Living in Contra Costa County

Make an Impact with Facebook

Thu, 02 Sep 2010 16:00:44 -0400

Many people wonder how they can make an impact with Facebook and what difference it can make in their business.

I myself struggle with this and want to know how I can really use it to get my face out there to generate buzz and hopefully business.

One you need to figure out how to do something right (and you haven't a clue) sometimes the best thing to do is look at the examples of others.

Well here are some examples of Facebook Status Entries with Impact!

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Brentwood California Pool Homes

Wed, 01 Sep 2010 17:07:24 -0400

Brentwood California Pool Homes

Pool Homes are one of the most popular type of homes in Brentwood. When you go to look for Pool Homes a lot of agents list homes that have an association pool, a non functional pool, or an above ground pool as a Pool Home.

I sorted through the MLS to find true Pool Homes - Single Family Homes with their own Functioning Pool.

Right now there are 23 Pool Homes for sale in Brentwood, 3 of them are estate homes priced over a million dollars. Those homes are not selling at this time and I pulled them out of the numbers. Of the 20 remaining homes they range in price from $239,000.00 to $695,000.00, with an average price of $383,314.00 and a median price of $379,500.00. These homes have an average asking price per SF of $143.00 and have been on the market for an average of 90 days.

In 2010 90 Pool Homes have sold from $177,000.00 to $515,000.00 with an average selling price of $370,410.00 and a median price of $370,000.00. The Pool Homes sold for an average of $134.00 per SF and spent an average of 22 days on the market.

The pricing on Pool Homes is not very much higher than the average Brentwood Real Estate Market. If you need to buy or sell a Pool Home or any Home in Brentwood or Beyond please contact me directly.

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Summerset Homes in Brentwood California

Tue, 31 Aug 2010 18:07:14 -0400

Summerset Homes in Brentwood California

Brentwood California has some of the finest 55+ Communities in California in Summerset Homes. There are several Summerset Homes communities in Brentwood. These fine 55+ Communities all feature gated security, club houses, pools, excersize rooms, golfing, and many social activities.

Most but not all of the Homes in the Slide Show are from Summerset or 55+ Communities.

Summerset Homes range from affordable duets to large estate style homes. Summerset Homes are close to shopping, entertainment and fine dinning. These 55+ Communities have dial-a-ride services available.

Right now there are 36 Summerset Homes for sale priced from $175,000.00 to $665,859.00 with an average price of $457,034.00 and a median price of $479,200.00. The average asking price per SF on Summerset Homes is $219.00 and the average days on market is 80.

This year 51 Summerset Homes have sold from $172,000.00 to $550,000.00 with an average price of $315,517.00 and a median price of $276,000.00. The average price per SF in these 55+ Communities was $196.00 and the sold homes spent an average of 44 days on the market.

This is approximately 6.5 sales per month and a little over a 5 month supply. Summerset Homes priced right do sell fast. The homes in these 55+ Communities take a little longer to sell than most homes in Brentwood as they are limited to people in the 55+ Communities. However they retain their value well and sell at higher prices than homes in the surrounding areas. A 5 month home supply is considered a Balance Market.

If you are looking to buy, sell or just have questions about Summerset Homes or 55+ Communities please contact me directly.

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Understanding FHA 203(k) Program: Part Two

Sun, 29 Aug 2010 12:36:18 -0400

This is part two in Deborah Garvin's great series on 203K rehab loans. As our market levels out we should see more of these type of loans.

Via Deborah Garvin California Mortgage Financing (Capital Empire Funding, a subsidiary of Gateway):

Understanding FHA 203(k) Program: Part Two

Process, Procedures and Best Practices

Second in my series to help real estate agents and consumers understand the opportunities that are available in considering renovation or customization of a home at the time of purchase or as an alternative to selling in the first place. Many, many people think that custom construction is a arena of real estate that is only available to the very wealthy.....the FHA 203(k) program is available to anyone from the first time home buyer to the CEO of a major corporation. The program is open to anyone who qualifies for a traditional FHA loan and provides many more options above either finding the "perfect" home or "settling" for the "almost perfect" home.

