CALIFORNIA REAL ESTATE PRIMER – Short Sales From The Seller’s Point of View

DISCLAIMER

This article is intended to be a general discussion only and should not be considered legal advice. Your use of it does not create an attorney-client relationship. Any liability that might arise from your use or reliance on this article or any of its links is expressly disclaimed. This blog is not legal, accounting or tax advice, is not to be acted on as such, it may not be current, and is subject to change without notice.



SHORT SALES FROM THE SELLER’S POINT OF VIEW

Short sales, when considered through the eyes of the seller are, by far, more complex than when viewed by the buyer. Still, each situation is different and will turn on its own facts. The purpose of this discussion is to highlight a few of the areas of concern where the seller should obtain professional legal, tax, and/or credit advice. The law is constantly changing and the reader is warned not to rely on this discussion as anything other than a description of issues to be researched.

The notation C.C.P. refers to the California Code of Civil Procedure and the notation C.C. refers to the California Civil Code.  These are only two codes in what is a rather large body of California statutory law.

Foreclosure: In the event a borrower defaults on a loan, the lender may foreclose on the borrower’s real property which secures the loan. A foreclosure may take the form of a Trustee Sale Foreclosure, or a Judicial Foreclosure resulting in a deficiency judgment. A foreclosure poses a number of threats to a borrower: (a) loss of the borrower’s home; (b) a foreclosure on the borrower’s credit report; and, (c) a potential deficiency judgment.

Deficiency Judgment: A deficiency judgement is a judgment obtained by the lender, in a judicial foreclosure, against the borrower for the difference between either the unpaid balance of the secured debt and the amount produced by sale, or the fair market value of the property, whichever is greater (C.C.P. § 726(b).) A lender may obtain a deficiency judgment only with a judicial foreclosure. The trustee’s sale foreclosure and the judicial foreclosure are mutually exclusive remedies.

When Deficiency Judgments Are Not Available: Under certain circumstances in California a deficiency judgement may not be available to a lender:

a. Purchase Money. If the loan was obtained to purchase an owner occupied residence (1-4 unites) and the loan is secured by that property the lender may not obtain a deficiency judgment against the defaulting borrower. The loan is entitled to “purchase money” protection (C.C.P. § 580b.). However, if the loan is the result of a refinance the new loan is no longer “purchase money” and is not entitled to protection.

b. Seller Carryback. If the purchase money loan for any type of real estate is financed by the seller and secured by that same property, the lender/seller may not obtain a deficiency judgment against the defaulting borrower. (C.C.P. § 580b)

c. Trustee’s Sale. A lender may not pursue a deficiency judgment against the borrower should the lender opt to foreclose by a trustee’s sale foreclosure (a non-judicial action). (C.C.P. § 580d.)

d. 3 Month Time Limit. An action for a deficiency judgment must be brought within 3 months from the time of a judicially-ordered sale. (C.C.P. § 580a.)  Be aware that time limits may be subject to exceptions and conditions and it is always wise to consult with your attorney.

e. Fair Value Limitations. A deficiency judgement is limited to the difference between the unpaid balance of the secured debt and the amount produced by judicial sale or the fair market value of the property, whichever is greater, in a judicial foreclosure (C.C.P. § 726(b).)

Junior Deeds of Trust: If a junior deed of trust is not purchase money or seller carryback, then the junior lien holder may sue on the note and the borrower on the junior loan may be presonally liable.

Exception To The One Action Rule: Typically a lender may not sue on a debt secured by a mortgage, except by judicial foreclosure (C.C.P. §726). An exception to this is if the property has become valueless after the lender’s security interest was recorded. In this case, the lender may sue directly on the debt, unless the borrower’s loan is either a purchase money or a seller carryback loan.

Risk of Deficiency Judgment and/or Direct Suit: The Seller is warned to consider carefully the risks of a deficiency judgment and/or a direct suit on the debt.

