Finally, summer is here and so are home sellers’ wild expectations.

THE Best Time of Year to Sell

Here’s a hint: it is NOT Summer.

Every year the real estate industry deals with the same cyclical phenomena, homeowners who feel that summer is the best time of year to sell.  Unfortunately, buyers do not agree.  Buyer activity actually peaks during the spring.  Summer is the second best time of the year to sell.  Can somebody please communicate that to all of the Sellers who have been fooled and are placing their homes on the market in droves?  This year has been no different, and with the end of the Federal $8,000 Tax Credit on April 30th of this year, buyer demand has definitely already peaked.  Homeowners are fooled into thinking that the Orange County real estate market is the hottest during the summer because the county is a summertime vacation destination.  Since the process in finding a home and closing takes at least a few months, more buyers start looking during the spring.  In finding a home during the spring, buyers can close and move over the summer months.  So, buyer DEMAND is higher during the spring and CLOSINGS are then higher during the summer.  If buyers find something during the summer, they close during the fall.  NEWSFLASH: if they have kids, school has already started.  For parents, moving while the kids are in school is not typically easy.  Thus, parents prefer to close during the summer.  We are almost through July, the window of opportunity to close before school starts is fading fast.  What is reported by the media does not help either.  Newspapers and the nightly news report on SOLD data.  Rarely do they talk about current demand, homes placed into pending status.  As more and more homeowners hear about the incredible SOLD statistics, they get excited to hear about an increase in the median sales price and an increase in the number of closed sales.  The data is very accurate, BUT is a snapshot of activity 45 to 60 days back when the buyers first wrote the offer to purchase, springtime.  Homeowners are making decisions based upon what is happening in the rearview mirror. Homeowners need to be aware of current demand, a snapshot of the most recent pending activity.  In doing so, they will realize that demand is down 28% since peaking back on April 29th.

Active Listing Inventory

The inventory has grown unabated by 54% so far this year.

The Orange County housing inventory grew by the largest amount so far this year, adding an additional 418 homes in the past two weeks and now totals 11,235.  The market has not breached the 11,000 mark since the beginning of April 2009.  Last year at this time the inventory was at 8,895 homes, 2,340 fewer than today.  The inventory has not stopped growing at all this year as more and more pent up homeowners have opted to place their homes on the market at unrealistic levels.  The same media reports of median home price increases and year over year increases in the number of closed sales have fooled these pent up sellers into believing that the market has recovered and that it is a great time to take advantage of the market.  It is true that agents have tons of buyers in the market that have written many unsuccessful offers thus far and homes that are priced well are receiving multiple offers.  The market disconnect lies in the fact that inventory has been increasing on the backs of unrealistic homeowners who have placed their homes on the market at overpriced levels.  Today’s “spreadsheet buyers” are not willing to pay much of a premium for a home just to end their unsuccessful string of offers.  They will maybe pay an extra few thousand dollars, but not the 5 to 10% premium many sellers are vying for.  As more overpriced homes are placed on the market, it is just a matter of time before buyers start getting discouraged and slow their effort in finding a home.

Housing Demand

Not much of a change in demand

It is important to reiterate that demand has already dropped 28% since peaking in the Spring.  The drop has been more profound this year due to the end of the Federal First Time Home Buyer Tax Credit at the end of April.  Demand, the number of new pending sales over the prior month, increased by 10 in the past two weeks and now totals 2,870.  From here, demand typically rises slightly and peaks at the end of August before slowly deteriorating for the remainder of the year.   Last year at this time demand was at 3,306 pending sales, 436 more than today.