The very first step in determining the advantages or disadvantages of working with the FHA 203(k) program should be a honest evaluation of whether you, as a real estate agent or a consumer, are a good "candidate" for the experience. This evaluation has absolutely nothing to do with the financing requirements, the property or the renovation process. It does, however, have very much to do with personality and adaptability to change and flexibility in temperament.

Explaining and counseling real estate agents and consumers through the process is not difficult as long as all parties understand, from the very onset, the importance of attention to detail and complete and through communication between all parties involved in the transaction. That said, I would suggest a meeting of the minds PRIOR to even considering using a FHA 203(k) program. There are simply people who are not psychologically equipped (whether agent or consumer) to deal with the process of renovation and construction. Word to the wise: "Know thyself".

Having issued my "caveat" let the fun begin! I am, and always have been, a certified "Project Freak"...I love the process of creating a masterpiece from the ashes. Move a wall, add a room, raise a roof or update a kitchen.....these are all enjoyable past times for me and I offer my experience and passion for the process to help agent and consumer alike in uncovering the possibilities within the walls of a structure.

Process, Procedure and Best Practices

Financing a FHA 203(k) loan, on average, will take 45 days from the time of initial application to the successful closing of escrow. It is important to understand that the closing of escrow marks the start of the renovation. Again, setting proper expectation is crucial. The program allows for up to six months of escrowed (impounded) loan payments to ensure enough time to complete the renovation and improvement of the home.

Step one: Application for financing.

Time Frame: One to three hours

The application process is very similar to traditional FHA financing, with the exception of the counseling process and instruction/implementation of the "next steps" of looking for and consulting with licensed contractors. Expect to provide all income and asset verifications at the time of initial consultation. Like traditional FHA financing, the consumer will need a minimum of 3.5% down payment (gifts acceptable) and assets must be verified at application.

Step two: Meeting with the FHA counselor.

Time Frame: One to four hours, scheduled at the time of application and conducted within 48 hours of application. Report due within 5 to 7 days.

The role of the FHA counselor is crucial to the process and lays the foundation for the success of the renovation.   The counselor (inspector) is usually a licensed home inspector or appraiser and his/her role is to meet with borrowers at the property to determine 1). Condition of subject property,   2). Necessary health, safety or system improvements and 3). Determine the goals and ambitions of the borrowers.

Following the initial meeting, the FHA counselor will prepare a specific work order and cost analysis of the necessary and proposed improvements to be included in the loan package. The report is very detailed and will give a line by line explanation of the complete renovation project.

The cost of the FHA counselor varies between $400 and $1000, depending upon renovation/remodeling costs (< $7,500 and > $100,000, respectively). This cost is generally paid upfront, but can be reimbursed through the close of escrow.

BEST PRACTICE:   Providing prospective and bidding general contractors with a copy of the FHA counselor's report (MINUS estimated figures) will expedite the bidding process greatly. FHA standards require the bidding process to "mirror" the counselors report. General contractors are likely to prepare a bid of "Remodel Kitchen: XX dollars"...providing them a copy of the line by line itemization of the FHA counselors report streamlines the process considerably. It also goes a long way in identifying price gorging or unrealistic under bidding by the contractor.

NOTE: The choice and selection of the General Contractor cannot be diminished in the successful implementation of the 203(k) program. This is the one area of the program that necessitates complete control of process and flow throughout the close of escrow and after wards, through the renovation draws.

Step Three: Interviewing and selecting licensed General Contractor and procuring bids

Time Frame: Entirely dependent upon borrower and contractor motivation and time constraints.

