You can Receive up to $250 rebate when you order an Energy Audit!

This is a unique opportunity if you plan to purchase a home in the near future! This program will benefit anyone who purchases a home that may be older and less energy efficient. If you conduct an (HERS) energy audit within 60 days from your purchase, you can receive up to $250 in rebate for the audit cost. HERS energy audits can be costly, but worthwhile and receiving this rebate may make it even more worthwhile for you to do. Contact me for more information about this program. Enjoy! Crista J


C.A.R. offers new REALTOR® Energy Audit Program
C.A.R.’s Housing Affordability Fund (HAF) has launched the California REALTOR®’s Energy Audit Program (R.E.A.P.), a new program that provides rebates of up to $250 on Home Energy Rating System (HERS) home energy audits conducted by certified HERS raters. Home energy audits help homeowners identify improvements they can make to their home to reduce their monthly utility bills.

To qualify for the program, homeowners must:

• Purchase a single-family home in California between Oct. 1, 2010 and Dec. 31, 2011
• Use the home as a primary residence
• Conduct a HERS home energy audit of the home prior to close of escrow (as part of the Energy Efficient Mortgage*) or not later than 60 days after escrow
• Use a California REALTOR® in the transaction (referrals do not qualify)

Homeowners can apply for R.E.A.P. by requesting an application from their California REALTOR®.

*Energy Efficient Mortgage provides additional financing for energy upgrades to a home. Contact lender for details

Is now the time to Refinance? Read this excerpt from an LA Times article

This excerpt was compiled from the California Association Market Matters newsletter and is taking from an LA Times article. It's definitely worth a quick read! And if you more detail see the link at the bottom. Enjoy. Crista :)

Refinancing now could be better than waiting for mortgage rates to drop further



Mortgage rates on 30-year, fixed rate loans are hovering near the lowest level on record since 1951. While some home buyers are putting their home purchases on hold hoping rates will go even lower, many industry experts are advising homeowners with rates in the upper 4 percent range to refinance.


MAKING SENSE OF THE STORY FOR CONSUMERS

Homeowners with rates in the upper four percent range are likely to benefit from refinancing, according to Peter Ogilvie, president of First Residential Mortgage Corp. in Santa Cruz, Calif. He says refinancing to a lower rate often produces monthly savings, as long as the borrower can qualify under today’s industry credit guidelines and loan-to-value underwriting standards.

Some homeowners also may be good candidates for no-cost refinancing, where the title, escrow, and lender closing charges either are added to the mortgage principal balance or paid for over time with a slightly higher rate. The upsides to this option are reduced monthly payments, improved cash flow, and no outset of dollars at settlement.


Borrowers who want to become debt-free faster and can afford it, ought to consider refinancing out of a 30-year term loan into a 15-year term. Fifteen-year mortgages carry lower rates than 30-year loans, but their faster amortization schedules require higher monthly payments.


When considering whether refinancing is the best option, consumers are advised to take into account all of the fees associated with the refinance and decide if the money saved is worth the cost of the refinance.


Read the full story.

http://www.latimes.com/business/realestate/la-fi-harney-20101114,0,6276584.story

What do Banks Really want to Know about Condos Prior to Approving a Loan?

Buying a condo now-a-days can be challenging. Why? Because lenders may not loan money to borrowers on just any condo complex. They have to be financially solid and free of litigation. I am in escrow on a condo in Oceanside where the complex has some pending litigation. At first we thought there wasn't a chance to get a loan approved for a buyer, but then after snooping around the internet about the case, I found out there was a recent decision on one of the cases! That was good news. So, we went for it.

What is interesting is that what became a deal maker or breaker was the decision from the lender to approve the complex. The lender ordered what is a called Condo Cert from the property management company for the HOA to make a decision on if they want to approve a loan. I had an opportunity to see the completed Condo Cert and thought it was very interesting and wanted to share it with you.

