Glen Oaks (Temecula, CA)
Glen Oaks (Temecula, CA) Real Estate News
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Temecula Reverse Mortgage Question & Story
Deborah Nance, Southern California , Reverse Mortgage Specialist (Orange County, Corona, Riverside, Los Angeles)

Temecula Reverse Mortgage Sunflowers

Temecula Reverse Mortgage Question - We live on a huge property (over 5 acres) can we get a reverse mortgage?

The answer is, maybe! (Don'tcha just hate that?)

FHA-HECM and reverse mortgage lenders have some restrictions for HECM Reverse Mortgages - Top 10 Questions on larger parcels of land .

  • Is the size of the property common for the area? If so, no problem.

  • Is the property contiguous and not broken up into different parcels? Only the parcel with the home on it can be considered for the reverse. (No value will be given to additional parcels)

  • Is it taxed as one parcel? (Property with the home should have it’s own tax bill)

  • FHA will not allow HECM Reverse Mortgages on income producing property so a farm, business or commercial use will disqualify the property.

  • Does the property have “residential” amenities such as a garage, a septic tank, utilities, etc.

If the answers to these questions and conditions are satisfactory, then the homeowner can proceed with the HECM application.

 

Temecula Reverse Mortgage Story

 

Recently I closed a reverse mortgage transaction with a lovely couple on over 11 acres just south of Temecula. Their home was beautiful, a single story Spanish style hacienda with a “to die for” view. Of course, they never want to leave! In the past, the property had been used to grow, harvest and sell avocados.  But the cost of pumping well water and trying to live on a fixed income forced the homeowners to stop irrigating the avocados and they no longer earned income from the trees. Their home was paid for free and clear, but the cost of living was taking it’s toll, slowly eating into their savings. (Even without irrigating 10+ acres, it was expensive just to keep the place up) Enter the reverse mortgage solution.  The property appraised for over $600,000 and the clients who were 66 years old qualified for over Find out what you qualify for! in loan proceeds, after closing costs.  They chose to take $50,000 in cash at closing to payoff some bills and beef up their checking and savings accounts and the balance of $310,000 was left in a What is a "Growing Line of Credit" to supplement their monthly income as needed.  Some months they might not need to draw any funds, and others they might need to access funds, especially around tax time and the holidays. The line of credit will also be a good source of emergency funds should anything unexpected come up.  The homeowners are well situated now to enjoy their property.  Being prepared brings peace of mind.


I hope this information was helpful to those of you enjoying the rural lifestyle that are considering whether or not a reverse mortgage could be a part of your retirement strategy.  Please don’t hesitate to reach out to me if you have any questions.  As always, your comments are appreciated.

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By Deborah Nance

Your Local Southern California Reverse Mortgage Professional

How Much Do You Qualify For?

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Temecula Valley Homes
Realty Works Temecula, Real Estate, Temecula, Murrieta, Menifee (Realty Works Temecula)

Temecula Valley HomesTemecula Valley Homes ~ Temecula Home in GlenOaks Hills ~ Temecula Wine County Homes

Beautiful Temecula Valley home located in GlenOaks Hills, the Temecula Wine Country - Main house with Casita, sq. ft. located on 3.5 acres in lovely Glenoaks Hills off of De Portola Road near Anza Road in Temecula.  This Temecula Valley home is in near new condition, views from every window!  Designed by renowned architect Paul Olson. Garage has over-sized roll up doors to accommodate higher vehicles.

Other features of this Temecula Valley Home Include:

UV glass dual pane windows/doors, New tile floors, granite counter tops
throughout, tons of storage, all NEW SS appliances includes Thermador dual fuel oven/range. Custom built-in office
area. Spacious Master suite w/jet tub, walk-in closet w/built-in drawers/cabinets/counters.

For more information about Temecula Valley Homes, please contact me via any of the methods below!

