Your HOME investment: Highly Flammable Christmas tree?

Your HOME investment: Highly Flammable Christmas tree?

Highly Flammable Christmas tree?

• The U.S. Fire Administration (USFA) reports more than double the number of open-flame fires on Christmas Day than on an average day, and about twice as many on New Year’s Day.
  
• Property loss during a holiday fire is 34 percent greater than in an average fire, and the number of fatalities per thousand fires is nearly 70 percent higher.
  
• If the source of the fire is a highly flammable Christmas tree, the toll in property and lives is even greater.
  
• It takes less than 30 seconds for a dry tree to engulf a room in flames, according to the Building and Fire Research Laboratory of the National Institute for Standards and Technology.
  
• To minimize risk, buy a fresh tree with intact needles, get a fresh cut on the trunk, and water it every day. A well-watered tree is almost impossible to ignite. Keep the tree away from heat sources, such as a fireplace or radiator, and out of traffic patterns. If using live garlands and other greenery, keep them at least three feet away from heating sources.  No matter how well the tree is watered, it will start to dry out after about four weeks.

My Real Estate Pledge to Buyers/Sellers in the Bay Area, CA

I am 100% serious when it comes to representing BUYERS and SELLERS as they expect nothing less. 

I give full attention to detail for all my clients whether they are purchasing a million dollar plus home in Lafayette, CA or a 100k condo/fixer/SS/REO in a less than desirable neighborhood.

My Sellers fully appreciate the energy/marketing/time spent in maximizing their profits/results when I SELL the largest asset in their portfolio.

~Network at your service!

Fannie, Freddie suspend evictions for the holidays

Fannie Mae and Freddie Mac announced they will suspend all evictions involving foreclosed occupied single family and 2-4 unit properties with mortgages owned by the GSEs from Dec. 19, 2011-Jan. 2, 2012.

The suspension will apply only to eviction lockouts related to Freddie Mac- and Fannie Mae-owned REO properties and will not affect other pre- or post-foreclosure processes.  During this period, legal and administrative proceedings for evictions may continue, but families living in foreclosed properties will be permitted to remain in the home.

Who should sign COE extension request first?

I encountered an issue in escrow with a Fannie Mae listing.  Fannie Mae's attorney needed to extend COE on the basis that they were unable to sign off on HUD in a 48 hour time period.  My buyer had already signed docs and the lender was ready to fund.  The listing agent wrote up the extension amendment on a Fannie amendment form and asked me to have my buyer sign the extension requested by seller without having the seller actually sign their own request first.  I let them know that the seller/Fannie Mae needs to sign their COE extension amendment first and the listing agent responded by saying the seller will NOT sign first due to Fannie Mae protocol?  She claimed that if my buyer did not sign  the extension then due to the fact we would be out of escrow -the "computer system" would automatically kick the deal out and the entire process would have to start over at that point.  She then stated that nobody involved wished for that.

Is it better just to have buyer sign the sellers extension request or risk the losing the transaction in its entirety due to a technical issue of who needs to sign what first and when?

I'll let you be the judge and decide if the transaction closed and on what terms..

Talking Point

• Traditionally, the period between Thanksgiving and New Year’s is the slowest time of the year for home shopping.  However, homeowners who must sell in the winter can use staging, the reduced competition and some seasonal opportunities to their advantage.
   
• Remembering the basics is key.  Taking care of needed maintenance and repairs is obligatory in any season.  A thorough cleaning and decluttering are equally essential.  Tidying up the yard and touching up the exterior appearance to improve curb appeal also can make the difference between deal or no deal.
   
• Home staging takes on a new focus in winter.  Rearranging the furniture and applying a fresh coat of paint to any room are just as important.  But to convey a cozy impression in the winter, it may befit homeowners to turn up the thermostat and have a fire in the fireplace for open houses. 

Food for thought

Home buyers needed to earn a minimum annual income of $61,530 to qualify for the purchase of a $292,120 statewide median-priced, existing single-family home in the third quarter of 2011.  The monthly payment, including taxes and insurance, would be $1,540, assuming a 20 percent down payment and an effective composite interest rate of 4.63 percent.  The effective composite interest rate in second-quarter 2011 was 4.85 percent and 4.78 percent in the third quarter of 2010.

