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fha: As the Market Changes - More Rehab Homes for First Time Homebuyers - 01/17/10 03:22 PM
With the recent change in HUD policy allowing investors to purchase homes and flip them right away and not forcing them to hold title before they can be sold with FHA financing will definitely help the flipper but drive the first time home buyer away from the distressed homes for sale in the Hemet -San Jacinto CA valley.
The investors have the cash and the first time buyers have the credit. all of the good deals are bought quickly with cash buyers and the FHA buyers are cut out of the market - especially if there is a low appraisal on … (4 comments)
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fha: FHA is Becoming Pro-Active in Mortgage Fraud - 01/17/10 12:54 PM
Let me first disclaim that I am not in law enforcement and I have no special knowledge of what has been taking place in the world of mortgage fraud - but I am a student of the real estate industry - which includes mortgges - and from where I sit, it appears as if most mortgage fraud is the result of someone getting caught with their fingers in the cookie jar.I just read yesterday that the U.S. Department of Houseing and Urban Development (HUD) is now agressively looking at mortgage companies that have a higher than normal rate of froblems with … (13 comments)
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fha: Real Estate Investor Breaks Down the New FHA 90 Day Rule - 01/16/10 01:09 PM
As a Hemet - San Jacinto, CA real estate expert I find myself gathering knowledge from many sources - both traditional and non-traditional. I think they call this the school of hard knocks.
Well, one of my activities is to keep up with real estate investors through their blogs and web sites. One that I enjoy is CaWholesaleDeals.com, hosted by Thomas Bartke. It is through an email linking me to his blog that I first learned about the doors that HUD and the FHA have just opened up for investors who want to flip properties. They can now do this without holding … (6 comments)
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fha: FHA Grants Real Estate Flippers The Green L>ight - 01/16/10 12:59 PM
On January 15, 2010 the FHA granted a waiver to real estate flippers allowing them to take possession of a property and resell it immediately and not have to season the ownership for 90 days before selling with an FHA Loan. The press release by HUD is titled:
HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERSMeasure to help bring stability to home values and accelerate sale of vacant properties
There are several conditions that must be met that seem to be very positive for any investor looking to take advantage of the market and this new waiver … (5 comments)
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fha: Three Tips To Help You Present an Offer To Purchase With FHA or VA Financing - 01/11/10 01:19 AM
Buying Real Estate has turned into a tricky proposition if you are relying on financing - especially thed kind that does not require much cash out of your pocket - like VA and FHA financing.Here is an article I found that was published last month that pretty much sheds light on the best way to make a buyers offer stand out from the crowd.
Via America's #1 Mortgage Broker/858-777-9751:
If VA home loans and FHA mortgages are great for buyers, why won't sellers accept them? Debbie Rumsey suggested as much when she commented on my post about VA condo complex approvals, … (2 comments)
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fha: FHA Section 245(a) - A Hidden Niche? - 01/04/10 02:05 AM
Now I am a REALTOR and do not pretend to be an expert on the loan side of the real estate industry. I often rely on the SEARCH feature of ActiveRain to find details on topics I want to research. Well, today I drew a near blank.You see, I was spending some time researching changes in the industry that took place on January 1, 2010 and ended up at the FHA site. Scrolling through a list of articles published by the FHA I found something that was very intriguing and actually fascinated me once I looked deeper at the section 245(a) loan...
