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As of Jan. 1, 2010, the Department of Housing and Urban Development (HUD) required lenders to provide mortgage borrowers with a new three-page Good Faith Estimate (GFE) to protect consumers who are applying for a mortgage.
The intent of the GFE is to educate consumers about the key terms and costs of a mortgage, both at origination and ongoing. A loan originator completes the form, giving the borrower a summary of the loan particulars and information necessary to shop rates and to be sure they’re comparing like-type mortgages.
Although there’s grumbling, mostly from mortgage brokers, lenders and closing/escrow agents, the format and information included in the new GFE is a step in the right direction. There are, however, some quirks.
For example, the GFE doesn’t provide a complete and accurate account of the borrower’s costs. Page two provides an itemization of loan origination and settlement costs. The origination charge is itemized as one lump sum; it’s not broken down.
So, you don’t know how much you’re paying the appraiser for the appraisal, the loan originator for the origination fee, or other miscellaneous fees.
Another shortcoming is in the way transfer taxes are disclosed. The entire amount of any transfer taxes is entered on the GFE, even if the sellers pay part or all of it. This could inflate the buyer’s estimated settlement costs.
To get around having to generate a GFE for buyers before they have committed to a given loan originator, some mortgage originators have developed worksheet quotes for buyers to use if they want to shop rates. HUD is adamant that these worksheets can’t be used instead of a GFE. Furthermore, they provide the borrower no protection.
HOUSE HUNTING TIP: The new federally mandated GFE provides protection for borrowers against being charged extra fees at closing that weren’t disclosed on the GFE. An informal worksheet provides no such protection.
Origination and settlement fees are grouped into three different categories. The first category is fees that can’t increase between the time the GFE is issued and closing. Included in this category are the lender or mortgage broker’s origination fee, transfer taxes and adjustments to loan origination charges after the borrower locks in an interest rate.
Loan originators who miscalculate, causing fees to run higher at closing, have to make up the difference out of pocket. To cover themselves, some loan originators pad the Category one figure.
The second category of fees can increase up to 10 percent at closing and includes such things as government recording charges and title insurance — if the title insurer is identified by the lender, not by the borrower. This is done to encourage lenders to shop for the most cost-effective coverage for the consumer.
The third category of fees can change at settlement and includes homeowners insurance and title insurance coverage if the borrower, not the lender, identifies the title insurer.
The new GFE also includes a tradeoff table that shows what the interest rate would be if you paid a higher origination fee vs. a lower origination fee: the higher the fee, the lower the rate; the lower the fee, the higher the rate.
 Finally, there’s a loan-shopping chart to use the mortgage information provided by one lender to compare with other lenders. There is no obligation to use a loan originator who completes a GFE for you. A loan originator can’t refuse to provide a GFE to a prospective borrower who asks for one.
As soon as a prospective borrower provides essential application information, such as Social Security number, property address, etc., the originator is to provide a GFE.
THE CLOSING: Lenders are required to provide a GFE within three days of receiving the borrower’s application.
Dian Hymer, a real estate broker with more than 30 years’ experience, is a nationally syndicated real estate columnist and author.
If you have any questions about buying a Santa Maria home for sale in the Santa Maria Real Estate market or any properties on the Central Coastand need to get a loan in Santa Maria, CA or any where in the state of California not just on the Central Coast please contact me by sending me an email at: GenePerez@GMSLoans.net
I do also service all the nearby communities and other markets such as the Santa Ynez real estate market, Nipomo Real estate market, Arroyo Grande real estate market, Grover Beach Real Estate Market, and all other surrounding areas regarding the homes on the Central Coast.
my goal is to provide you with resources you need. I can also help in getting the financing for your home. If you have any suggestions or questions in how I can provide more or better
information please let me know. I have been helping my clients for the last 15 years on the Central Coast, Gene Perez – 805-448-7101 , DRE 01321588
Important Disclaimer: Questions and answers provided on this website and by Gene Perez is to be considered general information, and is not intended to substitute for informed professional financial, tax, legal, investment, accounting, or other professional advice.
Life Would Be Easy… If It Weren’t for AGGRESSIVE People by Connie Podesta
The aggressive personality views life from a win/lose perspective, and they create oppositional relationships. Interactions with them become struggles for control of our personality and our life. Their weapons of choice are hurt and anger; their strategy is to make you feel bad; and their outcome is for you to change your mind, your attitude or your behavior. But you always have a choice—and options!
 Dealing with the Aggressive Person
The most important thing to remember in any personality conflict is that we cannot change anyone else. However, we can choose to change ourselves and how we react to others’ attempts to manipulate us.
When faced with aggressive behavior, we have two possible responses. First, we can assert ourselves, confront the attack (which means we avoid reacting to the emotions and sensations their tactics trigger in us), and neutralize the onslaught. This is the assertive choice.
Second, we can allow ourselves to be drawn in and manipulated and respond by using one of three non-assertive communication styles. We can give in to the attack and avoid the issue at hand (passive); we can resort to imitating the difficult behavior by being manipulative right back (aggressive); or we can attempt to get even and teach them a lesson (passive-aggressive).