Other Lender Options: Borrowers should understand that lenders will sometimes consider solutions other than a foreclosure. These solutions might include:

a. Loan Workout or Modification: A loan workout is a resolution of the problem between the borrower and the lender which modifies the original loan agreement. Some of these options include forbearance (e.g. forgiving a portion of the debt or late charges); deferment; renegotiating interest rate, monthly payment amount, principal amount, maturity date; or the enforcement of an acceleration clause in the loan. It is worthwhile to investigate the current government sponsed programs such as the HAMP, HARP and HAFA programs.

b. Deed in Lieu of Foreclosure: After the borrower is in default, the borrower voluntarily delivers title to the lender for consideration and the lender accepts the conveyance of the property in full satisfaction of the mortgage debt.

c. Short Sale: A short sale is a transaction in which a lender allows the real property securing the loan to be sold for less than the remaining mortgage amount due and accepts the proceeds as full payment of the loan. This is generally the result of the borrower’s inability to make the mortgage payments and a property value which is less than the total amount owed on the mortgage(s).

Generally, a lender will not consider a short sale unless the borrower has stopped making payments on their loan and has in hand an actual offer to purchase the subject property.

New Loan: Sometimes it is possible to refinance the Borrower/Seller’s existing loans and thereby obtain an affordable monthly payment. The Borrower/Seller is encouraged to explore the possibility of refinancing the existing mortgage debt.

Debt Counseling: If borrower/seller’s inability to make the existing loan payments is due to other unsecured debt (e.g. charge cards etc) seller may benefit from the advice of a professional debt counselor.

Advice Of Counsel: Borrower/Seller is encouraged to seek the advice of an attorney as to the most appropriate course of action to be taken.

Effect Of A Short Sale On Credit Rating: A lender will likely report a short sale to credit bureaus as being “settled” for less than the full balance. This type of report will show up on the borrower’s credit report as a negative mark for seven to ten years (C.C. §1785.13). Even so, the effect of this negative mark is generally perceived to be less damaging than a reported foreclosure. Typically lenders will not negotiate how they report a short sale.

Tax Effects Of A Short Sale: The tax implications for the borrower can be significant and are relatively complex. In very general terms mortgage relief (i.e. a discount on the amount owed) will be reported to the IRS by the lender, and must be included in the borrower’s gross income.

On December 20, 2007 President Bush signed into law a measure giving tax breaks to homeowners who have mortgage debt forgiven. With the passage of “The Mortgage Forgiveness Debt Relief Act of 2007“, a taxpayer does not have to pay federal income tax on debt forgiven for a loan secured by a qualified principal residence. This tax break applies to debts discharged from January 1, 2007 to December 31, 2009. Qualified principal residence indebtedness is debt incurred in acquiring, constructing, or substantially improving the residence (up to $2 million for refinances).  Since its inception the Mortgage Forgiveness Debt Relief Act has been extended a number of times and may or may not be in effect at the time you are reading this post.

Before a short sale is contemplated, it is strongly recommended that the borrower seek the advice of a professional tax advisor.

Lender Not Required To Approve Short Sale: Sellers need to understand that lenders are not required to agree to a short sale and may refuse to proceed with a short sale even though a conditional approval has been issued. A lender may resort to a foreclosure all the way up until the actual close of escrow.

Lenders Are Not Required To Respond To Approval Requests: There is no requirement that a lender respond to a request for approval of a short sale/payoff.

Effects Of Late Payments: If borrower stops making payments and the lender begins the foreclosure process by filing a notice of default and then the borrower pays what is owed by the note, these activities may appear on the borrower’s credit report. The lender can report to a credit bureau receipts of any payments made 30 or more days after their due date. This may appear as a “foreclosure in process,” etc. and will harm the borrower’s credit rating. Before stopping payments on a mortgage, it is strongly recommended that the borrower seek the advice of a professional tax advisor.

It bears repeating that lenders are not obligated to accept a short-payoff and that Sellers and Real Estate Brokers have no control over whether Short-Pay Lenders will consent to a short-payoff. . A short sale may create credit or legal problems or may result in taxable income. Seller should always seek advice from an attorney, certified public accountant or other expert regarding such potential consequences of a short-payoff.


