Mother & Daughter Blog

Announcing a change... Change is good!

We are proud to announce that The Mother and Daughter Realty Team is now working under a new broker: Patrick Williams & Associates.  Our service will continue and improve with our new move.

Patrick Williams & Associates is proud to announce its association with Rosemary Brooks & D'Adrea Davie - the Mother and Daughter Realty Team. An integral part of Patrick Williams & Associates' dedication to excellence is the collaboration of high caliber, capable professionals. Serving the real estate industry for 7 years, the Mother and Daughter Realty Team certainly fits that profile..

This Team brings a wealth of professional experience to their clients. The Mother and Daughter Team's trustworthiness, dependability and dedication to their clients are unparalleled.  Their client needs are always put first.  With their experience for over 7 years in the real estate industry and has successfully helped individuals and families just like you realize their real estate dreams.

When you work with the Mother and Daughter Realty Team you know your needs will be handled in the most professional manner. Their acute listening skills and attention to detail make Rosemary and D'Adrea a tremendous asset for any home seller or buyer.  Rosemary & D'Adrea are always looking for the most cutting-edge technology to market their client's homes and looks for opportunities to continue their education and grow professionally. Being ahead of the curve is what both Rosemary and D'Adrea strive to accomplish.

When you work with this Team once, you'll want to call them again when your real estate needs change. They make a lasting impression on their clients.

Rosemary & D'Adrea clients describe them as very professional, diligent, straightforward and committed to their clients. They always put forth a tremendous effort and is very attentive. Both Rosemary & D'Adrea are forthright professionals with a heart of gold. 

Then next time you're in the market to buy or sell a home be sure to call the Mother and Daughter Realty Team, you won't be disappointed.

Rosemary Brooks & D'Adrea Davie joins a group of distinguished real estate professionals who are all part of the most sophisticated and technologically advanced market firm, specializing in distinctive properties and estate. Patrick Williams & Associates is dedicated to excellence and our most recent association with Rosemary Brooks is a bright example.

 

 

So how many pre-approvals does one buyer really need?

One of the frustrations that agents and buyers experience is that while searching listings, you run into properties that require that the buyer get an additional pre-approval from that seller's preferred lender.

Now this does not sound like a big deal if you only had to do that with one other lender, HOWEVER.... This is not the case!  With the market condition (one of the highest hit foreclosurethe way it is - in the San Joaquin Central Valley and in the Alameda/Contra Costa counties of Northern California it is a lot of extra work, paperwork and time to get all of the pre-approvals before you can submit an offer on these bank owned properties.

Out of 10 new listings 5 had pre-approval requirements that included going to the seller's (Bank Owned Property's preferred lender for yet another pre-approval).  So which banks are asking for this?  Even if your buyer has a pre-approval from a direct lender - they still want this extra pre-approval!  These banks I have found to be more demanding of this extra pre-approval:

• Wells Fargo
• Bank of America
• Prime
• Prospect Mortgage
• OneWest Bank
• IndyMac
• Chase

 **HomePath but they do not require - yet!

It does work out better when your buyer's lender is willing to submit and request these pre-approvals for the buyer.  Now that is a good lender when they know that they can run the risk of loosing the buyer!  Terrie Nevis from Platinum Mortgage is direct lender that will work with the buyer to help them get these extra pre-approvals and I would like to add that Terrie and his team over at Platinum make sure their pre-approvals are solid.

 

Call us at 866-543-0461

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This is pretty handy list of options for someone facing foreclosure.  I always advise to check with your lender to see if there are these or other options that you may qualify for - since things are changing so quickly in this crisis times.

Also, if you have a Fannie Mae property - you may qualify for Fannie Mae Deed in lieu of foreclosure -- LEASE BACK PROGRAM.  Please read about it at: Deed for Lease Program - helping you avoid foreclosure - Fannie Mae adds another avenue/option for homeowners.

And check out these 9 points / options.

Good luck homeowners.

 

Need an agent: Call me at 866-543-0461 (San Joaquin Central Valley / Alameda Counties).  Rosemary Brooks

 

Every agent that represents a buyer should be able to explain to their buyer why they need a home inspection and that FHA appraisals are not a substitute for a home inspection.

