This is currently the lowest priced Bank Owned Foreclosure detached home on the market for sale in Aliso Viejo. The price was just reduced on October 6th to $485,000. It’s a 2 bedroom, 2.5 bath, 1,200 square foot home with a 2 car garage and a full length driveway.
The previous owner installed some nice upgrades such as tile flooring, custom window coverings, and very nice landscaping. It’s in pretty clean and basically move-in condition. The association dues are about $98 per month and $25 per month for the city of Aliso Viejo.
This Bank Owned Foreclosure is located on Andaluz street in the desirable San Simeon tract of Aliso Viejo. The Bank is currently offering to pay for $5,000 of the Buyers closing costs. This home could be purchased using several Zero Down loan programs that are government subsidized which are CalHFA loans, Acorn loans, CalVet and VA loans. These loan programs offer below market fixed interest rates ranging from 5.5% to 6.9%, fully amortized over 30 years, with no negative amortization and no pre-payment penalty. At 5.5% the Principal and Interest payment would be $2,754 per month, and at the 6.9% fixed interest, P&I payment would be $3,194 per month. With the combination of the Zero Down loan and the $5,000 seller credit, one could possibly buy this home with only a few Thousand dollars out of pocket…
There are some exciting opportunities in the market today. If you would like to see the inside of the home for sale, then give us a call… If you want to work with a professional who will go to bat for you in tough negotiations to get the lowest possible price, then give us a call… If you want more information on these little known Zero Down, below market, government subsidized loan programs, give us a call at: 949-388-3396 or email us at: Info@SearchOCHomes.com
From the monthly archives:
October 2007
Actually, compared to a Foreclosure, there are no Disadvantages to a Short Sale, just a few hurdles. First of all, let me briefly define a Short Sale. Simply put, a Short Sale (sometimes called a Short Pay), is a situation in which a home is sold to a new buyer, and the sales price is less then the face value of the mortgage loan(s), plus back payments (if any), plus all other sales and closing costs such as Title, Escrow and real estate commission fee’s.
As we discussed in a previous blog post, many banks today would prefer to accept a Short Sale versus going through with a Foreclosure repossession of the property. But what are the Advantages of a Short Sale as compared to a Foreclosure, from the Orange County homeowners point of view ?
The main advantage of a Short Sale is it is less damaging to ones credit. First of all, many credit counselors state that a Short Sale will stay on ones credit report for about 4 years, while a Foreclosure will stay on the credit report for up to 7 years. And, an experienced credit counselor may be able to have the Short Sale removed from ones credit report in less time then that. Another factor, is that some lenders and credit consolers claim that a Foreclosure will damage ones credit by as much as 200 points more then a Short Sale. If one intends to borrow money in the next 7 years for a car, boat, or another home, this can make a huge difference in ones ability to get another loan and what the interest rate will be.
The other advantage of a Short Sale is the sense of dignity and responsibility. During a Short Sale, the homeowner is marketing the home for sale with a local Realtor (who hopefully has vast experience with Short Sales), in an attempt to sell the home at the best price thus bringing in as much money as possible to the Bank. When the home is sold to a new home buyer, the homeowner moves out a that close of escrow in a orderly and dignified manner, just like any other home sale transaction. This is a relatively painless resolution to a difficult situation. On the other hand, after the Foreclosure sale, you are forced out of the house by court eviction. Then the home usually sits vacant as the grass turns brown, and newspapers collect in the driveway. Then in about 4 to 6 months, a local Realtor is hired by the foreclosing bank and ‘Foreclosure for Sale’ signs are posted on the property. A humiliating ending to a painful process.
What are the hurdles or disadvantages of conducting a Short Sale, as compared to a Foreclosure? One, the home owner must be essentially broke… that is to say, the property owner must prove to the bank that they are ill-liquid and essentially unable to make your mortgage payments. If one has a good source of income and/or significant sums of money in the bank, the mortgage lender will most likely decline the Short Sale request and demand that the homeowner make up for the Short Pay with their own cash. Or may require the home owner to carrying a new note to be paid back to the bank with the homeowners strong income.
The other hurdle, is that the home owner may be liable for federal income tax based upon the income generated by the debt relieve. This does not always happen, and congress is now considering a bill to remove this penalty from the Tax code. Actually, compared to a Foreclosure, this is not a disadvantage, for this same potential Tax consequence can happen as a result from a Foreclosure as well.
