Low rates also can spur refinancing activity. More than two out of three mortgage applications were for refinance transactions over the first six weeks of this year, according to the Mortgage Bankers Association. Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day, often in line with long-term Treasury bonds. The average rate on 15-year fixed-rate mortgages fell to 4.34 percent from 4.40 percent last week, according to Freddie Mac. Rates on five-year, adjustable-rate mortgages averaged 4.19 percent, down from 4.27 percent a week earlier. Rates on one-year, adjustable-rate mortgages rose to 4.33 percent from 4.22 percent. The rates do not include add-on fees known as points. The nationwide fee for loans in Freddie Mac’s survey averaged 0.7 point for 30-year mortgages. It averaged 0.6 point for 15-year, five-year and one-year loans.

Rates will start to creep back up here in the next few months so now is the time to buy! Visit www.temeculabargainproperties.com to get on our buyer’s list and we will find you your dream home and get you financed today!

While Home Equity Lines of Credit (HELOCs) often come with no closing costs it is virtually impossible for originating lenders to offer first mortgages without any closing costs. Eliminating closing costs all together on a first mortgage is difficult even in the best of situations because of the number of moving parts there are in the closing process.

Minimally there are six or more parties who do work which ends up being due at closing. Those costs will be paid one of three ways, generally, which include the seller paying them, the buyer paying them or the lender paying them from the proceeds of the loan. Understanding how each of these affect you is important because what may be advantageous to one borrower may be detrimental to another.

Closing costs are somewhat misunderstood by most home loan borrowers because it is rare for the mortgage broker or loan officer to take the time to provide some basic information about the home loan process and more specifically the closing costs associated with a new home loan. While this article intends to introduce the reader to closing costs it is not within the scope of this article to identify and explain each cost individually. Costs that are paid at closing can be broken down into categories:

True closing costs

True closing costs of a home loan are costs that are incurred because there is a loan. There are other costs that would be included at closing which are not true closing costs. What we will refer to as true closing costs are fees associated with the loan such as mortgage origination fees, underwriting fees, processing fees and other lender fees. Lender’s title coverage is also a true closing cost as would be any inspections or other legal fees required by the lender.

Incidental closing costs

Regardless of whether or not one is using a mortgage company to secure a home loan or paying cash for a property there are fees which would be prudent if not required. These include attorney’s fees and title certification fees, appraisal fees and even inspection fees if the home buyer so desires. While these are included on the settlement statement they would also be due if the lender was not being used – in other words if there was no home loan associated with the transaction these fees would still exist.

Pre-paid items

There are costs which are shown on the HUD1 settlement statement which are paid to third parties such as property taxes, home owner’s association fees and dues and advance insurance payments. While these items may indeed be part of the funds brought to the attorney at the closing table they are fees neither charged by nor benefiting the lender, the seller or any other agent involved with the actual property sale.

Agency fees

While this one is rarely line itemized as a closing cost it generally consists of the largest portion of fees being disbursed at closing. Virtually every agency fee is paid from the seller’s proceeds at the closing table but there are rare instances when the agency fees are paid in cash by the buyer at the closing table.

Negotiable

Almost every closing cost is negotiable by the buyer. Mortgage companies and loan officers are also able to help with closing costs by adjusting loan amounts and interest rates which is where the advertising originates saying there are no closing cost loans. The truth is the closing costs are still due and they are being paid by the home loan borrower but in some way different than bringing cash to the closing. Whether or not it is a wise decision to have the loan structured so that the borrower is bringing less cash to the closing table is a cause for an individual consideration with a trusted, experienced, home loan expert.

To get help with your other Inland Empire home buying questions, e-mail justin@smoothtransitionsrealty.com or visit www.temeculabargainproperties.com.

The FHA does not make loans, but rather offers insurance against default. Borrowers are willing to pay for the insurance because FHA loans only require down payments of 3.5 percent of the purchase price — and that didn’t change. The new policies, to be announced Wednesday, are designed to bring more revenue into the agency, while at the same time keeping loans available. Under the changes, homebuyers will: Pay an upfront mortgage insurance premium of 2.25 percent of the total loan amount, up from the current level of 1.75 percent. A borrower taking out a $200,000 mortgage would pay a $4,500 fee, for example, rather than the current fee of $3,500. Borrowers will still be able to wrap these fees into the total amount borrowed. FHA officials also plan to ask Congress to increase the maximum annual premium that FHA can charge. Need a credit score of at least 580 to qualify. Many FHA lenders already require a higher score, but there had been no standard requirement across the program. Borrowers with a score lower than 580 will need a down payment of at least 10 percent. The changes come as borrowers with loans backed by the agency have increasingly been falling into default. More than 18 percent of FHA borrowers are at least one payment behind or in foreclosure, compared with 14 percent for all loans, according to the Mortgage Bankers Association.

