Some are Confused about Foreclosures:

The numerous foreclosure reports we read in the papers and online often contradict each other. One headline will say that foreclosures are increasing, and another discusses the decrease in the number of properties that are foreclosing.


Of course this causes a lot of confusion about
the foreclosure issue.


Let’s try to simplify the foreclosure process.


There are five individual stages in the foreclosure process:

(1) 90 Day (plus) Delinquencies
Most banks include homes where the homeowners are three months behind on their payments, in their foreclosure numbers, but some don't.

This is because less than 2% of those who fall that far behind ever catch up in their payments. The rest will end up as a short sale or foreclosure, and these homeowners hardly ever get a foreclosure notice right away. Sometimes a homeowner trying a short sale will miss a year
or more of mortgage payments, without having received a foreclosure notice.

(2) Homes Already in the Foreclosure Process
Owners of these homes have received a formal court notice which officially starts the foreclosure process.

(3) Homes Already Repossessed by the Bank
These homes have finished the foreclosure process and are now owned by the bank. These
homes are known as REOs (Real EstateOwned).

(4) REOs placed on the Market
This is when the banks hire someone like me to list their REO properties on the market for sale. Some have to be fixed up before being advertised for sale, (you have to see the condition some leave the homes in, even faucets and light bulbs are removed!), while others are put up on the
MLS right away.

(5) REOs Sold
Obviously, these are the REOs, (bank owned homes), that actually sell.

I know, it still sounds confusing….

To truly understand the distressed property situation in Irvine and what impact it may have on prices, contact me.

I’ll be able to simply and effectively explain, with the use of charts & graphs, what is happening in our area, and how it may impact you.

Irvine, Orange County Foreclosure Data, Listings & Trends

Here's an interesting chart from foreclosureradar.com showing the whole city of Irvine.

Thankfully there's not many in the Woodbridge zip codes.

The Foreclosure outcomes can be:
(1) The sale can be cancelled for reasons that include a successful loan modification or short sale, a filing error, or a legal requirement to re-file the notice after extended postponements.

(2) If the property is taken to sale, the bank will place the opening bid.

(3) If a 3rd party, typically an investor, bids more than the bank's opening bid, the property will be Sold to 3rd Party; if not, it will go Back to the Bank and become part of that bank's REO inventory.

Irvine,CA - Foreclosure Outcomes

Real Estate is PERSONAL

Every day we get are bombarded with data & statistics. Housing demand is up, then housing demand is down; more job losses, then unemployment is improving; foreclosures, short sales, housing inventory, interest rate movements and much more. It’s enough to make anyone’s head spin! There’s an old saying that claims: “All real estate is local”. I believe that means that we should looks at individual neighborhoods, (like Woodbridge for example), or even tracts within neighborhoods, (there are 40 tracts in Woodbridge), rather than look at the whole US market as reported on TV. How can the average or mean numbers in the whole country be even close to the numbers in one tract in one neighborhood? It’s very unlikely, don’t you agree? When prices are falling nationally, there are some places where prices are holding steady or rising. Look at the real estate section of today’s OC Register & see for yourself. I also believe that even that old saying is too broad. Buying a home isn’t a local phenomenon….it is a personal one. It’s the same as the economy. Even though the US of A has been going through a national downturn, a lot of peeps are having their best years ever. I agree that unemployment and foreclosure are tragic realities and things to be aware of, (let’s not stick our head in the sand like ostriches), but for those of us not in those situations, we need to make decisions that will best serve our personal goals. To that end, I am confident that is a great time to buy a home because: (1) Historic low interest rates make more house more affordable, (2) There’s a huge amount of available inventory, and (3) Finally home prices are back in line with income levels again. I believe that it’s also a terrific time to sell. Correctly priced homes are selling almost immediately. Sure you wish you had sold in January 2007, but remember that sellers become buyers. When you buy your next home, you’ll get the advantages that buyers are enjoying now, as well.

Woodbridge Market Update

The highest priced Woodbridge home right now is a 5 bedroom 3,860 square foot SFR on Coldbrook in the Gables. It is definitely worth a look! The prices of Woodbridge homes for sale right now, range from $245,000 for a 2 bedroom attached short sale condo on Rockwood, to $1,350,000 for the Gables home. There are 101 Woodbridge homes currently for sale, including the very spacious 400 E Yale Loop townhome, which is offered at $630,000. Priced to sell! See more at http://www.sagorin.com/ 26 Woodbridge home sold in March 2011, at prices from $245,000, (for a 1-bedroom Standard Sale in Park Vista), to $695,000 for a 4-bedroom home on Bitterwood.

I just listed a great Savannah model.

Let me know if anyone you know might be interested in this UPGRADED, turnkey, GROUND LEVEL, wheelchair-accessible 2 bedroom townhome! Light and bright throughout with NEW CARPET, decorator paint, wooden blinds, dual-pane windows, 9ft ceilings, recessed lighting. Convenient inside laundry. The gourmet kitchen has GRANITE COUNTERTOPS, stainless steel appliances & Mocha cabinets. The fridge, washer & dryer are all included. Check out the sparkling Association amenities, including pool & spa, (the three pools have free Wi-Fi access), clubhouse, parks, TOT-LOT & basketball.

