Sander's Real Estate

Five tips to know before you hire movers

2011-09-21T08:29:00.000-07:00

Moving can be a stressful experience but hiring the right moving company can ensure a smooth transition. Check out the tips below on how to select the best company for you.
1. Do your research. Talk to friends and neighbors for recommendations and warnings. Research prospective moving companies on the Better Business Bureau's website. Call and ask how long they have been in business, how much experience their packers and drivers have, and, if necessary, if they're licensed for interstate transport.
2. License to drive. Verify the status of the moving company's licenses with the US DOT and State DOT (as appropriate). Check their credentials and make sure they offer liability insurance.
3. Get an in-home quote. A company that provides an estimate over the phone may then charge more on the day of the move by claiming that there was more inventory than expected. The Department of Transportation's Federal Motor Carrier Safety Administration (FMCSA) requires an interstate mover to give you an in-home estimate if your current home is 50 miles from the mover’s (or the agent’s) place of business. You’re entitled to get the full quote in writing, which should itemize all charges associated with the move.
4. Compare and save. When it comes to getting a fair quote, let market competition work for you.
5. A picture is worth a thousand words. A legitimate mover should inventory your property before the move to make sure nothing is lost, but photos of all valuable property provides extra protection if you need to file a claim.

Five Tips for a profitable yard sale

2011-09-12T08:24:00.000-07:00

During the summer months, homeowners across the country host yard sales. Our tried-and-true tips will make your summer sale a financial success!

1. Advertise. Hang brightly colored signs around your neighborhood and remember to display signs in high traffic areas, even if it is a few miles from the actual sale. Revisit the signs the day before the sale and add balloons to attract attention. Don't forget to advertise on Facebook, Craig's List or even in a newspaper ad.
2. Plan ahead. Make your sale as convenient as possible for shoppers, this means a prompt start, plenty of change, even light bulbs, power strips and batteries on hand to assure customers electric items work properly.
3. The price is right. Realistically price your items, remember, it's a yard sale. Visit other sales prior to your own to get an idea of how to price your items.
4. Sell what sells. Sporting goods, toys, games and kitchen tools are popular buys, donate outdated clothing and discard any recalled items.
5. Curb appeal. Make your sale efficient and inviting. Everything should be clean and orderly with prices conveniently placed on the top of all items.

What not to do before buying a home

2011-09-07T11:31:00.000-07:00

A lender will examine your debt-to-income ratio to qualify you for a mortgage. Debt-to-income ratio is the percentage of your gross monthly income, before taxes, that is reserved to pay down debt. If you're serious about buying a home avoid these common mistakes that will compromise the amount of your approved loan:

1. No new debt! Delay large purchases, this includes jewelry, vacations, appliances and especially vehicles. Hold off on buying a new vehicle, as a sizable monthly car payment can push the debt-to-income percentage over what lenders feel is a safe limit, and you may be denied the loan or have to settle for a smaller loan.
2. Do not co-sign on a loan for anyone else. Although you will not be making the payment, the lender still views this as your debt.
3. Don’t move money around. A lender will require you to supply bank statements for all your accounts during recent months. Any large deposits or withdrawals will be red flags to the lender, and may slow or inhibit the escrow. Changing banks is also unadvisable. Remember, the simpler your finances are, the better.
4. Avoid changing jobs. When you change jobs, it can be difficult for lenders to predict future earnings. Any major career changes, such as corporate employee to self-employed, should also be delayed. Remember, the lender will look two years back and average your income. Anything that will make that process difficult is a bad idea.
For more tips on the home buying process, please contact me.

Real Estate Industry Heating Up | RISMedia

2009-04-13T14:57:00.001-07:00

My wife and I recently attended our once-a-month cruise club cocktail hour, in which we are two of the only working stiffs in the group, as most of the members are retired. Obviously whenever I show up because of my real estate history in this area of the state, the conversation always goes straight to: “What is happening in the real estate market?”

I found myself in a very upbeat, and excited mood and I was raving about the real estate market and what I see happening over the next few years. I was particularly excited, because for the very first time in my entire career, I signed 30 closings in one day the day before the cruise and had in fact signed almost 60 closings that week.

Our business in March was up 31% over February and by April 9th, we had already passed the halfway mark of what we did in March. The real estate industry is heating up and will only continue to heat up. Needless to say I ended up surrounded by several members dying to hear the good news.

Lenders Flooded with Refinancing Applications as Mortgage Rates Fall | RISMedia

2009-04-13T14:43:00.001-07:00

With mortgage rates dancing around a 65-year-low of 4.75%, homeowners are checking their credit scores and lenders are being deluged with refinancing applications.

“I’ve been through about four refinance crazes in my career, and this is the most significant I’ve seen,” said Marshall Boyd, co-president of Southwest Bank Mortgage and a founding and managing partner of Williams Trew Real Estate Services.

“The No. 1 reason is that rates are lower this time,” Boyd said. “I never dreamed we would be refinancing people with loans in the 5’s to loans in the 4’s.”

Linda and Jeff Hochster watched rates for several months before refinancing their home in Fort Worth’s Mira Vista neighborhood. “We started doing research and reaching out to brokers. We just kept watching as the rate was falling over the last 45 days,” said Linda Hochster, a retired public relations manager for Southwest Airlines.

Featured Homes in Almaden Valley 041209

2009-04-12T15:00:00.000-07:00

Barnes Ct., $1,199,000, 4 Bedrooms, 3 Bathrooms, 3179 SqFt
Mount Hope, $1,050,000, 4 Bedrooms, 2.5 Bathrooms, 2217 SqFt
Crimson Dr., $950,000, 4 Bedrooms, 2.5 Bathrooms, 2008 SqFt
Delight Way, $899,995, 4 Bedrooms, 2.5 Bathrooms, 2356 SqFt
Weeping Oaks Ct., $879,950, 4 Bedrooms, 2 Bathrooms, 2357 SqFt
Paso Los Cerritos, $775,000, 4 Bedrooms, 2 Bathrooms, 1796 SqFt
Cloverbrook Dr., $759,950, 4 Bedrooms, 3 Bathrooms, 2205 SqFt
Montalban Dr., $699,000, 4 Bedrooms, 2.5 Bathrooms, 2033 SqFt
Minoru Dr., $639,888, 3 Bedrooms, 2.5 Bathrooms, 1538 SqFt

Should sellers hire a home inspector? - ContraCostaTimes.com

2009-04-12T14:05:00.000-07:00

By Barry Stone
Inspector s in the House

Posted: 04/12/2009 12:00:00 AM PDT

Q: Our house is on the market. We're waiting for offers and wondering if we should hire our own home inspector or let the buyer hire the inspector once we are in escrow. Our agent advises against hiring our own inspector. What do you think?

A: Some real estate agents are in favor of pre-sale home inspections and some are not. Here are the reasons why I favor them:

Featured Bank Owned Properties 041209

2009-04-12T11:43:00.000-07:00

Traughber St., $493,000, 6 Bedrooms, 4 Bathrooms, 2038 SqFt
Randolph Dr., $483,600, 5 Bedrooms, 3 Bathrooms, 2197 SqFt
Kring Dr., $471,900, 3 Bedrooms, 2 Bathrooms, 1760 SqFt
Glengarry Dr., $449,900, 3 Bedrooms, 2 Bathrooms, 1407 SqFt
Merrill Lp., $444,900, 3 Bedrooms, 2 Bathrooms, 1221 SqFt
Parvin Dr., $434,900, 5 Bedrooms, 3 Bathrooms, 1942 SqFt
Destino Cir., $421,900, 4 Bedrooms, 3 Bathrooms, 1954 SqFt
Azule Ave., $414,900, 3 Bedrooms, 2 Bathrooms, 1208 SqFt
Ralene Pl., $409,900, 3 Bedrooms, 2 Bathrooms, 1041 SqFt
Kimball Dr., $404,900, 4 Bedrooms, 2 Bathrooms, 1618 SqFt

Reverse mortgage variation is aimed at seniors looking to downsize - Los Angeles Times

2009-04-12T02:48:00.000-07:00

Borrowers may sell their current residence and use a reverse mortgage to buy a new one in a single transaction.

By Lew Sichelman
April 12, 2009

Reporting from Washington -- That Ralph and Plum Smith bought a house last month in Brookings, Ore., is not terribly remarkable, at least not until you learn that he's 84 and she's 77. But what is even more noteworthy is that the couple didn't pay cash for their new $240,000 home, yet they will have no mortgage payments.

The Smiths are among the first seniors in the country to close on a Home Equity Conversion Mortgage (HECM) for Purchase, a form of federally insured reverse mortgage authorized in the Housing and Economic Recovery Act of 2008. The law took effect Jan. 1.

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Tax Advice for Rental Property Owners - BusinessWeek

2009-04-11T19:12:00.001-07:00

While you're not allowed to deduct principal payments on loans, there are a few tactics you can try to reduce your tax liability

My vacation rental business owns 23 properties on which we make over $200,000 in principal payments annually. Since we make $195,000 in annual profit, every year we end up in the hole financially. We take depreciation on the properties, but it doesn't offset our taxes by much. Is there a way to deduct the principal payments we're making on our properties? —D.P., Cartersville, Ga.

No. "You cannot deduct principal payments on loans," says Bill Fleming, a tax partner at PricewaterhouseCoopers. "This is a typical issue with any leveraged investment—especially real estate, since that is nearly always leveraged."

Housing Most Affordable: May be Time to Move from Renting to Owning

2009-04-11T18:39:00.001-07:00

Falling housing prices, historically low interest rates, and tax credits are creating an enticing environment for renters to convert to homeowners.

"We are still going to have a tremendous amount of foreclosures, price declines, and best opportunities to buy properties at amazing prices," says Bruce Norris of The Norris Group.

If that sounds like a mixed bag of bad and good, indeed it is. Consumers have been inundated with news about a troubled real estate market. "If you look at the closings for California, 55 percent or more closings every month are lender-owned properties; that ratio has never existed before. So, the lenders are really dictating the prices at this point and there are so many [lender-owned properties] that the appraiser almost has no choice but to give that comp a lot of credence," says Norris. But the good news, especially for those who have been wanting to take the plunge into homeownership is that markets across the country are ripe for choosing the most suitable home.

