Jumbo and Super Jumbo Mortgages

Jumbo mortgage and super jumbo mortgages are available and are used more frenquently lately. The percentage of homes bought with loans greater than $729,750 has been increasing and loans over $2 milion a sign that the market has taken a good turn.
Jumbo and super jumbo mortgages are up 27.8 percent for the loans issued in Feb. in this area still below the normal market. Just 6 months ago the interest rates were around 7 to 8 percent. Now the jumbo rate is closer to 5.75 percent.

This is especially important to the agents who work with the luxury, estate, and mansion part of the market. The fact that the market is releasing more money in the form of Jumbo and Super Jumbo mortgages to these homes indicates the market is healing.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Forclosed Mansion in Huntington Beach

Once again I am here to let you know of the mansions and estates in Huntington Beach, Orange County, CA and this one got away as a foreclosed extate or mansion. The home was in Huntington Beach an was foreclosed on last year went on the market this month and is now in escrow the asking price was 1.93 million for this Mansion.
The property had been on the market with the homeowner as a short sale for month prior to the bank's foreclosure. It had been on the market at 3.87 and dropped to 2.39 million as a short sale that did not sell.

The Orange County Register is reporting that the price was slightly higher than the asking price on the property. The home is at 1120 Main St., Huntington Beach.

The home was built to be lived in by the builder and and it is 6,400 square feet of home on a 8,500 square foot lot and has the following features:

• 4 bedrooms and 5 full baths
• Dry sauna
• Wine Room
• Elevator
• Smart-house technology
• Wraparound Balcony

If you want more information on mansions, estates, or luxury homes call us.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Dana Point's Truly Breathtakin Home

Dana Point has a one of a kind Truly Breathtakin Home
Dana Point has a truly breathtaking home that is listed at just under $25 million. This is the most expensive home in Dana Point. This truly breath taking home sits on the ocean and is located in the Strands.



The Orange County Register states the home is at 47 Strand Beach Drive, in Dana Point. As you enter this home the first thing you would see is the ocean and the second thing you notice is the sound of the surf.



The infinity pool give you the feeling that you are in the surf. The home was just completed and is ready for occupancy.



If you are in the market for estate ocean homes call.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Irvine's Most Expensive New Home

Irvine's newest estate or luxury home could become the most expensive new home, or most expensive home. Today The Orange County Register had an article on this very large home 13,779 square foot home that is to be completed in 5 months.  This home is truly a mansion and it feels like an estate.

This home will have 6 bedrooms and has been under construction for a year and 1/2 with an expected completion in 5 more months. The home is located at 28 Boulder View it sits on a lot just under an acre of land.

Some of the features of the home:

• Master bedroom with his and her full bathrooms and separate walkin closets.
• An 850 square foot home theater with reclining theater seats.
• An 80 foot long pool.
• A five car garage
• An elevator and spiral staircase
• bonus room
• wine cellar and wine tasting area
• exercise room
• great room
• tennis court with cabana
• Office
• Library

It borders the Shady Canyon Golf Course. The architect is Brion Jeannette and this is going to be the pride of Irvine.

The most expensive listing in Irvine is just under $16 million, is 13,500 square feet of home and it sits on a 1.73 acre lot. That is why the are claiming the new home could become Irvine's most expensive properties ever.

If you would like to purchase an mansions, estate home or luxury home please call.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Market Report for Mission Viejo Area

This weeks market report for Mission Viejo and surrounding areas shows that Orange County Median Prices for the resale homes were up 13.6 percent, for new homes it is up 6.5 percent and for resale condos up 11.5 percent. The sales volume is down for resale homes 4.1 percent and up 26.3 percent on condos and up 15.7 percent for new homes.

• Mission Viejo Zip Code 92691 sales prices are up 14.9 percent and the sales volume is up 6.8 percent.
• Mission Viejo Zip Code 92692 sales prices are down 20.7 percent and the sales volume is up 80.0 percent.
• Aliso Viejo sales prices are down 5.3 percent and the sales volume is up 23.2 percent.
• Laguna Niguel sales prices are down 4.4 percent and the sales volume is up 25.3 percent.
• Rancho Santa Margarita sales prices are down 2.8 percent and the sales volume is up 13.8 percent.
• San Clemente Zip Code 92672 sales prices are down 0.6 and the sales volume is up 3.6 percent.
• San Clemente Zip Code 92673 sales prices are up 9.5 percent and the sales volume is up 51.6 percent

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Dana Point 13.9 Million Dollar Home

Dana Point has a 13.95 Million Dollar Home that is going up for auction.

