Live in Lakeforest

Jenean Hill’s friend’s story in the OC Register, Jan., 26th, 2010

ZERO LEFT IN LAKE FOREST on the MLS!…., but I have 2 Standard Sale “Pocket Listings” in the mid 200K’s.

Would you believe that there are ZERO 1001+ sq. ft. 2-bed, 2-bath homes with a garage in the entire city of Lake Forest that are Standard Sales?  That is right.  When they come on the market, they fly off!   Did you also know that rents are going up, up up?  That is right as well.   Let me tell you about 2 upcoming listings that I know about.  Both are tenant occupied and the tenants would like to stay, if you want them to:

1) Lower level approx 1050 sq. ft. 2-bed, 2-bath Tierra Vista property with dual master suites at opposite ends of the condo.  It has a wide yard with french door access  from bedrooms.  New appliances, pottery barn-looking dining room/kitchen fixtures and faucets.  2-tone decorator paint. One year old Karastan carpets in the bedrooms and ceramic tile in the common areas.  Laundry room and direct access garage and one assigned parking space.  The tenant pays $1700/month and is on a month to month and would like to stay.  Some of these same units across the street were kept as apartments, not condos and they rent for $1900 to 2,200+/month. Low dues of $262/mo with no mello roos.  Rents are VERY strong right now so it is very hard for buyers to find a place.  Good time to be a landlord.  The tenant has expressed interest in buying it because the love their home so much.  They cannot qualify and would have to get family members to buy it.  Price is $265-275K.  Investor 25% down total payment would be in the $1500′s/mo while 5% down buyers can buy it for “same as rent”

2)  Serrano Woods 2-bedroom, 1242 sq.ft. townhome that has 1-1/2 baths. The couple would like to sell their own home and rent it back.  They hope some time in the next few years to move out of state if they gets jobs in their new area.  They have lived there many years and have upgraded the home.  Kitchen and bath remodels, composite (granite type) counters and center island. Ceramic tile in kitchen and baths.  There is a small back yard that connects to their direct access garage.  This home comes with the Sun & Sail Club across the street  with HOA dues in the 280′s/month.  (Youtube ‘Jenean Hill 4′ to see more about living in lake forest). You can go on a sunset cruise on your own kayak if you lived here or if you are the landlord and did not convey the membership.  Market rent is about $1700-$1800 which they would be able to pay to stay in their own home.  Price would be about $250,000. Investor 25% down would probably be a total cost somewhere in the $1400′s/month.  5% down buyers can buy it for “same as rent”.  (Photo is that of a model match that I sold last year for $275K)

 The first one will go quickest as I am starting to tell people about it.  Please call ASAP if you are interested in buying these NON-distressed properties that you can close escrow on and enjoy all year long.

Highly Upgraded Dual Masters – Own for same as Rent with only 5% down.

OUTBACK STEAKHOUSE LIGHT LUNCH 12:00pm SHARP on Saturday, January 21st.  What would be better than owning a home where you drive past beautiful lakes, forests & mountain views before pulling into your garage each day? It would be locking in all of this AND an ‘Off Peachwood’ address for about $200k!  This stunning & highly upgraded 2-bedroom, 2-bathroom, end unit has dual master suites, & a direct-access garage. Upgrades include Gourmet, granite/stainless kitchen, 2-tone decorator paint, scraped ceilings, gleaming wood laminate floors, new appliances/ window coverings/ lighting & bathroom fixtures. This model occupies half of the upstairs of this building and feels like your own Park Avenue loft! All living space is on second level. No living space below except garage. Complex just rehabbed months ago and looks like a million bucks! You’ll love the lifestyle here. Morning swims at the pool just across the street or relaxing away the day’s cares in the sparkling spa. Just a short stroll to parks, creeks, trails and shopping and minutes to Irvine Spectrum. If you can not live in an upper unit, and need a back yard in the $200K’s, call me.  I have 2 pocket listings that are standard sales.

With about $15K to $16K total cost to close (5% down plus closing costs), you can own this home for a ‘feels-like’ payment in the $1400-1500′s per month if you are currently renting now.  You have to see it to believe it. 

Open House Saturday, January 21st from 12-4pm – 25185 Oak Canyon, Lake Forest, CA 92630.  Lunch at noon “while supplies last”!

To see 24 more photos, click here: http://www.realtor.com/realestateandhomes-detail/25185-Oak-Canyon-Ln_Lake-Forest_CA_92630_M17122-19637

Like what you see?  Call lender/partner, Tom Testerman at 949 422-4497 for your loan approval.  He will be at the open house, but the line might be kind of long.

First Team highlights my client’s story on video and in the Orange County Register every weekend for the month of January.

