What a wonderful surprise for us all when San Diego Magazine named my partner and mom SANDIE ROSS as one of San Diego’s FIVE STAR Real Estate Agent in Overall Satisfaction for 2010!
Sandie Ross is now part of an elite group of real estate professionals that comprises the top 4 percent of the licensed agents in the San Diego area. Results were tabulated from 9000 San Diego Magazine surveyed subscribers–as were the results of 250 surveys sent to San Diego mortgage and title companies.
The results were tabulated and reviewed, then sent to a blue ribbon panel of local industry experts, “which included realty company executives, professional and trade association officers and otherd directly involved in housing-related businesses".
Find Sandie on the web @ http://www.sandieross.com/
View all results from the the San Diego Magazine survey here:
http://www.fivestarprofessional.com/fiveStarAssets/pdfs/sections/section7Agents.pdf
Thursday, March 4, 2010
Thursday, January 21, 2010
FHA Anti-Flipping Rule REVERSED!!
Great news for Buyers as the FHA TEMPORARILY SUSPENDS the 90 DAY ANTI FLIP RULE - you can now bid on properties that were recently investor bought.
READ BELOW FOR DETAILS!
HUD No. 10-011Lemar Wooley(202) 708-0685
HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS
In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure. Just yesterday, Secretary Donovan announced $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers to combat the effects of vacant and abandoned homes.
“As a result of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available to potential homebuyers,” said Donovan. “FHA has an unprecedented opportunity to fulfill its mission by helping many homebuyers find affordable housing while contributing to neighborhood stabilization.”
With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties.
“This change in policy is temporary and will have very strict conditions and guidelines to assure that predatory practices are not allowed,” Donovan said.
In today’s market, FHA research finds that acquiring, rehabilitating and the reselling these properties to prospective homeowners often takes less than 90 days. Prohibiting the use of FHA mortgage insurance for a subsequent resale within 90 days of acquisition adversely impacts the willingness of sellers to allow contracts from potential FHA buyers because they must consider holding costs and the risk of vandalism associated with allowing a property to sit vacant over a 90-day period of time.
The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.
“FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties,” said FHA Commissioner David H. Stevens. “This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity.”
The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of “flipping” where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:
All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions.The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD’s website.
READ BELOW FOR DETAILS!
HUD No. 10-011Lemar Wooley(202) 708-0685
HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS
In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure. Just yesterday, Secretary Donovan announced $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers to combat the effects of vacant and abandoned homes.
“As a result of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available to potential homebuyers,” said Donovan. “FHA has an unprecedented opportunity to fulfill its mission by helping many homebuyers find affordable housing while contributing to neighborhood stabilization.”
With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties.
“This change in policy is temporary and will have very strict conditions and guidelines to assure that predatory practices are not allowed,” Donovan said.
In today’s market, FHA research finds that acquiring, rehabilitating and the reselling these properties to prospective homeowners often takes less than 90 days. Prohibiting the use of FHA mortgage insurance for a subsequent resale within 90 days of acquisition adversely impacts the willingness of sellers to allow contracts from potential FHA buyers because they must consider holding costs and the risk of vandalism associated with allowing a property to sit vacant over a 90-day period of time.
The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.
“FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties,” said FHA Commissioner David H. Stevens. “This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity.”
The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of “flipping” where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:
All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions.The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD’s website.
Thursday, October 22, 2009
Tuesday, July 14, 2009
Luxury La Jolla Home Sales Picking Up Steam!
Well, the past few weeks La Jolla has seen lots of activity from higher-end buyers.
Consider these homes that recently went into escrow:
8475 Paseo Del Ocaso ~ $3,495,000
8436 Westway ~ $3,900,000
8335 el Paseo Grande ~ $4,445,876
1761 Colgate Circle ~ $4,990,000
6204 Camino de la Costa~ $12,250,000
SOLD in the past 2 months:
1683 El Paseo Real ~ $2,700,000
7934 Prospect Place ~ $3,550,000
347 Vista de la Playa ~ $3,470,000
6115 Terryhill Dr. ~ $2,700,000
2485 Calle de Oro ~ $4,300,000
Note that most of these sales were by all CASH buyers. And the majority of these high end homes that sold were within walking distance to the beach, or downtown Village area. Great news for the higher end La Jolla real estate market that had been stagnant as of late.
Consider these homes that recently went into escrow:
8475 Paseo Del Ocaso ~ $3,495,000
8436 Westway ~ $3,900,000
8335 el Paseo Grande ~ $4,445,876
1761 Colgate Circle ~ $4,990,000
6204 Camino de la Costa~ $12,250,000
SOLD in the past 2 months:
1683 El Paseo Real ~ $2,700,000
7934 Prospect Place ~ $3,550,000
347 Vista de la Playa ~ $3,470,000
6115 Terryhill Dr. ~ $2,700,000
2485 Calle de Oro ~ $4,300,000
Note that most of these sales were by all CASH buyers. And the majority of these high end homes that sold were within walking distance to the beach, or downtown Village area. Great news for the higher end La Jolla real estate market that had been stagnant as of late.
Tuesday, June 9, 2009
LA JOLLA COVE 4th of July FIREWORKS!!
In case you haven't heard, George's at the Cove canceled sponsoring this years 4th of July Fireworks at La Jolla Cove.
