Fremont Real Estate and Beyond

There was a really interesting story from the New York Times about a foreclosure situation in Florida, which is a recourse state.  Apparently it has taken so long for the banks to process the foreclosures that they missed the statute of limitations.  This means that the homeowners are no longer in foreclosure BUT the banks can put a lien on a property so when the homeowners sell, they need to pay off the debt. More info here-- http://www.nytimes.com/2015/03/30/business/foreclosure-to-home-free-as-5-year-clock-expires.html?_r=0 http://www.nolo.com/legal-encyclopedia/whats-the-difference-between-recourse-nonrecourse-loan.html

It's been a pretty slow news week in real estate.  One of the highlights that came to light this Tuesday was the Supreme Court case Bank of America v. Caulkett , which is a technical case about the bankruptcy code.  If  the bank succeeds, it would make it more difficult for people to start over when debt burdens become unmanageable. You can find the article here-- http://www.newrepublic.com/article/121356/bank-america-v-caulkett-oral-arguments-begin-mortgage-case

BofA has been recently making a push to educate consumers about the products they provide.  One of the new sections has been about mortgages and what it takes to finance a home purchase.  You can find great posters and videos here-- https://www.bettermoneyhabits.com/buying-my-first-home/steps-to-get-a-mortgage.html https://www.bettermoneyhabits.com/buying-my-first-home/steps-to-get-a-mortgage.html

As a buyer, the whole buying process can be very stressful.  Once you complete the transaction, how do you keep track of all the payments? A great way to do this is to set up an escrow or impound account (same thing, different name). Escrow during the buying process is traditionally a neutral 3rd party that handles paperwork and disburses money according to the ratified contract.  But afterwards, they can act as 3rd party that does the same thing for the buyer's mortgage/tax/insurance payments.

I've talked to a lot of prospective sellers in this market.  One of the talking points that they've heard ad nauseum from many Realtors is that there are very few homes for sale in this market and they need to rush out and get their home listed ASAP.  I always tell sellers to take a few days to think, run the numbers/talk to a tax advisor, prep the house, and be ready to move through the transaction quickly.  It's better to present a home that's 100% ready to market, sell, and go through escrow than one that is 30% ready and be completely unprepared for the whole process.

I understand that buying a home is a VERY expensive process and people try to save money at every possible corner.  One of the items many of my clients want to cut out is Title Insurance.  Is it worth it? YES! Especially with so many properties that went through foreclosure and short sales in the past.

I get a lot of complaints from clients that their lender wouldn't lend them the amount they anticipated.  One of the reasons is the LTV, what the heck does this mean?

You've probably noticed that it's a pretty crazy real estate market right now. One of the biggest things I try to do during these times is educate people about the home buying process--I try to make sure you are able to make an informed decision and be as transparent about the whole process as possible.  After all, this may be one of the largest purchases you ever make! Here's a video about what the difference between a pre-qualification letter and pre-approval letter to explain the difference.

Great news came out this morning that the nation's three largest credit-reporting companies have agreed to make it easier for consumers to correct mistakes, as well as to wait longer to list unpaid medical bills to allow more time for insurance payments. More info is here-- http://www.latimes.com/business/la-fi-credit-reporting-settlement-20150309-story.html

An interesting article from Realtor.com on a study of 200,000 homes in 3 states came out saying a seller should list slightly higher than the market price. Caveats to this study -- -Study was done from 2005-2009, during boom times -This happened in 3 states in the East Coast, whose markets are vastly different than those in the Bay Area I agree with the listing agent in the San Francisco market in this article--list close to the market price! http://www.realtor.com/advice/asking-price-home-high-or-low/?cid=soc_20150303_41426866&adbid=572795196896763904&adbpl=tw&adbpr=17351940