I received notice of this potential virus and thought I should pass it along. I did go to snopes.com to check it out and apparently it is for real. If anyone finds information to the contrary, please let me know...I just figured better safe than sorry.
Subject: New Virus (NO JOKE)
New Virus (NO JOKE)
This is legitimate. Please pass this along to your friends.
The newest virus circulating is The UPS/FedEx/DHL Delivery Failure.
You will receive an email from UPS/Fed Ex Service along with a packet number. It will say that they were unable to deliver A package sent to you on such-and-such a date.
It then asks you to print out The invoice copy attached.
DON'T TRY TO PRINT THIS. IT LAUNCHES THE VIRUS!
Pass this warning on to all your PC operators At work and home.
This virus has caused Millions of dollars In damage in the past few days.
So you or your client have found a home in a great area in the client's price range. Only one problem: it's in bad shape. The HVAC system is 50 years old, the roof is 40 years old and the windows may as well not even be closed. Plus the kitchen has vinyl floors in 3 different patterns and the counters are all laminate with burns and holes and scars.
Not to fear! Meet the FHA 203K Streamlined renovation loan.
Eligible Improvements Virtually any kind of improvement is eligible provided it becomes a permanent part of the real property and adds value.
Additions to the structure
Kitchen or bath remodels
Finished basement or attic
Patios, decks or terraces
Roofing and landscaping
Safety, energy efficiency and electrical upgrades
Handicapped accessibility improvements
Luxuryitems are not eligible
Swimming pools, hot tubs, tennis courts, gazebos, barbecue pits, saunas or alterations to support commercial use
The maximum loan amount must be within the FHA loan amount maximum for the MSA where the home is located and must include the purchase price and the renovation amount. The maximum renovation amount is $35,000 and the minimum is $5,000. Under $5,000 we can do with an escrow of repair funds. A minimum of 10% contingency reserve is required and must also fit into the FHA loan maximums for the area where the property is located. (Any balance remaining on the contingency will be applied to the principal balance and may not be used for additional repairs.)
Yes, it takes a little longer to close an FHA203k Streamline loan than it does to close a standard FHA loan. If you are an agent and you are concerned about that extra couple of weeks just think of it this way: You may make a sale you would not have otherwise made. You may help a buyer get into a home in the area where they wanted to live instead of where they "had" to live. You can be a real hero for someone.
If you are in Georgia I can help you with the necessary paperwork and give you a short class in how to use the FHA 203K Streamline Rehab loan to purchase, sell or represent homes in today's economy. Never hesitate to call me at any time and I'll be happy to answer your questions.
Ken Cook - Georgia - FHA, USDA, VA and Conventional Home Loans (678) 439-8683
The Tax Credit Gets an Extension and Expansion! Existing Homeowners: Now is Your Chance!!
A good move-up market just got better! Not just for first-time buyers anymore, you can qualify for the new tax credit when you move up to your next home!
The new bill calls for an incentive for existing homeowners who have owned their current homes at least five years, making them eligible for tax credits of up to $6500 when they purchase a new home. First time home buyers- or anyone who hasn't owned a home in the last three years-would still get up to $8000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010 and close by June 30, 2010.*
The credit is available for the purchase of a principal homes costing $800,000 or less. Vacation homes are not eligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes over $225,000.*
The credit would be extended an additional year, until June 30,2011 for members of the military serving outside the United States for at least 90 days.
The key to returning stability to the economy lies withing the housing market, and this is a meaningful credit that will create a strong foundation for future growth and make a measurable difference in our economy. It is estimated that the current tax credit has contributed approximately $22Billion to the general economy, and approximately 2 million people will take advantage of the tax credit this year.
Furthermore, tax credits like this only work by creating the sense of urgency to take advantage of the. This is said to be the last extension of the homebuyer tax credit, so I urge you- whether you are a first time homebuyer who has always dreamed of having a home of your own, or one who has been gridlocked in the challenges of our move-up market- to take advantage of this fabulous opportunity.
*As always, consult your tax advisor for your own particular situation. I am not an accountant or tax professional.
NOW IS THE TIME! CONTACT ME TO LEARN MORE!
