Tag Archives: Purchase

11 Reasons to List Your Home During the Holidays

1. People who look for a home during the Holidays are more serious buyers!
2. Serious buyers have fewer houses to choose from during the Holidays and less competition means more money for you!
3. Since the supply of listings will dramatically increase in January, there will be less demand for your particular home! Less demand means less money for you!
4. Houses show better when decorated for the Holidays!
5. Buyers are more emotional during the Holidays, so they are more likely to pay your price!
6. Buyers have more time to look for a home during the Holidays than they do during a working week!
7. Some people must buy before the end of the year for tax reasons!
8. January is traditionally the month for employees to begin new jobs. Since transferees cannot wait until Spring to buy, you must be on the market now to capture that market!
9. You can still be on the market, but you have the option to restrict showings during the six or seven days during the Holidays!
10. You can sell now for more money and we will provide for a delayed closing or extended occupancy until early next year!
11. By selling now, you may have an opportunity to be a non-contingent buyer during the Spring, when many more houses are on the market. This may allow you to sell high and buy low!

Sold Home For Sale

Dustin Wise “The Wise Team”

Keller Williams Realty

http://www.ILoveSoCalHomes.com

Dustin@TheWiseTeamOC.com

(714)875-3667 call/text

Lic # 01520106

 

Contributed by:

Lance Indes – Prominent Escrow Services

3 Pointed Drive

Brea, CA 92821

(714) 494-2700

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Beautiful 4 Bedroom Anaheim Home – Just Listed

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Inventory of Homes For Sale Lowest Since 1999

The National Association of Realtors reported inventory of homes for sale decreased to 1.74 million units in January 2013, down from 1.83 million in December. This is down 25.3% from January 2012, and down 19% from the inventory level in January 2005(mid-2005 was when inventory started increasing sharply). This is the lowest level of inventory since December 1999.
 
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What does this mean for buyers and sellers?

Many buyers have entered the market due to historically low interest rates and low down payment requirements. Often times this means that buying a home is less expensive than renting in many cities. The sheer demand combined with the lack of inventory has driven prices up and caused multiple offers on just about every house on the market. 

Sellers are once again in the drivers seat due to low inventory levels and are often able to dictate their terms, price and choose the offer they feel is the best out of the multiple they receive.
 
Whether you are a buyer or seller feel free to call us today to discuss your real estate options and we can put a personalized plan together for your specific needs. No obligation, just information! 
 
The Wise Team
(714)698-9473 call/text
Dustin@TheWiseTeamOC.com 

Attention Renters: Home Affordability at All Time High

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The median home price in California is currently $353,190. Based on this (and assuming a 20% down payment) the monthly mortgage plus taxes and insurance would be $1,670. The income needed to qualify for that purchase is $66,940. 

To put that into perspective there are many cities in Orange, Riverside and LA County where $350,000 will buy a 3 bedroom, 2 bathroom single family home.  

We realize that coming up with the down payment is a daunting task. Just know that there are options that allow for 100% financing (through the veterans administration) and as little as 3-3.5% down for Conventional and FHA financing respectively. 

We are here to answer all of your real estate and lending questions. Contact us today for a private consultation to learn more about buying a home and the necessary steps to take to secure your financing. 

The Wise Team

(714)698-WISE call/text

Dustin@TheWiseTeamOC.com

Buying A Home After A Short Sale or Foreclosure

Andreea Stucker thought she made a good investment when she bought a Huntington Beach condo with her boyfriend in December 2005.

But then she and her boyfriend split up. He moved out just as the housing market crashed, leaving Stucker broken hearted and broke.

Article Tab: new-dog-previously-gus
Andreea Stucker with her dog, Gus, and her new home in Huntington Beach. She previously lived in a condo that she sold as a short sale.Here’s a breakdown of waiting periods for boomerang buyers who lost their homes due to a foreclosure or a related event:

Foreclosure:

  • Seven years for a government-backed Fannie Mae or Freddie Mac loan.
  • Three years for a Federal Housing Administration (FHA) loan.
  • One to two years for a FHA loan if there were extenuating circumstances (such as illness or death of a wage earner).

Short sale:

  • Seven years for Fannie Mae or Freddie Mac with less than 10 percent down.
  • Four years for Fannie Mae or Freddie Mac with 10 percent down.
  • Two years for Fannie Mae or Freddie Mac with 20 percent down.
  • Three years for an FHA loan.

Deed in lieu of foreclosure:

  • Seven years for Fannie Mae or Freddie Mac with less than 10 percent down.
  • Four years for Fannie Mae or Freddie Mac with 10 percent down.
  • Two years for Fannie Mae or Freddie Mac with 20 percent down.
  • Three years for FHA.
  • One to two years for FHA loan with extenuating circumstances.

Source: Fannie Mae, Department of Housing and Urban Development

 
 
 

With her own income down at least 60 percent, the real estate agent was unable to make the $4,400-a-month mortgage payments on her own, even after taking in room-mates.

“I begged the bank for over seven months to grant me a loan modification to reduce my payments, because I was rapidly going through my savings,” Stucker, 34, recalled. “I ended up completing a short sale on my home, and my credit took a huge hit.”

Three years later, Stucker has mended both her heart and her credit score. She has a new husband and, “miraculously,” a new house.