Time to refinance? You've got to run the numbers - MarketWatch

2009-04-11T17:25:00.001-07:00

WASHINGTON (MarketWatch) -- Question: I have a two-year-old, 15-year cash-out refi in Texas. It's now considered a home equity loan, at 6.5%. I am thinking that it does not make sense for me to refinance again at 5% to save $170 per month because I would have to pay two additional years on the back end.

The savings is net of borrowing 100% of the $5,000 in closing costs, so there will be no up-front cash out of pocket. The original loan was for $143,500 and has a balance of $131,500. By refinancing, the $1,250 payment would be reduced to $1,080 on a new loan balance of $136,500. E.L.

Answer: To make the right choice, at least arithmetically, you gotta run the numbers. Here's how:

Figure out what you are going to spend by refinancing. In your case, that would be $5,000 plus, since you are going to roll that amount into the loan's principal, whatever your interest costs will be.

Mortgage rates rise, but 30-year fixed-rate still below 5% - MarketWatch

2009-04-11T16:05:00.000-07:00

CHICAGO (MarketWatch) -- Mortgage rates rose this week, but the average rate on 30-year fixed-rate mortgages remained below 5%, according to Freddie Mac's weekly survey of conforming mortgage rates, released on Thursday.

The 30-year fixed-rate mortgage averaged 4.87% for the week ending April 9, up from last week's 4.78% average. The mortgage averaged 5.88% a year ago.

Rates on 15-year fixed-rate mortgages averaged 4.54%, up from 4.52% last week. The mortgage averaged 5.42% a year ago.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.93%, up slightly from 4.92% last week, but still well below their 5.56% average a year ago. One-year Treasury-indexed ARMs averaged 4.83%, up from last week's 4.75%; the ARMs averaged 5.18% a year ago.

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1031 Exchange Basics

2009-04-11T15:01:00.000-07:00

By C. Grant Conness, President, 1031 Alternatives Group

Many investors have asked what exactly is a 1031 exchange, what are the guidelines and timelines, and can you legally defer your capital gains taxes? I thought it would be beneficial to answer some of your most common questions in this article.

What is a §1031 Exchange?

A §l031 Exchange is a transaction in which a taxpayer is allowed to exchange one investment property for another by deferring the tax consequence of a sale. The transaction is authorized by §1031 of the IRS Code.

The IRS Code actually reads: "No gain or loss shall be recognized on the exchange of property held for productive use in a trade or business or for investment, if such property is exchanged solely for property of like kind, which is to be held either for productive use in a trade or business or for investment."

Featured Homes Near Monta Vista High 041109

2009-04-11T13:38:00.000-07:00

Ramona Ct., $1,598,000, 4 Bedrooms, 2.5 Bathrooms, 2230 SqFt
Regnart Rd., $1,548,000, 6 Bedrooms, 3.5 Bathrooms, 3765 SqFt
Canyon Vista, $990,000, 2 Bedrooms, 2 Bathrooms, 2119 SqFt
Scotland Dr., $899,000, 3 Bedrooms, 2 Bathrooms, 1190 SqFt

Featured Bank Owned Properties 041109

2009-04-11T12:29:00.000-07:00

Lakewood, $394,900, 3 Bedrooms, 2 Bathrooms, 1108 SqFt
2nd St., $389,900, 3 Bedrooms, 2 Bathrooms, 1246 SqFt
Omira Dr., $389,900, 4 Bedrooms, 2 Bathrooms, 1400 SqFt
Alderwood, $375,000, 4 Bedrooms, 2 Bathrooms, 1399 SqFt
S 9th St., $374,900, 6 Bedrooms, 2 Bathrooms, 1700 SqFt
Story Rd., $369,000, 4 Bedrooms, 2 Bathrooms, 1476 SqFt
Eulalie, $344,900, 3 Bedrooms, 2 Bathrooms, 1232 SqFt
Turley Ct., $324,900, 4 Bedrooms, 3 Bathrooms, 1479 SqFt
N 17th St., $314,000, 3 Bedrooms, 2 Bathrooms, 1260 SqFt
Dixon Rd., $312,900, 3 Bedrooms, 1 Bathroom, 1085 SqFt

Fremont Bank lends $800 million in home mortgages - San Francisco Business Times:

2009-04-10T17:47:00.001-07:00

Fremont Bank said Friday that it has made $800 million in home mortgages in the past 90 days.

The loans went to 3,600 borrowers and the bank expects to provide an additional 15,000 to 20,000 homeowners the ability to refinance by year-end.

The figures show that community banks are participating in the mortgage lending boom as mortgage rates fall to the lowest levels in years. Wells Fargo (NYSE: WFC) said Thursday that it expects record first-quarter profit resulting from its purchase of Wachovia and its brisk mortgage business.

Nearby Homes Feel Effect of Foreclosures

2009-04-10T16:51:00.001-07:00

Foreclosure homes vary in appearance from community to community. Some foreclosure sales are handled quietly and quickly resold by the lender for market value. One day a moving van pulls up, loads the occupant’s belongings and departs, shortly followed by a real estate broker’s For Sale sign. Few weeks later, a sold sign pops up and new owners move in.

In other neighborhoods, a foreclosed home might be boarded up and plastered with large signs advertising bank-owned or REO. Some of those homes might remain in an abandoned condition for years. The weeds grow high enough to cover sidewalks, pranksters throw rocks through second-floor windows, and the home becomes an eyesore, a dumping ground for used mattresses and automobile parts.

Clock Is Ticking For First-Time Home Buyers - MarketWatch Video

2009-04-10T16:11:00.000-07:00

Clock Is Ticking For First-Time Home Buyers - MarketWatch Video

With Affordability Up, Home Buyers Return to the Market

2009-04-10T14:25:00.001-07:00

Thanks to record low mortgage rates and declining home prices, 55 million families - or half of all U.S. households - can afford today’s $200,000 median-priced new home, according to figures released by the National Association of Home Builders (NAHB). “That’s an increase of 17 million households from conditions just two years ago and the best housing affordability number we have seen in years,” said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla. “We are now seeing the first signs that buyers are returning to the marketplace.”

Based on data from the U.S. Census Bureau comparing home prices, mortgage rates and minimum income needed to purchase a median-priced home in February 2007 and February 2009, a typical family today can purchase a house with $20,000 less in household income and save nearly $500 per month on their principal, interest, taxes and insurance. The number of households that can afford to purchase a home today is 55.4 million, compared with 38.4 million two years ago, according to figures compiled by NAHB.

Best Tips to Get Your House in Tip Top Shape | RISMedia

2009-04-10T14:14:00.001-07:00

As the all-important spring selling season approaches in an historically slow housing market, sellers need to do all they can to market their home - and that includes staging it to attract and “wow” potential buyers. Home stagers know just the right moves to take a house from bland to grand and bring home the biggest return on investment. “Attention to detail throughout the home can make the difference between a house that sells and one that sits on the market,” explains Kate Hart, one of America’s top home stagers and owner of Hart & Associates Staging & Design.

“In particular, improvements to the kitchen and bath - the two rooms that sell a home - will always help bring in the buyers.”

Featured Homes Near Lynrbook High 041009

2009-04-10T13:52:00.000-07:00

Corvette Dr., $1,599,950, 5 Bedrooms, 4 Bathrooms, 2800 SqFt
Sharon Manor, $1,431,000, 4 Bedrooms, 3.5 Bathrooms, 3101 SqFt
Castano Dr., $1,198,888, 4 Bedrooms, 3 Bathrooms, 2082 SqFt

Top Economists Say Recovery Has Begun

2009-04-10T13:24:00.001-07:00

Economic recovery is about making people feel more confident, says Mark Zandi, chief economist of Moody’s Economy.com.

Zandi evidenced increasing home sales and gains in the stock market are some promising signs that the worst is over and people will start spending again.

“We’re starting to see some pent-up demand for goods,” he says.

But Zandi warns that the situation is still fragile. "Confidence is a very fickle thing. It can go from abject pessimism that pervades now to a more balanced view of the world rather quickly.”

Robert Brusca of FAO Economics is predicting strong growth in the last half of the year and a quick recovery for the labor market. "You've lost 5 million jobs. It shouldn't be hard to put 2.5 million jobs back on rather quickly after you hit bottom," he said.

Joseph Carson, chief economist at AllianceBernstein, calls improving home sales, a rising stock market, and better-than-expected retail sales in February and March good signs of a turnaround. By the time President Obama’s stimulus package takes effect, the economy will be ready, he says.

"The stimulus has a much better chance of working if trends are already turning up than if it needs to halt a decline," he said.

Source: CNNMoney, Chris Isidore (04/06/2009)

Featured Bank Owned Properties 041009

2009-04-10T11:50:00.000-07:00

Decatur Dr., $299,900, 3 Bedrooms, 1.5 Bathrooms, 960 SqFt
Platte River, $289,900, 3 Bedrooms, 2 Bathrooms, 1152 SqFt
Hiawatha, $284,900, 4 Bedrooms, 2 Bathrooms, 1353 SqFt
Amaryl Dr., $275,000, 2 Bedrooms, 1 Bathroom, 899 SqFt
Lyndale Ave., $274,900, 3 Bedrooms, 2 Bathrooms, 1667 SqFt
Pacina Dr., $269,900, 3 Bedrooms, 2 Bathrooms, 1200 SqFt
Azucar Ave., $259,900, 3 Bedrooms, 2 Bathrooms, 1290 SqFt
Poplar Dr., $237,445, 4 Bedrooms, 2 Bathrooms, 1542 SqFt
Gion Ave., $225,900, 2 Bedrooms, 1 Bathroom, 1038 SqFt
Beeman Dr., $220,000, 3 Bedrooms, 1 Bathroom, 887 SqFt

Bank Owned: 4572 Capitola Ave., San Jose, CA.

2009-04-09T23:18:00.000-07:00

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Create Your Own Dream Place! Beautiful Views! This Charming San Jose Home Features Updated Baths, Eat In Kitchen, Brick Fireplace, Inviting Pool/Backyard Perfect For Entertaining, Central Forced Air Heat, Wood Burning Fireplace In Living Room, Separate Family Room, Shower Over Tub, Composition Roof, 2 Car Garage, Easy Accessible To Shopping, Restaurant, Employment, Entertainment, Major Freeways, Don't Miss This Great Price! Not A Short Sale! Asking $369,900

At-Risk Homeowners in Luck - Multi-Agency Crackdown Targeting Foreclosure Rescue Scams, Loan Modification Fraud in Place | RISMedia

2009-04-09T22:43:00.001-07:00

RISMEDIA, April 7, 2009-As homeowners and communities throughout the country continue to face devastating consequences from the deep contraction in the economy and the housing market, the Obama Administration announced a new coordinated effort across federal and state government and the private sector to target mortgage loan modification fraud and foreclosure rescue scams that threaten to hurt American homeowners and prevent them from getting the help they need during these challenging times. The new effort aligns responses from federal law enforcement agencies, state investigators and prosecutors, civil enforcement authorities, and the private sector to protect homeowners seeking assistance under the Administration’s Making Home Affordable program from criminal actors looking to perpetrate predatory schemes.