Survey reflects tight credit conditions
Recent home buyers are staying well within their means with notably higher incomes and modestly higher down payments than buyers in the previous year due to the restrictive mortgage credit environment, despite historically favorable housing affordability conditions, according to 2011 NATIONAL ASSOCIATION OF REALTORS®’ Profile of Home Buyers and Sellers.

The share of first-time buyers declined to 37 percent in 2011 compared with 50 percent in the 2010 study.  The study shows the median age of first-time buyers was 31, and the median income was $62,400, up from $59,900 in the 2010 study. The typical first-time buyer purchased a 1,570 square foot home costing $155,000; the estimated median monthly mortgage principal and interest payment was $794.

Keep Your Home California

Mortgage aid open to more Calif. borrowers
The state-run program, “Keep Your Home California,” which helps homeowners struggling to pay their mortgages now has broader eligibility guidelines.  Borrowers who did “cash-out” refinances and own multiple properties now are eligible for the program, according to California Housnig Finance Agency officials.

Making sense of the story

• To date, Keep Your Home California has helped approximately 8,000 low- and moderate-income households that are behind on loan payments or close to default.
  
• There are four parts to the program: Mortgage help for the unemployed, mortgage aid for homeowners with documented financial hardship, relocation help for those in the midst of a short sale or deed-in-lieu of foreclosure, and reduction of principal.
  
• Homeowners who completed “cash-out” mortgage refinancing now are allowed to take part in the four programs outlined above, and borrowers who own more than one property also can apply for the program.  Previously, these two groups of borrowers were excluded from participation.
  
• Mortgage aid to unemployed borrowers also has been extended to nine months, instead of six.  Such homeowners can receive up to $3,000 a month.  To qualify, borrowers must be receiving unemployment benefits.
  
• Additionally, the program has reinstated up to $20,000 in past-due mortgage payments instead of the previous $15,000 cap.
  
• To review qualification guidelines, visit www.KeepYourHomeCalifornia.org or www.ConservaTuCasaCalifornia.org.

Before starting the house hunt, there are a few things buyers need to consider

• Credit score: Lenders are generally looking for buyers to have credit scores of at least 620 nowadays.  Although the Federal Housing Administration will extend loans to borrowers with credit scores as low as 580, most banks are imposing higher scores.
  
• Reserves: Even when renting, financial advisers recommend saving four to five months’ worth of expenses in case of job loss or any other unforeseen event.  Homeowners should add an additional two months’ worth to their savings.
  
• Settling down: Buyers should think about if they see themselves living in the same place for five to seven years.  Homeownership is not just a financial decision, it’s also a lifestyle choice.

What is the market like for rentals? Condos for example?

The market for rentals is very strong especially in the Bay Area due to all the demand from previous home owners that have lost their house due to foreclosure and therefore must live somewhere else for rent.  The current strict lending environment has caused folks with even close to perfect credit scores (800+ FICO) to be denied in their loan application process when trying to qualify for a home purchase today.

 

Right now in the Bay Area investors are enjoying some of the highest cash-flow return rates on rental properties in over 25+ years in neighborhoods all across the Bay Area on different types of properties such as Single Family Detached Homes, Apartments, and Condo's alike.

 

If you would like further details on the rental market for condo's  in a specific city or neighborhood just let me know.

 

Happy Halloween!

HAPPY HALLOWEEN

Be sure to be well, be safe, and of course eat lots of candy every one!!  Halloween is a grand American tradition that has always been one of the most exciting and fun of all holidays were you never get too old to put on a costume and never get at all bored of watching all the children of all ages enjoying themselves as their favorite character in full dress collecting their favorite candy all the while running around on a full tank of sugar!  May all the children and parents sleep very well tonight!  TRICK OR TREAT!!

Good deal in CA Bay Area El Cerrito

Good deal in CA Bay Area El Cerrito 

I have knowledge of a great 2 bedroom, 1 bath home with over 1000 feet of living on a lot of over 7,000 feet.  This home will be listed next week below $400,000 and approximately $100k below current market value.
Property is located in the desirable Fat Apples's neighborhood.

http://www.YourHOMEinvestment.com

HOME IMPROVEMENT & THE ECONOMY

Its of utmost importance for most folks these days especially with the economy where it is today to watch every
dollar expenditure and to stay within one's means in order to not go over their budget.

