Need Help with your Mortgage? A great program brought to us by the Department of Treasury and Housing & Urban Development to help at-risk homeowners in our community.
Need Help with your Mortgage? A great program brought to us by the Department of Treasury and Housing & Urban Development to help at-risk homeowners in our community.
This market is tough on sellers. With nearly 1/3 of homes on the market in some state of foreclosure and distress, buyers believe that every house should be sold at a discount. Every seller, even a distressed seller should believe there is a benefit in presenting the home in the best possible light in order to obtain the highest market dollar. Yet many sellers choose not to participate positively in the selling of their homes and slam doors to possible higher offers. Here are the top 5 reasons why a seller will not get top dollar for their home. #1 – If a buyer can’t see your home, they will not be able to make an offer; let alone top dollar. Yes, showing your home is an inconvenience but only investors make offers sight unseen. Allow your agent to place a a lock box and provide a simple way for buyers and their agent to make an appointment. A digital lock box is more secure than a combination lock box. Consistent hours during the day, early evening, and on weekends can help agents schedule showings. Open houses are great. They don’t have to be both days, but one open house every other week is a minimum for the first month on the market. In addition, if a buyer can’t see your home because they are obsessing over the mess in your home, they will not write a top dollar offer. If they can tell you don’t care enough to clean up the kitchen, vacuum the floor, or clean the shower and toilet, they pretty much believe you have never taken care of the house since you owned it. Pick up the dirty clothes, buy some cleaning supplies, and take some pride in your home if you want the buyer to…
Every state has different closing practices and even within a state, regional differences can occur. In Northern California, a title company many times will double as a title and escrow company for the participants in a real estate exchange. The title company’s job is to research and supply clean title to the buyer. This normally includes providing a title insurance policy protecting the seller, buyer, buyer’s lender or all against any “clouds” on the title. Clouds on the title can be related to transfer of ownership unclear, boundaries, and liens against the property that are unresolved. The title normally includes research related to the chain of title that demonstrates all the transfers of ownership from the originating owner to the current owner. A title search is normally displayed in a preliminary title report which provides all parties involved a summary of the ownership and any liens against the property. Realize the preliminary title report is only assumed accurate for the day it was dated. Obviously, the next day, a new lien or issue can occur on the title. This is particular importance for short sales and foreclosure properties. It is not uncommon to see a garbage lien or HOA (home owners’ association) lien come up at the last minute. That is why it is important the real estate agent and/or loan officer update the preliminary title report at the time of signing off closing documents. Tags: Buyers’ Tips, Sellers’ Tips, escrow, FHA, loan approval, real estate, santa clara, Santa Clara County, Title Insurance
Simple answer: Do what you said you would do when you signed the purchase contract. I follow and participate on many public forums in regard to real estate (like TRULIA, ZILLOW, YAHOO, and ALLEXPERTS) and more and more I see questions from buyers and sellers about who deserves the earnest money deposit on a home purchase when things do not go according to plan. There are several reasons why this has become a big issue in this housing market. First, it seems like a long time ago but it was really only about three years ago when deposits were merely numbers on a page. If a buyer canceled a purchase contract, many sellers did not want to pick up the rope and play tug-o-war over the deposit because they would simply be wasting time while new buyers were waiting at the door ready to write a higher offer. It also meant sellers did not have much patience for late contingency releases and were quick to issue a notice to perform to any buyer that could not stay on time with their purchase. The pressure was on the buyer to keep up or lose the deal. That was also a time period when FHA loans did not exist in Northern California and unless you had a real loser for a loan officer, most buyers could obtain loan approvals quickly and close the deal within 30 days. Not so much anymore, underwriters are actually asking to see the proof of all those items written on a loan application and the scrutiny of facts has become more serious than a game of master chess. FHA loans, in many ways, have saved our local housing market. With nearly 25% of all loans completed in 2009 FHA loans and some predict that number is around…