The U.S. Department of the Treasury, the U.S. Department of Justice (DOJ), the Department of Housing and Urban Development (HUD), the Federal Trade Commission (FTC), and the Attorney General of Illinois discussed new initiatives to coordinate information and resources across agencies to maximize targeting and efficiency in fraud investigations, alert financial institutions to emerging schemes, step up enforcement actions and educate consumers to help those in financial trouble avoid becoming the victims of a loan modification or foreclosure rescue scam.

Survey Says Owners Still Overvalue Homes | RISMedia

2009-04-09T22:28:00.001-07:00

RISMEDIA, April 7, 2009-(MCT)-Many home sellers are still out of touch with the changing housing market, a new survey shows.

Almost half of homeowners think their houses should be priced 10% to 20% higher than their sales agents have recommended, according to a nationwide survey by California-based HomeGain.

No wonder fewer than 20% of agents nationwide are reporting that home buyers are telling them that homes on the market are priced fairly.

Almost 60% of agents say potential buyers are telling them that home asking prices are too high, HomeGain found.

Despite downturn, 2008 was record year for sales of high-end homes - San Jose Mercury News

2009-04-08T20:53:00.000-07:00

By Sue McAllister

Mercury News

Posted: 04/05/2009 01:01:00 PM PDT

Last year was a grim time in the real estate market, wasn't it? Foreclosures, falling values, the credit crunch.

Nonetheless, in Santa Clara County more homes sold for $5 million or more than at any time since the dot-com-nirvana year of 2000. And in San Mateo County — home to luxury-home strongholds like Atherton and Woodside — it was a record-breaking year for sales of super-expensive castles.

Only in the final quarter of 2008 did the recession finally bite into the top end of the market, sending sales plummeting. While the super rich weathered the early days of the credit crisis far better than most, experts say, last fall's stock market crash drastically impaired their ability to snap up multi-million-dollar manses.

At least 31 homes in Santa Clara County and 60 in San Mateo County sold for $5 million or more in 2008, according to MDA DataQuick, which gathered the information from public records. There were probably even more such sales, the company said, because buyers and sellers of very expensive homes often opt to "hide" the price when their deeds are recorded.

Jumbo mortgage rates starting to become more affordable - MarketWatch

2009-04-08T20:26:00.000-07:00

CHICAGO (MarketWatch) -- Jumbo mortgages became more expensive and harder to come by as the nation's credit crisis deepened. That might be starting to change.

"Jumbo" refers to mortgages that are too large to be bought by Freddie Mac or Fannie Mae. The "conforming loan limit" for those government-backed entities is $417,000 in many parts of the country, but goes as high as $729,750 in high-cost areas of the continental United States.

Bank of America recently began trumpeting its jumbo program, offering 30-year fixed-rate jumbo mortgages with rates in the high 5% range, said Vijay Lala, product management executive for the bank. "We decided it was time to really go after that market," he said.

More lenders may soon join in, said Guy Cecala, publisher of Inside Mortgage Finance.

Housing law changes key capital gains rule

2009-04-08T20:02:00.000-07:00

A little-publicized section of a 2008 federal law intended to help homeowners could reduce the amount of capital gains, or profit, that home sellers may exclude from taxation.

Under the previous law, a homeowner could exclude up to $250,000 in capital gains ($500,000 for a couple) from the sale of his principal residence if he had lived there for at least two of the past five years. The period of occupancy didn't have to be successive. It just had to meet the test of two of the past five years.

For example, if the homeowner paid $500,000 for the house, owned it for five years but lived in it for only two years and sold it for $750,000, he would walk away with a tax-free $250,000 gain - cash in his pocket. (For the sake of simplicity, this example doesn't include adjustments that reduce the amount of capital gains.)

Eligibility Requirements And Getting Started With The Making Home Affordable Program

2009-04-08T19:41:00.000-07:00

The Making Home Affordable program is officially official. Mortgage lenders are now processing applications and paperwork for the help-the-homeowner plan often referred to as "The Obama Plan".

Because Making Home Affordable is a new program, there have been a lot of questions about how it works, who is eligible, and how to apply for a Making Home Affordable refinance.

What follows is a collection of questions and answers from my clients, the press, plus other things I think you should know.

Of primary importance -- first -- are two points:

Only Fannie Mae- and Freddie Mac-backed loans are eligible for The Obama Plan
Fannie Mae and Freddie Mac use different sets of refinancing rules

Be forewarned. In some respects, Fannie Mae and Freddie Mac are like the National League and the American League -- it's the same game, but with different rules. Or, maybe a NFL / CFL comparison is more apropos.

Making an Offer on a Home. It’s not all about the Benjamin’s… — The Phoenix Real Estate Guy

2009-04-08T17:55:00.000-07:00

If you read enough Q&A sites, talk to enough people, and listen closely, you will often hear this when people talk about making an offer on a home:

“We put in a full price offer and didn’t get the house!”

“The seller’s accepted an offer from someone who offered less than we did!”

Most peoples gut instinct leads them to believe that what matters in making an offer on a home is the price. Part of this may stem from real estate agents incessant harping that “price is everything”. And while aggressive pricing is the key factor in getting a home sold (at least in the Phoenix real estate market, and many other US markets as well), there are other factors besides price that a seller should evaluate on any offer their home receives. And if the seller is evaluating other factors, the savvy buyer will consider those factors when making an offer on a home…

Where to Find a Down Payment to Buy a Home

2009-04-08T17:05:00.000-07:00

12 Ways to Find a Down Payment

By Elizabeth Weintraub, About.com

Home ownership in America has increased from 25% in the early 1900s to 67% at the end of that century. During all those years, many home buyers struggled to come up with a down payment. In some cases, the banks required as much as 50% down before they would lend on a mortgage.

Today, the desired down payment is typically 20%; however, few people have that much cash available to them. FHA loans, for example, require only 3.5% down. But the fact remains that the more a buyer puts down, the lower the mortgage. Low mortgage balances carry low mortgage payments.

Here are 12 ways to find that down payment.

Featured Bank Owned Properties 040809

2009-04-08T15:31:00.000-07:00

S 9th St., $199,900, 3 Bedrooms, 1 Bathroom, 1203 SqFt
N Cragmont, $199,500, 3 Bedrooms, 1 Bathroom, 1036 SqFt
Chrisland, $190,900, 3 Bedrooms, 1 Bathroom, 992 SqFt
Midfield Ave., $189,900, 3 Bedrooms, 1 Bathroom, 960 SqFt
Havana Dr., $189,050, 3 Bedrooms, 2 Bathrooms, 1040 SqFt
Balfour Dr., $166,900, 3 Bedrooms, 1.5 Bathrooms, 1075 SqFt
Rose Ave., $159,900, 2 Bedrooms, 1.5 Bathrooms, 1092 SqFt
Yew Tree Ct., $135,000, 3 Bedrooms, 1.5 Bathrooms, 1157 SqFt
Cinnamon Dr., $123,500, 2 Bedrooms, 1.5 Bathrooms, 1017 SqFt
Gum Tree Dr., $104,900, 2 Bedrooms, 1.5 Bathrooms, 1017 SqFt

Property for Sale: 1308 Cerro Verde, San Jose CA. 95120

2009-04-08T12:37:00.000-07:00

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Better Family Living ! This Beautiful Single Story 4 Bedrooms And 2 Bathrooms Home Has Excellent Floor Plan, Across From Almaden Meadows Park, Upgrades Include: New Kitchen Cabinets, Gas Hook Up Kitchen, Trash Compactor, Stainless Steel Appliances, Granite Counter Tops, Patio Door, French Doors, Central Air Conditioning, Central Forced Air Heat, Valley View And View Of Mountains, Beautifully Landscape Back Yard, Garden Windows, Entry Door, Interior Doors, Mostly Hardwood Floors, Double Pane Windows, Large Family Room, Spacious Living Room, Vaulted Ceilings, .New Paint, Newer Composition Roof, Automatic Sprinkler Front And Back, 2 Car Garage, What A Home ! asking $839,999

Government cracking down on mortgage scams - San Jose Mercury News

2009-04-06T23:47:00.000-07:00

Associated Press

Posted: 04/06/2009 08:36:26 AM PDT

WASHINGTON — Top federal and state officials today announced a broad crackdown on mortgage modification scams, accusing "criminal actors" of preying on desperate borrowers caught up in the nation's housing crisis.

Government officials say scammers are seeking to take advantage of borrowers in danger of default. The frauds often involve companies with official-sounding names designed to make borrowers think they are taking advantage of the Obama administration's efforts to help modify or refinance 7 to 9 million mortgages.

Officials say such operations almost always are fraudulent, and that help is available for free from government-approved housing counselors.

Spring Home Sales

2009-04-05T20:21:00.000-07:00

Spring is the optimum time to sell a home. Regardless of whether it's a buyer's market or a seller's market, inventory almost always rises in the spring. Why? Because the largest number of buyers are actively searching for a new home during the months of April, May and June.

Tip: If your home has been languishing on the market since the holidays, take it off the market. Give it a chance to "cool down" for a few weeks before putting it back on the market. Nobody is going to look at your home in the spring if the DOM show it's been on the market for several months. Buyers gravitate toward fresh, new listings!

