Fannie Mae Changing Rules on Waiting Period After Short Sale & Deed in Lieu

FNMA(Fannie Mae) has recently announced the minimum waiting period to obtain a new mortgage after a short sale or deed in lieu foreclosure is being reduced thus relaxing their rules. Effective, July 1, the wait will go from a minimum four to five years to two years. FNMA wants to encourage solutions for homeowners and to avoid foreclosure.

A minimum 20% down payment is required to qualify for the two year minimum payment. With 10% down the four year minimum will remain in place and less down will be longer. Foreclosures remain at a five year waiting period.

Extenuating circumstances, such as a job loss or a divorce, allows a two year minimum with 10% down. FNMA expects borrowers to reestablish their credit as well. Foreclosures and short sales generally have the same effect on a borrower's credit score. Three active revolving or installment debt credit trade lines for a twelve month payment history will be required. There should be no lates in that two year period. Nontraditional credit (utility bills, rent payments ... etc) will not be allowed.

FHA, with 3.5% down, is considering changes in their guidelines which currently requires a minimum of three years after a short sale or deed in lieu foreclosure. This could be a good thing

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!

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 18.6 percent, for new homes it is up 16.9 percent and for resale condos up 17.6 percent. The sales volume is up for resale homes 6.8 percent and up 14.2 percent on condos and up 51.5 percent for new homes.

• Mission Viejo Zip Code 92691 sales prices are up 25.2 percent and the sales volume is 11.1 percent.
• Mission Viejo Zip Code 92692 sales prices are up 10.4 percent and the sales volume is up 11.1 percent.
• Aliso Viejo sales prices are up 4.9 percent and the sales volume is up 35.2 percent.
• Laguna Niguel sales prices are down 6.7 percent and the sales volume is up 47.7 percent.
• Rancho Santa Margarita sales prices are up 5.5 percent and the sales volume is up 18.9 percent.
• San Clemente Zip Code 92672 sales prices are down 2.5 percent and the sales volume is up 13.3 percent.
• San Clemente Zip Code 92673 sales prices are down 7.9 percent and the sales volume is up 84.0 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!

North Shore of the Newport Bay Have Two Luxury Homes for Sale.

The upper north shore of the Newport Bay don't come appear on the market but now there are two Newport Beach back bay has another home on the Market. The Quite Place or La Place Tranquille is on the market with an asking price of $11 million. The interesting aspect to this luxury property is that it is two doors down from the the property I blogged about two week ago that has an asking price of $95 million a 29,000 sf.

Remember the $95 million mansion is not built and they would be willing to sell their 10,000 sf home at $19.95 million.

Both homes are new to the market with 2 acre lots off Mesa Dr. they are equestrian zoned properties that back to the Back Bay nature area. These two homes are considered to luxury homes with great amenities.

If looking for luxury homes or mansions 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!

Changes to VA Acceptance of HUD/FHA Condo Project Approvals Rescinded

The Veterans Administration will no longer accept HUD/FHA approved condo projects. This change is due to FHA condo approval requirements no longer conform to VA condo approval policy requirements. This became effective March 22, 2010.


Condominiums previously accepted by VA, based upon HUD/FHA acceptance will continue to be acceptable to VA however, the VA's web site must be reviewed to validate the project is listed. If the condo project is not listed then the VA project approval process will be required.


In order check to see if a condo project is approved by VA go to the VA web site at www.homeloans.va.gov. Under Appraisal Functions you will see Registered Builders, Condo's and Planned Unit Development (PUDs) and click on it. You will then see Condo/PUD Reports on the left and click on that button. This is what you will see.

• 1. Select the report type-click Detail
• 2. Select the type of records to retrieve-click Both
• 3. Enter the Condo/PUD name or ID (use * as appropriate)-enter *
• 4. Enter the Regional Office with which the Condo/PUD is registered-enter ALL OFFICES
• 5. Enter the following information about the Condo/PUD location-enter City, California and Orange
• 6. Click Submit

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

Ocean View Home in Laguna Beach For $4.3 Mil

A lot of you who are not from the area do not know the types of homes we have in South Orange County. One of those homes that has come on the market is at 897 Diamond St, in Laguna Beach it is an ocean view home for 4.3 million dollars and is architectually stunning.

The home recently hit the market and it has ocean views four bedrooms, 4.5 baths and sits on a 5050 square foot lot.

David Parker was the architect of the newly built Laguna Beach home. It is an interesting design with a lot of curves not just straight lines. On of the most creative ideas is that the grass that grows on the garage roof.

This home is listed at $4.3 Million.

If you would like a tour of the South County 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!