Now is the best time to buy a house that we have seen in our lifetimes!  Guidelines are getting stricter and stricter so get it while you still can.  To get on our buyer’s list and to get pre-qualified for a loan, visit www.temeculabargainproperties.com

Max

 Max and I were on our morning walk and encountered an enraged motorist.  

We were crossing the street at the corner of Crowne Hill and Vermont.   This corner does not have a cross walk but we had to cross the street to get home.  So I waited until the cross traffic which did have a stop sign came to a stop.  When I proceeded a huge white monster truck came up Crowne Hill and leaned on the horn just as we got to the middle of the street. 

So to make it clear…pedestrians do have the right of way when crossing the street, at a corner, even if there is no cross walk! 

Read the link below and please watch out for pedestrians and be courteous to them, they do have rights. 

California Driver Handbook  page with pedestrian rights:    http://www.dmv.ca.gov/pubs/hdbk/right_of_way.htm 

Jane Grant
  
Broker of Record- DRE  01109492
Southwest Real Estate, Inc. 
Telephone:  866 621-0155

Search for Temecula Homes for Sale here
Additional Website:  Search for Riverside County Homes for sale here
   

I love to blog, visit my blogs below!

  
Click here to visit my Blog about the “Temecula Wine Country” 
 
Click Here to visit my Blog about ”Community events” and other Real Estate Topics
  
Click here to visit my blog about “Riverside County Living“
  

Terra Cotta Middle School

Lake Elsinore Schools have really come a long way.   According to the Great Schools website, which is a National Non-profit organization with public forum, opinions as well as rankings based on collective test scores, Lake Elsinore Unified School District has many schools in the top rankings.   The Great Schools Website ranks schools from 1 to 10.

The Public Middle School with the highest ranking is Terra Cotta Middle School.  Terra Cotta is a California Distinguished School and also a “California Excellence in Arts School”.

I would encourage anyone who is planning on purchasing a home for any reason check out the Great Schools Website at www.greatschools.net to find out more about the schools in the area they are purchasing real estate.

To find out more about Lake Elinore and the most popular areas of Southwest Riverside County please contact me for individualized information.

Contact me for the latest information regarding Temecula Real Estate, Temecula Custom Homes, or Real Estate anywhere in Southwest Riverside County. 

Jane Grant   ~    DRE:  01109492
Southwest Real Estate, Inc. 
Telephone:  866 621-0155

Applications held relatively steady, too, increasing only .3% on a seasonally adjusted basis. Applications for refinancing represented 75.2% of all applications.

Rates on the 15-year mortgage remained flat at 4.33%. These fixed-rate loans accounted for nearly one in five refinance applications in October, Ruth Simon reports in today’s WSJ. That’s up from 9.1% a year earlier and 7.5% in October 2007. (The October data are the most recent available.)

Many borrowers attracted to 15-year loans took out their previous mortgage six or seven years ago and would prefer to shorten the term of their mortgage rather than extend it, Michael Menatian, a mortgage banker in West Hartford, Conn., tells Ms. Simon. Because they have already paid down some principal, the increase in payment isn’t as great as it would be if they were earlier in their mortgage, he adds.

Mortgage rates have been at near-record low territory for the last couple of months, but the big question is what will happen next year, when the Federal Reserve is scheduled to end its purchase of mortgage-backed securities that has helped push rates down for much of 2009.

We have already seen a record number of banks fail this past month, and it has been predicted that even more banks will go by the way side.  Interest rates will go up as a result of the Government having stopped buying Mortgage Backed Securities at the end of last year, and the oversupply of debt. Also there is every indication that taxes will continue to rise. It was suggested the rates will rise to 6% and 7%.

Many more foreclosures are coming. The percentage of defaults currently have largely been sub-prime. In 2010 we will begin to see more prime mortgage defaults leading to foreclosure.

Appraisal guidelines and loan program restrictions will become even tighter, and continue to force home values down. 

Nationally,the months of June and July have shown signs of a strengthening real estate market, while locally we remain down about 10% to last year.

It was also suggested that Fannie Mae and Freddie Mac will close up shop.

The current $8000 tax credit has been extended to April, 2010. Even so, the real estate market will become more difficult for both buyers and sellers, and remain so for several years to come.

To get out from your mortgage and get a fresh start, visit www.webuyhousesinlandempire.com or e-mail justin@smoothtransitionsrealty.com.  We have had great success negotiating short sales all over the Inland Empire and getting homeowners a fresh start.

