles you know my motto is "It's Possible!" because I want home buyers and sellers to understand their dreams are possible. I am happy to note two very important programs were released this month to help home buyers. First, new FHA limits were raised nationally and with this program qualified home buyers in Orange County can purchase up to $729k with 3% down (yeah). In addition, the proposed ruling from the U.S. Department of Housing and Urban Development (HUD) to ban private down payment assistance was permanently set aside.

Utilizing these two programs together is a great step forward towards helping home buyers with their homeownership dreams. Now each of the programs is different and have specific terms and conditions, it is imperative any buyer to complete their due diligence, but with a little patients there is some help out there. Remember, It's Possible!

Here is a listing four programs available.

• Affordable-Housing.org
• The Nehemiah Program
• PartnersinCharity.org
• AmeriDream.org

Home Sellers, if you want to expand your buyer pool and help a potential buyer with the purchase of your new home, offering a down payment assistance program may be just the ticket. Check with your Realtor(R) on how this can benefit the sell of your home.

Kelly Turbeville is one of South Orange County premier Realtors® focusing in the Saddleback Valley and the communities of Lake Forest, Portola Hills, Foothill Ranch, Trabuco Canyon, Mission Viejo and Rancho Santa Margarita. Kelly understands First Time buyers have it difficult these days when trying to qualify for a home, but also realizes the dream of owning a home is important in establishing financial success. It is her goal to help you navigate the process, understand what help is out there and ensure you are on the right path. Trust, Kelly is committed to making it happen. Her biggest blessing comes from the smile on your face when you receive the keys to your new home. So if you're considering selling or buying a home in Saddleback Valley, call Kelly to schedule a free consultation. Whatever your dream, with Kelly at your side, It's Possible!

The above information is provided as an opinion and is deemed reliable but not guaranteed.

I have some good news & bad news about the Lake Forest real estate market. Today, there are 74 homes in escrow! That is more than we have seen for quite a while, so there is hope that the "spring market" is actually coming alive! Hopefully, with the new loan limits, and the Fed pouring money into the market, we will get back to a more normalized market soon.

The bad news is that there are a lot of homes that have been foreclosed, or are in the process of foreclosure, or sellers who are "upside down" with their financing. The current inventory of 355 homes in the active status compared to the 81 that have closed in the last 90 days, equals a 13+ month level. Additionally, 53 of those 355 (15%) are currently owned by a lender. Many others are listed as "short sales" and require the approval of a lender before they can be sold. In total, 201 homes are classified as distressed - either bank-owned or short sales! For buyers who want to buy a clean well-maintained home in Lake Forest, there aren't nearly the number of choices that the high inventory indicates.

This graph shows for each price range the # homes that are bank-owned, the # homes that are listed short sales, and the remaining # of homes that are available as a "regular" sale.

Its spring in Lake Forest and what a beautiful time of year it is in the city with lot's of things happening. So make sure to get out and explore our community.

When was the last time you had a picnic in the park? Did you know Lake Forest has 27 public parks and direct access to Whiting Ranch from both Foothill Ranch and Portola Hills which offers acres of trails for hiking and mountain biking and vista's for miles.

Or maybe plan to stop in and listen to some wonderful music. The city is hosting a new spring concert along with El Toro High School on May 18 at Pittsford Park. The event will include performances by the High School String Orchestra, Symphonic Band, Wind Ensemble and of course the Jazz Band.

On March 15^th the Easter Bunny will be hopping in the neighborhood for the annual Bunny Blast. There will be entertainment, activities, pony rides and great food. And of course the Bunny! This event is open to all ages and is free! Sat Mar 15 -11:00-2:00 pm. For more information, call SVUSD at 768-0981 ext 3.

Of course, let's not forget the new Arbor Center which offers great shopping and restaurants. There are plenty of gathering areas and spots for outdoor dining.

So as the days get longer and we shed off the winter cool remember Lake Forest offers some wonderful outdoor adventures for everyone to enjoy.

Kelly Turbeville is one of South Orange County premier Realtors® focusing in the Saddleback Valley and the communities of Lake Forest, Portola Hills, Foothill Ranch, Trabuco Canyon, Mission Viejo and Rancho Santa Margarita. Whether she's helping a first time buyer accomplish the goal of homeownership, or coaching a homeowner on how to use their equity to step up into a nice home or use it to buy an investment property or finding exclusive properties for the high end consumer. Kelly is committed to making it happen. So if you're considering selling or buying a home in Saddleback Valley, call Kelly to schedule a free consultation. Whatever your dream, with Kelly at your side, It's Possible!