Here are 15 things you can do to improve the odds that your home will stand out among the sea of new listings flooding the spring-time real estate market:

Featured Homes in Almaden Valley 040509

2009-04-05T18:40:00.000-07:00

Seawood Way, $1,075,000, 5 Bedrooms, 3 Bathrooms, 2465 SqFt
Mcabee Rd., $1,074,000, 5 Bedrooms, 3 Bathrooms, 2450 SqFt
Big Talk Ct., $1,069,000, 5 Bedrooms, 3 Bathrooms, 2655 SqFt
Timberview, $948,000, 4 Bedrooms, 2.5 Bathrooms, 2233 SqFt
Medallion, $897,000, 4 Bedrooms, 3.5 Bathrooms, 3479 SqFt
Strada Almaden, $799,888, 5 Bedrooms, 2.5 Bathrooms, 2278 SqFt
Oakglen Way, $788,000, 4 Bedrooms, 2.5 Bathrooms, 1950 SqFt
Redmond Ave., $749,950, 4 Bedrooms, 2 Bathrooms, 1859 SqFt
Fiddletown Pl., $719,000, 3 Bedrooms, 3 Bathrooms, 2454 SqFt
Cooperage Ct., $519,000, 2 Bedrooms, 2 Bathrooms, 1124 SqFt

Featured Bank Owned Properties 040509

2009-04-05T12:02:00.000-07:00

Plateau Dr., $475,000, 4 Bedrooms, 4 Bathrooms, 1787 SqFt
Hallbrook Dr., $469,900, 4 Bedrooms, 2 Bathrooms, 1407 SqFt
Flagler St., $459,900, 4 Bedrooms, 3 Bathrooms, 1924 SqFt
Honey Dale, $439,900, 4 Bedrooms, 2.5 Bathrooms, 1861 SqFt
Rockway Dr., $429,000, 4 Bedrooms, 3 Bathrooms, 2428 SqFt
Muriel Ct., $424,900, 3 Bedrooms, 2 Bathrooms, 1645 SqFt
Drexel Wy., $414,900, 4 Bedrooms, 2 Bathrooms, 1703 SqFt
Tilton Ct., $402,800, 4 Bedrooms, 2 Bathrooms, 1618 SqFt
Pusateri Wy., $401,900, 4 Bedrooms, 2 Bathrooms, 1594 SqFt
Searcy Dr., $400,000, 3 Bedrooms, 3.5 Bathrooms, 1180 SqFt

How not to be a victim of foreclosure fraud

2009-04-04T21:00:00.000-07:00

by Jay Hammond on March 31, 2009

As the number of struggling homeowners facing foreclosure continues to rise, so do the number of unscrupulous individuals and firms will to prey on them.

“A mortgage lender or a financial counselor can assist you in finding real options to avoid foreclosure,” said Sissy Osteen, an Oklahoma State University Cooperative Extension resource management specialist. “If someone is offering to consult with your lender and offers to arrange to stop or delay foreclosure for a fee be sure to check his or her credentials, reputation and experience. It’s important to protect yourself and not be a victim of a foreclosure scam.”

First-Time Home Buyer? Choose When to Claim Your Tax Credit | RISMedia

2009-04-04T18:40:00.000-07:00

RISMEDIA, April 4, 2009-With the deadline for filing federal tax returns fast approaching, the National Association of Home Builders (NAHB) has made information available for qualified home buyers about how and when to claim the $8,000 first-time home buyer tax credit.

The basic eligibility requirements for the credit are: the home must have been purchased on or after Jan. 1 and before Dec. 1, 2009; the buyer may not have owned a home in the three years prior to the purchase; and the buyer must have a modified adjusted gross income (MAGI) less than $95,000 for single tax payers or $170,000 for married filers.

Two factors affect the amount of credit qualified buyers can claim: it can only be equal to 10% of the purchase price of the home, up to a maximum of $8,000; and it is reduced for buyers with a MAGI between $75,000 for single taxpayers ($150,000 for married filers) and the upper income limit.

Featured Homes Near Monta Vista High 040409

2009-04-04T16:08:00.000-07:00

Terra Bella, $1,528,000, 4 Bedrooms, 2.5 Bathrooms, 2255 SqFt
Castine Ave., $1,318,888, 5 Bedrooms, 2.5 Bathrooms, 2440 SqFt
Linda Vista, $1,259,000, 3 Bedrooms, 2 Bathrooms, 1678 SqFt
Country Spring, $1,249,000, 3 Bedrooms, 2.5 Bathrooms, 1956 SqFt
Lockwood Dr., $1,125,000, 3 Bedrooms, 2 Bathrooms, 1910 SqFt
Almaden Ave., $789,000, 2 Bedrooms, 1 Bathroom, 934 SqFt

6 Reasons Why It's Still a Good Time to Buy

2009-04-04T14:14:00.000-07:00

The housing market is looking healthier. Here are six reasons why now is the time to jump into the market.

1. Uncle Sam is willing to help. First-time buyers (defined as anyone who hasn’t owned a home in the last three years) are entitled to a maximum $8,000 tax credit; interest rates are at record lows; and the Federal Reserve is doing its best to make mortgage loans available. (Sign up for a Webinar to learn more about the home buyer tax credit)

2. People have to live somewhere. About 800,000 new households are formed each year in this country, ensuring that the housing market will tighten, even if the economy doesn’t soar.

3. Borrowers leverage their investment. If you put $10,000 into the stock market and it earns 10 percent, you’ve earned $1,000. If you put $10,000 down on a home and its values increases 10 percent, you’ve made $10,000.

4. When prices come back up, you’ll have instant equity. In parts of the country where foreclosures have driven down prices, better times will mean the price of the home you buy will rise rapidly.

5. Mortgage costs stay the same. If you get a fixed-rate mortgage, the monthly payment stays the same – while everything else, including rent, goes upward.

6. You own it. There is something comforting in the notion that your home is your own. You can paint it any color you want, let the dog run in the back yard and hang a swing for the kids in the front.

Source: The Wall Street Journal, June Fletcher (03/27/2009)

Featured Bank Owned Properties 040409

2009-04-04T11:50:00.000-07:00

Heron Ct., $384,900, 4 Bedrooms, 4 Bathrooms, 1615 SqFt
Avalani Ave., $379,000, 3 Bedrooms, 2.5 Bathrooms, 1532 SqFt
Catamaran, $373,915, 4 Bedrooms, 3 Bathrooms, 1637 SqFt
Manton Dr., $372,500, 4 Bedrooms, 3 Bathrooms, 1664 SqFt
Carick Pl., $364,900, 4 Bedrooms, 2 Bathrooms, 1478 SqFt
Freya Dr., $342,500, 3 Bedrooms, 2.5 Bathrooms, 1431 SqFt
Canton Dr., $335,000, 4 Bedrooms, 2 Bathrooms, 1522 SqFt
E. Misson, $329,900, 3 Bedrooms, 2 Bathrooms, 1178 SqFt
Kinross Way, $329,000, 4 Bedrooms, 2 Bathrooms, 1417 SqFt
Vaughn Ave., $327,000, 4 Bedrooms, 2 Bathrooms, 1166 SqFt

Is California real estate coming back?

2009-04-03T23:45:00.000-07:00

No state has been harder hit by the housing bust than California.

It has piled up more foreclosures and has endured among the worst home-price declines. The median price of a single-family home sold in February was $247,590, down 41% from 12 months earlier, according to the California Association of Realtors (CAR).

And home construction in the Golden State has nearly vanished: December housing permits shrank to about a quarter of what they were during the boom years, according to the National Association of Homebuilders.

Buying Foreclosed Homes: Be Careful

2009-04-03T22:51:00.000-07:00

If you're looking for a great deal on a house, one option might be to purchase a home that's in foreclosure.

But Early Show financial contributor Vera Gibbons says the process isn't for everyone: It's complicated and fraught with potential stumbling blocks.

There's certainly no shortage of properties in or approaching foreclosure to pick from.

Some three million foreclosures are expected this year alone, according to the Web site RealtyTrac.com>, three-to-four times the usual number.

Prices usually range from 20 to 80 percent below market value, depending on where the house is located.

More

Featured Homes Near Lynrbook High 040309

2009-04-03T18:49:00.000-07:00

Oak Knoll, $1,748,000, 5 Bedrooms, 4 Bathrooms, 4634 SqFt
Vicanna Dr., $1,099,950, 5 Bedrooms, 2 Bathrooms, 1800, SqFt
Alderbrook, $899,888, 3 Bedrooms, 2 Bathrooms, 1300 SqFt
Danromas Way, $899,888, 4 Bedrooms, 2 Bathrooms, 1790 SqFt
Corvette Dr., $899,000, 3 Bedrooms, 2 Bathrooms, 1133 SqFt

Types of Home Inspections

2009-04-03T16:19:00.000-07:00

Question: What Types of Home Inspections Can a Buyer Do?

A reader asks, "My husband and I had our offer accepted last night on a house in a really cool neighborhood. The house is a little old, so we're concerned that it might not pass a home inspection. Our agent says a home inspector might refer us to other inspectors. What other inspectors? What types of home inspections can a buyer do?"

Answer: Your real estate agent should be able to give you a list of the types of home inspections that are generally conducted in your area. She is correct in saying that your home inspector might suggest that you hire other inspectors.

Does a Home Inspector Check Everything in a House?

Featured Bank Owned Properties 040309

2009-04-03T13:29:00.000-07:00

Stroud Pl., $299,900, 4 Bedrooms, 3 Bathrooms, 1688 SqFt
N Jackson, $285,000, 3 Bedrooms, 2 Bathrooms, 1200 SqFt
Alveswood, $285,000, 2 Bedrooms, 2 Bathrooms, 1178 SqFt
San Simeon, $280,000, 5 Bedrooms, 3 Bathrooms, 1965 SqFt
Griffith St., $275,900, 4 Bedrooms, 2 Bathrooms, 1154 SqFt
Shortridge, $274,900, 4 Bedrooms, 2 Bathrooms, 1528 SqFt
Lochner Dr., $269,900, 4 Bedrooms, 2 Bathrooms, 1154 SqFt
Diana Pl., $261,900, 4 Bedrooms, 2 Bathrooms, 1280 SqFt
Lochner Dr., $232,702, 3 Bedrooms, 2 Bathrooms, 1000 SqFt
Hurlingham, $224,900, 3 Bedrooms, 2 Bathrooms, 1188 SqFt

5 Recommendations for Navigating Today’s Mortgage and Housing Markets

2009-04-02T22:46:00.000-07:00

”There are five distinct strategies that can help home owners, buyers, and sellers successfully navigate today’s turbulent mortgage and housing markets,” said Gibran Nicholas, chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers.