As long as a difficult person is allowed to behave in an inappropriate or unacceptable way, and they are rewarded for this behavior by getting their needs met, they will have no incentive to change. Assertive negative feedback works!
Difficult people do not respect people who allow them to get away with their manipulations; therefore, we must give the difficult person timely feedback (assertive negative) that their behavior is not acceptable. Unfortunately, many people try to avoid confrontation because they believe a confrontation will simply escalate the already tense situation, or they believe any type of confrontation or negative feedback will not coincide with their image of a “nice person.”
Assertive negative means you must let the other person know as soon as possible that their action, tone or behavior is not acceptable to you. It sounds mature and grown-up, functional and healthy, professional, in-control and confident; it can even sound caring and comforting.
For example, an aggressive negative response might sound like: “You are so lazy and irresponsible. How many times do I have to tell you to clean up your room?” Or “Oh fine. That’s a great idea. I’m sure our clients will really enjoy waiting two extra days for their order.” Or “I’m sick of dealing with you! I’ve had it!”
A more powerful, effective assertive negative response for each follows: “Son, I need you to clean your room now. I know you’ve had a lot going on after school, and it’s easy to get distracted, but this needs to be your No. 1 priority.” Or “I’m concerned that the new shipping schedule will cause a delay in getting our clients their orders on time. What can we do to make sure this doesn’t happen?” Or “I’m frustrated and tired right now, and I’m sure you are too, so we’re getting nowhere with this discussion. Let’s talk again later.”
Three important things changed:
- The other person has been told that we have noticed their behavior and we feel it is not acceptable, appropriate or necessary.
- There were no insults, put-downs, sarcastic statements or threats used.
- We did not ignore, reward, accept or emulate their negative behavior.
Watch Out for Detours
The bottom line is that most difficult people are cowards. They really do not want to deal with anyone they think might see through the tears and threats and assertively take them on face to face. But aggressive people do want control. They want to get their needs met and have been taught by the rest of us that manipulation using hurt and anger usually works.
Assertiveness requires you to think about what you need to say, how you want to say it, and to stick to the subject—your subject, not theirs. Be aware of detours and refuse to take them. You do not need to make excuses, defend yourself or apologize for stating your needs firmly with confidence and taking back control of your life! 
If you have any questions about buying a Santa Maria home for sale in the Santa Maria Real Estate market or any properties on the Central Coastand need to get a loan in Santa Maria, CA or any where in the state of California not just on the Central Coast please contact me by sending me an email at: GenePerez@GMSLoans.net
I do also service all the nearby communities and other markets such as the Santa Ynez real estate market, Nipomo Real estate market, Arroyo Grande real estate market, Grover Beach Real Estate Market, and all other surrounding areas regarding the homes on the Central Coast.
my goal is to provide you with resources you need. I can also help in getting the financing for your home. If you have any suggestions or questions in how I can provide more or better
information please let me know. I have been helping my clients for the last 15 years on the Central Coast, Gene Perez – 805-448-7101 , DRE 01321588
Important Disclaimer: Questions and answers provided on this website and by Gene Perez is to be considered general information, and is not intended to substitute for informed professional financial, tax, legal, investment, accounting, or other professional advice.
Did Your Servicer Lie To You About Denying The Loan Modification
Okay, I know that this is kind of complicated so I am going to first break it down first, and we are just going to keep it simple AS POSSIBLE not get all complicated here. You got a loan through Bank of America or Country Wide and what they did is they packaged all these loans and put them in what is called Mortgage Backed Securities Or MBS. Now the investor can be a pension fund or a Mutual fund etc etc. Now what confuses most people is that it does not say on your Mortgage Statement that T.Rowe price is who now owns your mortgage or is part of a thousand other mortgages all pooled together it can still say Bank of America or Wells Fargo etc. So the bank you thought you had the loan with is really just servicing the loan they handle the paperwork, and the accounting all that good stuff. They make money on servicing the loan for the investor handling on the little details that go into taking care of the loan. Which can be a lot of work when you think of the thousands upon thousands of accounts the investors are just not set up to do it so that is why your statement still says Bank of America and so your bank actually becomes the servicer of the loan.
So now lets go forward in time and times are tough the interest rate has changed and you are trying to get loan modification because you just cannot keep up with the payments anymore. So you are dealing with Wells Fargo and little did you know that Wells Fargo has to go to the investor to get approval to on your loan modification and this is where the games begin.
 getting a loan modification in santa maria First let me say I am not a big fan of the big banks and there games nor am I a big fan of the bailout. Since we did bailout the banks with billions of dollars and they were able to maintain the ability to continue to do what they felt like. The HAMP program has proved to be anything but successful but for more reasons than one. Please keep in mind that getting a loan modification can be done via the Bank OR THROUGH THE OBAMA PLAN. I hope that some of this information can be of use to someone and help someone out in trying to save their home from a needless foreclosure. Now if you do qualify under the guidelines for the Obama plan and you have an INVESTOR- OWNED MORTGAGE they have to give you a loan modification unless it is spelled out in the investor agreement no modifications allowed but a third of all modifications are investor loans. CLICK HERE FOR OBAMA GUIDELINES FOR LOAN MODIFICATION. Sad to say that there are homes for sale in Santa Maria that are foreclosed on that possibly were forclosed on needlessly and only because it was in the best interest of the servicer.
