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:

1. Prior to selling the property; or
2. When obtaining any permit for the construction or modification of the property estimated to be greater than $100,000; or
3. 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!

Related Links:

203K Full vs. Streamline

203K and Energy Efficiency

203K on Location

This week’s Discount:

Click Here for Coupon

Click here for the QR Code.

Alatorre & Phraner Tax Services:

Our Mission- to offer affordable and professional tax services and advice to individuals and small businesses.  Our tax services include: Tax Preparation, International Tax Issues, Free Initial Consultation, Free Advice for Preparation Clients, Audit Representation, Year Around Service.

http://www.aptaxes.com/index.html

This Week’s Discount:

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Slats Blinds:

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Slats is locally owned and operated and we pride ourselves with personalized service to our customers. With 25+ years in business, we have proven our reliability in complete customer satisfaction.

http://www.slatsblindshop.com/html/

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

Interest rates YET AGAIN have hit all-time lows! This taken From the Mortgage News Daily -

“After yesterday’s FOMC Announcement, Mortgage Rates moved to all time lows.  The rally in bond markets extended overnight and throughout today’s trading, resulting in rate offerings improving even more.

Please keep in mind that lenders simply cannot move mortgage rates lower at the same pace as a rapid rally in Benchmark Treasuries.  Although you might hear talking heads on TV or read articles saying that mortgage rates are tied to Treasuries, THEY ARE NOT, and you’ll be perennially frustrated if you expect them to be. Today’s Rates:  The current market is in a state of flux at the moment and mortgage rates moving up and down around ALL TIME LOWS. 

Whereas Best Execution 30yr Fixed rates were mostly near 3.875% yesterday with some lenders at 4.0%, today, they’re closer to 3.75% with quite a few lenders still at 3.875%.  FHA/VA deals are in a bit of a predicament that’s keeping them blocked off below 3.75% (there’s no secondary market for rates any lower than that right now!).  For similar reasons, 15 year fixed conventional loans may be stuck at 3.25%.  The secondary market factors driving adjustable rate loans are in a massive state of flux, but one that is mixed between positive and negative.  5 year ARMS remain near 3.125%, but with variations from lender to lender.  Bottom line, adjustable rates aren’t participating in this rally to the same extent as fixed rates.

Lenders also must be careful not to lower rates so quickly that borrowers who recently locked actually break those lock commitments in order to move down to a lower rate.  Even if borrowers do this at the same lender, it costs lenders a lot of money.  So whether it’s to avoid that sort of cannibalization or to avoid capacity issues, there’s an elevated risk right now of lenders RAISING rates without warning, even if the underlying market movements would not suggest it.  If you remember “the wall” that existed for a long time in loan pricing moving from a 4.75% Best Execution to 4.625%, the same underlying problems will make it a slow, difficult process to move from the high to mid 3′s, and one that might not happen at all.  If you’ve been waiting for an opportunity to lock in the high 3′s, you now have it.”

So if you are looking to refinance best to move quickly currently refinances are taking 45 days.  Feel free to contact us for a list of documentation needed to start the process.

Please email me at info@garrick.biz or fill out this form if you would like a quote for purchase or refinance:

http://www.garrick.biz/forms/rateTracker.html

Related Stories:

Information on the Government Refinance Program:

http://www.youtube.com/user/RealEstateBuzzz?feature=mhee#p/a/u/1/tLW3_dfS_SI

Debt Ceiling Raised Rates GO NUTS

http://www.youtube.com/user/RealEstateBuzzz?feature=mhee#p/u/5/Db_JxgC2xu4

Original Article…

http://www.mortgagenewsdaily.com/consumer_rates/230011.aspx

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