1. Understand and Utilize the New Tax Credits. Many home owners are not aware that the latest government stimulus package gives them a special tax credit of up to $1,500 for making certain home improvements. Also, if you are buying a primary home and you have not owned a primary residence in the last 3 years, you may qualify for the new $8,000 first-time-homebuyer tax credit. “Although you can’t use the credit to help with your down payment, the credit can be claimed on your 2008 tax returns if you buy the home in 2009,” Nicholas said. “This means that even if you buy the home after you file your taxes on April 15, you can simply file an amended 2008 tax return and the IRS will send you a refund check for $8,000.”

Mortgage Rates 'as Low as 2 percent'

2009-04-02T21:53:00.000-07:00

Some of the 3 to 4 million homeowners eligible for loan modifications could see interest rates as low as 2 percent under the Obama administration's new "Making Home Affordable" (MHA) initiative.

Originally dubbed the "Homeowner Affordability and Stability Plan," MHA contains a provision to modify mortgages for qualified homeowners struggling to make the monthly payment.

A loan modification, unlike a refinance, changes the terms of the existing loan without writing a new one. Modifications are designed to make mortgages more affordable.

Also called a "workout," this provision is open to anyone including those who haven't missed payments, but may be at risk of missing payments.

The modification plan is open to anyone with any loan that has a balance under Fannie Mae and Freddie Mac limits, which now as high as $729,750 in some high-cost areas.

Questions to Ask Buyers to Get Feedback

2009-04-02T00:18:00.001-07:00

The most important question a home seller can ask a buyer who has just finished viewing a home is "What did you think?" Yet, many sellers (and their agents) hesitate to get buyer feedback after showings. Why? Some people don't know which questions to ask, and others, most likely, are afraid to hear the answers.

Buyer feedback is essential. Without it, home sellers won't know what they are doing right and what could be improved upon. Because after all, it doesn't really matter what the seller thinks. It's the buyer's opinion that matters.

Here are sample questions that you can use to get buyer feedback:

Pending home sales rise 2.1 percent in February from January

2009-04-02T00:04:00.001-07:00

An index that tracks signed contracts to purchase previously occupied homes rose in February from a record low a month earlier as buyers took advantage of deeply discounted prices and low interest rates.

The National Association of Realtors said today said its seasonally adjusted index of pending sales for previously occupied homes rose 2.1 percent — in line with expectations — to 82.1 in February from January's record low of 80.4.

Typically there is a one- to two-month lag between a contract and a done deal, so the index is a barometer for future home sales.

Because of falling home prices and mortgage rates, homeownership is more affordable than it's been since at least 1970, the trade group said.

Bidding Wars Over a House? Real Estate Pros See Bottom

2009-04-01T23:27:00.001-07:00

One hour outside of Washington DC, in the picturesque small city of Martinsburg, West Virginia, some homes for sale are attracting bidding wars—again.

“Prices are so low, we’re starting to see that," says Marc Savitt, a realtor there for a quarter of a century. “In our area, you’re at the bottom.”

Allan Ferguson

California Suburbs

Savitt, who’s also president of the National Association Of Mortgage Brokers, might be accused of being overly optimistic. But he is hardly alone in sensing a long-awaited bottom in the real estate market.

For most at this point, it’s less a matter of bold confidence that cautious optimism, but data are emerging to make a reasonable case.

Three categories of home sales—new, existing and pending – all posted surprise gains in February, along with housing starts are posted surprise gains in February.

Featured Bank Owned Properties 040109

2009-04-01T12:55:00.000-07:00

Panama Ave., $179,900, 3 Bedrooms, 2 Bathrooms, 1040 SqFt
Column Ct., $174,900, 3 Bedrooms, 2 Bathrooms, 1197 SqFt
Don Basillo, $169,900, 2 Bedrooms, 1.5 Bathrooms, 950 SqFt
Buckeye Dr., $164,900, 4 Bedrooms, 2.5 Bathrooms, 1461 SqFt
Balance Dr., $159,900, 3 Bedrooms, 1.5 Bathrooms, 1197 SqFt
N Capitol Ave., $147,500, 2 Bedrooms, 2 Bathrooms, 955 SqFt
Judith St., $135,000, 2 Bedrooms, 1 Bathroom, 810 SqFt
Playa Del Rey, $134,900, 2 Bedrooms, 1 Bathroom, 798 SqFt
Moffo Ct., $129,900, 2 Bedrooms, 2.5 Bathrooms, 988 SqFt
Mcquesten Dr., $119,900, 2 Bedrooms, 1 Bathrooms, 876 SqFt

How to Buy After Bankruptcy or Foreclosure

2009-03-31T23:58:00.000-07:00

Put your fears aside. Just because you have bad credit, filed bankruptcy or gone through a foreclosure does not mean you cannot buy a home. You most certainly can buy a home with bad credit. But you're going to pay more than a borrower who has sparkling credit.

The Waiting Period After Foreclosure / Bankruptcy

The period between bankruptcy filings is seven years, but the ding to your credit report stays for 10 years.
For better rates with a conforming loan, the wait is four years after filing bankruptcy.
FHA guidelines are two years after a foreclosure, which means you could qualify for as little as 3.5% down.
Hard-money lenders will often make loans six months after filing bankruptcy or a foreclosure, but will a require 20 to 35% down payment. The interest rate will be very high and the loan terms are not as favorable; many will contain prepayment penalties and be adjustable.
Subprime lenders (not to be confused with hard-money lenders) are no longer making 100% financed loans.

30-Year Mortgage Rates Remain Low for Second Week

2009-03-31T23:29:00.000-07:00

The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year mortgages remained relatively steady for the second consecutive week at 5.09%, up slightly from 5.06% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com. Meanwhile, rates for 15-year fixed mortgages increased to 4.80%, up from 4.73% and 5-1 adjustable rate mortgages dropped, down to 4.66% from 4.69% the week prior.

Mortgage Type Average Rate Average Rate % Change
Week ending 3/29/09 Week ending 3/22/09

30-year fixed 5.09% 5.06% 0.6%
15-year fixed 4.80% 4.73% 1.5%
5-1 ARM 4.66% 4.69% -0.6%

Rates for 30-year fixed purchase mortgages had decreased slightly, with the average rate on Zillow Mortgage Marketplace at 4.99%.

Should You Go FSBO?

2009-03-31T07:49:00.000-07:00

Pronounced “fizzbo,” an FSBO (for sale by owner) is a Realtor acronym for a property that an individual is looking to sell on their own.

To a certain extent, the notion may be driven by tough economic times. With equity evaporating in many markets, it might be a necessity for some sellers to go the DIY route. It is a question brought about by the perception of high cost for very little real work and a nagging sense that, hey, maybe I could do that.

Maybe you can. Maybe you shouldn’t.

The market, motivation, familiarity with the process, knowledge of real estate law, disposition, time, and resources should all be considered before you begin the process of selling your own home.

The Market

They don’t call them buyers and sellers markets for nothing, and, to a large extent, market conditions are often mostly local. A gripping nationwide recession, industry-wide job losses, and lenders’ unwillingness to lend, tend to have nationwide implications. But, even at the darkest of times, there are pockets of prosperity where demand for housing is high. In most cases, even if you over or under estimate the price, the market will eventually catch up to you.

78% of First-time Home Buyers Say Now Is Good Time to Buy

2009-03-31T05:31:00.000-07:00

Century 21 Real Estate LLC, the franchisor of one of the world’s largest residential real estate sales organizations, announced the results of its recently commissioned first-time home buyer survey. The survey found that more than three-quarters (78%) of potential first-time home buyers say that now is a good time to buy a home, despite widespread concern about the economy. Out of the 1,000 prospective U.S. first-time home buyers surveyed for the CENTURY 21 First-Time Home Buyer Survey, 68% think now is a better time to buy than six months ago. Prices are the driving motivation for potential first-time home buyers with more than eight out of ten first-time home buyers (85%) saying they consider current home prices affordable and 73% citing that taking advantage of current prices is a major factor in their decision to buy. Interestingly, potential first-time buyers are still split between “being willing to consider an offer now” (42%) and “waiting for prices to go down before they seriously consider making a purchase” (48%).

More

"Broker price opinions" may be depressing property values

2009-03-31T02:56:00.000-07:00

Are lowball valuation estimates on short sales and bank-owned foreclosures artificially depressing property values in neighborhoods across the country?

Growing numbers of appraisers and consumer groups believe the answer is yes -- and are demanding that either Congress or state regulators crack down. Their complaints focus on what are called "broker price opinions," or BPOs, that substitute for appraisals.

Unlike standard property valuations performed by licensed appraisers -- which can run to hundreds of dollars -- BPOs often cost $50 and are performed by real estate agents who may have minimal or no appraisal training and are subject to no regulatory oversight. Realty agents defend BPOs, contending that their extensive knowledge of local market trends equips them to render accurate estimates.

BPOs have become a booming business as foreclosures and short sales have risen sharply. When banks that own foreclosed houses need to put values on them for resale, increasingly they order BPOs that can be delivered quickly at rock-bottom fees.

More

HouseMaster Highlights Red Flags for Home Buyers during National Home Inspection Month

2009-03-30T17:35:00.000-07:00

HouseMaster, a North American inspection franchisor, reminds buyers and sellers that a professional home inspection is critical when buying or selling a home. As April marks National Home Inspection Month and the start of the peak home buying season, HouseMaster is providing consumers with a simple list of “red flags” to watch out for during the home buying process. Each of these red flags could be a sign of significant issues and defects and each should be thoroughly evaluated by a professional home inspector before potential buyers make an offer on the home.

These are the red flags that home buyers should look out for:

Numerous extension cords: This could be a sign of an outdated electrical system. Today’s electrical needs have grown significantly and as a result the home could require an entire electrical upgrade to meet these new demands. A professional home inspector will be able to assess whether a new panel and wiring is needed or additional receptacles will need to be installed.

Low water pressure or gurgling: If you turn on the faucet and the pressure is low, it could be evidence of a problem with older galvanized piping or inadequate piping. A professional home inspector will indicate the type of piping and estimated age and determine whether or not an entire new plumbing system is required. In many instances, sections of piping can be replaced on an as needed basis to correct the problem.

What Mortgage Rates Will Do Over The Next 30 Days

2009-03-30T16:18:00.000-07:00

I am a regular participant in the Bankrate.com Mortgage Rate Trend survey and this week's survey is now available.

The Bankrate.com survey is for conforming mortgages. It does not apply to FHA mortgages, VA mortgages, jumbo mortgages, or foreign national mortgages. For rate quotes, email me directly.

