Mike’s Real Estate Show

In for the ever smiling Pete Phillippe of Countrywide Home Loans will be Rich Colenzo also of Countrywide Home Loans. Rich has expertise in more “complicated” properties and properties where a “jumbo” loan is needed. By this I mean properties with large acreage, septic systems, wells, mutal water, springs, vineyards, etc. He is a Sr. Home Loan Consultant and his numbers are: 800-675-9778, Direct local: 707-521-4419, Cell:707-888-2523 and Fax: 568-1321. You can email Rich at: Richard_Colenzo@Countrywide.com.

We will be discussing in depth those properties were more dedication by the lender is needed. The “Country property” market is just such an animal. With many issues to consider, these properties need full cooperation of the Realtors and the Lender in getting the best rate for the client and to make sure no “surprises” pop-up!Also on the show will be Keller Williams Realtors, Debbie Pell, (707-953-5676 and email: debbiepellrealtor@comcast.net) who will be chatting about a great house she is marketing at this time. Debbie is new to Keller Williams (Actually we are all “New” as this is our first office in Santa Rosa and it’s been open only for 8 months!! However, Keller/Williams is the 4 largest real estate company with 56000+ Realtors!) and will be discussing what she sees are the positives of this “transitioning” real estate market. Here’s what she says about her property at 4345 Leafwood Circle, SR(Open House 1 to 5pm–Today!! Sunday August 20th):

Motivated seller has purchased replacement home! Bring all offers for this exceptional Bennett Valley 3 bed/2 bath home. Newer roof, windows, solar tubes,flooring, appliances, A/C,furnace, interior paint and exterior stucco clear coat. The family room has a beautiful oak and granite hearth with gas insert. Relax beneath the pergola in the large hot tub, or go for a swim in the community pool. Home warranty included.

On Today’s show Rich Colenzo went into more detail on properties which have a Modular versus a “Manufactured” home. The two are vastly different. The Modular home is a “stick” buildt home assembled on site with some pre-cutting done at a factory prior to site placement. The pre-cutting is usually seen in Truss work, flooring, siding, etc. The property is brought to the site where a foundation is already poured and then assembled their. A “Manufactured” home is brought to the site in two halves, bolted together and most resembles a structure you would encourter at a mobile home park. The big difference is lender’s don’t like to loan on Manufactured homes.

The “loan to value” or LTV is usually maximum of 70% on a Manufactured with a 20 year loan. And refinancing to pull cash out is unheard of or at the least prohibitively expensive. The “Manufactured” home is treated as a regular “stick-built” home and can be financed up to 100% LTV with refinancing no problem. Just be aware of a property and it’s loan limits when you’re out there shopping. If your Realtor or Agent doesn’t know the difference then get one who does!!

Also discussed this morning is buying property with 100% financing. You won’t get an appraiser to give you your price if you come in way over to accomplish a big credit back to you the buyer. Not in this market. However, you will get 100% financing if you get a good deal on a property. And belive you me–this is a market to get that “good deal”. I can help you with this. Feel free to contact me anytime at 707-322-8503

If you ever want to comment on the show you can blog here or call in during the show at: 707-636-1350. We answer all your questions regarding real estate and lending.