First time home buyers are obviously home buyers. However, first time home buyers also come with some additional needs and challenges. Typically they will have very limited savings to apply towards a down payment or a limited credit history. The mortgages designed to assist first time home buyers are excellent at accommodating these particular challenges. Real estate agents as well need to be accepting and accommodating of the unique needs first time home buyers bring to the table to successfully help their clients locate the right home.

In particular, the current market is a first time home buyers market because of the extension of the $8,500 first time home buyers tax credit until April 2010, a large inventory of resale property available, builder inventories are up and there is a glut of bank owned and foreclosure homes first time home buyers have many homes to choose from. The first time buyer does not have the challenge of selling their current home and therefore can be selective in what they like and do not like in different homes. The current market conditions and the home buyer tax credit extension takes tremendous pressure off first time buyers to make rushed decisions and makes them more desirable then many other segments of the home buying population.

Also, many of the first time home buyer mortgage programs and down payment assistance programs have not been affected by the recent credit and mortgage crisis facing our country. With prices down, inventory up, and mortgage programs still widely available, the current market can be seen as a first time home buyers market as much if not more than a buyer’s market.

The difference between a buyer’s market and a seller’s market is simply who holds the most negotiating strength in a real estate transaction. A good example of a seller’s market was when mortgages were recently flowing quite freely, placing significantly more buyers in the market to purchase a home than were sellers wishing to sell their homes. This trend has shifted 180 degrees in most locations. In a buyer’s market, the buyer holds more negotiating power with plenty more homes to look at and potentially purchase.  The new year should be a happy one for the first time home buyer.

E-mail me at justin@smoothtransitionsrealty.com for more information and visit www.temeculabargainproperties.com to find your dream home in the Inland Empire.

I do rehabs in Baltimore and have done about seventy in the last six years. I read the Real Estate Rehabbing: PART 1, and thought I’d chime in with my perspective. It was generous of him to take the time to share his views. Here are mine:

1. Estimating rehab costs

I work with mostly older (50-100 years old) homes, and most of them are brick, city row homes. The construction tends to be similar from house to house. The process I use to estimate repairs is very simple.

Sometimes, when I’m looking at a listed junker, another investor comes through while I’m there. Invariably, he has a flashlight in one hand and nothing in the other. (Somehow he’s doing a repair estimate without writing down a single note.) I use a simple one-page form that forces me to consider the things I want to estimate.

It takes me five or ten minutes. I count the number of windows I need, the number and type of exterior doors, number of interior doors, and a rough guess for the overall cost to replace the roof, kitchen, baths, electric fixtures, electric service update, plumbing, HVAC, and carpet. I don’t count light fixtures, outlets, switches. I don’t measure for carpet.

Ron Legrand says to take a quick look and estimate within the nearest $5k. Most of my rehabs are $20k – $25k. I suppose I could pick one of those numbers and save the five or ten minutes, but I don’t want to be off by several thousand dollars.

If my repair estimate is $5k too high, my offer is likely to be uncompetitive. If it’s too low, I don’t make my target $20k (gross) profit.

I stay away from houses with serious structural problems. The majority of junkers here don’t have them, so I haven’t felt any need to master them. I do look for termite damage, but I only care about the most serious damage. Minor damage is simple to fix.

I start my repair estimate with some basic numbers (eg., $2.5k to replace a kitchen), and I adjust them up or down based on the situation. If the kitchen is large, I might add an extra $500 for some extra cabinets and flooring. I don’t count cabinets; I don’t count square feet for flooring.

I don’t spend a long time on the estimate, but it is usually close to the ultimate repair cost. It’s good enough that I rely on it to evaluate the bids I get from contractors.

Since I usually use the same contractors over and over, I normally don’t get multiple bids. If they come within my original estimate, they get the job. If they don’t, I press them to explain the price higher than I expected.

2. Handyman or no handyman?

Justin seems way too involved in the construction part of the process. I go to Home Depot a couple times a month for something out of the ordinary. All my jobs require the contractor to provided material and labor.

I’m not going to Home Depot; I’m not giving them Home Depot gift cards. I’m not reviewing their receipts looking for extra sheet rock or screwdrivers. I hate Home Depot. It is a real time killer. I’ve had short-term situations when I was paying directly for materials, and I quickly learned to hate my time there.

Here are the contractors I use:

• Licensed roofer: He can do a good job and provide me a roof certification, which is usually required when selling a house with a flat roof
• Licensed HVAC guy
• Licensed electrician and plumber
• Window company, carpet company, and carpentry guy (which I think of as my general contractor).