The group's 30-day prediction for mortgage rates:

50% predict mortgage rates will increase
25% predict mortgage rates will decrease
25% predict mortgage rates will remain unchanged

I am predicting that rates will increase over the next 30 days. My prediction may not be appropriate for your individual situation and it may be wrong, too.

Here's what I told Bankrate.com:

"The summer mortgage rate run-up is underway."

Featured Homes in Almaden Valley 032909

2009-03-29T15:28:00.000-07:00

Cross Springs, $1,150,000, 4 Bedrooms, 3 Bathrooms, 3286 SqFt
Casaba Creek, $1,130,000, 4 Bedrooms, 2.5 Bathrooms, 2713 SqFt
Olive Branch, $1,110,000, 4 Bedrooms, 3 Bathrooms, 2335 SqFt
Diablo Way, $889,000, 3 Bedrooms, 2 Bathrooms, 2066 SqFt
Via Fortuna, $868,000, 4 Bedrooms, 2.5 Bathrooms, 2035 SqFt
Fleetwood Dr., $859,000, 4 Bedrooms, 3 Bathrooms, 2191 SqFt
Almaden Rd., $699,000, 4 Bedrooms, 2 Bathrooms, 1661 SqFt
Flowering Plum, $689,000, 3 Bedrooms, 2 Bathrooms, 1789 SqFt
Cloverhill Dr., $679,000, 3 Bedrooms, 2 Bathrooms, 1468 SqFt
Martwood Way, $585,000, 3 Bedrooms, 2 Bathrooms, 1088 SqFt

Contingent Contracts for Selling Buyer's Home

2009-03-29T14:23:00.000-07:00

Although it is generally better to first sell before buying another home, sometimes the market conditions are right to buy before you sell. Home buyers who decide to buy before selling often write a contingent contract to purchase, meaning the buyer's home must sell before the buyer is obligated to complete the purchase transaction.

Because contingent contracts are most often a good deal for a buyer and a riskier solution for a seller, many state Realtor associations have devised legal documents that sellers and buyers can use to address contingent contract situations and protect the rights of both parties.

The California Association of Realtors created form COP. Many other states utilize similar language. However, bear in mind that your own state requirements might differ from those of California. California procedures are discussed in this article.

Featured Bank Owned Properties 032909

2009-03-29T13:04:00.000-07:00

Pomme Ct., $473,900, 3 Bedrooms, 3 Bathrooms, 1731 SqFt
Paiute Ln., $472,900, 4 Bedrooms, 2.5 Bathrooms, 1757 SqFt
Mabury Sq., $459,000, 3 Bedrooms, 3 Bathrooms, 1699 SqFt
Woodland Ter., $454,900, 4 Bedrooms, 3 Bathrooms, 2232 SqFt
Rusch Pl., $451,250, 5 Bedrooms, 2.5 Bathrooms, 1811 SqFt
Herlong Ave., $449,900, 4 Bedrooms, 2 Bathrooms, 2186 SqFt
Burdick Way, $439,000, 4 Bedrooms, 2 Bathrooms, 1769 SqFt
Parc Place Dr., $429,000, 3 Bedrooms, 2 Bathrooms, 1530 SqFt
Hillbright Cir., $420,000, 4 Bedrooms, 2 Bathrooms, 1495 SqFt
Buena Point Ct., $409,000, 3 Bedrooms, 2 Bathrooms, 1216 SqFt

Featured Homes Near Monta Vista High 032809

2009-03-28T17:58:00.000-07:00

Mercedes Rd., $2,150,000, 4 Bedrooms, 3 Bathrooms, 3000 SqFt
Palm Ave., $1,998,000, 5 Bedrooms, 3 Bathrooms, 3771 SqFt
Lauretta Dr., $1,585,000, 4 Bedrooms, 2.5 Bathrooms, 2342 SqFt
Stokes Ave., $1,098,000, 4 Bedrooms, 2 Bathrooms, 1890 SqFt
Gardenside Cir., $799,000, 3 Bedrooms, 2.5 Bathrooms, 1704 SqFt
Park Villa Cir., $658,000, 2 Bedrooms, 2 Bathrooms, 942 SqFt

Mortgage Broker Answers

2009-03-28T17:32:00.001-07:00

After you interview your mortgage broker or lender and ask the tough questions, what do you do with the answers? How do you know if the answers you receive are applicable to your situation? Here are the answers acceptable to most borrowers.

1. Answers to Which Type of Loan is Best

Look at the point spread between the interest rates offered on fixed-rate mortgages versus those on adjustable-rate mortgage loans. If the difference is small, say, around .5%, you would be better off with a fixed-rate mortgage.

Interest-only loans are a popular option if you decide to stay in the property for a long period of time, more than five years. Otherwise, the property may not appreciate enough to provide you with adequate equity to sell if you choose this option for a short-term residency.

Featured Bank Owned Properties 032809

2009-03-28T17:10:00.000-07:00

Flintwell Way, $382,500, 4 Bedrooms, 2.5 Bathrooms, 2077 SqFt
Amaryl Dr., $361,000, 4 Bedrooms, 3 Bathrooms, 1726 SqFt
S 21st St., $344,900, 4 Bedrooms, 2 Bathrooms, 1544 SqFt
Pepper Tree Ln., $336,775, 3 Bedrooms, 1 Bathroom, 1492 SqFt
Rubion Dr., $324,900, 4 Bedrooms, 2 Bathrooms, 1380 SqFt
Locust St., $320,000, 3 Bedrooms, 1 Bathroom, 1400 SqFt
Gawain Dr., $314,900, 4 Bedrooms, 3 Bathrooms, 1509, SqFt
Bayou Dr., $312,900, 4 Bedrooms, 3 Bathrooms, 1346 SqFt
Turquesa Ct., $309,900, 4 Bedrooms, 2 Bathrooms, 1207 SqFt
Harmony Ln., $302,900, 4 Bedrooms, 2 Bathrooms, 1458 SqFt

Walking away from mortgage is costly

2009-03-28T04:57:00.000-07:00

Call it the fast unraveling of the American dream.

Americans are losing their properties at an alarming rate. The national foreclosure rate now stands at 3.3 percent, and more than 11 percent of all mortgages are either delinquent or in foreclosure, according to the Mortgage Bankers Association.

In most cases, homeowners end up in foreclosure because of a job loss or a gimmicky mortgage with a rate that resets so high the homeowner no longer can afford to make the payment.

However, some homeowners who can afford their mortgage -- even if they struggle to make the payment -- may be tempted to abandon their dwellings simply to get a financial fresh start.

Such a decision can have dire and lingering financial ramifications, experts say.

"Unfortunately, people can often be most victimized when they're scared about their financial well-being," says Stephanie Bittner, community education and outreach coordinator for Consumer Credit Counseling Service of Delaware Valley.

Renters get foreclosure relief

2009-03-28T04:33:00.000-07:00

It's every renter's worst nightmare: To move into a home or condominium with affordable rent only to find out that the owner has lost the property in foreclosure. The rent money and security deposit are gone, and chances are good that the bank that now owns the property will evict the tenant even if the rent has been paid.

Such sudden evictions have been on the rise due to the dramatic increase in home foreclosures across the U.S. But some tenants will have other options now that Fannie Mae and Freddie Mac have introduced new programs that let renters (and in Freddie Mac's case, former homeowners) continue to occupy the home after foreclosure.

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Property for Sale: 1176 Erin Way, Campbell, CA.

2009-03-27T16:36:00.000-07:00

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Need More Room? Take A Look At This Wonderful Three Bedroom Ranch Home In The Desirable Campbell Area, Cute And Cozy, Free Flowing Open Floor Plan, Tastefully Remodeled, Tile Flooring In Living Room, Family Room, Dinning Room And Kitchen, Kitchen Has Granite Countertops, Recently Installed Cabinets, Central Air Conditioning, Central Forced Air Heat, Inside Laundry Area, Wood Burning Fireplace In Family Room, Some Laminate Floor, Separate Family Room, Living Room/Dining Room Combo, Composition Roof, Over Sized Lot, Sprinkler Front And Back, Easy Accessible To Shopping, Employment, Entertainment, Freeways, Garage Conversion And 2nd Bathrooms Permit Unknown, Asking $750,000

6 Landscaping Tricks That Wow Buyers

2009-03-27T16:19:00.000-07:00

Landscape designer Michael Glassman has cooked up a recipe for guaranteed curb appeal.

1. Add splashes of color. With every changing season, a landscape should provide a new display of colors, textures, and fragrances. "It’s best to use one or two and repeat them," Glassman says. Example: white iceberg roses that bloom in spring, summer, and fall as a backdrop; in front, a contrasting punch of purple salvia or lavender that will flower at the same time; and as an accent, a crape myrtle tree that provides changing leaf colors in fall and interesting branches come winter.

2. Size trees and shrubs to scale. These should be planted in the right scale for the house so that they don’t block windows, doors, and other architectural features on the home’s facade. A large two-story house can handle a redwood, Chinese pistache, sycamore, or scarlet oak, but a one-story cottage is better paired with a flowering cherry, crabapple, or eastern redbud. Too many trees cast too much shadow and cause potential buyers to worry about maintenance and costs.

Survey: Households Say Now Good Time to Buy

2009-03-27T13:58:00.000-07:00

More than three-quarters (78 percent) of potential first-time home buyers say that now is a good time to buy a home, despite widespread concern about the economy.

Out of the 1,000 prospective U.S. first-time home buyers surveyed in early March for the CENTURY 21 First-Time Home Buyer Survey, 68 percent think now is a better time to buy than six months ago.

Prices are the driving motivation for potential first-time home buyers with more than eight of ten first-time home buyers (85 percent) saying they consider current home prices affordable and 73 percent citing that taking advantage of current prices is a major factor in their decision to buy.

