Foreclosure in Laguna Woods>Question Details

Duc  Nguyen, Home Buyer in Garden Grove, CA

I would like to buy a condo in Laguna Woods, what kind of financial requirements they demand: month;y income, assets?

Asked by Duc Nguyen, Garden Grove, CA Sun Jul 24, 2011

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5
Lisa Mills’ answer
Hi Duc,

Please see the following information. It will explain it everything. If not, give me a call at (949) 678-9919. Thanks Lisa Mills, Century 21 Rainbow Realty


OWNERSHIP REQUIREMENTS
Age:
One resident must be 55 years of age.

Financial:
Annual income per household must be at least: Cooperatives $36,000
Condominiums $42,000

Asset Requirement: Cooperatives and Condominiums: Assets equal to the total purchase price of the manor plus $125,000 in liquid, marketable or income producing assets.

MONTHLY FEES

Cooperative – Approximately $528 is the basic monthly Homeowners Assessment Fee. Property taxes are added to the monthly association fee. Each manor must be computed individually for the total monthly fee. The basic fee includes the following:

1. Building insurance (fire and damage excluding earthquake damage).
2. Cable television.
3. Water.
4. Trash pickup.
5. Exterior building maintenance (painting & roof care).
6. Grounds maintenance.
7. Appliance repair and replacement (based on HOA discretion).

Resident pays electricity and telephone.

Condominium - $553 ($572 Elevator Buildings) per month, includes the following:

1. Building insurance (fire and damage excluding earthquake damage).
2. Cable television.
3. Water.
4. Trash pickup.
5. Exterior building maintenance (painting & roof care).
6. Grounds maintenance.

Resident pays electricity, telephone and property taxes.
3 votes Thank Flag Link Sun Jul 24, 2011
Hi Duc,

Right now, Laguna Woods has a terrifice selection of condos to choose from in every price range.

I would love to show you some of the bargains in that you can purchase for as little as 3.5% down.

Do you have to sell before you purchase or do you have to list first?

I am available to show homes daily at: 10:00 a.m., 2:00 p.m. or 6:00 p.m. - which is best for your

David Mayes
Realty ONE Group
Cell 949-632-8115, Email david@mvhomesexpert.com
DRE Licence # 01193349

Website: http://www.mvhomesexpert.com
“Where you can search for homes 24/7"
0 votes Thank Flag Link Sun Jul 24, 2011
No Home Owners Association that I know of, regardless of price, has more stringent requirements than Laguna Woods. Lisa did a great job in breaking these requirements down for you. One great bonus is a round of golf is about $8.00. They also stable horses and there is RV storage on-site.

Best wishes, Rudi
Web Reference: http://www.umboc..com
0 votes Thank Flag Link Sun Jul 24, 2011
Thank you for your question about qualifications for purchasing a condo. When I qualify a buyer, I ask:

Do you have 20% to put down?
Do you make three to five times the estimated monthly payment?

I recommend visiting the HUD website for more information about financial qualifications and my website to use the mortgage calculator.
0 votes Thank Flag Link Sun Jul 24, 2011
Dear Duc,

I can send you a couple of files related to your question, and a link you can visit in your free time to get to know all about Laguna Woods Village. Send me your email to the address below, and I will follow that up. I am a resident of LWV past 18 yrs, and enjoy the life style LWV offers while working as a realtor.

Hope you can find the best unit LWV offers

Best regards,

Im Sook Lee
Realtor (DRE License # 01889300)
Certified HAFA Specialist
Cell: 949-241-2747
Email: thebesthome4u.com
Laguna Woods Properties
2431 El Toro Road, Suite 160
Laguna Woods, CA 92637
0 votes Thank Flag Link Sun Jul 24, 2011
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