If you are a home owner and you find yourself behind in your payments and your value of your home has dropped, please give us a call. Our team of experts will advise you as to the best approach to resolve the situation and the conversations will be held in the strictest confidence. You can reach us at: 949-388-3396, or email us at: Info@OCRealtyGroup.com
The mortgage loan Default rate and rate of Foreclosures is at an all time high in orange County, Ca. In July 2007, a survey was conducted to identify the primary reasons why home owners fall behind on their home loan payments. Responses were gathered from approximately 80% of borrowers who were facing foreclosure in California. Of those borrowers, the most common reasons they were facing financial difficulties were:
Curtailment of Income…………………………. 58.3%
Illness/Medical…………………………………… 13.2%
Divorce……………………………………………. 8.4%
Investment Property/Unable to sell………… 6.1%
Low regard for homeownership……………. 5.5%
Death……………………………………………… 3.6%
Payment Adjustments…………………………. 1.4%
Other……………………………………………… 3.5%
There has been much written as of late that adjustable rate mortgages that have recently reset to higher rates, are the main cause of loan Defaults. Looking at the above numbers certainly does not bear this out. Although, one could argue that some of the home owners who experienced a Curtailment of Income (58.3%) could have possibly kept their loan payments current if the interest rate did not adjust and increase recently.
If you are behind in your mortgage payments, please feel free to call our team on consultants, and we’ll give you our years of experience as to what options you may have to resolve your situation. Drop us an email at: Info@OCRealtyGroup.com or give us a call at: 949-388-3396
Senior citizens have not had many housing options in San Clemente, until just recently with the development of Talega. Now there are 3 newer developments in Talega for the active retiree, and 2 older communities for those over 55 year of age, that are located close to the beach. The Talega 55+ communities are called: Waterleaf, Seagarden and Wavecrest and the two older beach close retirement communities are called Colony Cove and Bay Cliff Village, for a total of 250 housing units. These communities require that at least one occupant is 55 years of age or older and are outlined below:
Waterleaf 55+ – Talega, San Clemente, CA.:
- Type of Housing: Single Family Detached, with homes ranging in size from 2,032 SqFt up to 2,503 SqFt and 2 car attached garages.
- Number of Homes in this Retirement Community: 75
- Prices currently Range from: $650K to $1.5Million.
- Year Built Range: 2001′ – 2003′
- Home builder: Standard Pacific Homes
- Security: Automatic Car Gate
- Association Dues Range (subject to change): $310 to $330
- Association Amenities: Amenities include Talega Gallery and encompass – Club House and Rec Facility, Gym/Exercise Room, swimming Pool and Spa, Sport Courts, Tennis, putting course and more.
- General Location: close to Avenue Pico and South Calle Alicante, and is adjacent to the Talega golf Course
- Streets that comprise subdivision: Camino Alenza, Camino Del Prado, Camino Botero, and Calle Galleria
Seagarden 55+ – Talega, San Clemente, CA.:
- Type of Housing: Attached Townhomes, with condos ranging in size from 1,578 Square Feet up to 2,045 Square Feet and 2 car attached garages.
- Number of Homes in this Retirement Community: 41
- Prices currently Range from: $540,000 to $850,000.
- Year Built Range: 2001′ – 2003′
- Home builder: Standard Pacific Homes
- Security: Automatic Car Gate
- Association Dues Range (subject to change): $350 to $380
- Association Amenities: Amenities include Talega Gallery and encompass – Club House and Rec Facility, Gym/Exercise Room, swimming Pool and Spa, Sport Courts, Putting Course, Tennis, and more.
- General Location: close to Avenue Pico and South Calle Alicante, and is adjacent to the Talega golf Course
- Streets that comprise subdivision: Corte Pinturas and Calle Galleria
- Type of Housing: Single Family Detached, with homes ranging in size from 1,747 SqFt up to 2,092 SqFt and 2 car attached garages.
- Number of Homes in this Retirement Community: 70
- Prices currently Range from: the low $700K’s to the high $900K’s.