DISCLAIMER

This article is intended to be a general discussion only and should not be considered legal advice. Your use of it does not create an attorney-client relationship. Any liability that might arise from your use or reliance on this article or any of its links is expressly disclaimed. This blog is not legal, accounting or tax advice, is not to be acted on as such, it may not be current, and is subject to change without notice.

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THE WESTRIDGE NEIGHBORHOOD – Pessaggio

  The Westridge Neighborhood
   The Passeggio Community Association

 

The Passeggio HOA, is a sub-association of the AVCA Master Association, and is a residential community of 111 exquisite condominiums located in the Westridge neighborhood of Aliso Viejo, California. The tract was built in five phases by the D.R. Horton company.

The Passeggio is located along the edge of the Aliso Canyon and many of the units have spectacular views of the Canyon. The Passeggio is conveniently located near the Westridge community park and is just a few minutes away from the Aliso Viejo town center with its shops restaurants and theaters.

The Passeggio has five different models of condominiums:

The Plan One is a 2 bedroom, 2 bath, carriage (second floor) unit with approximately 970 square feet of space. There is a second floor deck off the living room and a 1 car garage with direct access.

The Plan Two is a 2 bedroom, 2 bath, carriage (second floor) unit with approximately 1,223 square feet. The unit has direct garage access and was originally offered with an optional 3rd Bedroom conversion of the den.

The Plan Three is a 2 bedroom, 2.5 bath, two level unit with a 2 car garage with direct access. The unit is approximately 1,163 square feet.

The Plan Three X is a 3 bedroom, 2.5 bath, two level unit with a 2 car garage with direct access. The unit is approximately 1,349 square feet.

The Plan Four is a 3 bedroom, 2.5 bath, two level unit with a 2 car garage with direct access. The unit is approximately 1,397 square feet.

The information contained herein is deemed reliable, but must be independently verified.

Westridge Park

A Place For The Kids To Play

Other Interesting and Informative Websites

OC Property Management & Sales, Inc.

DRE Lic # 01886215

www.OCPropMgmt.com

OCPropertyMgmt@gmail.com

voice: 949-505-3838

fax: 866-764-6325

THE WESTRIDGE NEIGHBORHOOD – Skyview

  The Westridge Neighborhood

  The Skyview Community Association

The Westridge Skyview Community Association

The Skyview tract of detached single family homes is composed of two separate tracts within the Westridge neighborhood of the city of Aliso Viejo. Both Skyview tracts are accessible off Oak View Drive. The original builder was Shea Homes. Skyview is not gated, and does not have a pool, spa or tennis court.

Access to the 73 freeway is only a short drive away. While located in a rural setting, the Westridge communities are positioned within a short distance of the ocean and its resort towns; freeway arteries leading to major employment areas, and the shops, restaurants and amenities of Mission Viejo, Laguna Beach and Aliso Viejo.

The 73 freeway links up with the 405 freeway corridor and provides quick access to the financial centers of Fashion Island Newport Beach, the John Wayne airport area and South Coast Plaza. The 5 freeway links up with the Tustin employment centers and shopping centers.

Skyview has five different models of homes:

The Baumgarten (model 1-A) is a 3 bedroom, 2.5 bath two level home with a 2 car garage and approximately 1,774 square feet. A fireplace is located in the family room and the front entry is through the living room. All of the bedrooms are upstairs and an optional deck off the master bedroom was offered by the builder.

The Baumgarten (model 1-B) is approximately 1,961 square feet and is a 4 bedroom 2.5 bath home is the model 1-A floor plane with a optional 4th bedroom.

The Berry Home (model 2) is approximately 1,971 square feet and is a 3 bedroom, 2.5 bath 2 level plan with a 2 car garage. This plan has a nook adjacent to the kitchen, an optional second floor deck and an optional 4th bedroom.

The Massey Home (model 3-A) is approximately 2,062 square feet and is a 3 bedroom, 2.5 bath 2 level home with a 2 car garage. This model was offered with an optional master bedroom retreat, an optional “bunk” room and an optional deck off the master bedroom. Additionally, an optional loft conversion to a 4th bedroom was offered by the builder.