The problem is that many Servicers are starting to state that the investor will not allow a modification and turning people down for the loan modification even when they could of been offered one. Servicers collect more money when you go to foreclosure by charging fees and passing the costs on to the investor. So its not really in thier best interest to help you get that loan modification, sure they do some here and there but overall they do a poor job of it. The sad thing is that the servicer is in control and making decisions that are not in the best interest of either the investor or the homeowner. Now what makes things even more frustrating is if the homeowner tries to contact the investor … he is clueless as to who the investor is and the bank (servicer) will not help but just make things more complicated.
Here is a great article on this topic. CLICK HERE 
Next Blog I will give you a few resources and things you can do to fight back if you still the have fight in you the banks can seriously wear a person down and even give you the impression that there is nothing you can do but if you still have some fight in you I will try to post a few resources that may be able to help you.
If you have any questions about buying a Santa Maria home for sale in the Santa Maria Real Estate market or any properties on the Central Coastand need to get a loan in Santa Maria, CA or any where in the state of California not just on the Central Coast please contact me by sending me an email at: GenePerez@GMSLoans.net
I do also service all the nearby communities and other markets for real estate transactions such as the Santa Ynez real estate market, Nipomo Real estate market, Arroyo Grande real estate market, Grover Beach Real Estate Market, and all other surrounding areas regarding the homes on the Central Coast.
my goal is to provide you with resources you need. I can also help in getting the financing for your home. If you have any suggestions or questions in how I can provide more or better
information please let me know. I have been helping my clients for the last 15 years on the Central Coast, Gene Perez – 805-448-7101 , DRE 01321588
Important Disclaimer: Questions and answers provided on this website and by Gene Perez is to be considered general information, and is not intended to substitute for informed professional financial, tax, legal, investment, accounting, or other professional advice.
Getting your home ready to sell
First thing you have to remember is first impression is lasting impression. This is a tough economy and the real estate market is still recovering so if you happen to want to or need to sell your home you need to put your best foot forward in order to make that happen. For the most part you are not going to get a second chance to make a good first impression and buyers are not a very forgiving group. So let’s go over what you are going to have to do to get your home ready to sell.
Curb appeal.
Your yard make sure the is grass green and mowed walking up to your home or pulling up to a home with dead grass or a jungle growing is a big turn off for anyone. A buyer will already have a mental picture of what is inside before even going inside. He will develop a mind set without even going inside and you don’t want that. So make sure the yard is trim and green and weed free if you can during spring plant some flowers and make the yard look pretty. All simple and not expensive yet effective.
Front Door
Make sure the porch area is clean polish any brass the door has and if needs painting, well then paint it. And make sure the door does not stick when opening or some lousy squeaking noise.
Living Room
The living room is going to be the first thing someone will see as they go into your home. This is also where you have to make some adjustments. You have to remember that you have to create an image that buyers can see themselves in your home. So in order to make that possible get rid of clutter that you may have. If you have kids this is where picking up the toys is a big deal. If you have a bunch of little pictures start your packing and just box them up, try to have minimal personal pictures and try to find some large prints instead. If you have lots of knick knacks start boxing those also for your move too much clutter just prevents the buyer to visualize and you want them to visualize. If you have too much furniture , well start packing that too you want the living room to flow and make it easy move around with out having to navigate around carefully.
Kitchen…Kitchen,, important,,,important…-
If there is any part of the house that makes or breaks any deal its going to be your kitchen. If the kitchen is just nasty with dirty dishes, buyers will just walk in and out without even really looking and that is something you want to avoid. You want that kitchen looking good even with old appliances you can still sell the kitchen. The theme is and has been get rid of clutter. No one is buying your Ronco appliances not sold in any store so pack them up also. You want to sell counter space get rid of the clutter taking up the space. In the cabinets make everything like it has its place and there is plenty of room for it not all crowded and shoved in. It will only make it look like the kitchen is too small. Work with what you got and make it look nice, clean and polished NO DIRTY DISHES!!!!!!!!!!!!!!!!!!!
Master Bedroom and the Bath.
What you want to have is hotel get away look here, nice and clean and impersonal if you have all your stuff in there how can someone visual their stuff?? The theme throughout all these tips is clean and organized. You don’t necessarily have to all the new stuff and the best of anything as long as your home is clutter free easy to move around with ability for buyers to see themselves your home. So the bathroom get rid of stuff, you bedroom should be like a hotel so get rid of all those little picture frames and start packing. It should be just like when you check into a hotel clean and clutter free and impersonal so if you are going to use any décor just have a few prints. You want as minimal mental visual distractions as possible for anyone that is looking at possibly buying your home to have. The closet I know women love clothes and shoes so if your closet is bursting with at the seams with shoes and clothes ,,,I think you know ,,, start packing. Your closet needs to look like it is big enough and having clothes and shoes smashed in there is not going to help you sell the house.
