Where is the bottom for Home Prices in Ladera Ranch?

The bottom of the market may have already happened in Ladera Ranch home prices.

Inventory is going down because when you factor in the number of homes that can actually close escrow because they are an equity sale of a foreclosure sale, you won’t find that many homes that are available to buy in 30 days. Because of that, the trend is heading up for prices. No one really knows when the bottom of the market will hit. No bell will ring to tell you it is time to start buying. Interest Rates are extremely low and there is a pent up demand for people who have been waiting for the market to hit bottom. As of today there are only 81 homes for sale in Ladera Ranch, CA which is a community of over 6000 residences. In addition there are 161 homes in a Backup or Pending status of escrow. There is less than a 3 month supply of inventory and it’s looking like the competition is heating up for the spring season. These statistics are from the Local MLS CARETS listings.

If the inventory continues to decline as short sales are sitting waiting for approval then it will create a lower number of homes that can actually be purchased. I was working with buyers from Seattle that had to move and when we couldn’t really close on a short sale home that Mr. loved, we switched our search to “only homes that could close in 30 days”, which included equity and bank owned homes in Ladera Ranch. Once we did, we found a house immediately, the couple closed in 30 days and they now love that home! Short sales can take months to close if they close at all. If all the people that need to buy cannot close on short sales as they wait a bank approval that can take months, they will only be able to select homes from a much smaller pool of available homes. This is now creating bidding wars with multiple offers. And when we have multipleoffers, it forces the sale prices up for homes in Ladera Ranch and he bell has rung! You will then say, when did that happen?

Thinking about a short sale? I can help you short sale your Ladera Ranch property and get back on your feet. Send me an e-mail at arna@ehomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, call me at (949) 244-0444.

Arna Freedman, a Real Estate Broker at Homes of California, helps buyers and sellers in Ladera Ranch and other Orange County cities.

Phone: (949) 244-0444. arna@ehomes.com.

Experience, Excellence and Service View my homes for sale .

Arna Freedman specializes in loan modification assistance and short sales in Ladera Ranch California.

Ladera Ranch Loan Modification Help, Short Sales in Ladera Ranch, Ladera Ranch Short Sale Realtor, Ladera Ranch CA Short Sales, LaderaRanch Short Sale Hardship Letter.

Ten questions to ask a home inspector:

Ten questions to ask a home inspector before you hire him/her:

Here’s a run-through on key questions you should ask a home inspector before hiring him/her:

1. What types of licenses, certificates or designations do you hold?

There are many state and national associations for home inspectors, including the National Institute of Building Inspectors (NIBI) or the American Home Inspectors Institute (AHII). There is no official government regulation of the home inspection industry, therefore, remember to request to see their membership ID. Certification by one of the major organizations guarantees that the inspector meets the proper guidelines.

A good home inspector will have years of experience and continue to pursue and update his/her education in the field. Related experience in construction or engineering is helpful, but not a substitute.

2. What is the scope of your inspection? How detailed will the inspection be?

The inspector should guarantee that their on-site inspection and report will meet all the applicable requirements set by the state and comply with recognized standard of practice and code of ethics. You can also identify specific areas in the property you want inspected.

3. How many inspections do you do per year on residential homes like ours?

Just to be safe, hire a full-time inspector who has been in business for more than five years. A good tip is to interview at least three inspectors and ask for a sample report and references before agreeing to one in particular.

4. How long does the actual on-site inspection usually take?

The average on-site inspection takes two to three hours for a regular single-family house. If the property is larger, additional inspectors may be brought in to make the process more efficient and timely.

5. Will you allow us to accompany you on the inspection?

This is essential: An inspector that refuses to allow you to accompany him/her raises a big, neon red flag. Don’t pass up the opportunity to look at your prospective home through the eyes of an expert.

6. What type of report will we receive and will it include estimates of costs to correct defects?

There are various types of reports given by home inspectors. Some include typed narrative and on the spot written reports for those who want and/or need the information as quickly as possible. But don’t accept a verbal report. Have the inspector give you a full written backup report so you can keep a record of his/her findings for future referral.

Make sure the report is detailed and not just a hand written checklist given to you at the end of the inspection. The checklist might not include details, information and engineering advice.