Expected Market Time

After bottoming in April, the expected market time for OC homes has increased by 66%

With an increase in the active listing inventory and almost no change in demand, the expected market time increased from 3.78 months two weeks ago to 3.91 months today.  The overall market is still a “seller’s market,” but it is moving in the wrong direction.  Remember, this seller’s market is different.  There may be a lot of buyers and a lot of competition, but spreadsheet buyers are unwilling to pay much of a premium over the last comparable sale.  At the end of April, the expected market time was at 2.35 months.  Last year at this time the expected market time was at 2.69 months.  For homes priced above $1 million, the expected market time is 10.68 months.  Contrast that with homes priced below $1 million where the expected market time is 3.37 months.

Foreclosures and Short Sales

Over the past two weeks the active distressed inventory has grown the most this year.

The active distressed inventory grew by 150 homes over the past two weeks and now totals 3,457 total foreclosures and short sales, levels not seen since May of 2009.  The active distressed inventory started the year with 2,555 homes and has since grown by 35%.  The distressed inventory now represents 31% of the current active inventory.  Last year at this time, there were 2,616 distressed homes on the market, 841 fewer than today.  The number of foreclosures within the active listing inventory increased by 35 homes in the past two weeks from 578 to 613.  The expected market time for foreclosures is 1.79 months, an exceptionally HOT seller’s market.   Short sales, where a homeowner attempts to sell a home for less than the total outstanding loans against a home, requiring lender approval, increased by 115 homes over the past two weeks and now total 2,844.  The expected market time for short sales is 2.71 months, still a HOT seller’s market, but slower than the 1.53 month market back in April.

Orange County Housing Report: Best Time of Year to Sell is a post from: Orange County Real Estate-Orange County Homes For Sale

So, you’re browsing through the online listings of homes for sale in Orange County, and you come across a great little house that says, “No Appraisal Financing!”.  Woohoo!  That sounds easy…

HomePath

You may have heard of a new Federal home loan program called HomePath.  HomePath loans feature several tempting benefits, such as low down payments, flexible terms (fixed-rate, adjustable-rate, or interest-only), low down payments, no mortgage insurance, and no appraisal fees.  In fact, you can get a HomePath loan with no appraisal at all!

Why would someone lend you money on a home with out an appraisal to verify the value of the property?  Because this feature is only available on Foreclosed homes that Fannie Mae owns.  In other words, since Fannie Mae owns the REO, they’re willing to loan you the money to buy it from them without an appraisal – as long as you accept it “AS IS”, with all potential repairs and rehab your responsibility.

Know Your Options

In addition to this one major caveat, there are other reasons you might want to consider something other than a HomePath loan.  HomePath loans tend to have higher pricing adjustments that will push your interest rate (and monthly cost) much higher than it would be with a conventional loan, or even an FHA loan with mortgage insurance.  If you’re interested in a home that requires major repairs, you can look into an FHA 203k loan – and build the cost of the repairs into your financing.

What’s the bottom line?  There is no free lunch, and if it seems too good to be true it probably is, so home buyer beware.  The “no appraisal” feature of HomePath loans was designed with a specific purpose of giving buyers flexibility in purchasing Fannie Mae REO’s, but it comes with a cost that may make other programs a better choice depending on the specific situation – on the specific Orange County home that you want to buy.  The details matter!

A Home Loan with NO APPRIASAL? Too Good to Be True? is a post from: Orange County Real Estate-Orange County Homes For Sale

Here’s the latest Orange County Housing Report from Steven Thomas, President of Altera Real Estate.

The Orange County Housing Inventory has inflated by 48% since the beginning of the year on the backs of unrealistic sellers.

Unrealistic Sellers

Overpriced homes have flooded the market.

