Mother & Daughter Blog: August 2008

This is an update from the post: The Market of Weston Ranch .... plan to purchase.  Weston Ranch is loaded with bank owned properties that are for sale.  Weston Ranch is located in the 95206 zip code, with three or more schools: Komure (George Y) Elementary, Great Valley Elementary, Weston Ranch High School.  It has a library, the Weston Ranch Towne Center should be completed by the fall of 2008 - with over 60 stores, 600,000 sq ft of shops. 

Location: San Joaquin River and French Camp Slough is adjacent to Weston Ranch on the west and north side. 

 Here are two properties that I have listed in the Weston Ranch Community:

(sorry the ActiveRain graphics are not working)

WEBSITE: http://www.motheranddaughterrealty.com

• Need a Short Sale Specialist?  CLICK
• Want to purchase a REO property? Want to know what properties I have to sell? CLICK
• Need information on the foreclosure process? Ask me for a FREE Pre-Foreclosure Guide CLICK 
• For a FREE MARKET EVALUATION of your home   CLICK

Check out: Real Estate Terms/Definitions.  And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog  - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Family Realty Group and we also focus in Short Sales and the Pre-Foreclosure process and REOs/Bank Owned Properties.  Our consultations are free.  Our aggressive marketing plan includes on-line listing advertising.  If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call.  If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US.

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If you have an open escrow that is under the Nehemiah program, remember to get your N U M B E R from HUD or your escrow will fall out.  Your escrow transaction is in jeopardy of being a "no close" if you do not get your N U M B E R from HUD to continue with the Nehemiah Down Payment program after October 1, 2008.

 You will not be able to move forward without that N U M B E R!  Unless HR 6694 moves into effect.  We need to support this bill in order to keep the down payment programs alive.

So get your N U M B E R now! 

Go to www.getdownpayment.com to get more information.

Also see:  Nehemiah Down Payment Program: Take Action or we all lose

 Support H R 6694     Support H R 6694      Support H R 6694

WEBSITE: http://www.motheranddaughterrealty.com

• Need a Short Sale Specialist?  CLICK
• Want to purchase a REO property? Want to know what properties I have to sell? CLICK
• Need information on the foreclosure process? Ask me for a FREE Pre-Foreclosure Guide CLICK 
• For a FREE MARKET EVALUATION of your home   CLICK

Check out: Real Estate Terms/Definitions.  And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog  - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Family Realty Group and we also focus in Short Sales and the Pre-Foreclosure process and REOs/Bank Owned Properties.  Our consultations are free.  Our aggressive marketing plan includes on-line listing advertising.  If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call.  If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US.

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TAKE ACTION!
Support H.R. 6694  to Reform and Save DPA

FYI From the Nehemiah meeting today, here a couple of points that we should all be aware of - the massive affect this H.R. 3221 rule can create on top of the issues and crisis we are already in!  

1.  HUD is trying to get the minimum down payment to 3.5%

2.  As of October 1st - if this bill is not destroyed - there will be no down payment assistance programs left.  The language is such that it will include elimination of assistance from: Individuals, Corporations, DPA programs,County, State programs and Seller assist programs, etc.  

3.  There is a new bill that can revive the DPA programs (H.R. 6694) but it does need all of our support- and quick!     

What affect will this have?  

1.  If you have pending escrows that have the Nehemiah DP - it will be canceled on October 1 so you will not be able to continue with the closing.  UNLESS... the buyer's LO obtains a number from HUD prior to October 1st -- so this should be done now - you know how slow HUD works.  Even if you think you'll be close prior to October 1st it might make sense to get the number so you won't be canceled out -- should you have to extend for any reason.  

2.  Since a large number of the buyers are first time homeowners.... this will affect so many (buyers, agents, sellers, etc).  It will have a huge impact on the REO business.  It will also affect the market because a large number of the REOs are financed by FHA with the Nehemiah program.  So it will obviously slow the REO sales down a bit.   This is not just an buyer/loan officer/ lender/ agent problem.  This is a Bank Owned problem, along with all other DP assisted loans. 

                                                    This is major!

Will it solve the foreclosure crisis - Nope!  It will just stop middle/lower class from being able to purchase a home.  And it will put the market and this foreclosure crisis in a worse situation with all the bank owned homes sitting and growing weeds and vanderlism rate will go up.   Do what you can to support the HR 6694 bill to reform and save DPA!    

a>   to get updates on this horrible DPA elimination rule:  http://www.getdownpayment.com/updates/legislativeinfo.asp        

President Bush signed H.R. 3221 Housing and Economic Recovery Act of 2008 into law on July 30, 2008. Included in this bill was the elimination of downpayment assistance (DPA) programs.  Borrowers who are credit approved prior to October 1, 2008 can receive downpayment assistance and have their loan FHA-insured.