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Featured Homes Near Lynrbook High 032709

2009-03-27T13:32:00.000-07:00

Danbury Dr., $980,000, 3 Bedrooms, 2 Bathrooms, 1371 SqFt
Castleknoll, $842,500, 3 Bedrooms, 2.5 Bathrooms, 1532 SqFt
Buckthorne, $799,000, 3 Bedrooms, 2 Bathrooms, 1472 SqFt
Clarendon St., $798,000, 3 Bedrooms, 2.5 Bathrooms, 1448 SqFt
Elmbridge Dr., $769,000, 3 Bedrooms, 2 Bathrooms, 1214 SqFt
Forest Knoll, $659,000, 2 Bedrooms, 2 Bathrooms, 1042 SqFt

Featured Bank Owned Properties 032709

2009-03-27T11:26:00.000-07:00

Palmview Way, $299,900, 4 Bedrooms, 2 Bathrooms, 1250 SqFt
Conti Ct., $299,000, 3 Bedrooms, 2 Bathrooms, 1180 SqFt
Bermuda Way, $295,000, 5 Bedrooms, 3 Bathrooms, 1810 SqFt
Palm St., $269,900, 4 Bedrooms, 2 Bathrooms, 1296 SqFt
Brushcreek way, $264,900, 3 Bedrooms, 2.5 Bathrooms, 1508 SqFt
S 12th St., $247,000, 2 Bedrooms, 1 Bathroom, 1230 SqFt
Excalibur Dr., $229,900, 3 Bedrooms, 2 Bathrooms, 1242 SqFt
Bikini Ave, $227,900, 3 Bedrooms, 2 Bathrooms, 1061 SqFt
Primm Ave., $211,000, 3 Bedrooms, 2 Bathrooms, 1236 SqFt
Candler Ave., $204,900, 4 Bedrooms, 2 Bathrooms, 1154 SqFt

A Homebuyer's Guide To Working With A Seller's Agent

2009-03-27T00:07:00.000-07:00

Buying a home for the first time involves collaborating with a seller's agent or subagent. It is crucial that you understand how things will work between you and the subagent because these people act as representatives to the seller and are therefore expected to bring you to the deal. As a seller's agent, they are entitled to a commission and have certain duties and obligations.

Each state may have distinctive regulations when it comes to home buying. Similarly, the national law has certain prohibitions relative to it. As suggested by the author of the book "100 Questions Every Home Buyer Should Ask", home buyers must make an effort to read thoroughly all the documents such as agent's forms and disclosures before signing to fully understand the services being offered. There are several things that a seller's agent may or may not be allowed to do in your favor:

The seller's agent cannot disclose the list of comparable home's prices in the area. Often referred to as 'comps', a compilation of similar homes in the area will be given to you. Comps usually consist of listing information and list prices. This is necessary to ensure that an unreasonable price is avoided once negotiation takes place.

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Higher Prices May Follow Home Sales

2009-03-26T23:37:00.000-07:00

Sales of new and existing homes are picking up month over month, and prices may soon follow. But the crosscurrent is whether unemployment will continue to rise, says USC real-estate economist Delores Conway. Stacey Delo reports.

Long-term mortgage rates hit record low

2009-03-26T23:35:00.000-07:00

The 30-year fixed-rate mortgage rate has dropped to its lowest level on record.

The average rate is the lowest in McLean-based Freddie Mac's weekly survey dating to 1971. Freddie Mac (NYSE: FRE) says its Primary Mortgage Market Survey shows the 30-year fixed-rate mortgage (FRM) averaged 4.85 percent with an average 0.7 point for the week ending March 26, down from last week when it averaged 4.98 percent. Last year at this time, the 30-year FRM averaged 5.85 percent. The 30-year FRM has not been lower in the life of Freddie Mac’s weekly survey, which dates back to 1971 for the 30-year FRM.

Short Sale Mortgages

2009-03-26T22:57:00.000-07:00

Question: What Happens in a Short Sale When You Have Two Loans?

A reader asks: "Our home is worth less than we owe against it. We have a first mortgage of $85,000 and a second mortgage of $55,000. Our agent says we won't get more than $85,000 if we try to sell it. What happens to the second loan in this instance?"

Answer: Doing a short sale is hard enough, quite frankly, but it's even harder when you have two loans -- it's twice the headache. I feel your pain. Because not only do you need the cooperation of the first lender, the second mortgage holder needs to release that loan as well.

In your case, you owe $140,000 on a home that is worth $85,000. After paying off the first lender, you will still be short $55,000. Not to mention closing costs.

First, let's take a look at what happens in foreclosure:

California home sales in Feb. up 83%, unsold inventory index falls to 6.5 months

2009-03-26T06:08:00.000-07:00

California's unsold inventory index for existing, single-family homes in February was 6.5 months, less than half the 15.3 months for the same period a year ago, while the median number of days it took to sell a home was 51.5 days compared with 69.3 days.

The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

Overall, home sales increased 83 percent in February in the state compared with the same period a year ago, while the median price of an existing home fell 40.8 percent, the California Association of Realtors reported.

February new home sales rise unexpectedly, driven by sales in the West, South

2009-03-26T04:31:00.000-07:00

New home sales rebounded -- and jumped 7 percent in the West -- unexpectedly last month, but were still the second-worst on record and remained well below last year's levels, according to data released today.

The results were the first increase since last July. They provided some hope that developers have slashed prices and construction to such a large extent that sales have finally hit bottom and the worst may be past. Prices, however, are likely to remain weak for months as builders continue to clear out their stock of unsold homes.

"We are prepared to hazard the view that the post-Lehman meltdown is now over and the market is stabilizing," wrote Ian Shepherdson, chief U.S. economist at High Frequency Economics, referring to last fall's collapse of investment bank Lehman Brothers and the subsequent Wall Street plunge. "That's not the same as a recovery, but it is better than continued declines in sales."

MLS

2009-03-26T02:05:00.000-07:00

MLS stands for multiple listing service. Every home for sale listed by a real estate agent, unless it is specifically exempted from MLS, will be listed in MLS. However, only real estate agents and other professional affiliates can access MLS, but that doesn't mean a home buyer or home seller can't get the same information -- just not directly.

Back in the old days, like the 1970s, MLS information was available in print format. Books were published monthly; updates weekly. It was quite heavy and cumbersome to haul around! Fortunately, today it's online.

Featured Bank Owned Properties 032509

2009-03-25T14:56:00.000-07:00

N 13th St., $199,900, 2 Bedrooms, 1.5 Bathrooms, 910 SqFt
Stewart Ave., $199,500, 2 Bedrooms, 1 Bathroom, 504 SqFt
Biscayne Way, $189,900, 3 Bedrooms 1 Bathroom, 960 SqFt
S White Rd., $189,000, 2 Bedrooms, 1 Bathroom, 800 SqFt
S 24th St., $182,700, 2 Bedrooms, 1 Bathroom, 864 SqFt
Beeman Dr., $179,900, 3 Bedrooms, 2 Bathrooms, 982 SqFt
Damsen, $133,000, 2 Bedrooms, 2 Bathrooms, 974 SqFt
Luz Ave., $134,000, 3 Bedrooms, 2 Bathrooms, 1165 SqFt
Adler Ct., $124,000, 3 Bedrooms, 1.5 Bathrooms, 1157 SqFt
Libra Ln., $113,000, 2 Bedrooms, 1 Bathroom, 921 SqFt

Bank Owned: 542 Yermo Court, San Jose CA

2009-03-25T12:41:00.000-07:00

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Light And Bright Townhouse Style Home On A Tree Lined Street, Great For Investment Or Lived In, Title Shows As 1.5 Bathrooms, Home Now Has 2.5 Bathrooms (Permits Unknown), Breakfast Nook, Composition Roof, 2 Car Garage, Shower Over Tub, Sunny Patio, Easy Accessible To Shopping, Employment, Entertainment, Freeways, Schools, Better Act Now, Not A Short Sale, Asking $129,900

New rescue effort called key to resuming lending

2009-03-24T00:50:00.001-07:00

Financial markets roared ahead Monday as investors reacted with near-euphoria to the Obama administration's new trillion-dollar plan to stabilize banks by relieving them of their troubled assets and risky loans.

But even as markets exulted, conflicting interests among participants in the program — banks, investors and taxpayers — were emerging, leaving in doubt the fate of a program meant to revive bank lending and in turn reinvigorate the overall economy.

Some banks are resisting government pressure to sell assets at prices they believe to be too low. And despite the risk of an outcry from Congress, the Treasury this weekend made the program more attractive to private investors, according to industry and some government officials. Treasury officials said the last-minute changes were not intended to sweeten the deal.

Major banks are heading into the jumbo arena

2009-03-23T16:29:00.000-07:00

New money is about to flow into an area of the real estate market that has been hardest squeezed by the credit crisis: mortgages too large to be purchased or backed by Fannie Mae, Freddie Mac or the Federal Housing Administration.

Although heavily concentrated in California, portions of Florida and the Northeast, higher-cost neighborhoods throughout the country traditionally have depended upon the ready availability of "jumbo" mortgages to finance houses. But with the collapse last year of the private mortgage bond market on Wall Street, home buyers, builders and refinancers who relied on jumbo financing were left with few sources - except at punitively high interest rates and huge down payments.

That's about to change. Major banks are heading into the jumbo segment, originating big loans at affordable rates - not for Wall Street bond traders but for their own investment portfolios.

How to Stage a Living Room

2009-03-23T14:27:00.001-07:00

Question: Should We Stage Our Living Room or Leave the House Vacant?

A reader asks: "Is it better to show our home vacant or should we try home staging? I think our living room looks a little bare and doesn't really convey how wonderful the space could be, but my husband thinks home staging is too expensive."

Answer: In most home selling situations, a home shows better with furniture. Staring at a ceiling, floor and four empty walls make it hard for buyers to visualize their own belongings in the home. If buyers can't picture themselves living there, they are not likely to buy it.

Obama administration getting ready to buy a trillion dollars worth of bad bank loans

2009-03-23T06:41:00.000-07:00

WASHINGTON Struggling to contain the worst financial crisis in seven decades, the Obama administration wants to buy billions of dollars of toxic assets from banks to ease borrowing for consumers and businesses.

Some industry officials familiar with the details said Saturday they expected the approach would try to remove as much as $1 trillion from banks' books. An announcement from Treasury Secretary Timothy Geithner could come as early as Monday.

If banks are not burdened by the soured loans, then they would be in better shape to resume more normal lending.

According to administration and industry officials, the plan would rely on the Federal Reserve and the Federal Deposit Insurance Corp. to supplement the government's $700 billion bailout fund. The uproar over the millions of dollars in bonuses for employees at troubled insurance giant American International Group Inc. has dimmed prospects for getting more bailout money from Congress.