CAROL LEE, Coldwell Banker, Westlake Village CA Homes for Sale in AGOURA, OAK PARK, WESTLAKE VILLAGE and all of Ventura County
FAB Newer Single Story Pool Home in THOUSAND OAKS CA
3BR/2.5BA Single Family House
offered at $799,000
Year Built
1992
Sq Footage
2,418
Bedrooms
3
Bathrooms
2 full, 1 partial
Floors
1
Parking
3 Car garage
Lot Size
7,587 sqft
HOA/Maint
$145 per month
DESCRIPTION
On a cul-de-sac, with a private rear yard backing open space, this NEWER SINGLE STORY home is move in ready. Beautiful POOL & SPA, built in BBQ, and fire pit surrounded by greenery make the back yard a luscious paradise. The open single story floor plan with skylights and recessed lighting is bathed in light and offers 3 bedrooms and 2.5 baths in over 2400 sq. ft. . There is a spacious kitchen, the breakfast nook looks out onto the backyard; there are fireplaces in both the family room and living room. The master suite is generous sized, with a huge walk-in closet, and the master bath has just been remodeled, and has a separate tub and shower, new tile and flooring, and a granite topped vanity. New paint, new sliders in the family room and master bedroom, and hardwood flooring throughout complete this fabulous home. And no banks to deal with!
BEWARE – A very boring topic below, but important to understand.
What first comes to mind when you hear the word junk?
-- Crap?
-- Old?
-- Trash?
What about the term, junk fees?Closing cost junk fees? Answer dot com gives you a definition of this and an example. - Junk Fees - Many people, even realtors and loan officers, assume that fees other than points charged by the lender are junk fees. Back in the day, this might have been partially true. But there is a cost of doing business and in today's market, it's not cheap. It all comes down to how it's explained and how it's shown on your good faith estimate.
So, how does a mortgage work? A mortgage company, the processiing, and it's fees? It really hasn't changed since I got into the mortgage business in 1992. Well, the profit margin and fee structure of a mortgage company hasn't really changed. The cost of doing business has a little.
Your typical fees are generally :
$500 commitment fee
$82 transfer tax fee
Credit report fee
Other fees that you will see :
Processing fee
Warehouse fee
Doc Prep Fee
Attorney Fee
Administration fee
Now, here is what disgusts me when so many realtors or borrowers scream junk closing fees. Until you understand on how a normal mortgage company operates, you won't truly know what is a junk fee or not. And another thing to understand, it also comes down to the rate and points that one is charging. All mortgage companies and banks have fees associated with doing a mortgage. Even your bank down the street or Bank of America or Wells Fargo charge closing costs. It just comes down to where they place these fees. Here are some real examples....
It generally costs about $1,000 for the processing of a mortgage. This is to include fees associated with the lenders warehouse line, underwriting, and closing of the loan. You might say that the lender can get this in the points and or rate. Yes, this can take place and this is how I generally do it. Why? Because you can write of a percentage of your points and interest on the loan. The fees, aka junk fees, can't be deducted on your tax returns. Please consult a CPA or an accountant when talking about this. Overall, it comes down to understanding the process and costs of a mortgage; not what you assume.
My whole point to this is that the fees have to be collected one way or another. Yes, some loan officers or lenders beef up their fees, adding to them, which gives them the name 'junk fees'. I have seen some weird names for some of these fees. But every lender has a profit margin. I have worked for large lenders and small ones, and it usually is close enough. When you borrower money, it costs money. It basically comes down to how large the profit one is willing to make. But keep in mind, it's more than just about the rate and fees. What about service?What about communication?What about timely responses? What about your loan officer educating you about the process? I'll be honest, I would be the cheapest one out there every time, that's if I didn't have to return a phone call or an e-mail or explain anything. And this happens more often once you say yes to a specific lender, in starting the application process. I know this because I hear it from borrowers all of the time. Good news or bad news, that loan officer should be somewhat easy to reach until you are finally closed on your loan.
Important Key Point to remember -
Each borrower is different. Each loan is different. Remember that I said most lenders have a specific profit margin in mind? Let's say it's $4,000 per loan. If I am borrowing $400,000, it would cost me 1 point in fees, points, or in the rate. Meaning that I could charge you no points and no fees, yet charge you a higher rate to still make my profit margin. If I am borrowing $100,000, it will now cost me a total of 4 points, no matter how this is spread out within the fees or the rate.
My whole point is that you can't compare your friends cost of a loan or sometimes the rate. Not if the lender is charging you accordingly. I just had a borrower e-mail me their HUD settlement sheet and yes, they charged $2,083 in fees. But if I look at my profit margin, I was about $2,100 cheaper than this company and a 1/4 percent lower in rate. I agree that you need to shop for your mortgage, but you should not over-shop or shop for the lowest. Just my opinion on this.
