John Alesi (Orange County California Real Estate)

Mission Viejo REO Market Moving At High Speed
by John Alesi, Mission Viejo REALTOR®
Mission Viejo CA Real Estate

One of the challenges of successfully purchasing a REO/Bank Owned/Foreclosure home is getting your offer accepted in a timely manner. Because of the current low inventory of good REOs, the market velocity for these properties is high.

In Mission Viejo, California, the Days On Market (DOM) for the first quarter was only 27 days and for the last month was 26 days*! Yikes! That means that buyers must be ready to make an offer without a lot of time to "think it over." If you are looking at foreclosures in any market, ask your agent for statistics for the last quarter, or better yet, the last month to help you determine the speed of the market. So when your agent tells you to move quickly to make a decision, it is fact based and not just sales hype.

*For comparison, all of Orange County (pop.3,121,000) DOM were 43 for the first quarter and 45 for the month of March

John Alesi - REALTOR®
CENTURY 21 Superstars
Search the MLS at: www.YourOCHome.com

Should Your Next Home Be A Foreclosure?
by John Alesi, Mission Viejo REALTOR®
Mission Viejo CA Real Estate

As you are well aware, the foreclosure market has been upon us for awhile and looks to continue to be a market factor for quite some time. Should you consider purchasing a foreclosure? For the sake of this article foreclosed homes are also referred to as "bank owned" or REO. Here are some points to ponder:

CONDITION: Most foreclosed homes have been vacant possibly for as long as 4-12 months. Houses need constant care and maintainence which is generally not being performed during the (possible short sale and) foreclosure period. The most obvious place of neglect is the lawn and front yard. Here in California, the dead give-away is the scorched brown grass from lack of water. Other tell tale signs are overgrown weeds and broken fences. If the property is a condo, lawn condition may be OK as the association may keep things in shape.

Exterior wear is another obvious area to inspect. Broken doors, windows and screens are common and the occasional "board up" will be in the mix. Peeling paint on exterior walls and trim could be typical again because the former owner looses interest in keeping things looking good.

Interior condition will vary depending on the listing agents desire to quickly sell a home. Some agents have spent money to clean, paint and carpet a bank owned home so that it shows well and sell fast. Other agents barely maintain the lockbox on the front door. Utilities may have been turned off for several months so toilets, sinks and valves may deteriorate from lack of use. While heating a home in winter is not a major issue in Southern California, there will surely be an impact on houses in colder climates where freezing of pipes can cause major issues. Carpet and paint usually will need replacement, again as former owners discontinue normal cleaning routines.

INSPECTION: If you are still interested in pursueing a foreclosure, my recommendation is to get the home inspected as thoroughly as you see fit. Most banks sell their foreclosures in "As Is" condition, meaning they will not repair or pay for any repairs on the building. I would advise you to request repairs anyway, as you might get some compensation or they might fix a few items. I have had two recent transactions where the bank fixed all items on my Request for Repair. Will it happen everytime? Probably not, but it doesn't hurt to ask. Many home inspectors will give a great inspection, some will not. Satisfy yourself that all items and systems are inspected to your satisfaction. Hire as many service people as you can to insure that you know exactly what you are buying. As the buyer, you will incur these expenses, but the findings will bring you peace of mind if you choose to continue the transaction. Purchase a Home Warranty on your new purchase. This warranty will cover many of the problems that typically occur in the first year your new ownership. These warrantys may be extended after the first year so ask questions about costs for the first and succeeding years coverage.

REPAIRS: Once you have inspected and documented the condition of the property, now is the time to decide how to needed repairs and their associated costs. Also determine if you can do some or all of these repairs yourself. If not, do you know of a competant (licensed, insured, bonded) contractor or can your REALTOR® recommend someone they have used. Consider carefully all of the costs to make these repairs and factor them into your purchase and make sure you have enough available cash or credit to pay these bills.

FINANCING: Be very clear with your lender that you are buying a foreclosure and find out early what hoops you may need to jump through. For example, FHA may require that the home is at an acceptable level of liveability. Are there missing appliances, windows, plumbing, etc.

While not exhaustive, these items may mean the difference between a good home and a "money pit". I welcome your comments and additions to this list.