CAUTION: This is the one area that can completely blow the process and time frames for the proper execution of a specified close of escrow. Consumers need to "OWN" this as the lender and investor (or agent or loan officer) are not going to "direct" them to one contractor or another. The program requires the contractor to be licensed, insured and bonded...outside of that the consumer MUST do their due diligence to ensure they are working with a reputable and efficient contractor.

The completeness of the plans and specifications of the remodel/renovation are required for submission to underwriting (and they must conform to local, state and federal building codes to ensure building permits for the project).

BEST PRACTICE: There are a number of things an agent and loan officer can do to provide the home buying public on how to shop for and interview a general contractor. This is part of the consultative nature of this product, but crucial to the project is the consumers understanding that they are very much in control (or, for that matter, out of control) of this aspect of the loan process.

NOTE: The 203(k) program provides for up to five "draws" throughout the construction process. With the exception of special order item deposits, the program does not permit any prepayment for services to be rendered by either General Contractor or his/her sub-contractors. While many contractors prefer to be paid as much as one-third "up front", this issue can usually be worked through once the contractor completely understands that ALL construction funds are fully escrowed and there is NO chance they will not be paid for their services.

The 203(k) program mandates that an escrow contingency fund between 10% and 20% be held in reserve throughout the process to ensure coverage of unexpected or chosen changes to the project.

Step Four: The Appraisal Process

Time Frame: Five to seven days

The most unique aspect of the FHA 203K program is the fact that there are essentially two appraisals on the subject property. First the appraiser will determine "initial value" to determine a base line of the value as the property is at the time of contract. Secondly, the appraiser is provided a copy of the FHA counselor's report and the accepted General Contractor's bid to work up an analysis of the "future value" of the property.

The final figures on the "future value" of the home will set the actual loan amount for submission to underwriting. Of course, it is imperative that the loan officer has pre-approved the borrower for a loan amount at, or above, the "future value" in the first place.

The cost of the appraisal process is generally going to be around 50% higher than a traditional appraisal, and this fee is also paid on an upfront basis.

NOTE: To be discussed further in the Part Three: Marketing the 203K, however, it bears noting here that this is also where the opportunity lies for consumers who are slightly underwater on a under improved property to refinance and remodel to bring the property value up to a marketable and profitable condition.

Step Five: Processing, Underwriting and Conditions

The processing, underwriting and conditional process of this program is no different than any other FHA product (at least at my company.   There is no need to send the loan package to the investor for additional approval and sign off........NOTE: I would not recommend working with any company that needed secondary sign off).

The borrowers' loan file is very similar to a traditional FHA loan, the importance is in the detail of the FHA counselor report, the contractor bids and the appraisal process. It is imperative that these steps and processes mirror each other in detail and cost analysis/value.

Step Six: Close of Escrow, and the Beginning of Renovation

Once conditions are cleared, docs are ordered and buyers/sellers (or homeowners) have signed loan documents are signed funds are disbursed to the sellers and/or their lender per normal and traditional procedures. In the case of a refinance, the underlying lender(s) will be paid in through escrow.

Following the actual closing, the process of the implementation of the FHA 203(k) will actually "begin".

Step Seven: The Construction/Renovation Process

There are several points throughout the process that agents/consumers/contractors/loan officers need to be monitoring the "behind the scenes" activities. For example, the selection of a General Contractor and getting bids for the project are "behind the scenes" of the actual loan process, however, can severely impact the process flow of the loan.

All permits must be pulled to begin the construction process and all "draws" of funds are based upon completion of certain aspects of the project (depending upon the scope of the work). The FHA consultant, as well as local building inspectors, will provide as the stop gap, or quality control agent, for the project. Funds will not be released until sign off by both the FHA counselor and local building inspector.

Step Eight: Changes and contingencies

As noted previously, the 203(k) program requires a specified amount of monies set aside for any unexpected events or changes in the project costs. As anyone who has ever embarked on a home improvement project will attest, things rarely progress exactly as planned. There are unexpected events (like issues with wiring behind the sheetrock that the FHA counselor could not see at the time of inspection) and there are "Oh, I changed my mind" events when one realizes that the initial plan is not exactly what they want.