These are easy fixes and if you are planning to sell the home then packing some things to make it clutter free is just one less thing you will have to do when you move. Cleaning it up just makes it easy for someone to fall in love with your home. Some things you can do yourself others you might want to higher a professional to do like cleaning the carpets or power washing the driveway. Make your home look like a model home and you will have more success and in getting a good offer. 
If you have any questions about buying a Santa Maria home for sale in the Santa Maria Real Estate market or any properties on the Central Coastand need to get a loan in Santa Maria, CA or any where in the state of California not just on the Central Coast please contact me by sending me an email at: GenePerez@GMSLoans.net
I do also service all the nearby communities and other markets for real estate transactions such as the Santa Ynez real estate market, Nipomo Real estate market, Arroyo Grande real estate market, Grover Beach Real Estate Market, and all other surrounding areas regarding the homes on the Central Coast.
my goal is to provide you with resources you need. I can also help in getting the financing for your home. If you have any suggestions or questions in how I can provide more or better
information please let me know. I have been helping my clients for the last 15 years on the Central Coast, Gene Perez – 805-448-7101 , DRE 01321588
Important Disclaimer: Questions and answers provided on this website and by Gene Perez is to be considered general information, and is not intended to substitute for informed professional financial, tax, legal, investment, accounting, or other professional advice.
First thing is first we have to come to terms with is that this is a whole new world and things are not the same as they were a few years ago. Homes are not going up 10k every month after month. That was just crazy and if you had your home in Santa Maria for sale lets say two or three years ago and lets say you took your home off the market because you were not very happy with the offers. Well you are really not going to be happy now ,,, so you are going to have to go in with the right mind set and you need every single bit of advantage to sell your home in Santa Maria or anywhere really lets face it the economy is still recovering and things are not what they use to be, and there is lots of talk about a double dip recession…. and I sure hope not.
The biggest problem that homeowners have is pricing their home to what the market is willing to bear. I know its your home and maybe you put new tile flooring or carpet okay but its not going to give you an extra 20k in value of what the market wants to sell. Now I am not saying that you list your home and low ball but you do have to be reasonable and take the emotion out of that, and that this is your home and that 3 or 4 years ago someone once offered you 100k plus what some agent told you its worth, in today’s market.
The first thing any agent should be doing for you is pricing your home out, and doing some homework for you. Now that means running a CMA or (Current Market Analysis) of your property and the surrounding area. This will give you an idea of what your property is worth now when you have your agent or an agent runs this for you, you do want to see everything in within the area that is comparable to yours if you are selling a house you really don’t want to see what condos are going for. Also you want to not only see what sold in the area but what is selling. If you pick me (hint, hint ), or another any other agent,, I should be showing you not only properties that have sold within usually a ¼ mile sometimes ½ if there are not enough comparables but also what is in escrow. The report will also show you all the homes for sale in Santa Maria and how long they have been on the market. Homes that are over priced or have issues will last a very long time on the market so you can get an idea of the high end as well as the low end. Homes that are in escrow can give you an idea on the triggering price for today in about as much real time as you are going to get so you are not just looking at old information. Here is where you find the trends so can get a feel of where the market maybe heading whether you better sale now and not lose more than you already are or just hold and see what the future has in store.
The report is simple but concise as well as the square footage and size of the home, make it very easy to compare to yours. So if you get to the point where you need to sell your home make sure you just don’t let your agent price it for you, this should be a joint effort. But you need to take your emotions out of the equation and you need to hear what is your agent, going to do for you as well. Most just say they are going to put it on the MLS for you. Does he have a plan for pricing it out and does he have a plan for marketing your home or is he going to just to see what the MLS can do for him. There is a slew of things that can be done today besides the MLS and open houses ,, there is also internet marketing as well as social media the more exposure your home gets can only help it sell for top dollar because anyone can sell it at bargain prices.
I will try to do another soon on what you need to do to prepare your home to sell it.
If you have any questions about buying a Santa Maria home for sale in the Santa Maria Real Estate market or any properties on the Central Coastand need to get a loan in Santa Maria, CA or any where in the state of California not just on the Central Coast please contact me by sending me an email at: GenePerez@GMSLoans.net
I do also service all the nearby communities and other markets for real estate transactions such as the Santa Ynez real estate market, Nipomo Real estate market, Arroyo Grande real estate market, Grover Beach Real Estate Market, and all other surrounding areas regarding the homes on the Central Coast.
my goal is to provide you with resources you need. I can also help in getting the financing for your home. If you have any suggestions or questions in how I can provide more or better
information please let me know. I have been helping my clients for the last 15 years on the Central Coast, Gene Perez – 805-448-7101 , DRE 01321588
Important Disclaimer: Questions and answers provided on this website and by Gene Perez is to be considered general information, and is not intended to substitute for informed professional financial, tax, legal, investment, accounting, or other professional advice.
