Laguna Woods Village Living

According to research data released by Data Quick (March 28, 2009) “Single-family homes sell for 40% less than their peak price (June 2007) while condos sell 45% below their peak in March 2006

Have you put in offers on bank owned foreclosures or short sales with other agents and NEVER GET THE PROPERTY? I will teach you how to buy foreclosures, and furthermore, we will be successful in purchasing a foreclosure you can use for investment purposes…

Now is the New Low

Yes, you heard me right.  Prices are at their lowest they will ever be RIGHT NOW!  How do I know this you ask?   Banks are not countering offers anymore – they are already at their lowest price. Sometimes, they will ask us in one day to give them our “highest and best” offer. This means that all of the offers are fairly close in price.  In this circumstance, I would suggest upping our offer by $3 – 5 k more than the comps in order to get the property.  Let’s not quibble on the price of a piece of property you are getting for let’s say $175,000 WHICH WAS WORTH $340,000 just 3 years ago!  Yes, 45% less than just 3 years ago. 

Yes, I have seen that it is common to have multiple offers on many Foreclosures, especially the lower priced ones, typically under $250,000. Most of these properties are selling above the “listed” or asking price.  This is how I know we are at the bottom or close to the bottom of the market.

Receive a 10% Return on your Money – Better than the stock market!

If you have money, now is the time to invest in real estate – You can’t get this return in the stock market!  Of course many “other” buyers are still waiting for the market to hit “bottom” and this is why it is important to BUY NOW!  As humans, most people follow a “herd” mentality – they see people all rushing out and buying homes, then THEY WANT A HOME!  Do what the really wealthy people do.  When nobody is buying homes THAT IS WHEN THEY BUY HOMES! Why?  Less competition AND LOWER PRICES for better property! 

If you would like a custom report of Foreclosed homes in South Orange County, visit my web site at: www.leisureworldre.com

Although Laguna Woods Village is one of the most affordable senior communities in Southern California, there are financial requirements for purchasing here.  For a Stock Cooperative, or Co-op, you need $125,000 in liquid, marketable, or income producing assets above the purchase price of a home and $36,000 per year in income.  To purchase a Condo, you need $125,000 in assets above the purchase price and $42,000 per year in income.  “Assets” can include equity in your current home or an investment property, 401 k, IRA, stocks, bonds, or a mixture of any of these asset classes.  

As an example, if you wanted to buy a home for $150,000, you would need to show total assets of $150,000 + $125,000 = $275,000.

Currently, there is no “exemption” for meeting these financial requirements.  BUT, if you make a big enough yearly income, you might need less assets to purchase a home.  Conversely, if you have a high amount of assets but do not meet the yearly income requirement, some of your assets may be counted as income…

Another method for satisfying the financial requirements is for a family member to ”go on title” 1% so their finances can help meet the financial requirements for purchase.  Please note that in using this method, the assisting family member will have no liability towards paying the mortage on the home (if any), but may be liable for paying the HOA dues on the property if the primary party falls behind in such payments.   In other words, the whole goal in having the financial requirements for purchase is, the association only cares if the HOA dues are paid each month. 

I don’t know if these financial requirements help in making the City of Laguna Woods one of the “Top 10 Safest Cities in the Nation”, which it is, but it sure can’t hurt!

Please see my web site if you have any further questions or would like more information about the active senior community of Laguna Woods Village, formerly Leisure World, at: www.leisureworldre.com