Short Sale, Bank Owned or Traditional? What to buy?  Buying a home in Fresno, CA can be tricky.  I give the buyers I meet with on our first visit this information so it will make it a little clearer on what they are looking for. Buying a Home  Short Sale A short sale is when the seller owes more on the loan(s) that secure the home than what is considered fair market value.  The contract is negotiated between buyer and seller then sent to the lender(s) for third party approval of a discounted payoff. Pros:   - Traditional disclosures regarding the property will be made by the seller Cons:  - *There is no mandated time limit that a bank has to approve or deny a discounted payoff.   Time frames can be 2 weeks to several months.  Once bank approval is received, the time given to close the ... 06/30/2011

So I have these out of town buyers who I am trying to assist in buying a home in Fresno CA.  I have set them up on a search through our MLS so they receive listings that meet their criteria.  I have excluded short sales from their search as they need to move here now and not in an "indefinite time frame".  I totally understand the need to be proactive and search on your own, however I have told them to use the serach on my website as it pulls directly from our MLS and is up to date.  I continue to receive inquiries from Zillow and Trulia that my buyers are interested in this home.  I respond to every inquiry with this is a short sale or this one has been pending for 2 months, etc.  I just wish all the information available to our buyers and sellers was up to date.  It would make the buy... 06/22/2011

Well I was told to wear jeans and tennies to my first lockout eviction on a bank owned property in Fresno, CA, but I decided to wear sandles instead.  I met the sherrif's there this morning and the tenants were still in the process of moving their belongings.  There were two tenants on the lease when we did the occupancy check in Nov 2010.  The tenants wanted to accept the cash for keys offer but they had a friend move in and she moved in about 7 other people who squatted on the property and they refused to leave.  They were living in tents in the backyard, in the garage, in the yard, everywhere.  There was debris piled high in the yard and in the house.  No power or water.  I walked through the house in my jeans and cute sandles and was afraid of what I would step on.  I think the tras... 06/16/2011

  Foreclosures continue to flood real estate markets across the country, and buyers are looking to cash in on what they view as some of the best real estate deals. But experts say that while some foreclosures are a great purchase, buyers need to be cautious before jumping in to make sure they really are getting a bargain. Dan Steward, president of Pillar to Post Professional Home Inspections, advises buyers considering a foreclosure to avoid the following: 1.   Don’t judge a house by looks alone. A $2 million mansion may look fabulous but have mold hiding beneath the walls or need numerous, costly repairs. A fixer upper, on the other hand, may look rundown but have excellent bones and can be repaired at a reasonable cost. A home inspection prior to purchasing a property can help buyers ... 06/13/2011

Hard Money Loans Fresno CA.Hard Money Loans in Fresno CA. may make good sense.  I was taken to lunch by a mortgage manager of a top tier national bank who was trying to earn my business and he made it sound like we are in the real estate crisis we are in because people couldn't qualify the conventional way.  I disagreed with him for a few reasons.  Just because someone can't fit in the conventional guidelines of a national bank for a mortgage doesn't mean they shouldn't own real estate.  Lets face it, some people just don't trust banks.  I remember when IndyMac Bank was going under and seeing hundreds of people line up outside of the bank, waiting for the doors to open so they could withdraw all of their money before it was gone!  That is just one example of why people may not like bank... 06/10/2011

FHA Ready Homes Fresno, CA. Finding FHA ready homes in Fresno can be a challenging task.  Maybe you have already experienced being in escrow on a property but your FHA appraiser noted too many items that needed to be fixed and it was a deal breaker.  Maybe you have lost out on some good opportunities because you can only qualify for the home that you would like with 3.5% down.  Maybe the house that you liked the listing agent said the seller would not look at FHA offers.  By this time you are feeling discouraged that you will ever buy a home during the current housing recession.  Sometimes what may hold you back from getting a FHA ready home in Fresno is not the FHA guidelines themselves.  Sometimes FHA lenders have their own requirements on top of what FHA requires.  If you have fallen... 06/09/2011

Copper River Ranch Golf Course Community Fresno, CA.  93730Copper River Ranch offers luxury and location like no other place in Fresno.  Located on the very north end of the Fresno City limits, Copper River offers amazing views of the Sierra Nevadas.  Fresno is mainly expanding on its Eastern and Northern sides and this is definitely the northern side.  While still being only several minutes from the Riverpark Shopping area, yet far enough away to keep out major traffic.  Not only are these homes located on or near the award winning Copper River Country Club with its 18 hole par 72 championship golf course, some even have views overlooking the San Joaquin River.  There is the Lewis S. Eaton Trail that goes along Friant Rd. which can take you all the way through Woodward Park.  Enough wi... 06/09/2011

