Posts Tagged ‘Cardiff Homes for sale’

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Some Ideas To Help With Credit Fitness To Take Advantage Of Low Interest Rates

Monday, October 11th, 2010

Many home buyers now and into the foreseeable future will face tight lending standards and the need to improve their credit score to get pre-qualified or pre-approved for mortgages. START NOW with the following steps for some speedy credit repair to gain lender approval and the best possible rates:

Credit Card Wisdom

-Paying revolving credit cards down is generally more beneficial than, for example, paying down student loans, mortgage or auto loans.

-Always leave a 30% or higher gap between what you owe on the card and the card’s limit. Lenders look for this minimum gap.?-Use cards with care even if you pay off balances each month because depending upon statement dates, the lender may see big balances.

-Pay down the cards closest to their limits first for speedier credit repair. The lending bank will then see the “gap” it wants to see.?-Do not ask a creditor to lower credit limits. Generally, carrying smaller balances on several cards is better than one large balance on one card.

-Check your credit card limits to make sure the report is correct. Limits may not be reported on all cards.?-Never make a late payment on credit cards or any loan.

Protesting Items

-Protest any unjust negatives, such as late payments, collections that are not yours, and any items not reported as “paid as agreed,” if you paid on time and in full.

-Protest items listed as unpaid that were included in a bankruptcy, and items older than seven years (10 for bankruptcy).

-Focus first on the larger, newer negatives listed on the report.
It is important not to worry about smaller items like incorrect address information or an old employer listed as current. This is, of course, unless there is the possibility of identity theft or the file is mixed with someone else’s.
Any increase in credit card balances or other credit purchases (car, motorcycle, RV, boat, furniture, etc.) can change your credit score and will increase your monthly debt. Your total monthly debt is used to determine your ability to qualify for a loan. A higher monthly debt will lower the amount of your loan qualification.

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Posted in Cardiff CA Homes for sale, Encinitas CA Homes For sale, Homes For sale, Real Estate News, San Diego Real Estate | No Comments »

Hud Loan modification Scam Alert

Friday, October 8th, 2010

Scams aren’t always easy to spot – but it helps if you know the warning signs to look for. Here are six red flags to indicate that you may be dealing with a loan modification scammer:
1. A company/person asks for a fee in advance to work with your lender to modify, refinance or reinstate your mortgage. They may pocket your money and do little or nothing to help you save your home from foreclosure.
2. A company/person guarantees they can stop a foreclosure or get your loan modified.Nobody can make this guarantee to stop foreclosure or modify your loan. Legitimate, trustworthy HUD-approved counseling agencies will only promise they will try their very best to help you.
3. A company/person advises you to stop paying your mortgage company and pay them instead. Despite what a scammer will tell you, you should never send a mortgage payment to anyone other than your mortgage lender. The minute you have trouble making your monthly payment, contact your mortgage lender.
4. A company pressures you to sign over the deed to your home or sign any paperwork that you haven’t had a chance to read, and you don’t fully understand. A legitimate housing counselor would never pressure you to sign a document before you had a chance to read and understand it.
5. A company claims to offer “government-approved” or “official government” loan modifications.They may be scam artists posing as legitimate organizations approved by, or affiliated with, the government. Contact your mortgage lender first. Your lender can tell you whether you qualify for any government programs to prevent foreclosure. And, remember, you do not have to pay to benefit from government-backed loan modification programs.
6. A company/person you don’t know asks you to release personal financial information online or over the phone. You should only give this type of information to companies that you know and trust, like your mortgage lender or a HUD-approved counseling agency.

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Posted in Encinitas CA Homes For sale | No Comments »

What Is An Appraisal?

Monday, October 4th, 2010

An appraisal is an experts opinion of the value of the property.

Simply put, an appraisal is an informed estimate of the value of a property. It’s the number lenders refer to when deciding how much money to loan on a specific property.

The seller of a home will probably have a real estate agent, who will use a CMA (Comparative Market Analysis) to determine a realistic asking price for the home. While the information is useful, the lender will look to a specialized, local third-party professional to provide the “official” home valuation report. And that professional is… you guessed it …the appraiser.

Arriving at that final appraisal figure is no easy task — to be accurate, an appraiser needs an educated, trained perspective and understanding of all of factors that have to be carefully weighed with respect to the state of the real estate market in that specific area.
The type of area: Is it part of a development? Or is it stand alone acreage?
The recent sales prices of comparable homes located nearby
The average sales time of this type of property in that area
The proximity to desirable schools and public facilities
The appraiser will tour the home as a potential buyer would tour the home. Clean, updated, well-maintained homes will appeal more to buyers – and chances are, they’ll appeal more to the appraiser as well.

