Real Estate: Open House Today!!!
Real Estate Open House this Sunday 7/11 from 1 – 4PM
21564 Hawkeye Ridge Cir, Yorba Linda
Front View of 21564 Hawkeye Ridge Circle
Woodbridge home high atop the prestigious hills of Yorba Linda in the private secluded community of Mt. San Antonio. This Estate comes fully loaded with a gorgeous wrought iron staircase, crown moldings and beautifully upgraded floors. Located on a quiet and flat cul-de-sac street with incredible
Master Bath
panoramic views all the way to Catalina. Private library/office and Decadent Theater room would make anyone feel like an Executive in this home. Large gourmet kitchen features rich cabinetry, granite counters, and stainless steel appliances. The sprawling mater suite boasts a retreat, exercise room, huge master bath, and private balcony to enjoy the views. The backyard provides the perfect setting for both intimate and large gatherings, and includes a PebbleTec pool/spa, decorative fountain and built-in barbecue.
Listed at $1,665,000. Contact us for more details or to schedule a showing.
Night Pool View
Front View of 20700 Mirkwood Run, YL
This landmark estate features one of the largest private water slides in the nation! Fabulous 5,376 square foot single level residence boasting 5 bedrooms, 5 bathrooms, and separate 700 square foot pavilion. Custom highlights include trey ceilings, crown moldings, cherry wood built-ins, and picturesque windows offering views of the acre grounds.
Gourmet Kitchen
Offering a perfect backdrop for hosting large gatherings, or just casually relaxing, is the oversized family room with bar, gourmet granite kitchen with center island, and spacious formal living and dining rooms. The master suite is a perfect escape with large retreat, jetted soaking tub and walk in marble shower. An outdoor paradise evokes resort style living and boasts a half basketball court, batting cage, salt water pool, spa, fire pit, and bar with built in barbeque. Overlooking the yard is the wonderful pavilion complete with exposed natural wood/beam vaulted ceiling, stone flooring, and three walls of retractable glass doors.
Total privacy at the end of a cul de sac street make this wonderful residence even more desirable.
Listed for $2,950,000. Contact us to schedule a showing or for more information 714.283.6649.
Water Slide
On June 16, the US Senate approved to extend the closing deadline for buyer who went into escrow by April 30th. The home buyers tax credit expired on April 30, meaning those buyers who entered into a contract after April 30 were not eligible to receive the federal tax credit. First time buyers are eligible to receive up to $8,000, and repeat buyers are eligible up to $6,500. It has long been debated whether or not the government will extend the bill once it expires in hopes of keeping the housing market stable and aiding it to a speedy recovery, and now we have our answer!
The extension allows those buyers in escrow as of April 30th, to close escrow by September 30th. Originally, the sale of the home had to close by June 30th. This will aid a lot of real estate agents considering, now it is the summer months the typical busy season for real estate.
FHA 90 Days Flip Rule
Good news for real estate investors and flippers, effective as of May 21, Bank of America will now allow for the temporary suspension of the FHA 90 day flip rule, also know as the anti-flipping rule, as long as meet the following criteria:
* Increases in the Property Sales Price over the Seller’s Acquisition Cost must be less than 20%. No exceptions will be allowed.
* The seller’s acquisition cost is the price the seller paid for the property only, exclusive of any commissions, repairs, and improvements.
* The home sale must be at arm’s length, which means there can be no close business or personal relationship between the seller and buyer.
* The 90-day time period might be shorter or longer than 90 calendar days due to the way the start and end dates are determined. The start date occurs when the sale is recorded. The end date occurs when the purchase contract is signed.
Wells Fargo has already enacted a Phase 1 policy, where sellers can not sell the property for more the 20% over the purchase price.
The anti flipping rule was enacted to reduce mortgage fraud. However as time past, the rule greatly hinder buyers, especially first time home buyers, who needed an FHA-insured loan to buy a home that had been bought by an investor at a foreclosure auction and then fixed up for resale.
The Federal Housing Administration has agreed to rescind their anti-flipping law for one year, so private investors have until February 2011 to flip homes. The question is will this help stimulate the Southern California real estate market?
FHA financing allow a borrower to borrow up to $729,000, therefore you would not typically see a FHA buyer looking at high-end property. There is a good amount of investor owned properties for first time buyers to purchase in Southern California. With the relaxing of the rule, now a private investor can purchase a bank owned property or at a foreclosure auction, make repairs and upgrades to sell to a FHA buyer in under 90 days if they meet all the conditions are mentioned above. Bank owned or foreclosure auction flip properties are great homes for first time home buyers since they have been newly repaired or upgraded and are typically priced well.
If you are a listing agent with a home for sale that is a good candidate for first time buyers and the buyers’ agent calls trying to find out how the home was acquired by the seller, they most likely have a FHA buyer whose lender has not agreed to suspend the Anti-flipping rule such as Chase bank. The agent is merely doing his or her due diligence.
If you are an FHA buyer interested in a property, you can call the listing agent and ask them if FHA financing is an option for the property you are interested in.
Enchanting Cota De Caza Home
Front of 4 Skylark Way
Gorgeous Cota De Caza gated home ideally located in a wooded setting with hillside views. This 4,600 square foot residence boasts 5 bedrooms, 4 bathrooms, over sized family room, and upstairs bonus/entertainment room. Spacious living spaces feature vaulted ceilings, hardwood flooring, and picturesque windows.
Kitchen
Bright and open kitchen boasts granite counter tops, stainless steel appliances and extra large center island. Enjoy outdoor living in the fabulous back yard complete with sparkling rock pool, spa and built in barbecue. Don’t miss this wonderful opportunity!
Pool Side
Offered at $1,099,000. Contact us at 714.283.6649 to schedule a viewing or for more information.