The carpenter has a crew of three or four, and he does all the walls, ceilings, doors, cabinets, floors, vinyl tiles, and exterior work. He’s the guy I spend the most time with because his work varies the most from house to house and involves the largest part of the overall project.

The others involve little more than a single phone call from me. I’ll talk more below about licenses and permits. With each of these contractors, we set a price up front for materials and labor, and I rarely have overages. They know going in that I hate to pay for extras at the end. My scope of work says:

“We are working on old homes and major rehabs. Invariably, we will come across things that are not addressed in the scope of work. If they are small things, I expect the contractor to fix them and move on. If they are big things, I understand that stuff happens. We must discuss them and agree to additional charges before the work is done.”

Invariably, we will come across things that are not addressed in the scope of work. If they are small, I expect the contractor to fix them and move on. If they are big, I understand that stuff happens. We must discuss them and agree to additional charges before the work is done.

As a result, I rarely pay for extras. My contractors know to build a little into the initial price to address small surprises, which we always find.

3. Logistics, supplies, and expenses

Since, my contractors are responsible for materials, they do need money from me up front to pay for materials. I usually pay my guys in three to five draws, depending on the job. I give them the first draw up front to cover materials.

If it’s a new contractor, I still give him money up front for materials, but I give him less than someone who’s been working for me a while and whom I trust. New contractors are a craps shoot. Some are good and many are lousy. Some are honest, some are not. I’ve lost money many times on new contractors who were dishonest (occasionally) or incompetent (more often the problem).

Licensed guys tend to be more honest because their license is on the line if they cheat you, but they tend to be expensive. The trick is to find licensed guys who are competent and reasonably priced.

My carpenter/general contractor is my biggest risk. He really has to know what he’s doing to handle big jobs on old houses. In Maryland, the state requires them to have home improvement licenses. Again, the licensed guys tend to be really expensive. Most investors can’t afford them.

Licensed guys are not likely to cheat you and are more likely to be better skilled. Since I can’t afford them, I run a bigger risk of getting cheated or getting lousy work. I have to be very careful with new guys, and I take good care of the guys who stay with me. I make a point of having their next job lined up, so they don’t need to look for work elsewhere.

4. Keep a low profile

I don’t believe in keeping a low profile. I insist on getting the outside of my jobs done quickly, so I can put a “for sale” sign out front. The sooner I have a sign out, the sooner prospective buyers start calling me.

I don’t show my houses until the work is done, but I collect a long list of prospective buyers while the work is going on. I want buyers to look in the windows and be impressed with the work going on. (See #6.)

As for code enforcement, I’ve been there, done that. In the beginning, I didn’t pull permits. One day, a disgruntled contractor (yes, I do fire guys) faxed my property listing flyer to the city inspector and told him I don’t pull permits. I got six stop-work orders (and six $150 fines) in one day. Now I pull permits and don’t fear the home inspectors.

5. Permit issues

Here in Baltimore, you have to pull permits for plumbing, electric, gas, HVAC, and general construction. I pull all permits and put up with all inspections. It does cost money and it is a pain. I do it for a couple reasons.

• One, I do a professional, quality rehab. Pulling permits is consistent with professional work.
• Two, I don’t like fearing surprise visits from home inspectors. I advertise my houses with flyers out front that list all my properties. If a home inspector finds one of my houses, he has the map to all the others. If I get burned on one, I’m likely to be burned on all.
• Three, I encourage my buyers to get home inspections. If they have been inspected by the city, they are more likely to pass the home inspection. Also, the home inspector is less likely to be critical if he sees the inspection stickers from the city.
• Fourth, I’m less open to a lawsuit from a disgruntled buyer if I’ve done everything properly, including pulling permits.
• Fifth, and most importantly, I want to limit my personal liability on my jobs. I don’t want someone to be seriously injured down the road because of faulty electric or HVAC work. If I don’t pull permits, I am very vulnerable to claims of shoddy work.

Additionally, I buy property and liability insurance on all my jobs. My insurance policies say that my work must be done legally. If one of my houses burns down in five years and someone is hurt or killed, I want my liability insurer to protect me.

I’ve been told that the first thing they will do is ask for my scope of work and proof of city permits. If I don’t have them, they will automatically deny coverage. Big problem. This brings me to a related issue–insurance. Some rehabbers try to protect themselves with homeowner’s or landlord insurance.

These insurance agents will take your premium money all day long and give you a policy. If you read it, that policy says that the house cannot be vacant more than 30 days. If your house burns down, they will immediately send an adjuster to look at it. If he sees evidence that it was vacant, they will automatically deny coverage. Again, big problem.