This housing market is tough. No doubt about it. In speaking with a broker friend of mine he stated, ” What other profession takes a direct pay cut based on the economy? If the market drops 40% , so does my pay check.” Although the reality of that stinks, I can deal with that fact. What I am having a hard time dealing with is the lack of honesty on all parties involved in a real estate transaction. Many have talked about the old saying, “Buyers are liars and sellers are too.”. But let me just say this market is pushing the limits of dishonesty. Desperation is clear on so many fronts of the real estate transaction that quite honestly, (pun intended) it is really beginning to irritate me. If you are a buyer, do not lie on your loan application. If you can not afford a house without deceiving the lender, simply do not buy a house. I recently had a situation where the buyer forgot they had a bankruptcy on their credit history. This was not, “I forgot to mention it.” because the loan application has a specific question about whether or not the applicant has ever had a bankruptcy. Tags: Buyers’ Tips, featured, Market Information, Sellers’ Tips, buying a home, credit reports, inspections, loan approval, selling a home
Ask this question and you will quickly find out there is no simple answer. Below are some guidelines for the various secondary market entities in regards to financing post foreclosure, short sale, deed in lieu, or bankruptcy. First step is to understand how each of these organizations define hardship. FHA: An event that was out of the borrower’s control that made a significant impact on the borrower’s finances and led to bankruptcy or foreclosure. Fannie Mae: A nonrecurring event that’s beyond the borrower’s control that results in a sudden, significant, and prolonged reduction in income or a catastrophic increase in financial obligations. Freddie Mac: A nonrecurring or isolated circumstance, or set of circumstances, that was beyond the borrower’s control and that significantly reduced income and/or increased expenses and rendered the borrower unable to repay obligations as agreed, resulting in significant adverse or derogatory credit information. Realize that every situation is different and how your specific financial situation is perceived by an underwriter is, well, up to the underwriter. These are broad guidelines but are helpful to understanding the impact of a choice made in regards to your mortgage and total debt. Tags: Market Information, Sellers’ Tips, bankruptcy, chapter 11, chapter 13, chapter 7, credit scores, deed in lieu, foreclosure, short sale
Selling a house in ancient times bears little or no resemblance to how it’s done these days. The most glaring difference in them days is that people lived in caves (like my ex-husband) and later on in huts (like his mother). All a prospective hut buyer had to do to see the inside was to stick their head in past the yak hair blanket that served as a door and they basically saw everything they needed to see. It’s a little known factoid that the practice of thanking the hut owner for the “open hut” started around this time…rumored to be approximately 2:30 PM. It wasn’t unusual to hear compliments like: “I really like what you’ve done with your choice of mud” and “ The rays of light coming in from the hole in your thatched roof really plays off your furniture made from dung”. I know, I know….it’s as if we’re really listening in on real conversations from those times. I am a stager. I make things happen. Sorta. These days, real estate agents have a little more to contend with, what with the advent in hut design where there’s now different rooms used for different bodily functions; eating, sleeping, bathing, grunting, and that’s not including the room that the previous owners added on to store their yak butter which is a must-see if what you’re looking to buy is a yurt. That’s why real estate agents came up with the concept of the “open house”. Tags: featured, Sellers’ Tips
My first home had dry wood termites. When I bought my second home, I bought a brick home thinking I would not have to worry about termites. I found out I had subterranean termites. I moved to California and realized most of the houses were built upon the fertile soil where orchards once lived. Where there were orchards, there were termites so it won’t surprise you to hear that many homes in the Bay Area suffer from wood destroying pest. There are things a home owner can do to help reduce the chance of having their home infested by termites and the like. The five most common maintenance issues that are neon welcome signs to pest are: 1.) Sprinklers spraying against the wood siding of a home. This creates a nice moist dinner of wood for termites to take hold. 2.) Water leaks around toilets and sinks. Wet wood = meal for wood hungry pest. 3.) Foliage and trees close to the house or laying on the roof. A perfect gateway for pest to enter roof rafters. 4.) Storing wood or paper products in or around the wood exterior of the home or garage. 5.) Improper drainage from gutters that allow for water to stand or collect underneath the home. The hungry swarm of wood destroying pest can eat at a home for years and cause thousands of dollars in damage. Some surveys indicate termites cause up to $2 billion dollars in damage annually in the United States. The map shows which parts of the country are more at risk for termite infestation. Will McCoy is a pest inspector with The Terminators. A locally owned and operated family business here in San Jose that I have worked with since I bought my first house in California nearly 18 years ago….
