Could be of real help to those trying to keep their homes...
"Obama Expected to Unveil Housing Aid
DAILY REAL ESTATE NEWS | MONDAY, OCTOBER 24, 2011
President Barack Obama is expected to announce Monday new policies to help struggling home owners, including a move that would allow borrowers to refinance their mortgage at current low rates no matter how much their home values have dropped.
The announcements are expected to unveil looser terms to qualify for the Home Affordable Refinance Program (HARP), which helps borrowers up-to-date on their mortgage payments refinance, despite a drop in their home values.
The Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, also is expected to end a cap that excluded home owners from HARP who had mortgages that were higher than 125 percent of the home’s value.
Many borrowers who are underwater on their properties have been unable to refinance their mortgage since they do not have enough equity in their properties. The administration’s plan is expected to eliminate “appraisals and extensive underwriting requirements for most borrowers” who are up-to-date on their mortgage and want to refinance at a lower rate, The Wall Street Journal reports.
Obama is also expected to announce a reduction in Fannie Mae and Freddie Mac loan fees and a waiving of fees for borrowers looking to refinance their mortgages into shorter terms. Lenders could start refinancing, following the new policies, as early as Dec. 1. However, mortgages that are more than the current loan-to-value limit may have to wait until early next year, according to media reports.
Housing experts believe that allowing underwater home owners to refinance at the current low rates will allow home owners to shave hundreds from their monthly mortgage bills and possibly help avoid foreclosures and free up more household cash to spur economic recovery in other areas.
Source: “WSJ: Home Lending Revamp Planned,” The Wall Street Journal (Oct. 24, 2011) [log-in required] and “Obama to Unveil Housing Plan on Campaign Swing West,” Reuters News (Oct. 24, 2011)"
http://realtormag.realtor.org/daily-news/2011/10/24/obama-expected-unveil-housing-aid
Monday, October 24, 2011
Tuesday, May 24, 2011
Marin IJ article
Definitely check out this article
http://www.marinij.com/business/ci_18073444
That describes the current market in Marin County. Seems that the supply and demand are settling down, and although sales are only just starting to pick up, it seems to be giving indications that we're in the bottom and looking to start strengthening... yes, we all have a long way to go, but one step at a time!
http://www.marinij.com/business/ci_18073444
That describes the current market in Marin County. Seems that the supply and demand are settling down, and although sales are only just starting to pick up, it seems to be giving indications that we're in the bottom and looking to start strengthening... yes, we all have a long way to go, but one step at a time!
Thursday, April 28, 2011
Medical Marijuana property and more thoughts...
Looking for a Medical Marijuana property. Yes, definitely a question we are asked with frequency in Mendocino County. I understand this question was posted over a year ago, but I think there are others out there who would like a general answer. Basically, although the county and state allow medical marijuana growing and usage with many conditions, it is still a Federal crime-- please remember that.
With that said, my suggestion would be to look for a geographic location with enough land and room between neighbors-- or, if growing indoors, a building or room suitable for that use and with a filtration system to not become a nuisance to the neighbors. Being friendly and considerate with those who live around you can go a long ways to a peaceful existence.
There are areas that are not friendly for growing Medical Marijuana, like in the Willits or Lakeport city limits. The Mendocino County Sheriff's Dept has a program you can register through, too. Always check the location and possible restrictions on the property you may want to purchase.
Also, when looking for ANY property. Ask about water. Does it have a well, district water, spring, etc? A low producing well is not always bad if it is consistent, even in drought years... a spring can be wonderful, but also can stop in the summer months. Years ago when the market was hot, many people forgot to ask important questions like these about the property.
Finally, ask yourself how you are doing to purchase the property? With a conventional loan, private money loan, seller carry-back, or a lease-option? The lease option has become a popular choice, but few know the risks to both buyer and seller. If you do not fully understand the details and risks of a lease option, then you may truly lose out on many thousands of dollars-- so check into that option carefully! With seller financing, the buyer can save because they are not spending money on lending fees-- but the terms including interest rate may not be good for the buyer, and there are also many details about seller financing that should be addressed... and if not, it can cause problems again for both buyer or seller down the road.
Basically, make sure everything is spelled out-- and never feel there is a silly question that you should not ask. There are no stupid questions! Well, almost never! But you get the idea :)
With that said, my suggestion would be to look for a geographic location with enough land and room between neighbors-- or, if growing indoors, a building or room suitable for that use and with a filtration system to not become a nuisance to the neighbors. Being friendly and considerate with those who live around you can go a long ways to a peaceful existence.
