It is my pleasure to help!
You are a good friend by helping out Joe like this, and you came to a great forum for help. I know you posted this quite some time ago but, in the even he is still searching for that 3-4 Bedroom home in Mission Viejo for $400,000 or less...this could be the answer. It is a short sale, however if he has patience in finding the right home, maybe taking a look at this would be worth his time. The link to the listing is here, and feel free to contact me with any further questions.
There are two properties, MLS# P708308 & P701291 which may work for your friend. The rooms can rent out for about $800 each, which should help cover the mortgage payment. Let me know if I can be of any further help.
Weichert Realtors Gold Coast
What a nice friend you are.....but we women often do the legwork, don't we? The best thing is to research Realtors and find one you like and who knows the area. I moved to Mission Viejo in 1966 when I was 5 and have been here ever since...it's a great place to live and raise kids.
I would do some "Googing" of agents and then once you find one you like....I'd be happy to help :)....then we can get you and your friend some listings to start looking through.
Hope this helps....feel free to shoot me a private email if you'd like me to send you some homes to start looking through.
Here's the bad news. Contrary to another answer, prices have gone up slightly since February 1st of this year, and while things are usually slower over this next 3 months, I doubt that prices will fall during that period. Once next January 31st has passed, it will be another "Katie! Bar the door!" market, just like it was earlier this year, with multiple offers on ALL the properties in Joe's price range - with a resulting further nudge upward, of prices.
Joes best time to buy in this area is NOW - over this next 3 months - before the flood of buyers hits the market again, next February. Please have him give me a call today - I am available to work with him this weekend!
Looks like there's two homes that meet your criteria. MLS numbers: P704071 and S557787. They both are short sales. Tell Joe to be patient as I believe prices will come down and more foreclosures are coming. Lastly, tell him to insist on a home buyer rebate. Best wishes, tom
I would be more than happy to help him locate the house of his dreams! I live in and work the area Mission Viejo. Let me know if I can be of service or have him give me a call @ 949-888-6650