The "draw period" of the 203(k) program allows for changes and contingencies (whether unexpected or planned) by allowing submission of a work order addendum throughout the process. Generally, here is a 24 hour approval process to the work order change, but the process is fairly simple and should not impede completion of the project.

Additionally, the borrower has the option of rolling any unused funds in the 10% to 20% contingency fund into the loan to reduce the principle balance at the time of the final draw on the project and/or submitting a final work change order to add further improvement to the property (landscaping, for instance).

The flexibility of the 203(k) program provides an opportunity for consumers to customize their home to their specifications without the high cost of custom construction and is a product that can help many agents and consumers in today's market.
Deborah Garvin

If you are looking for answers and creativity to accomplish your home buying goals and financial stability, contact me for a thorough analysis of your current and future home buying and refinance opportunities. FHA, VA, renovation expert, HUD Certified First Time Homebuyer Certified Mortgage Banker.

(619) 787-8212

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Understanding FHA 203(k) Program: Part One

Sun, 29 Aug 2010 12:34:15 -0400

This is a two part series by Deborah Garvin. She talks about a loan program that I think is going to grow in popularity soon.

Via Deborah Garvin California Mortgage Financing (Capital Empire Funding, a subsidiary of Gateway):

FHA 203(k) Renovation Loan....Easily the Most Underused and Least Understood Mortgage Product Available

The opportunities for utilizing the FHA 203(k) program abound in the current market; however, there are very few consumers or agents taking advantage of the opportunity. The reasons for the under utilization of the program expose a couple areas of misunderstanding:

1).   The 203(k) program has been in existence and available for consumers for well over twenty years. However, there are very few lenders who offer the product and there are even fewer lenders and loan officers who know how to originate and process the program.

2).   Listing and selling agents are not familiar with the 203(k) program and, as in all of human nature, there is a tendency to avoid that which we do not know. In preparation for this article I sent emails to as several real estate agents with the following questions:

A.    Have you ever worked with a buyer or seller utilizing the 203(k) program?

B.     As a listing agent, would you be inclined to accept an offer from a 203(k) borrower?

C.     As a selling agent, would you be comfortable with working with a consumer through the process of a 203(k) program?

Contrary to what I had heard from other loan officers, not one real estate agent objected to the use of the 203(k) program when representing either the seller or the buyer. However, almost all of the agents questioned did not understand the program and readily admitted that they would have to be educated in the process prior to encouraging their sellers to accept an offer or working with buyers looking for a renovation project.

(Note: Karen Fiddlerin Mission Viejo, CA is the only real estate agent I corresponded with who has first hand knowledge of the product and she specifically said the biggest challenge was in educating the listing agent about the product).

3).   Consumers are not aware of the program and options available to them because their loan officer and/or their agent have not provided them with thorough knowledge of the program.

The current market of undervalued homes, foreclosures and short sales provide a great opportunity for agents and consumers to create opportunities that would not exist with any other mortgage product. The purpose of this series provide both agents and consumers with a overview of the 203(k) program, implementation and process of the obtaining a 203(k) loan, marketing the loan to sellers, buyers and refinancing consumers and creating a vision for showing all consumers how the 203(k) program could create instant equity in a purchase or refinance of a currently underwater home.

Part One: Overview of the FHA 203(k) program

The 203(k) program is a renovation loan, available for either purchase or no cash out refinance of an existing home within the same loan amounts limits of traditional FHA loans. The program allows for minimal (as low as $5,000.00) cosmetic work, including replacement of appliances as well as a complete rebuild or renovation of an existing property (limited to using at least a portion of the existing foundation).

The loan amount is based upon an appraisal of the specified work to be completed (future value of the home) and allows for an escrow/impound account of up to six months complete housing payment if the house is uninhabitable during the renovation. Final loan amount may be up to 103% of the future value as provided by the appraisal. (NOTE: Actual FHA guidelines allow for loan to values up to 110%, however, lender overlays have reduced this amount to 103%).