If you are considering a real estate transaction (buying,selling, relocating, investing), you can count on me as the local expert serving Rancho Santa Margarita, Ladera Ranch, Coto De Caza, Mission Viejo, Aliso Viejo, Dana Point, Irvine, Laguna Beach, Laguna Niguel, Laguna Hills, Laguna Woods, Lake Forest and San Juan Capistrano, as well as all of South Orange County.

John Alesi - REALTOR®
CENTURY 21 Superstars
Search the MLS at: www.YourOCHome.com

This post is copyrighted by John Alesi and may not be used without permission.

Superstar Inducted Into Hall Of Fame
by John Alesi, Mission Viejo REALTOR®
Mission Viejo CA Real Estate

This would be the CENTURY 21 International Hall of Fame and I'd like to present to you my personal friend and real estate mentor, DJ Doss.

DJ Doss, who works from our CENTURY 21 Superstars office in Rancho Santa Margarita, was honored to be the newest inductee into the Dick Loughlin International Hall of Fame, which is the ultimate achievement for Century 21 sales associates. It is comprised of true professionals who go above and beyond to their communities and to the members of the Century 21 System and the real estate industry.

DJ was chosen to receive this prestigious award because of her community involvement throughout the years. DJ has been with the CENTURY 21 System for 25 years and has earned the Centurion producer award every year since 1997! She is a prime example of how one person's giving spirit can make a difference. Over the years, DJ has been involved in Easter Seals, chairing an annual golf tournament, Breast Cancer Research and Make-A-Wish Foundation fund raising as well as organizes community blood drives for the Red Cross.

DJ’s charitable efforts don’t stop here. After Hurricane Katrina she organized the campaign “Convoy for Care” to send aid to the New Orleans area. Through her efforts, a semi-truck was filled with everything from food and clothing to office equipment. She arranged for the truck to be donated and then using her own money she flew to New Orleans to meet the truck and help distribute its content through local Century 21 offices. A year later she volunteered with the “Hands of Hope” organization and traveled to Baton Rouge, Louisiana to help build four houses in one week for Katrina victims through Habitat for Humanity.

Last year, she and 50 other CENTURY 21 Superstars and CENTURY 21 Award agents built a home in Orange County, California through Habitat for Humanity. More recently, she teamed up with a fellow Century 21 colleague to host an fashion show charity event to raise money for the “Homes for Heroes” project to help build homes for the veterans and/or their survivors of the Iraq war.

I am very honored to be associated with a great agent and even greater inspiration. Her tireless efforts continue to amaze me. Congratulations, DJ!

If you are considering a real estate transaction (buying,selling, relocating, investing), you can count on me as the local expert serving Rancho Santa Margarita, Ladera Ranch, Coto De Caza, Mission Viejo, Aliso Viejo, Dana Point, Irvine, Laguna Beach, Laguna Niguel, Laguna Hills, Laguna Woods, Lake Forest and San Juan Capistrano, as well as all of South Orange County.

John Alesi - REALTOR®
CENTURY 21 Superstars
Search the MLS at: www.YourOCHome.com

This post is copyrighted by John Alesi and may not be used without permission.

Last week I blogged about rock Drummer Matt Sorum (Gund n' Roses, Velvet Revolver, etc.) visiting La Paz Intermediate School for career day.  I finally received a few photos of the event:

John Alesi and Matt Sorum

Matt with La Paz Intermediate School Music Teacher, Dan Robbins

Matt asking one of the students about his practice habits

Matt taking time to talk with students and sign a few autographs

If you are considering a real estate transaction (buying,selling, relocating, investing), you can count on me as the local expert serving Rancho Santa Margarita, Ladera Ranch, Coto De Caza, Mission Viejo, Aliso Viejo, Dana Point, Irvine, Laguna Beach, Laguna Niguel, Laguna Hills, Laguna Woods, Lake Forest and San Juan Capistrano, as well as all of South Orange County.

John Alesi - REALTOR®
CENTURY 21 Superstars
Search the MLS at: www.YourOCHome.com

This post is copyrighted by John Alesi and may not be used without permission.