First impressions aside, for his analysis the appraiser will generally consider only permanent fixtures and real property — that is, property that’s permanently dug into, or set upon, land. So, a building is real property — a couch is not. Added touches, like sconces or other added fixtures, are nice but do not count toward the appraiser’s assessment.

After taking stock of the real property, the appraiser estimates the square footage of the home. GLA (Gross Living Area) is calculated by measuring the exterior of the home. The appraiser will note the GLA and then will look to calculate actual living area space. So that means he deducts the measurements of non-living areas, such as garages or covered porches. (Although, surprisingly, finished basements are calculated separately from the above-ground GLA.)

All said and done, depending on the size of the property, an appraisal should take anywhere from 15 minutes to 2 hours. Buyers (and lenders) can typically expect a report within a few business days.

And who pays for the appraisal? Although the Lender arranges for the Appraisal, the buyer pays the bill. For an average home, that’s usually around $300 to $500.

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Posted in cardiff homes, Encinitas homes, leucadia homes, Real Estate News, San Diego Real Estate | No Comments »

Fannie Mae Delinquencies Decline Housing Market On The Rebound?

Friday, October 1st, 2010

I read an article that Fannie Mae, the nation’s largest mortgage financier is shrinking its mortgage investment portfolio.They reported this week that its holdings declined at a compound annualized rate of 4.1 percent in August, while its total book of business fell by 1.3 percent.
Fannie Mae’s single-family serious delinquency rate dropped 17 basis points in July to 4.82 percent (Fannie Mae reports delinquencies with a one-month lag time). The multifamily serious delinquency rate declined 6 basis points to 0.74 percent in July.
Fannie’s single-family delinquencies are still 65 basis points above the rate recorded in July 2009, but they have been dropping now for five straight months.
Does this mean we’re out of the housing mess? It’s really impossible to tell. It does show that we are moving in the right direction. Especially when you consider the Government Sponsored Enterprise (GSE) and its regulator attribute improvements to the company’s loss mitigation efforts and the fact that newly acquired loans are of much higher credit quality than in the recent boom years. There are skeptical analysts who suggest the lower past-due numbers are merely the consequence of an increase in GSE foreclosures. However, they need to also consider Fannie’s sibling government-backed mortgage firm, Freddie Mac is seeing the same trends come to light in its mortgage business.
Freddie’s single-family serious delinquency rate dropped 6 basis points to 3.83 percent, according to its August figures. It too, shrank its portfolio by 5.2 percent.
As of the end of August, Fannie Mae’s total mortgage portfolio stood at $3.2 trillion.

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Housing Remains Highly Affordable for Sixth Consecutive Quarter

Thursday, September 16th, 2010

Bolstered by favorable interest rates and low house prices, housing affordability remained near its highest level nationwide for the sixth consecutive quarter since the series was first compiled nearly two decades ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) released today.
The HOI indicated that 72.3 percent of all new and existing homes sold in the second quarter of 2010 were affordable to families earning the national median income of $64,400. The index for the second quarter was slightly more affordable than the previous quarter and almost equaled the record-high 72.5 percent set during the first quarter of 2009.
Until 2009, the HOI rarely topped 67 percent and never reached 70 percent.
“Homeownership is within reach of more households than it has been for almost a generation,” said NAHB Chairman Bob Jones, a home builder from Bloomfield Hills, Mich. “Interest rates continue to hover at historic low levels, the economy is beginning to rebound and with house prices starting to stabilize, conditions are beginning to draw home buyers back into the market, which is a positive step on the path to recovery.”
Syracuse, N.Y., was the most affordable major housing market in the country, edging out Indianapolis-Carmel, Ind., which had held the top ranking for nearly five years. In Syracuse, 97.2 percent of all homes sold were affordable to households earning the area’s median family income of $64,300.
Also near the top of the list of the most affordable major metro housing markets were Detroit-Livonia-Dearborn, Mich.; Youngstown-Warren-Boardman, Ohio-Pa.; and Buffalo-Niagara Falls, N.Y.
Among smaller housing markets, the most affordable was Springfield, Ohio, where 96.6 percent of homes sold during the second quarter of 2010 were affordable to families earning a median-income of $56,800. Other smaller housing markets near the top of the index included Mansfield, Ohio; Bay City, Mich.; Monroe, Mich.; and Lansing-East Lansing, Mich., respectively.
New York-White Plains-Wayne, N.Y.-N.J., continued to lead the nation as its least affordable major housing market during the second quarter of 2010. There, 19.9 percent of all homes sold during the quarter were affordable to those earning the New York area’s median income of $65,600. This was the ninth consecutive quarter that the New York metropolitan division has occupied this position.
The other major metro areas near the bottom of the affordability scale included San Francisco-San Mateo-Redwood City; Santa Ana-Anaheim-Irvine, Calif.; Los Angeles-Long Beach-Glendale, Calif.; and Honolulu, all metro areas that have lingered among the bottom rankings for several quarters.
San Luis Obispo-Paso Robles, Calif., was the least affordable of the smaller metro housing markets in the country during the second quarter. Others near the bottom included Santa Cruz-Watsonville, Calif.; Ocean City, N.J; Santa Barbara-Santa Maria-Goleta, Calif.; and Napa, Calif.

