My team has a new listing!

Maryann is taking the "sign calls" on this one.  Please check it out.  We will be hosting an Open House on Saturday, June 1, 2013 and Sunday, June 2, 2013.  Both days from 1pm to 4pm.

Here is the flyer

Why choose a good Realtor?

There are many things to consider when buying or selling a home.  First and foremost is your choice in a Real Estate Agent.  Why is this such an important choice?  Your agent is obligated to your best interests, both financially and ethically, but there are complications; First by market conditions ever changing, Second, does your real estate agent have knowledge of what they can and should ask for on your behalf during the transactions.  You need to be able to trust your realtor and have faith in their knowledge of market conditions.  For example, if we are in a "seller's market", you cannot make the same demands, offer the same type of offers as you could if we were in a "buyer's market."  You need to be able to trust your real estate agent's word and put some type of trust into the information they give you.  You cannot expect an offer $20,000 below list price to be accepted in a "seller's market."  Similarly, in a "buyer's market" there is no need to offer $20,000 over list price to make sure you get the property.  As a general rule, Realtors take an oath and abide by a code of ethics.  It would be foolish to think that all agents abides by the code of ethics 100% of the time.  After all, we're all human, we all make mistakes.  But that being said, your agent should know the potential dangers and help steer you clear of those pitfalls.  While it is important that you have a good working relationship with your Real Estate Agent, you also need to know that they will "go to bat" for you if worse comes to worse.

I can tell you that I have saved many deals for the many short comings of other agents, I have saved buyers and sellers countless dollars in the form of knowledge of impending dangers and pitfalls, avoided costly escrow extensions, loan lock extensions, and "penalties" for contractual errors.

The bottom line is that there are TERRIBLE Real Estate Agents out there.  Save yourself some time and money and hire a professional.  There is an old saying that basically says, "If you think hiring a professional is expensive, see if you can afford hiring an amateur."

So how do you know the good agents from the bad ones?  Ask around!  Ask your friends who they have used.  Ask them what they thought of their agent.  If they did not have a good experience, take that into consideration.  If they DID have a good experience, also take that into consideration.

Is number of years in business a "good" barometer for whether you are dealing with a good Real Estate Agent?  Yes, and No!  Yes, number of years in business shows experience, but I will warn you that I know of MANY agents who have been in business more than 10 years who I would NEVER want to do business with.  There are also young agents I would LOVE to do business with.  So again, how do you know?  You can also ask for references, you can also look at the other areas of their life.  If they are "well balanced" that is usually a good sign.  I also like to live by the old adage, "by their fruits ye shall know them."  But I would caution you strongly again; Don't automatically associate someone who goes to church every Sunday with someone who truly has a big heart.  Also, by the same measure, don't automatically associate someone who doesn't ever go to church with someone who has a small heart.  Look at how they live their life.  Look at the charities they reach out to.  Listen to the words they speak.  Do they match up with their actions?  In my book, Actions speak Louder than words.

One more thing to think about... even a broken clock is right twice a day.  There are bad agents out there that may have a "good day", and there are great agents out there that may have a bad day.  Consider yourself lucky if you got a bad agent and everything went smoothly, and be forgiving to the good agents who are dealt a bad hand on your particular transaction.

Jumbo Loan Program with NO M.I. and only 10% Down!

Please see the attached flyer from Maurice and Christina at CFC Mortgage Bankers.  The advantage to this loan scenario is that it is intended for Jumbo Loans (Loans greater than $417,000).  It is actually 2 loans (or a Piggy-Back Combo Loan).  If you are interested in more information, please contact Maurice or Christina directly.  Their contact information is on the attachment, or just e-mail me and I can put you in touch with them.

A GREAT Loan Program from CFC Mortgage Bankers

Cheryl Whitney, a loan officer for CFC Mortgage Bankers gave me this great loan program information.  This is a GREAT loan option for some condo/townhomes that are NOT FHA approved.  (This loan program also works with Single Family and PUD homes.)

I like this loan program because it is a HIGH LTV loan program, up to 95% LTV.  There is NO M.I. (Mortgage Insurance) on these loans (the M.I. is built into the rate.), and the condo approval process is relatively simple, when doing the appraisal, the complex must meet at least 50% owner occupied.  There is, however, income limits.  Please see attachments for more details or call Cheryl directly.

Also, note the second page for comparisons in monthly payments with similar loan products that DO have M.I. versus this loan product that does NOT.  The rate is actually slightly HIGHER on these loans, but your payment is LOWER.  No M.I. is a BIG DEAL!  Please see my other posts on the NEW M.I. schedule as opposed to the OLD M.I. schedule.  It is a HUGE difference!

