You clung to your Laguna Beach home like glue. No way were you leaving the place you so dearly cherished. But the stack of delinquent mortgage payments got too heavy. Pushed you straight through a trap door. Now you’re in the pit. The mortgage pit. Debt collectors are hissing like snakes. Foreclosure fiends are clawing at you. How will you get out of this trap?

Luckily, there’s an escape route. It’s called short sale – a program that lets you sell your home for less than the total amount owed. Protects you from the hissing debt collectors and foreclosure fiends. Frees you from the pit. Get ready!

Launching Your Escape

Remember, a short sale isn’t a magic amulet. Plan on digging in your heels and expending much personal energy. You’ll begin with three documents, all of which should be signed and dated.

• A financial worksheet listing all of your monthly expenses. The more, the merrier.
• A hardship letter explaining why you got behind. You’re making your case here, so let the details flow.
• A letter authorizing your Realtor to access certain account information. The letter should include the last 4 digits of the borrower’s social security number, the complete account number, and property address.

What Else You Should Know

• The clock is ticking, so dawdle at your own risk. If the short sale doesn’t close within 30 days, chances are you’ll need to start the approval process over. Now wouldn’t that be a hoot.
• Send all inquiries, (and if necessary, bribes), to the assigned negotiator. The identity of this individual will be revealed during the introduction call.
• A short sale is never an inside job. This means, the property may not be purchased by anyone with close ties to the seller. This includes but is not limited to family members, friends, neighbors, personal trainers, and bookies.
• In certain cases, investors and mortgage insurance companies require lenders to sign an unsecured note for part or all of the difference between sale proceeds and the total amount due. This information is specified as part of any response to a short sale offer.

Well there it is. You see? There is an escape from the mortgage pit. And if you’re considering a short sale for your Laguna Beach home, I want to make sure you’re good and prepared for the journey.  I’ll make certain you get started on the right track. And stay on the right track. As an experienced professional well-acquainted with this prime beachfront community, I can answer all of your questions and help you discover the numerous opportunities the Laguna Beach Real Estate market has to offer.

Feel free to contact me at 949.922.8490 or hillary@thecoastalpropertyexperts.com.

Until next time, keep it classy, Laguna.

You made that mortgage payment again! Took that hard-earned greenery from your bank account and whisked it to your friendly lending institution. Another mortgage payment for your beautiful Laguna Beach home is successfully in the books! Congratulations! You’ve purchased one more month of home ownership.

Then about a week or so later you get the call. It is from your friendly bank rep. “Where’s our money,” probes Mr. or Ms. Rep, ever so politely. “What are you talking about? I sent it about a week ago.” You tell them where it was sent. “Uh…That’s not our address,” corrects the rep. “It’s not even us.”

“But I got this letter. It told me to forward my mortgage payments to this new company. Said my loan was sold to them.”  Sympathetically, the rep tells you the letter was bogus. The loan was not sold. Realization crashes down on you. Sorry, Charlie. You’re the victim of the latest mortgage scam.

Incredibly, scenarios just like this are taking place not only in Laguna Beach or Orange County, but nationwide. And it is happening more and more often.  Basically, a con artist fires off an ‘official’-looking letter to an unwitting homeowner. The letter instructs the wide-eyed recipient to start sending their mortgage payments to a new company. Supposedly, this second lender has taken over the management of your loan. Just one problem — the new company is 100% fictitious; a fraud.

Borrowers who fall for this scam typically relinquish a few unintended donations before they realize a big clump of wool has been yanked over their eyes. By then, they’re one or more payments in arrears. And the real lender is stepping up the phone calls.

These skillful con artists are banking on a single fact — most borrowers have no idea what to expect when a loan is sold legitimately to another institution. But, of course, you won’t be one of the people in the dark. Why? Because we’re offering you, free of charge – Scam Prevention 101. Pay attention, or pay the price.

Legally, you must receive two letters when there’s a management transfer. The first from the original loan administrator such as Bank of America or Wells Fargo. This tells you about the transfer, as well as where and when to re-direct your mortgage payments. About a week later, you’ll receive a second letter. The sender is none other than the new management company. They’re giving you a big welcome, as well as all the loan details you ever could want to know. They might even generously pack in a few payment coupons and company envelopes, just so you don’t get stuck paying for these items. Remember, one letter doesn’t count. If you don’t get a pair, become Sherlock Holmes and investigate.