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 19.4 percent, for new homes it is down 1.8 percent and for resale condos up 19.0 percent. The sales volume is up for resale homes 4.2 percent and up 18.3 percent on condos and up 18.3 percent for new homes.

• Mission Viejo Zip Code 92691 sales prices are up 30.1 percent and the sales volume is 10.4 percent.
• Mission Viejo Zip Code 92692 sales prices are up 5.5 percent and the sales volume is up 4.2 percent.
• Aliso Viejo sales prices are up 5.2 percent and the sales volume is up 40.0 percent.
• Laguna Niguel sales prices are down 7.4 percent and the sales volume is up 49.2 percent.
• Rancho Santa Margarita sales prices are up 11.2 percent and the sales volume is down 9.8 percent.
• San Clemente Zip Code 92672 sales prices are up 14.5 and the sales volume is up 39.3 percent.
• San Clemente Zip Code 92673 sales prices are down 2.6 percent and the sales volume is up 82.1 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!

Fraudulent Short Sales

The California Department of Real Estate say it has been alerted to cases of fraudulent short sales. The Department of Real Estate is issuing warnings about fraudulent short sales. As reported in The Orange County Register today by Kelli Hart.

Short sales using straw buyers. The majority of this type of sale is by an unlicensed person who wants to flip the property. In some cases they use a short sale facilitator who looks for homes that are on the verge of foreclosure and persuades the lender to accept a low offer. This is usually done using straw buyers, questionable or self-interested broker price opinions or appraisals and by failing ot disclose that a sale at a higher price has previously been negotiated.

Secret payments to a junior lein holder outside of escrow without the knowledge of the senior lien holder. This is definetly a way to commit fraud. Such undisclosed payments are likely illegal. All payments must appear on the HUD 1 statement.

There should not be dual or multiple contracts, only one that show all the conditions of the sale. That would include a second verbal contract that is not shown in the written contract.

Always deal with an honest and forthright Realtor who know the laws when doing a Short Sale. Always be careful and deal with professional Realtors to avoid a fradulent short sale.

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 14.8 percent, for new homes it is up 7.8 percent and for resale condos up 16.0 percent. The sales volume is down for resale homes 3.8 percent and up 23.3 percent on condos and up 12.6 percent for new homes.

• Mission Viejo Zip Code 92691 sales prices are up 20.5 percent and the sales volume is down 6.3 percent.
• Mission Viejo Zip Code 92692 sales prices are up 4.3 percent and the sales volume is up 28.6 percent.
• Aliso Viejo sales prices are up 8.3 percent and the sales volume is up 28.3 percent.
• Laguna Niguel sales prices are down 14.8 percent and the sales volume is up 36.1 percent.
• Rancho Santa Margarita sales prices are down 6.2 percent and the sales volume is down 3.2 percent.
• San Clemente Zip Code 92672 sales prices are down 8.7 and the sales volume is up 9.7 percent.
• San Clemente Zip Code 92673 sales prices are up 4.7 percent and the sales volume is up 67.9 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!

The Mission Viejo Real Estate Market

This weeks market report for Mission Viejo and surrounding areas shows that Orange County Median Prices for the resale homes were up 14.8 percent, for new homes it is up 7.8 percent and for resale condos up 16.0 percent. The sales volume is down for resale homes 3.8 percent and up 23.3 percent on condos and up 12.6 percent for new homes.

• Mission Viejo Zip Code 92691 sales prices are up 12.8 percent and the sales volume is down 2.0 percent.
• Mission Viejo Zip Code 92692 sales prices are down 17.9 percent and the sales volume is up 60.6 percent.
• Aliso Viejo sales prices are up 7.8 percent and the sales volume is up 30.4 percent.
• Laguna Niguel sales prices are down 9.3 percent and the sales volume is up 32.0 percent.
• Rancho Santa Margarita sales prices are down 11.4 percent and the sales volume is up 16.1 percent.
• San Clemente Zip Code 92672 sales prices are down 6.5 and the sales volume is up 19.4 percent.
• San Clemente Zip Code 92673 sales prices are up 8.9 percent and the sales volume is up 69.0 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!

Newport Coast Luxury Home

A luxury home that has six bedroom, 12 bath home sold in Crystal Cove. This luxury home had many features you would expect in a luxury home. In addition, it had a indoor racquetball court. The home was at 40 Deep Sea in Crystal Cove, Newport Coast.

The home is four stories and at the second story it has a glass wall in the game room that overlooks the indoor racquetball court. In addition it has an elevator. There are two subterranean levels.

Some of the amenities include a gym, theater,wine cellar and tasting room, sauna an eitht car garage and a game/media room with a juice bar. The home also has a guest casita certanlly everything you would expect for the price.

The home is 13,500 square feet of home sold for $11.8 million according to Redfin.

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!