CALIFORNIA REAL ESTATE PRIMER – Buyer’s Short Sale FAQs

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.

Over the course of time, we have fielded a lot of questions from buyers regarding short sales and some of those questions are more frequently asked than others. The questions below are the more frequent ones we’ve been asked:

 1. What is a short sale?

A short sale is the process by which homeowners can sell their home for less money than they actually owe on the mortgage(s). This is accomplished by providing proper documentation to the lender(s) to convince them to reduce the mortgage balance to allow the sale. If the sale is approved, the mortgages lender(s) will actually take a loss on the mortgage.

If a bank approves the discount of a mortgage, the home can be sold for a price lower than the total debt on the property without the seller having to come up with cash to cover the shortfall. The mortgage is satisfied and any foreclosure process stops.

2. Why would a bank or mortgage lender want to cooperate with a short sale?

A common saying is that banks are in the business of lending money and do not want to own real estate. While this is a little misleading, it is essentially true. When banks foreclose on a property it is a long and expensive process and generally means holding the property in their inventory as a non-performing asset. Banks have a limit to the amount of non-performing assets they want to hold. Once this limit is exceeded, they have strong incentives to get rid of the properties at discount prices.

For a lender, agreeing to a short sale avoids many of the costs associated with the foreclosure process. Attorney’s fees, delays from borrower bankruptcies, damage to the property, costs associated with resale, property tax, insurance, etc., must all be paid by the bank during a foreclosure. In a short sale scenario, the lender is able to cut its losses by getting rid of the property faster and at a lower cost.  The most important element in the lender’s decision process is whether or not the property is “underwater.”  If so, then it can’t be sold for an amount equal to or greater than the mortgage and a short sale may be a viable solution.

3. How does a bank determine the price it will accept on a short sale?

Every bank has a specific method of deciding how much they’ll accept on a short sale. Give me a call, Mikey Hall, at 949-887-1625 and I’ll explain it to you.

 4. Can I really get a deal on a short sale home?

Yes, you can, but not every short sale is a deal. You still have to do your research and estimate the current market value of the home. This is one of the areas where a knowledgeable real estate agent’s level of experience really pays off.

5. Who pays the real estate commissions on a short sale?

In a standard sale, commissions are subtracted from the seller’s funds and paid out of escrow to the Realtors. In a short sale, the seller has no funds in escrow which means the commissions end up being subtracted from the monies that would go to the lender. So, the lender ultimately is the one paying the entire sales commission.

6. Are short sales guaranteed to work?

No. All of the criteria must be met before a bank will even consider a short sale. Even then it isn’t easy to convince a bank that the market value of the home is lower than what they are owed.

Even if all the paperwork has been correctly completed it can take several weeks, or even months, only to be denied. If the lender does not approve the short sale, no transaction occurs. The Purchase Agreement becomes void and the listing continues. There are, however, ways to put a time limit on the lender’s time to issue approval.

In a rising market the delay in a short sale approval runs against the buyer for at least two reason 1) The buyer’s purchasing power decreases as prices increase; and, 2) there is no guarantee the lender will approve the sale and the delay may cause the buyer to be priced out of the market.

A falling market has just the opposite affect because a buyer’s purchasing power increases as prices decrease.

7. How long does a short sale take to complete?

From a few weeks to several months.

8. What if the house I want needs repairs.

Remember, when an owner short sells their home it’s because they are suffering a financial hardship. This means there is no money for repairs and as a buyer you can’t reasonably expect the seller to do much in the way of repairs. The good news is we have had some success convincing lenders to repair termite damage and to make reasonable repairs relating to safety. But, this type of cooperation is dependent on the expense involved, the nature of the repair, the purchase price being paid and the direction of the market.

9. What if the house I want has liens on it?

Liens can complicate matters because the owner will not have the financial capability of removing them. Depending on a number of factors, including the real estate market and the purchase price, the lender might be persuaded to clear the liens. Or, sometimes the lien holders themselves might be convinced to reduce their liens. A short sale in this circumstance will take substantially longer.

10. I’m an investor, can I buy a short sale?

The simple answer is yes, you can. However, there can be serious complications.

11. Can I buy the short sale for the price stated in the listing?

An experienced Realtor can quickly tell you whether or not the property is priced unusually low. If so, the home was probably intentionally priced that way to attract offers which might prompt the lender into letting the Realtor know what price it will accept. In which case, the chances of buying the property at the asking price may not be very good.