There are two versions of the 203(k) program: A streamlined (up to 35K) and a full 203(k). Currently, investors have balked at the advance deposit on the streamline process and have pulled back from offering this version; therefore, only information of the full 203(k) will be presented in this series.

Underwriting Guidelines Summarized

     Owner occupied, 1 to 4 unit properties, SFR, condo and PUD

     HUD/Bank Repos

     Existing homes complete for one year

     New construction on part of original foundation

     Existing home moved to new foundation

     Structural alterations and additions

     Remodeling kitchens and bathrooms

     Changes to eliminate obsolescence and reduce maintenance

     Modernize plumbing, heating, AC and electrical systems

     Energy efficient improvements

     Install or repair well or septic systems

     Roofs, gutters and downspouts

     New free standing appliances

     Interior and exterior painting

     Flooring, carpeting and tile

     Swimming pool repairs (NO new pools, spas or luxury items)

     Other improvements that are a regular part of real estate

Rates competitive to traditional FHA loans

Fully assumable thirty year fixed rates

29/41 Ratios

Traditional FHA credit and income qualifying guidelines

45 day escrow or less available

660 credit score required

General Contractor required (home owner may work as sub for GC)

Up to 6 months PITI and monthly MIP rolled into the loan

Next installment will list the process flow for agents and consumers through the underwriting and renovation process.

Capital Empire Funding, a division of Gateway Diversified, has a dedicated 203(k) department with over 19 years experience working with real estate professionals and consumers on the renovation of both purchase and refinance transactions. Specifically, my extensive background in construction, remodeling and rehabbing properties will ensure you and your clients are represented professionally throughout the lending and renovation process.
Deborah Garvin

If you are looking for answers and creativity to accomplish your home buying goals and financial stability, contact me for a thorough analysis of your current and future home buying and refinance opportunities. FHA, VA, renovation expert, HUD Certified First Time Homebuyer Certified Mortgage Banker.

(619) 787-8212

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How Will the New FHA Mortgage Insurance Structure Affect Your Buying Power?

Tue, 24 Aug 2010 12:48:25 -0400

This is an excellent post by a great lender. It is a little dry, but it explains how the cost of FHA mortgages will climb dramatically if not in contract my 10-4-10.

Via Cari Anderson (Diversified Mortgage Group):

How Will the New FHA Mortgage Insurance Structure Affect Your Buying Power?

Earlier this month, HUD announced that there would be some forthcoming changes to its FHA mortgage insurance program on October 4^th of this year. Since FHA loans are a good percentage of all loans funded today these changes could have a significant impact on the loan amount a potential borrower qualifies for. Let's look at how FHA mortgage insurance works. There are two types of FHA mortgage insurance that are charged in conjunction with FHA financing.

The first type is called the "Up Front Mortgage Insurance Premium" or "UFMIP." This is a lump sum that is a percentage of the base loan amount. For instance, if you are purchasing a $200,000 property with a 30 year fixed loan and you are utilizing the maximum loan amount FHA allows which is 96.5% of the home's value (3.5% down), your base loan amount would be $193,000. The UFMIP would be 2.25% of this amount which is $4342.50. There are two ways to pay for this. It can be paid in full at closing either from the borrower's funds or the seller can agree to pay it. The second, and arguably the more common method, is to have this tacked onto the base loan amount and finance it over the life of the loan. Therefore, your total loan amount would be $197,342 (since FHA loans are rounded down to the nearest dollar, you'd have to cover the whopping 50 cents!). This type of insurance will be reduced to just 1% of the base loan amount on October 4^th. So in our example, this would be a premium of just $1930 and a savings of $2412.50 over the current rate.