The officials, who spoke on condition of anonymity because the details have not been announced, said Geithner's plan will have three major parts:

The Pros and Cons of Easing Access to Credit

2009-03-23T05:38:00.000-07:00

Over the past few weeks, President Obama has unveiled multiple plans for aid to small businesses, including lowering loan fees, increasing guarantees on government-backed loans, and buying up to $15 billion in Small Business Administration-backed loans. But will the new programs unfreeze credit as they are intended to do? And how can entrepreneurs take advantage of the warmer climate if they do?

Sanford Ehrlich, executive director of San Diego State University's Entrepreneurial Management Center, says the lending initiatives are likely to provide some relief, but he worries it won't be enough to help companies that are really struggling.

"Anything that will increase lending will be good for small business, but you have to be a fairly liquid small business to take advantage of this program. If you have too much inventory, too little cash flow, you're currently carrying debt that's been called, or balloon payments are staring you in the face, adding more debt to your current situation isn't going to help," Ehrlich says. "So many small businesses are in serious trouble that the number this will help will be limited."

Featured Bank Owned Properties 032209

2009-03-22T17:55:00.000-07:00

Alta Mira Pl., $498,888, 3 Bedrooms, 2 Bathrooms, 1512 SqFt
Heritage View, $490,000, 2 Bedrooms, 2.5 Bathrooms, 1690 SqFt
Mabury Sq., $479,900, 3 Bedrooms, 3 Bathrooms, 1746 SqFt
Suisse Dr., $450,000, 4 Bedrooms, 2 Bathrooms, 1826 SqFt
Beegum Way, $444,900, 3 Bedrooms, 2.5 Bathrooms, 1546 SqFt
Quiet Meadow, $439,900, 5 Bedrooms, 3 Bathrooms, 1936 SqFt
Cuesta Dr., $425,995, 4 Bedrooms, 2 Bathrooms, 1800 SqFt
Hobart Ave., $416,900, 4 Bedrooms, 2 Bathrooms, 1840 SqFt
Mulcaster Ct., $409,900, 3 Bedrooms, 2 Bathrooms, 1232 SqFt
Conti Ct., $400,000, 3 Bedrooms, 1 Bathroom, 1053 SqFt

First-time home buyers moved by tax credit

2009-03-22T16:02:00.001-07:00

The first-time home-buyer tax credit may be motivating some to take action and buy a home this spring, according to ZipRealty survey results released this week. Sixty-two percent of first-time buyers said that the $8,000 tax credit is giving them an incentive to buy in 2009.

Of those who weren't motivated by the credit, 29% think it's not enough money to make a difference, 28% didn't think they would qualify and 24% think home prices will continue to decline.

But perhaps not enough is being done to promote the perk, according to some in the home-building industry. In a recent article on "Nation's Building News," a publication of the National Association of Home Builders, one industry executive suggested just that.

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Featured Homes in Almaden Valley 032209

2009-03-22T15:07:00.000-07:00

Glenview Dr., $1,499,980, 4 Bedrooms, 3.5 Bathrooms, 2875 SqFt
Dalmeny Ct., $1,088,888, 5 Bedrooms, 3 Bathrooms, 2585 SqFt
Fleetwood Dr., $1,000,000 3 Bedrooms, 2 Bathrooms 2145 SqFt
Fleetwood Dr., $889,000, 4 Bedrooms, 3 Bathrooms, 2191 SqFt
Calcaterra Dr., $848,000, 3 Bedrooms, 2 Bathrooms, 1844 SqFt
Guadalajara Dr., $799,988, 4 Bedrooms, 2.5 Bathrooms, 2350 SqFt
Medallion Dr., $799,900, 3 Bedrooms, 2.5 Bathrooms, 2013 SqFt
El Paseo Dr., $799,000, 3 Bedrooms, 2.5 Bathrooms, 1739 SqFt
Cloverbrook Dr., $779,000, 4 Bedrooms, 3 Bathrooms, 2205 SqFt
Paseo Pueblo Dr., $770,000, 3 Bedrooms, 2 Bathrooms, 1680 SqFt

Featured Bank Owned Properties 032109

2009-03-21T20:24:00.000-07:00

Nisich Dr., $399,900, 4 Bedrooms, 2 Bathrooms, 1661 SqFt
Aetna Way, $389,900, 4 Bedrooms, 2 Bathrooms, 1703 SqFt
Calero Ave., $378,000, 3 Bedrooms, 2 Bathrooms, 1228 SqFt
NickeI Ave., $374,100, 4 Bedrooms, 2 1/2 Bathrooms, 1547 SqFt
Lewis Rd., $369,900, 4 Bedrooms, 2 1/2 Bathrooms, 1507 SqFt
Flory Dr., $364,900, 3 Bedrooms, 2 Bathrooms, 1444 SqFt
Nerdy Ave., $324,900, 3 Bedrooms, 2 Bathrooms, 1113 SqFt
Home Gate Dr., $315,000, 3 Bedrooms, 2 1/2 Bathrooms, 1376 SqFt
Macredes Ave., $309,900, 4 Bedrooms, 2 Bathrooms, 1354 SqFt
Carnegie Dr., $304,900, 4 Bedrooms, 2 Bathrooms, 1154 SqFt

Statuses of a property

2009-03-21T18:22:00.000-07:00

This property is “sold” may or may not mean it will close. In Santa Clara County, MLSListings Inc. service the local multiple listing service including Santa Clara County, San Mateo County, San Benito County, Santa Cruz County, Monterey County, and San Francisco County. Realtor® has used different status very loosely. A sold rider on top of the yard post should not mean contingencies are still yet to be removed. Let’s take a look at the different statuses

An active listing means the house is available on the market. It also meant all the required paperwork is signed by all owners.

Pending continue to show with release clause is probably the most confused status. There is a ratify contract between buyer and seller. However, buyer has made the offer contingent upon selling and/or closing existing home. Seller can elect to accept another offer if the first buyer is not able or willing to remove the sale of property contingency in writing.

Pending Continue to Show seeking Backups status is somewhat self explanatory. Buyer does not need to sell their existing home. Buyer is yet to remove Property Inspection and/or the loan contingency.

Pending do not show should means all the contingencies in the contract are waived by the buyer.

Closed status is when a final sale has occurred. The ownership is transferred to the buyer.

Expired status is when the listing contract expired.

Canceled status is when the contract is canceled. However, it can be unconditional or conditional cancelation.

Withdrawn status means the property is no longer on the mls but a valid contract still exists with the listing broker.

Home sales show steady upward climb

2009-03-21T16:37:00.000-07:00

Home sales beat the year-ago mark for the sixth straight month in February, with a total of 5,032 new and resale houses and condos closing escrow in the nine-county Bay Area last month.

The number was essentially unchanged from 5,050 in January but up 26.1 percent from 3,989 in February 2008, according to San Diego-based MDA DataQuick.

In Santa Clara County 1,079 homes were sold, compared to 984 in February 2008. The median price was $408,750, down 37.90 percent.

In San Mateo County there were 311 homes sold, down from the 343 a year ago. The median price was $502,250, down 22.30 percent.

Featured Homes Near Monta Vista High 032109

2009-03-21T13:50:00.000-07:00

Santa Clara Ave., $1,298,888, 4 Bedrooms, 3 1/2 Bathrooms, 2773 SqFt
Southshore Ct., $999,988, 3 Bedrooms, 2 1/2 Bathrooms, 1515 SqFt
Imperial Ave., $998,888, 3 Bedrooms, 2 Bathrooms, 1216 SqFt
Greenleaf Dr., $975,000, 3 Bedrooms, 2 Bathrooms, 1246 SqFt
Cranberry Dr., $958,000, 3 Bedrooms, 2 Bathrooms, 1126 SqFt
Rainbow Dr., $949,000, 3 Bedrooms, 2 Bathrooms, 1410 SqFt
Carriage Cir., $929,000, 3 Bedrooms, 2 Bathrooms, 1126 SqFt
Peninsula Ave., $899,000, 3 Bedrooms, 2 1/2 Bathrooms, 1502 SqFt

How Foreclosures Work ?

2009-03-21T11:34:00.001-07:00

Home buyers who want a good deal in real estate invariably think first about pursuing foreclosures. Buyers have this picture in their mind of a cute little house, surrounded by a white picket fence that is owned by a widowed mom who fell on hard times, but that scenario is generally far from reality.

Why Do Sellers Go Into Foreclosure?

Sellers stop making payments for a host of reasons. Few choose to go into foreclosure voluntarily. It's often an unpredictable result from one of the following:

Ready to Make a Purchase Offer ?

2009-03-20T23:48:00.001-07:00

Making a purchase offer and actually buying a home are generally two different actions, but home buyers sometimes confuse the two. Especially in states such as California where the purchase offer is not the final negotiation due to contingencies in contracts.

In some states on the East Coast, it is common to write a letter of intent to purchase and, in many ways, it seems the more civilized way to buy a home. However, many other states contain provisions in standard purchase contracts that let a buyer cancel the contract and get back their entire earnest money deposit.

Property for Sale: 5701 Makati Circle # A, San Jose CA

2009-03-20T22:16:00.000-07:00

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Luxury Living Without Luxury Price Tag, Enjoy Your Home Ownership At The Terrace Villas, Home Features: Double Pane Windows, Central Air Conditioning, Central Forced Air Heat, Wood Burning Fireplace In Living Room, Living Room/Dining Room Combo, Terrace Villas Offers Extras Without The Extra Costs, Spacious Living Areas And Community Recreation Facilities Include A Swimming Pool, Hydro-Jet Spa And Cabana Clubhouse, Easy Accessible To Shopping, Entertainment, Recreation, Employment, Major Freeways, Asking $190,000.

Property for Sale: 1196 Thornbury Lane, San Jose CA

2009-03-20T22:02:00.000-07:00

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The View Will Surely Take Your Breath Away, This 3 Bedrooms And 3 Bathrooms Home Is One You Have Been Waiting For, 5 Years Old, Located In The Desirable Ranch Community, Many Upgrades Throughout, Newly Upgraded Carpet, Marble Floors, Granite Kitchen Counter-Top, Open Floor Plan, 2 Car Garage, Tile Roof, Automatic Sprinkler Front And Back, Double Pane Windows, Gas Hookup In Kitchen, Central Air Conditioning, Central Forced Air Heat, Inside Laundry Area, Pantry, Fireplace In Living Room And Family Room, Gas Starter In Fireplace, Separate Family Room, Breakfast Nook, Separate Dining Room, Upstairs Loft Is Perfect For Office Or Study Area, Excellent Schools, Don’t Miss This One. Asking $759,000.