financial: Proof of Funds Needed in Order to Show Home
- 09/29/11 02:17 PM
Proof of Funds Needed in Order to Show Home Well this is a first…a note in the MLS that proof of funds (POF) was required before a buyer could be shown a home (a short sale).
Now granted a proof of funds is important. We see requests for them all the time on REOs and short sales, and itmakes sense to provide them upfront rather than waiting to be asked IMO.
It’s also certainly important in a cash transaction to know that the buyer does have the financial wherewithal to purchase the property and to demonstrate this to the seller … (17 comments)
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financial: Are You Ready to Buy Now? Or Will That be in the Future?
- 12/19/10 03:56 PM
Are You Ready to Buy Now? Or Will That be in the Future? The question "are you ready to buy now, or will that be in the future?" is an important one.
It's important to know, as the REALTOR working to help you achieve your real estate goals, but it's a question you ought to be able to answer also.
I often work with relocations from around the country and other parts of California. Some buyers need to move right away, while others are planning to buy down the road - a second home for now, an investment to later live … (48 comments)
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financial: Down Payment Assistance Programs in San Diego | North San Diego County
- 06/22/10 01:15 PM
Down Payment Assistance Programs in North San Diego County
First time home buyers in North San Diego County have a special opportunity they may not know about...Down Payment Assistance Programs.
As a first time home buyer in California you know that the Federal First Time Home Buyer tax credit is gone (if you did not get your home under contract before April 30, 2010). You likely also know that California has a first time home buyer tax credit as well. If not, you can read more about the California 2010 First-Time Buyer Tax Credit that allows up to $10,000 … (10 comments)
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financial: Home Loan Options for our Nation's Veterans - A Guest Post
- 06/11/10 05:32 PM
Home Loan Options for our Nation's Veterans
While the First Time Home Buyer Credit has gone by the wayside as of April 30, 2010, there is still good news for our nation's veterans.
Rather than tell you myself, I thought I would share a GUEST POST from colleague Brandon Fischer from the VA Mortgage Center who is better equipped to share the good news for veterans regarding their loan options.
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Home Loan Options for our Nation's Veterans - Brandon Fischer
More than 2.5 million Americans took advantage of the recent home-buying tax credits, … (4 comments)
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financial: What You Should Know about the New GFE and HUD-1 Forms
- 05/18/10 05:24 PM
What You Should Know about the New GFE and HUD-1 Forms One of the more interesting sessions at NAR on day 2 last week, surprisingly, was a session on RESPA, specifically the new GFE (Good Faith Estimate) and HUD-1 Forms. Phillip Schulman, Esq., conducted the session with plenty of specific things to know and a fair bit of humor.
The main components of these documents include:
New GFE (Good Faith Estimate) Controversial YSP (Yield Spread Premium) Tolerance limitations (Zero, 10%, No Tolerance) New HUD-1 (now 3 pages) Average Charges The irony, of course, is the intent was to simplify, yet … (33 comments)
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financial: Relocation Costs – A Primer in Financial Planning for Your Move
- 05/12/10 11:48 PM
Relocation Costs - A Primer in Financial Planning for Your Move There are costs associated with every home search and purchase, no matter what your budget or where you are moving.
I recently completed a series on Home Buyer Costs You Might Not Be Thinking About. Here are the 3 articles:
Part 1 - The Home Search
Part 2 - Escrow and Closing Costs
Part 3 - After Closing Costs
Having moved a significant distance myself a number of times, I have found you need to factor in some additional costs when moving a distance, say to another state or … (9 comments)
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financial: Carlsbad Buyers - Some Home Buying Costs You May Not Think About (Part 3 of 3
- 05/02/10 03:45 PM
Carlsbad Buyers - Home Buying Costs You May Not Think About (Part 3 - Finale)
There are lots of costs associated with searching for and buying a new home in Carlsbad, or anywhere for that matter, in addition to the big ticket item itself.
In case you missed Part 1, we discussed home buying costs associated with the home search, inspections, appraisals and more.
