As a real estate agent you have a great 203K marketing opportunity!

Think about it, What if you marketed yourself as the “Rehabilitation Queen?”  Maybe we could improve the name but how many agents are out there seeking clients with little money and selling them brand new kitchens and bathrooms?  At this time this article is being posted I can’t think of a single agent I know doing that. 

I am doing that…and LOVING IT!

Here are a few tips to get started:

1 – Know your product. I recommend online research after going straight to the source:

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/203k/203kabou

Information from us:

The Truth About 203K Mortgages (w/ Contractor)

http://www.youtube.com/user/RealEstateBuzzz?feature=mhee#p/u/8/HYOx19MyStw

How 203K Financing can end the Foreclosure/REO epidemic

http://www.youtube.com/user/RealEstateBuzzz?feature=mhee#p/a/u/0/RvHhBy8rbhY

What’s the Difference Between a Full 203K and Streamline Mortgage?

http://the-buzzz.com/2011/05/20/what%e2%80%99s-the-difference-between-a-full-203k-and-streamline-mortgage/

2 – Know how to write the offer. While I do not write offers I do know the construction costs are not included in the initial offer, just the fact it’s a 203K. Typically 60 day escrows and 30 day appraisals are best.

3 -  Know a good lender. There are a lot out there. If you are reading this of course I vouch for me, in California, the Bay area, Oakland, Berkeley, San Francisco, Alameda, this is where we are doing most our 203K loans. The truth is they are not hard. They take a little longer, require a lot more paperwork on our end, and do have additional costs and often slightly higher rates than standard FHA or conventional, it is a great thing for all parties involved especially the buyer and the neighborhood. That is what is important about the 203K.

4 – Sell the Bathroom and Kitchen. Find that young deserving couple this Sunday and sell that brand new bathroom and kitchen to the one that cooks, the well groomed one etc.!  This is what most people remodel first.  Do it before you move in!

I hope this helps your business!

For deal specific 203K info:

Wendy Werdmuller

203K Specialist

510.846.3006

wendy@garrick.biz

 DRE Lic #01826247

NMLS# 242612

Time is running out! The high balance loan limits are going back down to $625,500 from $729,750 as of September 30, 2011 for the purchase of a 1 unit residential property!

What does this mean? Here is a brief excerpt from the Federal Housing Finance Agency:
“Under the continuing resolution, the highest loan limits that Fannie Mae and Freddie Mac may set for mortgages originated during the federal government’s Fiscal Year 2011—which extends through September 2011—are to be equal to the higher of the maximums determined under the Economic Stimulus Act of 2008 (ESA) and the Housing and Economic Recovery Act of 2008 (HERA). While the former limits are fixed dollar amounts, the HERA limits are updated each year. In setting loan limits for FY2011-originated mortgages, FHFA thus calculated 2011 HERA loan limits and compared the resulting values to limits established under ESA, which tend to be much higher. FHFA has found that the resulting maximum limits are the same as existing loan limits in every area of the country.”

Meanwhile, House Republicans are promoting a plan discussing the possibility of raising the required down payment on FHA loans from 3.5% to 5%. Clearly this increase would prevent many first time home buyers from entering an already battered housing market.

Currently loan limits in Alameda and Contra Costa county are at the highest limit for high cost areas of $729,750. This allows buyers to put only 3.5% down on a property with up to a $729,750 loan amount. This means if you purchase a property for $756,000 you can put just 3.5% down. However after September 30th your down payment would go to $130,000 from $26,467 under current loan limits. This is just one example of dozens I could provide for how this is bad for the housing market.

For a quick rate quote on current rates and programs from FHA to conventional please visit:

http://alamedahomeloans.com/loan-applications/quick-quote/

Feel free to contact The Werdmuller Group for any questions on the housing and finance markets at info@garrick.biz or 510.282.5456.

This is a great winter soup- good for you and easy to make, enjoy!

Ingredients:
¼ cup extra virgin olive oil
2 Tbs finely chopped onion
3 TBS finely diced peeled carrot
3 Tbs finely diced celery
4 spicy Italian Sausage links, casing removed
¾ cup canned whole peeled tomatoes with their juice coarsely chopped
3 cups fresh or canned red kidney beans
4 cups chicken or vegetable stock
½ lb elbow macaroni
¼ cup freshly grated parmegian cheese
Freshly cracked black pepper

Preparation:
1-Put the olive oil and onion in a large heavy bottom stock pot over medium heat and sauté until the onions are translucent.
2-Stir in carrots and celery and sauté for another 2 minutes.
Add the sausage and cook, stirring occasionally for about 10 minutes.
3- Add the tomatoes, turn the heat down to low and simmer for about 10 minutes, or if you are using canned beans simmer until tomatoes are reduced, about 25 minutes.
4- Add the beans, stir well and add the stock. Cover the pot and cook until the beans are tender -about 45 minutes for fresh or dried and soaked beans, 5 minutes for canned beans.
5- Remove the pork. Use a slotted spoon to scoop up about a quarter of the beans. Puree them in a food processor or blender and return to the pot. Season with salt (do not add salt until beans are fully cooked to prevent the skins from becoming tough).
6- Check the density of the soup. It should not be watery but should have enough liquid for the pasta to cook in. If necessary add a little more stock or water. Raise the heat to medium high. When the soup begins to boil add in the pasta.
7- When the pasta is al dente, remove the soup from the heat and stir in the grated cheese.

•You can add small sliced green beans, broccoli, cauliflour, spinach etc when adding the pasta.

Here is my third cooking video. The first done for no other reason but to make. I chose Choucroute Garni because it is the food I love in a presentation rarely seen. The sound currently is bad I know. We will reproduce when we can. – Keep watching! Garrick