buyers: Great Home in Mabury Ranch - 04/23/10 09:28 AM
I am doing a Open House in Orange County, Cal in the city Orange. The address is 6209 E. Bryce Ave, this is near Villa Park/ Orange Park Acres bordor. It will be Sunday April 25th from 1:00pm to 4:00pm.

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buyers: What a Game! - 03/01/10 05:56 AM
Did anyone see that USA-Canada men's or women's hockey game? This is why I love the Olympic's to watch games that have so much excitment and wow to them. Let me know if you watched it and what you think.
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buyers: FHA Short Sales and Short Payoffs - 02/12/10 07:06 AM
FHA Short Sales and Short Payoffs
Borrowers that were in default at the time of the short sale (or pre-foreclosure sale) of their previously owned primary residence are not eligible for a new FHA loan for three years from the date of the pre-foreclosure sale.   This means, that buyers wanting to purchase a similar or superior property within a reasonable commuting distance will not be able to obtain a new FHA loan.Borrowers are considered eligible for a new FHA loan if they were current on their mortgage and other installment debts at the time of the short sale of their previously owned property, and … (0 comments)

buyers: FHA Short Sales and Short Payoffs - 02/12/10 07:04 AM
FHA Short Sales and Short Payoffs
Borrowers that were in default at the time of the short sale (or pre-foreclosure sale) of their previously owned primary residence are not eligible for a new FHA loan for three years from the date of the pre-foreclosure sale.   This means, that buyers wanting to purchase a similar or superior property within a reasonable commuting distance will not be able to obtain a new FHA loan.Borrowers are considered eligible for a new FHA loan if they were current on their mortgage and other installment debts at the time of the short sale of their previously owned property, and … (1 comments)

buyers: Recession Not Only Affects The U.S. - 02/12/10 06:58 AM
The biggest influence on mortgage rates this week came from outside the US . Concerns about the possible default of sovereign debt in smaller nations caused investors to seek the relative safety of US fixed income securities. This week's economic data was roughly balanced in terms of positive and negative surprises. The added demand for safer investments helped mortgage rates move lower during the week.
The recession has impacted countries in different ways. Some of the hardest hit have been smaller European nations, such as Greece and Spain . As members of the European Union, they must adhere to certain restrictions … (1 comments)

buyers: Short Sale Tips for real estate professionals: - 02/12/10 06:52 AM
Below, we have provided some tips for agents and homeowners to help you better understand the short sale process and identify areas in which you can aid in advancing the process as well.
Tips for real estate professionals:
Advise clients to contact their servicer as early as possible
Ensure all customer financials are in PDF format Help clients complete all documentation accurately and as soon as possible Make sure the purchase offer is a legitimate offer and fully executed Submit the best possible purchase offer at fair market value Provide listing information and comparables to support price. … (3 comments)

buyers: New Guidelines for FHA Loans - 02/02/10 07:04 AM
   FHA announced changes to its guidelines.  It will raise the minimum down payment required for borrowers with credit rating scores below 580 to 10%, while the down payment for higher-ranked borrowers would stay at 3.5%.  The upfront MI premium is also going from 1.75% to 2.25%.  HUD is seeking congressional approval to allow it to raise annual mortgage insurance premiums.  Lastly, FHA also said it was cutting the amount of seller contribution to buyers down to 3% of the purchase price from 6%; a move it said could help lessen incentives to inflate appraised home values.  Lastly, HUD has put together a list of … (0 comments)

buyers: Lots of Important Changes for 2010 - 01/04/10 03:41 AM
   Lots of important changes are coming as of January 1st.  The most important change has to do with the new government mandate to change to the new Good Faith Estimate which is going from 1 page to 3 pages which will completely confuse the buyers.  After January 1st, any loans closed using the new Good Faith Estimate will also require escrow companies to provide a new HUDI.  We are hearing many escrow and title companies are not geared up and ready for this which is going to cause lots of problems. 
 How Does This Affect Us As Agents?
    … (2 comments)

buyers: What a Weird and Crazy Year - 12/14/09 07:40 AM
   As we come to the close of 2009 we can sum the entire year up into a couple of good news and bad news comments.  The good news is that interest rates are still close to historic lows and property values have stabilized in our area and in may cases have started to increase again.  The bad news is short sales are still taking forever and financing is still very tough to get.  Most ex­perts predict interest rates to remain low through most of 2010 and home buying should remain strong with the extension of the home buying tax credit.  … (2 comments)

buyers: How Low Can Interest Rates Go Next Year? - 12/01/09 05:31 AM
When you see very low interest rates you will also hear whisperings of the dreaded inflation as they go hand in hand.  Low interest rates are designed to stimulate the housing market and thereby the economy as a whole.  Common sense tells us that as the "velocity" (new term many economists are using) of money increases and people borrow more money at low interest rates, demand for goods and services increases and prices go up which causes inflation.  The main function of the Federal Reserve is to manage the economy and keep inflation under control.  The Fed's main tool to combat … (1 comments)

