Fremont Real Estate Blog

That’s right Drue Kataoka & Svetlozar Kazanjiev are getting married and chose to ask people help them but items for their start-up vs. the usual crystal and toasters. This is so cool and crazy, and I love the outrageousness of it. Check out their wish list, it’s hilarious. http://www.aboomba.com/wedding/ and watch their video. -sunil SMA REALTY Sunil Sethi / Broker, Preisent, REALTOR, MBA, CPA / SMA Realty 38350 Fremont Blvd. #202 / Fremont, CA 94536 Office 510 793 8600 / Mobile 510 388 2436 / Fax 510 431 9046 My Bio: http://sunilsethi.com/about_me.htm Personal: http://www.sunilsethi.com My blog: http://fremontrealestate.blogspot.com/ LinkedIn: http://www.linkedin.com/in/fremontrealtor CA DRE#: 01173766

My Wells Fargo rep just passed this to me. MBA Hails Extension of Loan Limits WASHINGTON, D.C. (October 29, 2009) - The Mortgage Bankers Association (MBA) today applauded passage of legislation that will maintain the existing loan limits for Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA) through December 31, 2010. An extension of the current loan limits (which had been due to expire December 31, 2009) was included in the continuing resolution (H.R. 2996) that passed the House and Senate today. MBA's Chairman, Robert E. Story, Jr., issued the following statement. "Given the lack of a private secondary mortgage market, FHA, Fannie Mae and Freddie Mac are pretty much the only game in town. Extending the current loan limits through 2010 will allow more loans to qualify for these important programs and will help keep mortgage credit more accessible and affordable for qualified borrowers. "As we try to maintain the momentum of the housing recovery, pro...

The title says it all. Share this story with all. http://www.dsnews.com/articles/california-loan-mod-agents-kidnapped-tortured-for-not-saving-home-2009-10-29 -sunil SMA REALTY Sunil Sethi / Broker, Preisent, REALTOR, MBA, CPA / SMA Realty 38350 Fremont Blvd. #202 / Fremont, CA 94536 Office 510 793 8600 / Mobile 510 388 2436 / Fax 510 431 9046 My Bio: http://sunilsethi.com/about_me.htm Personal: http://www.sunilsethi.com My blog: http://fremontrealestate.blogspot.com/ LinkedIn: http://www.linkedin.com/in/fremontrealtor CA DRE#: 01173766

C.A.R. just gave us notification that next year’s loan limits will be announced shortly. Currently conforming loans are at $417,000 and Jumbo at $729,750. However Jumbo loans could drop to $625,500. If they did you could expect pricing pressure on homes preiced greater than $781,875 since buyer’s would need to put more cash down than 20% to meet the PMI exemption. -sunil SMA REALTY Sunil Sethi / Associate Broker, REALTOR, MBA, CPA / SMA Realty 38350 Fremont Blvd. #202 / Fremont, CA 94536 Office 510 793 8600 / Mobile 510 388 2436 / Fax 510 431 9046 My Bio: http://sunilsethi.com/about_me.htm Personal: http://www.sunilsethi.com My blog: http://fremontrealestate.blogspot.com/ LinkedIn: http://www.linkedin.com/in/fremontrealtor CA DRE#: 01173766

A judge in New York wiped out the debt on a home because the lender failed to show ownership of the loan. This sort of action would wipe out the securitization market. Who’d want to buy an investment that could be wiped completely because of poor record keeping. -sunil SMA REALTY Sunil Sethi / Associate Broker, REALTOR, MBA, CPA / SMA Realty 38350 Fremont Blvd. #202 / Fremont, CA 94536 Office 510 793 8600 / Mobile 510 388 2436 / Fax 510 431 9046 Personal: http://www.sunilsethi.com blog: http://fremontrealestate.blogspot.com/ LinkedIn: http://www.linkedin.com/in/fremontrealtor

Check out these two Great looking properties: 5372 PORT SAILWOOD DR, Newark, CA asking $350,000 3971 BALDWIN CT, Fremont, CA asking $598,000 -sunil SMA REALTY Sunil Sethi / Associate Broker, REALTOR, MBA, CPA / SMA Realty 38350 Fremont Blvd. #202 / Fremont, CA 94536 Office 510 793 8600 / Mobile 510 388 2436 / Fax 510 431 9046 Personal: http://www.sunilsethi.com blog: http://fremontrealestate.blogspot.com/ LinkedIn: http://www.linkedin.com/in/fremontrealtor

An REO (Real Estate Owned) refers to property owned by a bank through the foreclosure process. What happened is that the home went to the court house auction steps. The crier called out the bids for the property, and no one was willing to pay the bank what their opening bid was. As a result it became REO. If an investor bought the property it would be referred to as a foreclosure. The distinction is importance for financing. If it’s REO, you’ll have no problem getting a loan on it immediately after the auction. However if an investor bought the property and put it up for sale, then many banks will say you have to wait 90 days before they’ll lend on the property. Bank of America is one of the few exceptions to the rule. In today’s market most deals fall apart because of the financing, not the house, so choose the financer appropriate to the property. Now if the bank ends up getting the property, the bank hires an asset manager who hires a real estate agent, who puts it on MLS for expos...