Fixer-uppers with upside potential were in high demand when the market was appreciating at a fast pace. Once depreciation took over, speculators disappeared until 2009, when low-end foreclosure properties in some areas became hot properties — particularly if they were selling at a 50 percent discount from the peak in summer 2006.
In California, 70 percent of the homes bought by investors in 2009 were distressed-sale properties, according to the CALIFORNIA ASSOCIATION OF REALTORS®. Some were stripped of appliances and fixtures. But, at half price, there was profit potential for buyers who were up for a redo — especially seasoned investors buying multiple homes to fix up and resell, or rent out.
Fixers priced over $500,000 aren’t as easy to sell today. Most buyers in higher price ranges are buying a home to live in. They want a home in move-in condition that will suit their long-term needs.
There are exceptions. In high-demand market niches with few listings, there is occasionally a fixer-upper that draws a lot of attention. Usually, these fixers sell to buyers who will live in the property and fix it up themselves to save money. Often this is the only way they can afford to move into the neighborhood.
Sellers of fixers in such neighborhoods should make their property as presentable as possible by cleaning out clutter, both inside and out. Many homebuyers can’t visualize a property’s potential. It’s often worth a modest investment to show the house at its best advantage.
Cosmetic improvements, such as painting, replacing outdated floor covering, or refinishing worn hardwood floors can pay off. Some fixers are staged, even though the property needs a lot of work, so that buyers can envision themselves living there.
Presale inspections will help buyers make a decision about whether or not to tackle the project. Make reports available to buyers before they make an offer to avoid having to put the home back on the market if the deal falls apart because the buyer’s inspectors discover defects not previously disclosed.
HOUSE HUNTING TIP: How much you spend preparing a fixer for sale depends on several factors. How much did you pay for the property? How much do you owe against the property? Is there demand for fixer-uppers in your area? Finally, how much does your real estate agent think you can sell the home for given current market conditions?
Sellers who have equity in their home and cash to invest in fix-up for-sale work should consider making cost-effective renovations, like a kitchen upgrade, but not an entire renovation. Ask your agent what the home would sell for with and without these improvements before doing anything to it.
The investment may not yield a profit, but could recover the costs when the home sells. In areas where fixers aren’t selling, sellers might need to enhance the property to sell at all. A good real estate agent should be able to provide references for reliable, reasonably priced professionals who can do the jobs for sellers who haven’t the time or expertise to do the work themselves.
Buyers who bought at the peak may not be able sell for even close to what they paid. One possibility would be to rent the property, if it makes sense financially. You may need to fix up the property somewhat to attract a good tenant. Consult with a certified public accountant about the tax consequences of converting a single-family residence to a rental.
Another option, if you don’t have to sell now, is to stay put for awhile and fix the property up gradually over time. Avoid investing a large amount of money in the hopes of getting a bigger return.
THE CLOSING: The housing market in your area may be too uncertain for speculation.
Dian Hymer, a real estate broker with more than 30 years’ experience, is a nationally syndicated real estate columnist and author.
If you have any questions about buying a Santa Maria home for sale in the Santa Maria Real Estate market or any properties on the Central Coastand need to get a loan in Santa Maria, CA or any where in the state of California not just on the Central Coast please contact me by sending me an email at: GenePerez@GMSLoans.net
I do also service all the nearby communities and other markets for real estate transactions such as the Santa Ynez real estate market, Nipomo Real estate market, Arroyo Grande real estate market, Grover Beach Real Estate Market, and all other surrounding areas regarding the homes on the Central Coast.
my goal is to provide you with resources you need. I can also help in getting the financing for your home. If you have any suggestions or questions in how I can provide more or better
information please let me know. I have been helping my clients for the last 15 years on the Central Coast, Gene Perez – 805-448-7101 , DRE 01321588
Important Disclaimer: Questions and answers provided on this website and by Gene Perez is to be considered general information, and is not intended to substitute for informed professional financial, tax, legal, investment, accounting, or other professional advice.
Homes are selling for less. Everyone’s trying to cut back. Yet, many real estate agents think it’s wise for sellers to provide presale inspections for buyers to review before they write offers. Is the cost, which could run from a few hundred to $1,000 or more, worth the expense?
Last year, a home seller in the hills above Oakland, Calif., did a lot of work renovating a home before putting it on the market. Her agent recommended a home inspection, which involves a more comprehensive investigation of the property. A wood pest or termite report covers damage caused by wood-destroying organisms, and conditions that would be likely to lead to future infestation.
A complete home inspection usually covers the roof to the foundation and everything in between, although this differs from one inspector to another. The seller in the above example was financially exhausted after taking care of the fix-up work and decided against providing a presale home inspection.
The house was priced under market value and showed well. It brought in multiple offers and sold well over the asking price. However, the buyers’ home inspection revealed that the foundation needed replacing. The deal stayed together, but only after a much lower price was negotiated.
