Miscellaneous Category
Breaking News on Home-Buyer Tax Credit
October 28th, 2009
By Bob Sparks
Breaking News: A revised Senate plan on the first-time homebuyer tax credit would extend the $8,000 credit to include home purchases under contract by April 30, 2010 and give buyers an additional 60 days to close escrow. The proposal would also raise the qualifiying income limits to $125,000 ($225,000 for couples). In another big change, [...]
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The Top 5 Real Estate Mistakes (Courtesy of HGTV)
October 28th, 2009
By Ross Domke
Great video that can help someone buy or sell real estate in Redding or Shasta County
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Is your lucky number 620?
October 27th, 2009
CAR warns that, “beginning Nov. 1 or Dec. 12, depending on the type of loan, Fannie Mae is tightening its lending standards to the 620 credit score benchmark…Borrowers with credit scores of less than 620 will find it very difficult to qualify for a mortgage. However, to qualify for the best rates, consumers generally need credit scores of 720 and must have verifiable, steady income.”
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Shasta County Real Estate Update
October 27th, 2009
SHASTA MLS REAL ESTATE UPDATE
Available residential listings: 1,427 (up from 1,407 last week and 1,408 two weeks ago)
Homes in escrow: 515 (down from 523 last week and up from 506 two weeks ago)
Homes closed escrow so far in October: 140
Homes closed escrow in September: 213
Homes closed escrow in August: 174
Homes closed escrow in July: 181
Homes closed escrow in [...]
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Attempt Loan Modification before a Short Sale
October 26th, 2009
By Bob Sparks
Before rushing into any short sale we encourage those having trouble making their mortgage payment to consider attempting to negotiate a loan modification with their current lender. It’s possible that an agreement can be reached thats a win-win for all concerned. If you are in this situation please take the time to educate yourself on the options [...]
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New Credit Score Threshold-620
October 23rd, 2009
By Brad Garbutt
Fannie Mae is once again setting the ground rules for mortgages they will purchase from lenders and starting in a few weeks, borrowers better have a credit score at or above 620. This will apply to conventional loans as well as FHA and VA loans insured by the government. Additionally, if you want the best [...]
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Short Sales: A neccesary evil, sellers guide to success.
October 23rd, 2009
By Bob Sparks
Whether you call it a pre-foreclosure sale or a short sale it’s pretty hard for sellers to get excited about the prospect of walking away from their investment with no equity and damaged credit. While it may be a hard pill to swallow it is still often the best option to start the recovery process.
If [...]
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On Banks, Floods, and Foreclosures
October 21st, 2009
According to an article in the LA Times, that flood of foreclosures throughout California, as prophesied by so many, may not happen. Not if the banks continue to move away from the ’shoot first, ask questions later’ system of foreclosing. According to Times writer Peter Hong, “statewide, the number of homes taken back by lenders dropped sharply in the three months ended Sept. 30, falling 37% over the same period a year earlier, when foreclosures were at an all-time high.
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