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Posted in cardiff homes, Encinitas CA Homes For sale, Encinitas homes, leucadia homes, Real Estate News, San Diego Real Estate | 23 Comments »

San Diego County Home Prices Up For 12 Straight Months

Tuesday, July 6th, 2010

pastedGraphic San Diego County Home Prices Up For 12 Straight Months

San Diego County Home Prices Up For 12 Straight Months according to last Wednesdays  San Diego Union Tribune coverage in the Business section, only San Francisco’s market rose more. This is in keeping with history of price points over the years. San Francisco always seems to lead the way in prices. This being our observation over many years and not addressed in the article.

California will continue bumping along and doing fine while the rest of the nation will have its’ ups and downs. The rest of the country is not a direct indicator of our prices. That is something I have learned over the years and this article certainly takes nothing away from that feeling or conclusion. If you would like to see results in your particular zip codes of interest, email them to me at rob@robdennyhomes.com. I’ll get you a comparison going back 12 months or more!

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Posted in Cardiff CA Homes for sale, Encinitas CA Homes For sale, Homes For sale, leucadia homes, Real Estate News, San Diego Real Estate | No Comments »

Seven Things All Borrowers Should Know About FHA Loans

Monday, July 5th, 2010


pastedGraphic Seven Things All Borrowers Should Know About FHA Loans

Seven Things All Borrowers Should Know About FHA Loans as talked about by FHA Pros, LLC, a national FHA condo approval service, has developed a list of facts speaking to the top misconceptions associated with FHA loans in order to help home buyers better navigate an already confusing market. FHA loans are mortgages issued by qualified lenders and insured by the Federal Housing Administration (FHA).

1. FHA loans are not only for lower-income borrowers. FHA loans are available to everyone. There is no maximum income restriction associated with FHA loans, but borrowers do need to substantiate income and assets by submitting proper documentation.

2. FHA loans are not only for first-time buyers. Many people believe FHA loans are available only to first-time home buyers, but this is not the case.

3. FHA loans are not just small loans; in fact, loan amounts can be as high as almost $800,000. The government recently raised the maximum loan amount from its original cap of $362,790 to $793,750 as a way to help stabilize the housing market. The amount a buyer can borrow varies from county to county.

4. FHA loans are not affiliated with the section 8 housing program. While both programs are administered by the U.S. Department of Housing and Urban Development (HUD), FHA loans have nothing to do with low-income subsidized housing. FHA loans are simply mortgages insured by FHA. This insurance provided by the federal government allows lenders to lend more freely by assuring them that they will be repaid in the event of default. Most traditional lenders, including Wells Fargo & Co., JP Morgan Chase and Citigroup are able to provide FHA loans to their customers.

5. FHA loans are often more affordable than conventional loans. While FHA loans typically offer the same interest rates as other loans, borrowers benefit from a much lower down payment of as low as 3.5%.

6. FHA-approved condo developments are more desirable to buyers. With 87% of home buyers indicating that they plan to use FHA loans, condo associations that are not FHA approved are missing out on a significant pool of prospective buyers. Under rules in place since February 2010, an entire condominium development must now apply to HUD and be granted FHA approval before a buyer can purchase a unit in an association with an FHA loan or before an existing unit owner can refinance into an FHA loan.

Due to the general unwillingness of today’s lenders to extend credit with respect to conventional loans, many borrowers find that FHA is their best bet. Lenders don’t mind lending when the federal government (FHA) assures them of repayment.

Homeowners associations (HOAs) should note that although FHA-insured mortgages might be easier to obtain, they are not “risky” loans, due in large part to the strict “full documentation” requirements placed on borrowers. Individual buyers or sellers can initiate the approval process or current owners can encourage their HOA to apply.

7. FHA loans are assumable. In addition to lower down-payment and credit-qualifying requirements as compared to conventional loans, FHA loans are assumable. This means that when a seller with an FHA loan sells his or her property, the loan and its financing terms (interest rate) may be transferred to the new buyer subject to qualification.

Will you use FHA financing to purchase your home? Do you have more questions about FHA? Contact Rob Denny today at rob@robdennyhomes.com or visit my website www.robdennyhomes.com.


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Posted in Cardiff CA Homes for sale, Encinitas CA Homes For sale, Real Estate News | 146 Comments »

Happy 4th Of July!

