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Close Fannie Mae deals on time or risk losing the transaction, your deposit, appraisal and inspection fees. Recently, I had a transaction involving the purchase of a Fannie Mae owned foreclsoure (REO) property in Oakley with first time buyers.The contracts were signed on April 14,2009 with a scheduled close of May 29, 2009 (45 days). The buyers were pre-approved with Countrywide (Bank of America) and notified their lender immediately upon receipt of seller signed contracts. The buyers completed their inspections and ordered the appraisal on time and although there was some problems found in inspections, they moved forward and did not request credits or repairs. The appraisal was completed on May 11, 2009 and came in $5000 below the contract price. The buyers requested a price reduction from the seller (Fannie Mae) on May 12 whose asset manager replied verbally on May 13 that they would agree to the reduced price but stated that the buyers must close transaction on time. Fannie Mae did not return the signed price addednum for another week (May 20) delaying buyers lender from issuing loan documents. The lender also requested that seller (Fannie Mae) sign two buyer disclosures included with original offer and the seller refused, causing additional delays. After negotiating with both side, I successfully had the lender remove the conditions after proving that disclosures were included in the seller's addendums signed by all parties. Finally, after clearing all hurdles, the loan docs were issued May 28, one day before scheduled close. Due to a month-end push for other transactions, the title company was unable to prepare the signing docs and delayed the scheduled signing until June 1. The buyers requested a 5 day extension and agreed to pay late fees (per diems) of $100per day. Instead, the Fannie Mae asset manager rejected the request for extension and placed the property immediately back on market and told the buyers that they would forfeit their deposit. This story has a happy ending.... We submitted a new identical offer for the property at the appraised value with no contingencies that was approved. The buyers signed both their loan docs and new contracts at the originally scheduled signing and received their keys on May 10, 2009 with no late fees or additional costs.
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In an effort to help people with distrssed properties in Eastern Contra Costa and the communities of Brentwood, Oakley, Discovery Bay, Antioch and neighboring communities and share my experience and knowledge in the purchase and sale of distressed properties and short sale, I have partnered with two other experienced agents and a financial consultant and launched HopeOptions4You and our website http://HopeOptions4You.com. Our goal is to help people address their situation options and give them HOPE to Enjoy Life again. Recognizing that every situation is unique and has special circumstances, we don't have a "cookie cutter" approach to each situation. Each loan, family and situation is unique and "one size does not fit all."
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In an effort to help people with distrssed properties in Eastern Contra Costa and the communities of Brentwood, Oakley, Discovery Bay, Antioch and neighboring communities and share my experience and knowledge in the purchase and sale of distressed properties and short sale, I have partnered with two other experienced agents and a financial consultant and launched HopeOptions4You and our website http://HopeOptions4You.com. Our goal is to help people address their situation options and give them HOPE to Enjoy Life again. Recognizing that every situation is unique and has special circumstances, we don't have a "cookie cutter" approach to each situation. Each loan, family and situation is unique and "one size does not fit all."
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Without fail, while showing clients properties or hosting open houses in Brentwood or nearby cities, I get asked “What did this property sell for at the peak?” The response I want to give is “Why does it matter? The market determines value, and with current prices and financing, more people can purchase a home in Brentwood than during the peak” Instead, not to offend these potential home buyers and satisfy their curiosity, I explain that Brentwood and Contra Costa home prices have slid over the past 3 years by on an average of 60% from their peak prices. Admittedly, when you look at today’s Brentwood home prices versus their previous highs, it’s difficult not to be astounded. Below are some samples taken from today’s MLS: Brentwoood Neighborhood | Home Description | Peak Price | Current MLS Price | % Decline | Coppergate | 3/2, 1400 sf, TwnHm | $451,000 | $169,900 | 62.3% | Deer Ridge | 4/3, 2444 sf, Views | $782,065 | $334,900 | 57.2% | Downtown Brentwood | 3/1, 1280 sf, SFR | $386,000 | $158,900 | 58.8% | Garin Ranch | 3/3, 2485 sf, SFR | $646,000 | $299,900 | 53.6% | Havenwood | 3/2, 1297b sf, SFR | $400,000 | $154,413 | 61.4% | Pulte Park | 4/2.5, 1962 sf Pool | $599,000 | $295,000 | 50.8% | Los Ranchos | 5/4.5, 4, 4294sf, Pool | $1,093,552 | $474,900 | 56.6% | Rose Garden | 5/3.5, 3125 sf,SFR | $783,000 | $379,900 | 51.5% | Rural Brentwood | 3/3, 3578 sf, 5 Acres | $1,240,000 | $599,000 | 51.7% | Shadow Lakes | 5/4, 3503 sf | $1,050,000 | $432,000 | 58.9% | Summerset 4 | 2/2.5 , 2571 sf | $790,000 | $405,840 | 48.7% |
Here’s what really matters. Prices of many Brentwood area homes are nearing $100 per square foot, lower than the cost to build. In addition, the monthly payment for the purchase of many Brentwood properties is less than rent, a great opportunity for first time home buyers in Brentwood. We may not have reached bottom, and bottom is hard to predict, but it is a great time to buy and own a home in Brentwood.
