I just had to stop & snap this photo of the Woodbridge High School field, when on my way to my office this morning. Hundreds & hundreds of seagulls had taken over the field, probably feasting on earthworms after the field had been tilled.If they stay much longer, I'm going to have to find an under-cover parking-space at Century 21 Professionals! 01/31/2010

The down payment is nearly always the biggest hurdle an Orange County First Time Home Buyer has to over come. The down payment can come from several different sources, but buyers need to be careful because there are also sources that are not allowed. Besides actually saving the down payment over a period of time, below is a list of a few of the acceptable down payment sources.Sources of Down Payment for an FHA LoanIRA's, 401K, retirement funds. One of the great things about FHA is that a 401K loan payment is not counted in the borrowers debt to income ratios. It is on a Conventional loan.Gift Funds. This typically needs to come from a relative.  Gift funds need to be "paper trailed", meaning the lender will need to verify the donor had the funds to give. A copy of the actual cancelled g... 01/30/2010

On January 15, 2010, HUD issued a news release which dramatically changes its 90 day anti flipping rule, which will help Orange County first time home buyers using FHA financing. The 90 day no flipping rule has prevented Orange County home buyers from purchasing a property that had been recently purchased by an investor for profit.What was the Purpose of the No Flipping Rule? In 2003 HUD came up with the No Flip rule in order to prevent investors from artificially inflating prices, thus ripping off unsuspecting home buyers. But in the current market the rule has been seen as a road block to the housing recovery. With all of the new consumer protection rules that have gone into place in the past 12 months including HVCC, which takes the appraisal ordering out of the hands of the lender, ... 01/20/2010

My former assistant has now graduated with her accounting degree and is working for a major accounting firm in Southern California. It's tax season and she is finding her 3 hr R/T commute to be a daunting addition to her workday.                                                            I need a favor; do you have a client who can use some extra money to pay those holiday bills?  This is a short-term situation, probably about 3 months.  She is as quiet as a mouse and only needs to be able to have somewhere to sleep, clean up, access her laptop and re-charge her cell phone. Who are you thinking of right now that has an extra room and a bathroom that Kathleen can call Termporary Quarters for a couple of months?  Irvine or Newport Beach are ideal.  (She is a homeowner in Riverside County.... 01/16/2010

The Woodbridge Village Association has launched a WiFi network at Stonecreek Swim Club.  This new service allows members and guests to enjoy the internet and Southern California's climate while lounging at the pool!To use the network, please follow the instructions below.  These instructions are also posted on the bulletin board at Stonecreek Swim Club and on the Association's web site at http://www.wva.org and at http://WoodbridgeHomeSales.com.To access the WiFi, select WVA from your list of available wireless networks and press connect.  Your PC should connect to the network and Windows may provide a prompt asking if you want to connect to a non-secured network.  Accept the connection.  At this point, you may launch your internet browser.  You will get a pop up window with a security ... 01/11/2010

Just like in 2009, 2010 will be a big year for the FHA loan program and Orange County First Time Buyers. There are several reasons for this, one of them being that there just aren't many competing loan programs.4 Reasons FHA will Continue to be Preferred by Orange County First Time Buyers Only 3.5% down payment requirement. Other Conventional programs require at least 10% down, as long as the borrowers FICO scores are 740. There are a few niche programs, such as the Fannie Mae Homepath program which is for specific Fannie Mae owned properties, or the VA loan program which allows for 100% financing but is only for VA eligible borrowers. The FHA credit guidelines are more flexible than Conventional financing. Although technically FHA does not require a minimum FICO score, most lenders wan... 01/10/2010

The Annual Southern California Half Marathon and 5K race will be held in Woodbridge tomorrrow. Races will begin at 8:00am for the 5K and Half Marathon, and the Kids Run is at 10:00 AM.  The event benefits Woodbridge High School athletics, and also other IUSD schools, and some local charities. Over 4,500 participants are expected and the weather looks like it will cooperate! The course is flat and scenic. The races start near the intersection of Creek & Barranca. 01/08/2010

