Home Buying in Laguna Woods>Question Details

susanne949, Home Buyer in Laguna Woods, CA

what impact does cash purchase have on qualifications for coop purchase?

Asked by susanne949, Laguna Woods, CA Mon Dec 2, 2013

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5
Hi Susanne,

The asset requirements for Laguna Woods Village will be the same with an all cash purchase or a loan. You will still need to show $36,000 in annual income and personal assets must be equal to the total purchase price of the coop plus $125,000 liquid, marketable or income producing assets. Sometimes there are waivers but these are very, very rare and require significant assets.

An all cash offer may help you get a better price on the home. If you have the cash and a 30 day escrow, this combination may appeal to some sellers.

If you have any other questions, please call me or email me at lisa.mills@century21.com.

Best regards,

Lisa Mills
Century 21 Rainbow Realty
Laguna Woods, CA
(949) 678-9919
1 vote Thank Flag Link Mon Dec 2, 2013
Unfortunately the real answer is there is no impact. I've been battling for years to have the HOA financial requirements totally dismissed - but they have actually increased them. If I can help you further, contact me.
Janice Martin, SRES (Seniors Real Estate Specialist)
J. Martin Realty
Janice@comline.com
Office Phone: 949-770-1444 or toll free 888-770-1444, Cell: 949-795-8181
BRE #: 00494566
Resident-Agent
0 votes Thank Flag Link Mon Dec 2, 2013
Hello Suzanne;
I am in a battle right now against other agents over a property and I am representing a buyer. He is paying all cash and the big advantage is the escrow can close in 30 days. Co-ops with loans are a minimum of 60 days and often take longer. If the seller has a property that has been on the market for a while, a cash offer becomes very attractive and may help to negotiate a better price or help my buyer beat the competition.
0 votes Thank Flag Link Mon Dec 2, 2013
Hi susanne,
We are Kinecta FCU (Boeing, Directv and Raytheon), and we can help you with your loan needs at any time, please see information below for any clarification please contact me;

Our loan programs are:
* Loans to $417k 3% down
* Loans to $625kk 10% down
* Loans to $729,750 3.5% down FHA
* Loans up to $855k 10% down Jumbo loans
* Loans up to $1'250,000 11% down no PMI savings Advantage Jumbo loans
* 5% Down No PMI loans

*21 days Guaranteed to close a loan
*$500 for closing cost, plus .625bps for better rate or extra closing cost.
* VIP membership, free savings, checking etc.

You can use below link for your own pre-approval conditions (do it yourself) http://www.kinecta.org/lquintero

Libardo Quintero
nmls 380933
PH: 949.899.8425
lquintero@kinecta.org
0 votes Thank Flag Link Mon Dec 2, 2013
None, unless you have credit or personal issues that prevent you from getting a loan.

J.R. Thrasher
http://www.SanDiegoRealEstateVeterans.com
619-929-0105
0 votes Thank Flag Link Mon Dec 2, 2013
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