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Sacramento CA Homes For Sale – News You Can Use

Hi Everyone

Here is something new being tossed around.  It just might be of interest to you if you already have a home.

President Obama has a new idea he is proposing.  The program is Cash for Caulking.  Basically this is a program to reimburse homes owners for installing energy efficient appliances, windows and insulation. Home owners would get a 50 per cent rebate on the above. The program would top out at 24,000.  Giving the homeowner a 12,000 rebate for the 24,000 they use to buy energy efficient appliances.  It also looks like their will not be any income restrictions.  I do not want to say anything negative about this program until at least I get my new refrigerator, washer, dryer and I will probably insulate my attic real good.  (you know get ready for old age etc.)  I guess we will have to wait and see if this program developes, then pick at it and find  the good, the bad and the ugly of it.  I will keep you posted.

Sincerely,

Wes Clark

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Sacramento CA Homes For Sale – News You Can Use

Hi Everyone

I have been scratching my head for a topic to discuss today On Sacramento Homes For Sale.  So lets discuss homes for sale in Sacramento.  As you know most to the attention has been on Bank Owned homes or Short Sale homes.  What about that poor seller that has to try and sell his/her home in todays market.  They have to compete with Bank Owned and short sales.  Enter stage left is the listing agent.  Hello there Mr/Mrs home seller, it would be my honor to represent you in the sale of your home.  OK Mrs. Realtor how much can I list my home for?  This Realtor had better be careful.  Bank owned and short homes have dropped prices drastically and this home seller is going to be competing against those properties. Plus the buyers are accustomed to asking for and receiving seller concessions.

First the Realtor is going to have to allign the sellers needs with the reality of todays market.  This is not going to be a pretty as the realities need to be placed in front of the seller.  However what do you do when you have to tell someone something they don’t want to hear.  (Believe it or not some would lie to the sellers).  Others would try and ignore it and hope it goes away, I am hoping the majority woudl face it head on and tell them the truth.

Now you know why I represent Buyers Only,  I have no reason to lie to anyone, I don’t have to ignore any Real Estate problems, I tell the truth and if this property doesn’t fit the bill perhaps the next one will, I am not tied to one property and neither is my buyer.

Sincerely,

Wes Clark

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Sacramento CA Homes For Sale – News You Can Use.

Hi Everyone

The Obama Administration encourages Mortgage relief.  They might soon announce a plan to pressure mortgage companies to finally get to modifying loans for the troubled borrowers.

If a mortgage company lowers payments for a troubled borrower they (you ready for this)collect $1,000.00 initially from the government for each loan they modify. Plus you guessed it they get an additional $1,000.00 annually for up to three years. The poor mortgage companies won’t receive these bonuses (for doing a lousy job) until they make these modifications permanent

A treasury spokesman doesn’t state what they are but the new plan will  encourage mortgage companies to expedite the modification process.

Here is what I get out of there newest news release.  They are encouraging the mortgage companies to make loan modifications not by punishing them but by rewarding them with money we already gave them.  Then they have some hidden criteria for more rewards thst wasn’t published.

This is a pretty good deal for making bad loans in the first place.

Sincerely,

Wes Clark

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Sacramento CA Homes For Sale – News You Can Use

Hi Everyone

HUD another one of those smooth running agencies of the US Government is considering tightening the FHA requirements.  I can’t believe it.  HUD asked Congress for authority to raise borrower premiums and down payments.  The reason they gave was that it was needed to keep FHA reserves above the mandated two percent.  Has anyone in Congress bothered to ask HUD or FHA why they were about to dip below the mandated two percent.  Lets have an accounting of the funds and see why.  Just when the First Time Home Buyer Credit gets a good foot in the door FHA wants to close it and I want to know why.  Also for some unknown reason they also want to reduce the sellers concessions also.  When you buy a bank owned home most buyers ask the seller for help with the closing costs.  The maximum you can ask for is six percent and they want to reduce it to three percent.  How is this going to help the poor FHA.

Here is some other things in their recommendations, they want to raise the FICA score, they want to have the buyers put more of a downpayment down.  The figure they are throwing around is five percent. (currently three and a half percent).  They also want the lenders to take more responsibility for FHA’s customers.  Makes sense to me.

So lets recap:

1.  Increase the downpayment requires to Five Percent.

2.  Raise premiums

3.  Reduce Seller concesssions to three percent

4.  Raise the FICA scores.

5.  I clarrified this last one for them.  They want the lenders to take responsibility for the losses on loans not underwritten to FHA standards aand be accountable for origination quality and compliance.  I simplified it by saying the FHA wants the lenders to take more responsibility for the FHA customers.  If FHA isn’t going to do ANYTHING then why do they need to do all of the above in order to stay above the mandadted two percent. Just fire all the people who lost all theri responsibilities and the problem is solved.

I hope you can see the big picture.  It is going to be harder and more expensive to get an FHA loan.  Now you know why I want FHA to be audited. It could be very well the reason they are close to dipping to low is because of the volume, if that is the case Congress needs to shore up FHA.

In my opinion all of these changes are just crippling for the housing market.  I hope Congress steps forward and does the right thing.

Sincerely,

Wes Clark

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Sacramento CA Homes For Sale – News You Can Use

Hi Everyone

I am back after a brief forced vacation.  I had a terrible Flu.

Here is a new question for you.  If you had a mortgage that was underwater (You owe more than the property is worth in todays market) would you stay in the home or just walk away and say the he__ with it?

There are good arguments for whatever you decide.