Stucker is among the emerging ranks of boomerang buyers — people who bounce back from foreclosures or short sales to become homeowners again.

Generally, buyers must wait at least three years after a foreclosure or short sale to qualify for a government-backed Federal Housing Administration mortgage. It can take seven years to get a conventional loan backed by Fannie Mae or Freddie Mac.

It’s been 4 1/2 years since the foreclosure crisis peaked, and real estate industry observers say they have seen boomerang buyers gradually returning to the Orange County market for at least a year.

“I think over three-fourths of these folks will take a stab at the comeback trail,” said Paul Scheper, division manager for Greenlight Financial in Irvine. “Even though some are coming off a bitter experience, most will be looking to regain the American Dream.”

Three to five people who went through a foreclosure or short sale show up each month at homeownership courses offered in Santa Ana and Irvine by the Consumer Credit Counseling Service of Orange Countyor up to 20 percent of the attendees, said Sahara Garcia, the agency’s director of education. She first noticed the boomerangers in late 2011.

“They’re out there,” Garcia said.

 

After 3 ½ years, Stucker still cries at the memory of losing her Huntington Beach condo.

She and her ex-boyfriend paid $613,000 with no money down for a two-level condo with cathedral ceilings and skylights, two bedrooms, two bathrooms and a spacious loft less than two miles from the beach.

They spent $40,000 more installing granite countertops, hardwood and travertine floors, new bathroom vanities recessed lighting and other upgrades.

But it turns out that the real estate game isn’t just about location, location, location. It’s also about timing.

By December 2005, Orange County home sales had just headed into a three-year nose dive. Home prices soon would follow.

Stucker’s income as a real estate agent dropped. Her boyfriend moved out after five months. Eventually, she depleted $29,000 in savings, then quit making house payments.

Unable to get a loan modification she could live with, Stucker sold the condo in May 2009 for $425,000 — $188,000 less than what she owed on two mortgages.

Her credit score went from 798 in December 2005 to the low 500s by May 2009.

“It was probably nine months that I fought for that home,” Stucker said. “I loved my house, and I wanted to stay.”

In hindsight, she says she should have cut her losses before dipping into her savings. But she kept thinking the market would turn around, and she’d be able to afford the home again.

“It’s like getting kicked when you’re down,” Stucker recalled. “You’re going through this awful breakup with this person you thought you had a future with, (and) your income is crap even though you’re working full time. … It was tough.”

Road to redemption

More than 33,000 Orange County households now potentially could qualify for an FHA loan because it’s been three years since their short sale or foreclosure. In the nation as a whole, more than 3.4 million households have completed the minimum waiting period.

But many people still do not have the money or sufficient credit to get a loan.

Natalie Lohrenz, the Credit Counseling Service’s director of development and counseling, said there are two types of foreclosed homeowners.

Those who had a bad loan they couldn’t afford. And those whose finances got nuked.

The first type couldn’t make their house payments, but still had enough income to stay on top of their other bills.

The second – because they went through a divorce, illness, job loss or business reversal – basically ended up with nothing, and trashed their credit across the board.

Stucker fits the first category, and her story serves as an example of how people can recover from a housing market wipe out.

She followed this approach: She paid her homeowner association dues. She paid her bills. She kept credit cards and car payments current.

When Stucker went from homeowner to renter, she could show the landlord everything apart from the mortgage was paid on time.

From then on, she kept her nose to the grindstone and kept paying her bills.

“Eventually, enough time passed, and I didn’t have any 60- or 90- or 180-days late on my credit,” she said. “Right before the two-year mark, I checked my credit for something else. … It had gone up more than 100 points.”

By October, after Stucker married, she and her new husband had saved enough to get an FHA loan on a four-bedroom, 2,500-square-foot house in south Huntington Beach. They paid $625,000 with 3 ½ percent down.

Her credit score is back up to 720.

Her new home needs work. She and her husband repainted the home inside and out, removed 11 trees and fixed a leaky pool. They did much of the work themselves.

Because of the experience, Stucker thinks she’s a better real estate agent.

Clients going through their own short sales worry they’ll never be able to buy a home again. She knows what they’re going through, emotionally and financially, and shares her experience.

“In retrospect, it was a mistake to buy a house with no money down at the height of the market. But who knew it was the height of the market?” Stucker said. “(But) no matter how far you’ve fallen, there’s always up. There’s always the possibility that you can own again.”

 

Source = http://www.ocregister.com/articles/years-496154-stucker-loan.html

Home Buying Seminar

Home Buying Seminar

Thinking about buying a home but don’t know where to start? We feel that education is power and you will definitely walk away from this seminar feeling empowered. 

What will you learn? 

  •  How To Buy Government Owned Homes
  •  Purchasing Foreclosures/Bank Owned and Short Sale Homes
  •  What Is A “Regular Sale”
  •  Understand The Escrow Process
  •  Buying With $0 Down
  •  How To Get Qualified For A Mortgage
  •  First Time Home Buyer Programs
  •  Veteran “VA” Loan Programs
  •  Tax Benefits of Owning Vs Renting

Contact us today to reserve your seat. Come for the FREE soda and pizza, stay for the education. 

 

The Wise Team

(714)698-9473 call or text

Dustin@TheWiseTeamOC.com