FHA … (7 comments)
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fha: Replay of NAMB FHA Webinar - Explaining RESPA/ GFE Reform - 01/02/10 02:39 PM
In my quest to invite ActiveRain bloggers who have written articles on the topic of RESPA, some really posts that I have reviewed really stand out.Here is an hour long video webinar hosted by NAMB (National Association of Mortgage Brokers) talking about this very topic.Now if you don't want to watch the whole hour, there is a table of contents with Video Minute Markets to help you find a place that is of interest.Do yourself a favor and bookmark this valuable resource.John
Via Mortgage U - Advisory Services and Training:
For those of you unable to attend or listen, attached … (1 comments)
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fha: I have a Bank Owned Condo, in San Jacinto, CA that is Hard to Sell...and Here's why! - 11/26/09 03:39 PM
I suppose, I as a local REALTOR®, am fortunate that the Hemet - San Jacinto Valley in So Cal is not overbuilt with condos, as much of Southern California is. All of our condo inventory, in the local real estate market is older - most dating back to the early 1990's and earlier. Throughout most of the region, condos were built at a rapid pace during the recent housing boom. Not only were condos built from the ground up but there were many involved in converting apartment buildings and complexes into condos. Literally, hundreds of thousands of condos were built or … (2 comments)
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fha: San Jacinto, CA MARKET REPORT: SOLDS | 10/1/2009 - 10/31/2009 | VIDEO - 11/22/09 11:45 AM
Once again it is time to take a look at the Closed Sales for San Jacinto, CA. For this report, I'll be looking at the entire month of October, 2009. My objective is to not only provide the typical numbers that can be found almost anywhere, but to once again break them down into the very critical subcategories of Sale Type and then again by Type of Financing. In other words I'll be looking at REO Sales independently of Short Sales and FHA Loans differently than Cash Sales.In addition to the Bedroom count, Bathroom count and the Living Space Square Footage … (0 comments)
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fha: San Jacinto, CA: Market Snapshot - 3 Bedroom 2 Baths - 11/08/09 01:00 AM
The San Jacinto, CA Real Estate market is very similar to every other local real estate market in the country - it is local and has it's own unique nuances.In this Market Snapshot I am going to examine the market for 3 Bedroom 2 Bath Single Family Residential homes, across the entire city of San Jacinto and cover current statistical data and looking at sales in the city, spanning the last 90 days, only.QUANTITYACTIVE - Currently there are 57 ACTIVE real estate listings in San Jacinto that range in size from 924 square feet to 2,481 sq feet with an average … (0 comments)
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fha: market report: San Jacinto, CA | 8/21/2009 - 9/20/2009 | REO Sales and The Market - 10/19/09 06:49 PM
The Hemet - San Jacinto, CA real estate market has remained flat as the summer buying season came to an end.
This report wants to look back from the period covering August 21st through September 20th, 2009.
In particular we will look exclusively at the impact that bank owned homes have had on the market and how each of the four dominant finance types have an effect on the bank owned real estate transactions.The four finance types, of course, are: Cash, Conventional - typically requiring 25% cash down by the borrower / investor, FHA which is predominately the first time home … (1 comments)
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fha: 500 and Still Swinging... - 10/11/09 02:33 PM
The saying that time flies when you're having fun definitely applies to blogging on ActiveRain. 500 Blog Posts have been a journey for me that started back in 2006. Like a lot of journeys, this one has had more than it's share of pit stops and layovers.I think back to my first introduction to ActiveRain when I read a short blurb about the new phenomena of blogging for real estate agents in my daily update of industry news from Inman News, where I proceeded to this new website offering free blogs to those in the real estate industry. So I signed … (59 comments)
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fha: Blood In - Blood Out...New FHA Rules Before Congress - 10/05/09 10:28 AM
Congress has another band-aid they want to put on the economic crises this country and the world are currently experiencing...at a cost that would be picked up by a segment of the population that can least afford it - first time homebuyers.The goal of a new bill, H.R. 3706, introduced by Rep Scott Garrett (R-NJ) on October 1, 2009 would raise the minimum down payment for FHA backed loans from the current 3.5% of purchase price by over 42.8% and require buyers to raise 5% just for the down. The bill, is known as the "FHA Taxpayer Protection Act of 2009"Federal … (8 comments)
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fha: DOES AN FHA OFFER REQUIRE A MAXIMUM of 3.5% DOWN? - 10/04/09 11:50 AM