Real Estate Market Watch Luxurious and Exclusive Gated Community Lake Van Ness, Fresno CA.  93711   Arguably the nicest and most exclusive gated community you will find around water in the Fresno area is Lake Van Ness.  Good luck getting into the community though because along with the fence and gates all around, there is a security booth at the main entrance staffed with personel.  Unless you have a legitimate reason for being there you probably won't get in without being very creative (I recommend bringing your Realtor).  When you view this neighborhood even from beyond its gates, you don't get the sense that this is Fresno.  It feels something more like a southern California or Bay Area community.  These homes range from 3,000-6,000+ sq. ft. on lots that are 12,000-17,000+ sq. ft.  T... 05/31/2011

Lakefront Property Value Search Woodward Lake Fresno California 93730 & 93720     Even if you don't enjoy fishing or boating there is something intriguing about water front property or property with views of water, whether it is rapidly flowing or stagnant pond water.  Woodward lake is a community of homes built around a manmade lake.  Not all homes are built on the water or have views of the water.  However, everyone is allowed access to fish or be on the water if you live in the community.  I have fished on this lake personally when I knew people who lived on the water and would allow me to use their pontune boat to fish and relax.  The large mouth bass can be caught in abundance at various times of the year.  The lake is a catch and release lake so that allows the fish to mature full... 05/26/2011

  Although a reverse mortgage does have some impact on your heirs, that impact is mostly from their uncertainty of whether or not they will be personally responsible for paying off the debt.A reverse mortgage is a non-recourse loan secured by the property.  The lenders only recourse is to the property itself.  What does that mean to your heirs?It means that if the home is worth more than the loan balance, then there is equity in the home.  If there is equity the heirs may wish to either sell the home, payoff the reverse & keep the “change”.   Perhaps they will choose to refinance the home to payoff the reverse and keep the home. What if the loan balance is higher than the home value?  This situation is one that happens not just with reverse mortgages.  Many regular mortgages currently h... 05/21/2011

You don't have to own your home free and clear in order to qualify for a reverse mortgage. In fact, most reverse mortgages are used primarily to payoff the existing home loan. Using a reverse mortgage to payoff the existing loan enables the homeowner to have some financial breathing room by eliminating the monthly mortgage payment. If you take a look at the NRMLA (National Reverse Mortgage Lenders Association) consumer information website you can find answers to many common questions about reverse mortgages.   Here's what they have to say about having an existing mortgage: (Excerpt from www.reversemortgage.org) "What If I Have An Existing Mortgage? You may qualify for a reverse mortgage even if you still owe money on an existing mortgage. However, the reverse mortgage must be in a first... 05/17/2011

Not at all.  A reverse mortgage is a loan against the property.  Just like the mortgages most of us have on our homes.  It has terms and conditions that the borrower and lender must agree to and if the borrower does not fulfill those conditions the lender may foreclose. The borrowers responsibilities are these: Live in the home as a primary residence. Keep the home insured. Pay all property taxes, homeowners or property owners association dues. Maintain the home in satisfactory condition. Notice that there is no responsibility to make monthly mortgage payments. That is a requirement of regular mortgages not reverse. It's the main reason that reverse mortgages are so important as a cash flow tool for older Americans, never having to make a monthly payment. A Reverse Mortgage is a non-rec... 05/15/2011

  I live in a mobilehome and am over 62, can I get a reverse mortgage? Many mobilehomes (now referred to as Manufactured Homes) can qualify for a reverse mortgage if they conform to FHA Guidelines.  the basics of the guidelines are as follows: The home must be constructed after June 15, 1976 It must be taxed as real property. It must have a permanent foundation.   It cannot have been moved from it’s original site placement. It cannot be in a flood zone. It must be larger than 400 square feet. If you are over 62 and live in a manufacture home that conforms to the above criteria, it will very likely qualify for a reverse mortgage.  Unless the home already has an FHA loan on it, you will need to have an engineers certification that the home has a compliant foundation.   05/06/2011