The second type of FHA mortgage insurance is called "Monthly Mortgage Insurance" or "MMI." This is paid as part of your mortgage payment every month for a minimum of 5 years and until you have at least 22% equity in your home. The way this is calculated is to again, use the base loan amount and use the correct percentage factor. If you are utilizing the maximum financing (96.5%), then the percentage is .55% of the base loan amount. So $193,000 x .55% divided by 12 months a year = $88.46 per month in MMI. Please note that the monthly factor is .50% if you are putting down 5% or more and even less if you are taking advantage of a 15 year loan term. As of October 4^th, the new factor will be between .85 and .90.** For maximum financing we would use .90 which, in our example would be $144.75 per month- $56.29 more than the current structure.

Let's compare side-by-side the hypothetical loan above under both old and new structures:

Purchase Price: $200,000

Loan Amount: $193,000

Interest rate: 4.75%

Loan Amount with:                         Current UFMIP: $197,342             UFMIP as of 10/4/10: $194,930

Principal & Interest Pmt with:      Current UFMIP: $970.80               UFMIP as of 10/4/10: $958.94

MMI payment with:                         Current MMI:    $88.46                MMI as of 10/4/10:    $144.75

______________________________________________________________________________

Overall difference:                          $44.43 more per month under the new structure

While this difference is not astronomical, it does add up to $533.16 more per year and $2665.80 more over the first 5 years of the loan which is the minimum time an FHA borrower must pay annual MMI.

**It is important to note that since the passing of HR 5981, and President Obama signing it into law on August 11th, 2010, Congress has given HUD the authority to ultimately raise the annual premium to a maximum 1.55% in the future. (But any increases down the line would only affect new FHA loans, not on loans already in place)

If you are looking to buy a home and you have not entered into a purchase contract by October 3^rd, you will need to have your loan officer qualify you under the new MI structure. Regardless of the upcoming changes, the FHA-insured home loan is still a great program that should continue to play a large part in our nation's housing recovery.




925.964.1213 Direct // 925.570.0613 Mobile

Cari's Website     Tri Valley Mortgage News     East Bay Mortgage News

Cari CA Real Estate Broker License 01220718...NMLS License ID 234849

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Sky is Falling News Network

Fri, 27 Aug 2010 13:33:37 -0400

It has been said if it is Good News it is not News. It has also been said Figures don't lie but liars figure.

The economy and the housing market news is not positive, but there is no reason to make it seem worse than it is. Just like Chicken Little screaming that the Sky is Falling the News Networks love to talk about July Housing Slump without putting it in context.

Few people mention that there was a huge surge of closings in June due to the original deadline on the First Time Buyer Tax Credit Deadline of June 30, 2010. After a huge surge a fall off should be expected. With incredibly low interest rates and prices I expect the trend to smooth out over the months ahead.

Each market is local. Our market is a "Sellers Market." The prices have already been lowered to reflect the down turn. The housing supply in local communities is 3 months at best. Anything under 4 months is a sellers market.

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A Classic Laugh

Fri, 27 Aug 2010 13:23:43 -0400

Take a look at this Video. It has been around for a few years. I thought Youtube had dumped them at the request of the Movie Owners. However, here it is. It may have been edited sense I saw it the first time. There is a line about Government Bailouts I do not think was there before.

When things are going bad sometimes all you can do is laugh.

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Discovery Bay Bank Owned Homes

Thu, 26 Aug 2010 17:53:31 -0400

Discovery Bay Bank Owned Homes

Bank Owned Homes have dominated the market for the last couple of years. At this time Short Sales may be more prevalent, but as banks begin to unload inventory we may see more and more Bank Owned Homes on the Market. (Click Here for Free Report on Bank Owned Homes!)

This report looks at market trends of Single Family Discovery Bay Bank Owned Homes by looking at the current market and comparing it with sales of Bank Owned Homes in June and July.

Right now there are 13 Discovery Bay Bank Owned Homes on the market with an average asking price of $333,600.00 and a median asking price of $270,000.00. The average asking price per SF is $132.00 and they have been on the market an average of 20 days.