    Buyer's Agents - Don't Forget The Seller Concessions on Short Sales!         I respectfully disagree with the information given on this blog which states that seller concessions cannot be given to short sale buyers. The notion of " If a seller is in a short sale position....why would you think there was extra cash to help the buyer ?" is false as the seller does not directly pay cash to the buyer. Instead, the funds given to the buyer is paid out by the lender as a loss to the lender. So as a buyer's agent on a short sale, try to have the seller pay for everything and let the lender counter the terms.By not doing so, you are doing a great disservice to your clients to get the best possible terms negotiated for them. I wrote the following blog to show you how to write an offer on a ... 01/05/2010

Irvine's Wheel of Life Serves Up Vegan Power!!      VEGAN POWER!!! This is the message that you will receive when you visit the great restaurant,  Wheel of Life, in Irvine, CA.     Run by Victor and Kim, some of the friendliest people I have ever come in contact with, with the mission to serve great vegan food in a friendly atmosphere. Every time I visit, Victor comes out to greet us personally, "Vegan Power" he says, telling me he is a 3rd generation vegan. There is an awesome array of food, something for everyone.     The cuisine is traditional Thai food with vegan substitutes for meat - curries, Pad Thai, fried rice and much more (check out the menu). For dessert the coconut or green tea ice cream with fried banana is a must try. As you leave you can grab some free Buddhist literatur... 01/04/2010

Following my 12/30 post below, here are the final 2009 Woodbridge home sales numbers. 161 attached & 65 detached Woodbridge homes sold, making a total of 226 closed sales for the year. The average selling price of these 226 homes was $520,303. The average Days on Market was 56.9 days.     Here are the highest-priced Woodbridge houses that sold last year: Address Bed SqFt Sold Price Sold Date DOM 22 Rockwren  5  3,495  $1,130,000  10/14/2009  39  4 Earlymorn  4  3,068  $1,055,000  12/29/2009  45  46 Emerald  4  3,200  $1,150,000  7/20/2009  42  14 Rockwren  6  4,200  $1,349,000  5/12/2009  14  111 Nighthawk  5  3,734  $1,437,500  7/21/2009  130  46 Woodbridge homes are presently being offered for sale. These range in price from $285,000, (for a 3 bedroom short sale), to $1,399,000 for a ... 01/03/2010

Two of the nicest tracts in Woodbridge Irvine are Landing I and Landing II, and these consist of only Single Family Residence detached homes. Both tracks are "inside the Loop" and a wonderful community spirit exists.  Most homes are beautifully decorated for the holidays.Don't expect to see many homes in "The Landings" on the market for sale. Usually when one is offered for sale, it is snapped up pretty fast!In 2009 only 5 homes sold, (that's in Landings I and II combined), and only 5 homes were sold in 2008 too.I sold 4-bedroom 25 Whispering Wind, (in Landing I), a few months ago for $995,000. One other Landing I home sold in 2009 and this was 4 Earlymorn which sold for $1,055,000.These 4-bedroom Landing II homes sold in 2009:11 Laurelglen $825,000.59 Emerald $870,000.46 Emerald $1,150... 12/30/2009

Year to date, 160 attached & 64 detached Woodbridge homes have sold, making a total of 224 closed sales for the year so far.The average selling price of the attached homes was $443,100. The average Days on Market was 57.1 days. Look at the breakdown below: Time on Market UNITS 1-30 Days 101  31-60 Days 52  61-90 Days 28  91-120 Days 14  121-180 Days 13  More than 180 Days 13  Total Units Sold 224      Only 4 homes sold at over $1 million, and none were over $2 million.Only 42 Woodbridge homes are active, (offered for sale), right now.     12/29/2009

Mike Linkenauger wrote a blog in which he tried to convince the audience that short sale option contracts are a scam and that home owners should avoid the investors who approach them in this manner. Along with his blog, there have been a few more blogs that I have come across by agents who are ignorant on short sales or even those "certified" short sale agents who are baffled and confused about short sale flips. The purpose of this blog is to point out that short sale flips can be ethical and legal if done right. That when approached with an opportunity to help home owners, real estate investors and agents should look at the process or system in place and seek independent review to determine whether it is legal and/or ethical to move forward. Homeowners - When it comes to Irvine Short S... 12/22/2009

