Home Buying is a Team Work
Just wanted to share an experience. One of my clients is getting a VA loan to purchase a house. Even though it has been taking longer than we had originally anticipated, it has genuinely been a teamwork all the way through. Buying a house requires all players to work together so that everyone wins at the end. The game started with my client choosing a great mortgage officer and getting preapproved. We then found a house he liked and made a good offer. My client offered the asking price. Did I mention Read more
A Few Bad Pennies….
About 3 weeks ago, I wrote an offer on a bank owned property in Hayward for a client of mine. I tried contacting the agent representing the seller to let her know that I was sending an offer, but wasn’t able to reach her. So, I emailed the offer and, also, faxed it to make absolutely sure that she received it by the deadline.
Over the course of the next 3 weeks, I tried diligently to reach this agent. I tried both calling and emailing. Sometimes when I called, I would get her voice mail. Other times, I got her husband who was listed as the co-lister, but knew nothing about the property. He indicated that he had “taken the phone away from her, because if she kept taking calls, she would never get anything done.” Read more
Real Estate Jargon…What Do All of These Terms Mean?
We Realtors often bandy about tons of real estate jargon. We talk to our clients and friends about short sales, REO’s, contingency periods, etc. I have come to realize, however, that just because we know what all of this stuff means, not everyone does, so I thought it would be helpful to describe some of the terms we use. Hopefully, this will give you some idea of what we’re talking about as we rattle on and on and your eyes are going bleary! Here goes:
Contingency Periods: We, generally, refer to these when doing our contracts. As an example, we tell you that you will have a 10 day period to “remove your property condition contingency” or 20 days to remove loan and appraisal contingencies. What this really boils down to, is that these are the time frames during which you will have the right to get your deposit back if you cancel the contract. Once you “remove these contingencies,” you are no longer entitled to get your deposit back, unless you can prove some sort of fraud. Read more
Positives of This Economy!!!
JEvery Negative Has a PositiveJ
Positives of This Economy
1. Bay Area Housing Affordability has gone from 16% to 38%
2. Debt of Americans is Decreasing.
3. A Large Increase in People Volunteering.
4. A Large increase in Military Enrollment.
5. First Time Home Buyers can get an $8000 Tax Credit.
6. Buyers of California New Homes can get a $10,000 State Tax Credit.
7. People are able to modify or refinance their loans to an affordable payment.
8. Businesses have the opportunity to clean up their books and start fresh.
9. Great Opportunity to Purchase a new car or any other major purchase.
10. Tax on Debt Forgiveness is waived.
And one of my favorites; you can Buy any Foot Long Sub for only $5.00
Please add to this list of Positives
www.leesellsmore.com
FHA Loans for Distressed Properties?
I’m sure you’ve heard by now that FHA loans are making a huge comeback in the mortage arena. After all, it’s one of the only ways to obtain a loan with a low down payment (only 3.5% which can even be a gift) as well as a less-than-perfect FICO score (currently around 620). One of the main drawbacks, however, has been that the requirements for FHA loans have been a little more stringent regarding the condition of the property. This becomes an even bigger problem when you take into account that many of the more affordable homes now are REOs (bank-owned) or short sales, where the property has not been maintained very well. Well, I just wanted to share with you that THERE’S HOPE! It is possible to get an FHA loan for properties that are in need of some maintenance. How? Read more
Are Home Auctions a Good Deal for Buyers.
Any type of real estate investment can be profitable. Like the stock market real estate is about timing. Auctions have become more prevalent in recent months and many buyers have asked if auctions are better deals than properties listed on MLS.
This very excellent question simplifies three bigger topics. First are you interested in just the purchase price, without concern of repair or remodeling costs? Next, have you done all the research you need to do with regards to the property, traditional sales have a contingency removal period. Finally will you be satisfied in focusing on the least desirable properties on the market. Read more
Has Daly City Seen the Bottom?
No other city in San Mateo County has seen a greater depreciation in home value in the last year than Daly City. Back in September 2007, the average sales price of Daly City was $730,000, as compared to $565,000 in September 2008. This is a depreciation of almost 23%. The most common question is whether or not this is the bottom of the market. In this blog, I will share with you my expert opinion, as to why the bottom has come to Daly City, and this might be your last chance to get a great value. Read more
Offer Pricing
I have several buyers very confused. They offered the asking price for a Daly City home but were outbid by $50,000. This is not supposed to happen in a today’s buyer’s market. The low price is a marketing tool and not a realistic list price. I explained before making a purchase offer, buyers must determine the true present market value. http://www.pruvoices.com/2008/10/what-is-market-value/ Read more
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Recent Posts
- Top 5 Reasons to Buy a House in the Bay Area in 2012
- After Christmas Sale, – Bay Area Homes up to 60% off
- San Bruno Eye Sore is about to Go
- What If My Offer Is Rejected?
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- How to choose the “Best” real estate home loan.
- Is it a Good Time to Buy a House in San Mateo County? Part 1
- What’s the difference between inspections and the”final walk-through”?
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