Reception Marks Two Decades of Lake Forest Cityhood

Last night, Gary and I attended a reception to commemorate 20 years of Lake Forest as an incorporated city.  Along with neighbors, REALTORS and new friends we reminisced about old times and places in our friendly city.  Here is what The Patch had to say about the event:

Twenty years ago, Helen Wilson and Kathy Zechmeister were among those witnessing the birth of the independent city of Lake Forest at an inaugural event at Heritage Hill Historical Park.

Since then, the city has expanded to house a population of approximately 76,000, and encompasses what was once El Toro and the areas of Portola Hills and Foothill Ranch.

It’s growth hasn’t disappointed its architects, many of whom put down roots in the fledging city and have lent their assistance to coax it through its adolescent years following incorporation.

“[In 1991], we envisioned the city as it is now,” said Wilson, who served as Lake Forest’s first mayor, at a Tuesday evening reception marking its two-decade anniversary. “[Lake Forest has] surpassed our expectations.” 

At the reception, she and Zechmeister were among many reminiscing about the campaign, which began in 1990, to get voters on board with the idea of a new Orange County city in the El Toro area

Twenty years ago, Helen Wilson and Kathy Zechmeister were among those witnessing the birth of the independent city of Lake Forest at an inaugural event at Heritage Hill Historical Park.

Since then, the city has expanded to house a population of approximately 76,000, and encompasses what was once El Toro and the areas of Portola Hills and Foothill Ranch.

Read more about last night’s celebration reception: http://lakeforest-ca.patch.com/articles/reception-marks-two-decades-of-lake-forest-cityhood#photo-8758993

Here is the video I made earlier this year to give people a taste of why they would love living in Lake Forest: https://www.youtube.com/watch?v=vq-25_61t08

VIDEO: One guest entering per minute at Irvine Open House

Click on photo above and you will be connected to the latest youtube video of my Grand Opening Open Houses.  These videos are NOT taken to market the homes as the home always sells the Tuesday or Wednesday after the Grand Opening video is shot.  It is made to give you a glimpse into the extensive marketing that goes into bringing 100-300 buyers through a home in 4 hours and ultimately selling the home over asking price within days.  I’d love it if you comment on the video or share it with your friends.  Since my business is 93% by referral, the person you share it with may be the one who benefits by my next Grand Opening.  Thanks.

220 Open House Guests. Multiple Offers. SOLD next day over top of range.

Update on Sunday’s Grand Opening Open House:  We opened the doors at noon to a line of people down to the street.  There was a constant stream of guests entering the home – About one person per minute for 4 hours.  Got it all on video so you can “Youtube it” under “Jenean Hill 5″ in about a month once it is edited.  Great team work from Rachel Watt, Cynthia at Hallmark Escrow, and Catherine at Ticor Title. Tom Testerman from Alpine Morgage manned the lending station and preapproved 6 buyers.  I had a display board titled, “The reason why there are so many people at the open house today” that had a copy of all of the advertising that I ordered to bring the crowds into the open house. 

WAS OPEN SUNDAY, Oct. 23rd – Harvard Square – Gourmet Lunch Served at 12:00 Noon from Double-Sized Granite Gourmet Kitchen!  $599,900 t0 $655,000

22 Nebraska, Irvine

Free 52” LCD HDTV goes to the buyer of this spectacular, upgraded four-bedroom+ den SFR on a cul-de-sac street in the highly desirable gated community of Harvard Square!  This corner residence with ample street parking was expanded by almost 500 square feet to become the largest home in the Revere tract.  Redesigned with indoor and outdoor entertaining in mind, it features formal living and dining rooms AND an expanded great room with a double-sized GOURMET kitchen featuring dark cherry finished cabinets with pull-out shelves, exquisite granite counters, stainless steel appliances, walk-in pantry, a 9’ x 4’ center island with a breakfast bar AND still room for a full-sized table!  

Great room also offers relaxation by the warmth of the beautiful fireplace and built-in media center and French doors which lead to a covered side patio with outdoor stainless steel kitchen complete with sink and hot & cold water.  Backyard features colorful flower & herb gardens with plenty of room for entertaining.

Upstairs master suite has double doors leading to the master bath with separate Roman tub & shower and a large walk-in closet.  There is also a “Mini Master” with retreat and direct access to hall bathroom. Upgrades include recessed lighting, raised panel doors, free-standing bathroom vanities, Two-tone decorator paint, mirrored wardrobes, seven ceiling fans, wired bedroom internet access, whole-house water filtration system and a spacious DEN with built-in wrap-around office–ideal for running your home-based business. 

Resort-style amenities abound within this community’s own ‘central park’. Large swimming pool, basketball and sand volleyball courts, children’s playground, barbeque area and more.  Award-winning schools.