In July 7 Discovery Bay Bank Owned Homes sold for an average of $286,828.00 and a median selling price of $310,000.00. They sold for an average of $90.00 per SF and were on the market for an average of 19 days.

In June sales were higher and this is probably due to the scheduled deadline of June 30 for the Federal First Time Buyer Tax Credit. Discovery Bay is a small and eclectic market too; which makes trends hard to spot. There were a total of 13 Discovery Bay Bank Owned Homes sold for an average of $295,976.00 and a median selling price of $295,000.00. They sold for an average of $114.00 per SF and were on the market for an average of 30 days.

We would like to help you with your Bank Owned Home purchase. Please get our Free Report on Bank Owned Homes and let us know what we can do to help you.

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Brentwood California Bank Owned Homes

Thu, 26 Aug 2010 17:45:22 -0400

Brentwood California Bank Owned Homes

This report looks at market trends of Single Family Brentwood California Bank Owned Homes by looking at the current market and comparing it with sales of Bank Owned Homes in June and July.

Right now there are 39 Brentwood California Bank Owned Homes on the market with an average asking price of $343,050.00 and a median asking price of $309,900.00. The average asking price per SF is $139.00 and they have been on the market an average of 37 days.

In July 24 Brentwood California Bank Owned Homes sold for an average of $298,811.00 and a median selling price of $290,000.00. They sold for an average of $127.00 per SF and were on the market for an average of 16 days.

In June sales were higher and this is probably due to the scheduled deadline of June 30 for the Federal First Time Buyer Tax Credit. There were a total of 34 Brentwood California Bank Owned Homes sold for an average of $306,958.00 and a median selling price of $287,500.00. They sold for an average of $127.00 per SF and were on the market for an average of 23 days.

We would like to help you with your Bank Owned Home purchase. Please get our Free Report on Bank Owned Homes and let us know what we can do to help you.

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Oakley California Bank Owned Homes

Thu, 26 Aug 2010 17:29:44 -0400

Oakley California Bank Owned Homes

This report looks at market trends of Single Family Oakley California Bank Owned Homes by looking at the current market and comparing it with sales of Bank Owned Homes in June and July.

Right now there are 40 Oakley California Bank Owned Homes on the market with an average asking price of $218,172.00 and a median asking price of $216,750.00. The average asking price per SF is $118.00 and they have been on the market an average of 40 days.

In July 24 Oakley California Bank Owned Homes sold for an average of $212,583.00 and a median selling price of $211,000.00. They sold for an average of $119.00 per SF and were on the market for an average of 24 days.

In June there were a total of 27 Oakley California Bank Owned Homes sold for an average of $235,735.00 and a median selling price of $235,000.00. They sold for an average of $111.00 per SF and were on the market for an average of 31 days.

We would like to help you with your Bank Owned Home purchase. Please get our Free Report on Bank Owned Homes and let us know what we can do to help you.

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Antioch California Bank Owned Homes

Thu, 26 Aug 2010 17:16:18 -0400

Antioch California Bank Owned Homes

This report looks at market trends of Single Family Antioch California Bank Owned Homes by looking at the current market and comparing it with sales of Bank Owned Homes in June and July.

Right now there are 103 Antioch California Bank Owned Homes on the market with an average asking price of $219,256.00 and a median asking price of $214,990.00. The average asking price per SF is $114.00 and they have been on the market an average of 33 days.

In July 48 Antioch California Bank Owned Homes sold for an average of $204,655.00 and a median selling price of $202,500.00. They sold for an average of $107.00 per SF and were on the market for an average of 26 days.

In June there were a total of 51 Antioch California Bank Owned Homes sold for an average of $205,894.00 and a median selling price of $193,000.00. They sold for an average of $110.00 per SF and were on the market for an average of 26 days.

We would like to help you with your Bank Owned Home purchase. Please get our Free Report on Bank Owned Homes and let us know what we can do to help you.