Reports of tremendous competition among buyers have fueled unrealistic seller expectations.  Reports of multiple offers and homes selling quickly have fueled it as well.  Reports of an increase in the median sales price did not help either.  Yes, there has been a lot of demand and homes have sold quickly, procuring multiple offers.  However, none of this would have happened had it not been for a major increase in home affordability.  There has been a culture shift in the past few years where people have gone from spending frivolously (and often recklessly) to saving, paying off debt and making sure that every penny counts.  Five years ago home buyers were racing to buy homes at whatever price.  Today, buyers have become “spreadsheet” buyers, not wanting to pay much more than the last closed sale, regardless of the amount of competition.  Sure, after writing offer after offer after offer a buyer is more willing to up the ante a bit and pay a couple thousand dollars above the most recent comparable sale, but they are NOT going to pay an extra $25,000.  That is how we have experienced slight appreciation over the past year.  In the hottest ranges, buyers have been willing to pay a little bit extra to procure a home.  Over the course of the past year, the small incremental increases have amounted to a positive change in pricing.  But think about it; a 5% change in pricing did not happen overnight.  The reports in a change in pricing are YEAR OVER YEAR.  Back in the heydays of the mid-2000’s homes were increasing a lot faster.  That just is not the case this time around.  Homeowners have been fooled, thinking the market has not just bottomed, it has recovered.  There have been so many homeowners who have sat on the sidelines waiting for the market to recover so that they could finally sell.  These pent up sellers have been placing their homes on the market at ridiculous values.  They have taken an increase of 5% over a year to mean that they can price their home 5% above the most recent comparable sale.  Spreadsheet buyers are just not going to bite.  The economy is too fragile for this line of thinking.  Yes, there is a premium to selling a home with equity versus the short sale down the street; HOWEVER, a buyer is not going to pay thousands of dollars more.  The bottom line: sellers really need to take a hard look in the mirror and ask whether or not they really can drop to the realistic fair market value of their home.  If not, they need to stop wasting everybody’s time and pull their home off of the market.

Active Listing Inventory

The proof that unrealistic sellers have flooded the market, an unabated increase in the inventory.

This year the Orange County housing inventory has grown by 3,524 homes, a 48% increase.  In the past two weeks, the inventory has grown by 355 homes, a 3% increase, and now totals 10,817.  Last year at this time the inventory was at 8,946 homes, 1,871 fewer than today.  Every range has experienced growth, but the most substantial growth can be found between $250,000 and $1 million with a 71% increase.

Housing Demand

Independence Day typically marks a drop in demand, this year is not exception.

Since artificially peaking at the end of April due to the end of the First Time Home Buyer Tax Credit, an $8,000 incentive, demand has dropped 28%.  Demand, the number of new pending sales over the prior month, decreased by 247 in the past two weeks and now totals 2,860, levels not seen since January of this year.  From here, demand typically rises slightly and peaks at the end of August before slowly deteriorating for the remainder of the year.

Expected Market Time

After bottoming at the end of April, the expected market time for homes in the OC has increased to its highest level of the year.

With an increase in the active listing inventory and a decrease in demand, the expected market time increased from 3.37 months two weeks ago to 3.78 months today.  The overall market is still a “seller’s market,” but it is moving in the wrong direction.  Remember, this seller’s market is different.  There may be a lot of buyers and a lot of competition, but spreadsheet buyers are unwilling to pay much of a premium over the last comparable sale.  At the end of April, the expected market time was at 2.35 months.  Last year at this time the expected market time was at 2.66 months.  For homes priced above $1 million, the expected market time is 10.61 months.  Contrast that with homes priced below $1 million where the expected market time is 3.22 months.

Foreclosures and Short Sales

So far this year, the distressed inventory has grown by 29%.

The active distressed inventory has increased from 2,555 homes at the beginning of the year to 3,307, levels not seen since May of 2009.  The distressed inventory now represents 31% of the current active inventory.  Last year at this time, there were 2,766 distressed homes on the market, 541 fewer than today.  The number of foreclosures within the active listing inventory increased by 19 homes in the past two weeks from 559 to 578.  The expected market time for foreclosures is 1.73 months, an exceptionally HOT seller’s market.   Short sales, where a homeowner attempts to sell a home for less than the total outstanding loans against a home, requiring lender approval, increased by 71 homes over the past two weeks and now total 2,729.  The expected market time for short sales is 2.52 months, still a HOT seller’s market.