In Part 2 we discussed the escrow and closing costs
AFTER CLOSING COSTS Sometime buyers don't necessarily think about all the costs associated with home ownership other than their purchase. They can, of course, … (3 comments)
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financial: Carlsbad Buyers - Some Home Buying Costs You May Not Think About (Part 2 of 3)
- 05/01/10 05:13 PM
Carlsbad Buyers - Home Buying Costs You May Not Think About (Part 2)
There are lots of costs associated with searching for and buying a new home in Carlsbad, or anywhere for that matter, in addition to the big ticket item itself.
In case you missed Part 1, we discussed home buying costs associated with the home search, inspections, appraisals and more. (Note: These costs may be rather different if your transaction is taking place in another state).
ESCROW and CLOSING COSTS Let's talk about the costs associated with your home purchase once you have an accepted offer. While … (0 comments)
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financial: Carlsbad Buyers – Some Home Buying Costs You May Not Think About (Part 1 of 3)
- 04/30/10 03:48 PM
Carlsbad Buyers - Home Buying Costs You May Not Think About (Part 1) There are lots of costs associated with searching for and buying a new home in Carlsbad, or anywhere. Obviously the big ticket item is the home itself.
But don't ignore the other fees that can really add up and which some Carlsbad buyers may not be thinking about. This is NOT to discourage but, rather, to educate you a bit about the home buying journey and the costs you may incur. Keep in mind they can vary from transaction to transaction (Note: These costs may be rather different … (2 comments)
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financial: Insurance Tips for Carlsbad Buyers and Sellers
- 12/18/09 11:49 AM
I'm not an insurance expert, just a simple homeowner who has lived in a variety of areas and homes, and someone who helps buyers and sellers buy and sell. So check with an insurance expert if you have some specific questions about your situation and area. But here are some general thoughts to consider, based on my knowledge and experience, some of which are more specific to my area:
BUYERS Check on the insurability of the home you are buying early on in the due diligence period to make sure you can get coverage. While this is likely not a problem … (31 comments)
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financial: Carlsbad Property Taxes - Do You Need to Appeal Your Assessment?
- 11/16/09 04:59 PM
Carlsbad Property Taxes - Do you need to appeal your assessment?
My guess is that you do.
If you don't know the answer, you do.
The assessed values of many homes in Carlsbad (and certainly elsewhere in San Diego County) have declined due to the housing market. So too have the assessed values which the San Diego County Assessor's Office uses to determine your property taxes.
If you believe your property's assessed value has declined, there IS something you can do - file an APPLICATION FOR CHANGED ASSESSMENT before November 30, 2009 for this current tax period to request a reassessment.
The … (2 comments)
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financial: Carlsbad California Making Home Affordable Loan Modification Program
- 07/19/09 11:02 AM
The Making Home Affordable Loan Modification Program for Carlsbad California may be a solution for some folks who are at risk of losing their homes for a variety of reasons. This program was introduced by the Obama administration earlier this year and may provide a solution for many home owners.
You can read more about Loan Modification in the Press Release from the Adminstration about the Making Home Affordable Program.
Bill Gassett is a top REALTOR for Metrowest Massachusetts real estate, and shared this summary of the Making Home Affordable Loan Modification Program to benefit troubled home owners possibly avoid … (2 comments)
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financial: Financing a Home in Carlsbad and in Nearby San Diego Coastal Communities - Is Cash King?
- 07/17/09 09:00 AM
With the more stringent requirements in place for obtaining a mortgage, and for a variety of economic reasons, the manner in which buyers are financing a home in Carlsbad and surrounding communities has shifted. As one example, there are more investors buying properties for cash since prices are more favorable.
VA (no money down) and FHA (only 3.5% downpayment needed) have become increasingly popular ways to finance a home in Carlsbad, especially for first time buyers, and because many other loan products have disappeared. FHA can be a challenge in some condo complexes here because of the ownership percentages which exceed … (6 comments)
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financial: Using Your IRA to Buy Investment Real Estate
- 09/25/08 03:37 AM
I have written a number of articles recently with a focus on the financial planning aspects of real estate investing, in collaboration with friend and financial planner, PAUL PAROTTI.
