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92688 : Real Estate Advice

  • All24
  • Local Info2
  • Home Buying9
  • Home Selling1
  • Market Conditions5

Activity 17
Sun Jan 1, 2017
Sheryl Arndt answered:
Hello Robbievill, yes sure you should before you retire. Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 417k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 417k.

You may consider 5% down Jumbo with a minimum 720 fico score from 417k up to 1.5 million and 10% down from a minimum 680 fico score and up to 2.5 million.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve you can be emailed listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

The purchase in 92688 zip code start from 205k for a studio condo, from 265k for 1bd 1ba condo, from 269k for 2bd 1ba condo and from 429k for 3bd 2ba condo and up.

You will need to be pre-approved to be able to meet an agent to view and submit offers on homes of your choice. You will need to gather one month paystubs, two month bank statements, last two year tax returns including 1040s, 1099s, W2s and all schedules and copies of your drivers license or ID and social security cards for each applicant.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
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0 votes 1 answer Share Flag
Thu Jun 25, 2015
PIFA answered:
Look to sublet from someone who needs to leave but can not get out of the lease.
Fix your credit then move
Have a relative rent it and then you sublet.
0 votes 1 answer Share Flag
Thu May 21, 2015
Diane Christner answered:
IRS Publication 523 explains the criteria needed to use the $250k or $500k capital gains exclusion:

When in doubt, go to the source. ;-) ... more
0 votes 5 answers Share Flag
Thu Feb 26, 2015
Hi There,
There is an exclusion to taxes as long as this home was your primary residence for at least two years. The amount for single/unmarried is 250,000 and married is 500,000. I would advise you check with your CPA for the most current information regarding your situation if you are planning on selling.

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0 votes 4 answers Share Flag
Mon Oct 21, 2013
Lisa Hynson answered:
Hi Loresoong,
Did you get the sold comparison? If not,
Please provide me more detail such as sqft, # of beds/baths, year built, # of garages. Any community name if possible to narrow down.
I also need your email address to email you the sold comparison.

Thank you so much.
Lisa Hynson
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0 votes 3 answers Share Flag
Mon Oct 14, 2013
Matt Allsopp answered:
This could go in a few directions.

If your wife is disabled, does she get permanent disability payments? Depending on the amount she receives and your debt ratio, you may be able to qualify for something.

As for yourself, If you are unemployed but looking to return to the workforce, we would want you to be back at work a full month and preferably in a fixed salary position.

It is plausible that you might be able to qualify with a non occupant co-borrower with a Freddie Mac approval. If you have a family member that is willing to co-sign, this might be an option. I suggest you contact me and I'll be happy to discuss any and all possibilities with you.

Either way, I wish you and your wife all the very best.
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0 votes 5 answers Share Flag
Sat Oct 12, 2013
Matt Allsopp answered:
Hi Sam,

I live in RSM and believe me renting will not be an issue. As eluded to in a previous answer, this would have to e structured as an Investment property, not a second home, but it is possible to offset some of the additional cost of an Investment home with some credits.

I'd be happy to walk you through the process and answer any questions if you have the need.
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0 votes 13 answers Share Flag
Sat Oct 12, 2013
Matt Allsopp answered:

I was out at some open houses today in Rancho Santa Margarita and did note that ether is a bit more inventory in certain areas, and therefore a bit more competition.

Although everyone in this forum has been correct with respect to the OC market as a whole, it does not preclude your ability to request some seller concessions towards closing costs, perhaps $5k. That would diminish your exposure.

Prudence does pay dividends so I'd strongly suggest you get a formal DE (underwriting approval) before the offer is finalized. This will enable you to meet the contingency date with a full understanding of the situation and therefore make in informed decision thereafter.

As a National Direct Lender headquartered out of Orange County, I'd be happy to facilitate this requirement for you right away, within 24 hours. Better safe than sorry, right?
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0 votes 17 answers Share Flag
Sat Nov 17, 2012
Cindi Powalski answered:
Unfortunately, your situation is not unique. I have helped others make decisions on how to proceed but each case has individual considerations. Yes, it is true the market is still in a tailspin and you sound like an active player that doesn't want to sit on the sidelines. You say you don't want the upkeep on owning a larger home yet some suggested you become a landlord, interesting. Not to say that normally this wouldn't be great idea, maybe just not for you. First you need to see what your home is really worth, what you owe, how much your payments are, check out refinancing options and whether a smaller home is in your best interest. Also, consider your children, schools, etc. A lot to think about but I have a step by step plan that will help. The time it takes to sell your home, if you choose to do so, depends on how well it's priced, location, etc.
I hope this helps.
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0 votes 12 answers Share Flag
Fri Apr 13, 2012
Brian VerBurg answered:
Once they are ordered it only takes a few days to get either one.
0 votes 5 answers Share Flag
Fri Apr 13, 2012
John Mussen answered:
Hello Bill,