While home inspections are for the buyers information and not of much interest to a seller... they should never be waived.  Let me just say... the FHA Appraiser will not be seen climbing on top of the roof and sitting there inspecting that roof!

Here is some information on FHA appraisals:

1.  FHA appraisal is for the benefit of the lender

2.  It is not a home inspection, it does not take the place of a home inspection

3.  FHA appraisers are checking to be sure the property is:

     Save

     Sound

     in Sanitary condition

4.  FHA appraisals are not even required for 203K streamline refinances

5.  FHA apprisal does not guarantee that a home is without flaw, huge money drawing problems

6.  FHA appraisal may find repair or replacements items that may affect the safe, sound and sanitary habitation of the house. 

7.  If FHA appraiser finds repairs or replacement during his evaluation, he will add an conditions addendum to the appraisal and buyers will get the appraisal conditions from the lender.  Seller is usually responsible for the repairs and replacement that the Appraiser find at the property that are conditions to the property's appraisal value.

8.  FHA appraiser will go out even if the utilities are not on, they will usually charge an additional fee if they have to make a revisit when the utilities get turned on.

 

I am re-blogging this one, good information for homeowners that are not ready to just up and move out and don't mind renting from their own property  ----> well, it won't be their property anymore once they sign over their deed! But you will have roof over your head that you are paying rent on.  This is another band-aide but it may help some homeowners, so its worth educating the consumers of this option. see my post  Click here to read: Deed for Lease Program: Helping you avoid foreclosure. Fannie Mae adds another avenue/option forhomeowners.

Will this BAND-AIDE work for Homeowners that can't afford to pay their mortgage?

                               If it helps at least a few.... its working!

 

 

Thanks, Dave.

**************************************************************************************

 

Dear Homeowners 

This letter is let to you know that I appreciate your calls because it is sign that you are searching and finding my name on the web, blogs and I know you can find me on ActiveRain.  But because some of my callers are putting me in a bad place with trying to get me to tell  you to stop paying your mortgage, go default and make other personal, professional and life altering decision for you and family ---> I have to draw the line.

I am just a real estate agent, not an attorney, tax consultant, IRS expert or adviser - therefore - I am not the best to ask.   If you find that you are any of the listed below but not limited to:

• under water
• late payers
• still paying your mortgage but foresee trouble down the road
• borrowing from your credit cards
• just plain don't want your property anymore because it is not worth anything to you - because you owe more than it is worth (way more)
• Sick and tried of seeing houses in your neighborhood that are being sold for pennies on the dollar and here you are stuck with the home that you owe more than 2 or 3 of the houses in neighborhood all added together
• just plain sick and tired
• have renters that are not paying you on time or are fearful that you are in or about to be in foreclosure
• in default
• about to be in default or whatever the case may be - other than listing, CMAs, selling and other real estate agent duties -- I cannot step out of my boundaries or break the rules and step into the other professional place

The Department of Real Estate

Does not allow me the authority to tell you to go .... default, stop paying on your mortgage, put yourself in foreclosure (harms way)! I can't even tell you WHAT your hardship is or when it started or if you are still in it.  Some decisions are better left unsaid by me.

This is your choice and it should be in accordance to your situation. Or you should call the right professional to match the situation. 

• Got a tax question... call the tax professionals (tax man, attorney, IRS, others)
• Can't make your mortgage payments and want to know your loan modification options (call your lender)
• Want to file for bankruptcy? (call bankruptcy professional, attorney)
• Worried about the xx,xxx amount of money you have in the bank that shows that you have solid finances (call CPA, attorney, tax professional, or your lender - not sure calling IRS is cool on this one)
• Worried if your lender will just let you short sale because you are not feeling keeping your property (your lender would have to decide)
• especially when you do not have a hardship... do not expect me to give you one!
• Have a rental... renters are paying you but you are not paying the bank??? (Gosh I don't know who you should call on this one!) not me

Want to short sale your property and you are clean, upfront and in hardship?  THERE.... you can call me for this!

The banks are going to get mad if they sense that you deliberately did not pay your mortgage -- believe me this will not be the last of that.  So if someone tell you to go default... you should not listen in my opinion.

Now if situation puts you in a hardship that you cannot pay your mortgage... join the rest of the world.   There are rules to giving short sale approvals and one that is still holding fast is that you need to show a hardship (and this has to be the truth), and yes there is one other that I know has not changed and that is you stand a better chance if this is your primary residence if you expect to be "forgiven".  But don't ask me how it works because that is between you and your tax adviser or the IRS.  I am not a professional in those areas.