7. Do you carry errors-and-omissions insurance or give any warranties/guarantees?

Errors and Omissions Insurance is a malpractice-type insurance that protects the inspector and, indirectly, the home buyer against post-inspection legal problems. Keep in mind that home inspectors can’t see through walls and only makes educated guesses. Some things he/she might miss include hidden damages from insects, rot, water and construction defects (unless the symptoms are obvious or in plain view).

8. How much does inspection cost for a property like ours?

Costs vary depending on the region, size and age of the house, array of services, among other factors. A typical estimate may be from $300-$500.

9. How quickly can we get the written report?

This also varies depending on the inspector. Most inspectors provide a full report within 24 hours of the inspection, but it can also take them up to a week.

10. Do you have a list of past customers and clients that we may call as referrals?

The inspector should be able to give you his/her history in the profession and maybe a few referrals.

Hope this helps!

Thanks for reading this, Arna Freedman.

Arna is a Real Estate Broker at Homes of California.

Phone: (949) 244-0444. arna@ehomes.com

Experience, Excellence and Service

View My homes for sale at www.ehomes.com

Arna Freedman specializes in loan modification assistance and short sales in Ladera Ranch California. Ladera Ranch Loan Modification Help, Laguna Niguel Short Sales. Laguna Niguel Short Sale Realtor.Ladera Ranch CA Short Sales.Ladera Ranch Realtor.

Market Trends Report -Mission Viejo - Feb. 6, 2012

   Median list price in Mission Viejo - January 7 - 12, 2012

The median list price of homes for sale in Mission Viejo, CA this week is $499,000 for the week of February 6th 2012.

Home Sales in Mission Viejo have begun exceeding new inventory.  This is a Buyer’s Market so prices are not yet moving higher as excess inventory is consumed.  If the tightening continues and the Market moves into the Seller’s zone, we may see upward pressure on Pricing.  Download this report

Market Trends Report - Ladera Ranch - Feb. 6, 2012

   Median list price in Ladera Ranch - January 7 - 12, 2012

The median list price for a single family home in Ladera Ranch, CA for this week is $614, 900.

The demand is increasing and days-on-market is trending downward. There are positive trends for the market, even as more properties come available. Download this report

Market Trends Report - Laguna Niguel - Feb. 6, 2012

   Median list price in Laguna Niguel - January 7 - 12, 2012

The median list price for homes for sale in Laguna Niguel, CA is $650,000 for the week of February 6th, 2012. The Market has been cooling in recent weeks. Since this is a Buyer’s market where there is excess inventory to satisfy the demand levels, prices have also been moving lower. Download this report

Do lenders always agree to loan modification requests on Ladera Ranch homes?

Sadly, no;lenders don’t always agree to loan modification requests on Ladera Ranch homes.That’s why if you decide to explore this option, you need to get all the information you can get on the subject.

Lenders call the loan modification process "Loss Mitigation," which is the act of reducing the lender's losses whether they approve a loan modification, short sale, or foreclose on a Ladera Ranch property. Depending on the type of loan and delinquency, the lender’s loss mitigation specialist will provide a wide array of strategies for repaying your loan.

If you’re interested in having my advice on how to avoid foreclosure on your Ladera Ranch, I can help you make the decision on whether a loan modification is the best choice for your situation. And if you decide that a loan modification is what you want, I can provide a copy of my free loan modification guide you can use to negotiate a payment reduction with your lender.

The lender may suggest repayment plans that fit your needs. My loan modification guide explains how to begin the whole process from start to finish. It also explains how to persuade a lender to agree to a loan modification. You are free to request a copy today so you can get your mortgage payment decreased and keep your home as soon as possible!

Thinking about a short sale? I can help you short sale your Ladera Ranch property and get back on your feet. Send me an e-mail at arna@ehomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, call me at (949) 244-0444.Arna Freedman, a Real Estate Broker at Homes of California, helps buyers and sellers in Ladera Ranch and other Orange County cities.

Phone: (949) 244-0444. arna@ehomes.com. Experience, Excellence and Service View my homes for sale.

Arna Freedman specializes in loan modification assistance and short sales in Ladera Ranch California.