Yes it is a GREAT time to BUY let me know if you need a loan or home in OC

0 votes 7 answers Share Flag
Fri Apr 13, 2012
John Mussen answered:
Hello Richard,

I specialize in Foreclosures, HUD, Bank Owned and Short Sale Homes in South Orange County. I have personally done many take over payment and owner financed transactions in this area. I just need a bit more information so I can match you with a seller so please shoot me an email,text or call at 949 218-0280 or I currently have a few pocket listings not on the MLs that may fit your needs. ... more
0 votes 4 answers Share Flag
Mon Apr 26, 2010
Bob Phillips answered:
Hi Francine,

Since you didn't really ask a question, I'll assume you wanted more information about the above property? It is now in escrow, status B, and was priced at $439,000, which seems a bit low for that square footage, in that neighborhood.

I wouldn't be surprised to see it either close escrow, or come back on the market at a much higher price - probably closer to $500k. Let me know if I can be of any assistance to you in this community, as I've been working in RSM since before they started building houses there.
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0 votes 1 answer Share Flag
Fri May 8, 2009
Linsey Planeta answered:
Hi Shera,

I have to agree with Brad. A true Lease Option requires option money. Option money means that the seller is given x amount of dollars, you both agree on a predefined price, and if you don't exercise your 'option' within a specified period of time, the seller keeps the option money.

At this point, you are better off securing a short term lease and waiting for the right property to hit the market. And while I agree prices aren't going up anytime soon, we are going to see some good opportunities hit the market in the coming months as foreclosures rise locally. I wrote an article about the anticipated foreclosures hitting the market that might be of interest to you.

I live an work in Rancho Santa Margarita. Please don't hesitate to contact me should you have questions. Best of luck to you.
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0 votes 3 answers Share Flag
Mon Jan 12, 2009
Bill Mcquown answered:
In reading the answers below, I can see that you have more than likely had your question answered. If not I would be glad to provide you with the list that you requested. If you would also like free access to the same database that we use in the Real Estate Business you can go to and follow the current listings and sales activity in your market(s) or in other markets as well.

Bill McQuown
"Your Realty Partner"
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0 votes 7 answers Share Flag
Wed Oct 29, 2008
Brent DeWitt answered:
Wow, what a problem to have.

Without having any more information than that I would say "no, keep it". If I had more information I would simply line up a positive vs. negative scenario and go from there. Some of the questions that need to be answered before coming to a decision would be:

Are you going to buy another investment with the proceeds and do a 1031 exchange?
Have you lived in the home in the last 5-years for at least 2-years?
Is it rented out right now and how much return on capital are you getting?
Do you need the money from the sell for something else that can't wait?
Is there a way to convert this home into a primary residence to avoid capital gains tax like using prop 60 to give it to a son or daughter and have them hold it in their name for 2-years then sell it and give the cash to you tax free?

If your question was "Is this a good time to sell?" the answer would be easy, NO.

If your question was "is this a good time to sell then buy something else to replace it?" the answer is YES.

Anyways hope this helped,

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1 vote 7 answers Share Flag
Sat May 17, 2008
Bill Mcquown answered:
I did a little research(internet) and found this artcile from August 2008 on a Los Angeles Times (Blog) by Peter Viles.

New wrinkle in courthouse foreclosure auctions
Interesting story over at Calculated Risk about a possible trend in foreclosure auctions: In a few recent cases, banks are showing signs that they don't want to take possession of foreclosed houses.
It's a bit complicated. There are two kinds of foreclosure "auctions." The first, which usually take place on courthouse steps, are usually uneventful. Say the homeowner has defaulted on a $500,000 mortgage; the opening bid at the courthouse auction is set at $500,000, and usually nobody bids because the house is worth quite a bit less than $500,000. So the house goes back to the lender. (Calculated Risk has a nice short video of this process -- it lasts about 37 seconds, it's a real courthouse auction, nobody bids).
The second kind of "auction" is when an auction company, working with Realtors and banks, rounds up a bunch of foreclosed houses already repossessed by lenders, rents a hotel ballroom, advertises for a few weeks to build a crowd of bidders, and auctions them off one at a time to the highest bidder.
The Calculated Risk post -- actually a link to a post on Jim Klinge's San Diego real estate blog -- is about a possible trend in courthouse auctions. CR reports that, in a few notable cases, banks have been setting the opening bids in courthouse auctions at less than the amount of the loan -- essentially inviting investors to buy foreclosed houses before the bank ever gets its hands on them.
As I say, not yet a trend, but something to watch.
--Peter Viles
Los Angeles Times
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