In Dana Point there is a home that is listed at 13.95 million dollars and is a 8100 square foot home. The home is at 49 Beach View Ave, Dana Point and had been listed at 13.95 million dollars for the home that is now going up for auction at a starting price of 7.5 million.

This Dana Point home is a 4 bedroom 7 bath home which is 6.45 millon less than the 13.5 million dollar price on the origional listing. The home has an elevator, his and hers master baths and closets, a home theater, a circular wine cellar, an exercise room, and outdoor kitchen and a library. This home is 3 stories tall and is expected to sell for more than the starting bid.

For information on luxury homes visit us at our website.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Are Investors Buying Foreclosures?

Investors Are Buying Foreclosures
There is a trend that a lot of the distressed properties are being picked up by investors, investors are buying up the foreclosures. In the month of February the investors bought more than double the number of properties at foreclosure auctions in Orange County than they had one year ago.

The investors are buying 287 properties that are foreclosures and one year ago they purchased 140 properties.

This is a very competitive purchase at the court house steps with bidding wars and a requirement that the purchase be a cash purchase.

This statistic is amazing when you consider that the purchases increased while the foreclosure sales are dipping with less inventory.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Unreal Story

This is such an unreal story in Yorba Linda!


The Orange County Register carried a story of a couple who built their dream home and cannot move into it this story is unreal. After sinking five years and $700,000 into their dream home, Brian and Cherie Wink got bad news from the Yorba Linda Building Department: The structure is uninhabitable.

When they were trying to get to the bottom of the situation they found that the architect was unlicensed, and the city building inspector was suspended on suspicion of taking bribes from the general contractor.

During the discovery in their legal case the Winks, later learned that another city inspector was accused of asking for building materials from an unrelated developer.

The Winks discovered:

1. That the house isn't fastened to the foundation.
2. Water is leaking through the windows, doors, walls, and roof causing mold.
3. The electrical wiring, plumbing and framing were not done properly.

There were more deficiencies. Enough to fill two pages in a lawsuit filed against the contractor Michael Carvale and others. The Building Department is a main player in the money pit of a home.

In the legal documents alleges that the poorly built structure was certified every step of the way by a private inspector hired by the city.



This is truly and unbelievable story and sad for the Winks.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

www.markandtim.com

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Loan Modification Schemes

I'm not sure if California is has the most prolific loan modification schemes or if we are more sensitive to the problem. The District Attorney of Orange County has reported that more than 1,000 people have lost more than $100,000,000 in cases of real estate fraud referred to a special unit of the Orange County District Attorney's Office as reported in The Orange County Register.

The majority of the referrals have been direct from victims or real estate professionals to the District Attorney's Office. The majority has be loan modification schemes.

In one of the cases cited 101 counts of real estate fraud in a loan modification schemes that brought in millions of dollars in boiler room loan modification receipts. The victims lost their homes to foreclosure after paying fees.

I have reported on many cases through out the state. I know that the California Attorney General has also made this a priority. California has one of the highest rates of unemployment and people losing income even in positions where they have not lost their jobs.

It is unfortunate that these criminals have prayed on the poorest of our citizens like this. Many of the companies were attorney firms or had attorney's that have given up their licenses or have had them removed.

I find this behavior a disgrace to those who practice law.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

www.markandtim.com

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Mission Viejo Files For Google Broadband

Mission Viejo has applied for Google broadband. Mission Viejo city staff will submit an application to bring Google's experimental fiber netrwork to its residents.



The Google Fiber is fast and could provide local residence a broadband speed of up to one gigabit per second, allowing for extremely fast downloads. Which means high-definition movies could be quickly accessed.



We are told that Google broadband will be competitively priced if released.



Google is looking for cities of 50,000 to 5500,000 residents and Mission Viejo has about 100,000 people. The company will make its decision based on community support, local resources, weather conditions, approved construction methods. Lets support the Google broadband for our city.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Orange County Housing Market Up

There are many signs from the February housing reports the Orange County market is up and may have turned around. All areas showed an up tick accept the the volume of sales when compared to a year over year. The volume was down 4.8 percent. However the highest increase was 87.8 percent for new home sales volume.



If we look at the median price for a single family year over year we get an up tick of 12.8 percent. February housing market is up when we look at the price per square foot we get a 5 percent increase. Resale condos were up 11.8 percent. While new home prices were up 6 percent.



Another sign from the Feburary report that the housing market is up and improving here in Orange County California is foreclosures are down 22.1 percent. 65 percent of the sales are in standard sales not in distressed properties. Many buyers are frustrated in trying to purchase a home becoause they find there are multiple offers on homes and a bidding war breaks out.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Was 13.95 Million Dollar Home Now On Auction

In Dana Point there is a home that was listed at 13.95 million dollars now on auction block starting at 7.5 million and is a 8100 square foot home. The home is at 49 Beach View Ave and had been listed at 13.95 million dollars for the home that is now going up for auction at a starting price of 7.5 million.