Here are the key questions that the lender asked:

- Is the project complete or are there additional phases to build out?
- is the project a condo conversion?
- Date when the builder transferred control of the HOA to the owners
- Date when the condos were first offered for sale
- Total number of units
- Number of units currently in escrow
- Homeowner occupancy statistics
- Number of sales in the last 90 days
- How many units are dellinquent in paying their HOA dues?
- Are there any pending special assessments?
- Is the HOA involved in any pending litigation?
- Does the project has sufficient reserve dunds to pay for maintenance?
- Are there any special restrictions such as age restrictions?
- Are there amenities or facilities owned by the HOA?
- Who takes over HOA delinquent dues if a home is lost in foreclosure?
- Does the project rent on a daily, weekly, or monthly basis?
- Does the HOA has insurance?

These are the main questions that is asked of the HOA. There were a few more. But, you can see how carefully they evaluated this condo complex prior to approving it for a loan. If you are in the market for a condo, keep these questions in mind before you get your heart set on a home in a complex that may not be approvable.

You can ask you real estate agent if there have been other condos recently sold in that complex that have a loan associated with it. This will be a fast and easy indication of the chances of your loan being approved. If you have additional questions about condo certs or want information about a particular complex please give me a call. Thanks, Crista :)

Streamline FHA Refinance option!

Dear Crista McClure-Swan,




I received the following email from an associate mortgage consultant and thought I would pass this along. If you already own a home, have an FHA loan, and are interested in lower your interest rate, this program may be perfect for you. Please read the following and contact the mortgage consultant directly if you have questions. Thanks, Crista :)






FHA - VA Streamline ALERT!!!


Hi, it's me Brian the Home Loan Guy.


I wanted to send you this EMAIL ALERT to let you know that the FHA - VA Streamline loan program has hit a record low of 4.50% on the 30 Year Fixed and 4.25% on the 15 Year Fixed programs!


For those of you who do not know what the FHA - VA Streamline loan program is, I will tell you. This is a loan program that allows people who currently have an FHA or VA loan to refinance at market rates regardless of their appraised value! That means if you sold someone a home a year or 2 years ago and they have an FHA or VA loan, they have a chance to refinance their mortgage and reduce their monthly payment even if they are upside down.


Qualifying for this program is super simple too! Minimum qualifications consist of the following:


* Minimum required credit score of 640.
* Reducing their overall monthly payment by 5% or more.
* Having been in their current loan for a minimum of 6 months with no missed payments.


If you or anyone you know has an FHA or VA loan with an interest rate of 4.875% or higher, that fits into the criteria above please call me. I can help reduce their interest rate and monthly payment with no headaches or hassles. A Typical Streamline Refi only takes about 2 to 3 weeks to complete, it's that easy!


As always, I am here to help in any way that I can. Please feel free to pass this email along to anyone you know who may benefit from this loan program, thank you!


Brian Beres


Mortgage Consultant


(951) 639-3733 CA. direct


(702) 207-2283 NV. direct


(702) 528-1925 cell


(702) 940-9862 fax


bberes@beresconsulting.com

Sometimes Patience does Pay off!

In these days when it seems like no one trusts each other, everything has to be in writing, and there's always doubt that someone's not going to live up to their obligations, it's nice when you work with a party that goes out on the limb and gives you the opportunity to actually make something work, when most others wouldn't. . . . . I'm talking about a real estate transaction that I'm currently involved with.

I represent the buyer in this case and we wrote up an offer on a property they fell in love with! The seller accepted, but it wasn't until a week or so into escrow when we found out that there still was an item on the buyer's credit files that could be detrimental in getting their loan approved. So, we went ahead and did our inspections and negotiations on repairs, then asked the seller to extend the loan contingency period until we could be sure this item was off the credit files, and therefore minimize any risk of problems with the loan. While most sellers would snub their noses at any such idea, these sellers, along with the guidance of their agent, decided to give us a chance. They waited a full two more weeks! All in all, we went over 30 days from the date of acceptance before the buyers were assured their credit file was clear!