Make sure both letters include your loan number. If this crucial info isn’t supplied, or if there’s a mismatch, call your original servicer for an explanation.

Even if everything checks out, contact the original servicer anyway. You just never know.

Congratulations! You’ve passed Scam Protection 101!

But we’re still available for questions, so feel free to reach out to us. After all, we want to make sure you’re good and prepared when you buy your Laguna Beach home. Naturally, we’ll be delighted to help you get started. As experienced professionals well-acquainted with this prime beachfront community, we can answer all of your questions and help you discover the numerous opportunities the Laguna Beach real estate market has to offer.

Until next time, keep it classy, Laguna.

Feel free to contact us at Prudential California Realty 1.949.922.8490 or email: hillary@thecoastalpropertyexperts.com.

Regards,
Hillary Caston & Associates – The Coastal Property Experts

No doubt about it. These features are certainly important components of finding the ideal Laguna Beach home.  But believe or not, most buyers don’t put enough emphasis on what rates even higher on the importance scale. According to Realtors, people often give far too fleeting glances to the more important details such as water stains in the basement, corroded electric boxes, windows that don’t open, rotting floor joists, and foundation cracks. That, however, is only the beginning. Other items that should be satisfied on the home-investigation checklist include:

• Check any hills for erosion to prevent homes slipping down slope.
• Look for driveway cracks. These could indicate foundation or geological problems.
• Lawn should slope away to carry rainwater to the street.
• Driveway shouldn’t be too steep for vehicles.
• Never touch personal belongings – Checking out the contents of the fridge is mighty bad etiquette, to say the least.

Is there a right way to carry out this crucial search mission?  Not really. Realtors employ a variety of approaches to get the job done. Some just let buyers go with the flow of wherever a home takes them. Others insist that buyers go through the house twice. The first look is a breezy stroll to get a feel for the Laguna Beach home under consideration.  If the buyers get a positive vibe, a more detailed exploration follows.

No matter what approach is taken, Realtors agree that it’s best to get the inspection process off the launch pad early on — as in before buyers ever step inside. One way to kick of a preliminary investigation is by checking out the neighboring properties. If you like what you see, great. If not, time to reconsider. Also take a casual spin around the neighborhood at different times of day.  What may be a quiet community in the morning might turn into a nightmare snarl of traffic when a nearby school gets out.

The good news is that your thorough home investigations ultimately will help you discover a Laguna Beach home you feel could be ‘the one.’ Great. But you want to be sure, right? So go back inside and explore the place to your heart’s content. As many times as it takes. After all, this is one of the great decisions of your life. You want to be 110% convinced before taking the final step.

If you’d like to learn more about finding the ideal Laguna Beach home, I’ll be delighted to help. As one of the area’s premier Coastal Property Experts, I can answer all of your questions and help you discover the numerous opportunities the Laguna Beach Real Estate market has to offer.

Feel free to contact me at 949.922.8490 or hillary@thecoastalpropertyexperts.com.

Regards,

Hillary Caston

Hmmm, you’re thinking. Realtor tells me to hold off on buying a home. Well you can stop scratching your noggin’ in stunned bewilderment.  I’m about to tell you why I’m dispensing such surprising advice. It all has to do with the path that Laguna Beach Real Estate is on. Ready? OK here goes…(drum roll optional)  

Interest rates are a goin’ south — droppin’ like Newton’s apple. Plunk! As in lower than they already are.

Right now jumbo rates (property $729,000 or above) are in the 5% range for a 30 year fixed. As Madame Hillary gazes into her crystal ball, she sees the rates dipping into the 4’s. A 30 year fixed conventional loan will slip into the 3’s. And a 15 year conventional will be crawling all the way down, down, down to the high 2’s.

Why do I believe things are headed in the southbound direction?  Simple economics, folks. We’re all familiar with supply and demand, right? OK, in six months when the banks unload their overflowing inventory of foreclosures and short sales, the result will be a major jump in supply. Or to put it another way, we’re looking at glut city.

And what do gluts do? You there in the back. That’s right. They drive down prices. In this case, home values AND ta-da! – Interest Rates. Gotta happen. It’s an ironclad law of nature.

There’s another ramification to all of this – because of the record number of foreclosures and short sales, there is now a swelling pool of people with not-so-hot credit. Financial institutions  will be facing a crucial decision – either lower FICA standards, or severely limit the number of people who qualify for a loan.

