Real Estate Agent – Orange County, California – Pat Monahan

The market for Orange County real estate has seen a turn around lately. Properties are selling more quickly, many with multiple offers and some for all cash! The most activity is in the price range below $600,000. The fiercest buyer competition is in the under $400,000 price range where first-time home buyers with low down-payments are competing with seasoned investors with cash. The REO and short sale listings are attracting offers within the first few days on market. If you want to purchase coastal real estate in Orange County, be ready to act fast, have statements to prove your purchase-cash and/or be pre-approved for a loan with a direct lender. Buyers who qualify under FHA guidelines must compete with all cash buyers. Be ready to offer above asking price and accept the property in “as is” condition.

Equity sellers who have maintained and up-graded their home may benefit from this buying frenzy, if they are willing to price their home competitively. Special marketing is essential with strong internet presence and the creative techniques of the “New Rules” of real estate. I know how to utilize the “New Rules” and I can provide you with the internet presence that will get your home widely seen. Learn how you can benefit from this specialized knowledge.

If you are having difficulty making your current mortgage payments, contact your lender before you fall behind in your payments. Ask if you qualify for a loan modification from your lender. If you do not, then you have options. Call me to find out about your options. I can help you steer a path in this sea of confusion and shine some light in the right direction. I can be reached at 714-932-5529.   

There are many folks who are carrying “at risk” loans that are due to reset in the next year or two. At risk loans are typically adjustable rate mortgages (ARM) with 20% or less down-payment or a loan with a balloon payment in 2 to 5 years or option AMR’s where less than full payment is being made.  Another type of “at risk” loan is where the mortgage holder is faced with a hardship such as job loss, job transfer, divorce, a health issue where mortgagee is unable to work and using credit cards or savings/401k reserves to make mortgage payments .  A hardship could also be a “loan product” problem.  As everyone is a unique individual, every hardship is unique as well. If you are struggling with your payment, seek help!

In all of these cases the mortgage holder should ask the lender’s customer service department about their loan modification policy.  Make an appointment to meet with the lender’s representative to explain your hardship and request the lender’s help in modifying the terms of the loan.  It is so important to get expert mortgage advice. If you are having difficulty paying the mortgage, help is available. And, that help may become even more available in the coming months as Congress is voting to secure funds to assist the struggling homeowner. Don’t wait to seek help.

I can provide you with valuable contact information if you cannot get your lender to listen to you. Right now, all lenders are overwhelmed and are slow to respond. Be persistent. It may also be beneficial to talk to your tax adviser.  Know your options and make informed decisions.

Call me for a FREE consultation. Find out about the “new rules” of real estate with no obligation. I can be reached at 714-932-5529 or email me at pat@patmonahan.com