Be sure to use a qualified licensed general contractor and the use of permits to maximize your value on all home improvements projects you undertake.   This will greatly impact you for the better if you should put your home up for sale at some point in the future you will reap the rewards for doing the job done right.

Also, I highly encourage you to get at least 3 bids on all home improvement projects in order to secure the best deal possible so that you have the best chance of ensuring the value of your dollars spent.

7 Smart Strategies for Kitchen Remodelin

To make sure you maximize your return, follow these seven smart kitchen remodeling strategies.
1. Establish priorities
The National Kitchen and Bath Association (NKBA) recommends spending at least six months planning your kitchen remodeling project. That way, you won’t be tempted to change your mind during construction, create change orders, and inflate construction costs. Here are planning points to cover:

• Cooking traffic patterns: A walkway through the kitchen should be at least 36 inches wide. Work aisles should be a minimum of 42 inches wide and at least 48 inches wide for households with multiple cooks.

• Child safety: Avoid sharp, square corners on countertops, and make sure microwave ovens are installed at the proper height—3 inches below the shoulder of the primary user but not more than 54 inches from the floor.

• Outside access: If you want easy access to entertaining areas, such as a deck or patio, factor a new exterior door into your plans.

A professional designer can simplify your kitchen remodel. Pros help make style decisions, foresee potential problems, and schedule contractors. Expect fees around $50 to $150 per hour, or 5% to 15% of the total cost of the project.

2. Keep the same footprint

No matter the size and scope of your kitchen remodel, you can protect your budget by maintaining the same footprint: Keep the walls, locate new plumbing fixtures near existing plumbing pipes, and forget bump-outs.

Not only will you save on demolition and reconstruction costs, you’ll cut the amount of dust and debris your project generates.

3. Get real about appliances

It’s easy to get carried away during your kitchen remodeling project. A six-burner commercial-grade range and luxury-brand refrigerator may make eye-catching centerpieces, but they may not fit your cooking needs or lifestyle.
High-priced appliances are worth the investment if you’re an exceptional cook. Otherwise, save thousands with trusted brands that receive high marks at consumer review websites, like www.ePinions.com and www.amazon.com, and resources such as Consumer Reports.

4. Light your way

Good kitchen lighting helps you work safely and efficiently.

• Install task lighting, such as recessed or track lights, over sinks and food prep areas; assign at least two fixtures per task to eliminate shadows. Under-cabinet lights illuminate cleanup and are great for reading cookbooks. Pendant lights over counters bring the light source close to work surfaces.

• Ambient lighting includes flush-mounted ceiling fixtures, wall sconces, and track lights. Pair dimmer switches with ambient lighting to control intensity and mood.

5. Be quality conscious

Functionality and durability should be top priorities during kitchen remodeling. Resist low-quality bargains, and choose products that combine low maintenance with long warranty periods. Solid-surface countertops, for instance, may cost a little more, but with the proper care, they’ll look great for a long time.
If you’re planning on moving soon, products with substantial warranties are a selling advantage.
“Individual upgrades don’t necessarily give you a 100% return,” says Frank Gregoire, a real estate appraiser in St. Petersburg, Fla. “But they can give you an edge when it comes time to market your home.”

6. Add storage, not space

Here’s how you can add storage without bumping out walls:

• Install cabinets that reach the ceiling: They may cost more--and you might need a stepladder--but you’ll gain valuable storage space for Christmas platters and other once-a-year items. In addition, you won’t have to dust cabinet tops.

• Hang it up: Mount small shelving units on unused wall areas and inside cabinet doors; hang stock pots and large skillets on a ceiling-mounted rack; and add hooks to the backs of closet doors for aprons, brooms, and mops.

7. Communicate early and often

Establishing a good rapport with your project manager or construction team is essential for staying on budget. To keep the sweetness in your project:

• Drop by the project during work hours: Your presence broadcasts your commitment to quality.

• Establish a communication routine: Hang a message board on site where you and the project manager can leave daily communiqués. Give your email address and cell phone number to subs and team leaders.

• Set house rules: Be clear about smoking, boom box noise levels, available bathrooms, and appropriate parking.

Five steps to avoiding fraud

Weekly Fraud Alert: Five steps to avoiding fraud
As financial scams evolve to keep pace with the changing American economy, it is important that consumers educate themselves about common scams.  Here are five steps consumers can take to avoid becoming a victim of financial fraud.

