Mortgages

 
 

 
Five Essentials for Buying a Home or Condo. Click HERE to read more.

 
abundance of purple cauliflower
 
 
San Francisco has long been a great place for food lovers.  Eating local, organic and fresh is easy. We have great produce in stores, wonderful farmers markets and plenty of other options for eating local and fresh--grow your own, get a box delivered to your door, etc.  In the last few years, it seems like we have a few dozen new restaurants in the Mission alone.  Foodies delight!  Our appetite for great food and hip new restaurants seems insatiable....

Are you ready to be a buyer in San Francisco?  Here are 5 things to consider as you start the buying process:
1. Be Pre-Approved Getting pre-approved before you start searching for your new home is critical.  It will be a guide to help you determine the kind and price of the property you will be searching for.  Because our market is currently moving quickly, getting pre-approved will enable you to write an offer within hours of seeing a property.  Your offer will not be competitive with...

For the past month, more than half of the announced sales have at the Zephyr office meeting have sold with multiple offers over asking. Some have sold near their asking price.  Some have sold for $50,000 over.  Or $150,000 over.  One for $400,000 over its $2.3 million asking price. What is happening here?  Simple.  Really high demand from buyers and a low level of inventory. The graphic depicts the months supply of inventory for residential properties in the city of San Francisco. ...

The fees for FHA loans will change this spring.  This was announced several months ago, but here's a great New York Times article with details.
For those with existing loans, their refinancing fees will be reduced.  For those who wish to purchase a home, their fees will rise.  This will help homeowners who may wish to refinance.  It doesn't help borrowers with new home purchases.  The point may be moot, anyway.  In our  sizzling HOT market, it is unlikely that an offer with a low downpayment...

2425 23rd Street
Once again, we are at that cycle in the San Francisco Real Estate market that arrives every January.  Buyer demand is high, and inventory is very low.  I visited a few open houses on Sunday, and all were packed.  The first, a single family home at 2425 23rd Street in Noe Valley is a 4 bedroom, 3 and 1/2 bath home.  Renovations on this home are tasteful and there is a nice blend of traditional details and practical, contemporary updates.  The open house was packed, and I got...

The following blog entry is written by guest author, Rachel Bernstein of the Baker Loan Team of Guarantee Mortgage:
On April 1, 2012, a guarantee fee will be added to all new residential loans backed by Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA).  This new fee will impact interest rates on these loans by roughly .125% which is nominal and in the long run I don’t think it will make a huge impact.  However,  it is a tough economy and real estate market right now so...

The Rush
 
Here is a picture of the crowd heading in to see the house at 285 Richland Ave in San Francisco this morning for a brief (and probably only) showing of this house.  Why?  This 1000 square foot home, which is now bank owned already has two offers (even before the first showing).  The first offer is from the tenant, who is currently paying $2,400 per month to live there.  The second, from another party, who had not seen the house when they submitted the offer.
I suspect this house...

There have been recent proposals to eliminate the Federal income tax deduction for mortgage interest paid and to eliminate the government's role in guaranteeing loans.  These are likely to have a huge, negative impact on the housing market, already beleagured in recent years.  The elimination of the mortgage interest deduction is one that I suspect might go away, along with many others as Congress starts to tackle our budget and debt situation.  While I suspect that this transition will be...

Here is a guest authored article, by Ken Moll of GGB Capital.  Ken specializes in Seller Financing.  Is it right for you to consider when you are selling your home?  Possibly.  Read on.
In today’s tough, tough market for sellers and buyers alike, sometimes it takes going the extra mile to get a property sold (or purchased).  Historically, when you’ve wanted to sell your home, you know the drill: contact your agent, develop a plan for preparing your home for market, prepare a complete and...

Here is a response to one of our posts about Foreclosures in our blog, from Ken Moll, President of GGB Capital LLC, here in San Francisco.  A bit too long for our comment section, so we're publishing this as a guest post::
 
"Now three months have passed and this moratorium “panic” is largely subsided as banks have for the most part resumed their foreclosure actions at a pre-moratorium pace.  Yet, the markets have still not fully recovered because of the attention this incredible error...

In the past week, several major banks have announced that they will stop the foreclosure process until they have more time to evaluate the process and be sure that there are no errors in their paper work.  Is this good news or bad news?  The answer of course is that it depends. 
If during this time, banks can work with homeowners to modify loans and this keeps people in their homes, then it is probably good news. Owners get to stay in their homes, and be happy (ok, the banks can't control...

A guest blog entry from Donna Aldrich, a mortgage broker:

HVCC the ‘Home Valuation Code of Conduct’ went into effect May 1st of this year and was purportedly passed to protect the consumer. HVCC has created intermediary companies (AMCs) to separate mortgage brokers and lenders from the appraisers. The idea behind this was to be sure that appraisals are completely unbiased and consumers are protected from unscrupulous appraisers.

Unfortunately, these intermediary companies often send...

I heard an interesting statistic the other day: Only twenty percent of all short sales that have been approved by the banks ever closes escrow. 

Let me start at the beginning.  A short sale refers to a home or condo that is being sold, where the purchase price being paid by the Buyer (the market value) is less than what the Seller owes on the property.  When a Seller places their home on the market and they know that the value is less than what they paid (selling for whatever...

On Friday, I received an alert from the California Association of Realtors indicating that the revisions proposed to truth in lending laws, also known as Reg. Z will be going into effect on July 30th.  These rules have required that lenders disclose to buyers within a few days of application, the costs of their loans.  For homeowners who are engaged in refinancing their loan, they had a three day right of recision.

The new rules, which apply to both purchases and refinances, require that...

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