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!
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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!
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!
- 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
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?
Laguna Beach Real Estate offers an unique and eclectic range of condos, luxury homes, vintage cottages and ocean front estates; lots of them with panoramic ocean views that bear witness to the rich real estate landscape of Laguna Beach.
Laguna Beach is Southern California’s favorite seaside artist haven. Widely known and esteemed in the United States and abroad, Laguna Beach attributes a unique small-town charm rarely found elsewhere. Quaint cottages redacted by semitropical gardens line bluffs above sandy coves along a 7 miles picture-postcard coastline. Midland, luxuriant foliage and ocean-view homes comprise of canyons and ridges that tower more than 1,000 feet above the ocean.
The charm of Laguna lies in its artis community, unique archetecture and beautiful white sandy beaches… You really must see it to appreciate it…
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Location: Laguna Beach (Upper Victoria Beach)
Listed at $2,495,000 Leased
3 Bedrooms & 3.5 Baths
Masterfully designed, this 3 bedroom, 3.5 bath Craftsman style Mark Singer home is located in the heart of upper Victoria Beach. Top of the line amenities hand picked by Mark Singer himself include a dumbwaiter, maple floors, European siematic cabinetry throughout, pella windows and much more. Expansive garage that can hold 6 plus cars. Within walking distance to one of the best beaches in town and renowned Montage Resort and Spa, this property is sure to offer all that Laguna Beach is known for, exceptional amenities and one of a kinda Pacific ocean views! Built by Peter McCarroll
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Location: Laguna Beach (Woods Cove)
Listed at $3,295,000 Leased
3 Bedrooms & 2.5 Baths
Imagine a home that is custom built to your every need and want. Ideally located in Woods Cove within a few blocks to the Pacific Ocean this 3 bedroom, 2.5 bath new construction home boasts large living spaces to accommodate every living and entertaining need. A private master suite offers the ultimate in luxury with its own fireplace, separate office, his & hers closets and an expansive master bath. Welcome home to this custom Craftsman style ocean view home in the heart of Laguna Beach.
Features:
• 3 bedroom, 2.5 bath
• Located in Woods Cove within a few blocks walking distance to the beach
• New Construction home, built in 2007, by Peter McCarroll
• Private master suite includes a fireplace, balcony with ocean view, office, his/hers walk in closets and an expansive master bath
• European Siematic Cabinetry throughout
• Hardwood Maple floors
• Tile throughout
• Pella Windows
• Large garage with plenty of additional storage
• Professionally landscaped yard
• Living room with fireplace and formal dining room
• Gourmet kitchen with Grohe fixtures and Viking appliances
Location: Laguna Beach (Upper Laguna Village)
Listed at $3,395,000 Leased
3 Bedrooms & 3 Baths
A Superb Mark Singer design! This home offers four levels of luxury with towering ceilings, dramatic windows, and 3 large oceanview decks to capiture all the spectacular panoramic views. The main level occupies an open floor plan with a spacious, fabulous kitchen perfect for entertaining. This space also contains custom lacquer bookcases with lighted glass shelves, entertainment center, and lighted china/buffet table with a granite counter top. Down below, travel passed an atrium to 3 bedroom retreats all with oceanviews and balconies. The master suite offers a bright luxurious bath with private views, custom book shelves, walk-in custom closet w/dressing area, and convenience separate laundry room. On the top level you will find the an office loft with private entrance from a street side patio with a soothing water feature. There is plenty of storage space through out including an infloor safe and extra crawl space. A three car garage completes this sensational Singer!
]]>Location: Laguna Beach (South Laguna)
Listed at $10,955,000 Leased
4 Bedrooms & 6.5 Baths
Dramatic 180 degree views of the sun drenched coastline, this sleek contemporary home melds both the California modern and Italian villa styles with the highest level of taste. Private courtyard with swimming pool and firepit. Master suite with dual master his/hers baths, steam shower, and intricate hand laid tile. Incredible views from nearly every room. Gourmet kitchen with German Poggenphol cabinetry, stainless steel, and high end amenities. Soothe your soul in the visionaries dream!
Highly Motivated Seller; Submit all offers and close by January 1st!
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