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Pittsburg California Bank Owned Homes

Thu, 26 Aug 2010 16:49:25 -0400

Pittsburg California Bank Owned Homes

This report looks at market trends of Single Family Pittsburg California Bank Owned Homes by looking at the current market and comparing it with sales of Bank Owned Homes in June and July.

Right now there are 73 Pittsburg California Bank Owned Homes on the market with an average asking price of $191,764.00 and a median asking price of $187,900.00. The average asking price per SF is $115.00 and they have been on the market an average of 26 days.

In July 34 Pittsburg California Bank Owned Homes sold for an average of $204,750.00 and a median selling price of $193,500.00. They sold for an average of $116.00 per SF and were on the market for an average of 30 days.

In June sales were higher and this is probably due to the scheduled deadline of June 30 for the Federal First Time Buyer Tax Credit. There were a total of 44 Pittsburg California Bank Owned Homes sold for an average of $195,781.00 and a median selling price of $196,500.00. They sold for an average of $116.00 per SF and were on the market for an average of 24 days.

We would like to help you with your Bank Owned Home purchase. Please get our Free Report on Bank Owned Homes and let us know what we can do to help you.

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Right of Offset..Yet Another Trick Up The Lenders Sleeve

Tue, 24 Aug 2010 12:53:57 -0400

Something all you you should know if you are behind on the mortgage or other payments.

Via Bob Hertzog (Summit Home Consultants):

Right of Offset..Yet Another Trick Up The Lenders Sleeve

Folks, this is scary stuff. Yesterday, I received a call from one of my clients, telling me that her bank recently withdrew money out of her account to pay part of her missed mortgage payments. We are in the middle of the short sale process, and she happens to bank at the same institution that holds her 1st Mortgage.

Banks have what is called a "right of offset", which allows them to take money out of your account, without your prior approval or knowledge. The Comptroller of the Currency Administrator of National Banks says the following:

Generally, a bank may take money from your deposit account to make a payment on a separate debt that you owe to the bank, such as a car loan, if you are not paying that loan on time. This is called the right of offset.

In some situations, the bank can exercise the right of offset without letting a customer know in advance that it is going to do it.

However, federal law limits what a bank can do in some cases. For example, federal law won’t allow a bank to offset your deposit account to pay off your consumer credit card account.

As soon as I'm finished writing this post, I'm going to start calling my clients, advising them of this "right of offset". Time to move your money!

If you are listing short sales, I would suggest you do the same.

Bob Hertzog

Summit Home Consultants

www.foreclosureuturn.com

Copyright © By Bob Hertzog 2010 *Right of Offset..Yet Another Trick Up The Lenders Sleeve*

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Nelson Riemenschneider - Football Player

Sun, 22 Aug 2010 18:33:58 -0400

Nelson Riemenschneider - Football Player

My son Nelson went out for Freshman Football at Liberty High School this year. He is a good kid, but has struggled with school and sports in the past.

However, this year he is doing very well. It looks like he will be starting when they play the first game in a couple of weeks. At 6'1" about 250 lbs he is playing left tackle. He has wrestled for the last 3 years and I think it has helped him. The conditioning hurts him a lot and I think he is the slowest kid on the team, but he keeps going and does not quit. I suspect that if he keeps it up in years ahead it will pay off good for him.

As a dad I have pushed him and prodded him in sports, even when he was doing poorly and wanted to quit. It is hard to know the balance between when to back off and when to make them keep going. (He latter thanked me for making him play baseball.) Watching him succeed and enjoying himself I feel like I the rewards of being a parent are starting to come in. I know there is a lot of hard work ahead for both of us.

This year he seems to be doing good in school and taking responsibility for things. He was elected to Student Government, even though he came from outside the district and does not know a lot of the kids.

I love football, and really look forward to the NFL season, but this year I am really looking forward to 5:00 PM on Thursdays when the Liberty Lions Freshmen take the field.

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