1. Research: Before handing over money, look into who is receiving it. Go online to see what others are saying about a company.  If a caller claims to be a relative, ask him or her a few questions that only a relative would know.

2. Conduct Due Diligence: Due diligence is especially important when working with someone claiming to be a lawyer, as they may not be.  According to the FTC, the first question a person should ask is “Are you a lawyer,” to ensure you are entering into an attorney-client relationship.
3. Protect Personal Information: When entering personal information online, such as your name, date of birth, and/or social security number, even if it’s to confirm your identity, consumers should ask themselves how much they trust the website.  Even a transaction that appears to be low risk can make you vulnerable.
4. Use a Certified Housing Counselor: Homeowners having trouble making mortgage payments are advised to speak with a certified housing counselor, who usually charges only a minimal fee, or, in many cases, are free.  Counselors approved by HUD can be found at http://www.makinghomeaffordable.gov/get-assistance/counselor/Pages/default.aspx
5. File a Complaint: If you do become a victim of fraud, file a complaint to make the problem known.  The FTC says that consumer complaints are how they know what’s going on in the marketplace.  Consumers can file complaints with the FTC, the Better Business Bureau, the FBI, the Internet Crime Complaint Center, or the state’s attorney general’s office.

INCOME PROPERTY IN THE BAY AREA

Investors in the Bay Area region of Northern California are jumping out of their seat to buy an investment property significantly below actual replacement cost and with loans now available below 4% are enjoying the best yield (real cash flow) after all carrying costs at a rate better than anytime in the last 20+ years!

Monthly Payments for Home Buyers

Monthly Payments for Home Buyers

DOW TURNS POSITVE YTD

DOW JONES INDUSTRIAL CLOSED FRIDAY AT 11,644.49 TO SHOW A YEAR TO DATE GAIN OF .58% WHICH MAYBE A POSITIVE INDICATOR FOR REAL ESTATE PRICES GOING FORWARD.

North & East Richmond, CA --MARKET UPDATE

Have you seen the market prices in North & East Richmond lately?
Prices are dropping fast!!

Check out this new REO listing that hit the market today:

Lovely single story home with large front, side, and back yards! Living room boasts hardwood floors and kitchen has been beautifully remodeled with granite counter tops! A little TLC from you will make this home shine!

2Bed/1Bath 851 sq.ft on a double size lot LISTED for $114,900 by the bank.

WINTERIZING

• As the warm summer days begin to turn into cool fall and winter nights, many homeowners see increases in their electricity bills as they try to keep their homes warm.
  
  
• To help lower the cost of heating a home this winter, homeowners can weatherstrip their homes.  According to the U.S. Dept. of Energy, there are many kinds of weatherstripping products on the market.  Since each product is designed to work in a different area of the home, homeowners should read product packaging carefully to determine if it is best suited for windows or doors, as well as indoor or outdoor use.
• Another tip for “winterizing” a home is to get a furnace or heating system inspection, which most professionals recommend homeowners do at least once a year.  An inspection of the working parts can ensure that the house has heat when needed and can prevent costly repairs in the future.

California Foreclosures on a National Scale

California  has had in the last 11 months, more than a half-million homes entered into foreclosure. While California used to have five cities ranked on the list of the 10 highest in foreclosures in the USA, it now has eight such cities.

WHAT TO DO WHEN YOU OWE MORE THAN YOUR HOUSE IS WORTH?

There are essentially two options:

Continue to cut spending and look for side jobs in a painful attempt to convince yourself things will change for the better eventually.

Or, you can admit defeat, default on your debts, and hope for the best.

WHEN PURCHASING A PROPERTY

Talking Points

• When purchasing a property, most borrowers will conduct their due diligence on the house, examining its structural soundness and the surrounding neighborhood.  However, not all borrowers do a thorough vetting of the lender.
  
• Borrowers are advised to focus more on the individual who would be the mortgage broker, loan officer or loan originator rather than the lending institution.
  
• Among the questions borrowers should ask are: How long has the individual been in the field? How well or promptly does he answer questions? Does he want to know the borrower’s financial goals?

A THOUGHT FOR TODAY

Be the master of your will and the slave of your conscience. -Hasidic saying