The Massey Home (model 3-B) is approximately 2,201 square feet and is the model 3-A floor plan originally offered with a suite of at least 5 different bedroom/loft options.

The information contained herein is deemed reliable, but must be independently verified.

A Place For The Kids To Play
Other Interesting and Informative Websites

OC Property Management & Sales, Inc.

DRE Lic # 01886215

www.OCPropMgmt.com

OCPropertyMgmt@gmail.com

voice: 949-505-3838

fax: 866-764-6325

THE WESTRIDGE NEIGHBORHOOD – Silver Oaks

  The Westridge Neighborhood

 

  The Silver Oaks Community Association

  A Gated Community

 

  Close To The Westridge Park

 

  And A Place For The Kids To Play

The Silver Oaks tract of single family detached homes lies in the Westridge neighborhood, within the city of Aliso Viejo. There are 81 homes in Silver Oaks. The community is gated and has no pool or spa. Silver Oaks is located off Oak View Drive. The original builder was Shea Homes and the tract was completed in 9 phases. A few miles to the west is the Pacific Ocean and the famous city of Laguna Beach.

Access to the 73 freeway is only a short drive away. While located in a rural setting, the Westridge communities are positioned within a short distance of the ocean and its resort towns; freeway arteries leading to major employment areas, and the shops, restaurants and amenities of Mission Viejo, Laguna Beach and Aliso Viejo.

The 73 freeway links up with the 405 freeway corridor and provides quick access to the financial centers of Fashion Island Newport Beach, the John Wayne airport area and South Coast Plaza. The 5 freeway links up with the Tustin employment centers and shopping centers.

Silver Oaks has nine different models of homes:

Mangis 1 – A (Model A) is a 4 bedroom, 4 bath two level home with a 3 car garage. In this model the garage is two cars wide with a tandem space on one side allowing 3 car parking. Direct garage access is located through a service entrance into the breakfast nook adjacent to the kitchen. Fireplaces have been located in both the family room and the living room. An optional recreation room was available downstairs next to the fourth bedroom. The downstairs floor plan is broken up by an interior atrium. An optional loft was offered upstairs near the stairs. The master bedroom has a single large walk-in closet and an attached bathroom suite. The laundry room has been placed upstairs. This model is approximately 3,407 square feet.

Mangis 1 – B (Model B) is a 3 bedroom, 4 bath, two level home with a 2 car garage. This alternative plan uses the Plan 1 – A tandem parking space for an optional bedroom/office. This model is approximately 3,607 square feet.

Mangis 1 – C (Model C) is a 4 bedroom, 5 bath, two level home. This alternative plan uses the Plan 1 – A tandem parking space for an optional bedroom and the interior atrium space as an optional office. An optional extension to the master bedroom creates an attached retreat. This model is approximately 3,882 square feet.

Pagano 2 – A (Model D) is a 4 bedroom, 4.5 bath, two level home with a 2 car garage and a separate 1 car garage. For a total of 3 car parking. Direct garage access for the 2 car garage is through the optional bedroom/office, and direct access for the separate 1 car garage is thru the study. The Plan 1 – A interior atrium is now a courtyard at the front of the house. A breakfast nook is located adjacent to the kitchen. Fireplaces have been placed in family room and the living room. Upstairs the master bedroom has one standard closet and a large walk-in off the attached master bath suite. An optional loft is located can be located above the dining room. This model is approximately 3,705 square feet.

Pagano 2 – B (Model E) is a 5 bedroom, 5.5 bath, two level home with a 2 car garage. The Plan 2 – B is basically the Plan 2 – A with an extra optional office space gained at the expense of the 1 car garage space. This model is approximately 3,905 square feet.

Pagano 2 – C (Model F) is a 6 bedroom, 6.5 bath, two level home with a 3 car garage. The Plan 2 – C is basically the Plan 2 – A with a bedroom and bath option located in the 1 car garage space. 3 cars wide and an optional downstairs bedroom/office is offered. This model is approximately 4,147 square feet.

