Good News for Home Buyers Looking at Flips

We weren't sure till the last minute, but the Federal Housing Administration came in with a late holiday gift for homebuyers considering the purchase of a flipped property. For the second year in a row, the Federal Housing Administration extended a temporary waiver of its "anti-flipping" rule, meaning that homebuyers (especially first-time homebuyers) who rely on FHA-insured financing will continue to be able to buy homes that have changed hands in the last 90 days without waiting for the 90-day period. The waiver is also a boon for investors seeking to rehab and flip properties, because it expands the pool of eligible borrowers

FHA continues to require that all such transactions be arms-length. In cases where the sales price of the property is 20 percent or more above the list/offer price, the waiver will apply only if the lender can justify and document the increase in value.

All of this helps FHA homebuyers as some sellers of rehabbed properties had been reluctant to enter into contracts with FHA buyers because of the cost of holding a property for 90 days, according to the Department of Housing and Urban Development. 

all4now

Great Mortgage Rate News As We Near End of 2011

For home buyers in Folsom and around the nation, we get some good real estate news as we near the end of 2011: A new Freddie Mac survey of mortage rates shows that rates hit a new low this week.

Freddie Mac's "Primary Mortgage Market Survey" showed that rates on 30-year fixed-rate mortgages averaged 3.91 percent with an average 0.7 point for the week ending Dec. 22, down slightly from the previous week.

Meanwhile rates on 15-year fixed-rate mortgages averaged 3.21 percent with an average 0.8 point, unchanged from last week's record low but down from 4.15 percent a year ago.

In the end, rates on 30-year fixed mortgages have been at, or below, 4 percent for the last eight weeks. That translates into $1,200 in annual savings for a homebuyer taking out a $200,000 mortgage, according to Freddie Mac's chief economist. Not bad! all4now

Folsom Home Sales for Second Half of September 2011

Here are the recent Folsom home sales, as recorded by our local multiple listing service, MetroList, during the second half of  September. These properties were listed and sold by various broker members in MetroList. Of the 56 sales recorded, 32 were regular sales, 15 were short sales, and 9 were bank-owned. The average sales price was $316,279 and the average price per square foot: $155.

Address	Sold for	Sq Ft	Date Sold	DOM
900 Moon Cir #934	$99,500	831	9/23/2011	106
885 Halidon Way #714	$133,000	985	9/16/2011	101
810 Duchow Way	$150,000	1,017	9/21/2011	56
656 Daventry Ct	$175,300	1,012	9/28/2011	110
4701 Esplanade Cir #4701	$185,000	1,501	9/30/2011	187
1173 Avon Way	$185,000	1,196	9/26/2011	174
1117 Vessona Cir	$186,500	1,314	9/28/2011	59
125 Coralie Way	$189,000	1,550	9/26/2011	19
822 Comstock Dr	$197,300	1,250	9/27/2011	30
107 Blossom Rock Ln #45	$214,000	1,379	9/23/2011	146
120 Brightstone Cir	$222,000	1,249	9/26/2011	26
119 Remington Dr	$231,960	1,709	9/30/2011	177
675 Diamond Glen Cir	$235,000	1,489	9/22/2011	74
177 Arbuckle Ave	$235,000	1,454	9/29/2011	19
105 Farham Dr	$235,000	1,258	9/22/2011	6
151 Placer Mine Rd	$249,900	1,615	9/23/2011	147
109 Gable St	$255,000	1,411	9/16/2011	18
128 Larkin Cir	$260,000	1,446	9/21/2011	9
2144 Horseshoe Glen Cir	$260,100	1,344	9/19/2011	138
107 Gilded Rock Cir	$267,400	1,938	9/30/2011	154
124 Blakeslee Way	$272,500	1,467	9/30/2011	4
234 Winding Canyon Ln	$279,000	1,804	9/20/2011	4
1385 Copping Ct	$280,000	1,661	9/29/2011	74
209 Baurer Cir	$281,300	1,757	9/29/2011	59
105 Mainsail Ct	$285,000	1,767	9/20/2011	26
133 Honey Cook Cir	$290,000	2,008	9/30/2011	92
758 Agostini Cir	$293,000	1,635	9/23/2011	39
105 Tetworth Way	$295,000	1,890	9/22/2011	153
114 Crossing Way	$314,000	2,258	9/21/2011	105
416 Seaton Dr	$320,000	2,459	9/30/2011	87
1530 Thurman Way	$321,430	2,082	9/29/2011	33
1564 Thurman Way	$330,000	2,436	9/22/2011	408
1101 Buckbrush Dr	$330,939	2,100	9/30/2011	2
796 Bluestone Cir	$335,000	2,213	9/16/2011	126
948 John Murray Way	$335,000	2,231	9/29/2011	68
1539 Kearns Ct	$343,000	2,420	9/16/2011	133
394 Seaton Dr	$355,000	2,364	9/26/2011	5
469 S Lexington Dr	$360,000	2,453	9/27/2011	6
1809 Langholm Way	$370,000	2,584	9/26/2011	137
106 Chapman Ct	$372,500	1,964	9/21/2011	5
1113 River Bend Ct	$389,500	2,236	9/23/2011	43
1525 Parkway Dr	$390,000	2,300	9/22/2011	16
1844 Applecross Ct	$390,500	2,756	9/28/2011	50
128 Tomlinson Dr	$410,000	3,044	9/30/2011	117
2156 Woodhead St	$411,000	2,462	9/30/2011	4
162 Bayline Cir	$415,000	2,501	9/16/2011	107
2099 Stockman Cir	$419,000	2,462	9/19/2011	7
106 Emigrant Ct	$425,000	2,584	9/29/2011	5
103 Emigrant Ct	$425,500	2,857	9/16/2011	34
1553 Freswick Dr	$445,000	2,956	9/23/2011	183
100 Bunker Ct	$447,000	3,186	9/23/2011	45
313 Euer Ct	$460,000	2,621	9/22/2011	73
105 N Falls Dr	$469,500	3,683	9/26/2011	233
816 Travis St	$520,000	3,425	9/29/2011	5
743 Sturbridge Dr	$551,000	3,547	9/29/2011	15
312 Canyon Falls Dr	$615,000	3,628	9/30/2011	29
900 Moon Cir #934	$99,500	831	9/23/2011	106

 DOM= Days on Market

If you would like more details about any of the above home sales or if you are wondering about another recent sale or any current homes for sale in Folsom, drop me a line and I’ll look it up for you! Also, please verify all information independently before making a decision based on the above information.  all4now