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Home Buying in Laguna Woods : Real Estate Advice

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  • Local Info6
  • Home Buying69
  • Home Selling0
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Activity 60
Thu Oct 27, 2016
Nicole Fedorchek answered:
YES! VA Loans can be used in Laguna Woods! I would LOVE to assist you as your Realtor ! I have assisted several VA clients this year, and it is SO rewarding to help our veterans purchase the home of their dreams! I have an awesome VA Lender that I work with as well!
Contact me today to get started!
Nicole
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0 votes 2 answers Share Flag
Sun Feb 21, 2016
aloha2645 asked:
my work computer and can't open them there either. My home e-address is aloha2645@gmail.com. I'm not going to continue with your site if I can't open the photos. Thanks…
0 votes 0 Answers Share Flag
Thu Feb 11, 2016
Elizabeth Coe answered:
You are only permitted to own one coop. You can own many condo's but you are only allow to rent one a live in one. If you wanted to buy others to flip you can do that.
You can own a one coop and many condo's..
Of course you have to financially qualify to purchase any thing in Laguna Woods

Elizabeth Coe
Certified Seniors Real Estate Specialist
Keller Williams Realty
949-525-7764
elizabethcoe@kw.com
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0 votes 4 answers Share Flag
Thu Feb 11, 2016
Elizabeth Coe answered:
They have changed some of the rules, and I don't have a exact answer, but I can find out for you.

I do know of a resend situation where a son was buying a coop for his mother with his money. And as you may be aware that a buyer, any buyer must have equal to the purchase price, even if they are getting a mortgage, in some kind of liquid access plus a yearly income of $36,000 for a coop and $42,000 for a condo.

In this latest situation the board was okay with the son purchasing the coop was his money and he did qualify, BUT the board was requiring the mother (86 yrs.old) to show the income, They were denied.

If you care to contact me I will contact someone at Laguna Woods to inquire further.
There also have been a lot of changes as far as rental of coops are concerned. There is an article in the Globe today where they are going to start denying owners from leasing their coops.

The big concern is the investors are purchasing coops and saying they or their parents are going to live in them and then the investor is turning around and leasing it out.

When the % of rental in a community is to high a mortgage will deny a buyer.

You can still buy Condo's for parents with out a problem.

I hope I was of some help and please contact me if you would like to discuss this further.
I am also a resident of Laguna Woods

Thank you,

Elizabeth Coe
Certified Seniors Real Estate Specialist
Keller Williams Realty
949-525-7764
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0 votes 3 answers Share Flag
Wed Apr 1, 2015
Frances Hicks answered:
I have a listing coming up for a 2 bedroom in Laguna Woods, give me a call and we can discuss. it is not on the MLS as yet. Frances 949-456-9777
0 votes 10 answers Share Flag
Fri Mar 13, 2015
answered:
Click on my picture, send my what your want:

Beds

Baths

How much per month

There are actually a lot there to rent right now.

I will send you a free list no cost no obligation ... more
0 votes 1 answer Share Flag
Fri Mar 6, 2015
Alexander Greer answered:
Sounds like you need a real estate agent. I would be more than happy to send over my list of preferred agents in the area.

I do not check replies, so if you have a comment or question email me here:
AGreer@TheMortgageOutlet.com

Alex Greer
Loan Officer
408-352-5147
NMLS #1056079
http://www.TheMortgageOutlet.com
... more
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Mon Dec 29, 2014
t333chen answered:
Richard,

Did you find answers ? I am on the same boat. Could you please share your knowledge?

Thank you,
Chris
0 votes 3 answers Share Flag
Sun Dec 14, 2014
Cheryl Pellettieri answered:
The Casa Monaco and Anadaluz models are a little more expensive. They are 3 bedrooms with a garage. You will find the pricing will vary depending on the gate number you choose and the location. They offer maps and floor plans for each gate along with the amenities available at the Corp office off El Toro Rd. ... more
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Mon Sep 29, 2014
Randall Ortiz answered:
Contact a couple lenders so they can go over the situation with you, shouldn't be a problem as long as they qualify.
0 votes 2 answers Share Flag
Sun Jul 27, 2014
Melchor, REALTOR®, M.Ed answered:
Hello Star Eyes,

First and foremost, thank you for posting a question here at trulia. I appreciate it. Real estate prices range between the number of bedrooms and bathrooms. I am here to help you. ... more
0 votes 8 answers Share Flag
Thu Jun 5, 2014
Marie - 55+ Lifestyle Specialist answered:
Typical costs for selling a home in LWV would include fees for escrow, title insurance (for condo; not coop) property inspections, buyer home warranty and various other miscellaneous costs amounting to roughly plus/minus 1 1/2 % of the selling price. This would NOT include real estate commissions or repair items. Real Estate Commissions are negotiable and are typically 5-6%.

