Say NO to Extension of the Federal Tax Credit for First Time Home Buyers!!! (???)

October 16, 2009 · Jean Joh · 8 Comments

The deadline for the federal tax credit of up to $8000 for first-time home buyers is fast approaching. In order to take advantage of this credit, escrow must be closed by November 30, 2009. If one were to count backwards from this, allowing for a 45 day close of escrow (not uncommon these days), this means that buyers will need to be in contract, at the very latest, by mid-October which means NOW. Read more

The Shoe is on the Other Foot Now

October 12, 2009 · Lee Ginsburg · 14 Comments

I am responsible for selling my mother’s home. Great I got an easy listing. Well not that quick. She lives in New Jersey. And they do things differently than we here in northern California and I am not licensed in New Jersey. They use lawyers instead of Escrow and Title companies. I pondered how a deal is ever going to close with two lawyers involved. The people I spoke with assured me they do. It seems radon gas is an issue in this part of New Jersey and the seller is responsible for mediating it. My mother lived in an adult community where Open Houses and For Sale signs are not permitted. No wonder as I drove the community I did not see any other homes for sale. I thought there was no inventory and I would receive multiple offers just like here in the San Bruno and South San Francisco. After doing additional research I come to find they have a year’s worth of inventory in the area adult communities. Read more

Up, Down, or Sideways?

October 11, 2009 · Dean Rizzi · 3 Comments

We are speaking of mortgage rates, which continue to move down. Bankrate’s latest survey had them averaging their lowest levels in over four months last week, with the 30-year fixed-rate mortgage averaging 5.25% and the 15-year fixed-rate mortgage averaging 4.64%. Given the recent qualms over unemployment, rates would seem likely to move down further.

And they could, but they could also move up. Last week, Dallas Federal Reserve President Richard Fisher said that the winding down of the Fed’s stimulative monetary policies needed to start as soon as the economy shows signs of sustained improvement. “When it comes time to tighten monetary policy, my colleagues and I will move with an alacrity that, if needed, will be equal in speed and intensity to that with which we pursued monetary accommodation,” Fisher said in a speech to the Texas Christian University Business Network of Dallas. Read more

Bank or Mortgage Broker? Who to Use?

October 5, 2009 · Kathy Wall · 4 Comments

Where is the best place to get your home loan….a bank or a mortgage broker? Over the course of my many years in real estate, I have waffled back and forth over this question. Many times my decision on whom to refer would be based on the credit of my buyers. If they were self employed, had a small down payment or not-so-good credit, I would usually suggest that they talk to a mortgage broker. If they had excellent credit scores and a good down payment, I would usually suggest that they might be better off going directly to one of the major banks.

Now, after an incredibly negative experience with one of the largest banks operating here in California, I am leaning much more towards referring all clients to mortgage brokers, because I know that they will do the job and, most importantly, will actually care about my clients. Read more

Simple Tricks to Show Your Home Like a Champ!

September 21, 2009 · Annie Chang · 3 Comments

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First impression counts! The most saleable properties are those that show pride of ownership. That’s why most of the new developments display model homes and home-sellers hire professional stagers to “dress up” their home for prospective buyers. This may come with a price as staging may cost anywhere from $1,000- $3,000 depending on the size of the home and the elaborateness of the project. However, the reward is bigger! Sellers “have received 2-8% above market asking price and listings have sold in half the time of a non-staged home” according to Let’s Stage It (www.letsstageit.com).

On the other hand, if you still live in the property and/or you don’t want to pay the money to give your home a complete make-over, start with these simple “5C’s” tricks: Read more

Is a Condo the Right Choice?

September 14, 2009 · Lee Ginsburg · 4 Comments

I recently showed a condominium in Redwood Shores to a young couple that was considering single family homes under $490,000. They grew up in a middle-upper class neighborhood and wanted to own in the same type. Most homes under $490,000 in San Bruno, San Mateo, Redwood City, South San Francisco were run down and needed some work. My clients made several offers on short sales and were overbid on at least 5 REO offers. I was concerned with the necessary work since they did not have much money in reserve. I did not want them to start something and not be able to finish it like many of the homes we were looking at.

They were not looking forward to doing yard work so I convinced them to look at condominiums. They were hesitant because of HOA fees but I explained the costs of ownership over a period of time were basically the same as of single family homes or.
http://www.pruvoices.com/2008/10/hoa-dues-junk-fees-or-good-budgeting/

Slow & Steady wins the race!

September 11, 2009 · Nicole Machado · 9 Comments

What do you do when you have close personal friends who are in the market to buy, but can’t hire you as their agent out of obligation to a family member? I recently had a situation occur where my friends decided it was time to jump off the rental train and become home owners. I thought it was a great idea and a wonderful way to secure their financial future. The wife would call me and ask me questions and of course I would answer any and all that came my way. I even set them up with a loan agent to get them pre-approved and started sending them automated email alerts for new active properties. Read more

Turn that movie in on time!

September 9, 2009 · Claudia Tringale · 5 Comments

Credit Path When working with Buyers I always get asked about how they can boost their credit scores especially when trying to qualify to purchase their first time home. My 13 years experience in the finance industry spanning from retail banking, credit, to mortgage brokering has taught me to not to take your credit history for granted. A lot of folks don’t understand that something miniscule as not paying your movie rental collection can come back to truly haunt you on your credit report; and thus prevent you from buying a home sooner than later.

For instance, just recently I had a new buyer pre-approved for a loan, and we discovered that he actually can not start looking for a home until early next Summer. He had to correct a major derogatory item on his credit report beforehand. I told him to please not feel defeated! Read more