Be sure to get the right insurance, which is builders risk coverage for the property and commercial liability for the bodily injury (and damage to others’ property.)

6. Sign on yard

Like I said, I want my sign up immediately. As soon as I can get the outside looking good, I put a sign up. I hang a brochure box from the sign post. I put two-sided, brightly colored flyers in the brochure box.

The front page of the flyer lists all the houses I have available (even the ones without a sign in front). It gives a brief description of the houses, the price and an estimate of the monthly payment.

It also refers them to my web site (www.MetroProHomes.com), where they can see photos of some of my houses. This list of houses is very effective in selling my houses. Buyers pick up a flyer in front of one house, then they go on a driving tour of the others. I frequently sell a house because of the flyer they picked up in front of another.

The back side of the flyer has FAQs. This info is intended to screen out buyers with lousy credit or people who want to rent or rent-to-own. It cuts down on my useless phone calls.

There is a brief credit application form. They complete it and drop it off or mail it to my office (along with an application fee). It gives me permission to pull their credit report, which I do myself. I don’t delegate it to a loan officer who doesn’t have the $20,000 incentive that I do. I don’t show houses to people whose credit I don’t know.

7. Negotiating with homeowners

I usually don’t list my houses. About 20% of my buyers are represented by agents, but the agent didn’t bring the buyer to my house–the buyer saw it and brings the agent. I do co-op with these agents (3%).

I don’t negotiate with buyers. Like I said above, I get calls from prospects. When a house is completed, I hold 1 ½ hour open houses on the first two following Saturdays. I call every buyer prospect to tell them about the open houses. I list the open houses on my flyers, my web site, and a sign I stick in the yard.

I usually have 15-20 buyer prospects to call. Typically 5-6 will show up at the first open house and a couple more at the second. Usually, one of them will buy it. If a buyer has completed one of my loan application forms and their credit looks okay, I don’t make them wait for an open house. I jump on them with both feet. I’ll show them anything they want to see–today.

If I have nothing ready and still available (which is typical), I’ll show them a house that is completed and under contract. That whets their appetite. Then, if another house is near completion, I’ll take them through it. I will not show them a house that is still in poor condition. They usually don’t have the imagination to make the leap from a junker to the rehabbed house they’ve seen.

Currently, I have two buyers in process for houses that aren’t completed. They’ve seen my houses that are done and they are waiting for others to be finished. In the meantime, they are working with my lender to get their loan processed so that they’re ready when I’m ready. This is the best case scenario.

I said that I don’t negotiate with buyers. My buyers are usually renters who see my house in progress, and it looks nice to them. They pick up a flyer and check my web site that gives them the feeling that maybe they can stop paying rent for their dump and buy my beautiful home. They aren’t working with a realtor looking at dozens of competing houses.

As far as my buyers are concerned, I’m the only source in town for a house to own. If I don’t have one ready today, they’ll wait until one if ready. They almost never ask for a reduction in price (and I never ever agree to a reduction in price). Sometimes, I’ll bend and throw in a fridge.

8. Seasoning, corporate sale, and taxes

Frankly, I don’t understand the corporation and tax issues that Jonathan talked about. I buy every house in a trust. The beneficiary is either my C corp. or my IRA. The buyers (and their lenders) only know about the trust.

I pay short term income taxes on my sales out of my corp. (The IRA is a Roth that pays no taxes.) I’ve never had an issue with lenders or buyers when selling out of a corp. or trust.

Seasoning is an issue. Most of my buyers are FHA buyers, and I do have to conform to the recent FHA seasoning requirements. That means we don’t sell houses within 90 days of our purchase, and we pay for a second appraisal if the we’ve owned the house 91-180 days.

I don’t like to work with mortgage brokers. They tend to be more expensive for my buyers, and they have a looser relationship with the ultimate underwriter/lender. Less control. I like to use regular banks where the lender works every day with the underwriter. Each of them knows and trusts the others. Fewer surprises, fewer disappointments.

Baltimore City was a hotbed of fraudulent flipping, so lenders are especially wary here. Nevertheless, most lenders will lend here on legitimate flips. Often, the lender and/or the appraiser will ask for a scope of work.

Occasionally, they will ask for receipts. I resist giving receipts because I don’t want them doing the math. I think I’ve relented and given receipt three or four times. (Each of those deals went through.)

9. Buying from wholesalers

I would love to buy from wholesalers, but almost never do. The market here is probably like yours, very competitive. It’s hard to find truly good deals.

Wholesalers can get others to pay more than I will. New investors will almost invariably pay more. They overestimate ARV, underestimate repair costs, or are simply willing to work for a smaller profit than I will.