Escrow fees for a coop purchase in LWV are typically plus/minus $2,500. In addition, there is a one- time buy-in fee (Trust Facilities Fee) of $2,500. Thus the total cost would be roughly $5,000.

The important piece to note is that when purchasing a coop OR condo, the Financial Requirements for ownership in the village must be met. A coop purchase requires a verifiable annual income of $36,000. For a condo purchase the annual income requirement is $42,000. All buyers must show verifiable assets of $125,000 plus the purchase price. As an example, a $300,000 purchase would require verifiable assets of $425,000.

For More Information, Contact Marie or Vera at 949. 510-0929 or 949. 929-6834.
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Tue Jun 3, 2014
Marie - 55+ Lifestyle Specialist answered:
This was true until just recently. In the past, coops could be rented only for 6 months out of any given 12 month period of time. This has changed and coops can be rented the same as condos for 12 months or multiple years. ... more
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Tue Jun 3, 2014
Marie - 55+ Lifestyle Specialist answered:
The owner carries the basic homeowners insurance. You would purchase a renters policy to cover your liability as well as your personal belongings. Many landlord's require that you provide a certificate of insurance naming them as an additional insured to protect them as well as you. ... more
0 votes 7 answers Share Flag
Wed May 7, 2014
Marie - 55+ Lifestyle Specialist answered:
In Laguna Woods (formerly Leisure World), title to a condo is given through a grant deed and recorded with the County as a matter of public record. Homeowners pay their property taxes directly to the tax collector. The purchase of a coop buys an interest in a corporation which grants the buyer the right to occupy a particular unit through issuance of a stock certificate. If a mortgage is involved, the bank holds the stock certificate; similar to the pink slip on a car. When the note is paid the stock certificate is transferred to the owner. The corporation collects property taxes from the residents on a monthly basis and pays the collective property taxes to the tax collector when due. LWV coop ownership brings some benefit over condo ownership in terms of additional repair and maintenance for certain items provided through the corporation. For Additional Information about the Village, you may contact Marie @ 949. 929-6834 or Vera @ 949. 510-0029. RESIDENT Broker-Realtor-Appraiser Team working with Buyers and Sellers in the Village for 20+ years. ... more
0 votes 6 answers Share Flag
Tue Mar 4, 2014
Claudia Muller answered:
We do have a loan that looks at your liquid assets as income.
What we do is multiply your 1.5M by approx 5% and then divide by 360 for a monthly income.
This loan would require a minimum of 30% down payment or equity in the property. ... more
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Tue Dec 17, 2013
Jennifer Fivelsdal answered:
This really depends on the complex. Examples of what could be covered are; maintenance of common areas, taxes, improvements. You could get hit with special assessment if the roof or parking lot need to be redone. Your best bet would be to talk with the condo association and management company.to find out the specifics ... more
0 votes 5 answers Share Flag
Mon Dec 2, 2013
Janice Martin answered:
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
... more
0 votes 5 answers Share Flag
Wed Nov 20, 2013
David Langdon answered:
The financial requirements for co-ops and condos are each different.

On a co-op, the guarantor must have annual income of at least $90,000 and marketable or income producing assets of at least $250,000 plus the manor purchase price.

On a condo, the guarantor must have annual income of at least $72,000, and marketable or income producing assets of at least $200,000, plus the manor purchase price.

In addition, Members who purchase a replacement manor do not have to re-qualify financially for membership, if there is no change to the membership vesting and the previous manor is already in escrow.
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0 votes 2 answers Share Flag
Tue Oct 22, 2013
Steven Ornellas answered:
Hi Randy,

Trulia is a popular destination site; however, Trulia IS NOT a true MLS; they are a MLS Data Syndicator. If you want true status/property accuracy (in 15 minute intervals) see:
MLS Data Accuracy – Where to search if you’re “without Realtor®”
http://tinyurl.com/ctr4d44

You can most certainly rely on Realtor.com, but personally it's hard to beat the convenience of a Realtor®-created automated MLS search agent delivering candidate properties to your inbox as they become available.

-Steve
... more
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