Flipping for Profit
October 3, 2009
There are great investment opportunities in the marketplace right now with the abundance of distressed sales! Many of our clients are actually profiting by “flipping” after we have negotiated a property that is in the foreclosure process, bank-owned or a short sale.
Financing for flipped properties is available with a few restrictions. First let’s define a flipped property. If a seller acquired title less than 6 months ago and is selling for a profit, the buyer’s loan would fall under the flip guidelines. FHA has a separate rule requiring the owner/seller to be on title for 91 days prior to entering a contract to sell the home.
Guidelines for conventional (both traditional conforming, jumbo conforming, and non-conforming) allow financing for flipped homes on a case by case basis. Financing for flips requires an exception, but we have found the exceptions are frequently granted when the hot buttons below are followed:
- Seller needs to be the same person or entity who recently acquired title
- Subject property must be sold on the open market through a public listing service (MLS) to substantiate market price
- Full documentation is required from the buyer (standard in today’s market)
- Appraiser to provide details around improvements made to the property
- Down payment must be fully documented
- Primary or secondary occupancy only (may consider investor purchase with substantial down payment)
The hot button on financing for flipped properties is the seller’s investment into the home. Investors do not like when someone simply buys a property on the auction steps and immediately sells it with no improvements to the home. Examples of acceptable improvements could include replacing carpet/flooring, painting, cleaning, roof repairs, etc. They simply ask for paid invoices to document some improvement to the home.
If you are in the market for an awesome deal, we will be happy to send a list of the best deals in town!
Surf City Surf Dogs
September 25, 2009
SurfingDogs
Surf City Surf Dog is a fundraiser for 6 local dog charities. Yes dogs will be surfing, so grab your pup and join us on October 11!
Sold! Highest price sale in Crystal Cove in 2009
September 25, 2009
We are proud to have represented both the buyer and seller in the sale of this magnificent former model home. Full price and a 2 day escrow with wonderful clients on both ends – it doesn’t get better than this!
Best Time to Shop for Laguna Beach Real Estate? Sunset
April 16, 2009
- Cooler weather during the summer months
- Seeing the neighborhood after working hours
- Checking out nighttime visibility of your potential home from the street
- A better chance to meet some of the neighbors
5 Great Spots for Laguna Beach Real Estate
March 31, 2009
Top 5 Prime Real Estate Locations in Laguna Beach
Known for it’s beautiful beaches and artistic, bohemian flair Laguna Beach has been an active and artistic community for almost a century. The real estate in Laguna varies and almost mirrors the variety of landscape which can be found there.
There is hardly a bad place to live in Laguna, however there are some choice areas which should be first on the list of anyone shopping for a home in Laguna Beach.
Beachside
Laguna has miles and miles of beautiful coastline, and of course, living right on the beach has it’s obvious advantages. This is a unique area which means that there are a variety of coastal communities and areas to choose from. They range from active downtown spots near main beach to quiet and secluded estates further down the coast.
Whether you are a soul surfer or a sun goddess, living right on the beach offers ample opportunity to refine your craft.
In The Hills
Although further from the ocean, real estate in the hills of Laguna may be even more sought after than beachside lots. A peaceful life in the hills is magnified by spectacular views of the mighty Pacific ocean and local canyons below. The landscape in the area is dramatic and most properties are situated to take full advantage of the vistas.
Homes in the hills offer the best of both worlds, beautiful views from enough of a distance that there is still plenty of private outdoor space.
In the Village
The Village is essentially the downtown area of Laguna, which maintains a quaint small-town feel that the local community is quite proud of. From a weekly farmers market, to yearly art festivals, the area offers a vibrant and active community of people and activities. There is a wide variety of boutique shops and trendy restaurants in the village, all just across the Pacific Coast Highway from sparkling Main Beach.
Those who enjoy the bustle of a beach town will thrive living in the village area, with shopping, dining and entertainment just a few steps away.
South Laguna
One of the best kept secrets in the area, South Laguna is about 10 minutes south of the village and offers a much sleepier part of town. Because of it’s geographical location this area is not as often found by tourists and provides more seclusion for home owners who prefer having the beach to themselves sometimes.
An ideal spot for families or professionals who need to get away, South Laguna provides a life at the beach outside the bustle of town.
Laguna Canyon
The Canyon is the furthest from the beach of the prime real estate, but that doesn’t make it the worst option for those looking to buy. A close knit community formed around the natural beauty of the land has created an area which has been very well preserved. Canyon views are every bit as breathtaking as those of the ocean and properties in the canyon have a much larger space allowance.
Close enough to enjoy an ocean breeze, Laguna Canyon offers residents the chance to get away from it all and appreciate the natural beauty of the area.
Which One is Your Prime Real Eastate?
Laguna Beach is a beautiful place, one with a great deal of natural beauty to appreciate. We’ve given you our favorite places to live in Laguna Beach, which one is yours?