There are areas that are not friendly for growing Medical Marijuana, like in the Willits or Lakeport city limits. The Mendocino County Sheriff's Dept has a program you can register through, too. Always check the location and possible restrictions on the property you may want to purchase.
Also, when looking for ANY property. Ask about water. Does it have a well, district water, spring, etc? A low producing well is not always bad if it is consistent, even in drought years... a spring can be wonderful, but also can stop in the summer months. Years ago when the market was hot, many people forgot to ask important questions like these about the property.
Finally, ask yourself how you are doing to purchase the property? With a conventional loan, private money loan, seller carry-back, or a lease-option? The lease option has become a popular choice, but few know the risks to both buyer and seller. If you do not fully understand the details and risks of a lease option, then you may truly lose out on many thousands of dollars-- so check into that option carefully! With seller financing, the buyer can save because they are not spending money on lending fees-- but the terms including interest rate may not be good for the buyer, and there are also many details about seller financing that should be addressed... and if not, it can cause problems again for both buyer or seller down the road.
Basically, make sure everything is spelled out-- and never feel there is a silly question that you should not ask. There are no stupid questions! Well, almost never! But you get the idea :)
Wednesday, April 13, 2011
Help with closing costs for buyers///
Hey, this could be good for some people! Glad they're still thinking of ways to help homebuyers...
"Daily Real Estate News | April 13, 2011 | Share
Fannie Offers Closing Cost Help for REOs
Fannie Mae is trying to lure more buyers to its foreclosure properties by offering to cover 3.5 percent in closing costs for home owners who close by June 30 on its HomePath properties.
Fannie’s HomePath program provides low down payment financing on REO property sales and has no requirements for mortgage insurance or appraisals.
During the fourth quarter of last year, Fannie offered closing cost assistance and was able to recoup 55 percent of unpaid principal balance on defaulted mortgages through the sales."
Source: “To Move REO, Fannie Offers Deals to Consumers,” National Mortgage News (April 12, 2011)
http://www.realtor.org/RMODaily.nsf/pages/News2011041301?OpenDocument
"Daily Real Estate News | April 13, 2011 | Share
Fannie Offers Closing Cost Help for REOs
Fannie Mae is trying to lure more buyers to its foreclosure properties by offering to cover 3.5 percent in closing costs for home owners who close by June 30 on its HomePath properties.
Fannie’s HomePath program provides low down payment financing on REO property sales and has no requirements for mortgage insurance or appraisals.
During the fourth quarter of last year, Fannie offered closing cost assistance and was able to recoup 55 percent of unpaid principal balance on defaulted mortgages through the sales."
Source: “To Move REO, Fannie Offers Deals to Consumers,” National Mortgage News (April 12, 2011)
http://www.realtor.org/RMODaily.nsf/pages/News2011041301?OpenDocument
Short sale help? We'll see...
Good luck guys! Trying to fix short sales again, are we?? More power to you!
"Daily Real Estate News | April 13, 2011 | Share
NAR Applauds Short Sales Bill
A new bill to improve the process for approving short sales may soon bring relief to distressed home owners who are unable to keep their homes and hope to avoid foreclosure. The bill, introduced in the U.S. House yesterday and strongly supported by the NATIONAL ASSOCIATION OF REALTORS®, would impose a deadline of 45 days on lenders to respond to short sale requests.
The legislation, the “Prompt Decision for Qualification for Short Sale Act of 2011,” was offered in Congress by U.S. Reps. Tom Rooney (R-Fla.) and Robert Andrews (D-N.J.). “The current short sale process can be time-consuming and inefficient, and many would-be buyers end up walking away from a sale that could have saved a home owner from foreclosure,” said NAR President Ron Phipps.
“REALTORS® and consumers continue to raise issues about delays in the short sale process, because lenders are unable to decide whether to approve a short sale. After many months of delays, and with no response from lenders, potential buyers are losing patience and cancelling their contracts, often resulting in the property entering foreclosure. A short sale minimizes the negative impact on sellers and generally costs the lender less than a foreclosure,” said Phipps.
NAR has been actively pushing the lending industry to improve the process for approving short sales, which represent about 13 percent of recent home sales according to NAR data. Phipps praised Reps. Rooney and Andrews for their efforts on the bill and urged Congress to pass the bill quickly.