On the other hand , the property might be priced correctly and your chances of getting the property at the asking price will be reasonably good.

12. How long will it take to get bank approval of my offer?

The answer to this question depends on the expertise of the listing agent, which bank is involved, and how many loans are on the property. Once approval is obtained, the property can go into escrow which takes no longer than a standard sale.

14. Will the banks negotiate on price?

Yes.  More in down markets and less in up markets.

15. Do I get title to the property when I buy a short sale?

Yes, title is transferred to the buyer at the close of escrow, just like in a standard sale.

16. Are my property taxes based on the amount of debt that was on the short sale property?

No. In California, your property taxes are based on the purchase price of the home.

17. Can I transfer my property tax base to a sale short?

Possibly, depending on whether or not you meet the requirements. You might want to read our article entitled, “Transfer Your Property Tax Base Year Value To Your New Home“.

As the housing markets recover, fewer and fewer homes will be underwater until finally the short sale will again become an unusual event.

1 Mikey & Pixey Best 1

“ASK MIKEY”

http://www.AskMikeyHall.com

AskMikeyHall@gmail.com

voice: 949-887-1625

fax: 866-764-6325

DRE #00792478

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OTHER INTERESTING AND INFORMATIVE INFORMATION SOURCES

OC Property Management & Sales, Inc.

DRE Lic# 01886215

www.OCPropMgmt.com

OCPropertyMgmt@gmail.com

voice: 949-505-3838

fax: 866-764-6325

CALIFORNIA REAL ESTATE PRIMER – Mortgage Forgiveness Debt Relief Act

001

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.

 

THE MORTGAGE FORGIVENESS DEBT RELIEF ACT

Recall that in our article, “Short Sales From The Seller’s Point of View,” we mentioned that the tax implications, of a short sale, for the borrower can be significant and are relatively complex. In very general terms, mortgage relief (i.e. a discount on the amount owed) is viewed as income, and will be reported to the IRS by the lender, and must be included in the borrower’s gross income. Having said that, on December 20, 2007 President Bush signed into law a measure giving tax breaks to homeowners who have mortgage debt forgiven on their family residence.  This law was part of the “Bush Tax Cuts” you may have heard about.  Note: The Bush Mortgage Debt Relief Act applies only to Federal income tax.  State income tax rules are set by each individual state and which state laws might apply to you is another subject best covered with your tax advisor.

With the passage of “The Mortgage Forgiveness Debt Relief Act of 2007“, a taxpayer did 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 primary residence (up to $2 million for refinances).  The December 31, 2009 date was the date the law was initially set to expire.

Then in 2009, The Emergency Economic Stabilization Act of 2009 was passed.  This law extended the Bush exclusion of income for qualified debt relief.  This extension of the law was set to expire on December 31, 2012 and applied to discharges of qualified indebtedness occurring on, or after January 1, 2010.

On December 31, 2012 , at the 12th hour, congress passed yet another extension of the federal Mortgage Forgiveness Debt Relief Act through December 31, 2013.

Unfortunately, California did not renew its mortgage debt relief law.  In response, the California Association of Realtors has said it will sponsor California Senate Bill 30, introduced December 3, 2012, by Senator Calderon, D-Montebello.  If passed and signed into law, Senate Bill 30 will exempt mortgage debt forgiven on a principal residence as taxable income.  Until that happens however, it appears that in California mortgage debt relief from the short sale of a principal residence will be treated as taxable income.

On January 10, 2013, Senate Bill 30 was referred to the California Senate Governance and Finance Committee.

The following is a set of a set of IRS FAQs which may be helpful in understanding the nuances of the law:

What is the Mortgage Forgiveness Debt Relief Act of 2007?

The Mortgage Forgiveness Debt Relief Act of 2007 was enacted on December 20, 2007 (see News Release IR-2008-17). Generally, the Act allows exclusion of income realized as a result of modification of the terms of the mortgage, or foreclosure on your principal residence.

“What does that mean?

Usually, debt that is forgiven or cancelled by a lender must be included as income on your tax return and is taxable. The Mortgage Forgiveness Debt Relief Act of 2007 allows you to exclude certain cancelled debt on your principal residence from income.

“Does the Mortgage Forgiveness Debt Relief Act of 2007 apply to all forgiven or cancelled debts?

No, the Act applies only to forgiven or cancelled debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes.

