Orange County Real Estate FAQs

Why pick Tyler Large?

Tyler has the experience you need to buy or sell your home. With over 8 years of construction background and a Bachelor’s degree in Economics, Tyler knows and understands real estate. To learn more about why Tyler is unique click About Tyler.


How much are Realtor fees?

As a buyer you do not pay Realtor fees—there are no charges to you. Buyers are, however, responsible for their own escrow and lender fees. These rates can vary and should be talked about with your lender. Contact Tyler if you’d like a referral to a local and trustworthy mortgage lender. Sellers are responsible for the Realtors’ commission. This rate is also negotiated between the listing agent and the owner of the property.


Is Keller Williams Realty a good/legit company?

Keller Williams Realty is the best real estate company in the Nation. Granted, many may say that about their business—but what sets KW apart are these simple points; Keller Williams is the 2nd largest real estate company in America. It is currently the fastest growing. There are over 80,000 agents between the U.S. and Canada. KW has the highest level of training and technology of the competition. Click to find out more about Keller Williams RealtyJ.D. Power and Associateshas named company Keller Williams Realty the Highest Ranked in Home Buyer Satisfaction by J.D. Power and Associates, three years in a row.  Click to find more KW Awards.


What areas do you (Tyler) specialize in?

Tyler specializes in representing buyers and sellers in residential homes within local areas of Orange County. Some of the cities I specialize in are Huntington Beach and South County cities; San Clemente, San Juan Capistrano, Laguna Niguel, Aliso Viejo, Mission Viejo, Rancho Santa Margarita, Lake Forest. Tyler also has a unique skill working with foreclosures including short sales and REO properties.  Click the about Tyler page to learn more.


What is escrow?

Escrow is the period when a third-party company assists in the transaction of documents, disclosures and money. Once an offer is accepted by both the buyer and seller, they then “open escrow.” That means the window has opened to start the transaction process. For the legal safety of any buyer/seller, escrow is necessary for all transactions.  Click to learn more about the escrow process.


How long is a typical escrow?

A typical time frame is 30-45 days. During those 4-6 weeks, the agents help the buyers and sellers understand the documents and disclosures they are signing. Most buyers and sellers end up signing (or initialing) several dozen documents by the end of the escrow period. Once escrow is completed, the keys are given to the buyer and new ownership has begun.


How much money are closing costs?

Closing costs can vary. The costs will be higher for a buyer simple because the majority of the costs are lending fees. Closing costs for a buyer can range between 2-3% of the selling price of the property. If you have a ballpark price of what your home is worth, Tyler can work up an estimated quote for you. Contact Tyler Large.


I keep submitting an offer but don’t get accepted, why is that?

There can be a number of reasons why an offer isn’t accepted. If it is a short sale, there may be high competition on that property with multiple offers. Tyler has seen cases where the buyer put it up to 12 offers before one being accepted. If there is a high demand and the property receives 10+ offers, that owner and listing agent will go with the highest and best offer. There can even be an ‘all cash’ offer that is competing to buy the property. If it is by another agent than Tyler, the offer may be incomplete- or not filled out properly. Some people think that because we are in a down economy you can submit ‘low-ball’ offers. Tyler’s experience within Orange County is not the case- people still want to live near the ocean. We still have high demand for properties within these beach cities. If a great property is put on the market for below market value, you can bet your bottom dollar that property will receive many offers. It is also extemely important to have a competant Realtor fill in the offer– Any Joe Shmoe agent can show houses- but it takes a certain level of intelect and understanding when it comes to contracts, offers and disclosures.  Let Tyler represent you in the best professional manner.


Should I be reading the contracts I sign?

Does a one legged duck swim in circles? Yes, absolutely. Many accuse the housing crash to consumers that didn’t read the fine print. Contracts are not that difficult to understand if you take the time to read them. It can be overwhelming initially, and that is why Tyler can help you understand what you are signing before you sign. The goal is to ensure you feel comfortable and know what obligations you have to the contract and vice versa.


Where can I buy a foreclosure?

Tyler Large can help you buy any type of foreclosure. There are many foreclosures within Orange County in the cities you want. Contact Tyler for more information about your search criteria.  You can search foreclosures in Orange County by clicking the link.  Learn tips about buying a foreclosure here.


What is a foreclosure?

A foreclosure is a process in which a homeowner stops making payment to their lender/bank. No payment means no home. The bank will take possession of that property in an ugly process called, Foreclosure. Click to learn more about the Foreclosure process.


What is a short sale?

