Bonita's Blog

Options for First Time Homebuyers

Fri, 02 Apr 2010 15:33:46 -0700

Has finding a first home been struggle? Getting beat out by All Cash buyers? Multiple Offers on everything you are interested in?

Here are a couple of ideas to think about:

1. Check out the homes listed by HUD. For CA, HI and GA, these homes are listed on the PEMCO website. Homes listed on the site are available to Owner-occupied buyers only for the 1st 10 days of the listing. This means you are not competing with investors until after 10 days on market - makes your chances much better. Also, Owner-occupied buyers using an FHA insured loan can put as little as $100 down...Yes One Hundred Dollars!!

2. FHA 203K loans are available for purchasing a home that may need some rehab work. This means you can find a home that may need some work and wrap up the rehab costs into the loan. As an example, the house needs flooring, new cabinets, termite damage repairs. By starting with an FHA 203K loan, and getting bids for repair work, you can place an offer on a home that would not be eligible for a regular FHA loan. This should open up your list of available properties to include fixers that you might not have looked at before.

90 Day FHA Rule Temporarily Going Away!

Tue, 19 Jan 2010 10:52:27 -0800

Great news from HUD! The rule requiring a property to age at 90 days before it's last sale before using FHA-insured financing is going to be waived, with a few conditions, starting February 1st, 2010. The waiver will be in effect for 1 year.

This is just what the doctor ordered for our FHA buyers. It opens up a whole group of properties that had to be skipped over in the past...

Make sure to read the press release from HUD for all the details.

Happy Shopping!

Check the windows when you do an open house!

Tue, 05 May 2009 01:01:43 -0700

We are starting to see a disturbing trend in and around the Sacramento area, so I thought I would share what we are seeing. Within the last 2 months or so, appliances and other items have been "walking" out of vacant homes with no signs of forced entry. What has been discovered is that the items disappear after the property has had an open house. It appears that someone who is visiting the open house, is leaving a window unlocked, to come back at a later time to help themselves to a few items.

If you are doing an open house, whether vacant or occupied, do not just check the doors before you leave, but also check the windows to make sure they are all secure.

What's Your Best Guess on When the Market Will Turn Around in Your Area?

Sun, 03 May 2009 14:02:23 -0700

So now that we have been in this market for awhile, what is your best guess on when we will start coming out of it in your area? Here in the Sacramento area, we have been deep into foreclosures and short sales for nearly 2 years now, and I think we still have at least another 18 months to go.

We have seen fewer REO properties hit the market over the last 3 months or so, but I believe that is a product of the bank moratoriums and waiting to see what the stimulus packages would bring. Also, the Governor has added time to the foreclosure process, so it will take longer for homes to get to the REO market, but many will still get there. What are you seeing in your neck of the woods?

What is the strangest thing you have found in an REO property? Here's mine!

Wed, 31 Dec 2008 14:33:57 -0800

Ok, I have seen a lot of strange things over the past year of listing REOs. The strangest has to be this one! As I was taking pictures and making an inventory of property that was left behind, I stumbled on this old prosthetic leg in the corner of the garage.

What's the weirdest thing you have come across?

Here We Go Again - LandAmerica Files Bankruptcy Chapter 11

Wed, 26 Nov 2008 16:02:49 -0800

It seems like just yesterday that Financial Title closed their doors. Now we have LandAmerica shutting down their 1031 exchange, filing bankruptcy, and selling off part of the business to Fidelity. Who will be next?

This downturn has affected all aspects of the business and we will keep seeing the fallout for quite some time. It is sad to think of more people displaced from jobs, homes, etc...as we go into the holiday season. When things are rough, we need to remember that there are those who are less fortunate than us, and count our blessings for what we have.

FHA Hope for Homeowners - List of Participating lenders announced

Thu, 23 Oct 2008 00:01:46 -0700

FHA has come out with the current list of lenders who have expressed an interest in participating in the progrgam. The list will be refreshed on most Fridays.

This program became effective as of October 1st, 2008 and runs through September 30, 2011. Congress anticipates that as many as 400,000 homeowners may be able to avoid foreclosure by going through this program.

The program is voluntary for lenders to participate and has several components.

First, the borrower's loan would be refinanced and set to 90% of the current appraised value with the lender taking a loss between the current loan and the new amount, or the lender could decide to modify the existing loan, rather than take a loss.

