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loan: Some of the Costs Associated with Buying and Selling a Hemet - San Jacinto, CA Home - 12/21/09 01:45 AM
It does not matter if you are looking to buy or sell real estate in the Hemet - San Jacinto CA marketplace, there are going to be costs associated with the transaction. There are times when the seller will cover the costs for the buyer or perhaps the buyer may even be eligible for a grant, such as the one that the City of San Jacinto is currently offering for First Time Homebuyers. I have a local expert, Hilary Wilkinson form Patrion Mortgage (Altura Credit Union) that knows more about all of the various programs and assistance available than anyone I … (0 comments)
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loan: 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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loan: market report UPDATE - San Jacinto CA Real Estate Data - 10/17/09 10:57 AM
The Hemet San Jacinto, CA Real Estate Market has continued to remain flat. It is unfortunate that I have fallen behind in my detailed market report, looking at the numbers like only I do - trying to make sense of what the numbers actually mean and how they relate to each individual buyer or seller.At the end of this report are links to several series of article that I have been publishing each month, breaking the real estate market numbers down for San Jacinto CA This is a very complex process that takes hours...and even days to compile.On the other hand, … (1 comments)
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loan: San Diego Real Estate - Demand for VA Loans on the Rise Here in San Diego - 10/09/09 08:01 PM
Here is a article a friend of mine wrote about the problems with VA Loans in San Diego. Although VA Loans only amount to about 3% of our closed escrows in the Hemet - San Jacinto Valley they do offer their own challenges...
Via San Diego Real Estate Voice authored by William Johnson (RE/MAX Associates):
San Diego Real Estate - Demand for VA loans is on the rise in San Diego.
For a lot of years, the VA loans had such a low loan limit, they didn't work too well for most homes or even condominiums here in San Diego.This past … (0 comments)
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loan: 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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loan: Is The FDIC Killing Short Sales? - 10/04/09 11:17 AM
Via Robert G Hertzog (Summit Home Consultants):
Is The FDIC Killing Short Sales?
As some of you already know, I blogged recently about being interviewed recently by our local NBC news affiliate. To read the blog, click here. Basically, IndyMac Bank (now OneWest Bank), is holding one of my clients hostage, demanding a $75k promissory note, or they will proceed to foreclosure. For the life of me, I couldn't figure out why they were doing this. The BPO came in at the contract price of $275k, with a net to IndyMac of $241k. What advantage could there possibly be for them … (10 comments)
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loan: 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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loan: The Hemet - San Jacinto Real Estate Market is Red Hot - Shout Out to Hilary Wilkinson - 09/15/09 10:42 AM
Real Estate in the Southern California bedroom communities of the Hemet - San Jacinto Valley has been red hot all year long. The community in South West Riverside County region of the Inland Empire have been dominated by Short Sale Listings and Bank Owned Sales for the entire year. It is not uncommon that once a home for sale is listed on the MLS that offers start to come in within 24 hours. Although the exception and not the rule, as an REO Listing Agent I am no longer surprised when I see offers come in on my listings in less … (2 comments)
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loan: Hard Money is a Good Thing for Real Estate Investments - 09/03/09 02:32 AM
Hard money is often misconstrued in society. There are always visions of a couple of thugs in a pool hall loaning out money at exorbitant interest rates who result to violence and intimidation when payments are late.Well, I am here to tell you that hard money is anything like that at all. Hard money is a very powerful tool that every investor should consider utilizing to it's fullest in order to leverage the money the investor has - to make more money by buying more real estate in this volatile market.Hard money loans are always secured by real estate - typically … (7 comments)
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loan: The Next Wave of Bad Loans - Option Arms - 08/30/09 04:56 PM
A friend of mine from San Diego confided in me that they are in serious trouble with their mortgage. My friend earns good money - and with his wife's income they are way above the medium level for San Diego County - which is high to start with. I'll call my friend Able - because he has always been more than able to see through different schemes and come out smelling like a rose. This time, I think he is in trouble.
Able is a 63 year old professional that refinanced his modest home for $618,000, at the peak of the … (116 comments)
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loan: San Jacinto Market Analysis – SOLD 5/20/09 – 6/20/09 FINANCING OBSERVATIONS - 06/21/09 05:01 PM
FINANCING OBSERVATIONS
In my recent post on this series, San Jacinto Market Analysis - SOLD 5/20/09 - 6/20/09 I shared insight to the overall San Jacinto real estate market by providing a brief synopsis of current market conditions by analyzing all of the 136 residential real estate homes that closed escrow between May 20th and June 20th, 2009. In the previous segments I looked closely at each of the 4 types of financing used to buy a home in the San Jacinto CA real estate marketplace. The five previous segments published are:
FINANCING - CASH,
FINANCING - CONVENTIONAL
FINANCING - … (0 comments)
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loan: San Jacinto Market Analysis – SOLD 5/20/09 – 6/20/09 VA LOANS - 06/21/09 04:45 PM
In my recent post on this series, San Jacinto Market Analysis - SOLD 5/20/09 - 6/20/09 I shared insight to the overall San Jacinto real estate market by providing a brief synopsis of current market conditions by analyzing all of the 136 residential real estate homes that closed escrow between May 20th and June 20th, 2009. In this segment, I will look closely at San Jacinto homes for sale that sold to owner occupied buyers with a minimal down payment using the government sponsored VA loan program.