Now, if you’re just itching to buy that Laguna Beach home or any home in South Orange County right now, the very best advice I can send your way is this —  Make the best deal you can on the assumption that the property will be worth about 10% less once the inevitable glut occurs. So when you obtain your loan, just figure you’ll be re-financing in the near future. And whatever you do, don’t buy down the loan by paying for a point. Remember, the house will very likely be worth less than you bought it for, so you’ll be losing money in the long run. And the banks will be laughing all the way to the … (fill in blank).

If you absolutely want a Laguna Beach property, and want it now, make sure the chosen property has two very important things – plenty of equity and a motivated seller. That’s your ticket to a great deal.

If you’d like to learn more about Laguna Beach homes, I’ll be delighted to help. As somebody who is well-focused on this one-of-a-kind community, I can answer all of your questions and help you discover the numerous opportunities the Laguna Beach Real Estate market has to offer.

Feel free to contact me at 949.922.8490 or hillary@thecoastalpropertyexperts.com.

Welcome to my latest pick of the week. Once again, my search for the best of the best has revealed a number of choice gems among the excellent selection of Laguna Beach properties.

$1,195,000    465 Osgood Ct      Laguna Beach    

Ease into a serene hideaway of cozy comfort highlighted by tasteful upgrades and glimpses of ocean vistas. This 1936 Woods Cove cottage truly is a dream-come-true featuring lustrous hardwood floors, striking granite counter tops, custom cabinetry, a Dutch door, recessed lighting, custom-mantle fireplace, a soothing sitting area, and a full 2 car garage with laundry and extra storage. Low maintenance charmer is now on the market for an amazing $1,195,000.

But Wait, There’s More: Other Laguna Beach Properties That Caught My Eye

$1,250,000   441 Park Ave    Laguna Beach

Two cottages on a single lot give this beach beauty a double dose of sparkle. The cottage at 441 is enhanced by 2 spacious bedrooms, 2 baths, and a 2 car garage. A newly-added bedroom/office opens to a private patio offering inspiring glimpses of the Pacific Ocean.  The cottage at 431 features 2 bedrooms, 1 bath, and the blissful seclusion of a private patio. Step outside into the crisp ocean air, and in minutes you can reach the beach or bustling downtown Laguna. A unique opportunity to own a piece of the Laguna Beach experience for only $1,250,000

$1,389,000    450 Shadow Ln    Laguna Beach 

Nestled in a secluded lane in the Heart of the Village, this Laguna Beach cottage is a scenic stroll away from miles of pristine beaches, dozens of world class restaurants, and one-of-a kind shopping. 3 bedrooms, 3 bathrooms, hardwood floors, a fireplace, and vibrant gardens help create a truly unique beachside experience. Breathtaking ocean vistas are yours to glimpse from a luxurious master suite. A treasure at $1,389, 000.

$2,200,000     2 N Encino   Laguna Beach

Classic 1930’s styling gives this single level cottage a warm friendly character that whispers of simple pleasures.  Completely remodeled in 1999, this turn key charmer redefines luxury and convenience with a number of striking touches such a gourmet kitchen, French doors, fireplace, bay windows, a surround sound system, vaulted beam ceilings, wood paneling, hardwood and tile flooring, window awnings, retractable deck awning with wind monitor, and galvanized rain gutters.  Impressing your guests will be a breeze on the spacious entertainment deck, which features a roomy BBQ area, as well as spectacular Catalina sunset views. A stroll away from the seclusion of a private beach, tennis courts, clubhouse, and a park. A true standout at $2,200,000.

If you’d like to learn more about the many priced-to-sell Laguna Beach cottages that are available, I’ll be delighted to help. As somebody who is well-focused on this one-of-a-kind community, I can answer all of your questions and help you discover the numerous opportunities the Laguna Beach Real Estate market has to offer.

Feel free to contact me at 949.922.8490 or hillary@thecoastalpropertyexperts.com.