I can’t and won’t compete with newbies for the wholesaler deals. I find my own. It takes more effort, but I net $5k-$10k more per deal that I find myself. I think it’s worth it.

10. Using hard money and financing

Since I first began, I’ve used my own cash reserves and a home equity line of credit on my personal residence. I was fortunate to have these resources, so that I didn’t have to share a big chunk of my profit with a hard money lender. I am about to get a new line of credit that will be collateralized by several rental properties I’ve accumulated over the last two years.

I’ve paid cash for those rentals, which has hurt my available funding for rehabs. Since I want to step up my rehabbing, I’m adding this new LOC (line of credit.) Terms will be 80% LTV and prime plus 2 points. I’ll have to pay for appraisals for these rentals, but will be able to simply write checks for funds in the future.

Finally, I wholeheartedly agree with Justin about this business being tough. It’s hard to find junkers that are priced right. It’s tough dealing with contractors. It’s hard to find qualified buyers. Seasoning adds a whole new problem.

Often, new rehabbers take comfort in dealing with wholesalers who can give them guidance. Like I said above, I think most wholesalers are either incompetent or liars or both. Their numbers and guidance cannot be relied upon. So, newbie rehabbers frequently get overpay and get burned.

When I started in this business, there was one investor club in Baltimore and the number of attendees had dwindled to 40 per month. Now, there are four clubs that draw 125-200 people each. Many of the folks want to be rehabbers; most won’t ever buy a house. Many of those that do do a rehab deal will be sorry.

I get many calls from disappointed rehabbers that are in over their heads and hope to just unload it for what they have in it. Problem is, they have way too much in it. I don’t like competing against these folks for deals, but I have to work around them. My only comfort is that they won’t be around for long.

On the other hand, it can be very profitable…for those that do it right. Hopefully, these thoughts will build on those offered by others.

Visit www.temeculabargainproperties.com and www.smoothtransitionsrealty.com to insider accer to rehab deals before they hit the market.

Buyers hoping to get the best pricing on Temecula bank owned property and Murrieta bank homes have a short time left before the home buying tax credit expires. Temecula real estate prices remain at their lowest in years and if you are a first time home buyer looking for affordable dream homes in the Murrieta and Temecula valleys, now is the time to act.

Smooth Transitions Realty is your Southwest Riverside County foreclosures specialist and can help you find Murrieta bank owned homes, Temecula foreclosures, Winchester foreclosures or Menifee bank homes that fit your lifestyle and your budget. For a customized showing of the best properties in Riverside County, contact the Smooth Transitions Realty today at951-225-8797.

The first place people will look for homes available on short sales would be in print and online classified ads. This is not a bad idea since such resources can provide the listings of a number of excellent deals and offers on such properties. However, public listings are exactly as their name implies: they are public! That means a lot of other potential bidders will be seeing the same ads. Such competition can undermine a potential deal. So what is a buyer to do?

Contacting the banks directly may prove to be the best option for taking advantage of short sales in Temecula, CA. Sometimes, banks will be in the beginning stages of drawing an exit strategy for a short sale issue. If you contact the banks periodically, you may receive insight into the potential arrival of a valuable short sale. You need not contact each and every individual branch either. You could always send an email to the corporate office and inform them of your intentions and locations. Customer service will surely forward the inquiry to the appropriate division and branch. The end result of this could be a lead to a great home at a great price. Now, who would not want such a deal on short sales in Temecula, CA?

Smooth Transitons Realty, located in Temecula, CA, negotiaties short sales and wholesales them to investors and retail home buyers.  To get on their exclusive buyer’s list, visit www.temeculabargainproperties.com.

 1. You always will get a positive result from investing in real estate investing education. Every good real estate deal represents thousands of dollars in potential wealth. Getting the wealth is the key to your success. Learning about real estate increases your chances of success when you do a real estate deal. Small investments in education yield big results upon implementation.

2. Real estate investing success is possible in any economy. Lots of people believe that real estate success is only possible in a booming economy. You should remember that a bad economic situation is not usually bad for real estate investors. Likely you will be able to find properties at deep discounts. You might also find deals that simply would not exist in a booming economy. In fact, real estate investing can turn the tide for a poor economy. When the economy is not thriving, short sales, bulk reo sales and virtual real estate can all thrive. Knowing how to do these deals can create wealth for you and save others from major financial difficulties.