Powell 3 – A (Model H) is a 4 bedroom, 4.5 bath, two level home with a 3 car garage. This model uses a separate 1 car garage giving parking for 3 cars. The service entrance for the 2 car garage is through an optional office/bedroom and the 1 car garage opens into a nook overlooking a small gated patio in the front of the house. A courtyard is located off the optional bedroom/office. The island kitchen is immediately adjacent to the family room. Fireplaces have been located in both the family room and the living room. The upstairs master bedroom complex includes a bedroom, retreat, bathroom suite and walk-in closet. This model is approximately 3,753 square feet.

Powell 3 – B (Model I) is a 5 bedroom, 5.5 bath, variation of Plan 3 – A with a 2 car garage. The square footage of this model isn’t listed in an authoritative source.

Powell 3 – C (Model J) is a 6 bedroom, 6.5 bath, variation of Plan 3 – A with a 2 car garage. This model is approximately 3,957 square feet.

The information contained herein is deemed reliable, but must be independently verified.

Other Interesting and Informative Websites

OC Property Management & Sales, Inc.

DRE Lic # 01886215

www.OCPropMgmt.com

OCPropertyMgmt@gmail.com

voice: 949-505-3838

fax: 866-764-6325

THE WESTRIDGE NEIGHBORHOOD – Oakview

The Westridge Neighborhood

 

 

 

The Oak View Community Association

  Gated Community

The Oakview tract of single family detached homes lies in the Westridge neighborhood, within the City of Aliso Viejo. There are 115 homes in Oakview. The community is gated and has no pool or spa. The Oakview is located off Endless Vista and Oak View Drive. A few miles to the west is the Pacific Ocean and the famous city of Laguna Beach.

Access to the 73 freeway is only a short drive away. While located in a rural setting, the Westridge communities are positioned within a short distance of the Pacific ocean and its beaches; freeway arteries leading to major employment areas, and the shops, restaurants and amenities of Mission Viejo, Laguna Beach, and Aliso Viejo.

The 73 freeway links up with the 405 freeway corridor and provides quick access to the financial centers of Fashion Island Newport Beach, the John Wayne airport area and South Coast Plaza. The 5 freeway links up with the Tustin employment centers and shopping centers.

Oakview has seven different models of homes:

Badner Home 1 – A (Model A) is a 4 bedroom, 3 bath two level home with a 3 car garage. In this model the garage is two cars wide and one of spaces is tandem allowing 3 car parking. Direct garage access is located through a service entrance which opens into a hallway near the guest bath. A fireplace has been placed in the family room which is adjacent to the breakfast nook and island kitchen. A downstairs bedroom/optional office has been placed downstairs. A small courtyard separates the dining room and the living room. A second fireplace has been placed in the living room and the dining room is open to the second level. The master bedroom has double walk-in closets and an attached bathroom suite. The laundry room has been placed upstairs and the second and third bedrooms are connected to the master bedroom by means a walk way open to the dining room and entry hall below. This model is approximately 2,841 square feet.

Badner Home 1 – B (Model B) is a 5 bedroom, 3 bath, two level home with a 2 car garage. This alternative plan uses the Plan 1 tandem parking space for an optional bedroom 5th bedroom or an enlarged “super” office/bedroom. This model is approximately 2,995 square feet.

Ruth Home 2 – A (Model C) is a 5 bedroom, 4.5 bath, two level home. The garage is 2 cars wide with 1 tandem space creating parking for 3 cars. Direct garage access is through a service entrance leading into the downstairs laundry room. Fireplaces are located in both the family room and the living room. The living room is open to the second level. An optional bedroom/office is located downstairs. A circular staircase leads to the second floor. The master bedroom has two walk-in closets and its own bathroom suite. This model is approximately 3,118 square feet.

Ruth Home 2 – B (Model D) is a 5 bedroom, 4.5 bath, two level home with a 2 car garage. This model is identical to the Plan 2 except the tandem parking space has been used to create a large bonus room. The basic plan two upstairs options remain the same. This model is approximately 3,322 square feet.

Ruth Home 2 – C (Model E) is a 6 bedroom, 5.5 bath, two level home with a 2 car garage. The Plan 2-C is basically the Plan 2-B with an extra bedroom gained at the expense of the bonus room. This model is approximately 3,322 square feet.