20321 Sun Valley Dr,  Laguna Beach     MLS # L34199      $729,000

Brushed by gentle ocean breezes, this single level Laguna Canyon hideaway is nestled amidst the picturesque tranquility of a shimmering stream, acres of lush fruit trees, berry bushes, and cacti, and abundant wildlife of every description. Inside, you’ll immerse yourself in a cheerfully elegant environment graced by double doors, three large bedrooms, two baths, floor to ceiling windows, a raised hearth fireplace, built-in bookcases, and signature artwork. Brick patios and garden walkways enliven the charm of this one-of-a-kind residence. Minutes from the ocean, the home is conveniently close to the major roadways and world-renowned art festivals of Laguna Beach. Incredibly, this Laguna Beach home is offered at only $729,000.

But Wait, There’s More: Other Orange County Properties That Caught My Eye

20348 Sun Valley Dr, Laguna Beach    MLS # L32814     $699,000

Gotta luv this one. Tucked away in the rustic privacy of a cull-de-sac, this single story home offers easy access to the breathtaking splendor of Laguna Coast Wilderness Park. Thrill to idyllic, park-like vistas from the cozy comfort of this single story retreat, which features three spacious bedrooms, two full baths, and an over-sized two car garage. Dining and entertaining will be an entirely new experience thanks to a recently-remodeled gourmet kitchen highlighted by a large island perfect for casual eating, granite countertops, and exquisite hardwood cabinetry. Accentuating the home’s spacious master suite is an upgraded bath.  Although secluded in the natural serenity of Laguna Canyon, this Laguna Beach home is conveniently close to a rich offering of Laguna Beach amenities, as well as nearby toll roads and freeways.  Offered at an irresistible $699,000.

255 Cypress Dr 14,   Laguna Beach    MLS # L33683     $710,000

No doubt about it. This Laguna Beach condo sparkles with seacoast charm.  Once you settle into the classic ambience of this romantic, top-floor villa, you’ll experience an exhilarating synergy of comfort, style, and breathtaking views. Spacious enough for entertaining guests, the 1,050 square ft. unit also accommodates your favorite automobile with a single car garage boasting plenty of extra storage room. When the yen for a bit of seacoast sizzle strikes, you can stroll, strut, jog, or bike your way to the never-ending excitement of nearby Laguna Beach.  At $710,000, this beautiful Laguna Beach home is one ocean of a deal.

If you’d like to learn more about the many priced-to-sell Laguna Beach homes that are available, I’ll be delighted to help. As somebody who is well-focused on this one-of-a-kind community, I can answer all of your questions and help you discover the numerous opportunities the Laguna Beach Real Estate market has to offer.

Feel free to contact me at 949.922.8490 or hillary@thecoastalpropertyexperts.com.

Buyer A had seen her share of Laguna Beach homes. Nibbled on a few. Now she was ready to buy. Had her sites on a choice condo in a fantastic location, with an irresistible price tag to match. Yes, she was one serious player. And to prove it, she plunked down a serious amount of cash as a security deposit. $20,000 into the Escrow ‘vault’ it went.  

We got off to a splendid start. Both buyer and seller signed all the necessary documents stipulating that all contingencies would be removed once the loan was approved — in the customary 17 day period.

As the deal glided forward, the buyer took care of details like getting inspections done, negotiating a repair request, signing the full gamut of disclosures, and receiving all condo association documents such as budget and minutes. Things were progressing just as smoothly in the loan-approval realm. The bank had all the necessary paperwork from the buyer – tax forms, verifications, credit scores, appraisal, etc. All in all, this Laguna Beach condo was looking mighty good.

Then the lender threw us a curve ball. Surprise! The loan documents would require another 3, very unanticipated days of ‘review’. According to the lender, we had loan approval – with conditions. We’d just have to wait. Unfortunately, our 17 day period to remove all contingencies was about to expire NOW! Time’s up. Whistle’s blown. Game over.

“What does that mean,” the buyer fretted.  I go into ultra-soothing Hillary mode. “Well,” I calmly explain, “it means the bank still could deny the loan if the conditions are not met.” Then I brace myself and continue – “It also means, if you sign the removal of contingencies, your $20 grand security deposit is at risk. The seller could grab the cash because he’s kept the property off market.”

A worried frown from the buyer. This is not going as planned. I immediately shift into full protection mode and assure her we can circumvent this risk. But both seller and seller’s agent would need to know they still have deal. Now at this point, they’re clamoring for removal of contingencies. Bottom line: I’ve got to protect my client’s investment until we have full loan approval. This means getting the seller to feel confident enough to give us the extra time we needed. How did I pull off this delicate juggling act?

Find Out in Part 2 of Hillary’s Cliffhanger Case Studies.