3. You do not need to have a great deal of money if you want to be a successful real estate investor. You can succeed in the real estate investing arena no matter how much money you are working with. Many types of deals enable you to use other people’s money to do them. Private lenders will lend you their money if they think you are a good investment. A good investment will know as much as they can about real estate investing. This will enable you to show people who have money for real estate investing but may not know how to use it that you are a good investment. Real estate investing is a good way to generate a great deal of wealth. You can create income regardless of the economy. You can create your own success using your knowledge of short sales, real estate investing, bulk reo sales and virtual real estate. Knowing real estate investing basics will help you succeed as a real estate investor.  Visit www.temeculabargainproperties.com to get on an exclusive wholesale buyers list to get bargain properties in the Inland Empire.

(Temecula, CA -11/25/2009) — Smooth Transitions Realty, a local real estate investment firm, has just published a new Special Report called, ” “How To Stop Foreclosure In Its Tracks.“

 According to Justin Sinnott, of Smooth Transitions Realty, even in good markets average time a typical house takes to sell is about six months. And that’s homes in great condition.  Unfortunately, in today’s market, many homes remain unsold for much longer periods of time. Even immaculate move in ready homes sit unsold and often unseen, let alone homes in less than perfect condition.

Especially in today’s economy homeowners often get into situations where they need to sell a house in quickly. For many going the traditional route and working with a real estate agent, or trying to sell the home themselves “by owner” is the only option considered.
 

This is fine in a strong market or if the home has a lot of equity where the homeowner can dump the property at a heavily reduced fee. But if this is not at scenarios a homeowner must look for different, faster alternatives.

This report addresses this situation.

The Report also tells how they can quickly sell their home in today’s turbulent market and teaches them how to avoid foreclosure in Temecula and Murrieta.

This FREE Special Report reveals several unique solutions for homesellers who want (or need) to sell a property quickly no matter the situation.  To get your FREE copy, simply visit http://www.webuyhousesinlandempire.com to download this special report immediately.

To get into wine country, simply get off the 15 at Rancho California, turn your headlights East and start driving, after a few miles you will pass Vintage hill on your right and Chardonnay hill on your left (if that gives you any clues as to where you are going), when you pass Butterfield Stage Rd, you will see the entrance to Wine Country – Keep going and the Wineries literally start popping up all over.

Most all the wineries that I know of are participating. Expect to make reservations as they tend to be packed for this opportunity to get your feet dirty (or to walk in wine if you so desire), grape stomping is a big part of the festival and this can be quite entertaining.

For more info, check out the winecountry web site here: http://www.temecula.winecountry.com/special_interest/current_events/sep.html

Enjoy, and say hello when you go by.

Terkel

Ok, so there are these days when I just wake up early – I know – who does that on a Sunday???

Well, the long story short is – I have been meaning to get a nice shot for my headers, both for the blogs and web sites and any other thing where I might want it.
Now, I didn’t want just any old image, I kinda wanted something special – and something that shows off Temecula and Murrieta in a good light.

If you are a photographer, you know that we sometimes favor the early morning light (hence – getting up early). A while back I found this great location that overlooks my town, and thought about a nice panorama from up there.

Alas, this morning, I did the 20 minute hike up there, camera bag and tripod in tow and set up to shoot some nice images.

My thought is that I will run the images I got this morning through the HDR process (High Dynamic Range), you know, the kind with rich colors and piles of details…

So, I got the images, next up I have to work on them… Good luck with time for that one – but for one, I am happy that I got up at o’dark thirty and hiked. I think this falls into the category of what I will do to make myself look good… Hmm – that just sounds wrong.

Have you done anything like this? Is it crazy? Oh, yeah, as soon as I process it, I will show the results to you.

I want to write a little about it, since finding your home value in Murrieta and Temecula is not that difficult, however, the purpose of that house value may be something to consider.

Some people are looking for values for a Prop 8 tax re-assessment for their property taxes, in that case, we can only use comparables (comps) from the first 3 months of the year, and if I know this, I don’t give you the wrong data.

If you are looking for a value for your French Valley home, simply because you want to know what it is worth. I will typically give you values based on what have sold with a slight eye to what the market it doing.

On the flip side, if you are looking to sell your home, standard equity sale or if you owe more than the property is worth. In that case, I want to make sure that you not only know what the market is selling for, but also that you have a good understanding of how buyers are behaving today and how that can affect your sales price. At writing time, there are hardly any homes for sale and lots of buyers, that drives bidding and if the market here has flatlined, there are definitely areas that are increasing in value as well.

So if you are requesting this, please feel free to give additional details on what specifically you want to do with the market analysis.

Here is brief video intro where I also explain that – and you have a chance to meet me in person – sort of…

If you have comments on the video format and such, please let me know, I am continuously making things better.

