loans: Short Sales Becomming Easier
- 02/22/10 05:15 AM
I just wanted to let my fellow agants know that we love doing short sales for Wachovia. Wachovia has make their process so streamline and enjoyable to do. Their Fast Track request form speeds up the whole process as well as having a short sale contact person that actually will pick up the phone or send you a email in a very timely manner. I hope all of the other lending institutions take note on how Wachovia is working with the Real Estate agents to get their properties sold. … (3 comments)
loans: Fun Lead Generation Day
- 02/15/10 04:02 AM
Cheryl and I put on a Home Run Derby for our cities Little League every year for the last 5 years. This a very inexpensive way to market yourself. We make a party of it with a DJ and some Metals for the kids in each bracket. The parents have to sign up the kids so we get emails and names and phone numbers with no hassles. We add them to our data base and we have gotten not only our name and facial recognition, but several deals form it. … (1 comments)
loans: 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)
loans: 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)
loans: 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)
loans: 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)
loans: 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)
loans: 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)
loans: 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)
loans: 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)
loans: 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)
loans: Improving Housing Numbers In OC
- 08/25/09 09:41 AM
The Case-Shiller Home Price Index showed an increase in home prices for the second month in a row. This index measures home prices in 20 cities across the country. Couple that with the Orange County Register reporting an increase in the median price of a home in this area and you get a feeling that prices have stabilized in our area and that people are becoming more and more aware of it. How Does This Affect Us As Agents ? It would appear we can all agree that sales activity and in some cases prices are increasing. I have … (0 comments)
loans: The Media Our Friends ?
- 07/30/09 04:10 AM
Our friendly Orange County Register (yes the same paper that bashed real estate for 3 straight years) reported in the Wednesday business section that "the housing market is on the mend". They also report that this is the "fourth consecutive month the index indicated prices have turned the corner and are heading back towards positive territory". How Does This Affect You ? As always perception fuels the economy as well as the housing market. Lack of inventory has been the biggest reason for the increase in sales activity. We are all seeing multiple offers and in some cases … (3 comments)
loans: Is It Over ???
- 07/28/09 05:36 AM
Newsweek magazine says it is. Leading economists say it is. The media says it might be. So the big questions continues to be, is the recession over? With corporate earnings up and resale housing numbers improving it would appear that the economy may be turning the corner. There is a long road ahead and unemployment is still a huge concern but some of the reports and numbers are very encouraging. How Does This Affect Us As Realtors? A possibly recovering housing market brings both good news and bad. The good news is sales activity is up considerably and inventory is … (7 comments)
loans: Is The Media Back in O.C. ?
- 07/09/09 09:40 AM
For years the Orange County Register was forecasting a bursting of the housing bubble when real estate prices were going up and the market was strong. As in any economic cycle they were bound to be right at some point and the economy fell into recession taking the housing market with it. That was two years ago and not much has been heard from the real estate reporters as the paper has downsized and other news has taken the headlines. All of a sudden over the last few weeks I have noticed several positive articles about the real estate market in … (0 comments)
loans: Update on HVCC Mess For Realtors
- 06/30/09 07:51 AM
As you all know by now, any lender ordering appraisals on conventional loans must go through an appraisal management company. Loan officers, processors, or anyone associated with the origination side of the business cannot be involved as it could "influence" the appraiser. The big banks are also having to let their appraisal management departments assign appraisers. This is of course a mess in many cases as out of area appraisers not familiar with a market area are bringing values in low. Since the appraiser is randomly assigned there is also no accountability as to the quality or timeliness of the appraisal … (2 comments)
loans: Good Housing News for Orange County, California
- 06/18/09 10:58 AM
The Orange County Register which bashed real estate for the last several years seems to be back on the real estate bank wagon. On the front page of the Business section is news that Orange County's median sales price rose to $410,000 which is the highest it has been in 7 months. The main reason given for this increase is reduction in the number of homes for sale. How Does This Affect You as a Realtor in the OC? While not out of the woods by any means this type of news will help get buyers, sellers, and investors off … (3 comments)
loans: Locking In an Interest Rate
- 06/15/09 07:53 AM
With the wild spike in interest rates last week it is important to understand how locking an interest rate in works. Once a property is in escrow we have the options of locking in an interest rate for the term of the escrow. If the rates go up the buyer is protected and if the rates go down we have the option of renegotiating a lower rate with the lender we locked in with or taking the loan to another lender and getting a lower rate. There is no cost or obligation when we lock or relock a buyer. Most lenders … (3 comments)
I just wanted to let my fellow agants know that we love doing short sales for Wachovia. Wachovia has make their process so streamline and enjoyable to do. Their Fast Track request form speeds up the whole process as well as having a short sale contact person that actually will pick up the phone or send you a email in a very timely manner. I hope all of the other lending institutions take note on how Wachovia is working with the Real Estate agents to get their properties sold.
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