Jana Reyes's (familyhomesellers) Blog

Reduced! $349,000 5670 Elvas Avenue! Not an REO! Not a Short Sale! It's a Standard Sale!

Jana Reyes (Keller Williams Realty) — Mon, 01 Mar 2010 05:46:01 -0800

http://www.postlets.com/res/3456241

FHA 90 Day Seasoning Waiver Expanded - Flip Flip Hooray!?!

Jana Reyes (Keller Williams Realty) — Wed, 20 Jan 2010 03:35:39 -0800

90-Day Seasoning Waiver Expanded This update from FHA was released on Friday January 15th, 2010, as an excerpt from the CFR (Code of Federal Regulations) without a corresponding Mortgagee Letter and contains information about FHA's policies regarding the waiver of the 90-day seasoning required for sellers.Here are the 6 things you need to know about these changes: 1. Waiver takes effect February 1st, 2010 for a period of one year unless extended. 2. Investors are now exempt from the 90-day seasoning rule. 3. All transactions must me arms-length. 4. No identity of interest can exist between buyer and seller. 5. If sale price is 20% or more of the seller's acquisition cost, the lender must: a. provide supporting documentation and/or a second appraisal andb. order an inspection of the property and provide it to the buyer. 6. The waiver is limited to forward mortgages only. To read the text of this waiver and specific details: http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf Be sure to bookmark my blog so you can track back later this week and read my thoughts on this topic!

Home Sales Report for Sacramento County as of December 12, 2009

Jana Reyes (Keller Williams Realty) — Mon, 21 Dec 2009 03:56:03 -0800

Sales Statisticsfor SACRAMENTO County CA

Realist's most recent sale date for this county is 12/14/2009

Single Family Residence
Time Period	Number of Sales	Median Sale Price
Oct 2009	1,910	$190,000
Oct 2008	2,378	$205,000
Sep 2009	1,824	$186,000
Sep 2008	2,606	$209,000
2009 YTD	20,502	$185,000
2008	25,314	$220,000

Condominium
Time Period	Number of Sales	Median Sale Price
Oct 2009	91	$103,000
Oct 2008	137	$133,000
Sep 2009	75	$90,000
Sep 2008	151	$185,000
2009 YTD	959	$98,000
2008	1,544	$155,000

Not Thrilled with your Home Inspection Results but Really Love the House?

Jana Reyes (Keller Williams Realty) — Thu, 19 Feb 2009 19:03:38 -0800

You're in love with the house but the home inspection results are not what you hoped they'd be. What next? I suggest: 1. Is the inspection report calling for further inspection on certain items? To me that means either A.) He doesn't feel qualified to comment and is recommending you seek the opinion of specialist (i.e. a foundation contractor, a grading contractor, a HVAC specialist, etc.), B.) He feels that he can't determine the severity without opening walls or other invasive practices. If it's "A", call out a specialist in the area of concern for more insight. 2. Learn more about the neighborhood and the builder. Maybe the issues you're seeing on this house are typical for the neighborhood? If so, and you are set on that neighborhood, you may need to expect and accept. For example, there are older neighborhoods in Sac that consistently present the same issues, like outdated wiring, insufficient plumbing, and lack of proper drainage. The buyers who commit to the area need to expect the issues and accept that renovation is in their future! How do you go about researching the situation? Try this: Go to the neighborhood in the evening or on a Saturday morning and knock on some doors. Talk to your prospective neighbors. This can be an eye opener! Sometimes this exercise results in lessened concerns, especially if there are unfounded rumors about a particular neighborhood. Other times it confirms a common problem, reveals a past class action lawsuit, etc. Neighbors are often "in the know", especially in older neighborhoods. Besides, they are nosey, so even if a problem lies with a single house, they may remember seeing repair men out to address the same problems over and over again. Another channel: Is there's an HOA, call them up. They can provide insight into common issues in a particular community. Or: A simple "google" search may bring to light positive/negative reviews on a community or builder. 3. Get a bid from a licensed Contractor. Finding out how much it's going to cost you to bring it to a standard that's acceptable to you as the new owner and to current code is key! Knowing your budget and sticking to it is Real Estate 101! Make sure you ask for worst case scenario - meaning have him pad his estimate for potential issues. Remember, until you start tearing into a project it's very difficult to know the full scope! (I can suggest a great general contractor if you're in Sac County, Placer County, Yolo County, or El Dorado County: Moore Brothers Construction www.moorecontractor.com .) 4. What do the Seller's disclosures say? Compare the results of the home inspection with the information provided by the seller. It's perfectly acceptable, and advisable I might add, to send a written list of follow up questions to the seller after the inspection. Often times Sellers need their memory jogged regarding old issues, or ones they've gotten used to living around. For example, if the inspection report revealed a crack in the foundation, a follow up question asking the seller specifically if water has ever come up through that crack might be in order. Note, always present these questions in writing and expect the answers in that same format! 5. Pull permits. If the home inspection report refers to questionable remodels, renovations, alterations, it would be wise to research whether these repairs/renovations were done with proper permits and inspections. Now that you've done your homework: Ask yourself if you really want the house, if you are willing to proceed, and under what terms. Depending on the type of sale (short sale, bank repo, standard, probate, trust, auction, etc.), your choices may be limited. 1. If it's possible to negotiate for the seller to complete repairs, that's the ideal. Although it often extends the length of your escrow, you know that if/when the contractor finds additional work requiring a bid revision, the burden will fall on the seller. 2. Maybe the seller isn't open to facilitating repairs, but they will agree to a credit through escrow. This can be a great alternative, but remember to check with your loan officer first! There are times that banks refuse to allow such credits for fear that if the house needs substantial work and you receive money in lieu of the repair that you may opt not to use it towards that repair after closing and that compromises their collateral. 3. If the seller is unwilling to repair or offer a credit, see about renegotiating the price. If you go this route, make sure that you consider whether or not you'll have the cash to throw at the repair after closing. Jana Reyes Realtor Keller Williams Realty Visit me at www.EducatingBuyers.com or www.EducatingSellers.com 916-541-0375

