Sacramento Association of REALTORS® Web Log » Real Estate Finance

Maybe This Will Help

Scott Short — Thu, 13 Oct 2011 15:00:21 +0000

The subject of investor overlays has been coming up a lot lately. A different angle may clear up some misunderstandings.

REALTORS® and buyers often bring up agency guidelines as if they somehow dictate lending policy.

Most people look at this backwards. They think that the agencies like FHA, VA, Fannie Mae, and Freddie Mac [...]

How to Reduce the Waiting Period Before Purchasing a New Home

Scott Short — Wed, 25 May 2011 17:24:57 +0000

Automated Underwriting Systems (AUS–when the computer underwrites the loan based on specific lender overlays) are unable to determine the existence of extenuating circumstances that resulted in a bankruptcy, foreclosure, deed-in-lieu, pre-foreclosure or short sale (ie: the computer cannot read written extenuating circumstances). If a client has appropriate documentation that these events occurred, the minimum [...]

C.A.R. Monthly Message May 2011

Beth L. Peerce — Sat, 14 May 2011 01:00:42 +0000

Dear C.A.R. Member,

Greetings from Washington, D.C.! This week, your Leadership Team and I are in our nation’s capital, meeting with California’s congressional delegates and representatives from leading housing industry groups, including Fannie Mae and Freddie Mac, Federal Housing Finance Agency, and others.

This is a busy time of year in the legislative arena, [...]

The Cost of Working with FHA is Going Up Again

Scott Short — Fri, 11 Mar 2011 23:21:43 +0000

On Friday, January 28th, HUD/FHA extended the “Less Than 90-Day” flip rule. Now trying to find a lender who will allow the seller to resell for 20%+ over what they bought it for is becoming more difficult.

Last October HUD/FHA increased the Monthly Mortgage Insurance (MMI) cost from .55% to .90% for a 30-year [...]

C.A.R. Monthly Message March 2011

Beth L. Peerce — Tue, 08 Mar 2011 15:59:15 +0000

Dear REALTORS®,

Over the past few months, I’ve been sharing with you the many things that C.A.R. has been doing to address your concerns related to short sale transactions. We recently conducted a survey to obtain information about members’ experiences working with lenders in distressed transactions. The results of the Short Sale Lender Satisfaction [...]

Governor Brown’s Budget

Caylyn Brown — Thu, 24 Feb 2011 16:00:27 +0000

Newly-elected Gov. Jerry Brown released his proposed budget which extends previous tax increases and makes $12.5 billion in cuts to state programs to close the $25.4 billion state deficit over the next 18 months. Gov. Brown would like the Legislature to approve his spending cuts prior to a special election on extending tax increases. [...]

Market Down But Your Taxes Are Still High! This Is How You Can Reduce Your Real Estate Taxes

Leon Williams — Mon, 21 Feb 2011 07:08:38 +0000

Leon Williams

Taxes, taxes, taxes, we are taxed on everything. You paid a “whop” for the house, didn’t include escrows in your closing costs so you were able to come to the closing table with less money and now that $5,000 annual tax bill on that $400,000 purchase price is making you [...]

The Brave New World of Short Sales

Dave Tanner — Sun, 20 Feb 2011 16:00:55 +0000

With the passage of Senate Bill 931, a new section was added to the California Code of Civil Procedure that should be of great benefit to many short sale sellers. The new CCP §580e provides “No judgment shall be rendered for any deficiency under a note secured by a first deed of trust or [...]

2011 Starts off with a Bang

Scott Short — Thu, 10 Feb 2011 16:00:24 +0000

The only good thing about interest rates going up is the “fence sitting” buyers jump in to the market.

Normally December and January are relatively slow months, but not this time. We are experiencing a high volume of borrowers wanting to buy now. Some of the buyers trying to qualify for a home loan [...]

C.A.R. Monthly Message January 2011

Beth L. Peerce — Tue, 11 Jan 2011 16:36:33 +0000

Dear C.A.R. Member,

A new year, and with it, new beginnings and new opportunities. I’m looking forward to meeting the challenges that invariably present themselves as the new year gets underway.

One of the challenges I know many of you have been dealing with is working with short sale transactions, and I promised last [...]