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Beautiful Upgraded Townhome
• 1,473 sq. ft., 2 bath, 3 bdrm single story -  MLS® $185,000 - Reduced - Why Rent? Brentwood Main, Brentwood - Nearly new and clean townhome with upgrades including Cherrywood cabinets & plantation shutters & patio slider. Ceiling fans in every room. S/S appliances. Epoxy floor in garage.Water softerner & R/O filter. No rear neighbors. Move-in Ready! Property information
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In 2008, more than 72% of all homes sold in Brentwood and 81% of homes sold in eastern Contra Costa County were foreclosures, also known as REO (Real Estate Owned). Brentwood and eastern Contra Costa housing prices are less than half of peak prices and there are many great deals for Brentwood home buyers including first time buyers, investors and move-up buyers. With many home prices falling below $200,000, the availability of low-down-payment FHA loans and interest rates nearing 5%, many renters are buying foreclosed homes in Brentwood, Oakley, Antioch and throughout eastern Contra Costa county. Investors are also seizing opportunities to buy and rent foreclosed Brentwood homes often seeing positive cash flows. Brentwood rents remain high as many people who have lost their homes to foreclosure, wish to remain in Brentwood for its quality of life and schools. Brentwood rents currently average about $1 per square foot from $1500 for a small 3 bedroom rancher to $3000 for a home located on the golf courses at Deer Ridge or Shadow Lakes. Every new Brentwood foreclosure property listing in our office at RidgeWater Real Estate has been sold within the first month of listing, often with multiple offers and above asking price in the first week. REO properties in Brentwood neighborhoods including Tuscany, Deer Ridge, Shadow Lakes and Garin Ranch are getting 10-15 offers within days of listing and often 10-20 percent above the asking price. Preparation is the key for buying a foreclosed REO Brentwood area home. Know the neighborhoods you want to live in. Get pre-approved, preferably with a direct lender. Work with a realtor experienced in buying and selling REO properties in Brentwood. Ask your realtor to send you a list of foreclosed Brentwood Area properties and provide new listings for Brentwood area foreclosed properties as soon as they become available. I provide many of my clients an email of new listings that meet their customized search criteria for properties in Brentwood or surrounding areas. This allows them to review all new listings including pictures and descriptions of all REO properties as soon as they become available.
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All properties in California have a base tax rate of 1% of the purchase price. In addition, taxpayers in individual cities and counties such as Brentwood and Contra County approve bonds to pay for community facilities, services and schools. Brentwood has no Mello Roos, but there are assessments that are specific to neighborhoods. The best way to calculate taxes for Brentwood homes is to go to the Contra Costa County Tax Collectors site and look up the specific taxes and assessment for any Brentwood home you are interested in purchasing.
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Brentwood and Eastern Contra Costa County housing prices are down 60% and greater from peak prices of 2006-2006. Prices of many Brentwood area homes are nearing $100 per square foot, lower than the cost to build. In addition, the monthly payment for the purchase of many Brentwood properties is less than rent, a great opportunity for first time buyers. The bottom is hard to predict, but it is a great time to buy and own a home in Brentwood.