 

FACEBOOKLinkedINU-TubeTwitterTrulia

 

 

Temecula Real EstateContact me for information regarding New Homes Riverside County, Real Estate in Southwest Riverside County. My office is in Temecula, and I specialize in selling homes in the Murrieta and Temecula,  Wine County, De Luz, La Cresta, Bear Creek, Murrieta, Wildomar and Menifee, Canyon Lake, Canyon Hills, Lake Elsinore areas! Anywhere in Southwest Riverside County and North San Diego County. This listing is courtsey of Alhberg Associates.

Broker of Record- DRE 01109492
Southwest Real Estate, Inc. 
Telephone: 866 621-0155

 

Temecula Homes For Sale

Riverside County Homes For Sale

Temecula Luxury Homes

 

 

 

 

 

 

 

 

Click the links below to search for homes or call

Realty Works Temecula (951) 676-4663

to have a special search created just for you!

 

 

TEMECULA FHA HOMES

 

MURRIETA FHA HOMES

 

TEMECULA LUXURY HOMES WITH 5+ BEDROOMS

 

 Below is a "clicable", map with my office Location

Call us for more information:  (951) 676-4663

 

 


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Glenoaks Ranch Estates - homes for sale, steals of a deal... Temecula wine country
Terkel Sørensen, Realtor, 951.805.0773 , Bank owned and Short Sales (Real Estate Places)

Great, another hot day out here, but with some serious upsides... 

Glen Oaks Ranch Estates, temecula wine country - homes for saleI had a chance to go out to the beautiful gated community of Glenoaks Ranch Estates in Temecula Wine Country, a client is a looking for homes for sale out there. And what did I find, not one, but possibly 3...

Just so you have an idea, Glenoaks Ranch Estates is a gated community, with orange groves and privately set estate homes. Many of the homes have a fabulous view of the Temecula Wine Country, and the location almost in the heart of Wine Country, could just hardly be better. 

When I went over there, I located 3 properties. One is a Bank owned home, almost finished, just needing flooring and a kitchen, this one located on Via Del Toronjo (actually, so are the others, these 3 properties are right next to each other)...

Of the other two properties, this is what stands out - first off, one appears about abandoned, but maybe in the process of cleaning - it is not listed for sale. 

And the other property, is a partial build, that has been sitting for a while, this one is listed only as land, and is offered at a price reasonable for that type of use. 

This is Video from the first property I mentioned in Glenoaks Ranch Estates, homes for sale in Temecula Wine Country.

 Search Temecula Homes for sale

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Appraisals based on square footage devalues homes.
Robert Deane Exclusive Buyer's Broker - Agent (Robert Owen Deane Real Estate Broker)

Custom Home with 20+ corners"Value Engineered Homes" have four, a true custom home can have 20- or more. Each corner a builder adds to a home adds to cost. The foundation becomes more complex and roof line above as well. In recent years "Value Engineered" construction has dominated construction -it was created  by the builders need to “create value” rather than consumer demands.As lot prices became increasingly expensive, larger homes were built to create “value” for the buyer. After the price of the lot is justified and the expensive “core areas” of the kitchen and bathrooms are built, incremental square footage added is less expensive to build. Compared to  smaller homes, the larger home is sold as having a lower square footage cost - a better value to the buyer. As a result .houses ballooned about 1,000 square feet in size during the period between 1970 and 2008, while household size dropped from 3.11 to 2.57. (Source: National Association of Home Builders).

A criticism of the Value Engineered house is that they are often designed from the outside in rather than inside out. Rather than designing a house room by room, to maximize the potential of the property and to the benefit of people living in the home, each room is designed to fit into the “box.” Value engineering results in walls being pushed out to “square the box”, sometimes bringing the benefit of more spacious rooms but more often creating unnecessarily large rooms that are difficult to furnish and dark, interior rooms to fill up the center of the box.

