FHA has decided to keep the loan limits for purchases using its program to pretty much the same limits. Which is a good idea of course. As the market continues to struggle, the Fed is looking for ways to boost sales and give prospective homeowners more options for getting into a home. With that being said, Fannie and Freddie will also begin buying loans that have up to a 97% loan to value instead of the usual 95%. Which is great news for homebuyers. Less money out of pocket for down payment. Of course, PMI (private mortgage insurance) will still be required as the borrower is putting down less than 20% of the purchase price. However, overall good news for homebuyers and the Real Estate market overall.
As always, I'm here to help answer any questions that you may have.
Happy Holidays and Happy New Year!
Cheers,
-O
Omar Rodriguez Real Estate (Proud member of National Real Estate Group, Inc.)
BRE 01778166
909-201-3093 Direct
omar4homes@yahoo.com
Thursday, December 18, 2014
Tuesday, December 9, 2014
Make sure you hire the right agent.
So last night, during a conversation with my wife, she begins to ask me questions as to whether a home is connected to the city sewer or on a septic is disclosed to a home buyer. My initial response was, "Yes"! It is disclosed. However an agent representing the buyer must also due their own due diligence to confirm what has been disclosed is accurate.
Within 7 days of opening escrow/accepting an offer the seller must provide in writing to buyer disclosures that are relevant to the condition of property. In these disclosures, assuming the sale is a standard sale, the Transfer Disclosure Statement, Section A (TDS) as well as the Seller Property Questionnaire Section C, #3 (SPQ) specifically ask if a septic tank is in use or present. What I told my wife was this. Either the seller failed to disclose the fact that the property had a septic or the agent representing the buyer failed to point it out upon having the buyer sign the disclosures. Either way, my wife tells me that the agent that represented the buyer is paying for the cleaning of the septic tank on behalf of their client. Escrow has since closed and therefore it appears the agent feels this was an oversight on their part.
Be sure to always look at the streets/sidewalks of a neighborhood where you are thinking of purchasing a home. Tell tell signs that the property is connected to the city sewer are manhole covers in the middle of the street as well as drains along the sidewalk. And if you are still not sure, you can call the local city department and ask if the subject property has service with them.
Cheers,
-O
Within 7 days of opening escrow/accepting an offer the seller must provide in writing to buyer disclosures that are relevant to the condition of property. In these disclosures, assuming the sale is a standard sale, the Transfer Disclosure Statement, Section A (TDS) as well as the Seller Property Questionnaire Section C, #3 (SPQ) specifically ask if a septic tank is in use or present. What I told my wife was this. Either the seller failed to disclose the fact that the property had a septic or the agent representing the buyer failed to point it out upon having the buyer sign the disclosures. Either way, my wife tells me that the agent that represented the buyer is paying for the cleaning of the septic tank on behalf of their client. Escrow has since closed and therefore it appears the agent feels this was an oversight on their part.
Be sure to always look at the streets/sidewalks of a neighborhood where you are thinking of purchasing a home. Tell tell signs that the property is connected to the city sewer are manhole covers in the middle of the street as well as drains along the sidewalk. And if you are still not sure, you can call the local city department and ask if the subject property has service with them.
Cheers,
-O
Friday, December 5, 2014
So guess what will happen in January????
Every year, when January rolls around. Several things happen to people. We begin eating better, going to the gym, and doing things we promised ourselves we would start doing. And this behavior is also true in Real Estate. All of the sellers that were sitting on the sidelines waiting for the new year to put their homes for sale will flood the market with new properties. This of course isn't necessarily a bad thing, if you're a buyer. With now more properties to choose from, the leverage now goes from the seller to the buyer. Will a buyer now pay top dollar for your home with 10 other choices on the market or will they negotiate effectively to the get the price down a bit? A smart agent would leverage the fact that there are plenty of other homes to choose from when negotiating price and terms.I explain this to my potential seller clients and hope they decide to pull the trigger and put their home on the market. Sometimes it works, other times it does not. Happy hunting and as always feel free to reach out to me with any questions you may have.
Cheers,
Omar Rodriguez
Realtor
BRE 01778166
909-201-3093 direct
Cheers,
Omar Rodriguez
Realtor
BRE 01778166
909-201-3093 direct
Monday, December 1, 2014
Don't want to put your home on the market in December?
While I'm making phone calls to prospective clients each day. There is a common theme that I hear from potential sellers around this time of the year. And that response is ,"I don't want to put my home on the market during the holidays". This response is understandable. However, there is a financial benefit to putting your home on the market now!
Want to know what those reasons are? Give me a call to discuss.
Omar Rodriguez Real Estate
Realtor
909-201-3093 mobile
Want to know what those reasons are? Give me a call to discuss.
Omar Rodriguez Real Estate
Realtor
909-201-3093 mobile
Subscribe to:
Comments (Atom)