A short sale is a pre-foreclosure. Instead of letting the home go into complete foreclosure, a homeowner that is behind payments on a property may get authorization from their bank on the sale of the property even though less will be gained than what is owed. Click to learn more about the Foreclosure process or click here to learn about Orange County Short Sales tips.


What is an REO?

Real estate Owned. This is a post-foreclosure. Once a property passes goes through foreclosure the home is sold at an auction. A bank will get stuck with the property if no one buys the home at the auction. Click to learn more about the Foreclosure process.


Can I buy at an auction?

Yes you can—as long as you have all cash. No loans, no I.O.Us allowed. An auction, often called Trustee sale, can be very risky. When you buy a property at an auction, you inherit all debt and liens against the property. Although you may see an advertisement for an auction sale of a home at $100k (thats worth $500k), you may accumulate $600k in debts and liens. Not such a good deal now!


Why don’t the banks respond to an offer sooner?

What a question! This is the million dollar question every agent gets asked. There are many theories as to why a bank will not respond to an offer quickly. Some argue that banks have no reason to—they get money from the ‘Tarp’ funds, they’re in no rush to unload. Others say the banking system is such a mess—the organization is similar to a kindergarten class during recess; complete chaos.


Can I negotiate with the banks for a short-sale/REO?

Yes and no. It all depends on the situation, comparables of the property, etc. If the home is priced well and/or under market value, a low ball offer may not entice the bank to accept. However, if the property is overpriced and there are many comparables to prove it—the bank may or may not listen. Every property is different.


What happens to my credit if I foreclose?

Your credit will be hit for 7-10 years. Lenders will not quickly offer a loan to someone that has foreclosed. The risk is to high. Unfortunately, regardless of the story behind the foreclosure, the banks simply see that a consumer isn’t reliable in paying his/her debts. It will be difficult to acquire any type of loan with a foreclosure on record. If the homeowner can, we highly recommend doing a short sale. A short sale will affect your credit- but less time; 2-3 years. Let Tyler’s professional team help with your short sale. Contact Tyler here.


How quickly will my house sell?

It all depends on a series of factors; price, condition, location. If the neighborhood is selling in the $600,000 range and you’re asking for $1 million…its going to be difficult to sell. Properly pricing your home is one of the most crucial factors in selling your property quickly. The condition of your property will also be considered in pricing. There have been homeowners that haven’t put a dollar into their property since it was built in 1964—the homeowner thought it was ‘fully upgraded.’ Lastly, location, location, location. Your home will be valued less if it; backs/faces a freeway, major cross street, load location, airport, truck stops, etc. Your home will be valued higher if it; backs/faces the ocean, cove, lake, quiet park, etc.  Studies show that well ‘staged’ homes sell faster than vacant propertys.  Learn more about staging tips here.


Will Orange County real estate appreciate in time?

Most definitely. The key is ‘over time.’ Homes may or may not appreciate as fast as they did in the early 2000s—but we know over time the values will increase. History shows us that, look at many retired people- some bought their million dollar home in San Clemente for $100k twenty years ago. No one can guarantee the rate your home value will increase. However, if you plan on staying in your home for 5, 10+ years, you should be gaining a good amount of equity. Some neighborhoods have already increased value in the past two years. Each city, zip and neighborhood is different, but on the overall scale, it is safe to say you will sell your home for a lot more in the long run.


How long will loan rates be down?

It won’t be for long. No one has a crystal ball, but the rates can’t stay down forever. The government can’t keep pushing the rates lower—the lenders won’t want to fund! Like the stock market, rates are volatile. Nonetheless, we’ve never seen rates this low for the past several decades. Some buyers are getting locked in on a 30 yr fixed for under 4%. Unbelievable. With rates this low, it is a fantastic time to buy.


Do I need to be pre-approved to buy a home?

Absolutely, it is extremely important. Most listing agents won’t look at a buyer’s offer without a pre-approval letter included. The credit crunch has really affected the way lenders to business. A pre-approval letter shows the seller that you are a legit candidate to receive a loan and close on a property. Without that certification, you’re just a random guy/gal with high hopes of purchasing a home with no assurance of acquiring the funds. If you need a referral for a good, honesty lender, contact Tyler.  Click to learn more about mortgages, property taxes and pre-approval.


Do you have more info about neighborhoods, etc?

This website has a collection of resources of information for neighborhood statistics, demographics and school information.  You can also find referrences for shopping centers, malls, local (reputable) contractors, etc.  Click the Neighborhood Info link to learn more.