True custom homes are designed with a focus on “architecture” where the site specifies the design - rooms are oriented to the view and to achieve privacy,and rooms are sized to create comfortable living environments. Unfortunately, far too many "custom homes" are really value engineered boxes. All too frequently I have found owners providing their architect with a tract home floor plan they have lived in for years with the request to "push out some walls". This is not a good starting point when you have land to do what you want and site specific amenities and issues to address. Tell me how many custom homes you have walked into to find the only view is blocked by a huge fireplace or you just say "they really missed on this one!" Comparing a true custom to the "box" must be done with adjustments. The basic adjustment should reflect the cost of construction. There should also be adjustments to reflect a superior floor plan and better orientation to the view. These adjustments are all too often overlooked.

The cost of custom design.

20 corners compared to 4The shape of the outside perimeter of a home is an important consideration in estimating the total construction cost. The more complex the shape, the more expensive the structure per square foot of floor area to build. Most structures have 4, 6, 8 or 10 corners. In this illustrated example, the custom floor plan has 28 corners and small insets not requiring a change in the roof shape have been ignored. Overlaying is a box of the same square footage. While the custom home is designed to capture every view and provide privacy, a value engineer box would be placed on the lot with little consider for anything other than the cost of construction.

Every corner added increases the base construction cost as is indicated in the following text table. The example is a 3,850 square foot, single story home with three-car garage and including two “basic fire places. These are prices as of December 2009 based on construction costs in Riverside County, California. Remember, these a only construction costs, land and land improvement cost are not included. The point is to illustrate how an easily verifiable factor; if this case the number of corners on a home , can influence the value.

Total Corners in Plan Construction Cost Cost/Sq. Ft.
4-Corners $572,670 $148.75
6-Corners $587,458 $152.59
8-Corners $604,162 $156.93
10-Corners $615,682 $159.93
The source of this estimate is Building Cost. Net http://www.building-cost.net/

The difference in cost between a four corner and 10 corner house in this example is over $40,000. With a 28-corner house the cost would be even greater. Bottom line, if we allow appraisers to set our home values based on square footage, and not view comparable sales to make adjustments, we are allowing them to undervalue the seller's home and the buyers mortgage appraisal. If you are experiencing low appraisals, use these statistics to help the appraiser support higher prices.

 

 

 

 

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Staged for Sale - 41750 Avenida Ortega, Temecula California MLS #T07080909
Janice Sutton, Home Stager - Temecula Murrieta (1st Stage Property Transformations )

Priced to Sell at $1,295,000

Spacious 3900sq.ft., custom one story view home on 3.16 acres. Tile, granite & hard wood cabinets throughout.  Horses OK.  Master retreat with large bath.  Huge family room, kitchen with bar & island, pantry & plenty of storage.  Built-in pool, spa, BBQ & Gazebo.  3 car finished garage and 4 stall barn.

Staged For Sale by Home Stager Janice Sutton and 1st Stage Property Transformation  Home Staging Murrieta, Temecula, Riverside and San Diego County. 

         

        

                                                                              Stage, List, Show, Sell!!!

For more information contact Brice Perry 951-506-101 Temecula California MLS #T07080909

Blog posted by Janice Sutton, Murrieta Temecula Home Stager.  Home staging & marketing homes for the Inland Empire/Riverside County & San Diego County.

Murrieta Professional Home Stager

Are you looking for a Home Staging Professional?  We currently home stage in Murrieta, Temecula, Menifee, Winchester, Escondido, San Marcos, Oceanside, Fallbrook, Lake Elsinore, Perris, Corona, Santa Ana, North Tustin, Mission Viejo, Anaheim Hills, Moreno Valley, Banning, Yucaipa, Palm Springs and all other surrounding Riverside & San Diego County cities.

Home staging services included Vacant, Occupied, Model Home, REO & Bank Owned Home Staging.

Contact us at 951.704.0597 for a free vacant home staging estimate!

Don't delay....Home stage today!

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