Orange County Real Estate Thoughts

This property has a total of 5 bedrooms and 4.5 bathrooms, a 3-car garage, RV parking with hook-ups, a cabana with bar and BBQ, and still has room for grass in the back yard.  Approximately 2783 sq ft of living space on nearly a 12,000 sq ft lot. 

The front house has 4 bedrooms and three bathrooms, living room with fireplace, and inside laundry.  The back apartment is a large one bedroom, one bathroom, and could easily be a 2-bedroom unit.  It has a new kitchen with granite countertops, and a large deck off the front of the unit.  Update:  these two units have just been joined together to make a vey large house.

There is additional laundry hook-ups in the garage, as well as another 1/2 bath. 

More info at 435 Laurel Ave, Brea


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Everything seemed to be going well with the short sale -  the first mortgagor had approved of the purchase price and negotiations with the second mortgagor seemed to be moving along.  Yet, somewhere in the process, the second mortgagor sold off the debt for pennies (?) on the dollar.  The new note holder had to be found and negotiated with, and they wanted more money than was previously being negotiated - a lot more.

 Throw into the mix that the second mortgage was a HELOC (Home Equity Line Of Credit).  The new owner of that note figures that if they don't get the money they require, they will hold the homeowner personally responsible for the debt. 

 The buyers of the short sale have been waiting patiently for months.  Will the sale go through?  Or,

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"In Foreclosure Process, Notice of Default, Short Sale/Subj to Lender Approval"

The part that sticks out to me is that is says "In Foreclosure Process"... Does this mean it will soon be foreclosed and be listed as an REO and no longer a short sale? And what does the "Notice of Default" mean???

When a homeowner misses a payment (or payments), the lender CAN record a Notice of Default on the property.  This would be the start of the 'in foreclosure process'.  3 months after the NOD, the lender CAN record a Notice of Trustees sale.  This lets the homeowner know that a date has been set for the home to be auctioned off on the courthouse steps.  These dates can be postponed.

So let's assume that the homeowner is in default on the loan and a Notice of Default…
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How come this website has a home listed as In Escrow, while another has it listed as Contingent, and another as Accepting Backup Offers???

Contingent, in escrow, and accepting backup offers, all really mean that the home is in escrow..

When an offer gets accepted, the agent will change the status on the MLS to 'back up'.  That lets the other agents know that an offer has been accepted, but they can still show the home to clients.  If they wanted to write an offer, it would be as a 'back up' offer in case the escrow with the first offer did not work out.

Once a buyer removes all of their contingencies,  the agent will (should) change the status on the MLS to 'pending'..

Most buyers that I know do not write backup offers,  and many agents do not show those

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Listingbook is a program that will give you access to the same database that we use in the real estate business, and you can access it 24/7 from any computer. It will provide you with up-to-the-minute data on all the properties that are on the market that matter to you.

Your account is free and loaded with powerful and helpful tools you will not find in any other service. It is extremely easy to use.

With Listingbook you can easily:

• Find any home in the Multiple Listing Service- just like I do! • Make an informed decision and find your dream home quickly. • Receive automatic notification of price reductions and new listings.

Let me know if this is something that you would be interested in.  Contact Me.
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As predicted, the conventional lender Chase Bank has confirmed that in the next six to eight weeks a flood of foreclosures will be released throughout Californina. What does that mean for us in Orange County? Opportunity!  We estimate that the low amount of foreclosures that we have now in Brea, Fullerton, Placentia, Yorba Linda and La Habra should rise to around 30% of our inventory. For those of you who have been or who are thinking about selling... you need to come to serious terms that if you don't take your equity and run now, you may be forced to sell later at foreclosure-driven market prices. You've worked too hard for what you have, don't let the failing economy rob you of that. 

Now, on the other hand if you are a buyer, this is a fabulous

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Fullerton Homes For Sale - Market Update

 Today, Jan 15, 2009, there are currently 409 homes listed for sale in Fullerton.  56 of the homes are bank owned.  261 of them are detached single family houses.

There are 138 homes currently in escrow.  49 of those are bank repos.

21 homes have closed escrow so far this year.  8 of them are bank repos.

91 homes sold in Fullerton in December, 2008.  38 of them were bank repos.  They sold in an average of 29 days for 101.60% of listing price.  Most times, there are many competing buyers for these homes.

There are deals to be made in purchasing a bank owned home.  Buyers need to be aware, however, that the homes will be sold in as-is condition with no repairs to be made.  Sometimes, the bank won't even pay for

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Brea Homes - Market Update

Currently there are 107 available homes for sale in Brea, CA (Jan 15, 2009)

76 single family homes and 31 condos and townhomes. 

31 of those are short sales, and 8 of them are bank owned

 

There are 40 homes in escrow.

16 of those are short sales, and 5 of them are bank owned.

 

5 homes have closed escrow so far this month.

 

30 homes sold last month in Brea (Dec 2008).

10 of those were bank repos, and 5 of them were short sales.

The average sales price was 97% of the list price.

11 of those homes sold for 100% of the asking price OR more.  10 of those were probably the bank repos.

 

 

 

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Brea Bank Repo
SOLD

Wow, here's a home that should sell quickly.  A 4 bedroom 3 bathroom home with over 3000 sq ft of living space, highly upgraded, beautiful city view, and listed for only $539,000.

The master bedroom is huge, as it was a builder option to be 2 bedrooms.  There's a spa tub in the master bathroom.  The home features a remodeled kitchen with granite countertops, an intercom system, surround sound, travertine flooring, slate flooring, recessed lighting, 2 fireplaces, etc etc.

I'm sure the home will get multiple offers and will sell for more than asking price.   It's not my listing, but I will gladly show it to you.  Don't miss out.

 To see more Brea Bank Repos go to Brea Bank owned homes.

 

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La Floresta in Brea

On September 23rd , 2008, the Brea Planning Commission approved of the La Floresta project and sent it to the city council to get their approval before construction could be started on the development.

For those not familiar, it’s a mixed-use project on 220 acres, formerly owned by Unocal,  that would bring residential and commercial units to the Northeast section of Brea.  Basically, the projects are off of Valencia between Rose and Imperial Hwy.

The proposed development is for nearly 1100 residential units, including senior housing and live/work housing over commercial businesses, with 156,000 sq feet devoted to mixed-use commercial,

The neighboring city of Yorba Linda has concerns regarding traffic and safety.  And, there still seems…
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