What to do about this Craigslist scam?

I routinely post my listings onto Craigslist, (as well as a bunch of other sites of course!), but this is the first time I've seen this scam! I posted a lease listing on Craigslist this week. Here's the actual ad. Imagine my surprise when I received an email from another Orange County agent, advising me that her clients had spotted my $2,900 per month listing advertised on Craigslist for $700 per month! She suggested I take a look at the fake ad. They stole photos and some description from my ad, reduced the price by a couple of thousand, but it gets worse:

The contact email address they posted on Craigslist was fake, but they used the owner's name! They set up a Yahoo email account using my client's name, (email address hidden)! This means that they must be pretty savvy, to check the tax records & get the owner's name.

Interested to see the reply-email you get when you respond to the fake ad? See below.

I guess the next thing that would happen, after someone naively enters their information in the form below, would be for them to receive an email asking that a deposit is wired to their West African, (Nigerian), bank account. Here is the email response:

From: (email address hidden) Date: Tue, Mar 29, 2011 at 5:13 AM Subject: Re: $700 / 2br - Two bedrooms PLUS DEN! Fabulous tranquil end-unit location with two pr (Irvine, CA) Hi,

I can see you are interested in the ad I have posted, I am currently in West Africa with my family where we work as a volunteer with the Missionary, here is the site www.missionary-blogs.com for more details about why we are here in West Africa .We spent less time in the States so we could not get a hold on any Realtor to handle this rent issue, although it was when we knew how long we are going to stay in West Africa that we decided to rent out the house. However, the initial plan was to sell out the house. which we tried, but sometimes the agents inflates the price and it takes longer to sell we are telling you this in case you find the house on another website, that is the old advert So we need a tenant to take care of it but since we are out of the state now, we have received some proposals regarding the rent because it is located in a very good area of Irvine, but we still have to make sure it is rented out to someone who can take good care of it.The keys to the House are right here with me and i could send it to you after all necessary agreement has be accepted by my family,It includes facilities such as water and heat laundry facilities, air condition, internet and telephone access and a car park and other necessary facilities, also comes with trash collection, pets are allowed as well as long as they are not destructive,we also want you to let us have trust in you as we always stand on our word. So if you know you are capable of the task,It is available for a long lease.The monthly rental fee is $700 per month including the utilities and the security deposit is $500 which is refundable back to you at the end of your stay if nothing is damaged from my properties.It is not the money that is the main problem but we want you to keep it tidy all the time so that we will be glad to see it neat when we come for a check up.You will only be able to drive by the house for now but not have a look at the interior until we have sent the keys and documents of the house to you.So we wouldn't want any violation on our property if finally rented by you. Please if you are ready now to occupy the house kindly provide the information below for record purpose RENT QUESTIONNAIRE - PLEASE TELL US ABOUT YOURSELF

Full Name__________________________ ________________________

Home Phone ( ) ________________________

Date of Birth_________________________ ________

Other Phone ( ) ___________________

Current Address_______________________ ________Apt#________ City__________________ State______ Zip________

Reasons for Leaving_______________________ _____Rent $__________

Phone ( ) ____________________________

Are you married_______________________ _____

How many people will be living in the house_________________________ ___

Do you have a pet___________________________ _

Do you have a car___________________________ _

Occupation____________________ ________

Move In Date__________________________ __

How soon can you secure the property with the down payment_______________

How soon do you want to receive the keys and documents of my property______

House Address: 105 Lakeshore,Irvine, CA 92604

Looking forward to hear from you with all this details so that we can have it in my file in case of issuing the receipt and contacting you. Await your reply so we can discuss on how to get the document and the keys to you.Please Note that your rent only starts counting after you have finally moved into the house,so you need not to worry about making the deposit payment now and not moving in immediately,all you're doing is securing the house in your favor in order not to loose it to other interested applicants..

Hope to read from you soonest...

011-234-806-431-5450 or +234-806-431-5450 (call anytime)

Thanks so much

This Woodbridge townhouse is just steps from North Lake!

I just listed this great Woodbridge townhouse for lease.

Know anyone who may be interested in 105 Lakeshore?

Two bedrooms PLUS DEN!

Fabulous tranquil end-unit location with two private outside areas. Steps to North Lake.

Spacious master suite with huge walk-in closet, retreat, private balcony and wonderful bathroom with dual vanities.

Second bedroom has mirrored closet doors. Formal dining room.

PLANTATION SHUTTERS throughout. Vaulted ceilings. Fireplace in living room. Stained-glass in front door.

VERSATILE DOWNSTAIRS DEN with sliding doors to enclosed yard, (great for overnight guests). Light and bright kitchen with lots of counter space.


Enjoy your morning coffee in the breakfast area, while looking out the Bay window to your front yard with the nicest lemon tree you will ever see. Unique fridge with beverage chiller is included, as well as washer/dryer.

A MUST-SEE.

Walk to lake, parks, pools and schools.
See more