The quickest road to a short sale decision: Bank of America Cooperative Short Sale Program

The quickest road to a short sale decision: Bank of America Cooperative Short Sale Program

The Bank of America Cooperative Short Sale Program reduces the challenges of a regular short sale in Laguna Niguel, such as waiting up to 60 days just for having your sale be assigned a representative.

Bank of America idealized the program in order to help homeowners explore all their options and, most importantly, avoid foreclosure.

But, how do short sales work?A cooperative short sale in Laguna Niguel begins with the homeowner calling the bank where he/she explains the hardship endured, thus not being able to continue the mortgage payments. The Banker and homeowner then discuss a loan modification (which is, in most cases, a pre-requisite when entering a cooperative short sale).

After the bank reviews the documents presented to show the homeowner’s grievances and determines that a loan modification is not a possible option, it will then turn to the last resort: a cooperative short sale. The next step involves the Bank ordering an appraisal in order to list the property with a Realtor. After the Bank agrees to the appraised price, the property is listed to be sold. 

Given that the short sale is pre-approved, buyers can get an answer on their offers within a day or two as opposed to the 3-6 months a regular short sale takes.

Since the Bank understands that the appraisal may come in high, the property cost gets lowered every 21 days until an offer comes in if the property doesn’t sell within the first 21 days.

This new program is great given that it makes short sales hassle-free for every party involved. 

Thinking about a short sale?I can help you short sale your Laguna Niguel home and get back on your feet. Send me an e-mail at  arna@ehomes.com. I will then contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, call me at (949) 244-0444.

Thanks for reading this.

Arna Freedman, Real Estate Broker at Homes of California, helps buyers and sellers in Laguna Niguel and other Orange County cities.

Phone: (949) 244-0444.arna@ehomes.com.

Experience, Excellence and Service

View My homes for sale at www.ehomes.com.

Arna Freedman specializes in loan modification assistance and short sales in Laguna Niguel California.

 

For other Short Sales articles visit:

Bank of America offering a new short sale program in Orange County

Bank of America offering a new short sale program in Orange County

Every bank, like many other businesses, aims to make money and not necessarily make things smooth for their customers; much less to anyone trying to short sale their property. So, naturally, the main reason Bank of America has initiated the Cooperative Short Sale Program in Laguna Niguel is to increase the bank’s bottom line profit.  

And as we have talked about in previous posts, a short sale might be a good option for you depending on your current situation.

Banks increase their profit whenever they cut losses on loans that are in default. But they also face a few problems:

1. They take long periods of time to process short sales and loan modifications.
2. Given the fact that the length of time to buy a short sale is long, buyers are making lowball modifications.
3. There are many agents that are unfamiliar with short sales and have no clue as to what to do. Due to this, said agents are oblivious on where to price a short sale property.

Bank of America will set the terms before listing the property, such as the list price and deficiency judgments. By doing this, the bank is able to give a shorter decision time once an offer has been placed. The bank claims that once an offer is received, a decision will be provided within 10 days, making buyers less frustrated with the purchase process and more willing to wait for it to be completed.

Since traditional short sales used to take so long, many buyers got frustrated and walked away before a response was given on the short sale. But luckily for sellers and buyers, this process has been made a bit easier for every party involved.

Thinking about a short sale?I can help you short sale your Laguna Niguel home and get back on your feet. Send me an e-mail at  arna@ehomes.com. I will then contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, call me at (949) 244-0444.

Thanks for reading this.

Arna Freedman, Real Estate Broker at Homes of California, helps buyers and sellers in Laguna Niguel and other Orange County cities.

Phone: (949) 244-0444. arna@ehomes.com.

Experience, Excellence and Service

View My homes for sale at www.ehomes.com.

Arna Freedman specializes in loan modification assistance and short sales in Laguna Niguel California.

 

For other Short Sales articles visit:

The quickest road to a short sale decision: Bank of America Cooperative Short Sale Program

 

Rental Scam going on Orange County

More Craig’s List Scammers to take your money!  Agents and Renters BEWARE!

It seems like there is another rental scam going on here with our Orange County Real Estate rentals.

