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home buyers: Battered Home Becomes a Beauty Using the FHA 203k Renovation Loan, Part III The Kitchen - 10/28/11 11:34 AM
This Part III of the journey of how one battered home became a beauty using the FHA 203k Renovation Loan.  This post addresses the "sexy" part of the renovation - the kitchen! To discover where this journey started, read Part I To view the exterior renovation on this home, read Part II While the FHA 203k Renovation program is time and paperwork intensive, it is an amazing opportunity to give new life to a home and create your dream home in the process.  The amazing part is that my buyer's down payment was 3.5% of the entire project (cost to purchase … (4 comments)

home buyers: Battered Home Becomes a Beauty Using the FHA 203k Renovation Loan, Part II - 10/27/11 11:51 AM
This Part II of the journey of how one battered home became a beauty using the FHA 203k Renovation Loan. To discover where this journey started, read Part I. While the FHA 203k Renovation program is time and paperwork intensive, it is an amazing opportunity to give a home new life and create your dream home in the process.  The amazing part is that my client's down payment was 3.5% down of the entire project (cost to purchase + cost to renovate)!
 
Replaced the non-functioning hot water heater with a Tankless hot water heater.  This allowed sufficient extra space … (1 comments)

home buyers: Battered Home Becomes a Beauty Using the FHA 203k Renovation Loan, Part I - 10/25/11 12:20 PM
This is the journey of how one battered home became a beauty using the FHA 203k Renovation Loan. Let me give you a little background.  My client, an absolutely delightful woman who will be retiring in one year wanted to purchase a small, single story home that she could afford on her retirement income and was reasonably close to her grandchildren.  We viewed homes for over 7 months, made 5 offers and were out-bid by cash buyers each time.  It was time for a change in strategy - purchase a battered home and make it a beauty using the FHA Renovation … (2 comments)

home buyers: The house may be cracking up, but I ain't laughin'! - 09/16/10 10:22 AM
 
This is valuable information from Chrissy Doremus, Home Inspector.  It is a good addition to the "look past pretty" articles that discuss what to look for when viewing homes.
 
Via Chrissy Doremus ~ U.S. Inspect ~ Home Inspections (U.S. Inspect):
Most of us have seen cracks in our homes. Some of us may have even seen cracks appearing on the foundation of the home. But do you know how to tell if a crack is structurally deficient?
There are many variations of cracks, but there are three primary cracks that are commonly found--vertical cracks, horizontal cracks and diagonal crack. The … (3 comments)

home buyers: Things to Ponder Before You Submit a Low Ball Offer - 06/12/10 12:57 PM
Excellent points Karen!
Via Karen Crowson (Alain Pinel Realtors, Livermore, CA):
What was your first reaction when seeing this property?
Assuming that you’ve been there in person before writing an offer, the initial price must have been within your reasonable range, or you would have skipped it altogether. Was there something objectionable about the property supporting a lower price?
Is the home price overpriced or in step with the current market?
How does the price per square foot compare with others of equal size, location and condition? Is there a surplus of properties, or are inventory levels below average?
What kind … (0 comments)

home buyers: The Key to Real Estate Success - Run Toward The Roar! - 04/15/10 06:41 PM
Several years ago I was told a great story that the Key to Real Estate Success is to Run Toward the Roar.  It's brief, it's visual and can be applied equally to any industry or profession so it is worth sharing.
 
When lion's hunt, the male lion stations himself at one end of the prey and the female lions lurk in the grass at the other end.  The male lion releases a mighty roar, terrifying the pack of animals to run in the other direction - straight toward the female lions who pounce and take a few of the … (2 comments)

home buyers: Yikes! Fannie Mae is Cracking Down! - 03/05/10 10:24 AM
 
This could be a deal-breaker if home buyers aren't careful through the entire mortgage process.  Thanks for the update Chris Thomas!
 
Via Mortgage Support Services:
There are some new rules going into effect shortly that will have an enormous effect on some mortgage transactions. Here's the biggest one:Effective for all loan applications dated June 1, 2010 and later, Fannie Mae is "requiring lenders to determine that all debts of the borrower incurred or closed up to and concurrent with the closing of the subject mortgage are disclosed on the final loan application and included in the qualification for the subject … (1 comments)

home buyers: Capture the Essence of a Home For Sale on a Virtual Tour - 03/02/10 03:23 PM
With up to 94% of home buyers conducting their initial house-hunting on the internet, it is critical to capture the "essence" of the home for sale on a virtual tour.  Let's face it, from a buyer's perspective the facts of the home (bedrooms, bathrooms, square footage and price) are just the basic search criteria.  What buyers really want to know is that the house will suit their lifestyle.  The virtual tour must reflect the lifestyle in such a compelling manner that potential buyers willingly leave their computers to visit the Open House or make an appointment to physically view the home. … (0 comments)

home buyers: Buyer of a Bank-Owned Home has Buyer's Remorse - 03/03/09 11:00 PM
I just received an interesting email from another Realtor's buyer - a complete stranger - through my website.  This buyer purchased a bank-owned home using VA financing and the bank to agreed to pay for Section 1 repairs.  That's the good news.  This buyer is having second thoughts because there are other "equivalent" homes available in the same market for less money.  He wrote to ask my opinion.
Let me preface my response with the following information:  I am located in Contra Costa county (northern California) and VA financing hasn't been used in this market for close to 10 years.  So the fact that his realtor got a bank to accept $0 down VA … (3 comments)

home buyers: Home Buyer Action Plan for Timing the Market - 01/18/08 10:27 AM
Many potential home buyers are waiting to purchase a home when the market "hits bottom".  Unfortunately, even if you time the bottom of the market perfectly, you may ultimately miss it for lack of advance preparation.
If you are contemplating a home purchase sometime in the future, now is the time to prepare for your future purchase and mortgage financing. 
Choose your mortgage lender.  Your mortgage is typically your largest debt so your choice of loan officer and the caliber of their financial advice will impact your entire financial future.  More immediately, their level of expertise will impact the ease with which … (8 comments)

home buyers: Realtor for a Day at an Open House - What an Experience! - 09/10/07 10:56 AM
My company had a very good idea that we - as loan officers - should work an Open House, not to conduct a sales call but to "walk in the Realtor's shoes" for a day.  
Since I am not a licensed Realtor, my approach during the Open House had to be different.  I decided it would be a great opportunity to converse with potential home buyers and find out their concerns and challenges in the current market.
My Pollyana picture of the day ahead was abruptly changed with the first person who came through the home.  He absolutely topped the charts of rude behavior.  I was so … (2 comments)

home buyers: A SELLER CREDIT IS A BETTER OPTION THAN A LOW OFFER - 07/25/07 11:46 AM
As housing inventory and interest rates increase, it is time to dust off an age-old tool:  seller credits.  While seller credits have typically been used to assist first-time homebuyers, they are equally effective in the higher price ranges.
I live and work in the East Bay area of Northern California where a "starter" home can easily cost $500,000 and a 3 Bdrm, 2 bath home in a good school district is $750,000 or more, therefore it is a good market to demonstrate the benefits of a seller credit versus a low offer at any price range.  The best way to make my … (6 comments)