Mike’s Real Estate Show

  The other day I had a savvy Realtor bring up a valid and timely point about a septic system being a “greener” alternative to hooking up to sewer. However, a non-functioning system will also be “green” especially in the heat of summer! If you see a green streak running from the tank’s location out into a field that’s NOT a good thing!! They are supposed to “leach” into the ground not come up to the top!

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Take my offer—please! Offers at 10% below the asking price in this market is the NORM (unless it’s a hyped REO listing–see other posts for this)if not much more! If you’re in a declining market area (like California!) you’re going to get the appraisal price reduced by 5-10% at least! Plus, most of the appraisers are under the gun to reel in all those ridiculous appraisals of the 2001-2005 time frames so they are arch conservatives when it comes to giving valuation. Read the rest of this entry »

A listener asked me if the rumors of “Multiple Offers” was nothing but Realtor Hype?
If Realtors could “hype” up business through manipulation of our MLS pricing structure, you’d think we’d all done this before  the 30-50% pay-cut we’ve all taken over the past 3-4 years plus the lost equity of our clients! In the REO market, for my County of Sonoma $200-$500,000, we are getting multiple offers. It is a SELLER’S market for many an assett manager.

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30yr fixed to $662,250 . . . .  5.75% at 1 pt    30 yr fixed to $2,000,000 . . . . . 7.0% at 1 pt   7/1 , fixed rate for 7 years  5.375% at  1 pt to $662,250 

   FHA loans  6.0% at 1 pt  . . . .  up to 97% of the value of the home

   Appraisal fees refunded in escrow, for Mike Kelly’s Keller Williams Real Estate referrals 

 Pete Phillippe your lending advisor, at 707-535-1263 and cell at 707-481-2737

News Release  
 May 16, 2008  
 
 Fannie Mae Announces Single National Down Payment Policy; Eliminates for 5% off the top rule for appraisers!!
Replaces Policy Regarding Markets Where Home Prices are Declining

WASHINGTON, DC — Fannie Mae (FNM/NYSE) today announced a new, national policy on down payment requirements for conventional, conforming mortgages the company will purchase or guarantee. Starting June 1, 2008, Fannie Mae will accept up to 97 percent loan-to-value ratios for conventional, conforming mortgages processed through its Desktop Underwriter® (DU®) automated underwriting system, and 95 percent loan-to-value ratios for loans underwritten outside of DU, in all geographic locations in the United States. The new national down payment policy will supersede the policy the company adopted in December 2007 that required higher down payments in markets where home prices are declining.

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  Currently, seniors age 65 and above own more than $2 trillion in home equity. Yet less than 1% of this total has been engaged by a reverse mortgage. That’s untapped money that seniors on limited budgets could use to meet daily expenses, pay off bills, travel, remodel, fund a new property purchase or a grandchild’s college education, or use in dozens of other discretionary ways.* Read the rest of this entry »

Press Release For Immediate Release: May 8, 2008 House Passes American Housing Rescue and Foreclosure Prevention Act (H.R. 3221) Washington, DC - The U.S. House of Representatives today passed the most comprehensive response yet to the American mortgage crisis. The American Housing Rescue and Foreclosure Prevention Act (H.R. 3221) responds directly to the current crisis facing middle class Americans while providing the tools to prevent a repeat of these problems. Read the rest of this entry »

Up to $417,000  30 yr fixed  5.75% At 1 pt cost   

7/1 program  5.5% at1 pt              FHA up to $362,790    6% at 1 pt    $417,000 to $662,500  30 yr fixed  6.25% at 1 pt
$662,500 to $1,000,000   30 yr fixed 6.875 % at 1 pt
Pete Phillippe your lending advisor, at 707-535-1263 and cell at 707-481-2737

The Commerce Department got the month off to a good start when it reported on May 1 that consumer spending in March was up 0.4%, double the increase that economists had predicted. Consumer spending, which accounts for 70% of U.S. economic activity, is vital to the nation’s long-term economic health.

Further economic stimulus came from the Federal Reserve, which announced on April 30 that it was pushing down the federal funds rate — the rate at which banks lend money to one another — to 2%, the lowest level since late 2004. The reduction marked the seventh rate cut by the central bank since it began easing credit conditions last September. On the heels of the Fed’s action, many commercial banks announced they were cutting their prime lending rate to 5%. Read the rest of this entry »