 Changing the price in the middle of a transaction can be a red flag to the lender, particularly if it’s a significant price reduction. The lender could require the work be done by closing, which could delay the closing by months. If the buyer’s loan commitment expires, the transaction could collapse.
HOUSE HUNTING TIP: One benefit of providing presale inspections on your home is that you have the opportunity to correct defects before marketing the property. This will make your home more salable and increase the odds of a smoother transaction.
Another benefit is that by providing as much information about the property as possible upfront, you decrease the risk of a transaction falling apart when buyers discover information about the property they weren’t aware of when they made their offer.
One seller failed to provide a foundation report to the buyers before they made an offer. When the buyers were given the bad news, the transaction fell apart.
If you have reports on your home, make sure that the buyers receive copies of them before they decide whether or not to buy your home, especially if the reports reveal conditions about the property that could influence the buyers’ decision to buy or what they would pay.
Sellers often see no good reason to pay for inspection reports upfront because the buyers will want to have their own inspectors investigate the property. Buyers should have the property inspected by their own inspectors.
The purpose of getting presale inspections is not to preclude the buyers from having inspections — it is to educate the sellers and buyers about the property condition before they enter into a contract.
Sellers are in control of who inspects their home when they pay for presale inspections. Make sure to use inspectors who are well respected in the area. The buyers’ comfort level with your presale reports will be higher if their agent can vouch for the inspectors.
Even though the buyers will probably do their own inspections, having presale inspections can cut down on negotiations that can occur after the buyers do their inspections. However, don’t be surprised if the buyers ask for something as a concession for removing their inspection contingency.
Recently, buyers of a home in Oakland’s Rockridge neighborhood asked the seller to have the garage roof replaced, even though they were given a roof report and replacement proposal before they made their offer. Their offer was based on taking the property in its present condition.
THE CLOSING: The seller said no and the buyers removed their contingency.
Dian Hymer, a real estate broker with more than 30 years’ experience, is a nationally syndicated real estate columnist and author.
If you have any questions about buying a Santa Maria home for sale in the Santa Maria Real Estate market or any properties on the Central Coastand need to get a loan in Santa Maria, CA or any where in the state of California not just on the Central Coast please contact me by sending me an email at: GenePerez@GMSLoans.net
I do also service all the nearby communities and other markets for real estate transactions such as the Santa Ynez real estate market, Nipomo Real estate market, Arroyo Grande real estate market, Grover Beach Real Estate Market, and all other surrounding areas regarding the homes on the Central Coast.
my goal is to provide you with resources you need. I can also help in getting the financing for your home. If you have any suggestions or questions in how I can provide more or better
information please let me know. I have been helping my clients for the last 15 years on the Central Coast, Gene Perez – 805-448-7101 , DRE 01321588
Important Disclaimer: Questions and answers provided on this website and by Gene Perez is to be considered general information, and is not intended to substitute for informed professional financial, tax, legal, investment, accounting, or other professional advice.
Although I am Real Estate agent and favor the idea of owning the place you live in more than I do renting the place you live in I do realize that not everyone is able to buy a home for whatever reason. Sometimes it may be due to credit issues or income issues and some see no benefit in owning their own place which is okay different strokes for different folks. So if you fall into this category well here are some things to consider before signing that contract.
Numerous renters barely even skim their rental agreement previous to signing their name with the bottom. Most renters are chiefly concerned with the monthly charges, one time only costs, needed deposits along with other monetary matters. When they verify the facts and it is just as the leasing agent said it was, they generally sign the arrangement with no questions asked. This can be a mistake since a rental contract is a legal agreement which may well have a host of significant details which the renter should be aware of before signing the document.
Considering a Roommate?
Those that are thinking about the possibility of your roommate may mistakenly think this really is certainly possible mainly because they are living alone and have two bedrooms and two bedrooms. These uninformed renters may perhaps see an opportunity to share their rent with another. On the other hand, some rental agreements strictly prohibit renters from soliciting their own roommates and allowing an extra person to move into the condo after the lease is already signed. Renters who violate this contract may possibly face harsh penalties. These penalties might even include eviction.
Renters who want to have the choice of a roommate need to have to have to ideally make this choice prior to the agreement is signed. This will likely allow the homeowner to set provisions into the agreement to allow for the renter to add an more resident at any time. The leasing agent may possibly even now require last approval of the roommate but this approval process will most likely be dependent on the results of a background examine as well as a check of the prospective roommate’s finances. So make sure you are not going to be in for any surprises because you thought you can save some money instead of it costing you money.
 Want to Adopt a Pet?
Renters who wish to adopt a pet in the close to future have to have to also familiarize themselves with the rental contract. This really is important because restrictions inside the types, size and certain breed of animals apply not just when the renter moves in but throughout the conditions of his rental contract. This indicates a renter who has signed contractual paperwork stating they don’t own any of the prohibited animals such as dogs or cats aren’t free of charge to purchase or adopt supplemental pets during the course of the rental agreement. As a result, renters who usually do not have animals but plan on getting one in the future ought to read the agreement paperwork as if they’re already a pet owner and decide whether or not to sign dependent about the statements in just the policy. Getting a pet and then having to let it go can e heart breaking so check the contract and rules some places may allow dogs as long as they are no bigger than 40lbs and some may allow pets just no dogs or cats.