FHA loans are more expensive!! - No, they are actually cheaper in costs. I just did a cost scenario for a borrower, as I always do, and it was costing him $9,000 less on a FHA loan and the payment was $3.00 more a month. Yes, it was because I had him put 3.5% down instead of 5% down. But it was also because the points for that same rate were actually a 1/2 point less on the FHA loan, which in this case was $1,930 cheaper. Why? Because most investors and major lenders get a larger SRP (service release premium) back from those that buy these on Wall Street. The fact that many say FHA mortgages are more expensive in costs, just don't know what they are talking about in most cases.
California's ongoing drought, as well as court decisions to restrict water flow due to endangered fish are forcing conservation measures. As a result, businesses and residents of Oak Park, Ca must reduce their water use by 15% between now and June 30, 2010. The consequences for not doing so will be fines and higher monthly bills. (So fish are more important than the local economy? Must be another blog post in there somewhere!)
Janna Orkney, chair of the Triunfo Sanitation district, which owns Oak Park Water Service said, "After one year, if Oak Park Water does not have any reduction in use from the base years (2004-2006) we will be fined over $1 million. If we only reduce 10 per cent, the fine will be almost $650,000." Any fines will likely be passed on to us, the ratepayers.
The water agency is developing an ordinance that would allow the district to enforce stages of mandatory water rationing in case of emergency, and to fine violators. Stage one would require a 25% reduction in water use, stage 2 a 35% reduction, and stage 3 a 50% reduction. My teenage sons are going to have to figure out how to take shorter showers, that is for sure!
The following restrictions are now in place:
No landscape watering between 8 AM and 5 PM daily, unless using a hand held bucket or hose with self closing shut off device. (How does someone water the lawn with a bucket?)
Irrigation must run for no more than 15 minutes/day per station, with certain exceptions.
No watering during rain or after 24 hours of measurable rain
Water runoff that flows into the street, sidewalk, etc. is prohibited.
Washing down hard or paved surfaces is prohibited, except when necessary to reduce safety or sanitary hazards, with restrictions
Customer leaks must be fixed within five days of discovery. (How will this one be enforced??)
Water fountains or decorative water features that do no use recirculating water are prohibited.
Washing the car, or other vehicle is prohibited, except with a hand held bucket or hose with self closing or shut off device.
Restaurant may only provide drinking water upon request.
Our hopes, of course, are for a wet winter, to ease our drought. But conservation of water and all our resources should be ongoing. We only have one earth!
CAROL LEE, Coldwell Banker Westlake Village CA Homes for Sale in AGOURA, OAK PARK, WESTLAKE VILLAGE and all of Ventura County
And, for those of you that don’t know that I recently bought a home…I recently bought a home. Here’s proof.
Although we are very happy with our home we did purchase, during this process, I happened to notice that as we viewed house after house, I kept seeing the same things happen over and over.And….not good things.Bad things.Bad things that were blatantly obvious to me.Bad things that literally turned me off.Bad things that were keeping this otherwise fine house I was standing in from selling faster.
So, as we went through the homes, I started keeping track of things that I saw that made the average buyer – ME – want to run away screaming.Here is my “Top 10 Seller Sins”:
1. Addition Addiction – Ok…exactly what were these people thinking when they added this addtion to their home??It isnt level.The door frame isnt square.And, that simulated wood-grain indoor/outdoor burber carpeting is HIDEOUS!!Wasn’t this were the garage should be anyway??I guess that explains the severely sun-faded paint job on the Sport Family Truckster in the driveway and the Christmas decorations piled floor-to-ceiling in the closet in the spare bedroom.I don’t care what anyone says…Bigger is NOT always better.
2. The “Pet-Owner Moaner” – The over-all assumption that since the seller loves their pets more than chocolate, so does everyone else.Here are a couple of quotes I heard directly from the sellers mouths: “Awwww, my cat must really like you to nestle into your neck like that.”; “I know he looks big, but he is really just a teddy bear.”; “We were able to clean up everything in the house except the cat room.”; “I cant remember if my son put away the ferrets or not, but feel free to look around downstairs.” a. Ok…first and foremost, Im allergic to cats.I don’t mean that cats make me sneeze.I mean that I quit breathing and require adrenallin shots to keep from dieing.That thing is lucky I didn’t toss it out the open window that was next to me. b. The “teddy bear” they were referring to…Yeah, that was a 158lb Rotweiller with a googlie eye and a broken tooth on the right side.His chain was tied to a cinder block that he happily drug around and tossed into the air during “playtime”. c. The “cat room”???Oh Lord in heaven!!! d. If you cant figure out if your son left out a pack of rodents in the dark rooms down the creaky stairs without a safety rail and a working light switch, you can be damn sure Im not going to find out for you.