The above information is provided as a courtesy and is deemed reliable but not guaranteed.

Contrary to what many folks believe and what you see in the news media, homes are selling and buyers are back in South Orange County. Evidence of this is apparent at Open Houses, as well as with increased ad calls and "sign calls". Indeed, more sales are showing up on our office Sales Board, which tracks monthly sales activity. But one of the surprising facts that you might only know if you're out there trying to buy is this: Good listings that are well-priced are selling quickly again! In just the past few weeks, some buyer-clients of mine were interested in making offers on not one, but two consecutive bank-owned listings (both in Lake Forest). In both cases, before they could confirm their loan status with their lender and proceed with the offer, the homes SOLD, with multiple offers being submitted. The first listing broker indicated "gazillions" of offers came in (in less than a week on the market), while the second home attracted no less than 14 offers, in just 3 days on the market. It went into escrow at an agreed-upon price that was well above the bank's list price and now both are currently Pending Sales. The moral of the story, as my clients and I agreed, is that if you see a home that you really like and that is well-priced for you, don't assume it will be there long. There are many savvy buyers now taking advantage of what has become a very favorable market!

Portola Hills eNews

As you can see there are some great properties available currently. Should you know anyone looking to move to the area, please make sure to contact Kelly to review the best deals on the market?

Are you ready to buy an REO? In was speaking with a buyer the other day; something they mentioned stuck with me and I thought hmm, this a good topic to review.

First so we have a clear understanding of what an REO property is; REO stands for Real Estate Owned property. Meaning a bank or investor took back this property from a seller either via an agreement or after foreclosing.

As I was speaking with this buyer about what they were looking for in their new home, came out "we are only interested in buying a REO property", with great interest I had to ask why this limitation and out it came, "because we can get the best deal"

Ok, so let's get down to the nitty gritty. Why would a buyer assume a bank is going to take less then market value? It's a bank! They are in the business to make money! So with them present, we reviewed comps, determined a low asking price and called 5 homes listed and spoke with REO agent. Out of the 5 homes called, one agent advised the bank is willing to negotiate but they already had 10 offers in. All four other properties noted, and this is key, the bank has received several low ball offers, but was keeping the home, on the market fully anticipating it would get market price based on the last sold comps. My buyers were very shocked.

So we then looked at several other homes that were not REO or short sales properties but priced well as the seller needed to move but was not desperate. We ended up finding a great home, priced below market with the seller helping with closing cost.

The point of sharing this story is because we often here this assumption regarding REO/Short Sale properties being the best deals, but in fact they are often not. In addition, with an REO keep in mind you are buying a home AS-IS. The bank does not have any disclosure information from the previous seller. Yes, you can get an inspection which is recommended but that does not always tell you what is behind that wall, if you no what I mean.

It is not our goal to dissuade anyone from considering these properties. We just hate to see buyers limit themselves to only these types of properties when the market is full of other viable opportunities.

In closing, if you know anyone who is having a difficult time with their home, please call us. We are seeing a lot of fear based listings on the market when if we can just calm the nerves of sellers we may be able to help them keep their homes. It is Kelly's goal to provide a trusted helping hand vs. focusing on just getting a listing. If we can find a way to help the homeowner save their home we will!

Open House March 1^st and 2^nd: 28711 Pendleton Dr. Portola Hills. 3 bedroom with loft/2000 sq. ft and priced to sell $535,000

Kelly Turbeville is one of South Orange County premier Realtors® focusing in the Saddleback Valley and the communities of Lake Forest, Portola Hills, Foothill Ranch, Trabuco Canyon, Mission Viejo and Rancho Santa Margarita. Whether she's helping a first time buyer accomplish the goal of homeownership, or coaching a homeowner on how to use their equity to step up into a nice home or use it to buy an investment property or finding exclusive properties for the high end consumer. Kelly is committed to making it happen. So if you're considering selling or buying a home in Saddleback Valley, call Kelly to schedule a free consultation. Whatever your dream, with Kelly at your side, It's Possible!

The above information is provided as a courtesy and is deemed reliable but not guaranteed.

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