- Year Built Range: 2002′ – 2003′
- Home builder: Standard Pacific Homes
- Security: Automatic Car Gate
- Association Dues Range (subject to change): $310 to $340
- Association Amenities: Amenities include Talega Gallery and encompass – Club House and Rec Facility, Gym/Exercise Room, swimming Pool and Spa, Sport Courts, Tennis, putting course and more.
- General Location: close to Avenue Pico and Camino La Pedriza, and is adjacent to the Talega golf Course
- Streets that comprise subdivision: Corte Sagrada, Corte De Vega, Corte Ladino and Corte Miro.
- Type of Housing: Single Family Detached, with homes ranging in size from 1,016 SqFt up to 1,266 SqFt and 2 car attached garages.
- Number of Homes in this Retirement Community: 28
- Prices currently Range from: $420K to $550Ks.
- Year Built Range: 1962′ – 1963′
- Home builder: Douglas Construction
- Security: Not Gated
- Association Dues Range (subject to change): $210 to $230
- Association Amenities: Club House and Rec Facility.
- General Location: close to Pacific Coast Hwy (PCH) and Camino Capistrano, and just 0.2 miles from the beaches and adjacent to Shorecliff Golf Course.
- Streets that comprise subdivision: Monte Vista.
- Type of Housing: Single Family Detached, with homes ranging in size from 1,064 SqFt up to 1,260 SqFt and 1 car attached and detached garages.
- Number of Homes in this Retirement Community: approximately 50
- Prices currently Range from: $550K to $600K.
- Year Built Range: 1964′ – 1967′
- Security: Not Gated
- Association Dues Range (subject to change): $230 to $255
- Association Amenities: Club House and Rec Facility and swimming Pool.
- General Location: West of Hwy 5, and close to Pacific Coast Hwy (PCH) and Camino San Clemente, and just 0.2 miles from the beaches.
- Streets that comprise subdivision: Camino San Clemente.
Housing is relatively expensive, but San Clemente CA. makes a great place for retirement. San Clemente is southern most City in Orange County California, and is a coastal town just north of Camp Pendleton. Due to it’s coastal location, the weather is very temperate year round, with average temperatures ranging from 60 degrees at night to 80 degrees in the day during summer months, and from averages of 55 degrees at night to 70 degrees during the day during the winter months. Also, the annual rainfall is low as well as low humidity.
Another great benefit to retirement here is that San Clemente has a very low crime rate, and the air is very clean which is important if you enjoy outdoor activities. With these 4 benefits of temperate year round weather, low annual rainfall, low crime and clean air, make San Clemente a fantastic location for active seniors.
If you would like to view all 55+ retirement homes and condos for sale in San Clemente, please visit our website at San Clemente Viejo Real Estate and request a free and no obligation custom search of all 55+ retirement communities. If you would like for us to show you the homes for sale in these communities, please feel free to call us at: 949-388-3396 or drop us an email at: Info@OCRealtyGroup.com
There is a new listing as of October 3, 2007, of a Bank Owned REO single family home for sale in the Cortez tract of south Mission Viejo, CA. This is not a Short Sale, for it went through the entire Foreclosures process, and is now owned by the Bank. 
This fine home offers Great Value in Fantastic Neighborhood. It has many upgrades that were installed by the previous owner such as: heated in-ground Spa, swimming Pool with Slide and diving board, Travertine Tile floors, upgraded Kitchen Cabinets with Granite tops, Skylight, durable Concrete Tile Roof.
The home includes 4 bedrooms and a Loft, 2.5 baths, 2,581 Square Feet of living area, and a 2 car attached garage on a full sized lot. The Loft/Den/Office could easily be converted to a be 5th bedroom. The home needs a little bit of TLC such as carpets, and maybe some painting, but that’s about it. It is price to sell quickly for the Bank is not in the business of owning homes, and wants this off of their accounting books. The asking price is only $714,900. For more details and photos, visit: www.27702Bahamonde.com
The home is in an Excellent location in South MV near shopping, Saddleback College, Mission Viejo Hospital, Freeways, Mission Viejo Country Club and Award Winning Schools. Dues include Lake MV membership, and there is NO Mello-Roos.
For a list of all homes for sale that are in Foreclosure, Bank Owned REO, or Short Sales, please visit our website at: www.OCBargainHomes.com
Short Sale Information,