3. Auditory Unawareness – If you cant hear that your refridgerator is making a clicking noise that can be heard from the front yard, Im fairly sure you cant hear the floorboards creaking, the doors squeaking, or the apparent family of raccoons living in the attic.You also only hear what you want to hear.Instead of “Your house is priced too high”, you hear “Your house is of a high value”.Its not the same.Pay attention!
4.Color Blind – Holy Lord!!Who decorated this place??Its like Andy Worhol threw his color pallet into a Cuisinart and hit ‘liquify’.The fuscia flower print wallpaper needs to go.And, I don’t carew what you say, it doesn’t do any justice to that wall with the fake woodgrain panelling it joins up to by the sunshine yellow couch.Worse yet…the white cabinets, white-washed walls, white countertops, and white tile is just a bit much.
5.“Take it or leave it” – Yup.Heard that come right out of a seller’s own mouth.We were discussing the possiblity of him making a necessary repair to a sliding glass door that lead out to a deck.Between the glass panes was about half an inch of standing water.Obviously, the seals on the window were compromised.When asked if he would spend the money to get the glass replaced and the seales re-done…or just replace the entire door…that was the response I got.Guess what…I left it.
6.Price-itis – The fear that your home wont sell for the price you are asking for it.I put in an offer on a home that was only $5,000 under what was being asked.The counter came back with a reduction of $1,000, but a clause to pay $4,000 in closing costs.Now, I may be bad at math…but, isnt that the same damn thing????
7.Fried Food Funk – You know what Im talking about here.If you can smell it, you won’t sell it.Bottom line here is that fried food smells, kitty litter, a back yard filled with dog crap, a nursery reaking of dirty diapers, etc…all add up to one thing – a very short showing.(Well, it also leads to gagging, shortness of breath, tears streaming down your face, and everyone skrunching up their nose and making that internationally known face that says, “Do you SMELL that???”)
8.Photog Fog – Everyone should take pride in their family photographs.I do.But, Im not trying to sell my house!I went into one home where, I kid you not, the entire living walls…every square inch…was covered in frame pics of family.There must have been 100 pictures in that room.Frames mounted together like a patchwork quilt of memories and bad matting jobs.Love the sentiment…love the family pride.But, I was COMPLETELY distracted from seeing the actual house.
9.“I collect them” – No kidding, really???Nothing would have made me realize you collect dolls were it not for the fact that Im now suddenly very aware of the fact that 226 eyes are now following me through your house like Chucky with an ax to grind.Yeah, I couldn’t tell that you collect Vegas casino ash trays since they are on every flat surface in your entire house including 4 separate 6-ft tall bookshelves, your coffee table, the top of your TV, the end-tables, and the extra two shelves that you put up encircling the entire living room.But, worse than that, you have them on your toilet tank, your dresser…and in an amazing twist, you have drilled holes in them and replaced half of the doorknobs in your house with them. In case your agent hasn’t told you this….PACK THIS CRAP UP!
10.Livin in the past – I don’t care what you think, the pea soup green shag carpeting is not coming back in style.And, regardless of how many memories are associated with it, the nine-foot long, hunter orange, faux-leather couch on the wooden legs with the sleigh-style arms on the each end is FREAKING UGLY!!Regardless of whether or not they still work, the matching avocado green stove, fridge, and counter tops are ugly…and they are ugly 24/7/365.If you want to move this house…replace this ferocious eyesore.Better yet…HIRE A HOME STAGER!
Yeah, selling a house is hard.Selling a house in the market is harder.Selling one of THESE houses with a seller that sins like this…nearly impossible.Sellers, if you are reading this…listen to your agents.Agents, if you are reading this…make sure your sellers understand that buyers – like me – will look at these like neither of you know what you are doing and act accordingly.Probably by running away quick.
If you would like more information about Real Estate Client Referrals and how we can send you more clients to work with, please contact Clint Miller at 800-977-7058.Or, follow me on twitter www.twitter.com/TheRealClint.
