fha loan: Yikes, a short sale listing with a FHA loan!
- 04/08/11 03:56 PM
This home I sold in Fremont for $540,000. This one was a doozy! A double wamy with a short sale listing and a FHA loan…fun, fun. This really nice and cute couple was a lot of fun to work with despite the fact that this transaction was a pretty tough one toward the last few weeks. I do have to say, I laughed out loud at some of the emails the buyer sent to the BofA lender. He really has a way with words. For the short sale approval part, it wasn’t too bad. We wrote the offer mid January and … (2 comments)
fha loan: The Guest House That Became an Issue
- 02/13/11 05:03 AM
This couple was really cool and a lot of fun to work with during the process. They actually called me to represent them on this particular home because they wanted a buyer’s agent for this short sale transaction. They were open to viewing other homes, but this was kind of ‘the one’ for them. We did look at just a few other homes while waiting for short sale approval, but nothing compared to this home that they actually found on their own. One funny thing that happened when showing them another property on one fine Sunday, is that I went … (2 comments)
fha loan: Another Successful Short Sale Tansaction with a FHA Buyer
- 10/29/10 06:13 AM
I sold this home to a really sweet first time FHA buyer who was very patient through the waiting process. This sale was a short sale that took about 2 months for short sale approval and then another month to close the transaction, so not too bad. For the most part the short sale process and transaction itself was pretty uneventful, which is actually a very good thing when buying a home, mainly just waiting for the approval, which in the short sale world, actually didn’t take that long.
Just on a side note, in regard to FHA financing, if … (1 comments)
fha loan: The First Time Buyers Who Experienced a Short Sale and FHA Loan Experience
- 08/12/10 05:09 AM
The buyers who bought this home in San Jose are just the cutest young couple buying their first home. Wow, did they learn more about short sales and FHA loans then they probably care to imagine! Initially, this couple found a short sale home and we made an offer and were just taken for a ride. The listing agent told us he would work with us and I kept asking and waiting for the signed contract which never came, and one day he told me that the seller decided to go with another buyer who was apparently a friend. So, … (0 comments)
fha loan: FHA Loan or Conventional Loan?
- 05/26/10 02:54 AM
I sold this home in Santa Clara for $711,000 to a very nice young couple buying their first home. They initially wanted to get an FHA loan and put as little of a down payment as possible, but also had the ability to go with a conventional loan as well. In my opinion, if you do have the down payment, it’s better to go with a conventional loan because FHA loans are more expensive than a conventional loan. In this case, it would have cost the buyers about $25,000 extra in this price range to get a FHA loan. Since they … (0 comments)
fha loan: Yay, a Smooth FHA Transaction in San Jose
- 05/19/10 08:58 AM
This home was just an adorable home in such a unique and cool location of downtown San Jose. It is in a cul de sac and backs to a creek, very peaceful! You would never know you were in downtown San Jose sitting in this home or in the back yard. This listing was very interesting in that we had so much activity it was just unbelievable throughout the entire time it was on the market. We had multiple offers within the first week. The downside to this home, literally speaking, is that it has a very apparent slope to the … (0 comments)
fha loan: The Buyer Who Would Not Take 'No' For an Answer
- 04/14/10 05:23 AM
This is the 5th time I have worked with this buyer. About 1995 she bought her first condo with me, sold that condo, bought a house, sold the house and moved to Boston, came back to the Bay Area, and just bought this home. She was determined to buy a single family home and not a townhome or condo, even though, in this price range, it is VERY tough to get a single family home and most the homes in this price range are eaten up by all cash buyers. She made so many offers that I completely lost count of … (3 comments)
fha loan: Probably One of the Last FHA Spot Approvals Through Before the Deadline
- 02/28/10 05:31 AM
I just sold a condo in San Jose to a very sweet young couple. They wanted this particular community because it was close to Lake Almaden and they really like the location. They are FHA buyers and this community is not FHA approved. The deadline for spot approvals was Feb 1 and we barely made the deadline before the cutoff. So, luckily they were able to sneak into this community before the spot approvals became non existent. A spot approval is where FHA makes an exception and will give an FHA loan in a community that is not FHA approved if the HOA … (0 comments)
fha loan: Say Goodbye to Spot Approvals for FHA Loans in Condo/Townhome Communities
- 02/09/10 11:02 PM
Why FHA decided to end spot approvals is a complete unknown to me and is definitely not good news for FHA buyers and condo/townhome communities that are not FHA approved. As of February 1, 2010, FHA no longer allows spot approvals in said communities. A spot approval is one in which FHA looks at an individual unit, the HOA documents, and some other factors to determine if the community is stable and the unit is in good condition and may allow a FHA loan to go through when a condo/townhome community is not FHA approved. And, being that the real estate and mortgage industry had not been using FHA loans prior … (1 comments)
fha loan: Miracles Do Happen ... Even in the Real Estate Market!
- 01/20/10 02:33 AM
This sale is a great story for a home I just sold in San Jose! The buyer is just the most awesome and cool young single man in his late 20’s determined to buy a single family home, although in his budget price range, the market is VERY competitive with investors and all cash buyers. But, he was very determined to make it happen and he did! He apparently worked with another agent before he was referred to me and looking more into condos in this price range, but when the market was really low, he noticed that single family homes were falling into his … (3 comments)
fha loan: The Loan Guidelines Keep Changing!
- 11/29/09 08:07 AM
I just sold a nice 2 bedroom and 2 bathroom condo in Newark in a nice community. This was another very smooth transaction. One item I did learn in this transaction that seems to be a new guideline as of October, is that if one borrower is going to owner occupy the home and there is a co-borrower involved who is not going to owner occupy the home, then the person that is going to occupy the home has to qualify on their own. What is the logic of that you ask? Good question! If the borrower who is going to … (2 comments)
fha loan: I Do Not Know Who Was Worse, the Seller or the Lender ...
- 10/15/09 10:17 AM
Where do I start? This sale was interesting from Day 1. This home had been on the market for some time and it was over priced. My clients viewed the home, but at the time, were not interested due to the high price. After some time, the seller did a price reduction and it renewed the buyer’s interest. The buyer made an offer for $690,000 and $10,000 credit. The seller’s agent told me that if we increased the price by $5,000, the home was ours.
I spoke to the buyers, they agreed to do so, we amended the offer, … (2 comments)
fha loan: We Painted the Patio to Get the FHA Loan Funded
- 10/15/09 10:10 AM
These buyers are an adorable young couple who I just adore for a home I just sold in San Jose. This transaction was smooth in the beginning, but just crazy towards the end due to the endless paperwork that Wells Fargo required from them just picking their accounts to death. Wells Fargo required them to explain every single deposit over $100 for 3 months. These buyers were FHA buyers, minimum down payment of 3.5%, and the seller paid $12,000 towards their closing costs. They competed with 3 offers. The transaction itself went very smoothly, the stressful part for the buyers was … (3 comments)
This home I sold in Fremont for $540,000. This one was a doozy! A double wamy with a short sale listing and a FHA loan…fun, fun. This really nice and cute couple was a lot of fun to work with despite the fact that this transaction was a pretty tough one toward the last few weeks. I do have to say, I laughed out loud at some of the emails the buyer sent to the BofA lender. He really has a way with words. For the short sale approval part, it wasn’t too bad. We wrote the offer mid January and … (2 comments)
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