The veterans of our country have numerous benefits to help offset their generous sacrifices … (0 comments)
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loan: Before You Buy a Bank Owned Home At Auction Read This - 08/03/08 03:18 PM
Lenders are doing whatever they can to sell their inventory of REO homes. There are entire portfolios being sold wholesale for 60 to 70 cents on the dollar of the BPO price-which can be a great deal if you have $10 million or more to invest.
Most homes are being assigned to REALTORS® like myself to list, market, maintain and sell the assets on the retail real estate market. In the Hemet-San Jacinto Valley we saw the number of closed REO sales during the month of June 2008 exceed 70% of all the sales in this local market. I am … (10 comments)
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loan: FHA Down Payment Assistance Ready to Go Away - 08/02/08 10:17 PM
When President Bush signed HR 3221 into law on July 30th, 2008, he took what may be the most damaging step to actually hurt the housing market. I say this because he has completely done away with the FHA Down Payment Assistance program and raised the minimum percentage of funds that the borrower must contribute towards the purchase of the home.
Until September 30th, 2008, homebuyers will be able to take advantage of the current program-but if they are not in escrow by then-they can kiss the 3% seller contribution good bye, unless there is some sort of reprieve in the courts.
… (2 comments)
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loan: Buying a Hemet – San Jacinto REO Home: The Loan Process - 05/14/08 01:13 PM
Buying a Hemet – San Jacinto REO Home: The Loan Process Many people want to take advantage of the current market conditions in the Hemet – San Jacinto Valley at the eastern end of the Inland Empire, in Southern California because we have such a high foreclosure rate and there are many bank owned (REO) homes for sale in the region at very affordable prices.
Finding a good home is typically not the problem – as we have many to choose from. Today there is even a wide selection from as low as $75,000…if you don’t mind taking care of some … (3 comments)
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loan: How to Buy a Hemet, CA REO Property - 05/04/08 06:16 PM
About the Author: John Occhi REO REALTOR®, successfully started an REO Team in Hemet, CA that quickly expanded to 3 agents and 2 admin members with over 50 REO properties under his direct control. He was able to keep approximately 20% of his assigned inventory in escrow at any given time and another 20% entering the pipeline with properties in the pre-marketing phase of the business. Today John has been sought out to assist one of the largest franchises in America to expand their REO operations into the Inland Empire.
The CrestREO REO Home Buyer Protection Program CrestREO has REO sales … (4 comments)
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loan: Stop Your Foreclosure: Break Through Loan - 07/28/07 02:08 AM
Stop Your Foreclosure: Break Through Loan by John Occhi, Hemet CA REALTOR® Mission Grove Realty
When a Hemet homeowner recently asked me about helping stop his foreclosure, he asked me what a "Break Through Loan" was and if it would be appropriate for him in his situation.
I was not at first familiar with the term, Break Through Loan. With a little investigation I figured out it was what I thought - a fancy name for a hard money loan for someone in the preforeclosure process.Before looking to hard money lenders, the Hemet Homeowner was advised to talk with his lender to … (2 comments)
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loan: What Do You Need for Your Loan - 07/14/07 02:16 AM
What Do You Need for Your Loan by John Occhi, Hemet CA REALTOR® Hemet CA Real Estate
My job as a REALTOR® is to help you find and buy (or sell) a house. It does not matter if you are looking to buy your first home, a second home, if you are a move-up home buyer or an Investor.Unless you are paying cash - you will be seeking financing. As your REALTOR® I really don't want to hear your tales of financial woe any more than I want to hear how magnificent you are with money and how much you are worth. … (12 comments)
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loan: FHA Releases New Loan Limits for 2007 - 01/08/07 09:59 AM
FHA Releases New Loan Limits for 2007By John Occhi, Hemet REALTOR®Hemet CA, Real Estate
I saw a great article this morning that was published by Inman News about the FHA loan market. Jack Guttentag, the author explained why the program is so valuable in today's real estate market.
Jack compares the program and how it works today and compares it to 2000, when it dominated 15% of the real estate mortgage loans that consumers borrowed and how it fell to only about 5% of all real estate related homes in the year 2006.
An FHA Home Loan, which is administered by the US Department … (2 comments)
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loan: And The Good News Keeps on Coming - 01/05/07 07:25 PM
And The Good News Keeps on Comingby John Occhi, Hemet REALTOR®I was just reading yet another industry newsletter in my email and came across yet another piece of good news today that was posted late today - one that directly affects the loan side of the business and the rates they get to charge, which means we get to sell more expensive homes for the same payment - oh yeah!Long-term mortgage interest rates were down again Thursday, and the benchmark 10-year Treasury bond yield dropped to 4.6 percent.
The 30-year fixed-rate average slid to 5.7 percent, and the 15-year fixed rate … (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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