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FHA 203-K Loan Program - Making Ugly Work! - 12/21/09 11:46 AM
Via Ashley Myers (Manning & Company Real Estate | Dallas, Texas):
FHA 203-K Home Loans - What's the Scoop?
The 203-K loan program is dedicated to the pursuance of home ownership and improving communities. If you've given some consideration to opening your search to homes that need a little bit of TLC, this could be the loan program for you!
Due to the hike in foreclosed and short sale properties, there has been a dramatic increase in people asking for products similar to the FHA 203-K Loan program, that allow you to wrap-in or include repairs needed.
As with other FHA … (1 comments)
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Is There Really A Shadow REO Inventory, Part Two? - 12/21/09 11:46 AM
Via Realty World MBA:
No doubt there is a shadow inventory. In fact, our sources indicate a substantial, almost incredible number of foreclosed homes in the national bottleneck. Our original post on this topic was “Shadow Inventory, yes. Banks holding back, not likely”. As indicated, this was posted in rebuttal to the referenced WSJ article, last July.
Of course a lot can change in 6 months. Since then we have come to believe that Fannie Mae is, in fact, deliberately holding back inventory, a probable attempt to stabilize or stimulate values, another ill-fated artificial manipulation of the marketplace. Only government-sponsored … (2 comments)
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What caused the foreclosure crisis: Lax underwriting or home value declines? - 12/21/09 11:44 AM
Via Spencer Rascoff (Zillow):
In this interesting working paper from the Altanta Federal Reserve, economists look at every residential mortgage in Massachusetts from 1989 to 2008 to determine the cause of the foreclosure crisis. They conclude that home price depreciation was more to blame than lax underwriting standards. Lax underwriting didn't help, but it wouldn't have been such a big issue were it not for declining home values.
From the paper's abstract: "...[we] conclude that the foreclosure crisis was primarily driven by the severe decline in housing prices that began in the latter part of 2005, not by a relaxation of underwriting … (0 comments)
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Three Tips For Faster VA Condo Approvals - 12/21/09 11:31 AM
Via America's #1 Mortgage Broker/858-777-9751:
I've probably funded 40 VA home loans in 2009, many of them for unapproved condominium complexes. In Southern California, it's quite common along the coastal communities for buyers to look at condos, townhomes, or PUDs as lower-cost alternatives to single-family homes. Declining prices, along with higher VA loan limits have afforded many active duty and former service members the opportunity to scoop up a piece of the California coastal lifestyle by purchasing one of those properties.
Sellers often cringe when they receive an offer using VA home loan financing. The general thought is that the VA condominum … (0 comments)
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TRADE UP! 5 Reasons why this is the BEST market to upgrade! - 12/15/09 11:56 AM
Via Daniel Dima Batsalkin (Boulevard Realty):
Have you thought about getting that bigger, better house in a better neighborhood?
NOW IS THE TIME!
Whether you need more space, want to upgrade your location, or for any other reason, the current real estate market presents a unique opportunity to capitalize by trading up!
5 reasons why this is the best market to trade up!
1. You will make money NOW on the trade!
Here's how this works. You currently own a condo that was worth $1,000,000 three years ago, and now it's worth $700,000 (that's right, it's … (1 comments)
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Be sure to hire a home inspector with x-ray vision, and it's not me! - 12/12/09 02:14 PM
Via Russel Ray, San Diego home inspector (Russel Ray, Property Consultant):
Sometimes my Clients expect me to have X-ray vision to see behind things, and I always have to tell them that I don't. It's the only time they are disappointed in me.
I warn them that there could be some damage behind pictures, under carpets, behind locked doors, etc.
This first picture was in the very large home gym in a property owned by a professional football player:
I jokingly warned my Clients that visitors to the gym who did not meet their weightlifting goals for the day got … (0 comments)
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Mortgage Guideline Changes - A Summary Of Changes Over The Last Few Years That Consumers Need To Know - 12/11/09 11:35 AM
Via John Jones (Keller Williams Elite, Dallas/Park Cities):
Since the beginning of the financial crisis, several significant changes have occured with mortgage guidelines. A summary of these mortgage guideline changes is imperative to helping consumers understand what changes that have taken place over the last few years may affect their ability to obtain a new mortgage loan.
Contrary to popular belief, the guideline changes have involved a lot more than just higher credit score requirements. In fact, one could argue that credit scores have perhaps been the least significant factor that has changed. This assumption is perhaps my biggest reason for writing this … (0 comments)
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What happened to the price difference between a Foreclosure and a 'Regular Sale'? - 12/08/09 11:47 AM
Via Lyn Sims ~ Chicago Northwest Suburbs (Schaumburg Illinois ~ RE/MAX Suburban):
Recently I have been noticing a disturbing trend in low appraisals all across my area and I'm sure you have too. We are all having a hard time having a 'regular sale', if there is such a thing, get appraised out to the purchase price. There are many of you out there, mostly buyers agents, that don't seem to see a problem with this trend. I DO and here's why - no where in the appraisal guidelines do appraisers have to use REO's and foreclosures in an appraisal. Yep, that's … (2 comments)
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Bank owned, disclosures, and just out right lies (What is a material fact) - 12/07/09 01:49 PM
Via Todd Clark (Broker) (503)524-9494 (Beaverton, Oregon Real Estate Expert) (Palazzo Realty Group):
By Todd Clark (Broker/Sales Coach) 503-524-9494
If you are a buyer and have ever looked at a bank owned property, then you know that the properties are sold as-is. But, in Oregon we have disclosure laws that says as a seller you have to disclose any known material defects that may affect the value of the property. But, the banks don't have to give a disclosure. But, here is where I think these banks and sometimes their agents are using this law in a very unfair practice.
… (2 comments)
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Jason Kardos
Jason Kardos, Independent Real Estate Broker
La Mesa,
CA
More about me…
Broker/Owner
Address: 8030 La Mesa Blvd. #261, DRE#01324429, La Mesa, CA, 91942
Office Phone: (619) 303-2826
Email Me
Jason Kardos, Realtor, GRI, MBA Broker/Owner
www.JasonKardos.com
Jason Kardos started his real estate career helping his family manage their rental properties and at only 21 years old bought his first rental income property and became a licensed Realtor in 2001. He is committed to enhancing the lives of his clients through integrity, professionalism and continuous improvement. He has been able to thrive, even in a down real estate economy. He has helped homeowners deal with short sales, foreclosures, rentals and regular sales. He has worked with many professionals in the real estate community including Keller Williams Realty, San Diego County Property Management and McCormack Auction Company. He has embraced many traditional real estate practices as well as keeping up with the latest technology. Jason has served on the board of National nonprofit, Rebuilding Together and he is also active on the Spring Valley Citizen’s Association.
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