Unsuspecting people are looking at houses for rent that seem like a really good deal. In fact, the deal is too good to be true. Some renters are so smart when they drive by the property and they know their market so well. With our for sale sign in front of the property, including the “Bank Owned” sign on top of the post, the tenants saw that the ad content and the sign didn’t match. They were smart to pick up the phone and call us as they knew that the house rental price was below market value.

By coincidence, just the day after we received the call from that very savvy renter, one of our large banks clients whose foreclosures we handle, sent out a notice nationally that there were squatters appearing in their bank owned properties.  Maybe these are really the poor unsuspecting tenants who were thinking they were renting from the real owner but instead rented from scammers.

I called the local MLS so they could notify the thousands of agent members, but they were more concerned with setting up for a holiday boutique than notifying the agents.  So instead I thought I would let the agent community know that they need to be careful when showing vacant Foreclosure homes as scammers are moving people into these vacant bank owned homes.

What else can we do?  If you are an agent take precautions when showing vacant homes as they may have squatters inside.  Be aware of your surroundings. Let someone know your showing schedule. Check in with someone on your tour. Have a buddy system for your safety. Don’t park in the driveway. Keep your keys in your fist, with one key sticking out for a quick safety tool!   If you hear anything when you enter the house, run out and worry about yourself.  You can always call the local police if you suspect you are in danger.  Use your intuition in these situations!

Tenant’s need to be extra careful when using Craigslist.org to find rentals.If you are a tenant looking for a home and the price seems too good to be true and you get an email back from the Scam Owner, telling you how much they love their home and will be moving out of the area and they are in a hurry to get your money, chances are it’s a scam. They may tell you they will mail you the keys. They may just send you the photos from the on line listing services.

If you need to find a rental home, use a Realtor as these scam artists are taking lots of deposits and rental money from more than one unsuspecting applicantand then disappearing with multiple deposits, renting out the same house to more than one tenant at a time.

If you do get keys from these rental scam artists in Orange County or elsewhere, you may move in the bank owned home and then have to be evicted. Make sure the house you are looking to rent is priced according to fair market value. Usually the rental deposit is equal to the amount of the first month’s rent so that’s your first clue if it’s a lot less than fair market rent. These scam artists move from market to market with their rental schemes so beware of vacantforeclosed homes advertised for rent.  Drive by the house and check it out. You may see a for sale sign by a Realtor.  That’s a good sign!  Any bank owned home that might be a rental will be represented by a REALTOR!Banks may be renting out homes in some areas of the country so be sure to call the Realtor and check with them to see if it is a rental.  Better to be safe than sorry. Don’t get taken by the Craigslist Scam Artists.

 

What is a BPO and Why is it Important to Short Sale Success?

What is a BPO and Why is it Important to Short Sale Success? 

Ladera Ranch, CA – There are many real estate agents who hate short sales. Why should that be? The answer is simply because they really don't understand them too much better than their clients do. In a previous post I promised to explain what a BPO was and why it is so important to short sale success. So here we go:

 

There are two things a broker doing a short sale must understand with absolute clarity. The HUD 1s and BPOS. BPO is an acronym for “Broker's Price Opinion” And getting the wrong BPO is where everything can begin to fall apart.

 

The BPO is an independent real estate broker's opinion of the value of the property to be short saled. In short if they tell the lender “ I think that home is worth $300,000” and the offer on the table is for $275,000 they – the lender- will turn it down. A lender will usually reject or accept based on the BPO. And often, in my opinion, the BPO is just off.

 

I have seen brokers drive fifty miles to access a property. A property that is located in an area they personally have never worked the real estate market. So what I do is actually make the effort to go meet with that broker. I give them a little more insight into both property and the market and then explain the offer price if it seems a little low. There may be a problem with the house, the neighborhood , who knows? All kinds of things can affect a home's real value and many of those do not become apparent during a ten minute walk through.

 

Once the broker has all the information, including mine, I find that they really do give more thought to the BPO they set and therefore are more likely to come up with a realistic BPO that will convince the lenders to approve the short sale.

 

What is a BPO and Why is it Important to Short Sale Success? I can help you short sale your property and never pay the bank another penny. Please feel free to send me an e-mail at arna@ehomes.com  or give me a call at (949) 244-0444 to arrange a free consultation.

 

Thanks for your time,

Arna Freedman