This one-of-a-kind home  is being held open at noon for a first-come, first-served gourmet lunch,  Sunday, October 23rd by First Team Real Estate’s Jenean Hill – the agent who leaves no stone unturned in marketing and selling her client’s listings within one week – each and every time.  For more information contact Jenean Hill at (949) 583-1331 or www.LiveinLakeForest.com.

(Be sure to come by 12:00 to get in on the lunch!)

Waiting period to buy again after short sale

There is much “mis” information regarding the length of time former homeowners are required to wait between the date of their previous foreclosure / short sale and the time they want to purchase their next home.

Wait periods can be as short as two years or as long as seven years. What contributes to the confusion….are the additional “overlays” (additional underwriting criteria) for each specific investor.

Criteria are different for “conventional” loans vs. FHA/VA loans. For both types…..what determines the “wait time” is the new buyer’s (i.e. former “short seller”) circumstances at the time of the sale. Specifically….what were the “extenuating circumstances” that can be clearly documented?  The “burden of proof” will clearly be on the BUYER and there is USUALLY more than just ONE circumstance.

Examples of extenuating circumstances are:

1) Job loss job in a specialized field, and what caused the extended period of time to find a new job.

2) Significant health issues for borrower or close family member.

3) Death /illness of close family member PARTICULARLY if the victim is a signatory on the loan. (must provide medical records and/ or death certificate).

Strategic Defaults

Buyers are NOT eligible for a new FHA- INSURED MORTGAGE ….if they pursued a short sale agreement on their principal residence simply to:

1) Take advantage of declining market conditions   AND
2) Purchased at a reduced price…a similar or superior property…within a reasonable commuting distance.

In other words if your buyer engaged in a “strategic default”…they can kiss of any FHA financing for the foreseeable future.

Buyers seeking “conventional financing” who previously “strategically defaulted” currently have up to a 7-year wait period before they are eligible for financing.

Specific wait time criteria that can be viewed here:

Fanny/Freddie wait times for former short sellers: http://filelibrary.myaasite.com/crm-snap/2/2599/441400.pdf

FHA wait times for former short sellers: http://filelibrary.myaasite.com/crm-snap/2/2599/441401.pdf 

This information was provided by Daniel Dobbs, American Commerce Mortgage in Yorba Linda.  Dandobbs6@gmail.com

Lake Forest, California Winter Activities

Lake Forest ‘s Winter Edition of the Leisure Times is out.  It is jam packed with fun events for the whole family from snow sledding at “Mt. Pittsford” to a Victorian Christmas at Heritage Hill.  Click  on the link below and start making plans!  http://www.lakeforestca.gov/civica/filebank/blobdload.asp?BlobID=6453

SCAMS: Fake Short Pay Letters Plague The Real Estate Industry

The December 2009 issue of Fraud Insights warned Realtors about the latest type of advanced fee scam targeting settlement agents (title companies). Since then they published three articles describing the characteristics of these scams: a buyer purchases a property sight-unseen off the Internet, and remits a check representing the earnest money deposit and down payment. The checks are usually drawn off an international bank, although a few have come in from a U.S. bank or credit union. Shortly after we receive the check the buyer requests the amount over and above the required earnest money deposit be sent back to them because, “an urgent business transaction just came up.” These checks are always counterfeit.

Recently one of our offices forwarded the funniest response yet. The buyer sent a check in the amount of $885,000. The bank immediately identified the check as counterfeit and the settlement agent notified the real estate agents. In the meantime, the buyer sent a request to the settlement agent to send him back $400,000 because, “an urgent business transaction just came up,” but promised to send replacement funds in time for closing. The settlement agent forwarded the request to the buyer’s real estate agent who responded with this e-mail:

Since the first article we published on this topic, the Company’s National Escrow Administrators have been notified by settlement agents nationwide on nearly a weekly basis of transactions just like this. Times are tough, sellers and real estate agents want to believe they have an all-cash buyer. When they discover the transaction is bogus they admit all the signs were there from the beginning.

Dear Ivo,

I am so sorry to inform you the bank teller who took the deposit of your cashier’s check, literally took the check, cashed it and then fled the country with the entire $885,000.

But I have good news on how I can make it up to you. I was just informed by e-mail a king from the Congo needs to get several million dollars out of his country and has chosen me to help him. He will be sending me a cashier’s check for $10 million dollars and he will let me keep half as long as I send him back $5 million dollars. As soon as the funds are in my account, I will send you back $400,000 and deposit the $485,000 lost into your escrow account.

If that doesn’t work out, I have also won the Nigerian lottery worth $2.5 million and will be able to reimburse you from those winnings.