Sylvia Jonathan - Broker Associate, SFR

On October 1, 2011, conforming home loan limits which are currently at $ 729,750 in Southern California will be reduced to $ 625,500. This means that home loans above $ 625,500 will be priced as jumbo loans, which carry higher interest rates and are more difficult to qualify for because they are not backed and insured by the government. Irvine Home buyers who have been putting off purchasing a home in the hopes of lower real estate prices may find that, once they decide the time is right to buy, home loans are a lot harder to get. The tightening of available loans is likely to continue.

Many prospective home buyers already face rigorous underwriting standards, even for conforming loans. While interest rates are at a historic low, getting approved for a home loan is a daunting process. Home buyers need to be organized and prepared and have documents available to prove income and cash reserves. If the downpayment for a home comes as a gift to the buyer, the person giving the cash gift must provide copies of their bank statements and sign a gift letter. This lender requirement often comes as a surprise to the donor, so buyers who have the good fortune of obtaining a cash gift should prepare the giver in advance.

One thing is certain: The landscape of lending is bound to change. Get a loan and purchase that home while "the gettin's still good". An experienced loan officer is invaluable when it comes to navigating the approval process.

As an experienced full-time real estate agent in the Irvine area I can help prospective home buyers obtain their new home.

One of my favorite passtimes is driving "The Loop" in Woodbridge during different seasons, even different times of day. You all have heard that Southern California does not have four seasons, yet in a neighborhood like Woodbridge, there are distinct different flavors in Spring, Summer, Fall and Winter.

Late spring in Woodbridge showcases beautiful Jacaranda trees with their lilac blossoms offset by the diffused light of the May and June marine layer. Driving the Yale Loop Road which encircles the gracious neighborhood when the Jacarandas are in full bloom lets one experience the beauty of passing under a green and lilac canopy.

Once the blossoms have fallen and carpeted the green lush parkway below, hot summer is not far off. Happy laughter and splashing can be discerned from the countless pool and park areas. Summertime, and the livin' is easy in Woodbridge. Shimmering, serene Northlake and Southlake invite residents and visitors to "sit and stay for a spell".

With the first cold snap in October the foliage of the many great dessiduous trees turns a warm yellow, red and finally terracotta. Many sunny days can still be enjoyed by the strolling, dog walking and jogging public. Yet all can see and feel the subtle harbingers of the cool season ahead.

Winter in Southern California, and thus in Woodbridge, is as pretty as a postcard. The air is clear and crisp. The snowcapped mountains present a majestic, breathtaking panorama above the lakes, where native ducks may well observe their cousins flying overhead to wintering destinations in the South. The setting is parklike, yet we are in the center of master-planner Irvine with all its great amenities and top schools.

Woodbridge is a lifestyle. Why not see if it's a fit for you?

Short sales have become common occurrences in many parts of California, yet for a homeowner facing mortgage difficulties or even foreclosure, there is a confusing assortment of information and dis-information.

Homeowners facing mortgage delinquency have a different sense of urgency once they become aware of the financial difficulty. Some have alarms go off in their heads when they miss the first mortgage payment, others ride along right up to the foreclosure sale date. The following tips should assist potential short sale sellers in their decision-making process:

Definition of a short sale seller: a homeowner who owes more money on the property than the property will net when sold.

Take a proactive approach: If you are "upside down" in your home's value, prompt and decisive action is key to solving your problem.

Knowledge: Understand what the tax, credit rating and financial consequences are if you sell or do nothing. Also understand what it takes if you DO decide to sell. That is why you have to consult a

Competent Realtor: Determine if the agent has knowledge or experience in handling short sales. Some agents do not handle short sales at all because of their difficulty. Friends and family who are licensed may or may not be the best choice. Examine each agent on his or her professional merits regarding short sales, not family ties. At the very least, they must have formal short sale training. Ask the agent what OTHER options might be open to you. If the only pitch the Realtor has is to list, you may be dealing with a "hammer" (see paragraph on attorneys below)

Do not play 'possum: Make at least one phone call to the lender and tell them you intend to sell. Foreclosure proceedings are more likely to happen to owners who do not communicate

Do all you can to maximize getting a good price for your home. Even if you are "losing" your home, getting it sold at a good price helps getting the approval process. That means keeping the home clean and presentable, even if you have no money to repair things. Cleanliness is free.

The short sale package: Probably the biggest chore in doing a short sale is furnishing the documents required by the lender for their approval. It's personal and sometimes painful. Do it anyway, and do it promptly.

Scam artists: Once a Notice of Default gets filed, a homeowner receives dozens of mail pieces, some pretty official looking, which can fool people into thinking they are meant to help. Be smart and pick out the ones you think really have information. That means eliminating anybody who wants you to quitclaim your deed to them "so they can make your payments for you". Red flags should go up if anybody asks for a large upfront payment to "stop the foreclosure". Remember, if it sounds too good to be true, it is.

Attorneys: Some law groups are good at getting results when it comes to loan modifications. Best find those by referral of homeowners who have been clients.

Before you pay any money or sign a contract, be sure that if you do not get an acceptable loan modification, you do not pay the full fee (a modest fee is reasonable since they have to put together a file). Any law group that asks $ 3500-4000 upfront without a guarantee should be seriously scrutinized. If you get an offer from a law group to file bankruptcy to stop the foreclosure, make sure that is your ONLY option before you sign up. Attorneys are people with a hammer looking for a nail. They only see one solution to your problem.

For more information on short sales and how to avoid real estate scams, contact Sylvia Jonathan at (714) 856-7003

When it comes to selling a home in Orange County, California, my prospective home sellers and I will discuss the level of motivation and the respective results at the time of listing the home for sale. Occasionally motivations change during the listing period, but most sellers know where they fit on this scale. I do not take listings with motivation levels 1-4. But if you are at at the 5-6 level, I am open to discuss your goals. If you are in the 7-10 scale, I am here to help you get where you want to go.

I recently filled my gas tank to the tune of over $ 70. My average daily commute to the office and to my clients is around 30 miles a day. Naturally that is not counting additional miles for showing and previewing homes. Of course I thought immediately about the thousands of folks who commute 30, 40 or more miles ONE WAY EACH DAY. How do you manage the increased cost of commuting to work? Has the thought occurred to you that possibly it would be worth spending more on housing if you lived closer to work? In other words, if the cash is going out of your pocket anyway, why not save the hassle of a bumper to bumper commute and put that money into the cost of a more convenient housing option

If you work in Orange County but live a good distance away and commute daily, looking at Orange County homes may be the right move for you.

Sylvia Jonathan, Coldwell Banker Platinum Properties, Irvine

(714) 856-7003