Read more here and be sure to donate to make sure the show is kept alive!!
http://www.savelajollafireworks.com/
Donate here:
https://www.paypal.com/us/cgi-bin/webscr?cmd=_flow&SESSION=xZypMS5pLFYgr8FMSd5mA26M627odU_8FPPggWx5GUHj5kBRMD-vcFeU6lC&dispatch=5885d80a13c0db1fb6947b0aeae66fdbfb2119927117e3a6765c403f4977abcf
Read more here and be sure to donate to make sure the show is kept alive!!
http://www.savelajollafireworks.com/
Donate here:
https://www.paypal.com/us/cgi-bin/webscr?cmd=_flow&SESSION=xZypMS5pLFYgr8FMSd5mA26M627odU_8FPPggWx5GUHj5kBRMD-vcFeU6lC&dispatch=5885d80a13c0db1fb6947b0aeae66fdbfb2119927117e3a6765c403f4977abcf
Saturday, February 14, 2009
American Recovery and Reinvestment Act of 2009 PASSED by the Senate
Friends,
Late evening on Friday the 13th of all days, the U.S. Senate passed the American Recovery and Reinvestment Act of 2009 by a 60 to 38 vote. Earlier today, the stimulus package passed the U.S. House of Representatives in a 246 to 183 vote. Today’s votes followed several days of negotiations by the House, Senate, and White House, with the final tab for the stimulus bill coming in at $787.2 billion. On the housing front, the good news is that the legislation resets the conforming loan limit cap at $729,750, up from $625,500. Numerous counties in California experienced a marked decrease in their conforming loan and FHA limits on Jan. 1, and the stimulus bill reinstates 2008 loan limits through Dec. 31, 2009.
The bill also increases the first-time home buyer credit from $7,500 to $8,000, and removes the requirement that the credit be paid back if the buyer stays in the home for at least three years.
It also extends the expiration date for the credit from July 1 to Dec. 1, 2009. Homebuyers must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009, to be eligible for the $8,000 credit. C.A.R. and NAR have long advocated for higher conforming loan limits. The conforming loan limit provisions and other housing elements in the stimulus package are a step in the right direction for our industry and all Californians.
The stimulus package also contains $308.3 billion in appropriations spending, including $120 billion on infrastructure and science and more than $30 billion on energy-related infrastructure projects. It also allocated an additional $267 billion for direct spending, including increased unemployment benefits and food stamps; and provides $212 billion in tax breaks for individuals and businesses.
Now that the stimulus package is approved and is on its way to President Obama for signature, it is our hope that Congress will turn its attention toward helping homeowners remain in their homes and will take immediate steps directed specifically at stemming the ongoing foreclosure crisis.
**Originally posted by James Liptak; 2009 President of C.A.R
Late evening on Friday the 13th of all days, the U.S. Senate passed the American Recovery and Reinvestment Act of 2009 by a 60 to 38 vote. Earlier today, the stimulus package passed the U.S. House of Representatives in a 246 to 183 vote. Today’s votes followed several days of negotiations by the House, Senate, and White House, with the final tab for the stimulus bill coming in at $787.2 billion. On the housing front, the good news is that the legislation resets the conforming loan limit cap at $729,750, up from $625,500. Numerous counties in California experienced a marked decrease in their conforming loan and FHA limits on Jan. 1, and the stimulus bill reinstates 2008 loan limits through Dec. 31, 2009.
The bill also increases the first-time home buyer credit from $7,500 to $8,000, and removes the requirement that the credit be paid back if the buyer stays in the home for at least three years.
It also extends the expiration date for the credit from July 1 to Dec. 1, 2009. Homebuyers must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009, to be eligible for the $8,000 credit. C.A.R. and NAR have long advocated for higher conforming loan limits. The conforming loan limit provisions and other housing elements in the stimulus package are a step in the right direction for our industry and all Californians.
The stimulus package also contains $308.3 billion in appropriations spending, including $120 billion on infrastructure and science and more than $30 billion on energy-related infrastructure projects. It also allocated an additional $267 billion for direct spending, including increased unemployment benefits and food stamps; and provides $212 billion in tax breaks for individuals and businesses.
Now that the stimulus package is approved and is on its way to President Obama for signature, it is our hope that Congress will turn its attention toward helping homeowners remain in their homes and will take immediate steps directed specifically at stemming the ongoing foreclosure crisis.
**Originally posted by James Liptak; 2009 President of C.A.R
Friday, February 13, 2009
Just What Does the Stimulus Bill Mean for Buyers and Sellers....
So here's what we Realtors have achieved with regard to the Stimulus Bill:
1) Loan limits will be raised to $727,000 in high cost areas,
2) The tax credit will be raised to $8,000 with NO payback (a true credit!)
3) Interest rates have come down 125-150 basis points
4) The Stimulus bill has over $50 billion in it for foreclosure mitigation, with Geitners Treasury plan signaling that the second half of TARP and TALF will be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES's thereby freeing them up to do the same with new mortgages, and Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.
In addition, we preserved what we already have - which some tend to forget is always on the table when these negotiations start up again - mortgage interest deductability, real estate tax deductability, and the $250,000/$500,000 cap gains exclusion (an overall package worth more than $100 billion and for some a very attractive funding source for their pet projects).
So hopefully this will be a great start for our housing market turnaround.
1) Loan limits will be raised to $727,000 in high cost areas,
2) The tax credit will be raised to $8,000 with NO payback (a true credit!)
3) Interest rates have come down 125-150 basis points
4) The Stimulus bill has over $50 billion in it for foreclosure mitigation, with Geitners Treasury plan signaling that the second half of TARP and TALF will be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES's thereby freeing them up to do the same with new mortgages, and Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.
In addition, we preserved what we already have - which some tend to forget is always on the table when these negotiations start up again - mortgage interest deductability, real estate tax deductability, and the $250,000/$500,000 cap gains exclusion (an overall package worth more than $100 billion and for some a very attractive funding source for their pet projects).
So hopefully this will be a great start for our housing market turnaround.
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