John Alesi (Orange County California Real Estate)

Here are the top ten most expensive homes in Mission Viejo, CA. Eight of the 10 are on Lake Mission Viejo, which has consistently been the most expensive real estate in the city.

• $1,599,000 - 5 bed, 5 bath, 4700 sq ft, 8200 lot
• $1,699,900 - 5 bed, 5 bath, 5800 sq ft, 10,000 lot
• $2,350.000 - 4 bed, 5 bath, 4000 sq ft, 6700 lot
• $2,375,000 - 4 bed, 5 bath, 4500 sq ft, 75000 lot
  
• $2,399,000 - 5 bed, 7 bath, 4200 sq ft, 7200 lot
  
• $2,400,000 - 4 bed, 5 bath, 6850 sq ft, 9800 lot
  
• $2,599,900 - 3 bed, 4 bath, 4200 sq ft, 7280 lot
  
• $2,650,000 - 5 bed, 4 bath, 5300 sq ft, 7800 lot
  
• $2,895,000 - 5 bed, 5 bath, 5500 sq ft, 7800 lot
  
• $2,999,000 - 4 bed, 5 bath, 5400 sq ft, 7245 lot

Average DOM (days on market) = 123

Click here to view these listings.

Let' s begin this series with terms that are the topic of nearly every real estate conversation these days.

REO, Foreclosure and Bank Owned are terms that refer to the same thing; a property (also referred to as an asset) that has been taken back by a bank or financial institution due to default on a loan or debt that was secured by that property. While a foreclosure is actually a legal process, it is also used to describe a property that has been through the foreclosure process and is aslo referred to as a REO (Real Estate Owned) or Bank Owned.

When these properties are listed for sale by real estate agencies, the title is usually clear and there are no liens. As a good consumer, you should verify the status of the title and not assume anything. Caveat emptor - let the buyer beware.

Please use these definations for informational purposes only and should not be construed as legal advice.

While viewing a REO listing this weekend I found this rather unusual (and humorous) recessed outlet setup in a kitchen.

This may be a little difficult to see but here's what is in place. Thick tile was added over the original wall surface, causing the outlets to be recessed too deeply to be usable. The "genius" tile worker then pressed two ground lift adapters (AKA 3-prong adapters) into the outlet and then tiled and grouted around them to finish the permanent installation. Could this be a fire hazard? Probably. Is it up to code? Not likely!

This is a good example of why buyer's need competent home inspection while in the contingency time frame. This could likely have been passed over during a cursory walk through by the buyers but would definately be red-flagged by an inspector.

According to an article in the Los Angeles Times, Octoer 2, 2009 interest rates are near the all-time low (for rates tracked by Freddie Mac), if you have a solid credit rating and are able to put 20% dow. 30-year fixed rates last week were 4.94% with 0.7% upfront for points and fees. A POINT is equal to 1% of the loan, so 1 point on a $300,000 loan will cost the borrower $3000.

The lowest rate recorded by Freddie Mac was 4.78 with fees and points at 0.7%, recorded in April of 2009. By comparison, the same loan was 6% one year ago.

If you situation allows you to use a 15 year loan, rates were at 4.36% with 0.6% points, an all time loan.

Feel free to contact me for additional information or with any questions. To accurately access your ability to ourchase a home, contact your preferred lender and ask to be pre-qualified.