Sunday, July 4th, 2010

Happy 4th Of July! There’s nothing like to celebrating the day of our Independence with family and friends. Here’s some facts about the 4th from the US Census Bureau -

1. Thirty places nationwide have “liberty” in their name.

2. Eleven places have “independence” in their name.

3. Five places adopted the name “freedom.”

4. There is one place named “patriot” — Patriot, Indiana.

5. There are five places called America.

6. There’s a 1-in-6 chance the beef on your backyard grill came from Texas. The Lone Star State is the leader in the production of cattle and calves.

7. The Lettuce in your salad or on your hamburger probably was grown in California, which accounts for nearly three-quarters of USA lettuce production.

8. The value of fireworks imported from China is $128.8 million, representing the bulk of all U.S. fireworks imports ($135.6 million).

9. “The British are coming! The British are coming!” These days, this cry applies to tourists rather than “redcoats.” Nearly 5 million tourists from the UK visited the United States in a recent year, more than from any other country except Japan.

10. The dollar volume of trade last year between the United States and the United Kingdom was $74 billion, making the U.K. our sixth-leading trading partner today.

Have a Happy, fun and safe 4th of July!

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Posted in Cardiff CA Homes for sale, Encinitas CA Homes For sale, Real Estate News, San Diego Real Estate | 111 Comments »

Any Good News Regarding Short Sales?

Thursday, June 17th, 2010

Any Good News Regarding Short Sales?

Any Good News Regarding Short Sales?  Just a year ago, when pre-foreclosure and foreclosure properties were entering the market in unimaginable numbers, many real estate agents were estimating six to 10 months at best to complete a short sale. Now, some are beginning to see closings in as few as 10 weeks. That’s good news for sellers, the housing market and the U.S. economy.

The improvement is a product of a few key developments creating momentum in the lending industry. First, banks are starting to adjust to the market and becoming more proactive in creating systems and solutions for homeowners in distress. Second, and arguably more important, the U.S. Treasury has enhanced the guidelines and incentives for banks that are committed to improving the loan modification and short sale processes.

The Home Affordable Foreclosure Alternatives (HAFA) program, announced in November 2009 and fully implemented April 5, is the government’s answer to the problem. It’s a supplement to the February 2009 Home Affordable Modification Program (HAMP) that outlines a separate set of criteria for short sales or deeds-in-lieu to address the group of homeowners who are facing foreclosure because loan modification hasn’t worked out.

HAFA provides that missing next step for homeowners who are not approved for modifications. Now, they can pursue a short sale in a more timely and orderly manner. Here are some of the ways the HAFA program is already improving the process (For more details on the program, you can visit realtor.org and search “HAFA”):

-Standardizes paperwork and timelines?-Requires lender response on an offer within 10 days?-Allows for preapproval on pricing of a short sale?-Eliminates deficiency judgments on first mortgages?-Offers $3,000 in relocation assistance?-Pays servicers $1,500 toward administrative costs

In today’s real estate market there are many, many ways to buy and sell residential real estate. Contact me at rob@robdennyhomes.com so we can discuss the best solution for you or search over 20,000 homes for sale at http://robdennyhomes.com.

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Posted in Cardiff CA Homes for sale, cardiff homes, Encinitas CA Homes For sale, leucadia homes, Real Estate News, San Diego Real Estate | 193 Comments »

Real Estates New Problem – Not Enough Homes

Monday, May 24th, 2010

Can it be possible? Despite the housing bust and high foreclosure rates, in some areas we don’t have enough homes to sell. There is currently an eight-month supply of homes on the market — meaning that, at the current sales pace, it would take eight months to run through the backlog.That’s still a lot compared to the six-month supply that is expected in a normal market, but it is much better than it was. In March, there were nearly 2% fewer homes on the market than there were a year ago, and 21.7% fewer than the record of 4.6 million in July 2008.

In California, almost all cities have a short supply of single-family homes.That’s especially true in the lower-priced categories, according to Leslie Appleton-Young, chief economist for the California Association of Realtors.The supply of homes that sell for less than $300,000 is at 3.2 months statewide, down from an already low 3.3 month supply 12 months ago.Inventory of moderately priced homes, those between $300,000 and 500,000, fell to 4.2 months in March, down from 4.5 months in March 2009.There are plenty of more expensive homes in California, but this inventory is going quick: inventory for million-dollar-plus homes has dropped from 21.6 months to 10.9 months.

What is your price range for purchasing a home in Carlsbad, Encinitas, Cardiff, Rancho Santa Fe and any other community from Old Town to Oceanside?

Call or email me today cell 858-504-0449, RobDennyHomes@gmail.com!

RELAX… I’ll handle the details.

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Posted in Real Estate News | 103 Comments »

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