“As the leading advocate for home ownership and housing issues,
REALTORS® want to help more home owners avoid foreclosure by facilitating a short sale when a family is absolutely unable to keep their home; however, that can only happen if lenders and servicers approve short sale offers in a reasonable amount of time,” said Phipps. “Streamlining short sales transactions will reduce the amount of time it takes to sell the property, improve the likelihood that the transaction will close and reduce the overall number of foreclosures. This benefits sellers, lenders, buyers, and the entire community.”"
http://www.realtor.org/RMODaily.nsf/pages/News2011041302?OpenDocument
"Daily Real Estate News | April 13, 2011 | Share
NAR Applauds Short Sales Bill
A new bill to improve the process for approving short sales may soon bring relief to distressed home owners who are unable to keep their homes and hope to avoid foreclosure. The bill, introduced in the U.S. House yesterday and strongly supported by the NATIONAL ASSOCIATION OF REALTORS®, would impose a deadline of 45 days on lenders to respond to short sale requests.
The legislation, the “Prompt Decision for Qualification for Short Sale Act of 2011,” was offered in Congress by U.S. Reps. Tom Rooney (R-Fla.) and Robert Andrews (D-N.J.). “The current short sale process can be time-consuming and inefficient, and many would-be buyers end up walking away from a sale that could have saved a home owner from foreclosure,” said NAR President Ron Phipps.
“REALTORS® and consumers continue to raise issues about delays in the short sale process, because lenders are unable to decide whether to approve a short sale. After many months of delays, and with no response from lenders, potential buyers are losing patience and cancelling their contracts, often resulting in the property entering foreclosure. A short sale minimizes the negative impact on sellers and generally costs the lender less than a foreclosure,” said Phipps.
NAR has been actively pushing the lending industry to improve the process for approving short sales, which represent about 13 percent of recent home sales according to NAR data. Phipps praised Reps. Rooney and Andrews for their efforts on the bill and urged Congress to pass the bill quickly.
“As the leading advocate for home ownership and housing issues,
REALTORS® want to help more home owners avoid foreclosure by facilitating a short sale when a family is absolutely unable to keep their home; however, that can only happen if lenders and servicers approve short sale offers in a reasonable amount of time,” said Phipps. “Streamlining short sales transactions will reduce the amount of time it takes to sell the property, improve the likelihood that the transaction will close and reduce the overall number of foreclosures. This benefits sellers, lenders, buyers, and the entire community.”"
http://www.realtor.org/RMODaily.nsf/pages/News2011041302?OpenDocument
How to get Mortgage Free-- tips to pay it off
Here are some tips to get your mortgage paid off early!
"Daily Real Estate News | April 13, 2011 |
Mortgage Free? Help Home Owners Learn How
Do your clients aspire to live mortgage free? Here are a few ways they can pay off their mortgage early, according to a recent article at Bankrate.com.
Add a little payment to principal. Use mortgage calculators to see how adding a little extra payment to your principal--even $100--can shorten the length of your loan and reduce the amount of interest you'll pay on it. Tracy Piercy, CEO of MoneyMinding.com, says home owners can just round their monthly payments up (e.g. $644 to $650) to find savings too--just an extra $6 per month on a $200,000, 30-year loan can save you four payments at the end of your mortgage loan.
Refinance. Interest rates are low and you can often can get an even better rate if you refinance into a shorter loan term. For example, 15-year loans are a popular refinancing choice. You’ll have higher payments, but you’ll be paying less overall interest. Or if you don’t want to commit to the higher payments, take out a 30-year loan but make payments as if you had a 10- or 15-year loan, experts recommend.
Make biweekly payments. Pay half your regular mortgage payment every other week instead of once a month. By doing so, you’ll have made 13 full monthly payments by the end of the year and on a 30-year mortgage, that extra payment can chop about six years off your mortgage."
Source: “4 ways to pay off your mortgage earlier,” Bankrate.com (April 2011)
http://www.realtor.org/RMODaily.nsf/pages/News2011041306?OpenDocument
"Daily Real Estate News | April 13, 2011 |
Mortgage Free? Help Home Owners Learn How
Do your clients aspire to live mortgage free? Here are a few ways they can pay off their mortgage early, according to a recent article at Bankrate.com.
Add a little payment to principal. Use mortgage calculators to see how adding a little extra payment to your principal--even $100--can shorten the length of your loan and reduce the amount of interest you'll pay on it. Tracy Piercy, CEO of MoneyMinding.com, says home owners can just round their monthly payments up (e.g. $644 to $650) to find savings too--just an extra $6 per month on a $200,000, 30-year loan can save you four payments at the end of your mortgage loan.