“What about refinanced homes?

Debt used to refinance your home qualifies for this exclusion, but only up to the extent that the principal balance of the old mortgage, immediately before the refinancing, would have qualified.

“Does this provision apply for the 2007 tax year only?

It applies to qualified debt forgiven in 2007, 2008 or 2009.

“If the forgiven debt is excluded from income, do I have to report it on my tax return?

Yes. The amount of debt forgiven must be reported on Form 982 and the Form 982 must be attached to your tax return.

“Do I have to complete the entire Form 982?

Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Adjustment), is used for other purposes in addition to reporting the exclusion of forgiveness of qualified principal residence indebtedness. If you are using the form only to report the exclusion of forgiveness of qualified principal residence indebtedness as the result of foreclosure on your principal residence, you only need to complete lines 1e and 2. If you kept ownership of your home and modification of the terms of your mortgage resulted in the forgiveness of qualified principal residence indebtedness, complete lines 1e, 2, and 10b. Attach the Form 982 to your tax return.

“Where can I get this form?

You can download the form at IRS.gov, or call 1-800-829-3676. If you call to order, please allow 7-10 days for delivery.

“How do I know or find out how much was forgiven?

Your lender should send a Form 1099-C, Cancellation of Debt, by January 31, 2008. The amount of debt forgiven or cancelled will be shown in box 2. If this debt is all qualified principal residence indebtedness, the amount shown in box 2 will generally be the amount that you enter on lines 2 and 10b, if applicable, on Form 982.

“Can I exclude debt forgiven on my second home, credit card or car loans?

Not under this provision. Only cancelled debt used to buy, build or improve your principal residence or refinance debt incurred for those purposes qualifies for this exclusion.

“If part of the forgiven debt doesn’t qualify for exclusion from income under this provision, is it possible that it may qualify for exclusion under a different provision?

Yes. The forgiven debt may qualify under the “insolvency” exclusion. Normally, a taxpayer is not required to include forgiven debts in income to the extent that the taxpayer is insolvent. A taxpayer is insolvent when his or her total liabilities exceed his or her total assets. The forgiven debt may also qualify for exclusion if the debt was discharged in a Title 11 bankruptcy proceeding or if the debt is qualified farm indebtedness or qualified real property business indebtedness. If you believe you qualify for any of these exceptions, see the instructions for Form 982.

“Is there a limit on the amount of forgiven qualified principal residence indebtedness that can be excluded from income?

There is no dollar limit if the principal balance of the loan was less than $2 million ($1 million if married filing separately for the tax year) at the time the loan was forgiven. If the balance was greater, see the instructions to Form 982, page 4.

“Is there anything else I need to know before filing?

Yes. Because the Mortgage Forgiveness Debt Relief Act of 2007 was passed so late in the year, the software systems used by tax preparers and at the Internal Revenue Service need to be updated to accept the revised Form 982. The IRS expects to be able to process the new Form 982 electronically on March 3, 2008.”

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

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

1 Mikey & Pixey Best 1

“ASK MIKEY”

http://www.AskMikeyHall.com

AskMikeyHall@gmail.com

voice: 949-887-1625

fax: 866-764-6325

DRE #00792478

Return To The Table of Contents

OTHER INTERESTING AND INFORMATIVE INFORMATION SOURCES

OC Property Management & Sales, Inc.

DRE Lic# 01886215

www.OCPropMgmt.com

OCPropertyMgmt@gmail.com

voice: 949-505-3838

fax: 866-764-6325

DISCLAIMER

This article is intended to be a general discussion only, and should not be considered legal or real estate advice. Your use of it does not create either an attorney-client or broker-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, real estate, loan, accounting or tax advice, and is not to be acted on as such, it was outdated the moment it was written, and is subject to change without notice.  If you are dealing with a potential problem with your investment property you are advised to retain the appropriate licensed professional.

 

CALIFORNIA REAL ESTATE PRIMER – Tips For Buying REO Properties

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Tips For Buying REO Properties

The acronym REO stands for the phrase “Real Estate Owned.” An REO is a lender owned property, meaning it has been acquired by the lender as the result of a foreclosure.

Buyers attempting to buy foreclosed properties will need to understand a few basic principals, because the competition on a well-priced REO can be intense. A well-priced REO will draw multiple offers and your competition may well include professional investors. The key to a successful conclusion is to be organized and to have the ability to move quickly.