How to Buy Bank REPOS at a Discount! - Seminar on Feb 13th 7-8pm in Elk Grove

Jana Reyes (Keller Williams Realty) — Mon, 04 Feb 2008 15:52:31 -0800

Receive a FREE list of Bank Owned Properties in your area of interestBefore your buy...Join us for a free 1 hour seminar reviewing the key strategies for positioning oneself to receive the best possible deal on a bank owned property!!We welcome property investors, first time buyers, and folks looking to move-up! Wednesday, February 13th7pm-8pmKeller Williams Realty 9355 E. Stockton Blvd. Suite 210Elk Grove, CA 95624Don't miss this phenominal buyers market!!! Call to reserve your spot - 916-541-0375. Don't forget to tell us which areas are of interest so we may prepare your list!

Bottom Feeders?

Jana Reyes (Keller Williams Realty) — Thu, 24 Jan 2008 16:22:14 -0800

Things are heating up! The great REO deals have people crawling all over them. Great news for the market!

Where's the Bottom?

Jana Reyes (Keller Williams Realty) — Fri, 07 Dec 2007 05:34:35 -0800

Are you sitting on the fence? Are you wanting to invest in Sacramento County real estate but think it wise to wait until we hit the "bottom"? First of all, how will you know when we've hit the bottom? One might argue that we'll only recognize the bottom when we see it through our rearview mirror. If you study the behaviors of the successful real estate investors you'll notice that they typically purchase during the decline, well before the "bottom". Why would they buy when further decline is clearly predicted? Who would invest knowing that a loss is on the horizon? Only the most wealthy real estate investors, that's who. Consider this -- Sacramento County home prices have been falling for 2 years. Consumer confidence has taken a serious blow. Seasoned investors know that sellers in the unfortunate predicament of needing to sell in what's becoming known as a "phenomenal buyers' market" are becoming increasingly desperate. It's witnessed that this desperation motivates sellers to consider and accept offers below market. Successful investors are prepared to seize this opportunity. What happens if the investors wait until the market hits its predicted plateau? When prices level off sellers will regain a feeling of stability. They will lose their perceived sense of urgency and the inclination to agree to unfavorable terms. The investor's opportunity to maximize his investment is lost. Is fear driving you? A very wealthy investor once shared his philosophy -- "I watch what everyone else is doing and then I do the opposite". It's so true, isn't it? The successful investors invest when the majority of us are too scared. Everyone knows the old saying "Buy Low and Sell High". Very few act on it. When prices are inflated how many of us sell? How many of us run out and stock up for fear that it will soon be outside of our reach? When prices are low - we feel suspicious and fear purchasing something that might be proven worthless. Consider this -- Real estate is the only investment that can never be worthless. It's true. Land is a limited resource, global population is growing, and housing is a basic human need. It's true that there are many economic factors influencing the local real estate market that are completely out of our control: job creation/elimination, supply (i.e. new builder development), population growth/decline, politics, vacancy rates, absorption rates, monetary policy (i.e. rates and loan qualifications), and success/failure of local industry. However, the fear factor - well, we can beat them, or join them, it's up to you. I challenge you to be a methodical and pragmatic investor not an emotional investor driven by fear. Call Tom & Jana today to see if investing in real estate is right for you. 916-480-8363 or visit us on the web at www.FamilyHomeSellers.com

Free Real Estate? How can that be?

Jana Reyes (Keller Williams Realty) — Fri, 07 Dec 2007 05:27:36 -0800

Did you know that Real Estate can be free? How? Selecting a property with a potential rental income equal to or in excess of the monthly mortgage. Tada! Your tenants buy the place for you. It's brillant! You get the tax advantages. You get the future market driven appreciation. You leverage their money. IT'S BRILLIANT!!! It's how the rich get richer. The rental market is STRONG. Tenants are lining up for rental units in the form of single family homes, duplexes, half plexes, and condos. Where are all of these people coming from? Well, 1. The population in Sacramento County continues to grow, 2. Job creation is positive in Sacramento County, 3. And, the recent foreclosure trend has pushed former homeowners out of their homes and into the pool of potential tenants.Not sure you want to play landlord? That's okay, we can refer you to some excellent property management companies who can find and qualify tenants, maintain the properties for you, and keep you posted. Call Tom & Jana today @ 916-480-8363 or visit us on the web at www.FamilyHomeSellers.com. Find out if investing in Real Estate is right for you.