It was introduced as Senate Bill X2-7 and has continued and will still be in effect for certain mortgages until 2011.  What is means is that there is a delay in the processing of foreclosed homes. 

This is how Fannie Mae explained how they handled the moratorium:

Fannie Mae’s “suspension”, of foreclosures on occupied single-family properties, which began on November 26, 2008,  was in full force for the majority of the first quarter of 2009. The suspension was a temporary measure to ensure that borrowers had access to help while Fannie Mae put in place additional foreclosure-prevention practices.

What this means for our current real estate market is that we will NOT begin seeing more bank owned properties available for purchase.  There will not be a huge release of “Bank Owned”, homes  all at once.

Certain loans that are affected by the moratorium will have their ”Notice of Default”, filed with the County Recorder’s office but no “Foreclosure Action”, will take place until  moratorium is lifted for that particular loan.  Remember that every home loan that falls under a certain criteria will not have foreclosure action taken against it until the moratorium for that loan is lifted.  Some will not be affected until 2011!!!

In Temecula the amount of foreclosed properties has decreased and as soon as one is available there are several offers within days of the property showing up in the MLS.

No one is overjoyed at the prospect of more foreclosures however, we all knew it was coming as an expected result of our current economic crisis.

Hopefully, the homeowners who have lost their homes can begin the path to recovery.  It is a hardship that is difficult to endure and I personally know of several families who are living with  relatives to regain their composure after they lost their home.

Please visit our website for the most current foreclosure listings:   Southwest Real Estate, Inc.

The Program will be available to anyone who has not owned a home in the last three (3) years and meets the income qualification guidelines for annual income 

• There is a minimum of three percent (3%) of the purchase price from their own funds and must accept the highest loan-to-value ratio first loan for which they qualify.

The loan is deferred for the first five (5) years, then fully amortized in years 6-30.

• 5% Interest Rate

Anytime during the term of the loan you may be disqualified if you:

• Do not occupy the property as your principal residence
• Refinance with cash taken out

The RDA will provide a second loan of up to twenty percent (20%) of the purchase price (maximum $65,000) (the “RDA Assistance”).

The first loan must be a fully amortized, fixed rate, thirty year mortgage and the RDA Assistance will be in the form of a loan, repayment of which will be secured by a deed of trust recorded in second position to the first mortgage.

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~ If you are thinking about purchasing or selling your home whether you are a “First Time Buyer”, or an “Investor”, who wants to work with a local area expert, contact us toll free.

  We proudly serve and sell Real Estate in Riverside County, California. We specialize as buyers agents in Temecula, Murrieta, Menifee, De Luz, Wine Country, Canyon Lake and the surrounding areas. We are also  “Custom Home”, listing agents for the Temecula Wine Country.

South Temecula living is close to the 15 freeway, and less than an hour from the beach.  Many homes are now available and affordable.

Many of the developments here have the convenience of community swimming pools and club houses.

Click here to find great deals in South Temecula, that are currently available and affordably priced. 

This home is priced at only $219.000.  It is a newer home in Wolf Creek.

Close to Temecula’s Newest Award winning High School, “Great Oak High School”

For a personalized list of homes please contact me direct at my toll free telephone number, 866 621-0155.

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~ If you are thinking about purchasing or selling your home whether you are a “First Time Buyer”, or an “Investor”, who wants to work with a local area expert, contact us toll free.

  We proudly serve and sell Real Estate in Riverside County, California. We specialize as a buyers agents in Temecula, Murrieta, Menifee, De Luz, Wine Country, Canyon Lake and the surrounding areas. We are also  “Custom Home”, listing agents for the Temecula Wine Country.

Ever heard the buy in “Phase One”, strategy?  This is the concept of purchasing in a brand new housing development in phase one so that you already have appreciation when they begin building phase two.

Prices of new homes are so low that it is now like purchasing for half of the cost of the original price of the home, in “Phase One”.

These new homes are selling really quickly now that spring in the air.  So take advantage of low prices, low interest rates now!

SEARCH BELOW FOR NEW HOMES IN RIVERSIDE COUNTY!

~ If you are thinking about purchasing or selling your home whether you are a “First Time Buyer”, or an “Investor”, who wants to work with a local area expert, contact us toll free.

  We proudly serve and sell Real Estate in Riverside County, California. We specialize as a buyers agents in Temecula, Murrieta, Menifee, De Luz, Wine Country, Canyon Lake and the surrounding areas. We are also  “Custom Home”, listing agents for the Temecula Wine Country.

client name: Paul Allen

web: http://www.paulallenkw.com/

www.LuisFPerez.com