Some helpful tips include:

1. Realistically establish your maximum down payment, your maximum affordable mortgage amount and your maximum purchase price. You need to be ruthless about these limits.

2. Get yourself either pre-qualified or pre-approved with your lender so that you can move quickly when the time comes.

3. Be prepared to pre-qualify with the selling bank and to allow the seller to run your credit scores should it be requested.

4. Understand that REO properties (that haven’t been destroyed by the prior owner) aren’t gifts. They are generally no more than 10% to 15% below other properties. A corollary to this is the fact that banks are skilled at understanding the market and assessing the market value of a property. As a result, low ball offers are almost never a productive activity.

5. If the property was priced right in the first place you can expect experienced, skilled competition.

6. If an REO property has been sitting on the market without drawing offers, a bank owner will usually not be shy about adjusting the price to move the property. Banks are not in the business of managing property and are generally pragmatic about their pricing.

7. To make your offer more appealing you might want to consider getting your mortgage from the bank selling the property. This tactic might make your offer more appealing, assuming the seller’s loan terms are reasonable.

8. Remember, REO properties are sold “AS IS” and it will be your responsibility to inspect the property and to determine how much money it will take to repair the property and bring it back up to condition. Don’t forget to factor this cost into your purchase limit, as well as the value of the property.

9. Get the most experienced Realtor you can to represent you. Look for a Realtor who is interested in understanding your situation and working toward your goals.

 

If ever there was a time to use a skilled real estate agent this would be it.

1 Mikey & Pixey Best 1

“ASK MIKEY”

http://www.AskMikeyHall.com

AskMikeyHall@gmail.com

voice: 949-887-1625

fax: 866-764-6325

DRE #00792478

Return To The Table of Contents

OTHER INTERESTING AND INFORMATIVE INFORMATION SOURCES

OC Property Management & Sales, Inc.

DRE Lic# 01886215

www.OCPropMgmt.com

OCPropertyMgmt@gmail.com

voice: 949-505-3838

fax: 866-764-6325

DISCLAIMER

This article is intended to be a general discussion only, and should not be considered legal or real estate advice. Your use of it does not create either an attorney-client or broker-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, real estate, loan, accounting or tax advice, and is not to be acted on as such, it was outdated the moment it was written, and is subject to change without notice.  If you are dealing with a potential problem with your investment property you are advised to retain the appropriate licensed professional.

 

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 – Woodlands

  The Westridge Neighborhood

  The Woodlands Community Association

  Westridge Park

  A Place For The Kids To Play

The Woodlands tract of single family detached homes lies in the Westridge neighborhood, within the city of Aliso Viejo. There are 74 homes in Woodlands. The community is not and has no pool or spa. Woodlands is located off Oak View Drive at Trail Canyon Drive. The original builder was Brookfield Homes. 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.

Woodlands has four different models of homes:

The Plan 1 (Model A) is a 3 bedroom, 2.5 bath two level home with a 2 car garage. Direct garage access is located through a service entrance into the kitchen. A fireplaces have been located in the living room. An optional bedroom was originally available in the upstairs loft space and an optional den was offered instead of the second bedroom. The master bedroom has an attached bathroom suite and walk-in closet. The laundry room has been placed upstairs. This model is approximately 1,499 square feet.

The Plan 2 (Model B) is a 4 bedroom, 3 bath, two level home with a 2 car garage. Direct garage access is through a service entrance in the island kitchen. A fireplace is located in the living room and an optional den or fourth bedroom downstairs was originally offered. Upstairs the master bedroom has an attached bathroom and both standard and walk-in closets. The second bedroom upstairs opens onto a deck over the garage entrance. This model is approximately 1,784 square feet.

The Plan 2X (Model C) is a 4 bedroom, 3 bath, two level home with a 2 car garage.. This alternative plan uses the Plan 2 design with an optional upstairs retreat. An optional extension to the master bedroom creates an attached retreat. This model is approximately 2,067 square feet.

The Plan 3 (Model D) is a 3 bedroom, 2.5 bath, two level home with a 2 car garage. Direct garage access for the 2 car garage is through a service entrance opening in the central hallway. This is an upside done plan with the bedrooms and family room on the first floor and the kitchen, dining room, living room and master bedroom on the second floor. This model was originally offered with an optional downstairs den in the place of the third bedroom. A laundry room has been located on the first floor at the back of the house. This model is approximately 1,894 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 – 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