The Co-Ops in United Mutual have very specific income and asset requirements. I've outlined them below and provided a link to the resale application package on the Laguna Woods Village Community website. One important item to consider is that the $125,000 asset requirement is on top of the funds needed to purchase whichever property you are considering.
Please feel free to contact me with any questions.
United Mutual Co-Ops
“Prospective members must provide satisfactory verification of income of at least $36,000 per year at the time of purchase.”
“The prospective buyer of a manor shall submit satisfactory verification of assets equal to the purchase price of the manor plus $125,000.”
http://www.lagunawoodsvillage.com - click on Resale/Lender Information --> Resale Information --> United Co-Op Resale Appication Package
My business is 100% referral based. Know someone thinking of buying or selling? Please ask them to call me!... more
A home in default does not mean the house is for sale. It simply means that the homeowner is now in default with their mortgage or in other words behind on their payments. Depending on the State if this home even gets to market for sale (as many don't since owners may negotiate loan with lender and keep their homes with a loan modification). The first stage would be a shortsale if the lender even allows it. Also, since the owner is in default you will likely NOT be able to negotiate this solely with the buyer as shortsales require the approval of multiple parties including the buyer and lender/investors.
Should you need assistance in buying a home in Houston or elsewhere I can help you.
For real estate worldwide, whether you need a home in Texas, New York, Florida, Chicago, Canada - anywhere in the world for that matter - there is no better place to begin and end your search than Century 21 Real Estate.
Keep the faith. Yes, there are reasons why a VA loan can be harder to approve and fund than other types of financing, but the real answer to your question is "timing." Right now, many markets are competitive and sellers will not take any chances. But markets do not move in a straight line and today's scarlet letter offer may well be tomorrow's godsend. In 2008 and 2009, sellers were clamoring for ANY offer, and somewhere between the dynamics of now and then there will be a balance that will make your VA offer more viable. Stay at it, stay approved and ready to go and you will win in the end.
Do not take Satar's advice below and write the offer as conventional and then change it to VA. That could cause a lot of issues down the road and put your deposit at risk. Some of those issues will not be perceptible at the outset and some may not even be related to your creditworthiness. Always take the high road.
You really should start with the park manager of the park/communities you are interested in. You will have to fill out an application and be approved by them before you even make an offer on a manufactured home in a rent/lease park/community.
Be wary of any manufactured home built before June 15, 1976 as they are "PRE HUD" homes and will be very difficult if not impossible to finance. Additionally many if not most PRE HUD homes were built using caustic and carcinogenic chemicals i.e. formaldehyde and asbestos.
But before you purchase any manufactured home you should have the home inspected by an experienced manufactured home inspector and not just any home inspector.Make sure the home is level and that the pier and pad assemblies are in good shape.
Be sure the vapor barrier and insulation are in tact and not ripped, torn or lying on the ground. Have the inspector look for drainage issues i.e. standing water, soil erosion, expansive (clay soil), rusted and deteriorating piers and dry rotted or decomposing wood pads supporting the piers.
Most importantly make sure the home has an approved set of Earthquake Resistant Bracing (ERBS) installed under it as much of California is in a Zone 4 seismic area:
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Karen's answer is absolutely correct. Adding to that, contact a local Realtor to get updated comaprable data from the MLS and don't rely too heavily on Tax Assessment Values. You're doing the right thing by asking a question in this forum. We are here to help!
<i>The "assessed" value is based on what the current owner paid for the home, not market value. Those are two different things. The tax assessor normally assumes that whatever the purchase price is for the home when it transfers title is the current value.
Prop 13 prevents them from adjusting the assessed value at will....they can only increase the tax by 2%/year.
So...if someone bought the first home for $185K and the one down the street for $320K you can see how the assessed values can be different? </i>... more
First, not all lenders discount unpermitted areas. We just had an appraiser add in a value that was about 25% of normal price per sq ft for a finished basement.
With regards to potential consequences on work not done with permits they are generally as follows:
1. When going to resell the house, buyers may discount the area done without permits, and if you know it to be true you need to disclose it.
2. If the city becomes aware that you have unwarranted space - this could happen in a number of ways, but most likely it will be because you do other work or a neighbor calls the city - you will likely either be required to file a retroactive permit, do some work to bring to current code, or worst case undo the work.
If you are going to buy a home that has unwarranted work I would either make sure the price is discounted accordingly or have them get it inspected. The latter will make your offer much less attractive - talk with your agent/broker.
Lance King/Owner-Managing Broker
DRE# 01384425... more
If the same type homes in the area you are going to buy in are selling for around the same price as the new home, why would you want a used home? Nowadays most new home more then likely will have a lot of upgrades already included and more importantly it will have warranties, warranties, warranties that have to be honored. Not like home warranties on used homes that can be denied to be fixed by the home warranty co. Look at it this way John, what would you like to buy, a new car or a used car?
Laguna Niguel seems to always be higher priced than the other 2 cities. Laguna Niguel does not have Mello Roos tax and many neighborhoods do not have any association costs either. Traditionally people have also felt the schools in Laguna Niguel are better.....I'm not sure I'd agree with that, but that is the perception so it also contributes to the value of LN.
Aliso Viejo is newer and does have both Mello-Roos and association dues. There are many more affordable communities which include parks and amenities like parks and association pools/rec centers. The styling is also more contemporary and some homes have lovely views of the mountains and the valley.
Laguna Hills is much older, but the homes often have very good "bones" since the early builders did not skimp on construction the way some of the new ones did. There are also generally larger yards because in the 1960s (when I moved to Mission Viejo) the big attraction for being in South Orange County was the size of the yard...we were very far out in the sticks. One of the drawbacks of Laguna Hills is that the older homes do not have the gourmet kitchens and large master suites of the newer homes, we just didn't prize these features in the past. Like Laguna Niguel, there is no Mello-Roos and very few HOAs left, but then also this eliminates the good oversight an HOA can provide, so each street needs to be seen for itself.....unless you like having a neighbor with a purple house. :)
Hope this is helpful....and if you have other questions....please feel free to shoot me an email and I'd be happy to help you.
The answers below are all good..and what buyers do not realize is that banks negotiate commissions with
The other issue is that you need an active, aggressive agent who is willing to do what it takes to find the home you are looking to purchase. An active agent is one who will get the list of NOD'S in the area, find the homes not on the market, knock on their doors, try and get their # and do what it takes for you. If you are interested in someone who will do that...call me.... more
We have live in Casa De Laguna for over 16 years. We love it. We back up to the green belt. Quiet area.
No problems with the board. They are always helpful. If I had to move now I would be very unhappy.
The construction seems to be in very good shape, we have not had any problems. No roof leaks, etc.... more
As you can see from previous answers, that property is in escrow. I am currently working with buyers in Irvine and am familiar with the area. Let me know if I can send you the current listings that meet your criteria. You can click on the ones you like, see the pictures and click on the map to show you exactly where the property is.
p.s let me know how many bedrooms, baths, price range, etc.... more