Woodbridge is a community of about 9,500 homes, with an adult population of about 30,000 people, and is known as being a model planned community.It encompasses 1,700 acres and features approximately 40 parks and pools, two "landmark" lakes and swimming lagoons, two beach clubs (with boat docks), 24 tennis courts, plus many other recreational amenities for use by the residents. The excellent Woodbridge schools are a big reason people move here. See all Woodbridge homes for LEASE here, and all Woodbridge homes for SALE here.  Woodbridge is always being kept in great condition, and quite a few facilities have been renovated during the past year.Recently the pool decks of Stonecreek, Blue Lake, Woodflower & Smokestone were resurfaced.The lakes have just been stocked with fish, so if you don... 12/20/2009

On December 16 FHA came out with Mortgagee Letter 09-52, which provides guidance to lenders in how to deal with borrowers who have had a Short Sale and borrowers who are refinancing a "short payoff". This has been occuring quite a bit in Orange County, along with the rest of southern California.What is a Short Sale? What is a Short Payoff Refi?Short sales have been all the rage in 2009 but FHA has not been very clear on how they would deal with a borrower who had sold their home through a Short Sale. A Short Sale is where a property is sold for less than what is owed on the mortgage, thus creating a loss for the lender. A Short Payoff Refinance is where the lender "writes down" the principal on a loan in order to allow the homeowner to refinance.Will FHA Finance a Borrower Who has had a... 12/19/2009

Do you know that there are more homes for LEASE in Woodbridge, Irvine, than there are for SALE?  48 Woodbridge homes are for SALE, (including two-bedroom #3 Whitecloud),  and 57 homes are for LEASE, (check out two-bedroom #615 Springbrook North).  23 Woodbridge homes SOLD last month, and 23 were LEASED.  Interesting.... 12/13/2009

When buying a condo in Orange County, it is important to understand the insurance requirements. Whether the loan will be FHA, VA USDA, Fannie Mae or Freddie Mac, the lender will need to make sure the property is insured beyond the typical "exterior" insurance policy most Home Owners Association's cover.What is a "Walls-In", or "HO-6" Insurance Policy?A Walls-In policy will cover the interior of the condo. In insurance lingo, the Walls-In policy is referred to as the HO-6, or Interior Insurance Policy. While most people have known that a condo Master Policy is required, few people have understood the interior policy requirements. Over the past year, as lenders have dealt with tightening guidelines, the condo insurance guidelines have become more spelled out. Because there is a high conce... 12/12/2009

For those of you who missed out taking a picture with UCI's Peter the Santa Anteater this past Wednesday, December 3rd from 11:00 a.m. - 2:00 p.m. at the U.C. Irvine Bookstore, here's a question for you: Now we know that if you've been a good girl or boy all year long, then Santa will leave goodies in your Christmas stocking, right. However, if you've been a bad girl or boy, then it's coal in your stocking...uh oh!  :-(         Well, if Peter the Santa Anteater's favs are ants---lots of them, my question is this: If you wake up Christmas morning and find ants in your stocking, have you been good or bad? Hmmmmm........ GO 'EATERS! And may all you U.C.I. students have a straight "A" Holiday! (And no ants in your pants ;)   12/08/2009

The highest priced home that sold in Woodbridge in November was 11 Laurelglen. After being bought at an auction in July for $690, this 4-bedroom, 2,334 Sq Ft SFR was flipped & recorded early last month, for $825K.The lowest priced home to sell last month was a 1 bedroom 715 Sq Ft bank-owned condo which fetched $225K.Altogether, 23 homes sold in November, and 47 are presently for sale, (active), so there's only two month's inventory of Woodbridge homes right now.The Woodbridge homes for sale range in price from $299K to $1.4 million. The smallest home is 917 Sq Ft, and the largest is 3,400 Sq Ft. See these homes at www.WoodbridgeCondo.com.The average Days on Market for these homes are 69 days, and the highest is 524 days, (not a typo). The price was reduced 3.5% after 206 days, another ... 12/06/2009

http://www.ustream.tv/recorded/2694020 What is a real estate IRA? "Real estate IRA" is a term used to describe a real estate investment(s) in a self-directed IRA or 401(k). With a real estate IRA, you can earn tax-free/tax-deferred returns on your real estate investments. What types of real estate IRA investments are allowed? The following is a partial list: •Raw land •Single-family homes •Commercial property •Apartments •Duplexes •Condos/townhomes •Mobile homes •Real estate notes •Second mortgages •Partial notes •Real estate purchase options •Tax liens certificates http://www.ustream.tv/recorded/2694020 For more information - 714-460-5505 12/02/2009