Important 2010 Dates for Home Buyers and Investors
Posted by Paul Gonzales | Leave A Comment »
If you thought 2009 was a transitional year in real estate, here comes 2010! Largely through the intervention of the Federal Government there are a number of very important dates that home buyers and investors need to be keenly aware of. Knowledge truly is power – being aware of these upcoming changes, and more importantly how to leverage them, can make this a stellar year for purchasing real estate! Here are those events and dates:
- March 30th – The Federal Reserve is scheduled to terminate it’s subsidy of low mortgage interest rates and cease purchasing mortgage-back securities. Many experts speculate that this could add a half to possibly a full percentage point to mortgage interest rates
- April 5th – The Up Front Mortgage Insurance Premium that FHA will charge homebuyers will increase by a half point, from 1.75% to 2.25% of the purchase price. Other important FHA changes to come – reduction of the maximum seller contribution from 6% to 3% of the buyer’s closing costs (expected to happen sometime in the Spring)
- April 30th – The home-buyer tax credit ($8,000 for first-timers and $6,500 for buy-ups) expires with purchase contracts dated after April 30th. Buyers must close escrow no later than June 30th
- May 1st – Fannie Mae’s 3.5% assistance to home buyers who utilize the HomePath program will expire
- February 1, 2011 – HUD’s temporary waiver of the 90 day anti-flipping rule will expire
As in many things in life “Timing is Everything“! If you are thinking of buying or refinancing a home or investing in real estate this year, these dates are of vital importance to you. It’s time to get moving!
contact Paul Gonzales, Manager, Countywide Mortgage Inc for more information (760) 746-7388 or paulforloans@aol.com
Related Posts: CW Mortgage, Financial news, Home Loans, Mortgage News, San Diego, Short Sales, tax credit
New Listing in S. Escondido
Posted by Linda Schechner | Leave A Comment »
Spectacular Golf Course & Mountain Views
644 Calle Montera, Escondido, 92025
Spectacular golf course & mountain views in Del Lago on The Greens.
Open floor plan, 4BR + Bonus Room, 3 full Baths with one BR/BA on the Entry Level. Upgrades galore including a cook’s delight kitchen with granite countertops, upgraded cabinets, community pool & spa. Near shopping, freeway and parks.
$629,900- MLS # 100005961.
Come for a light brunch and preview on Feb. 9 from 10:30 – 1:30.
For more information, call Linda Schechner (760-415-7083). Lindacbr@aol.com
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From Short Sale to Sold in less than 4 months
Posted by Ricki Lynn Miller | Leave A Comment »
I met my client on October 22 when I listed his home in Temecula; he was referred to me by a mutual friend. He was in the unique position of needing to do a short sale. He loved his home and would liked to have kept it, but because his job had taken him so far from home, he couldn’t afford to pay rent and a mortgage. Knowing little about the process of selling a home, and hearing horror stories of month’s and month’s of waiting for banks to decide home owners fate’s, he was annixous to say the least. I painted him a picture that was bleak at best. Knowing that a short sale was going to take time, I suggested that he start by trying a Loan Modification. After all he wasn’t being forced out by a Interest Rate Hike.
When Craig called his mortgage company requesting a modification package, to his surprise, the bank representative was very nice. He was asked a series of questions, given a link to the companies website, and asked to email the paperwork back as soon as he could. Not the bleak picture I had painted, not at all.
Once the bank went through his packet of paperwork; everything from Bank Statements to his hardship letter, and Tax Returns, the bank told him he was a candidate for Short Sale only he wasn’t behind on his payments. This was the hardest part for him…he didn’t want to lose his good credit standing, and it was going against everything he’s been taught, but he had to quit making his payments in order for his lien-holder to take notice. Almost 3Mons to the day he first called his Mortgage Holder, he was given the approval from the bank to short pay his home.
This is not your typical Short Sale… This was job related. But in my past experience, 8Mons to a year is the typical time frame from Start to Finish. I’ve even heard from other Agents of Banks selling the property out from under a home owner that was given approval. My long winded point, is this,….persistence pays off. It pays to be persistent. Who cares if your bugging the bank employees, keep calling. Do everything your agent tells you to do and be persistent. These banks do not want the Inventory on their books. The Short Sale is the new REO Sale.