Copyright 2010 – Steven Thomas, Altera Real Estate – All Rights Reserved.   This report may not be reproduced in whole or part without express written permission by author.

Orange County Housing Report: Hey Sellers, Get Realistic!! is a post from: Orange County Real Estate-Orange County Homes For Sale

The drop in demand ever since the end of the Federal first time home buyer tax credit on April 30th is slowing and leveling off.

Housing Demand

The 4% drop in demand in the last two weeks is much better than the 12% posted two weeks ago.

At this point, looking in the rear view mirror, the end of the Federal tax credit definitely had an impact on Orange County housing demand.  It is also safe to say that demand prompted many first time home buyers to purchase sooner than originally anticipated.  Had the credit not been in place, demand would have been curtailed in both March and especially April.  Demand in May and June would have been stronger as well.  March and April’s surge due to the housing credit robbed May and June of normal activity.  There is nothing cyclical about the recent swings in demand, but it is making its way back to normal.  It should be back on track by July.  Demand, the number of new pending sales over the prior month, decreased by 136 in the past two weeks and now totals 3,167.  That is after a 603 home drop two weeks ago.  For the first time since March 2008, demand is less than the prior year with 485 fewer pending sales.  Hold your horses if you are a buyer; this does not mean that it’s going to get much easier for buyers anytime soon.  The demand trend is now going to change back to a more normal pattern.  The expected market time for all homes priced below $1 million is still a very hot 2.71 months.  Five months is equilibrium.  Anything less than five months is a seller’s market.  You may ask, “How can we have a seller’s market without rampant appreciation?”  The answer is quite simple: with so many distressed homes on the market, they are keeping a lid on any real, significant appreciation.  Anything higher than five months is considered a buyer’s market.  For homes priced above $1 million, the upper end, the expected market time is 8.89 months, the higher the price range, the slower the market  If you are a buyer, carefully consider the local market conditions and the price range you are looking.  For example, homes priced between $1 million and $1.5 million, the expected market time is 5.59, not really a buyer’s nor a seller’s market.

Active Listing Inventory

For the first time since April of last year, the inventory has crossed the 10,000 home mark.
Last year, after increasing by less than 400 homes in the first three months, the total active inventory steadily dropped from a height of 11,606 homes to 7,381, a 4,225 drop or 36%.  This year the Orange County housing market has experienced the exact opposite phenomena, increasing unabated by 39% to 10,117.  In the past two weeks, the inventory has grown by 278 homes, a 3% increase.  This also marks the first time since April 2008 where the inventory is higher than the prior year.  Last year the inventory was at 9,313 homes, 804 fewer than today.  What is going on?  The answer is quite simple: there are more and more unrealistic homeowners placing their homes on the market at unrealistic levels.  They have learned that the market is hot in the lower ranges with buyers competing for homes that generate multiple offers and ultimately sell for their full asking prices.  However, buyers are just not ready to pay substantially more than the last comparable closed or pending sale.  Sure, given the heated demand, they may pay $5,000 more than the last buyer, but no buyer is prepared to pay a $40,000 premium for a home.  Many of these homeowners have been sitting on the fence, unable to sell, waiting for the market to turn so that they can finally achieve what they have been putting off for a while now, moving.  The Orange County market was blessed in 2008 and 2009 with discretionary homeowners.  They knew that buyers would not pay a premium, so only homeowners that had to sell placed their homes on the market and, most importantly, at realistic levels.  If you are a seller and your home is not generating enough activity and not procuring offers, now is a great time to take a careful look at PRICE.  Keep in mind; just because you are an equity seller, buyers are not going to pay you a substantial premium so that they don’t have to deal with all of the hassles in purchasing foreclosures or short sales.  Again, a $5,000 premium is more realistic.  Many foreclosures and short sales have a ton of upgrades, part of the excess of the last run-up in values.  So, as a seller, it is absolutely imperative to do your homework by carefully considering three important factors: location, condition and amenities.  A buyer is going to do the same thing.  It is important to be able to take a step back, pulling out the emotion of “yeah, but this is my home,” and objectively arriving at the fair market value.