Second, the borrower's eligibility is reviewed. The mortgage had to have originated on or before January 1, 2008, and mortgage payments as of March 1, 2008, exceeds 31% of the borrower's gross monthly income. Also, the borrower did not intentionally default the loan and does not have ownership interest in other real estate and has not been convicted of fraud in the past 10 years, and no materially false information was used to obtain the loan being refinanced.

For more details click on the links above.

Golden 1 Rescue Loans and Repair Loans - What do you know about them?

Mon, 20 Oct 2008 11:03:55 -0700

Golden 1 Credit Union is offering 2 loan programs:

Mortgage Rescue program for their members who are facing foreclosure on a loans from another lender.
Mortgage Repair loan for their members who have lost the home to foreclosure and are trying to repair their credit and buy another home.

I want to find out if anyone has had experience with these two programs through Golden 1? Any success stories or failures? How was the process?

The day I made my Dad proud!

Sat, 18 Oct 2008 13:13:16 -0700

As children, we are always trying to please our parents and hope that they are proud of us. As adults, I think we still strive for that at times.

I have been in Real Estate for just under 5 years now and the other day, I thought back to the day I knew my Dad was proud of me in my new career as a Realtor.

At the time, I had about 8 months under my belt and was still very green. I had a home listed in my area that belonged to my aunt. She had moved away and was living about 4 miles from my parents, but about 90 miles from me. I was having difficulties getting some paperwork back from her. She was not well and her daughter could not leave the house to get the paperwork faxed to me. I knew that I could count on my Dad to come to the rescue as he had always been there to help me in the past. So, I called and asked if he could go by and pick up the paperwork and take it to a local office where they would be waiting to fax it to me. Of course he said he would do it.

Unbeknown to me, when he went into the office with the paperwork, he started talking to the receptionist about me and showed her my card and a picture. When I received the fax that afternoon, the coversheet had a little note on it from the receptionist telling me how proud he was of me. Well, I still have that coversheet and it makes me cry when I read it. I lost my Dad to a very quick illness and cancer about 5 months later, but I know that I made him proud, and feel that he is my guardian angel in this business. With each deal that I close and each client that I help, I always think of him. I also think of him when I hit obstacles along the way, and I know that he is still there to give me strength to go forward.

Do You Blue Tooth?

Thu, 16 Oct 2008 19:01:19 -0700

As of July 1st of this year, it is illegal to use a cell phone while driving unless its hands free. Now, granted just the act of talking on the phone is a distraction, but actually using the handset instead of a corded or blue tooth headset is even more of a distraction. Right after the law took effect, it was rare to actually see someone with a phone to their ear, while driving.

It is now a little over 3 months since the law took effect, and as I look around, I see almost as many people driving while holding the handset to their ear. The other day I was cutoff on the freeway by someone so involved in a conversation that he never even noticed me. I know it feels a little different when you first start using an earpiece or headset, but you get used to it. Also, you can get some great hands free car kits. Let's try and be a little safer out there on the streets. Besides, it's the law...at least in CA!

$19million paycheck for 3 weeks work....WooHoo!!!!

Thu, 02 Oct 2008 00:29:46 -0700

Washington Mutual's CEO Alan Fishman, who was appointed in early September, will walk away with a $7.5 million hiring bonus and severance of $11.6 million. Now that's what I call one sweet deal. No wonder WaMu's slogan is WooHoo. I am sure he could visions of prosperity as he came on board, knowing that the ship was going down fast.

If Mr, Fishman worked a 40 hour week, his pay would work out to approx $159k an hour. Not a bad gig I'd say.

Do you think he will be applying for unemployment benefits? Or maybe just looking for the next bank he can "help" out?

No wonder we are in crisis with Wall Street, when we have this kind of stuff happening on a regular basis.

Persistence is key in this market!

Sat, 27 Sep 2008 19:10:10 -0700

"Nothing in this world can take the place of persistence. Talent will not; nothing is more common than unsuccessful people with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent." --Calvin Coolidge

I have this quote up at my desk. As the real estate market has changed, we are seeing more and more agents leaving the business. Also, getting deals together and keeping them together has also gotten tougher and tougher. I find that there are a lot of very smart and talented people in the business, but being smart does not always pay off. Its the individuals who keep on going saying "I think I can, I think I can..." who will still be here 2, 3, or 4 years from now. I plan on being part the group thats still in the business many years down the road - I know I can...

My first Meez!

Thu, 25 Sep 2008 20:51:51 -0700

Little by little, I learn what I can do to make my blog

more fun. I am not really sure that it adds any substance,

but it certainly adds style and interest. It is just like

decorating or staging a house. A little color and few

accesories can bring a room to life. Widgets can do the same

for your blog. I will keep experimenting to see what I like

and don't like. I can tell it will be fun journey!

