Hidden lot with great view and access gate provides remarkable privacy. Lot is
only 2 miles from major shopping center, freeway, San Diego Zoo Safari Park, and
35 miles North of San Diego, Ca. 8.79 acres net; zoning R-8; typical zoning in
area R-2; in San Diego County; not in incorporated area. Improvements :
Electronically gated access road; Water meter; Electric power lines; Telephone lines.
That’s right, escrow was scheduled to close in two days. Buyer’s ready to wire money to escrow…
What can a buyer’s agent do to protect their buyer when the short sale bank will only communicate with the seller and the listing agent?
In an ideal world, if the short sale bank agrees to let the distress owner short sale his home, the bank will postpone the trustee sale date when an offer to purchase is received and accepted by the owner. However, too many times the lender’s left hand(foreclosure department) does not know what the right hand(loss mitigation department) is doing. It may sound comical, but the buyers in these cases are heartbroken. Not to mension all the money they have already invested, such as home inspection, appraisal, HOA doc fee, etc.
Listing agents need to be more proactive about making sure everyone is on the same page. Buyer’s agents can also be proactive by monitoring the trustee sale date.
Real Estate Agents needed for the San Diego Area.
New Agents Welcome!
We are here to service and help you be the best agents in town and at the same time let you keep most of your hard-earned commission!
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Abacus Properties Inc.
16870 W. Bernardo Dr. #400, San Diego, CA 92127
DRE# 01774650
(858) 674-6648 office
(858) 583-4631 mobile
http://www.AbacusPropertiesInc.com
On September 1, 2011, Fannie Mae and Freddie Mac’s new Uniform Appraisal Dataset(UAD) rules, designed to standardize data points on appraisal reports, went into effect for residential mortgages. FHA will require UAD compliance by January 1, 2012, for certain residential properties and VA is expected to do the same.
At first glance, you may not notice much difference in your clients’ appraisals because the forms haven’t changed- just the data that appears on them. For example, instead of using descriptive terms such as “good”, “average”, “fair”, or “poor” for the condition of a property, appraisers must now consistently use a sacle of C1 through C6, based on specific definitions for each category.
Also, two-and-a-half bathrooms are no longer 2.5, but 2.1.
Like any mandate, there is bound to be confusion until the new procedures become routine. What to expect:
- Potential delays
Both appraisers and lenders have known about this for months and have worked to update systems and train staff. Still, readiness my vary.
- Questions from appraisers
Under UAD, appraisers muct report on more details than before, within very tight timeframes. They may need your help adding these facts to their reports.
- Questions from buyers
Your clients may also need help interpreting appraisal reports. Since UAD standards are written more for computers than people, you will want to get familiar with the new terminology before your buyers start asking questions.
For more information on Uniform Appraisal Dataset, go to www.efanniemae.com/sf/lqi/uad/index.jsp.
Source:NAR/TBR Oct 2011
Not everyone can or should own a home–even with the many benefits of homeownership. Here are 10 questions that can help buyers sort out whether owning makes sense for their personal situation:
1. Do you want to own a home?
2. Can you find a home to buy that you like?
3. Can you find a home to buy that’s located where you want to live?
4. Can you find a home that you can afford to buy and own?
5. Can you qualify for a mortgage or pay cash to purchase a home?
6. Does the cost of owning a home compared with renting make sense for you?
7. Is your job or other source of income secure?
8. Do you have a financial cushion in case you suffer a serious or prolonged loss of income?
9. Do you expect to remain in the same community for at least several years?
10. Do you expect to live in the same home for at least several years?
If you answered yes to these questions, you are a good candidate to own your own home.
Source: CA Real Estate Magazine, August 2011
I came across this article in one of San Diego Association of Realtors’ publications. This scam involves “foreign buyers”. A real estate agent will get an email from a buyer, usually from China or Canada, looking for a multi-million dollar property in your area. The agent, although is excited, is also suspicious. The buyer will then send the agent copies of bank statements and their passport to verify their legitimacy. Next, the buyer will ask you to search for properties for them. Soon after, they will decide to purchase(sight unseen) one of the properties you introduced them. The buyer has one concern: they are not familiar with our escrow system and do not trust their money in escrow. Instead, they want to have a lawyer hold the funds. The agent put them in touch with a real estate attorney who agrees to accept the funds, probably after having the buyer sign a retainer agreement. Shortly after, the lawyer received a certified check in the mail. Now the agent happily submit the offer, usually full price or even over list price, which will be very attractive to sellers. When the agent is glowing in anticipation of the big easy commission, here’s where the scam kicks in. The buyer suddenly has to cancel and the attorney is instructed to wire the funds to an account. All this happens in a very short time. The scam has several variations. In one, the original check turns out to be a fake. The scammer hopes the the lawyer’s outgoing refund happens before the fake is discovered. A second involves laundering dirty money. The funds may be good in this case, but the buyer successfully sneaked a large sum of money into the country outside of the banking system and without the safeguards that banks take to comply with federal regulations. BEWARE! If it sounds too good to be true, it probably is!
The Transition Assistance Program(TAP) is one of several Keep Your Home California(KYHC) federally funded programs intended to provide eligible homeowners with transition assistance when they can’t afford to stay in their homes. A total of $32.3million has been allocated for this program. TAP is available after a short sale or a dee-in-lieu(homeowner voluntarily transfers title to the lender). TAP funds are available on a one-time basis of up to $5,000 per household and can be used with other KYHC programs. The funds are intended to help the low-to-moderate income homeowners obtain new housing(e.g. rent, moving costs, security deposits). The money does not go directly to the homeowner. All the funds are sent to the loan servicer subject to the servicer approval of the short sale or deed-in-lieu of foreclosure. For more information, go to www.keepyourhomecalifornia.com/qualify.aspx.
Source: California Real Estate Magazine