And while you’re waiting, I’ll be happy to answer any of your questions or provide information pertaining to the bustling Orange County Real Estate market.  Feel free to contact me at 949.922.8490 or hillary@thecoastalpropertyexperts.com.

The first thing I do to resolve this sticky situation is write a repair request asking that the seller either give the buyer a $3,800 credit, or take care of the repairs on his own. The seller balks and flings an offer of $700.00 worth of credit in our direction. I shake my head. Way too low, Daddy-o.  Come back again to make the buyer feel whole.  

The buyer and I wait it out while the escrow clock ticks. We finally get his answer — $1,900. We meet half way, and both sides feel like they won. It is a big fat YES!  Done! Finis! Uncork the champagne. The upshot?  Beth got a hefty $1,900 bonus on top of a great deal for a great Laguna Beach home. And the seller got himself a healthy sale. Smiles all around.

CASE CLOSED

Naturally, I can provide the same service and dedication to help you reach your own goals. Go ahead and reach out. I’ll be happy to answer any of your questions or provide all the information you need to take advantage of the bustling Laguna Beach Real Estate market.  You can connect with me at 949.922.8490 or hillary@thecoastalpropertyexperts.com.

Laguna Beach, Newport Beach, Newport Coast

Laguna Niguel, Dana Point

If you’d like to learn more about all the great things happening in world of Orange County Real Estate, I’ll be delighted to help. As somebody who is well-focused on this attractive locale, I can answer all of your questions and help you discover the numerous opportunities the Orange County Real Estate market has to offer.

Feel free to contact me at 949.922.8490 or hillary@thecoastalpropertyexperts.com.

Every week, Hillary Caston and her team at The Coastal Property Experts look for homes for sale that are of interest. Take a look at the Picks for 7-29-10. To see the full MLS listing information on any of these properties, go to: http://www.thecoastalpropertyexperts.com/Market-Snapshot-Report.php

This week, we highlight 6 homes: 2 Homes for sale in Laguna Beach, 2 Homes for sale in Laguna Niguel, and 2 Homes for sale in Dana Point.

Registered Users of the website get the first look at these properties. To get on the list, be sure to register after clicking on the “Search MLS Listings” button.

33932 Barcelona Pl, Dana Point, CA

33932 Barcelona, Dana Point Homes for Sale

Priced at $1,849,000

$307.81/Sq.Ft.

The layout of this home is a little “unique”; however, the extras on this Dana Point home for sale are incredible: gameroom,

Guest/Maid quarters, Photo Lab/Dark Room/ Wine Cellar

Workshop, Media/Music Room/Game Room, Unfinished

Basement, Exercise Room, Au Pair Suite, Pool&Spa,

4-car garage (which can fit an RV)  and more!

The home is 6007 SqFt and sits on a 9500 SqFt Lot.

32512 Azores Rd, Dana Point, CA

32512 Azores, Dana Point Homes for Sale

Priced at $1,699,000

$536.47/Sq.Ft.

Single Level Custom home in Monarch Bay Terrace.

More than 1/3 acre lot size with a 3167 SqFt Home

715 Marlin, Laguna Beach, CA

715 Marlin, Laguna Beach Homes for Sale

Prices at $2,130,000

$495.35/Sq.Ft.

4300 Sq. Ft. on a 9000 Sq. Ft. Lot

Ocean Views and a Master with Fireplace

232 Chiquita St., Laguna Beach, CA

232 Chiquita, Laguna Beach Homes for Sale

Short Sale Priced at $1,200,000

$571.43/Sq.Ft.

Ocean view remodel with 3 Beds/4 Baths

2100 Sq. Ft. on an R2 lot that has a 1/1 rear unit that currently rents for $1400/mo

31941 E. Nine Drive, Laguna Niguel, CA

31914 E Nine, Laguna Niguel Homes for Sale

Priced at $1,050,000

$ 368.42/Sq.Ft.

Gated community of Links Pointe with views of El Niguel Country Club Golf Course

4Beds/3Baths/2850 Sq. Ft. on a 7560 Sq.Ft.Lot

14 Palisades, Laguna Niguel, CA

14 Palisades, Laguna Niguel Homes for Sale

Priced at $1,195,000

$ 497.92/Sq.Ft.

Ocean views on a single loaded cul-de-sac

4 Beds/3 Baths / 2400 Sq. Ft.