Foreclosures and Short Sales

30% of the current active inventory is distressed.
The distressed inventory continued its slow climb this year, adding an additional 89 homes in the prior two weeks and now totaling 3,080, a 3% increase.  The inventory has not surpassed the 3,000 mark since June of last year.  Last year at this time, there were 3,062 distressed homes on the market, representing 33% of the active inventory.  The number of foreclosures within the active listing inventory dropped by three homes in the past two weeks from 533 to 530.  The expected market time for foreclosures is 1.45 months, an extremely HOT seller’s market.   Short sales, where a homeowner attempts to sell a home for less than the total outstanding loans against a home, requiring lender approval, increased by 92 homes over the past two weeks and now total 2,550.  The expected market time for short sales is 2.09 months, also a HOT seller’s market.

Closed Sales

May will prove to be one of the best months in terms of closed sales in 2010.
The number of closed residential resale homes in May totaled 2,789 homes, a 13% increase year over year.  But, keep in mind that the tax credit for first time home buyers is for successful contracts that are consummated on or before April 30, 2010, and must close on or before June 30, 2010.  The tax credit may have ended for all buyers still looking for a home, but still applies to buyers who put together a contract prior to April 30th and still able to close by the end of this month.  Just as there was a surge in demand in March and April, the surge continued in terms of sales in May and will continue this month.  We can expect headlines to reflect this surge when they report May sales later this month.

Orange County Real Estate Activity by City

Orange County Housing Report: Demand Returning to Normal is a post from: Orange County Real Estate-Orange County Homes For Sale

Could it be graduations, the end of the tax credit, Europe’s influence, a temporary housing lull? Only time will tell, but the Orange County housing market has gone over a speed bump and has slowed considerably.

Housing Demand

Over the past month, housing demand has dropped by 17%.

Demand, the number of new pending sales over the prior month, decreased by 676. After dropping 5% a couple of weeks ago, the dip in demand has gained a bit of momentum. This could be the result of the end of the tax credit, with first time home buyers rushing to purchase with the end of the tax credit on April 30^th of last month. Cyclically, there is a small lull in the market due to the graduation season, but never to this level. There has been so much attention paid to the European debt crisis, buyers could be waiting for clarity in recent economic forecasts, they seem to be all over the board. The speed bump in demand has affected every price range. WARNING: if you are a buyer, the lower price ranges are still incredibly hot. Homes priced below $1 million have an expected market time of 2.52 months. That is off from 2.12 a couple of weeks ago, but still incredibly hot. Buyers can expect multiple offers and a tremendous amount of competition. The upper end, homes priced above $1 million have an expected market time of 8.19 months, the higher the price range, the slower the market.

Active Listing Inventory

From the beginning of the year, the inventory has slowly increased, unabated.

Thus far this year, the active inventory has increased from 7,165 homes to 9,839 homes today, a 37% increase. In just the past couple of weeks the inventory has risen by 283 homes, a 3% increase. This is partially due to a slowing in demand, but it also has a lot to do with many sellers with equity in their homes testing the market with unrealistic pricing. 2006 and 2007 were plagued with unrealistic homeowners who unsuccessfully attempted to sell their homes by trying to sell their homes for prices well above the most recent comparable and pending sales. In 2008 and 2009, homeowners knew that the market was difficult and success

Foreclosures and Short Sales

The number of active distressed homes on the market has reached June 2009 levels.