This home is a 4 bedroom 7 bath home which is 6.45 millon less than the 13.5 million dollar price on the origional listing. The home has an elevator, his and hers master baths and closets, a home theater, a circular wine cellar, an exercise room, and outdoor kitchen and a library. This home is 3 stories tall and is expected to sell for more than the starting bid.



For information on luxury homes visit us at our website.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

High Rise Condos Sell

Did you know that Irvine has high-rise condos that sell quickly. I'm letting you know about the condos at 3000 The Plaza a high rise of condos in 3 towers on Jamboree sell. The condos range in size from 1400 to 2400 square feet and in price from $600,000 to $1,500,000.

While most of us are wondering about a recession the luxury high rise condos in Irving are selling. According to The Orange County Register 28 new sales have occurred.

3000 The Plaza has a roof top pool and urban living in a 15 story building with fabuluous views of Irvine and Newport Beach. They also have a gym, game room and a lounge.

So do not tell me of the lack of money, loans, or buyers here in South Orange County when high rise luxury condos sell. If you would like to purchase a home contact us.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Mission Viejo Area Market Report

This weeks market report for Mission Viejo and surrounding areas shows that Orange County Median Prices for the resale homes were up 12.8 percent, for new homes it is up 6.0 percent and for resale condos up 11.8 percent. The sales volume is down for resale homes 4.8 percent and up 23.9 percent on condos and up 87.7 percent for new homes.

• Mission Viejo Zip Code 92691 sales prices are even 0.0 percent and the sales volume is up 11.1 percent.
• Mission Viejo Zip Code 92692 sales prices are down 24.6 percent and the sales volume is up 123.8 percent.
• Aliso Viejo sales prices are down 1.4 percent and the sales volume is up 29.5 percent.
• Laguna Niguel sales prices are up 0.9 percent and the sales volume is up 25.4 percent.
• Rancho Santa Margarita sales prices are down 14.8 percent and the sales volume is up 26.7 percent.
• San Clemente Zip Code 92672 sales prices are down 8.5 and the sales volume is even 0.0 percent.
• San Clemente Zip Code 92673 sales prices are up 9.7 percent and the sales volume is up 46.2 percent

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

My Rant Our Unemployment Is Still Going Up

My rant on the fact that our unemployment rate is still going up week in and week out.  How do we get Washington's attention on this matter.


Again we have seen the new figures on unemployment and it is still going up. 5 states are over 12 percent unemployed. I follow the stimulus money and what the Federal Government is doing with that money. The Federal Government has not spent the stimulus money even though they ask and got more recently. The country is going broke and it will greatly effect each and everone of us even more than it now does it something is not done. This is not a liberal vs conservative issue. Destroying this nation by having it go under is not political.



The stimulus money has gone mostly to state and local governments. Lets look at that for a minute. It means that we are saving state and local programs. It the current unemployment rate for government workers is at 3 persent. We were promissed that the money would go to shovel ready jobs. Buildings, roads and the like. That has not happened. Construction workers are now at 25 percent unemployment.



If we do not get money to flow in the private sector none of the tax credits programs, cash for clunkers, or incentive programs will work. We need the private sector to expand the number of people capable of paying tax to sustain the local, state and federal programs. If there are fewer workers in the private sector and more in the government sector we are doomed.



Why are we working 24 - 7 on Health Care when jobs must be delivered now. The Health Care bill will not create jobs but actuall cause a lot of Doctors to find a new line of work. The bill actually cuts there pay and tha is how the Federal Government intends to solve problems. That also will cut taxes to the Federal Government.



We have to get JOBS IN THE PRIVATE SECTOR!!!!

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Forclosures and Short Sale Gives a Tax Shock Homesellers in California

Many homeseller in California are in trouble by the state of California as they get a tax shock the short sale homesellers and for those who lost their homes due to foreclosure. A few Californians are figuring out their income tax now and are in shock at the amount of the tax bill. California did not continue the forgiveness on the tax liability for the loan forgiveness for the whole of 2009.



The amount of tax liability can and often is over $100,000 and their 2009 tax is very high, a tax shock for the homeseller in California. To learn more contact us.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Loan Mdifications, Sort Sales, Foreclosures and Bankruptcies

Consumers, lenders, real estate agents and regulators alike are wondering how mortgage-related actions such as loan modifications, short sales, foreclosures and/or bankruptcies will impact consumers' credit profiles and, especially, their credit scores going forward. To get the answers there have been several studies made by the credit bureaus and here are some of those answers.