I know my place and do not intend on getting out of line!  I am a real estate agent: I do have the authority to advise you regarding anything but real estate matters.  No tax, no tax, no bankruptcy, no taxes... or did I say no taxes and sure I can not tell you to JUST DO IT and go default!

But please do not call me to hear me tell you to go default.  I can't. Its not my business or place to give you that kind of advise.

Thank you!

Call us at 866-543-0461

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Buyers, I know it is pretty confusing right now as to what programs, credits and assistance is available to you to help with your First TIme Home Purchase.  One day you hear all down payment assistance is dead in the water, next you hear some are coming back ---> it is plain confusing to keep up with all the changes.

Remember CALHFA? 877-922-5432  CLICK HERE

Well it is still breathing and did receive funds to keep hope alive - thanks to Obama!

CALHFA also launched a new First Mortgage Program - CAL30

Reinstates CHPAP - down payment assistance program

I invite you to check out the CalHFA site and read all about how this program maybe able to help you with your First Time Home Buying.  Also, ask your lender and be sure to get a lender that is up on all the programs out there so that you can get the best help.

In order to qualify for a CalHFA loan, certain requirements must be met. They are:

• Be a first-time homebuyer.
  (CalHFA considers you a first-time homebuyer if you have not owned and occupied your own home during the last 3 years.).
  (This requirement is not necessary if the property is located in a Federally designated "Targeted Area*")
• Have an annual household/family income within CalHFA's income limits for the family size and county in which the home is located.
• Purchase a home that is within CalHFA's sales price limits for the family size and county in which the home is located.
• Live in the home you are purchasing for the entire term of the loan, or until the home is sold or refinanced.
• Meet credit, income and loan requirements of the CalHFA lender and the mortgage insurer.
• Be a citizen or other national of the United States or a qualified alien.
• All borrowers must have completed homebuyer education counseling and received a certificate of completion through an eligible homebuyer counseling organization.
  • CalHFA will accept a homebuyer's education counseling certificate of completion issued through Fannie Mae or Freddie Mac identified counseling administration agencies, mortgage insurance companies, or HUD-approved homebuyer counselors. CalHFA accepts education completion via online, face-to-face, or phone.
    • Fannie Mae Homebuyer Counseling Counselors/Administrators Search
    • Freddie Mac Homebuyer Counseling Counselors/Administrators Search
    • Genworth Homebuyer Counseling Online Option
    • HUD-approved Housing Counselors
    • U.S. Department of Housing and Urban Development
      451 7th Street, S.W., Washington, DC 20410
      Telephone: (202) 708-1112 
    Call us at 866-543-0461

    

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    Rosemary Brooks

    Patrick Williams & Associates

    Mother and Daughter Realty Team

    PH:         866-543-0461

    FAX:        866-815-1649

    EMAIL:     info@motheranddaughterrealtyteam.net

    WEBSITE: www.motheranddaughterrealtyteam.com

As I posted previously.... Buyer's now get a choice, thanks to Real Estate Settlement Procedures Act and AB 957 Buyer's Choice Act.

When you are purchasing foreclosed properties, you should be getting a form with the wording listed below or something similar.  This should be signed along with the offer and presented to the bank for their signature.

This is not something the banks are all tickled about, but it is now the law.  They are not suppose to hold buyer's choice of escrow against them when making a decision on the offer presented.  It's the law!!! So if you do not get a notice that addresses this when you sign your offer --- ask your agent for it.

It should read something like this....

Notice to Buyer

Regarding Real Estate Settlement Procedures Act and AB 957

Buyer's Choice Act

Property Address: _____________

According the Real Estate Settlement Procedures Act (RESPA) and the Buyer's Choice Act (AB 957), a seller of residential real property improved by four or fewer dwelling units shall not require directly or indirectly, as a condition of selling the property, that title insurance covering the property or escrow services provided in connection with the sale of the property be purchased by the buyer from a particular title insurer or escrow agent.  The law does not prohibit a buyer from agreeing to accept the services of a title insurer or an escrow agent recommended by a seller if written notice of the right to make an independent selection of those services is first provide by the seller to a buyer.