READ:
Financial Planning and Your Carlsbad Home Purchase
A Financial Planning Guide to Down Payments
Financial Planning and Your Second Home
Investing in Real Estate - Learnings from a Master
One of the interesting things I learned at a CRS meeting last year was about using your self-directed IRA as a vehicle for real estate investment. I asked PAUL to share his thoughts on this means of acquiring investment … (6 comments)
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financial: Carlsbad Real Estate - The Long Term Benefits of Investing
- 08/13/08 12:29 PM
I have been sharing some thoughts on real estate investing, and this is the next installment in the series. If you missed the previous articles, here they are - I think you will find them useful in planning your financial future.
READ:
Financial Planning and Your Carlsbad Home Purchase
A Financial Planning Guide to Down Payments
Financial Planning and Your Second Home
You might also read Investing in Real Estate - Learnings from a Master for some suggestions on calculations and issues to keep in mind when doing your due diligence
For some buyers, the benefits of investing in real estate … (4 comments)
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financial: Real Estate is Making a Comeback - Some Issues to Consider
- 08/02/08 04:23 AM
The past year has taught many lessons about the differences between “real” real estate investing and speculation. As the buy-and-flip frenzy has subsided (or been killed off) and prices of residential rental real estate have come down, traditional investing- based on cash flow/capitalization rates- is once again out there for dedicated investors to indulge in.
I’ve talked a bit about financial planning in the past, with a particular focus on how your real estate purchase should be carefully examined in light of your overall financial goals.
Read:
Financial Planning and Your Carlsbad Home Purchase
A Financial Planning Guide to Down … (9 comments)
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financial: Not Everyone Wants a Mortgage
- 07/14/08 03:06 PM
There is always room for a new perspective, whether you are considering the value of home ownership, or obtaining a mortgage.
When working with buyers from other countries, it is important to understand their possibly unique perspective on what owning a home means to them, and how they perceive having a mortgage debt.
I was also reminded of differing perspectives on home ownerships and how it happens a week ago when working with a delegation of investors from China.
I just started working with a charming couple, one of whom is not from the US (I am not sharing what … (16 comments)
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financial: Investing in Real Estate - Learnings From a Master
- 06/30/08 08:43 AM
We just had our quarterly membership meeting for the Southern California Chapter of CRS (Council of Residential Specialists) in Santa Barbara on Friday, June 27. These meetings are always a good source of networking and earning from others, and sometime picking up or giving away a referral.
The educational focus of these meetings for members is one of the big advantages of joining our chapter, and our most recent speaker, Chris Bird, was yet another great opportunity for learning, in this case about investing in real estate. Much of the focus was on helping us understand the benefits of investing, but more importantly … (10 comments)
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financial: Financial Planning and Your Second Home
- 06/04/08 04:54 PM
I started a series recently on financial planning as it pertains to real estate purchases.
We talked about financial planning in general, keeping in mind our overall financial goals as we consider our real estate purchase. My friend Paul Paroti, a financial planner, shared his wisdom with me regarding making these real estate purchase decisions with long term goals in mind.
Next we discussed the issue of down payments and the financial considerations associated with making decisions about where the money is coming from, long term goals, tax implications and so on. As a financial planner, Paul again shared some thoughts … (2 comments)
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financial: A Financial Planning Guide to Down Payments
- 05/27/08 03:35 PM
I recently wrote about the importance of considering your overall financial status and goals when making a Carlsbad home purchase. It’s a big decision and there can be huge financial implications, both in the near term and down the road.
Most buyers, unless they qualify for 100% financing or obtain gift money, will allocate a large chunk of cash to the down payment (up to 20% or more of the purchase price; with detached homes starting around $500K in Carlsbad we are talking $100,000!). And the decision of how large a down payment to make on your home purchase is not … (13 comments)
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