Free Advice and Market News for Orange County Home Shoppers

To buy or not to buy a fixer upper

2008-12-10T12:01:00.000-08:00

Many real estate shoppers are looking to buy distressed properties and wanting to fix them up themselves. What they don't end up realizing is the actual amount of work or costs involved. First, a poorly maintained home can have other problems that may not be noticed such as unseen mold behind walls, undetected water leaks in plumbing or roofing/window problems. Second, homebuyers often times have these grand remodeling ideas but don't realize that moving walls or adding rooms can cost considerably more than expected. If a home needs just repainting, new flooring and basic landscaping, the costs can be reasonable. When you start looking into replacing windows or a roof, it can get expensive. Home buyers should also consider there is an abundance of homes that have been over remodeled on the market. These homes may have $50k-$100k or more in upgrades but are not selling for much more than their not so nice counterparts in the same neighborhoods.

NEWPORT BEACH OPEN HOUSE Sunday, 8/3/08

2008-07-30T11:29:00.000-07:00

OPEN HOUSE ON SUNDAY, AUGUST 3RD 11AM-5PM
3BR2BA Condo for sale. BANK OWNED REO
$419,000

32 SEABIRD COURT #32
NEWPORT BEACH, CA 92663
CROSS STREETS 19TH AND WHITTIER

3 bedroom, 2 bath condo with small private bricked yard area. Single car garage and a carport. Complex is near trails - biking, hiking or just walking - that go all the way to the beach. Features slate, carpet and wood floors. Association pool and spa. Condo needs minor work.

CALL SCOTT AT RSB & ASSOCIATES FOR MORE DETAILS. (949) 254-5597 / SCOTT@RSBREALESTATE.COM

California School Finder - www.californiaschools.ca.gov

2008-07-21T17:28:00.000-07:00

http://www.californiaschools.ca.gov
Finally, a reliable way to search for schools within the state of California. All of the other sites I have researched were incomplete with missing data or inaccurate. I completed a couple searches in the area that I attended and found them to be accurate. The site does not breakdown school district borders but allows you to enter an address and find the closest school to that address. I found this site very useful. As you select particular schools it shows the school's statistics including number of students vs teachers which I find important and state test scores. You can also check out the demographics for that schools near the property and get an idea of what it may be like to live there.

Short Sale Purchase Reality Check

2008-07-17T13:36:00.000-07:00

Buying a shortsell reality check.

There are 2 general types of short sale shoppers. Those looking for an extreme deal and those finally taking the opportunity to buy the home of their dreams.

First off, many buyers do not realize buying a short sell can bring buyer heartache. It can take up to 90 days or more for a bank to accept an offer. You may have your heart set on a property and think you are going to get it only to have your offer be denied by the bank 2 months later. I have seen some instances where the selling agent may try to hold out for higher offers.

If there is a short sell home you find, there are many points to consider. If the home is in excellent condition, you will have to consider that there are other buyers who may also have a high interest in the same property. With that being considered, the buyer should view how much they think the short sell home is worth.

If you are looking for a deal, you will also have to realize that banks generally do not accept low ball offers. If this is an investment property, you may not be as picky and be able to make more offers in your price budget.

It is important to find an experienced Real Estate Agent who represents your interest as a buyer when considering a shortsale purchase. It is a different playing field when you are making an offer to a bank rather than a home owner. Bank asset managers have many files on their plate and can take their time in making decisions. When dealing with a home owner, it is much easier to communicate and receive responses in a timely manner.

Please direct all questions and requests for further information to info@rsbrealestate.com.

FHA Loans- Credit Score Requirements

2008-07-09T13:11:00.001-07:00

I have found that the minimum credit score for an FHA loan is a huge confusion with buyers. Different lenders will report different requirements and many will try to offer credit repair services at pretty expensive rates. There is no credit score minimum set by the FHA. This means FHA has no credit score requirement to qualify for their insured loans. It is up to the lender to decide how much risk they are willing to take.

The FHA approved lender I like to use has set their cutoff at 550. This does not mean your life is over, and you will not be able to buy a house if your score falls below a 550. There are a few things you can do to improve your credit score over time. It may take a few months time but shopping for a home generally takes a few months time.

I am happy to provide free counseling on whether or not buying makes sense for your situation. FHA offers 97% financing/ 3% down payment. FHA requires full documentation of income. The current FHA loan limit for Orange County is $729,750.

Please comment or email me at info@rsbrealestate.com for more information.

Huntington Beach Homes for sale

2008-06-30T11:00:00.001-07:00

View homes in Huntington Beach by area.
1- Huntington Harbour

2- Huntington Beach NORTH

3- Huntington Beach WEST

4- Huntington Beach EAST \FV

5- Huntington Beach CENTRAL
PARK

6- Huntington Beach DOWNTOWN2

7- Huntington Beach SOUTH

8- Huntington Beach DOWNTOWN1