Refinance. Interest rates are low and you can often can get an even better rate if you refinance into a shorter loan term. For example, 15-year loans are a popular refinancing choice. You’ll have higher payments, but you’ll be paying less overall interest. Or if you don’t want to commit to the higher payments, take out a 30-year loan but make payments as if you had a 10- or 15-year loan, experts recommend.
Make biweekly payments. Pay half your regular mortgage payment every other week instead of once a month. By doing so, you’ll have made 13 full monthly payments by the end of the year and on a 30-year mortgage, that extra payment can chop about six years off your mortgage."
Source: “4 ways to pay off your mortgage earlier,” Bankrate.com (April 2011)
http://www.realtor.org/RMODaily.nsf/pages/News2011041306?OpenDocument
Friday, January 21, 2011
Be careful of your mail!!!
Honestly, worries about the mailbox and other people's access to it is one reason why I have a post office box now...
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Daily Real Estate News | January 21, 2011 | Share
Thieves Target Tax Documents, Watch Your Mail
Tax season is here, which means you need to take some extra caution when receiving your important tax documents in the mail and ensure they don’t fall into the wrong hands, identity theft experts warn.
Year-end credit card summaries, W-2s, 1099 income tax forms, and brokerage statements contain critical information about you, such as your full name, Social Security number, and account numbers. In the wrong hands, that type of personal information can put you at risk for identity theft.
"People don't understand that 'walkers' follow mail carriers and look through your mail for any bonanza they can find," says Linda Foley, chairman of the Identity Theft Resource Center. "Mail thieves know the prime time is between 9 a.m. and 3 p.m. Others take advantage of the dark of night and/or consumers' tendencies of not checking mailboxes each day."
Some experts warn that some thieves are even opening envelopes and making copies of documents and then resealing your mail and placing it back in the mailbox -- so you never suspect a thing.
Here are some suggestions from experts on how to better protect your mail:
Purchase a secure, locked mailbox for your home or get a post office box to prevent others from accessing your mail.
Get your mail soon after it arrives and avoid having mail left in your mailbox for long periods of time. Put a vacation stop on your mail if you are going to be out of town.
If you think your mail has been stolen, contact your creditors or bank about your bills and the U.S. Postal Inspection Service to investigate any missing mail or mail theft. You can file a mail theft complaint online at https://postalinspectors.uspis.gov/contactUs/filecomplaint.aspx or call 1-877-876-2455.
Source: “Mail Thieves Are Waiting for Your Tax Documents,” The Dallas Morning News (Jan. 17, 2011)
http://www.realtor.org/RMODaily.nsf/pages/News2011012104?OpenDocument
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Daily Real Estate News | January 21, 2011 | Share
Thieves Target Tax Documents, Watch Your Mail
Tax season is here, which means you need to take some extra caution when receiving your important tax documents in the mail and ensure they don’t fall into the wrong hands, identity theft experts warn.
Year-end credit card summaries, W-2s, 1099 income tax forms, and brokerage statements contain critical information about you, such as your full name, Social Security number, and account numbers. In the wrong hands, that type of personal information can put you at risk for identity theft.
"People don't understand that 'walkers' follow mail carriers and look through your mail for any bonanza they can find," says Linda Foley, chairman of the Identity Theft Resource Center. "Mail thieves know the prime time is between 9 a.m. and 3 p.m. Others take advantage of the dark of night and/or consumers' tendencies of not checking mailboxes each day."
Some experts warn that some thieves are even opening envelopes and making copies of documents and then resealing your mail and placing it back in the mailbox -- so you never suspect a thing.
Here are some suggestions from experts on how to better protect your mail:
Purchase a secure, locked mailbox for your home or get a post office box to prevent others from accessing your mail.
Get your mail soon after it arrives and avoid having mail left in your mailbox for long periods of time. Put a vacation stop on your mail if you are going to be out of town.
If you think your mail has been stolen, contact your creditors or bank about your bills and the U.S. Postal Inspection Service to investigate any missing mail or mail theft. You can file a mail theft complaint online at https://postalinspectors.uspis.gov/contactUs/filecomplaint.aspx or call 1-877-876-2455.
Source: “Mail Thieves Are Waiting for Your Tax Documents,” The Dallas Morning News (Jan. 17, 2011)
http://www.realtor.org/RMODaily.nsf/pages/News2011012104?OpenDocument
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