You want to sell your home, right?  Which of these six-packs will help you do that? The agents or movers with these six-packs? This six-pack?  Or this six pack?  This six pack will help you increase the curb appeal of your home and it will help get potential buyers out of the car and into your home.  (And it's probably less expensive than either of the above choices.)   If the curb appeal of your listing isn't getting people out of the car, call our Oakhurst based home staging company  for a quick and easy consultation on what you can do to GET IT SOLD.   Our consultations help you to know where to best spend your money to help you get offers.  Don't waste your hard-earned money on improvements that will not pay off.  ~ ~ ~ ~ ~ ~ ~ ~ ~ ~    Dream Interior Redesign and Staging by Ginger ... 04/18/2011

  Talking with a broker sales manager for a big name real estate company and after our chat he told me.  Dang! “Ya just don’t know what ya don’t know!”  I had spent the last half hour going over the HECM For Purchase Program with him because one of my buyers saw his sign on a listing and wanted this broker to represent him in finding a home in that neighborhood.  The broker was concerned as he’d never heard of using a reverse mortgage for purchase and really never did like reverse mortgages.  I brought him some literature and proceeded to give him a mini presentation on the FHA HECM (Home Equity Conversion Mortgage) also known as a reverse mortgage.  I went over the down payment requirements (based upon age), the credit requirements (no minimum credit score required), the income require... 04/12/2011

  What happens if I outlive a reverse mortgage?As long as the home is your principal residence, you maintain the home, pay the property taxes, insurance and homeowner dues, then the loan just stays in place with you as the homeowner.  What you are probably referring to is, if, over time you withdraw all the available funds from the reverse “Line of Credit”  Then what happens?  Again, nothing - you still are the owner of the home with the only obligations referenced in the first paragraph to live, maintain, and pay tax &; insurance on the property.  You never have to make any payments on the reverse mortgage, unless you want to. If you did make payments you would find yourself re-establishing a line of credit for future use.  (Might be something to consider?)   Or perhaps you elected the... 04/03/2011

This post is really not real estate related but I wanted to share with my Active Rain Family that April is Autism Awareness Month.  Did you know that 1 out of every 110 children will be diagnosed with Autism?  Autism is a spectum disorder that affects social skills and language and other developments.  My son who is 10 now was diagnosed with Autism when he was 2.5 years old.  Autism has changed our lifes! I became a Realor in 2005 because of Autism.  I was working in the commercial insurance field for a large corporation and needed to be in a field that would allow me to earn as much as I wanted, work the schedule that I wanted and it had to be doing something that I loved.  Real Estate met all those needs.  I can schedule to be home at 2:30 to meet my son when he comes home from school... 04/01/2011

Do you have an iphone4?  Does your battery run low constantly?  If I am out showing homes, texting, using my e-key, answering my phone and playing Words with Friends while waiting for clients, my phone will die if I dont charge it sometime throughout the day.  Well I think I found a solution. I was at the AT&T store last weekend getting my son a new phone and was looking around and found the Mophie Battery Pack for the iphone4.  This is a case/battery pack that fits over the phone and keeps it charged.  It is a life saver for me!  I can do everything listed above and even listen to music, check Twitter and Facebook and still have battery left over.  The only down fall I see is when showing homes, I have to remove it to insert my e-key FOB at the bottom, but I can live with that little i... 03/29/2011

FHA Increasing Mortgage Insurance for Home Loans The Federal Housing Administration is increasing the monthly mortgage insurance on home loans. What this means is that people who are in the process of, or who are considering, buying a home using an FHA loan will want to work with their lender to secure approval for the loan before April 18, the date the mortgage insurance increase will take effect. Anyone who begins an escrow prior to April 18 should contact his/her lender immediately, as the lender will need to submit the loan for FHA approval as soon as possible, if applicable. The official statement distributed by the Department of Housing and Urban Development states that the change is necessary "to ensure that FHA will continue its historic role of providing a home financing vehicl... 03/29/2011

"My Home Looks OK, So Why Should I Have It Staged When It Is FOR SALE BY OWNER?" There are numerous reasons why all homes, including those which are FOR SALE BY OWNER, need the help of a home staging professional. Here are the top five. 1. A home staging professional will have an objective or "buyers" eye when viewing your home. While your home does look fine to you it may be in need of help to make it appealing to the largest pool of potential buyers. Most people don't notice small things in their homes that may be buyer turnoffs.  A home may be beautifully decorated to suit the owner’s taste, but may need some  changes to enable potential buyers see themselves living there with their own things. 2. Staged homes usually sell more quickly than their un-staged competition. 3. The cost of... 03/23/2011