1.  Some people believe because of moral issues that they shouln’t throw in the towel.  That is very comforting but is it the best decision?

2. Leaving the home ruins your credit score making it more difficult to rent or make a large purchase like a new car.

Some people think that because of the extreme economical disaster that we are going through that the credit rating system that we now have will need to be adjusted to reflect the current times.  Should a foreclosere of 2009 equate to a foreclosere of 2005.  I personnaly think there needs to be some flexibility in evaluating credit scores.  Unfortunately my opinion isn’t going to make things right but if millions of me present this problem to the appropriate people perhaps we could change things around.

Sincerely,

Wes Clark

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Sacramento CA Homes For Sale – News You CAn Use

Hi Everyone

Today I am going to just throw out a bunch of questions with no answers.  This will be a list of questions for you to think about as we end this year and get ready for a new one.  Whatever the answers here is hoping that they all come to a great ending and no one is hurt in the process, whether you are a buyer or a home owner close to foreclosure here is hoping everything works out well.

1.  Will the overall economy finally start picking up?

2.  Will interest rates remain low?

3.  Will the unemployment improve (quickly I hope)?

4.  What is going to happen to all of those homes out there that are on the verge to being foreclosed on?  Will the home owners see relief with mortgage modification from the bank?  Or will they be foreclosed on creating another flood of properties, causing the market to drop further?

5.  What about the Commercia market, have you noticed all of the small store closings in the strip amlls.  Even fast food franchises are taking a beating.  The Commercial market scares economists more than anything.  Is there any end in sight?

Well everyone, here is hoping that loan modifications work, unemployment improves, interest rates remain low, and the economy picks up a full head of steam.  I am not involved in commercial real estate in any way but this is my own observation.  If the Commercial Real Estate doesn’t get back on track this whole economy will suffer and any improvement will be slow in coming.

Sincerely,

Wes Clark

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Sacramento Ca Homes For Sale – News you can use

Hi Everyone

Lately I have been talking about Fannie Mae and how overwhelmed they must be because their service isn’t as it should be.  Well guess what?  They have some new programs they are working on to help the lower income buyers.  (I’ll believe it when I see it). 

1.  The first program they are working on is what they call “First Look”.  This will (I hope) allow a buyer who intends to live in the home they are purchasing a 15 day period where investors can’t make offers on the home.  This sounds good and hopefully it will work but will they wait around for the fifteen days is hopes of getting a cash offer from an investor so that they can have a quicker close.  Only time will tell if this program will work.  Heres hoping it does work.

2.  The ernest money deposit/waivers.  The Deposti in some cases may be waived or reduced to $500.  This is something that you can make on a case by case transaction,

3.  Reserved Contract Period – Upon receipt of an acceptable offer the buyers have the ability to renegotiate their offer after obtaining an appraisal.  The way the appraisals are these days that is a very good benefit to the buyer. 

4.  Here is another good one for you.  Extra Time For Closing.  Buyers receive up to 45 days to close.  Fifteen more than usually permitted for purchase of Fannie Mae owned homes.  Imagine that if you have been keeping up with my last couple of posts you will recall I had a buyer ready to close in 28 days and Fannie Mae and the Escrow company in Southern California were caught sleeping.  That deal took Fifty One days to close.  So I guess what Fannie Mae is doing is that they are giving themselves an extra fifteen days.  Isn’t that nice of them. 

Sincerely,

Wes Clark

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Sacramento CA homes for sale – News You Can Use

Hi Everyone

HELP WANTED!!!!!!

This might be an idea for some of you or one of you out there looking for a job.  As you know from my last post the mortgage loan servicers arn’t doing to well keeping up with the demand of todays current market.  So this is no surprise that they are looking for some warm bodies (probably to blame for past mistakes)  Anyway the Mortgage servicers are among the few businesses hiring right now.  Loan serivcing firms need help restructuring the laons I talked about recently.  Many of them will continue to add staff as the number of defults rise.

The big four (Bank of America, Citigroup, Chase, and Wells Fargo) have hired over 17,000 people this year.  Some new companies have sprung up and you might give them a try for a job.  They are Private Mortgage Acceptance or PennyMac they are in the loan modification business.

Good luck if this helps one person get a job I am very happy for you.

Sincerely,

Wes Clark

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Sacramento Ca Homes For Sale – News You Can Use

Hi Everyone

What do you know about Loan modification?  Well real basic interpretation is, the Obama Administration is trying to help homeowners that are in trouble and about to lose their homes find a way to modify their loans so that they can make the payments and stay in their homes.  Sounds like a good program EXCEPT it ain’t working like its suppose to.  The program “Making Homes Affordable” has reached a small percentage of homes in the hardest hit states of California, Arizona and Nevada. They have reached about twenty percent of the homes in these three states.  Also in Florida only about twelve percent.

The programs goal was to reach three to four million homeowners facing foreclosure within three years.  Economists do not think that these goals will be met.

Federal officials (whover they are) say they are doing their best (are they doing their bast or just saying they are)  They are placing the blame on the loan servicers (Wells Fargo, Bank of America and Chase) for dragging their feet.  In my last post we saw that it was Fannie Mae dragging its feet delaying a closing on one of their properties.

Michael Barr, an assistant Treasury secretary says “WE are reaching all the places that got decimated .”

My personal opinion I don’t think any of them know what they are doing or are to concerned to really push hard to put this bad time behind us.  I think they are all dragging their feet and blaming the other person.  Shame on all of you.

Sincerely,

Wes Clark

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