Of course not. So this is yet another frustrating scenario that continues to escalates the clash between buyers agents and REO Listing Agents.Once again, one of my listings gets cleaned up and put on the market. The seller tells me straight up that they will not consider any offers until the property has been on the market for 10 days. I share this with each buyers agent that submits an offer.On Friday, day 8, my seller wants me to package the several offers that I have and verify that the buyers are still alive. So I spend the next two hours … (5 comments)
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fha: URGENT: BUYERS AND BUYERS AGENTS: PAY ATTENTION TO THIS...NOW! - 10/03/09 01:43 PM
Ok, let me start off by saying that I am an REO Listing Agent in the Hemet - San Jacinto Valley in Southern California - right at ground zero for the current housing crises. I have been working with the banks since 2006...so please believe what I am about to share and believe that I have some clue as to what I am talking about.The real estate market has been driven by consumers wanting to get in on the government action and take advantage of the $8,000 tax credit that has been the subject of many discussions for months and everything … (15 comments)
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fha: The Perfect Offer...Or Cash is Still King - 10/01/09 01:49 AM
From where I sit as a REO Listing agent in the Hemet - San Jacinto Valley the California REO Market is finally starting to heat up. OK, it may not be sizzling, but I have seen more action in the last week than in a long time - both with buyers and my sellers.Desperate buyers are still struggling to get into escrow to take advantage of the $8,000 tax credit that is scheduled to be pulled off the table for any escrows that don't close on or before November 30th, 2009. That's only 61 days from now and our average time … (12 comments)
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fha: Hemet - San Jacinto CA Bank Owned Homes and FHA Loan Requirements - 09/16/09 07:12 PM
The Southern California community of the Hemet - San Jacinto Valley in the South West Riverside County section of the Inland Empire Region has been one of the hardest hit in the entire country for it's loss of owner occupied homes being seized by lenders and converted to bank owned, or REO, properties.Once the banks finally take possession they must be cleaned up- and made ready for sale, often by the REO Listing Agent assigned to these assets of the bank. I know, this is what I do.Since the Hemet - San Jacinto CA market has traditionally been one of the … (2 comments)
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fha: SAN JACINTO, CA MARKET REPORT | 7/21/2009 - 8/20/2009 | Financing Types - 09/13/09 07:29 PM
In the previous article in this series we took a general look at the AVERAGE HOME that sold In San Jacinto, CA during the period of July 21st, 2009 through August 20th, 2009. We learned that there were a total of 110 homes that were sold and closed escrow for an average sale price of $130,834.In this section of the Market Report for both the combined 92582 and 92583 zip codes we will look at the data as it relates to the type of financing used to buy the properties that were for sale.This information is to be considered useful, but … (0 comments)
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fha: San Jacinto, CA MARKET REPORT: SOLDS | 6/21/2009 - 7/20/2009 | VA LOANS in the MARKET - 09/08/09 01:19 PM
The last segment of the market that we will look at for this report on the homes sold in San Jacinto, CA during the period of 6/21/2009 - 7/20/2009 are for the homes that were financed with a loan for our veterans - either VA or CalVet. These loans are unique in that the Veteran is not suppose to use any of their own money to buy the home - and that includes closing costs.VA Loans are a very small section of the market - the 5 VA Loans that closed escrow during this period in San Jacinto only amount to … (1 comments)
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fha: San Jacinto, CA MARKET REPORT: SOLDS | 6/21/2009 - 7/20/2009 | FHA LOANS in the MARKET - 09/08/09 12:47 PM
In San Jacinto CA, as throughout the rest of South West Riverside County and the Inland Empire region of Southern California the most popular way to finance a home purchase today is with an FHA Loan that only requires a 3.5% down payment and must be owner occupied.Homes purchased with FHA Loans represent 44.5% of the Total residential homes sold in San Jacinto with 49 of the 110 residential real estate transactions during the period of June 21st, 2009 through July 20th, 2009.There are several differences between the homes purchased with the popular FHA Loans and other types of financing.First off, … (0 comments)
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John Occhi, ePRO, Temecula - Murrieta CA Real Estate, 951-443-6259
Murrieta,
CA
More about me…
Exit Twin Advantage Realty
Address: 39755 Murrieta Hot Springs Rd., Suite G-110, Murrieta, CA, 92563
Cell Phone: (951) 443-6259
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