Are you ready to buy an REO or Short Sale?

August 26, 2008 · Julie Cleland · 1 Comment

The answer to that question is another question you have to ask yourself…How patient am I? In this difficult market many buyers look for or find themselves involved in a short sale or an REO with the idea that it’s a good deal. It can be but what you are not paying in price you will make up in time, energy, effort and potential frustration. Read more

The Housing Stimulus Package Continued

August 25, 2008 · Lee Ginsburg · Comment here

This is my third and probably final thought on the recent Housing Stimulus Package.

http://www.pruvoices.com/2008/08/housing-stimulus-package-i-dont-think-so/
http://www.pruvoices.com/2008/08/is-this-new-stimulous-package-going-to-help-the-bay-area/

The FHA foreclosure rescue is a great idea but I don’t think it is practical, at least not in the Bay Area Market that I am familiar with. The FHA will offer to qualified buyers a new fixed rate loan at 90% of today’s market price for the home they are living in and that they own and owe considerably more money. With this program the owner shares the future appreciation with the FHA. This adds to family stability and less homes on the market and gives the family to gain some equity. I think the original lender will lose more under this than with the foreclosure process but it might be easier, quicker, look better on their books and they also gain a new guaranteed loan. In my opinion too many ifs to make this work in large numbers but the thought is GREAT. Read more

10 Reasons you should NOT buy a house in 2008!

August 25, 2008 · Karin Cunningham · Comment here

1. You don’t feel like taking advantage of GREAT opportunities while prices have stabilized.

2. You enjoy renting over owning your own home.

3. You believe in buying HIGH and selling LOW rather than what experts suggest which is buy low and sell high. Duh!

4. Your accountant told you that you have enough tax write offs.

5. You don’t believe you can build equity if you buy at the bottom of the market. Read more

Do I really need a home inspection?

August 25, 2008 · Shokoofeh Nowbakht · Comment here

My client asked if he really needed a home inspection. “I’m going to buy this house, no matter what. Why should I pay for home inspection?”, he wondered. My suggestion was Read more

Housing Stimulus Package! I don’t think so!!!

August 17, 2008 · Lee Ginsburg · 2 Comments

Credit/Loan Does it Stimulate the Housing Market? I don’t think so!!!

AS promised in my last blog I have continued my thoughts on the most recent Housing Stimulus Package. I will continue in next week’s blog.

Part of the recent Housing Stimulus package is a much publicized First Time Home Buyer Credit! It is not a credit. It is 15 year Interest FREE loan. Gotta take anything For Free. This applies to any home purchased between April 8, 2008 and July 1, 2009. How and why they picked those dates; Read more

10 Simple Ways To “Greenify” Your Home

August 5, 2008 · Sophia Lin · 1 Comment

1. Install low flow toilets, showers and faucets

2. Install solar panels on roof to use the sun’s energy to generate hot water

3. Use “energy star” approved appliances

4. Use eco friendly materials such as bamboo for flooring and non-toxic paint for painting

5. Plant a tree for shade to help cool your house in the summer Read more

Is This New Stimulus Package Going To Help The Bay Area???

August 4, 2008 · Lee Ginsburg · Comment here

YES! YES! YES! It may not be as immediate as we would like but it will. The two major provisions that I see as beneficial to specifically the Bay Area Are:

The increase in the conforming loan limit to $625,500 permanently and the ability of Freddie Mac and Fannie Mae to borrow if necessary from the U.S. Treasury.

The increase in conforming loan limits has no immediate effect since the emergency stimulus package temporarily increased the limit to $729,750. That terminates Dec. 31 of this year so the new permanent increase is a major long term bonus. Bay Area Realtors Read more

How much do I offer?

July 16, 2008 · Shokoofeh Nowbakht · Comment here

Ok, you find a house and now like to make an offer, but how much? Don’t think just because it’s a short sale or REO that you can offer 20% or so lower than the asking price. Do your homework, study your market, and find out what the market value of the property is. Discuss it with your realtor. Generally, if the property has been on the market for months and specially if it hasn’t had a price reduction, you would have a stronger position to negotiate. Don’t be surprised to see multiple offers and overbidding on short sales and REOs in today’s market. Sometimes, the listing agents list the property at lower than the true market value to create activities and multiple offer situations. So, talk to your realtor and make a reasonable and realistic offer.

GOOD LUCK!