Good News for Short Sale Homeowners!

A new law was just passed that says both the first and the second lien holder on your house cannot go after you for a deficiency if they agree to a short sale.  This should enable more homeowners to short sale their homes if they were unable to get a loan modification without worrying about having to carrying a note, or the bank getting a deficiency judgement against them.  This law applies if the home is your principle residence.  This new law couple with the 'Debt Forgiveness Relief Act' basically eliminates any concerns about financial liability after a short sale.

First Time Buyers!

If you've got a good job then don't wait too long to get qualified to buy a home or investment property.  An increase in interest rates can affect your buying power more than an increase in sales prices.  For every 1 point of interest increase you lose $50,000 in purchase ability. 

If you plan on staying in your home for more than 5 years then no need to worry about a slight decline in sales prices.  It is a buyer's market right now.  Prices and interest rates are at an all time historically low point.

In South Orange County CA, you can buy a single family home under $400,000!! and a condo in Laguna Niguel for $200,000.  We haven't seen those prices in 10 years.  It's harder to get a loan these days, so first step is to talk to a loan officer and find out exactly how much home you qualify for.  Second thing is to get hooked up to my automated homesearch to see the newest listings on the market, so you can be one of the first to make an offer.

Email me with any of your buying questions.  Let's get started ;-)

New Listing in Laguna Niguel

Great Opportunity!! Single family home in Laguna Niguel 3 bedrooms and 3 baths.  1 Bedroom downstairs with closet and bathroom.  On a cul-de-sac street in the middle of the tract.  Close to schools and parks.
Seller asking $500,000 and it's NOT a shortsale....wooohhoooo!!  Give me a call to see it.

OMG! Rates as low as 2.5%!!!

Right now you can get a 5 year fixed rate of 2.5%! and a 30 yr. fixed at 4.12% conventional loan.  And FHA is only 3.5% down payment!

These rates will probably never be repeated for years to come! So if you've been sitting on the fence waiting to see what is going to happen to the real estate market, don't get caught on the up swing!!

Call your lender today and get pre-qualified.  You can buy much more property today than even 3 months ago.  Once the banks decide to raise the rates it can effect your price range by as much as $50k-$100,000 in purchasing power by merely raising the rates 1%. 

So don't be kicking yourself saying, "shoulda', woulda', coulda......'