Rancho Santa Margarita Home Price Update is a post from: Orange County Real Estate-Orange County Homes For Sale

Governor Endorses New Home Buyer Tax Credit

Real Estate in Rancho Santa Margarita and other Orange County cities could get another boost from the government.  Governor Arnold Schwarzenegger has proposed  a new homebuyer tax credit for California taxpayers.

Not Just For First Time Buyers

Just like the new recently passed Federal program,  the proposed credit would apply to the purchase of existing as well as new homes.  There are some restrictions on the proposed credit.  For example, the buyer cannot be a dependent, and cannot be purchasing a home that belongs to a relative.

Some Details of the Program

Buyers would receive a credit of up to $10,000, although the specifics of how the credit would be calculated have not been determined.  Under the old program the buyers could receive a credit of 5% of the purchase price of the home, also up to $10,000.  The state would allocate up to $200 million – twice the amount of the previous program, which ran out of  money almost 8 months before the program deadline.  Other details haven’t been released, such as the dates in which homes must be purchased to qualify.

What Orange County Homes For Sale Will Qualify?

Almost any single family home for sale in Rancho Santa Margarita, Mission Viejo, Coto de Caza, or Ladera Ranch will qualify for the full $10,000 credit, since all are priced well above the $200,000 mark.  There are some condos in those cities priced lower, and even some houses in Central and North Orange County cities the wouldn’t get the expected full credit, but most buyers can expect to take full advantage if the bill is passed and they move quickly!  Remember, the last program like this ran out of money months before the scheduled end, so get your pre-approval and get ready to move.

Proposed California Tax Credit Could Boost Orange County Real Estate is a post from: Orange County Real Estate-Orange County Homes For Sale

Bank Owned Homes for Sale in Rancho Santa Margarita

As of today, there are 29 Bank Owned homes for sale in Rancho Santa Margarita – 10 single family detached homes and 19 condos.  Remember, Bank Owned or Real Estate Owned (REO) means that the seller has been foreclosed upon by their mortgage holder and the bank now owns the home since their borrower could not continue to make their mortgage payment.  You will get a very quick response from the bank on these properties, and will be asked to close escrow very quickly – usually in 20 days.  Be careful and make sure you have your loan lined up (unless you are able to pay cash) – the banks usually apply a penalty charge of at least $100 per day for every day the close is delayed at the fault of the buyer.

Rancho Santa Margarita Bank Owned Condos for Sale

There are 26 Bank Owned condos for sale in Rancho Santa Margarita – the lowest price is $174,000 for a 1 bedroom  1 bath home with 882 square feet,  no garage.

There are also several 3 bedroom 3 bath on the market in Rancho Santa Margarita – ranging in price from $324,900 to $449,000 – quite a bit of difference in the pricing.  Just make sure you are aware of the condition of the property when you decide to buy one of these Bank Owned deals.

REO Single Family Homes in Rancho Santa Margarita

There is a single story Bank Owned house for sale in Rancho – it has 2 bedrooms,  2 bathrooms, is 1211 square feet with a 2 car for $439,000  Buy this one for yourself to retire in - can you imagine what single story homes are going to be worth in 10 years as the Baby Boomers continue to retire?

You might also want to check out this 3 bedroom 3 bath Bank Owned home for sale with 1904 square feet and a 2 car atatched garage for $534,000.  On a corner lot – could be a great deal.

Be careful with Bank Owned homes – while I’ve spent a great deal of time on the potential for a great deal, you have got to know what you are getting in to in these purchases.  Always have a home inspection, and if you can, have a mold inspection done as well.  Sometimes these homes have been vacant for months, and were not well taken care of before that point.  Learn more about mold, and how to detect it. And the value of a home inspection.

Short Sale Homes for Sale in Rancho Santa Margarita

There are 92 homes for sale in Rancho Santa Margarita that are Short Sale listings ranging from $162,900 to $749,000.  Twenty-four are single family detached homes and the rest are condos or attached homes.

Short Sale Condos for Sale in Rancho Santa Margarita

The lowest priced property in all of Rancho is a Short Sale listing at $162,900 – a 1 bedroom 1 bath condo in the Los Flores condos near RSM Intermediate School with no garage, but inside laundry and a carport.

Buy this one for a rental and have your foot in the market for your kids’ college condo as the market comes back.  You can always work a 1031 Tax Deferred Exchange to get them closer to campus!

Short Sale Single Family Homes for Sale in Rancho Santa Margarita

On the flip side, how about this 3143 sq ft 4 bedroom 3 bath 3 car garage with lush tropical yard and soaring ceilings for $749,000?  Well, here’s the story on this one – it’s been on the market for over a year, started out at $880,000, bank approved Short Sale at $740,000.  What does “bank approved Short Sale” mean, you ask?  It means that you will get an acceptance of your offer of only offer on the table.)

Buying a Home in Rancho Santa Margarita – Some Great Deals is a post from: Orange County Real Estate-Orange County Homes For Sale