While H.R. 3221 was intended to "rescue" the housing industry, the elimination of the DPA program will have the exact opposite effect of its intended purpose.  Not only did it eliminate DPA programs, it also instituted a downpayment requirement increase from 3 percent to 3.5 percent.  This combination is a recipe for disaster and will further hurt the already crippled housing market.

Preserve downpayment assistance programs for families who are credit-worthy, but lack the savings necessary to fulfill their homeownership goals, protect the already fragile economy, improve the current housing market, and save jobs.

Currently, roughly 40 percent of the monthly FHA loan origination volume utilizes downpayment assistance to help lower-income Americans meet the previously mandated 3 percent downpayment requirement.  It is estimated that 10-25% of potential homebuyers (approximately 50,000 nationwide) will have no way of securing homeownership with DPA programs. With the stroke of the president's pen, millions of deserving Americans are now left with zero alternatives for attaining homeownership.

In order to save downpayment assistance programs, we need to come together NOW to convince Congress to pass H.R. 6694 that allows downpayment assistance to continue indefinitely.

On July 31, 2008, a new bill, the FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 (H.R. 6694) was introduced by several members of Congress.  Representatives Maxine Waters, Gary Miller, Al Green and Christopher Shays sponsored the bill that if passed and signed into law will allow downpayment assistance to continue indefinitely.

Act Now! Contact your elected officials and urge them to support H.R. 6694 that allows downpayment assistance to endure. Failure to act now will ensure the death of all private downpayment assistance programs.

WEBSITE: http://www.motheranddaughterrealty.com

• Need a Short Sale Specialist?  CLICK
• Want to purchase a REO property? Want to know what properties I have to sell? CLICK
• Need information on the foreclosure process? Ask me for a FREE Pre-Foreclosure Guide CLICK 
• For a FREE MARKET EVALUATION of your home   CLICK

Check out: Real Estate Terms/Definitions.  And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog  - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Family Realty Group and we also focus in Short Sales and the Pre-Foreclosure process and REOs/Bank Owned Properties.  Our consultations are free.  Our aggressive marketing plan includes on-line listing advertising.  If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call.  If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US.

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~ The Mother & Daughter Realty Team ~ Rosemary Brooks / D'Adrea Davie | Family Realty Group | P:866-543-0461/F: 209-879-4601 8318 Shaffer Drive, Stockton, CA 2-Story Home for Sale in Morada Ranch - Stockton 3BR/3BA Single Family House   offered at $229,900 Year Built 2002 Sq Footage 2,146 Bedrooms 3 Bathrooms 3 full, 0 partial Floors 2 Parking Unspecified Lot Size 10,890 sqft HOA/Maint $0 per month DESCRIPTION Great for first time homebuyer/investors. You must check it out before it is SOLD. Comes with a huge lot (10,890 sq ft), easy floor plan: 3bed /2.5 bath, loft with 2146 sq ft living space. Large kitchen, great family home, located in a cul-de-sac. Inside Laundry room, close to shopping and easy access to highway 99. Do not hesitate on this one - Seller wants serious offers today! *** submit with offer: 1) Pre-Approval Letter 2) copy of earnest deposit check 3) Proof of funds for down payment 4) Any other program information such as Nehemiah, 1031 Exchange & type of loan (FHA/VA, Conv). MLS#: 80078063. Metrolist lockbox, call agent for questions or concerns. This is a bank owned property. It is sold "as is". · Status: Active · Bedroom: 3 · Bathroom: 2&1/2 · Year Built: 2002 · Lot Size: 10890 · Square Footage: 2146 · List Date: 8/4/2008 · Garage Spaces: 2 · MLS#: 80078063   see additional photos below PROPERTY FEATURES Central A/C Central heat Fireplace Walk-in closet Family room Living room Bonus/Rec room Dining room Dishwasher Stove/Oven Microwave Laundry area - inside Yard     OTHER SPECIAL FEATURES Huge Lot! 10,890 sq ft - no rear neighbors Close to public transportation, shopping, easy freeway access (HI 99)   ADDITIONAL PHOTOS Seller contact info: ~ The Mother & Daughter Realty Team ~ Rosemary Brooks / D'Adrea Davie Family Realty Group P:866-543-0461/F: 209-879-4601 For sale by agent/broker Equal Opportunity Housing Posted: Aug 5, 2008, 8:04pm PDT