Loan modifications: Consumers should proactively seek out loan modifications before they experience severe delinquency in their credit file. Late payments have a far greater impact on a credit score than loan modifications.

Several types of loan modifications are:

1. Forbearance-the borrower is permitted to make substantially reduced or postpone making monthly payments.
2. Principal forgiveness-the lender forgives part of the original principal
3. Recapitalization-the loan terms are often extended and/or interest rates are reduced.

Short sale, foreclosure and bankruptcy: In some cases, consumers face extreme financial situations (job loss or severe income restriction) and simply cannot afford to continue paying their mortgage. This can lead to a short sale, foreclosure (including all variations, such as a deed-in-lieu of foreclosure) or bankruptcy, and these events have significant impact on consumers' credit scores.

Here is an average range of reduction in scores per each event:

• Loan modification: -30 to -40 points
• Short sale: -115 to -125 points
• Foreclosure: -130 to -140 points
• Bankruptcy: -365 to -355 points

A derogatory event such as a bankruptcy significantly reduces a consumers' credit score. Raising the credit score is extremely challenging until the public record identifying the bankruptcy is removed from the credit file. This currently takes a minimum of seven years for Chapter 12 and Chapter 13 bankruptcy, and ten years for Chapter 7.

The bottom line is the difference between a consumer with no delinquencies and a consumer with delinquency and defaults on primary accounts (mortgage, auto and credit card) represented an average of 243 points.

For additional information please consult Mark or Tim.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

California is Out of Control

Is California Dreaming or out of control. This is the place to be! Warm weather in the south wonderful beaches, Mountains and a Great Central Valley that feeds the nation.


That has all changed. Don't pack your bags quite yet. In our state government we are way ahead of the rest of the country with give aways and unions. We are ahead in green jobs and environmental controls and we care about our citizens a lot.

So much so that we have the following problems.

• No water to the Great Central Valley due to a 1 inch fish. The whole country will feel the effect in that we do not produce anything there now. It is a dust bowl.
• We are bankrupt and do not have any money. Our state government has decided it can cure the problem with an interest free loan. The withholding on each person will go up 10 percent and it will not be kept when you file for your refund it will be given back. Oh yea, they are out of that money so the new proposal is to have withholding for the independent contractors at 3 percent. Now, the wisdom is that we cannot cut any programs we will just have the citizens of the Great State of California give these ever increasing free loans.
• The environmental restrictions make it difficult to build in our area it is the pocket mouse, or the Nat- catcher, (small bird). We pay a fee for the pocket mouse or the small bird and then we can go forward with development. There is no trapping of the mouse or the bird nor anything done to save the creatures just a hidden tax.
• We try to equal the playing field and have the rich pay for tax but the rich and the businesses are leaving by the droves.
• We have rich oil fields off the coast and we have a chance to build nuclearplants but we will not do that because it will hurt the environment.
• Our unemployment is out of control and way ahead of the nation in that area.

Remember as California goes so goes the nation. You to can have the same benefits that California has without the weather. So California dreaming or out of control, I say completely out of control.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

VA Loans To Veterans

No Down Payment Required

Seller Can Pay All Closing Costs

No Reserves Required

No Credit Score Required

2 Year Old Bankruptcy Allowed

Maximum Loan is $417,000

Yes, there is one little catch. The buyer is required to have spent time serving in a branch of the armed services of the U.S. This is also known as VA financing.

The request for VA loans are increasing however most real estate agents and lenders are not experienced with helping veterans purchase a home and obtaining financing. The government is lenient when it comes to qualifying a veteran for a home loan, for good reason, so don't let the opportunity for a veteran slip away and a home pass you by.

In Orange County the maximum loan amount is $593,750. Above $417,000 the veteran is required to put down 25% of the difference between the sales price and $417,000. In addition, the qualifying requirements tighten for loan amounts above $417,000. A credit score of 720 and 6 months PITI in reserves are required and no gift funds are allowed. $417,000 loan amounts and below the financing requirements to help veterans are greatly relaxed as witnessed by the headline above. The maximum debt to income ratio is 41% regardless of the loan amount.

A few noteworthy guidelines are:

• 1) the property must be owner occupied
• 2) taxes and insurance are required to be impounded
• 3) only a veteran and his or her spouse may be on the loan
• 4) two veterans can buy together but both must occupy the property
• 5) a veteran can still be in the service when buying but his or her spouse must move into the property if the veteran is overseas.

Lets go find you a home!

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!