Like the total active listing inventory, the distressed inventory has slowly increased from 2,555 total foreclosures and short sales at the beginning of the year to 2,991 today, a 17% increase. Not quite the 37% increase like the total inventory, but, none-the-less, significant. Foreclosures have increased from 375 at the beginning of the year to 533 today, a 42% increase. Short sales have increased from 2,180 to 2,458, a 13% increase. There have been more foreclosures to hit the market thus far this year, but there are reports from the trenches that many banks have placed some of their foreclosed homes on the market at unrealistic levels and are not moving. Do not get me wrong, distressed sales are still ON FIRE. It’s like going from scorching105 degree temperatures to 95 degrees, still HOT. The number of active distressed homes on the market, all short sales and foreclosures combined, increased by 97 homes in the past two weeks and now total 2,991, or 30.3% of the current active inventory. The number of foreclosures within the active listing inventory increased by 54 homes in the past two weeks from 479 to 533. The expected market time for foreclosures is 1.58 months, an extremely HOT seller’s market. Short sales, where a homeowner attempts to sell a home for less than the total outstanding loans against a home, requiring lender approval, increased by 43 homes over the past two weeks and now total 2,458. The expected market time for short sales is 1.97 months, also a HOT seller’s market. Everybody is still looking for a deal, so there’s a lot of competition in purchasing distressed homes.

Interest Rates

Interest rates surprisingly remain at historically low levels.

Interest rates were forecast to start to climb after the Federal government stopped purchasing pools of loans in April, but that has not come to fruition so far. This has a lot to do with the unexpected European financial debt crisis. International investing has turned to a flight to safety, and purchasing United States Treasury Bonds has been at the top of the list. When this happens, interest rates drop. All forecasts still point to an increase in interest rates, about one point in the next year, but the increase has been temporarily stalled. Buyers can still take advantage of interest rates that will not return to the current historically low levels for many years to come.

Originally Posted at Orange County Real Estate

Orange County Housing Report: A Spring Pause? is a post from: Orange County Real Estate-Orange County Homes For Sale

This super-clean home on the Coyote Hills Golf Course in the gate-guarded Pinehurst Greens neighborhood has been on the market almost 4 weeks, and the bank says, “Sell it now!”

Previously offered at $679,900, the list price has now been reduced to $649,900.

Check out the Virtual Tour – three large bedrooms, three baths, a beautiful well-maintained neighborhood, and peaceful back yard garden situated on the 15th hole of the golf course.

Bring an offer and let’s do a deal!

$30k Price Reduction on Foreclosure Home in Fullerton is a post from: Orange County Real Estate-Orange County Homes For Sale

It’s a seller’s market market in Orange County Real Estate Today – so here are the top 4 things you need to do to be successful as a buyer against pretty staggering odds.

1. You have to have your Money available

You have to have money for an initial deposit – usually about 1% of the price you are offering – more if you can to be more competitive.  You also have to have the money for the down payment – which for an FHA loan is currently 3.5% of the purchase price.  And yes, your deposit does count toward your down payment.  And you must have your closing costs covered  - this amount will vary depending on how you negotiated your purchase contract and if you are paying points on your loan to buy down your interest rate.  Your Realtor will be able to work with your lender to get good idea of what your closing costs will be.  And all of this has to be documented by means of income tax returns, bank statements, and pay stubs.  Today’s Orange County home buyers have to prove their financial ability to perform before an offer can ever be submitted.  Don’t put yourself at risk of missing a great opportunity in today’s Orange County market because you aren’t ready to start making offers.

2. Buying a home takes Time

You must be willing to commit the time it takes to get up to speed on what’s going on in the specific neighborhoods and price ranges you are targeting.  Time to review properties as soon as they hit the market.  Time to return calls and emails from your Realtor and your lender.  And time to update your financials if the process takes more than a couple of months.  It also takes time to make offers, and review the responses from sellers.  It takes time to understand the condition and circumstances of the available properties.