Probably the most frustrating lender out there to deal with on a short sale is Bank of America/Countrywide. They have way too many toxic loans (as in how could you have ever lend money to this person on that property). As a result of such poor underwriting guidelines and there megalomaniac desires to be ever bigger by acquiring the king of toxic waste, Countrywide, they get a deluge of short sale requests daily. And even though this has been going on for a long time now, and has been expected to go on for a long time, up to now they have not implemented any document management system to streamline the approach. Well I just read here they've just purchased a short sale management platform, that will make communication more organized. I hope it includes a document management system. So I can stop hearing, we still didn't receive your file.

Hard to believe the IRS is actually trying to help people, do better financially. They've come out with a new form that will provide a short copy of what you filed on your tax return Form 1040. The IRS specifically cited the form’s use for applications under the administration’s Home Affordable Modification Program ( HAMP ). Here's the link to an article for more information.

CAR just passed an update to me stating that beginning Nov. 1 or Dec. 12, depending on the type of loan, Fannie Mae is tightening its lending standards to the 620 credit score benchmark—including loans backed by the Federal Housing Administration and Veterans Affairs. Borrowers with credit scores of less than 620 will find it very difficult to qualify for a mortgage. However, to qualify for the best rates, consumers generally need credit scores of 720 and must have verifiable, steady income. more info here -sunil SMA REALTY Sunil Sethi / Associate Broker, REALTOR, MBA, CPA / SMA Realty 38350 Fremont Blvd. #202 / Fremont, CA 94536 Office 510 793 8600 / Mobile 510 388 2436 / Fax 510 431 9046 Personal: http://www.sunilsethi.com

I just had my first tate of Yogurtouille. I tried the Lychee, mild tart, watermelon, french vanilla, and two others I don't remember the name to. added some pwalnuts and peanuts, and wow! I was impressed. This is really good. I couldn't figure out what sweetner they are using. The owner said it was the sweetness of the milk, but that can't be. My guess is honey. Anyhow you have to try it and tell me why I shouldn't go there again, because I'm planning on it. 2660 Mowry Ave (x Paseo Padre Pky) near the Panera Bread. Fremont, CA 94538

With the California Governor Arnold Schwarzenegger , signing into law today AB 957, homebuyer’s can no longer be railroaded by banks, on which escrow and title company will be used to complete a transaction. Any bank that so bullies these terms could find themselves facing triple damages. I love it. I'm looking forward to helping my clients these bad boys. Next they need to do something about these 14 page addendums that banks give you on any REO purchase. It's total bullshit that they can get away with rewriting the entire contract and call it an addendum. REALTORS are not lawyers so technically you should be employing a lawyer to read through the 14 page addendum, but no one does, since no one wants to pay th emoney Banks should be forced to either use one standard contract per state, or to use the contract prevalent for the county. Any deivation is an unnecessary burden to the buyer. For more about AB957 read here . For commonly asked questions surrounding AB 957, please se...

10% of loan mods that occurred in the last quarter involved forbearance (where a portion is set aside on which no interest is charged but has to be paid off upon sale) or principal reduction. I also got a chance to meet SVP’s at BofA, Chase, and Wells Fargo at the C.A.R. show this weekend, and they all said they’re getting better at it. However the decision to grant a loan modification is still based on a business decision. That does the Net Present Value of the new Loan exceed what the property would net the investor in foreclosure. If yes, than loan modification is the answer. Also both the BofA and WF rep confirmed the recent increase in deferment of foreclosures is because the Obama government (ala Treasury Dept), is pressuring the banks to attempt loan modifications if requested. One other interesting tid bit was I got was even though currently the loan mod decision is a business decision, this could change in the future and will depend what direction the government pushes the ban...

www.Travelzoo.com is offering 2 for 1 tickets to see King Tut in SF. SAN FRANCISCO--OCTOBER 6, 2009-- Tickets for the King Tut exhibit in San Francisco were reduced by 50% in a new two-for-one offer. Tickets are now $13.75 each when purchased in pairs. To buy discounted tickets, click below. http://www.travelzoo.com/Newsflash.ashx?664598-16034102 I saw the show earlier this summer. It was great.

C.A.R. just clarified what SB306 means. I know I was pretty excited when someone 1st sent me news about SB306, and was puzzled why it wasn't getting more press. Initially it was explained to me as requiring banks to give a decision on a short sale request in 21 days. Well that's not ture. See C.A.R.'s interpretation below: --------------------------------------------------- NO NEW 21-DAY TURNAROUND REQUIREMENT FOR SHORT SALE APPROVALS Recently enacted Senate Bill 306 does not require lenders to review short sale requests from sellers and their agents within 21 days . The new California law, which addresses certain escrow procedures, has been mischaracterized by some practitioners as landmark legislation calling for a 21-day turnaround for short sale approvals. The new law inserts a short payoff amount request into the existing payoff demand law which generally requires a lender to respond to a request for a payoff demand statement within 21 days from when it is requested,...