How many sellers would do this? I doubt any, but this time it worked out because now we have full loan approval and are getting set to close. Now you might be asking why would a seller go out on a limb and do that? Well, the reality is that in this case there were issues with the pool and decking around the pool and my buyers were actually willing to accept this condition (with a negotiated credit from the seller), so most likely the seller knew that they would run into the same issue with another buyer as they did with my buyer (and a previous buyer that bailed after finding out about this condition), and didn't want to risk having to waste more time losing another buyer!

In the end, my buyers are ecstatic! It's difficult situations like these that really make you realize the benefits of having a qualified agent represent your best interests (if I don't say so myself). This is my favorite part of my job, taking a difficult situation and making it work out!  Crista :)

Ghost REO inventory. Where is is?

I went to the California Association of Realtors (CAR) convention in Aneheim last week. In my last blog I shared with you Leslie Appleton's real estate market forecast and hope the information was interesting to you. I also sat in on a REO/Distressed property session and remembered a comment that really was helpful in making sense of the ghost REO inventory that we hear about. What is ghost inventory? It's the hundreds of thousands of properties that have been in the foreclosure process, but for one reason or another the banks have not yet completed the foreclosure process which is the trustee sale.

You hear about ghost inventory quite a bit, but you really don't hear about why the banks may be holding off on the trustee sales. The session I attended shed some light on this question! Once a bank disposes of an asset/liability they are required to show this gain/loss on their financials. If a bank forecloses on a large number of properties in a given month, their books would show a tremendous loss! Stockholders would be very unhappy don't you think? So, what have the banks done to prevent this? They have regulated the homes that have been sold at a trustee sale so that they wouldn't show a over zealous loss in a given period.

What does this mean to you and me? It might give us a little bit of better understanding on why a bank may hold off on the trustee sales or not agree to a short sale. One bright side to the story is that regulating the number of foresclosures has created a bit of stability in the market. On the other hand, this behavior will extend the period of time we will see distressed properties as a significant force in our real estate market. Any thoughts? Let me know. Thanks, Crista :)

California Association of Realtors 2011 Market Forecast!

I just returned from a CAR (California Association of Realtors) convention yesterday and the Chieft Economist, Leslie Appleton-Young, gave a presentation on current market statistics and 2011 real estate forecasts. Below is a synopsis of the key real estate market indicators. Overall, she said the economy is officially out of a recession (meaning the economy is no longer shrinking), but the recover will be slow and difficult. In relation to real estate opportunities, the homes today are more affordable today since 1939 due to interest rates and home prices. It's a great time to buy a home! Let me know if you have any questions relating to your real estate needs. thanks, Crista :)


California REALTORS® forecast slight rise in 2011 home sales

Sales of existing, single-family homes are expected to decline slightly in 2010 compared with 2009, but are forecast to rise slightly in 2011, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2011 California Housing Market Forecast.” Meanwhile, the median price of homes in California is expected to increase both in 2010 and 2011 compared with the year prior.

MAKING SENSE OF THE STORY FOR CONSUMERS

Following near record-high levels of year-over-year sales increases, home sales are expected to decline 10 percent in 2010 compared with 2009, according to the C.A.R. forecast. C.A.R.’s economists predict home sales will increase 2 percent in 2011 compared with 2010.

Home sales are expected to end the year at 492,000 units, compared with 546,500 in 2009. C.A.R. forecasts sales will come in at 502,000 units in 2011.

The median sales price is forecast to increase 11.5 percent to $306,500 for 2010, and an additional 2 percent in 2011 to $312,500, C.A.R. announced.

According to C.A.R. Chief Economist Leslie Appleton-Young, the Association expects a net jobs increase of approximately 1.4 million jobs in California for 2011 and an improvement in unemployment figures, which many believe are key to the economic recovery.

Ms. Appleton-Young also noted that a lean supply of available homes for sale will drive up prices at the low end ($500,000 and less), but larger inventories and limited, less-attractive financing will cause continued softness at the high end of the market ($1 million and more).