Reduced $56K from original list price! Lowest price per square foot of current listings in tract. Pride of ownership reflected througout this meticulously maintained end unit townhome in a gated community on private cul-de-sac. Inviting living room with brick fireplace. Artfully updated gourmet kitchen is highlighted with granite counters. Spacious Master Suite features vaulted ceiling with ample natural light. Master bath has tile floors and counters, dual sinks and separate shower and tub. Per past owner square footage was added to dining room area and upstairs family room/loft. Buyer to verify square footage. Plantation shutters, wood flooring, canned lights, upgraded light fixtures and decorator paint colors. Covered and enclosed exterior patio is perfectly manicured and accessible thru two sliding glass doors off dining area and kitchen nook. Unit is near ample guest parking. Come see and you will be impressed! Listing courtesy of Dick and Terry Goodrich, Coldwell Banker
Pride of ownership does not even begin to describe this lovely open bright home located on a tree lined street in Oak Park. Some of the numerous upgrades include new carpet, new paint inside, custom tile flooring and recessed lighting. Step inside to an open and airy living room with soaring ceilings and a fireplace. The kitchen features updated appliances, and a view of the backyard. Guest will enjoy the downstairs bedroom and bathroom. Head upstairs to four spacious bedrooms including master bedroom. Step outside to a very private backyard with a built-in spa and large grassy area. Walking distance to Parks, hiking trails, and award winning Oak Park schools. It's a perfect 10. Welcome home. Listing Courtesy of B. Kolb, Coldwell Banker
The first time homebuyers tax credit of $8,000 has been approved by HUD for all FHA loans. But don't get too excited too quickly. If you get a chance to read the mortgagee letter, ML 2009-15, it states that you can't use this tax credit for the required down payment of 3.5%.
HUD originally put out mortgagee letter 2009-15 on May 12th, but was rescinded the next day. Please read about that here : $8,000 tax credit rescinded by HUD. For some reason, it was prematurely placed on HUD's web site, but apparently wasn't finalized. Now we have a new version and if not read correctly, you could be putting misinformation out there. So what does the new mortgagee letter state?
Here is the positive part about the tax credit. You can receive the first time homebuyers tax credit upfront, but not through the IRS. This would be illegal. Please read : It's illegal to receive your tax credit before you close on your home. Buyers - BEWARE, please read that, because too many people are saying that you can get the money directly from the IRS prior to closing. The IRS & HUD both say no!!!
So how can you receive this upfront? It can be given to you as a second or a silent second from any Federal, State, or local agencies, and any FHA mortgagee or any FHA approved non-profit organization. People, in layman's terms, this is already acceptable by HUD's standards, except for the lender that is now able to give the monies upfront in a form of a 2nd mortgage. Another terminology is that this can be an advance loan from any of the entities mentioned above.
Summary : Essentially, this means that the entities mentioned above, are purchasing this tax credit on your behalf and giving it back to you. The short version of this is that you can use some of the money from the $8,000 Tax Credit as your down payment, but after you put down the first 3.5% of that down payment. Meaning, you have to come up with 3.5% of your own money still. With FHA loans, it can still be a gift from a relative/family member. It also can come from non-profit or government agencies to be used as your initial down payment, but not used through the tax credit. Overall, the tax credit that is advanced, can be used for all closing costs. But you can't receive monies back at closing.
And again, keeping in mind, it's illegal to receive this tax credit upfront directly from the IRS. There is more verbiage in the mortgagee letter 2009-15 , but the main point is that you have to have 3.5% of the downpayment yourself, before you can use the tax credit that would be 'loaned' to you.
THOUGHTS??? - Well, in all honesty, how does this truly help? What is the gov't thinking here? As a buyer, I would still need the initial 3.5% of my monies for the down payment. Again, needing money to buy. I know some of you are for this fact, that buyers should have skin in the game. But keep in mind, this was not the true demise to our foreclosure mess. We need to sell houses to keep this economy going. Just my opinions and food for thought. thanks
My Series on the First time homebuyers $8,000 tax credit - Everything you need to now, from start to finish - What's allowed and what's not allowed :
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
The water agency is developing an ordinance that would allow the district to enforce stages of mandatory water rationing in case of emergency, and to fine violators. Stage one would require a 25% reduction in water use, stage 2 a 35% reduction, and stage 3 a 50% reduction. My teenage sons are going to have to figure out how to take shorter showers, that is for sure!
Central A/C
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