Hello, Im starting my search for a condo/townhouse in the general area . Preferably coastal - HB to LN. I have a tight budget of $180k cash max.

Asked by Kieu N., Laguna Niguel, CA Fri Aug 24, 2012

Is this possible with REO , short sale/foreclosed properties? Min.2 B/B. I am also looking for an agent that specializes in the area with a specialty in condo/townhouse properties.
thanks!
Kieu

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12
Odile Romans, Agent, Laguna Niguel, CA
Sun Aug 26, 2012
Kieu,
There are owners who would consider seller financing.
With your sizable down payment that would be a win win option for you and the
seller looking for cash flow. Also it would give you added options with price rasnge and
ywe would be working with properties not listed on the market.
This is a great time to buy you just have to find the opportunity niche that
works best for you. Would love to help you.
0 votes
Kieu N., Home Buyer, Laguna Niguel, CA
Sun Aug 26, 2012
Im not sure how to post a follow up question to all but thanks for all your responses. Im reposting this reply. I have been a past homeowner. And due to a recent foreclosure I was told I would not qualify for financing otherwise I would take a advantage of the low interest rates now.

Therefore I am trying the all cash route in order to own vs. rent. But the low interest rates are potentially driving up prices and competition. So is there maybe a better time to buy since financing and interest rates don't apply? I have been getting email updates on available properties. And have seen condos in my price range. But am not sure how accurate the information is.
Thanks, Kieu
0 votes
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Sat Aug 25, 2012
Good afternoon Kieu N.,

I've been helping homebuyers for 23 years as a mortgage professional: here's my "Primer" on beginning the journey to Homeownership:

First steps:

1. Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.


2. Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.

3. Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

4. Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Good luck!
Trevor Curran
NMLS #40140
0 votes
thanks for all your responses. I have been a past homeowner. And due to a recent foreclosure I was told I would not qualify for financing otherwise I would take a advantage of the low interest rates now. Therefore I am trying the all cash route in order to own vs. rent. But the low interest rates are potentially driving up prices and competition. So is there maybe a better time to buy since financing and interest rates don't apply?
I have been getting email updates on available properties. And have seen condos in my price range. But am not sure how accurate the information is.
Thanks,
Kieu
Flag Sun Aug 26, 2012
Lori Hanson, Agent, Aliso Viejo, CA
Fri Aug 24, 2012
Kieu,

All of the other agents are assuming many things that I don't see in your question. First would be are you planning on living in this place or is it an investment property? Second would be are you looking to only pay cash or would you finance a part since money right now is so cheap?
If you would like an agent that get creative in finding properties that are not currently on the market I would be happy to talk with you further.

Thank you,

Lori Hanson
OC Homes Realty
714-585-5236 Cell
estatepricing@yahoo.com
DRE 01405146
0 votes
Brian Wilson, Agent, Laguna Beach, CA
Fri Aug 24, 2012
Hello Kieu,

Looks like you have a few willing professionals to assist you. Sherry below is right about lease land in the Newport and Huntington Beach area, prices can look very appealing but once you add the lease cost and the HOA the cost isn't that great and you still have to figure what will happen when the lease is up, more expense.
This price point is difficult and the fact you have cash will help but as you noted you need to make sure you have an agent that is on top of the available inventory. Many homes in this range and above too are receiving multiple offers so you will want to have a strategy as to how to present your offers to give you the best chance.

I can be of further assistance so please don't hesitate to call and good luck with your search,

Brian Wilson, Realtor
DRE# 01321478
949-933-0852 cell/txt
0 votes
Cynthia Flem…, Agent, Laguna Niguel, CA
Fri Aug 24, 2012
Yes it is possible.
There is a 2/2 in Laguna Hills currently ranged price from $169,000 - $185,000.
There is also a 2/2 Condo in Rancho Santa Margarita for $159,900. This is bank owned so it probably won't last long and it just came on the market today. They generally sell for over asking price. If you want to check this property out, I'd be happy to show it to you.

Also, there were a few other 2 bedroom condo's available with only 1 bath. If you feel you can work with one bath, there are some other options for you.
You can reach me via email: cfleming@coldwellbanker.com or cell 949-371-3010.
Thanks, Cynthia
0 votes
John Alesi, Agent, Rancho Santa Margarita, CA
Fri Aug 24, 2012
Hi Kieu,

I agree that $180k is a tough price point to find in the areas you desire. In addition to low inventory, you will be competing with buyers who could simply outbid you every time. Have you considered using some or all of your cash as a down payment? That would give you significantly more buying power.

Regards,
John Alesi
0 votes
Odile Romans, Agent, Laguna Niguel, CA
Fri Aug 24, 2012
Hi Kieu,
I have been helping clients buy condos in Aliso Viejo and Lake Forest
in your price range. I would enjoy the opportunity to assist you.
Thank you. Feel free to call me at 949-351-3555
0 votes
David Grbich, Agent, Laguna Niguel, CA
Fri Aug 24, 2012
Hi Kieu,

Thanks for your inquiry - I think it is possible to find a 2 bedroom condo in your price range. It is best to work with an agent in the area as short sale and banked owned condos sell very quickly at this price point. If you have "cash" it may open up some opportunities in developments where condo financing can be a challenge - your advantage if a cash buyer. Aliso Viejo has some great condo options that may work well for you in your price range - there is a nice 2 bedroom condo in Canyon Villas that is a short sale listed at $190k. Anyways, I am a Trulia Pro agent and would welcome the opportunity to work with you on your South Orange County condo search.

Regards,
Dave Grbich
Broker - Ventana Coastal Properties
Trulia Pro
949-500-0484 cell
0 votes
Connie Bramb…, Agent, Rancho Cucamonga, CA
Fri Aug 24, 2012
Hi Kieu,
I think you will have a very hard time with 2 bedroom condo in that area for $180,000. Or do you mean $180,000 down and you will get a loan of somekind? If you are at $180K you may need to go a bit further north into Santa Ana, Tustin or Orange. You should be able to find $180K there.
I would be happy to help you to find a home, just give me a call.
Connie Bramble
Prudential CA Realty
714-37-8718
0 votes
Sherry Swift, Agent, Laguna Niguel, CA
Fri Aug 24, 2012
There is a condo's in Newport Beach Newport Heights area for 189900. Be careful in Huntington Beach and Newport Beach as many properties have lease land and not fee simple so you end up with a yearly lease on top of your mortgage and hoa dues. Sherry Swift, Realtor Realty One Group Laguna Niguel 949-599-6860
http://www.southerncaliforniacoastalrealestate.com
0 votes
Ron Legarski, Agent, Irvine, CA
Fri Aug 24, 2012
Kieu:

I am sure we can assist you. If you are interested please contact my partner Dan Somers at 888.664.8204. We are with Virtual Realty Group. Just let him know you spoke with Ron on the Trulia website.

Thanks,

Ron
0 votes
Flag Fri Aug 24, 2012
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