Prior to entering escrow, __________ (Bank Name) selected an escrow company and a tilte provider in order to generate a preliminary title report concerning the above-referenced property.  Buyer is hereby informed that Buyer has the right to purchase the services of title and escrow providers of Buyer's choice.  Bank is not mandating, either directly, or indirectly, that Buyer use Bank's title and escrow providers.  Buyer is hereby informed that Bank escrow company other than those that Bank has recommended, Buyer shall informat the listing agent of Buyer's choice of providers. If Buyer selects different providers other than those that Bank has recommended, this will not affect the Bank's decision to sell the property to a particular buyer.

By signing below, Buyer acknowledges receipt of this Notice and Buyer's right to make an independent selection of title and escrow service providers.

and there is a place for both buyer, seller, listing and selling agent to sign and date.

DO NOT FORGET TO ASK YOUR AGENT FOR THIS FORM IF YOU DO NOT GET IT WITH EACH OFFER YOU SUBMIT.  Most listing agents will have this form attached to the MLS listing for your agent to download it and have you sign it right along with your offer.

This does not affect short sales because of now, buyers have this choice already.

Call us at 866-543-0461

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Given the market condition, the competition it is really hard on buyers these days to view, make an offer and get the property of their dreams.  Most buyers seem to be out there just making bids - to get something.  Owner occupied buyers should not be just making bids on any old property.  They should be able to view that property and see that it is "the one" for them.  They should be able to bring their list of wants, needs, can't do withouts and can/will do withouts and decide oh I love it or Naw this one is not for me.  Next!

Is this a deal or are you bidding in order to get something, anything?  Are you bidding to out-bid the next buyer or are you bidding because you feel it is a deal that you cannot pass up and this property is really worth what I am willing to pay ---> not I am willing to pay whatever!

Do you consider:

• Location, Location (how far is from my work, Church, Schools, Freeway and other things I do on a daily basis)
• What are the market conditions in comparison to other property of same likeness?
• Condition of the home - is it really in good condition? Or is there a list of "gotta do's right off the bat"

Condition of the neighborhood - do you see pride of ownership in the neighborhood or do you see red flags all over the neighborhood.  Did you see a Neighborhood Watch sign anywhere or do you feel this neighorhood is safe enough? Did you have time to check the crime rate?

Also, make sure you are not just making an offer and really and simply do not like the house??

• Make sure it matches you
• Make it is what you need and especially what you want
• Or are you saying I can live with this.... I know I can!

There are alot of foreclosures and short sales out there but please take your time and get something you will be proud to call it home.

 

 

Call us at 866-543-0461

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While there is the FHA 203K streamline renovation loan that works great - if the property is a Fannie Mae property the better renovation loan for FM properties is a HomePath Renovation Loan.  

HomePath Renovation Loan: This type of renovation loan is only for properties that are owned by Fannie Mae.   Some of the other considerations:

Low down payment and flexible mortgage terms (fixed or adjustable rates).  Down Payment (at least 3%) can be from:

• Your savings
• A Gift
• A Grant
• Loan from non-profit
• State, local Government or your employer
• There is no mortgage insurance required (Unlike... FHA 203k)
• Appraisal is not required 

HomeStyle Renovation Loan: This type of loan is set up for investors 

Go to this link to check to see if the property qualifies for HomePath Renovation Loan:  www.HomePath.com

 These types of loan works best on properties that are not Fannie Mae owned

 FHA 203k Streamline Renovation loan:  Click for 203k Streamline Information. 

 Wells Fargo - Purchase & Renovate Loan:

If you don't have the cash for the down payment, closing costs, and the necessary renovations, then Wells Fargo Home Mortgage may have a solution for you. The Purchase & Renovate loan finances both the purchase of your home and the renovations you need simultaneously.

Wells Fargo - Finance & Renovate Loan:

With the Refinance & Renovate loan, you don't need to have a lot of equity built-up, because the amount you can borrow is based on the increased value of the home after improvements are made. Also, the Refinance & Renovate loan usually offers a lower monthly payment than the combined interest of getting two separate loans.

 Check with your lender and see where you fit, what you can get if that property is in need of some work or  TLC

Call us at 866-543-0461

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CHECK OUR WEBSITE: http://www.motheranddaughterrealtyteam.com