This is a great time to buy, or sell, a home. There are more incentives now than ever before for buyers and more opportunity for sellers to do a short pays.
“If your sitting on the Fence, don’t wait to long, you’ll find yourself with Splinters.”
Call me…I’m Realtor Ricki, I can help.
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9 Reasons To Purchase A Home In SANTALUZ in 2010!
Posted by Gretchen Pagnotta | Leave A Comment »
Overview of Santaluz
You will know your neighbors!
Santaluz is Family Friendly!
6. Schools!!! A good school district is critical in maintaining values in a community and Santaluz scores a 10 with schools. Poway Unified School District http://www.powayusd.com/ is a highly ranked district and the addition of an elementary school close by is enjoyed by all!
7. Variety of Housing Opportunities!!! There is something for everyone in Santaluz if you are looking for a single family home starting in the low $800,000’s. There are single story and multi level homes from 2200-10,000sq ft..some with ocean views..some with low care yards…some with golf course views…pools…casitas…a varied choice with architectural interest of Tuscany, Spanish, Santa Barbara and Country French styles. From homes appealing to empty nesters and working professionals, retirees, families and people seeking their ultimate luxury residence you will find something to love in Santaluz! See my other Santaluz blogs to learn more!
8. Gated Security!!! There is just so much peace of mind to live in a 24 hour gated community that is constantly patrolled.
9. Santaluz is Dog Friendly!!! I tell people who are thinking of moving to Santaluz that a dog is almost a requirement! There are rules so I don’t want people to think the streets are full of dogs chasing around! There are so many trails to enjoy walks with your best buddy, mine is an 84 pound bundle of love called “Max.” He waits patiently for us while we work out, enjoying the company of his buddies who are also waiting and enjoying being fed biscuits by the fitness staff. Please enjoy my upcoming blogs on the “Santaluz Dog of the Month!”
So, if you are contemplating moving to a neighborhood in North San Diego County I invite you to consider Santaluz, my home where I work, play and sell as an ideal choice!!!
Max
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Breaking News: North County Realtor No Longer Needs 4-Door Sedan!
Posted by Gretchen Pagnotta | Currently 2 Comments »
I just had the experience of purchasing a new car. This is usually a very painful process for me ..who likes to spend money on a depreciating asset? We all are forced to do this however and this time around I must say it was quite pleasant. The” journey”started with my husband and I searching the various makes and models for cars. It is as challenging as buying a new home. You have to think about your lifestyle and the best use of a car. I started with considering another SUV. The tax advantages for an independent contractor (that is what Realtors are called since we are paid commissions) are sizable. You get a $25,000 tax credit if you purchase an automobile with a curb weight over 6,000 pounds. Let me tell you that is one heavy car so your selections are trucks and the big SUV’s. I worked the numbers and these “trucks” are expensive even with the credit. So that idea went out the window quickly as I considered the difficulty I have in finding parking spaces for my SUV, the damage it does on my credit card at the gas pump and the feeling I have (needing to” hold on” over rough roads and bumps) when driving what I refer to as “the truck.” I relate this to the buyer who wants the large yard and pool until they get a copy of the water bill, landscaper and pool guy…even a good deal on the home sounds expensive!
On to the cars that sales people refer to as” real estate agent friendly”..mid size 4 door sedans…all I can say is “been there done that and it is b-o-r-i-n-g!! Also the idea of clients actually riding with you is so 1990.Someone needs to clue these salespeople in. However my salesperson; Elizabeth was informed and in the know so she was all about what I really wanted. Clients today want to follow you so they can run off when you are done. No one comes back to the office to recap the days events. This would mean they would have make a decision and perhaps write an offer…scary! Their engine is idling when you show the last home. Suddenly the kids soccor game is over or they have a church potluck to race to. We are fine with this..actually we prefer this especially when children are involved. Really an old cereal crusted, sticky juice spilled car seat strapped to my leather seats and with a screaming kid roped to it…no..I mean really no this just doesn’t work for me. So it’s the “follow me” which eliminates the need for the 4 door sedan. Elizabeth somehow already knew this so she walked me right by those boring cars. Read the rest of this entry »
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