Trigg Home 3 – A (Model F) is a 5 bedroom, 4.5 bath, two level home with a 3 car garage. The garage is 3 cars wide and an optional downstairs bedroom/office is offered. Fireplaces have been placed in both the living room and family room. Upstairs the master bedroom has two walk-in closets and an attached master bath suite. The master bedroom is separated from the other upstairs bedrooms by large loft. This model is approximately 3,537 square feet.

Trigg Home 3 – B (Model G) is a the model 3 – A with the upstairs loft converted to an optional 6th Bedroom. This model is approximately 3,537 square feet.

The information contained herein is deemed reliable, but must be independently verified.

Westridge Park

A Place For The Kids To Play

verified.

Other Interesting and Informative Websites

OC Property Management & Sales, Inc.

DRE Lic # 01886215

www.OCPropMgmt.com

OCPropertyMgmt@gmail.com

voice: 949-505-3838

fax: 866-764-6325

THE WESTRIDGE NEIGHBORHOOD – Kensington

   The Westridge Neighborhood

   Private Gated Community

The Kensington is a gated community of single family detached homes located in the Westridge neighborhood of the city of Aliso Viejo . The secluded Kensington community, includes a total of 154 estate size homes with a single entrance off Oak View drive.

Kensington owners do not have an association pool or spa. The original builder of the tract was Richmond American. Note that Square footage may vary depending on the model and model options selected by the original owner, as well as, additions constructed later.

Access to the 73 freeway is only a short drive away. While located in a rural setting, the Westridge communities are positioned within a short distance of the ocean and its resort towns; freeway arteries leading to major employment areas, and the shops, restaurants and amenities of Mission Viejo, Laguna Beach and Aliso Viejo.

The 73 freeway links up with the 405 freeway corridor and provides quick access to the financial centers of Fashion Island Newport Beach, the John Wayne airport area and South Coast Plaza. The 5 freeway links up with the Tustin employment centers and shopping centers.

  Close By Westridge Park

   A Place For The Kids To Play

The Kensington has six different models of homes:

The Chesapeake House (model A) is approximately 2,842 square feet and was originally offered without upgrades or options as a 4 bedroom, 2.5 bath home with a 3 car garage (one space is tandem). The ground floor included a living room, dining room, library, family room, nook, kitchen and laundry. All bedrooms were on the second floor in the standard construction. In addition to the standard construction, Richmond American offered an optional studio and optional 5th bedroom and bath. On the second floor optional retreats and dens were also offered.

The Chesapeake House (model B) is approximately 3,223 square feet and is a model A alternate with a similar standard floor plan and options. The model B however was originally designed with 2 car garage (the tandem garage was either a 5th bedroom or studio).

The Berkeley House (model C) is approximately 3,072 square feet and was originally offered without upgrades or options as a 3 bedroom, 3 bath home with a 3 car (tandem) garage. Builder options included a second floor loft/bedroom and optional ground floor bedroom and optional writer’s room or bedroom in the tandem space of the garage.

The Berkeley House (model D) is approximately 3,072 square feet and is a model C alternate with a similar standard floor plan and options. The model D (like the model B above) however was originally designed with a 2 car garage (the tandem garage garage was either a bedroom or a writer’s room.

The Carrillo House (model E) is approximately 3,681 square feet and was originally offered without upgrades as a 5 bedroom, 3 bath home with a 3 car (tandem) garage. A first floor game room option and a second floor bedroom option were offered by the builder.

The Carrillo House (model F) is approximately 3,887 square feet and was originally offered without upgrades as a 6 bedroom, 3 bath home with a 2 car garage. Like models B and D above, the model F is a model E alternate plan offering a different combination of options by using the tandem garage space.

The information contained herein is deemed reliable, but must be independently verified.

Other Interesting and Informative Websites

OC Property Management & Sales, Inc.

DRE Lic # 01886215

www.OCPropMgmt.com

OCPropertyMgmt@gmail.com

voice: 949-505-3838

fax: 866-764-6325

THE WESTRIDGE NEIGHBORHOOD – Alta Vista

The Alta Vista tract of single family detached homes lies in the Westridge neighborhood, within the city of Aliso Viejo.