buyers: Home Prices In Orange County, California are Climbing - 11/18/09 03:49 AM
   Great article on the front page of the Orange County Register today.  DataQuick reports that the median price of a home in Orange County now stands at $436,500 which is up almost 4% over a year ago and up a whopping 18% from January's price bottom.  It also says most of the sales are centered in the entry level market and that higher-priced home sales are sluggish.  I think we already know that piece of information.
How Does This Affect Us As Agents?
    With the extension of the home buying tax credit, continued low interest rates, and very … (2 comments)

buyers: I Just Love The Media - 11/11/09 05:22 AM
   It is always interesting to me how the media works.  I guess it is just easier to say that they print whatever sells the most papers.  The same real estate reporters that predicted doom and gloom from 2002 up until the actual crash are now publishing positive real estate articles.  Last week was an article about two separate studies that predict the Orange County home prices will in­crease (yes increase) by 9% to 16% in 2010.  Today there is an article in the business section of the Register reporting that the amount of households that owe more then they are … (3 comments)

buyers: Tax Credit Extension For Buyers/Sellers - 11/05/09 08:10 AM
   Lots of stories out today with slightly different details but both the House and Senate have ap­proved the $8,000 tax credit for first time homebuyers through the middle of 2010.  The pro­gram has also been expanded to include those people who purchase an owner occupied home within the past 5 years although the tax credit in that case is reduced to $6,500.  The exact de­tails will be out later.
 How Does This Affect Us As Realtors ?
   This is obviously good news for the housing industry.  As the economy continues to stabilize and hopefully begins to improve it is essential … (1 comments)

buyers: Potential Good News For Homebuying ! - 10/29/09 08:03 AM
   News out of the government seems to indicate that they will be extending the temporary loan limits for conventional and FHA loans through 2010.  This is great news as right now there are very few investors buying loans over the conforming loan limit of $417,000.  As I mentioned the other day it also appears the extension of the home buying tax credit is closer to being a done deal.  No word yet on exactly how long the tax credit will last or if it will be opened up to all buyers and not just 1st timers. 
 How Does This Affect … (1 comments)

buyers: Is The Homebuyers Tax Credit Done? - 10/27/09 06:15 AM
 The word is the Senate could vote on the extension of the $8,000 tax credit as early as today.  There is lots of debate going on with some people feeling it should not be extended while others feel it should be extended and possibly expanded to offer tax credits to anyone buying a home or property and not just first time buyers.
 How Does This Affect Us As Realtors?
 The fear is that if the tax credit goes away so will the desire of many buyers to get out into the market and actually buy something.  As with many of … (1 comments)

buyers: California Governor Signs New Mortgage Laws - 10/13/09 06:44 AM
   These has been lots of talk and press yesterday and today about our famous Governor signing a package of mortgage related bills into law.  Some of the key components to these laws is pro­hibiting loan officers from "steering" people into higher priced loan program (the higher priced or sub-prime loans have not been available for over 3 years), outlawing negative amortizing loan programs (these programs have also not been available for several years), limiting pre-payment penalties to 2% of the loan amount (pre-payment penalties do not exist on any govern­ment or conventional loan anymore), and a few other cleanup type … (2 comments)

buyers: Funny Video on Why It Is Hard to Buy A Bank Owned Home - 10/12/09 05:27 AM
This one of the funnest video's I have ever seen.  http://www.youtube.com/watch?v=SM7oWKgCVo4
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buyers: Underwriting Woes - 10/07/09 07:26 AM
    As we all know, the underwriting process is very tough right now.  Source of funds and build­ing permits are two areas to be aware of.  Over the last couple of weeks lenders have become increasingly picky about "sourcing' any and all monies deposited into escrow or the buyers bank accounts.  Monies given to the buyer as a gift for down payment or closing costs must be sourced and traced with paperwork showing the person had the money to give the gift, proof the money came out of the identified account, and proof the money is deposited into either the buyer's … (0 comments)

buyers: Homebuyers Tax Credit Is Ending ? - 09/09/09 06:34 AM
 The Federal Tax Credit for first time homebuyers will expire as of December 1, 2009.  The transaction must be closed by that date to qualify for the tax credit.  There is talk and rumors that the government will extend the tax credit through next year and possible make it available to anyone buying a home and not just first time homebuyers.  We need to stress the fact that the extension of the tax credit is not guaranteed or set in stone but only speculation at this point.
 How Does This Affect Us As Agents ?
 We are getting a lot … (0 comments)

buyers: Media, Media, Media - 08/27/09 06:06 AM
    Here we go.  The roller coaster of the media is starting to attract some attention.  As I men­tioned yesterday some positive economic and housing news has been reported over the last few days and yesterday I began hearing on KFWB radio that housing in Southern California had "turned the corner".  More good economic news came out today in the form of new home sales and inventory turn times.  They are quoting in Orange County it would take 2.4 months to sell all the houses on the market as opposed to over 12 months a year ago.  Makes you wonder where … (0 comments)

 
Joseph & Cheryl Melendez (Coldwell Banker Excellence)

Joseph & Cheryl Melendez

La Habra, CA

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Coldwell Banker Excellence

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