Home for Sale in Morrill Neighborhood of Berryessa Overview Maps Photos Features Description Neighborhood Open House Market Stats IDX Search $578,888 Single Family Home Main Features 4 Bedrooms2 BathroomsInterior: 1598 sqftLot: 9,320 sqft Location 2032 Seebeck CourtSan Jose, CA 95132USA To get updates on open home dates and other property events, please click the “Like” button below: CJ Brasiel Broker Associate, SRES, GREEN Fireside Reatly(408) 406-6035CJ@CJBRealEstate.comhttp://www.CJBRealEstate.com Listed by: CJ Brasiel Broker Associate Our recent listings Home for Sale in Morrill Neighborhood of BerryessaBeautiful, 5 YR New, Home on Communication Hill!Extra Large Lot R-2, 4BR/2BA, Downtown San Jose Subscribe to our listing feed Nearby properties for sale Tags: Buyers’ Tips, Market Information, Sellers’ Tips, berryessa real estate, large lot, pool, san jose home for sale, silicon valley real estate
Because real estate is cyclic and none of us have much control over a global economy, it is important to do everything we can to maintain and grow value in our homes. Here is an overview of some ideas on how you can build equity even in a down housing market: 1.) Leveraging your home can be a beneficial tax benefit as well as a good investment for your money. Consider interest rate and terms carefully when choosing any loan product to buy a home or refinance a home. With rates hovering at 4%, check in with your loan agent to see if re-financing makes sense. Obviously, the more cash in, the more initial value, but weigh that carefully against the cost of borrowing and cash flow. 2.) Know your neighborhood and local real estate market. Work with your real estate agent to choose the best neighborhood for historic value growth and value stability during tough times. Once you are living there, do everything in your power to keep the neighborhood positive. Neighborhood watch, involvement in local schools, participating in neighborhood associations, as well as local planning boards can help keep your neighborhood improving. Also work with your neighbors to maintain a pride of ownership in your neighborhood. Tags: Buyers’ Tips, Sellers’ Tips
If you are behind on your mortgage payments and do not know what your options are, your first stop should be Making Homes Affordable web site. This site is full of great information and provides all the information about the new government based programs like HARP, HAMP, and HAFA. There is contact information for lenders and the ability to look up whether or not your home loan is owned by Fannie Mae or Freddie Mac. Tags: Sellers’ Tips
Anytime a home owner can no longer afford to make their house payments and the home’s value is less than what is owed, a short sale should be considered. You do not have to be behind on your payments to request a lender to approve a short sale. For a home owner to qualify for a short sale there are three basic burdens of proof the lender will require. 1.) The owner must have a negative debt to income balance. Simply stated, the home owner’s income is not enough to pay their monthly bills. There are many reasons why monthly incomes change. Job loss, reduction in hours/salary, disability, and death. 2.) The owner must be insolvent. Meaning the home owner does not have any assets that can be sold to supplement their income or pay off the debt. This does not include retirement funds but there have been cases where the lender asked for the owner to pay some money at closing and this is the only place an owner can withdraw funds. 3.) There must be a documented hardship. The owner must be able to demonstrate that something has changed preventing them from being able to afford the home. There are many reasons for hardship. Common reasons are job loss, health issues, and divorce. Adjusting interest rates which increase the mortgage payment suddenly can also be a reason for a short sale hardship. Assuming the above qualifications are met, the home owner should consider the following potential ramifications for selling the home for less than what is owed. In the state of California, there are recourse loans and non-recourse loans. Loans that were given for the initial purchase of a primary residence are considered non-recourse loans. This simply means any default amount or balance not paid, is forgiven without…