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Brentwood Main, Brentwood - Announcing a price reduction on 332 Jefferson Drive, a 1,473 sq. ft., 2 bath, 3 bdrm single story. Now MLS® $185,000 - Cheaper Than Rent!. Property information
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The recently passed housing law contains a $7500 tax credit for first time buyers but it must be paid back over 15 years. In an earlier post, prior to passage, I stated (wrongly) that the new law would allow buyer of properties a tax credit of $7500 ($500/year). First time home buyers can get a $7500 tax credit but must pay it back (recapture) over 15 years beguinning in the 2010 tax year. The following article clearly covers all issues, advantages and disadvantages of this new credit. http://www.fairmark.com/news/08073001-homebuyer-credit.htm
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• 1,402 sq. ft., 1 bath, 4 bdrm single story - MLS® $144,900 - Affordable Mission, Antioch - Bank Owned. Hardwood Floors, Large Yards, Beautiful Stonework, Master Retreat Loft. This home has many pluses. A few TLC touches are all this home needs to make it This is a great value! Property information
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Awesome Lakeshore Single Story
• 2,528 sq. ft., 3 bath, 3 bdrm single story - MLS® $379,000 - Reduced! Lakeshore, Discovery Bay - Beautiful single story home in gated community with beautiful lake and community pool. 3 beds plus den & bonus. Granite tile counters. Dual fireplace. Jet tub in master bath. Custom front door. Ceiling fans. Property information
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********* CORRECTION********* Read article at http://www.fairmark.com/news/08073001-homebuyer-credit.htm for more information on this credit....,. Congress has passed the Housing and Economy Recovery Act of 2008 (HR3221) and President Bush has stated that he will sign. One element of this bill is a $7500 tax credit for all homes purchased between April 8, 2008 and June 30, 2009. The credit is spread over 15 years equaling $500 per year of tax credits (reduced taxes) per year.
This bill also approves long term increases in FHA loan limits, temporary VA loan limit increases and FHA foreclosure rescue programs for distressed home owners as well as reforms and programs to stabilize government backed loan programs.
This bill eliminates the ability for new buyers to purchase homes using sellers down payment assistance programs effective October 1, 2008.
You can read more details on this bill at http://www.realtoractioncenter.com/housing-bill-summary.html.
For those of you who have recently purchased a home or plan on purchasing one in the next year, congratulations. You not only are getting a home at a great price and lower tax base, but will receive a $500 credit for the next 15 years that you stay in the home.
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Stay Fit While You Entertain
• 3,950 sq. ft., 3 bath, 4 bdrm 2 story - MLS® $998,000 - 2 Pools- Private Estates Apple Hill, Brentwood - Wow! Custom, unique property for fitness & entertainment. 2 pools, Outdoor pool, Cabana w/fireplace, bar, 1/2 bath and plumbed for dry sauna. 600 square foot indoor gym with swim pool/spa. Relax with morning coffee in peaceful Bistro area Beautiful porcelain tile flooring with granite inlay trim. Too many upgrades to list including crown molding, Grohe faucets, plantation shutters, remote pool controls. 3 fireplaces. Cooks will enjoy the gourmet kitchen, granite countertops with full backsplash, 2 sinks & stainless steel appliances. In desirable gated Apple Hill Estates. Great schools. Property information
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The Department of Housing and Urban Development (HUD) has re-issued a proposed rule which would threaten the opportunity for low to moderate income families to access downpayment assistance by eliminating all private downpayment assistance programs. The public comment period ends August 15, 2008. "Preserve private downpayment assistance programs for families who are credit-worthy, but lack the savings necessary to fulfill their homeownership goals, protect the already fragile economy, improve the current housing market, and save jobs."
In a time when inventories of homes are rising, it makes little sense to remove the ability to purchase a home for many qualified potential home buyers, who cannot make the required down payment, but can make the monthly mortgage payments. Downpayment assistance programs have helped me to assist my clients, primarily first time buyers, by getting them into a safe loan product. Help me keep these programs alive to assist my future clients by not prohibiting downpayment assistance. I suggest that changes be made to downpayment assistance to include new regulations that protects both the homebuyer and the FHA insurance fund by establishing some combination of blind appraisal, maximum gift percent, minimum LTV, or minimum debt-to-income ratio. Please click on the following link to view more information and to contact your local Congressional representative and HUD to share your thoughts during. http://capwiz.com/nehemia/issues/alert/?alertid=11598811
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