Plan on Getting Visitors Frequently?
Even renters who have normal overnight visitors should familiarize on their own with their rental arrangement prior to signing the document. That may be significant simply because frequent visitors may perhaps actually be regarded residents in some situations. This can likely depend about the particular rental contract but it is not entirely uncommon for leasing agents to specify that visitors who spend a unique number of nights for the property per month are regarded to be residents of the condo. This really is significant simply because the rental arrangement may possibly clearly identify how a lot of men and women may well reside inside the condo at any one time.
Visitors who’re staying at the apartment too generally may well put the resident at danger of getting accused of having further persons living from the condo. In some circumstances this might be regarded as trigger for eviction. For this explanation, the renter need to have to have to be sure he is familiar with the conditions of the contract ahead of allowing others to spend the night inside condo on a typical basis.
When you just rented or are thinking of renting a house or condo, you will quickly acquire many offers within the mail for various items and services for the new home. This really is simply because marketing companies collect your info and market it to several businesses as a new mover list. Generally because new movers have a tendency to need so a lot of several things for their new household, several companies create and mail postcards or catalogs to these types of people and residences. Exactly the same is true should you lately purchased a property. That details is sold as a homeowners list. Similarly, new building permit filers may also discover themselves swimming in a range of offers on a construction leads list. It is crucial that you listen up to these kind of offers, which will be able to save you lots of time and money.
Hopefully there was some good info here and some things to consider and if you feel like buying vs. renting all I have to say with rates as low as they are now and home prices as low as they are you may find that your monthly payment of what it costs to rent that apartment and what it may cost to buy a Santa Maria home for sale are pretty close.
If you have any questions about buying a Santa Maria home for sale in the Santa Maria Real Estate market or any properties on the Central Coastand need to get a loan in Santa Maria, CA or any where in the state of California not just on the Central Coast please contact me by sending me an email at: GenePerez@GMSLoans.net
I do also service all the nearby communities and other markets for real estate transactions such as the Santa Ynez real estate market, Nipomo Real estate market, Arroyo Grande real estate market, Grover Beach Real Estate Market, and all other surrounding areas regarding the homes on the Central Coast.
my goal is to provide you with resources you need. I can also help in getting the financing for your home. If you have any suggestions or questions in how I can provide more or better
information please let me know. I have been helping my clients for the last 15 years on the Central Coast, Gene Perez – 805-448-7101 , DRE 01321588
Important Disclaimer: Questions and answers provided on this website and by Gene Perez is to be considered general information, and is not intended to substitute for informed professional financial, tax, legal, investment, accounting, or other professional advice.
Now I cannot tell you what you should do you will have to decide that yourself. But I will tell you that there are new penalties for those that do not try to get a loan modification and then get permission to do a shortsale. I have included below the latest Press release from Fannie Mae and basically they are taking the time frame from losing your home from 3 years to 7 years now before allowing you to become a homeowner. That is BIG!!! So all I can say is read below and think about it I know even in a short sale your credit will take a hit, so fix it work on it get back on your feet the home values will stay low for awhile but in 2-3 years you can be back on your feet. 7 years is a long time and who knows where rates and prices will be by then. Even the Santa Maria homes for sale in the Santa Maria Real Estate market could see a whole new change in values and interest rates in 7 years so do think about it.
News Release June 23, 2010
Fannie Mae Increases Penalties for Borrowers Who Walk Away
Seven-Year Lockout Policy for Strategic Defaulters
 WASHINGTON, DC — Fannie Mae (FNM/NYSE) announced today policy changes designed to encourage borrowers to work with their servicers and pursue alternatives to foreclosure. Defaulting borrowers who walk-away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure. Borrowers who have extenuating circumstances may be eligible for new loan in a shorter timeframe.
“We’re taking these steps to highlight the importance of working with your servicer,” said Terence Edwards, executive vice president for credit portfolio management. “Walking away from a mortgage is bad for borrowers and bad for communities and our approach is meant to deter the disturbing trend toward strategic defaulting. On the flip side, borrowers facing hardship who make a good faith effort to resolve their situation with their servicer will preserve the option to be considered for a future Fannie Mae loan in a shorter period of time.”
Fannie Mae will also take legal action to recoup the outstanding mortgage debt from borrowers who strategically default on their loans in jurisdictions that allow for deficiency judgments. In an announcement next month, the company will be instructing its servicers to monitor delinquent loans facing foreclosure and put forth recommendations for cases that warrant the pursuit of deficiency judgments.
Troubled borrowers who work with their servicers, and provide information to help the servicer assess their situation, can be considered for foreclosure alternatives, such as a loan modification, a short sale, or a deed-in-lieu of foreclosure. A borrower with extenuating circumstances who works out one of these options with their servicer could be eligible for a new mortgage loan in three years and in as little as two years depending on the circumstances. These policy changes were announced in April, in Fannie Mae’s Selling Guide Announcement SEL-2010-05.
