The-BUZZZ.com » The Buzzz – Watch It

Sewer Lateral Repairs and 203k Financing in Oakland and the East Bay Area

The Buzzz — Fri, 27 Apr 2012 14:06:00 +0000

Direct Link:

http://www.youtube.com/watch?v=SyhrJHk4vdc&feature=g-all-u

Oakland, Ca. As you may know, in many cities, a sewer lateral inspection/repair is a requirement in every real estate purchase transaction. Specifically in Oakland after January 16, 2012 all homes purchased are now required to obtain a certificate of compliance from EBMUD. So what does this mean exactly?

The EPA among other agencies is requiring six East Bay cities and one sewer district to fix old, cracked sewer pipes to ensure they don’t allow the infiltration of rainwater which can overwhelm water treatment facilities and pose a threat to public health.

When are property owners required to obtain a compliance certificate?

The ordinance specifies three conditions which require property owners to test and, if needed, repair or replace their private sewer laterals:

Prior to selling the property; or
When obtaining any permit for the construction or modification of the property estimated to be greater than $100,000; or
When increasing or decreasing EBMUD water service that requires a change in meter size.

When purchasing a bank owned home the cost of the inspection and repairs is not automatically paid by the seller a.k.a. the bank as in certain other real estate transactions. Typically banks really don’t want to pay for anything on REO transactions especially maintenance. Buyers can utilize a FHA 203k rehabilitation loan to finance the charges and thus avoid having to pay out of pocket up front for these repairs. The City of Oakland will allow the borrower to pay a $4500 deposit to the city, and after the close of escrow when the work has been completed the funds from the construction loan can be used to pay the bill and the borrowers will get their deposit money back.

For more information on the benefits of FHA 203k financing call 510-282-5456 or email info@garrick.biz. Thanks you for watching, liking, forwarding and sharing!

Home Owner Bill Of Rights Focuses on Foreclosed Properties in California; San Francisco, Oakland, Alameda,

The Buzzz — Fri, 20 Apr 2012 21:58:20 +0000

Home Owner Bill Of Rights Focuses on Foreclosed Properties in California; San Francisco, Oakland, Alameda

Direct Link

http://www.youtube.com/watch?v=4FqBL_NN22E&feature=plcp&context=C4774aeeVDvjVQa1PpcFNxIKhmLFmXvd2AG5sOq4XuvCSpfzvIpX4%3D

San Francisco; Ca; A Homeowner Bill of Rights has been introduced to the California State Assembly in the form of seven bills entered Focused on the impacts of foreclosure.

California Attorney General Kamala D. Harris’s office said that the proposed legislation seeks to protect homeowners from unfair banking practices related to foreclosures and provide remedies for communities threatened by blight from foreclosed properties.

Two of the bills would provide local communities with the ability to bring increased penalties against the owners of blighted properties deterioration, faulty planning, inadequate or improper facilities, deleterious land use or the existence of unsafe structures, or any combination of these factors,, even taking control of the property.

Another bill would protect tenants in foreclosed buildings. Purchasers of foreclosed properties would have to honor the terms of existing leases and allow tenants at least 90 days before commencing on eviction proceedings.

There are two bills which would provide additional tools for the Attorney General to investigate and prosecute mortgage frauds and crimes.

The final two bills in the clutch of legislation would allow the Attorney General to convene a special grand jury to investigate and indict the perpetrators of financial crimes when the victims are in multiple jurisdictions.

All seven of the bills have passed out of the appropriate legislative review committees and are heading toward a vote of the whole assembly.

If you have any questions or need help getting pre approved for a home loan to buy REO’s or any other property please email or call me 510.282.5456 info@garrick.biz

ThinkBigWorkSmall The French Have Advice For Us

The Buzzz — Fri, 20 Apr 2012 21:50:03 +0000

Here is a ThinkBigWorkSmall Daily show with my first “Man on the Street” segment.

You can catch the show daily at www.thinkbigworksmall.com

Good News for SOME FHA Homeowners in Alameda, CA – Streamline Mortgage Insurance is Going Down

The Buzzz — Tue, 13 Mar 2012 21:52:57 +0000

Direct Link:

http://youtu.be/5N0ouGW1h-A

On March 7th HUD announced that FHA mortgage insurance is going up on April 9th for ALL FHA loans. A .10% increase.

Not only that but FHA is raising the upfront mortgage insurance premium from 1% to 1.75%

THEN they announced some good news – For case numbers assigned after June 11, 2012 which are refinancing an FHA loan which was endorsed prior to June 1st 2009 there will be a decrease to the monthly mortgage insurance to just .55%.

Now this is huge because rates were anywhere from the high 4’s to mid 5’s in 2009 and FHA mortgage insurance was .55%. Since then, or course, we have seen rates go down but mortgage insurance keeps going up. Every year!

Let’s take a look at an example –

Say you have a $300,000 Loan

30 Year fix 5.25% Payment = $1656 MI .55% = $137.50 Payment = $1793

30 Year Fix 3.75% Payment = $1389 MI 1.15% = $287.50 Payment = $1676

*After June 11 2012* 3.75% (est) Payment = $1389 MI = $137.50 Payment = $1526

So this is a great step in the right direction for helping FHA homeowners who don’t want to throw away money on monthly mortgage insurance.

If you are a homeowner looking to see if you are eligible contact me to see when your FHA loan was endorsed. If you are a Realtor make sure you dig through your closed database and see if your clients qualify. There is never a better time to ask for a referral than after you save somebody Money.

If you need further assistance please feel free to comment, call 510.282.5456 or email info@garrick.biz

Home Affordable Refinance Program Update Harp 2 Bay Area San Francisco California March 2012

The Buzzz — Fri, 27 Jan 2012 21:02:50 +0000

Direct Link:

http://www.youtube.com/user/RealEstateBuzzz?feature=mhee#p/u/0/8GWw3OWohcI

The Buzzz is growing for the “Home Affordable Refinance Program” revisions, referred to as HARP 2.0. Well HARP 2 is finally coming Spring of 2012!