Alta Vista contains 70 homes. The community is not gated and has no pool or spa. Built by Lennar in late 1999 and early 2000, the Alta Vista lots average 4,400 square feet. Alta Vista was built in five phases and had a tax basis, at opening, of about 1.33 percent of the sales price. Alta Vista borders the Woodlands tract and lies between Oak View Drive, Westridge, and Wood Canyon Drive. A few miles to the west is the Pacific Ocean and the famous city of Laguna Beach.Access to the 73 freeway is only a short drive away. While located in a rural setting, the Westridge communities are positioned within a short distance of the ocean and its resort towns; freeway arteries leading to major employment areas, and the shops, restaurants and amenities of Mission Viejo, Laguna Beach and Aliso Viejo.The 73 freeway links up with the 405 freeway corridor and provides quick access to the financial centers of Fashion Island Newport Beach, the John Wayne airport area and South Coast Plaza. The 5 freeway links up with the Tustin employment centers and shopping centers.

Westridge Park – A place for the kids to play.

The Alta Vista tract has seven different models of homes:

Plan One Basic (Model A) is a 4 bedroom, 2.5 bath two level home with a 3 car garage. In this model the garage is two cars wide and one of spaces is tandem making for 3 car parking. Direct garage access is located through a service entrance near the guest bath. A fireplace has been placed in the great room which adjoins the living room. All of the bedrooms are located upstairs. The master bedroom has an attached bathroom suite and two walk-in closets. Lennar originally offer this plan with a formal dining room or optional den downstairs. An optional fifth bedroom (in the place of the tandem garage) was also offered. This model is approximately 2,289 square feet.

Plan One Alternate (Model B) is a 5 bedroom, 2.5 bath, two level home with a 2 car garage. Direct garage access is located through a service entrance in the entry hallway. This is a Plan One Basic except the tandem parking area has been turned into a bedroom and bath down. This model is approximately 2,450 square feet.

Plan Two Basic (Model C) is a 4 bedroom, 2.5 bath, two level home with a 3 car garage. The garage is two cars wide with a tandem third space. Direct garage access is through a service entrance near the powder room. The fireplace is located in the family room. As originally built the living room is open to the second level. The master bedroom has two walk-in closets and its own bathroom suite. As originally built Lennar offered this model with an optional loft/retreat, optional enlarged master bedroom suite, and optional “bunk” or bonus room upstairs. This model is approximately 2,379 square feet.

Plan Two Alternate (Model D) is a 5 bedroom, 2.5 bath, two level home with a 2 car garage. This model is identical to the Plan Two Basic except the tandem parking space has been turned into an optional den. The basic plan two upstairs options remain the same. This model is approximately 2,548 square feet.

Plan Three Loft (Model E) is a 4 bedroom, 2.5 bath, two level home with a 3 car garage. This model is an interesting departure from the previous models. The garage is 3 cars wide and the area previously occupied by the tandem parking space has been converted to a family room and a kitchen. The fireplace is located in the family room. All bedrooms are upstairs including the master bedroom and attached master bath suite. A loft is positioned to look down onto the central staircase. This model is approximately 2,608 square feet.

Plan Three 5 Bedroom (Model F) is a 5 bedroom, 2.5 bath, two level home with a 3 car garage. This design is the same as the Plan Three Loft except the loft has been converted into a 5th bedroom. This model is approximately 2,608 square feet.

Plan Three 6 Bedroom (Model G) is a 6 bedroom, 2.5 bath, two level home with a 2 car garage. This plan is the same as the previous two except that on of the parking spaces has been used to create a 6th bedroom downstairs. This model is approximately 2,778 square feet.

The information contained herein is deemed reliable, but must be independently verified.

Other Interesting and Informative Websites

OC Property Management & Sales, Inc.

DRE Lic # 01886215

www.OCPropMgmt.com

OCPropertyMgmt@gmail.com

voice: 949-505-3838

fax: 866-764-6325