3. You have to be Mentally Tough

To be successful in this Orange County Real Estate Market, you have to stay focused on what you are llooking for and capable of purchasing.  You cannot get distracted by the opportunity to purchase a “fixer” if you won’t have any money left to make the repairs – stay locked in to your zone and shut out all the other noise.  You have to be mentally tough when offer after offer gets rejected, or when you get hit with multiple counter offers – resis the temptation to make up drama about why these sellers are purposefully making your life miserable and unbearable.  Just stay focused on the facts and the math and make informed decisions.  You have to be mentally tough to hear that the inspector suspects mold, and the remediator expects it to cost about $25,000.00 to fix.  And the seller won’t budge on the price.  Be mentally tough, make an informed decision, and move on.

4. It Takes Teamwork

Be up front honest with your Realtor and your Lender.  Even if you don’t know the answer to a question.  Many first time buyers are so overwhelmed with the enormity of the task and the price tag that they cannot absorb it all.  Be honest about that, as well.  Your team can help you through all this so much better if you keep them in the loop.   Tell your Realtor what you like and don’t like, how you prefer to receive information (phone, email, text, …)  Be a team player and ask your team for help.  To paraphrase Jerry McGuire – “Help Us Help You!”

So that’s it in a nutshell – now get to work on finding the perfect Orange County home for you!

Top 4 Tips for How to be a Successful Home Buyer in Today’s Orange County Real Estate Market is a post from: Orange County Real Estate-Orange County Homes For Sale

An emerging trend in Orange County home sales is to require the buyer to be Cross Approved in order to submit an offer to buy a home listed for sale.  This means that even though you already have a pre-approval from your lender, hopefully the lender your Realtor referred you to, you still have to get an additional approval from the seller’s lender.

I Have a Lender – Why Do I Have to Talk to That Guy?

Why are sellers asking for this Cross Approval from home buyers?  One reason is really simple – they want a shot at your business.  Especially true for REO homes for sale and for Short Sales.  These lenders have taken a hit on the former loan holder who went belly up, they’d love to replace that borrower with you.  Make sense?

What does this requirement to get a Cross Approval mean to you as a buyer in today’s fiercely competitive (in most price ranges, especially under $750K) market?  I mean you must contact the designated lender and have them review your financial picture and give you a pre-approval, just like the one you got from your lender.

To be a competitive buyer offering on a home that requires a Cross Approval, you have to go through the hoops to get the job done.

What’s the great news?  I can make this whole thing SUPER EASY for you!  The lenders I recommend to my buyers will do the work for you!  Honestly!  I Swear!  They will contact the other lender, with your permission, and share your financial picture, your credit report, and ususally the results of the DeskTop Underwriting process.  And they will do it quicky and professionally.  Which will make you a way more competitive buyer by getting this hurdle out of the way very quickly – speeding up your offer to try to be the first complete offer submitted.

What’s the question I get the most about Cross Approval?  Will it ding my credit – having another lender run my credit.  The answer is emphatically “No!”  Usually the Cross Approval lender will not need to re-reunn your credit – and even if they do the impact is usually only 1 point off your FICO score.  No material impact on your strength at all!

So call or email me if you need more information on Cross Approvals and why they are here to stay for the forseeable future for competitive home buyers in Orange County today.

I’m Leslie, just keeping it Real in Orange County Real Estate!

Real Tips for Home Buyers – What Every Buyer Needs to Know About Cross Approval is a post from: Orange County Real Estate-Orange County Homes For Sale

This cute little Single Family Detached home in a wonderful neighborhood is being prepared for market.  It has three bedrooms, one and a half baths, and over 1200 square feet of living space.  Bank Owned homes for sale in Mission Viejo don’t last long these days, so if you’re interested drop me a line or give me a call.  I’ll arrange a private showing and keep you informed about when it might be ready for sale.

Originally Posted at Orange County Real Estate

New Pre-Market Bank Owned Home in Mission Viejo is a post from: Orange County Real Estate-Orange County Homes For Sale

In Pictures: The Severity Of The Foreclosure Crisis Depends On Where You Live is a post from: Orange County Real Estate-Orange County Homes For Sale