PENDING SALE! 8447 Dartford Drive, Sacramento, CA 95823 - Only $174,900

Wed, 24 Sep 2008 11:00:18 -0700

Cute North Laguna home is waiting for the right family to adopt it.

This home is bank owned and is clean and ready for your final touches. At 1439 sq ft, there is room to move around. There are 3 bedrooms and 2 baths. The Living/Dining combo is very spacious with lots of windows and a vaulted ceiling. The Kitchen has a pass-through to the living room. The Master bedroom has a slider to access the backyard. Ready for BBQs, the backyard has a great patio, it just needs a little TLC.

For more information go to: www.SacValRealtor.com and click on "My Listings"

So the Five Star Conference is over...Was it everything you expected?

Mon, 22 Sep 2008 20:23:59 -0700

Now that you are back from Dallas and the Five Star Conference, can some of you who attended share your experiences with those of us who were not able to attend. Was it worth going or not? Did you make good contacts? Did you learn alot from the sessions? I'm sure I am not the only one who would be interested in hearing how it was.

Great tool for internet printing...and of course it's free!

Mon, 22 Sep 2008 20:17:05 -0700

If you are like me, you hate wasting paper, and you hate it when you try to print from a web page and end up with columns that are cut off or ads that you really did not wan to include. Well, here is the solution-- HP Smart Web Printing.

This free download from HP lets you select exactly what you want to print. It also allows you to take sections from different pages or websites and combine them in the order you want on the same page, then print.

Here's the link: http://h71036.www7.hp.com/hho/cache/482779-0-0-225-121.html

I love and I hope you will too!

13 Kennelford Circle, Sacramento, CA 95823

Mon, 15 Sep 2008 11:36:48 -0700

At $119,900 - Opportunity is Knocking!

This 3 bedroom, 2 bath, 1144 sq ft home is Bank owned and is waiting for a new owner to add their personal touches. The Living room is the perfect place to relax in front of the fireplace or entertain. The vaulted ceilings give the room a spacious feel. The kitchen has lots of cabinets and counter space and there's room for a kitchen table. The master bedroom has a large closet for lots of storage. The large backyard is just waiting for your special touch.

For more information go to: www.SacValRealtor.com and click on "My Listings"

Nehemiah Down Payment assistance - What's the status?

Wed, 20 Aug 2008 19:32:44 -0700

We are all aware of the impeding elimination of the Nehemiah program. My understanding was that a buyer needed to be credit approved and registered with Nehemiah before 10/1 to still be able to go through with the down payment assistance. I have heard different things today and yesterday. First, I have heard that the secondary market has already begun to halt purchase of these loans and that many wholesale lenders have either cut off loan submissions with these programs or have set earlier dates. Second, I heard from another source that if your escrow had to be closed by 9/10. That would basically mean if you are not already in escrow, there is very little chance that it will go through. Does anyone have any additional information?

The Newest Trend in Foreclosures -- Bus and Limo Tours??

Sun, 16 Mar 2008 14:18:22 -0700

So the newest trend with foreclosures seems to be bus and limo tours of foreclosed properties. I am trying to understand why buyers think these tours are worhwhile.

I can understand from the agent and lender's perspective. Get 10 to 20 people on a bus and you have a captive audience to pick up business over the course of a dozen or so stops.

What I do not understand is why the consumer thinks this i a great idea. It's not like you could not see these homes any other way. I am sure part of it is the novelty of the idea. Think about it though, every home you are seing during the tour is being seen by your possible competition at the same time. Also, you have had to wait to see these homes till the day of the tour.

By working with an agent who is a member of the local Association of Realtors, you can have your own personalized tour-- geared towards exactly what you are interested in, when you want it. You can actually take a look at some of these homes as soon as they come on the market instead of waiting for tour day, which might be too late. Also, you will someone with you to answer your question without 10 to 15 people nearby. Maybe you want to spend more time at one property, or not stop at another, you don't really have that choice with bus tour.

Call me crazy, but I cannot see that this concept benefits the buyer. A better idea would be to call an agent that knows the area you are interested in, or get a referral from a trusted friend of family member if you don't know an agent. Provide the agent with your criteria and ask them to set up a private tour of several homes for you. If you do not already have a lender, ask the agent for a referral and contact the lender for a loan pre-approval before you go out shopping.

You will have much more control over your shopping experience than you ever would on a bus or in a limo filled with strangers.