If you have any questions about buying a Santa Maria home for sale in the Santa Maria Real Estate market or any properties on the Central Coastand need to get a loan in Santa Maria, CA or any where in the state of California not just on the Central Coast please contact me by sending me an email at: GenePerez@GMSLoans.net
I do also service all the nearby communities and other markets for real estate transactions such as the Santa Ynez real estate market, Nipomo Real estate market, Arroyo Grande real estate market, Grover Beach Real Estate Market, and all other surrounding areas regarding the homes on the Central Coast.
my goal is to provide you with resources you need. I can also help in getting the financing for your home. If you have any suggestions or questions in how I can provide more or better
information please let me know. I have been helping my clients for the last 15 years on the Central Coast, Gene Perez – 805-448-7101 , DRE 01321588
Important Disclaimer: Questions and answers provided on this website and by Gene Perez is to be considered general information, and is not intended to substitute for informed professional financial, tax, legal, investment, accounting, or other professional advice.
Here is some advice for first time home buyers trying to get into their home and trying to not make a mistake is of course on the top of mind of anyone buying some thing as huge as a home. For most people buying a home is going to be the biggest investment or purchase that they will ever make. So yes this is a big step for anyone. First and foremost is that the last few years have taught us a few things, one is to live within our means and two that becoming a home owner, and owing our own house is not a right but a privilege. So hopefully this will be of some help to those looking buy a home for sale in Santa Maria or anywhere for that matter.
 So lets start off with what can you afford forget about trying to keep up with your friends that is how most of us end up in situations we wish we never were in. We bought the car that we can’t afford and have more things in the garage than we know what to do with. So forget about having a house nicer or bigger than someone you know, or just as a big, you are shopping for yourself and the last thing you want to be basically is poor and own a home. What I mean by that is that your paychecks are being consumed every month just to pay the mortgage forget about having a life or taking the wife and kids out. Because at the end of the month there just is not enough left over for anything to buy or do. Keep your new mortgage payment less than 40% of what your gross income is. You may qualify for more and that’s great but here is the thing to think about, what if you had a reduction in pay, what if your wife had a reduction in pay, what if you had unexpected finances pop up? You need to have that cushion for what if. So lets say that your gross income is $3,000.00 a month that is before deductions then your new mortgage payment should not be more than $1,200.00 with taxes and insurance the whole nine yards. For those trying to figure out how do I figure out my mortgage payment here is a great website with just about every calculator you will ever need.
Now the thing I hear more than anything is “but homes in that price range are not on the side of town that I want”. “Or homes in that price range are older” or etc etc etc. Of course you want a home that you can be happy in and live in that will be good for you and your family. But do keep your expectations reasonable you are a first time home buyer this is your first home and maybe not your last. If you cannot compromise then maybe you are not ready to buy a home at this time.
When you do finally get a home and ready to make that big step forget about the whole buy now and sell next year mentality and cash out 50k. Its not going to happen in this market or any time soon. If you are looking on how to get rich quick on real estate stop reading this now and order those “Carlton Sheets” programs. Buying a home should be an investment that you hold on to for at least a few years.
Last but not least is a Realtor, of course you can buy a home without realtor you can also represent yourself in court without an attorney, and the funny thing is even attorney’s get an attorney to represent themselves when going to court. The reality is like any industry there are good apples and there are bad apples. So try to select a Realtor that does real estate not 5 different things and real estate is just a hobby for him. Also I know it’s very tempting to just call the guy with his name on the sign on the house you just saw. There are two sides to the real estate transaction you have the selling and the buying side.
The listing agent (the guy with his name on the sign) is going to represent the seller, selling his home and try to get the best deal for him when selling his home. You as a first time home buyer want someone to represent you and try to get the best terms for you. I am not going to say that a real estate agent cannot represent both sides fairly but I think you can see that there is some sort of conflict of interest here. So do yourself a favor and find yourself an agent and when you see a home that you like call your agent and get the details make them do the work for you, so find someone to represent you that does real estate as a career not a hobby.
If you have any questions about buying a Santa Maria home for sale in the Santa Maria Real Estate market or any properties on the Central Coastand need to get a loan in Santa Maria, CA or any where in the state of California not just on the Central Coast please contact me by sending me an email at: GenePerez@GMSLoans.net
I do also service all the nearby communities and other markets for real estate transactions such as the Santa Ynez real estate market, Nipomo Real estate market, Arroyo Grande real estate market, Grover Beach Real Estate Market, and all other surrounding areas regarding the homes on the Central Coast.
my goal is to provide you with resources you need. I can also help in getting the financing for your home. If you have any suggestions or questions in how I can provide more or better
information please let me know. I have been helping my clients for the last 15 years on the Central Coast, Gene Perez – 805-448-7101 , DRE 01321588
Important Disclaimer: Questions and answers provided on this website and by Gene Perez is to be considered general information, and is not intended to substitute for informed professional financial, tax, legal, investment, accounting, or other professional advice.
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