What are the 6 keys effective home buyers utilize to make their home purchase wisely and without life-threatening stress? Are you an effective home buyer (someone who finds the home they want and gets through the often arduous home buying process without killing themselves, their loved ones, the seller, or their real estate agent)?
You can’t effectively search for homes if you don’t know how much home you can afford; or if you can qualify for a home loan at all! It used to be all you had to do was fog up a mirror and bam; 100% financing on a pick-a-payment mortgage timebomb!
I jest, a bit, but in today’s tighter lending environment it is crucial to know BEFORE you begin a home search what type of mortgage, and how much of a mortgage you can or should get. To consider your offer virtually all sellers in California will require a loan pre-qualification or preapproval. The vast majority of sellers are going to want to see some evidence that you can get a loan for the home. Multiple offers are becoming common again (especially on the desirable well-priced homes). Why would you want to relegate your offer to the bottom of the pile because you didn’t bother to submit a pre-qual form?
It is crucial to work with a good lender throughout the home buying process. If you don’t know a lender, ask your agent for a few recommendations. Interview a couple of lenders, then pick one and stick with them. Few things add more stress and headache (for you!) to a real estate sales transaction than changing lenders mid-stream. Find a lender that won’t just tell you the maximum amount of a mortgage you can get. Rather, find one a pro that understands that qualifying for a certain amount and being able to make the payments are two different things.
Keep an eye out for the next installment of The 6 Keys To Effective Home Buying...
Key #2: Define Your Criteria (Must Haves & Like To Haves)
Foothill Ranch Market Report - Home Sales Report March 2012
The report is broken down in four sections
1. Market Graph 2. Summary of Market Activity by Month 3. List of Sales for a Selected Month 4. Map a Selected Sale
1- Start by clicking on one of the colored title bars.
2- Then click on the month in the middle chart to see a list of sales for that month.
3- Then you click on a sale to see it on the map.
Foothill Ranch Market Report - Foothill Ranch Home Sales Report March 2012
Another Bank of America Short Sale Success by IML Real Estate
When "Just Sold" equals relief! Homeowners considering a short sale who have their loan(s) with Bank of America often ask me what the short sale approval letter looks like and what provisions and requirements it will contain. Well here is another Bank of America short sale we recently completed:
Much to the relief of our client we closed escrow on this Bank of America Short Sale on October 20th, 2011. Both the 1st mortgage and the 2nd mortgage were serviced by Bank of America. Some important points regarding this short sale:
1. Deficiency Rights Waived:
1st Mortgage: "The owner of your mortgage note... waive their right to pursue collection of any deficiency following the completion of your short sale and your debt is considered settled." When SB 931 took effect in January of 2011 1st mortgage deficiency judgments were prohibited for short sales of all 1-4 unit homes regardless of whether the loan was purchase money or refinanced and regardless of whether the home was owner occupied or an investment property (rental).
2nd Mortgage: Most imortantly on this successful short sale the deficiency rights of the 2nd mortgage were also waived; "Any deficiency balance will be waived...". Although legislation passed in California in July of 2011 which eliminated a lender's right to pursue deficiency judgments on 2nd and 3rd mortgages it only pertained to loans which were A. secured on residential property, B. purchase money (the loan was utilized to purchase the home), and C. the property was occupied by the borrower. In this particular transaction the property was a rental property and the loan was not original purchase money but rather from a refinance. It was, therefore, vital that a short sale approval that waived the lender's deficiency rights was obtained.
2. NO Promissory Note Required 3. Over $160,000.00 Of Mortgage Debt Forgiven
Bank of America Short Sale Approval 1st Mortgage
Ladera Ranch FHA Approved Condos & Townhomes
Ladera Ranch: There are nineteen tracts of homes designated as condominiums in Ladera Ranch. Of the nineteen neighborhoods of condos eight are FHA approved complexes as of September 27th, 2011.
An Ounce Of Prevention: If you are planning on using an FHA loan to finance a condo it is vital to know ahead of time (before you waste time and effort touring homes that are not eligible) which tracts/neighborhoods of condos are FHA approved. There is no exception to this FHA rule... the project/tract/neighborhood must be FHA approved.
Dave's 2-Cents: It is also prudent to check the expiration date of a project's FHA approval. At present time fewer and fewer condo projects are eligible to retain FHA approval after the expiration date transpires. You must have the FHA approval number on your loan prior to expiration date for the project.
| FHA Approved Project | FHA ID # | Composition | Expiration Date | Square Footage | Bedrooms |
| Aldenhouse | S010265 001 | 80 Units | 03/30/2013 | 1,557 to 1,939 | 2 to 3 |
| Atherton Glen | S008956 001 | 114 Units | 06/23/2012 | 1,493 to 1,759 | 2 to 3 |
| Branches | S009963 001 | 149 Units | 01/18/2013 | 1,736 to 2,106 | 3 |
| Davenport | S008268 001 | 163 Units | 03/29/2012 | 1,388 to 1,636 | 2 to 3 |
| Greenbriar | S009423 001 | 130 Units | 09/14/2012 | 1,518 to 1,737 | 3 |
| St. May's Road | S009198 001 | 141 Units | 08/04/2012 | 1,383 to 1,888 | 2 to 3 |
| Sutter's Mill | S008644 001 | 152 Units | 05/13/2012 | 1,327 to 1,686 | 2 to 3 |
| Sycamore Grove | S009267 001 | 101 Units | 08/17/2012 | 1,349 to 1,800 | 2 to 3 |
Aldenhouse Condos For Sale - Ladera Ranch
Aldenhouse is a tract of 80 condominiums in the Township Village of Ladera Ranch. Built by Greystone in 2001 these 2 to 3 bedroom homes range from 1,557 to 1,939 square feet in size. 2 car attached garages with direct entry access are standard. Of the 18 tracts/neighborhoods of condominiums in Ladera Ranch Aldenhouse is one of only eight FHA approved condo tracts. Chaparrel Elementry, Ladera Ranch Intermediate, & Tesoro High School.
Streets: Albany, Ballard, Bloomington, Daley, First, Granville, Norfolk, Post, State, Union
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Specializing in Lake Forest, Foothill Ranch, Ladera Ranch, Mission Viejo, Rancho Santa Margarita, Irvine and surrounding areas of Orange County California. One Call, One Resource, Multiple Solutions.
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