Pt 2: Q & A on Short Sales
George Geronsin, Realtor
Continuing our mini series on Short Sales, I will now explain how a short sale will affect one’s credit among other topics.
How will a Short Sale affect my credit? 
- A short sale will drastically affect your credit score similar to that of a foreclosure.
- Expect a 200 to 300 point hit in your FICO. However, in most cases there is much less of a point reduction in your FICO in a short sale. A lot of this has to do with the amount of negative reporting history recorded by the lender.
- There is usually a lot less negative history reported in a short sale because the property is sold before the foreclosure.
- The key to retaining the most points in your score is to settle all bad debts and negative reporting activity as soon as possible.
What is the advantage of a short sale as opposed to foreclosure?
- The advantage to a short sale is that it usually does not cost you any money and the lender pays for all the real estate fees and closing costs.
- Your FICO score might not be affected as badly in a short sale.
- You will also be eligible by Fannie Mae guidelines to qualify for a loan at a reasonable rate after 24 months where it could take 5 to 7 years with a foreclosure.
How does a short sale work?
- A real estate agent will list your property subject to the lender’s acceptance of the deficiency or loss.
- They will obtain the highest possible price for the property and submit everything with the short sale package to the lender. You will be able to live in the property during the short sale process.
- It is extremely important to hire an agent that has short sale experience and is very knowledgeable on short sales and negotiations with the lenders.
- Because property owners cannot by law receive any compensation in a short sale, they tend to use anyone to facilitate this process.
- The short sale is only an advantage if it is done successfully and as quickly as possible. Only use someone who is going to have the best possible chance of getting the short sale approved.
Short sales on investment and income properties?
- Since the 2007 Debt Forgiveness Act does not apply here, it is extremely important to hire a professional to represent the short sale.
- It is in the property owner’s best interest to obtain the highest possible amount for the property. If you are going to be 1099 on the loss, you want to make sure the loss is as little as possible.
- It is also important for the agent that represents you to try and negotiate the release of a deficiency judgment, where the lender sues you for the deficiency or loss.
*** It is best and highly advised, to contact your CPA to get all the information for your particular case and tax liability and filing information.
If you have any further questions on short sales, contact our office at 714.283.6649.
Just Listed: Romantic Copa De Oro Estate
Rear Yard and Pool
Marrying the romantic with the exotic, feel like royalty as you enter this sweeping guard-gated 6 bedrooms, 9baths Copa De Oro estate. Placed on a private cul-de-sac street, this manor stretches across 9,300 square feet of lush land and provides picturesque views of its magnificent grounds from almost every room.
Adorned with everything from custom painted murals to hardwood & granite finishes, this estate boasts two main floor bedrooms, a magnificent wood paneled office/library, lavish temperature controlled wine room for hundreds of bottles, private tanning bed, spray tanning booth…and so much more!
The vast granite kitchen will allow anyone to gingerly create a culinary masterpiece for every occasion. Finished in fine walnut cabinetry with etched glass touches, this room boasts Dacor, Miele, and Viking appliances, a massive center island with refrigerated beverage drawers, and spacious breakfast nook & bar.
Kitchen
Moving past the grand dual fireplace, find yourself at ease in the light and bright morning room; perfect to relax with a good book or cup of tea. The oversized family room showcases an entertainment bar, descending projection screen, 350 gallon aquarium, and built-in surround sound system.
Family Room
The dual entry master retreat proves to be more than accommodating with its private fireplace, lounging area, master bath with dual vanities & dual walk-in closets, sauna, temperature controlled fur closet, massage room/office, gym, and private balcony overlooking the property’s fabulous grounds.
Listen to the sweet sound of music playing, waterfalls cascading, and palm trees rustling through the breeze as you discover a tropical oasis in the comforts of your own backyard. Comparable to most diamond resorts today, this property is pre-wired with surround sound inside and out, and showcases a brilliant salt water rock pool, spa, waterslide, grotto, & swim up table. For your entertainment and dining pleasure, the loggia features all new granite countertops, dual built-in BBQ’s, ice maker, refrigerator, separate guest bathroom, and private tanning deck. Complete with a lighted tennis court, oversized four car garage, and premiere location, the only thing it’s missing, is you!
Listed at $3,950,000. Contact the Geronsins to schedule a viewing or for more information. To view more photos, visit, http://geronsinteam.com/showcase/4831-e-copa-de-oro/.
Open Living in Irvine
115 Monticello, Irvine Open House Sat May 29 1-4 PM
Exceptional home with nearly 2,000 square feet of open and bright living with rarely available 4 bedrooms, 2 bathrooms and full a 3 car garage. Beautifully appointed throughout with new paint, carpet, scraped ceilings, crown molding and baseboards. Double door entry with tiled landing provides an impressive introduction to the spacious living room with vaulted ceilings, corner window, cozy fireplace, and open access to the formal dining room.
Family Room
Enjoy the family room with expansive windows and French doors allowing for great natural lighting and open to the large kitchen complete with breakfast bar, tiled counter tops, and loads of cabinet space. A tranquil master suite features double door entry, vaulted ceiling, private patio, and wonderful master bathroom with walk in closet, dual vanities, soaking tub and separate shower. The rear yard provides the perfect environment for relaxing and boasts a large dining patio, beautiful pergola, and lush grassy lawn surrounded by fruit trees. Ideally located in the desirable Northwood area of Irvine, this home is steps from the park and close to shopping and freeway access.
Offered at $689,900. Contact the Geronsins for more information or to schedule a viewing at 714.283.6649. To view more photos visit, http://www.flickr.com/photos/thegeronsins/sets/72157624149107570/
Kitchen
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The Geronsins Real Estate 