Current Real Estate Market Conditions in Southern California

The market conditions in Eastern Ventura County are CRAZY!  Many properties are being bid up as high as $20,000 over list price... sometimes even more.  I have many buyers that have put in offers on various homes, all of which were offers OVER LIST PRICE, only to have been turned down by "All Cash Offers", higher offers, or other terms.  If you are in the market to buy a home, be prepared to do the following two things:

1.  Go see the property as soon as it hits the market.
2.  Submit a SOLID offer along with a Pre-Approval from a reliable lender.

If you have not gotten preapproved, please read some of my other posts.  I can recommend any of the loan officers that have written and distributed information posted on this blog.  If you would like to search for properties, please use the tool at the top right hand side of my blog.  This will take you to my website. The listing information is updated CONSTANTLY.  If you would like specific target areas/price range/beds/baths, etc. directly mailed to your e-mail inbox as soon as they hit the market, please send me an e-mail and let me know what you are looking for.  I can set it up to "auto e-mail" you as soon as it comes out on the market.  I can usually set this up within 24 hours of receiving the request.  Just e-mail me your criteria.

The following is a graph of recent homes for sale, sold and pending.  You can see the number of homes for sale is very low, and the number of homes sold is actually higher than the number of homes for sale - try to figure that one out!  Also note the "Pending" number increase dramatically last month.  This trend may continue if more homes are not brought on the market.  (Note:  This graph represents Single Family Homes, in Moorpark and Simi Valley only.)

 

 

What are we to learn from the current market conditions?  We need listings. I will repeat myself...  If you have been thinking of selling you home, now may be a GREAT TIME to do so.  Home prices are on the rise, and interest rates are still at near record level lows.  If you have been thinking of selling your home, please give me a call.  If you are out of my service area, I have connections to one of the largest Home Relocation Services in the nation, chances are I will be able to help you find an EXCELLENT Real Estate Professional to help you with your needs.  I LOVE MY JOB!  I would love to help you buy/sell/build/flip your next home!  Give me a call/e-mail/text anytime!

 



FHA Loan Overview

The FHA Loan is probably the most popular loan program these days with the low down payment, deductibility of M.I. for tax purposes, and the deflated market conditions, many homes in the Southern California area have fallen back under the conforming loan limits.  The following information gives the basic guidelines of the FHA Loan Program.

Thanks again to Eddie Khatchatourian for the following information on the FHA Loan Program.

FHA

Federal Housing Administration

    

FHA Features:

==============

1.      Up to 96.5% financing is available. 100% of the down payment and closing cost can be a gift.

2.      No prior credit history is required. Alternative credit references can be used (I.e. telephone bills, utility bills, canceled rent checks, etc.)

3.      Debt ratios up to 48% of gross income.

4.      Flexible underwriting with some derogatory credit is O.K.

5.      Very little cash reserves required.

6.      Seller can pay all closing costs, or certain required closing costs.

7.      The maximum loan limit for FHA loan is currently $417,000 and up to $729,750 in

         high cost areas.

8.      One-time up front MIP (Mortgage Insurance Premium) is charged to the borrower. The MIP equals 1.75% of the loan amount and is generally included in the loan.

9.      MMI (Monthly Mortgage Insurance) at approximately 1.35% of the loan amount is assessed monthly to the borrower up to eleven years.

10. Fixed and adjustable rate loans are currently available for FHA loans. The rate of the interest on adjustable can change by no more than 1% per year.

 

Why FHA ???

1.     Low down payment 3.5%

2.     Liberal qualifying ratios

3.     100% gift funds allowed from family member

4.     Multiple Co-borrowers allowed

5.     Choice of programs and interest rates

6.     Only minor seller participation required

 

For More Details or Free Pre-qualifying             For Professional Real Estate Service

                        Please Call                                                             Please Call       

  Eddie Khatchatourian                        Brett Bystrom

      Senior Loan Consultant  Since 1990                                Cell: 805- 338-6560

Cell: 805/444-4619  Office 805/ 413-8404                          BBystrom@troop.com     

        CFC Mortgage Bankers                                             DRE # 01759918                               

      License # 01096950   NMLS # 303892                                       Troop Real Estate Inc.   

                                                                                                                                                                                                                                                                                                                                                                    

New MIP (Mortgage Insurance Premium) Schedule to take effect THIS year - 2013

The new schedule is dramatically different. Instead of cancelling the MIP at 78%, you will pay your MIP for either 11 years or the life of the loan.  OUCH!

Additionally, they are increasing the rate of coverage (or amount) you will pay, so this will be a substantial increase if you are looking for a loan with a high "Loan To Value."

 

Thanks to the MAC Team (Maurice and Cristina) at CFC for this great information.  Please see the flyer below for more information.