Monday, June 6, 2011

Current Market Holds Opportunities for Real Estate Investors

One of the active segments of real estate buyers currently is the Investor segment. That is very true in the greater Sacramento area. Even places like Folsom and El Dorado Hills, where home values have tended to be higher because of the desirability and amenities of those communities, offer some good buys. Going along with those good buys are some still phenomenal rates. Freddie Mac has just reported that rates on fixed-rate mortgages have gone down for the seventh week in a row. And, I was talking with mortgage lender Sue Palmer of Summit Funding who told me borrowers can purchase an investment property with as little as 10% down. Check in with her if you want more information on how this.
all4now

Tuesday, May 24, 2011

Just for Investors! Free online help to generate investment property analysis

Actually, even if you’ve been in the investing game for a while, you will want to check out “Real Estate Analysis Free.” The investment software found at http://www.realestateanalysisfree.com/ provides a free property analysis to investors. It helps with calculations of sophisticated indicators, provides interactive reports, and enables sharing on social networks. You enter basic property value information, and applicable income and expense figures into the “Real Estate Analysis” form and the program then generates a detailed report with charts and graphs.
all4now

Monday, May 23, 2011

Opportunity is knocking for homebuyers in Folsom

There was a good article in the Sacramento Bee this weekend, "Housing Crash Means Bargains for Some Sacramento-Area Buyers", that talked about the opportunity that exists for home buyers to purchase an affordable home in this market, this after years of inflated home prices. If you and your family are at a point where it's time to either move into your first home or maybe even move up, take a look at the homes currently for sale. I checked our local multiple listing service this morning and found 189 homes in Folsom selling for under $300,000. And, of those, 64 were listed under $200,000. That is opportunity.
all4now

Thursday, May 19, 2011

Some good news from Freddie Mac for Buyers looking to buy a home in Folsom

Here's the deal: Freddie Mac is offering up to 3.5% in closing-cost assistance to homebuyers for offers on HomeSteps properties that are received by July 31, 2011, with escrow closing no later than September 30.

HomeSteps homes are foreclosures owned by Freddie Mac. That represents some serious money for homebuyers. For example, on the purchase of a home worth $150,000, HomeSteps would pay up to $5,250 towards the buyers closing cost. Pretty sweet!

This deal may sound familiar. Fannie Mae has been offering a similar deal on homes closing by June 30.

Currently there are two homes for sale in Folsom that are eligible for the Freddie Mac incentive with possibly more coming on line. Freddie Mac says it expects the REO inventory to grow (REO stands for real-estate owned--the term banks use to describe as properties they have foreclosed).

Write me if you would like more details...

all4now

Tuesday, April 26, 2011

Were foreclosures the best deal around in Folsom in March?

Short answer is: Yes! A look at the market statistics found for home sales in Folsom this March 2011 does show that REOs or foreclosures were the best deal as far as price. These numbers come from Trendgraphix Inc. through our local multiple listing service, MetroList.

March 2011
Regular Sale
REO
Short Sale
All
No. homes sold
36
17
20
73
Median Price
$350K
$278K
$305K
$327K
       REO stands for Real Estate Owned—the term banks use to designate foreclosed properties.

As you can see, at a median sales price of $278,000, bank-owned properties were a good deal pricewise, and home buyers in Folsom did put a premium on homes that were not distressed sales—at a median price of  $350,000 . Such sales represented just over 50% of homes sold in Folsom in March. all4now

Thursday, April 7, 2011

Homeowners at risk of losing homes may find help from CA expanded eligibility requirements

With the recent announcement by the California Housing Finance Agency (CalHFA) that it is expanding the eligibility requirements for three programs designed to help distressed homeowners, those who tapped into their home equity or took out loans after 2008, may now qualify for three programs aimed at helping families at risk of losing their homes. CalHFA is expanding the eligibility requirements as follows for three of four programs it has to help homeowners:
  • The Unemployment Mortgage Assistance Program (UMA), which provides a mortgage payment subsidy of up to $3,000 a month for six months for unemployed homeowners in imminent danger of foreclosure.
  • The Mortgage Reinstatement Assistance Program (MRAP), which provides up to $15,000 per household for homeowners who have fallen behind on their mortgage payments due to a temporary change in household circumstance.
  • The Transition Assistance Program, which provides relocation assistance in conjunction with a short sale or deed-in-lieu of foreclosure.
If you need help and think you may now be eligible for one of CalHFA’s programs under the new eligibility requirements, simply contact the Keep Your Home California call center at (888) 954-5337.

Borrowers must own and occupy the home as their primary residence, meet income limits and face a documented financial hardship to qualify for any of the four programs. The following loan servicers participate in all four programs: GMAC, Guild Mortgage, CalHFA and California Department of Veterans Affairs. Bank of America, JPMorgan Chase, CitiMortgage and Wells Fargo participate in some, but not all of the programs, so check with CalFHA to check eligibility.

all4now

Tuesday, April 5, 2011

App this, App that! New free App lets you find For Sale by Owner properties

What will they not find a mobile application for? This one at least looks useful for home buyers who are willing to consider buying a home that is a FSBO. The new free mobile application for the Apple iPhone is by the real estate search site ForSaleByOwner.com. The app allows buyers to search for homes for sale with search options like those you would use for multiple listing service properties.

If, as a homebuyer, you are uncomfortable with the idea of negotiating the purchase of a FSBO by yourself, the good news is that there are sellers who are willing to work with buyers’ agents. So if you do locate what looks to be your perfect home and it’s a FSBO, have your real estate agent contact the seller first and, if the seller is amenable, your real estate agent can then arrange a showing, help you navigate the offer process, negotiate for you, and get you through the escrow.

E-mail or call me at (916) 404-3665 if you have any questions about how this would work. Always happy to help.

So do you think this is a useful app?

all4now