Fremont Real Estate Blog

Fannie Mae believes that owner occupants should get 1 st chance at buying a foreclosed property. Though I believe that owner occupants manage a proerpty better in general, I also believe the highest bidder is the best buyer, and if a cash investor is the highest bidder, than let them buy. Read more here: http://www.dsnews.com/articles/fannie-mae-introduces-first-look-initiative-2009-11-25 -sunil SUNIL SETHI REAL ESTATE My Bio: http://sunilsethi.com/about_me.htm Personal: http://www.sunilsethi.com LinkedIn: http://www.linkedin.com/in/fremontrealtor CA DRE#: 01173766

Tell me something I don’t already know and have been telling buyers for a while now. The tight inventory can only do one thing, cause prices to go up. The Obama administration needs to realize they need to increase the supply of homes, get the people out of home who can’t afford them, and get those who can afford them into the homes. http://www.dsnews.com/articles/existing-home-sales-record-another-big-gain-as-inventories-shrink-2009-11-23 -sunil SUNIL SETHI REAL ESTATE My Bio: http://sunilsethi.com/about_me.htm Personal: http://www.sunilsethi.com LinkedIn: http://www.linkedin.com/in/fremontrealtor CA DRE#: 01173766

Notices of Default in high-end zip codes are running higher than lower priced neighborhoods. More here: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/11/08/MNMC1ABRBC.DTL&feed=rss.business -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA, CPA / SUNIL SETHI REAL ESTATE 38750 Paseo Padre Pwky Suite B3 / Fremont, CA 94538 Main 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

I just wrote about this and now hearing the same from others. Homeowners Predict a Full Recovery in Next Six Months: Zillow Homeowners in the United States were more optimistic about the future of the housing market last quarter than they have been in 18 months, according to the Zillow Q3 Homeowner Confidence Survey. The study shows that 41 percent believe their home's value will increase in the next six months, while another 43 percent say values will remain unchanged. -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA, CPA / SUNIL SETHI REAL ESTATE 38750 Paseo Padre Pwky Suite B3 / Fremont, CA 94538 Main 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

I went to a UCLA alumni event last night. Professor Stuart Gabriel with the Anderson Forecast spoke about the economy. Though I respect the Professor Stuart Gabriel and believe he has a good understanding of the statistics and some of the policies that are inane. I disagree with his overly negative outlook. I’m having the best year in real estate ever. Everyone of my listings is getting multiple offers and selling for about recent 6mth highs. When I’m buying whether here in the bay area or in Riverside County, I’m competing against 10-30 other bidders. I’m very bullish about 2010 and beyond. During the go-go housing bubble. I was always the guy telling people are you sure you want to do this, but today I’m very confident that tomorrow will be better and that housing is on the upswing. I really wish the Obama administration would stop interfering with the free market and to let the invisible hand do what it does best. I do heartily agree with Professor Stuart Gabriel that the governmen

I don’t understand it. Everywhere I go in shopping, I see full parking lots, restaurants with long lines and movie theatres full. It must be with all those people not paying their mortgage, or maybe things are turning around here in California faster than the rest of the nation. I still truly believe we’d get past this housing correction faster if the government would let the market self correct. There are more buyers than available properties to buy. I received 8 offers on listing at 35586 Rockland Ct. last night. Read more about the rise in delinquencies here: http://www.dsnews.com/articles/mortgage-delinquencies-still-rising-transunion-reports-2009-11-17 -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA, CPA / SUNIL SETHI REAL ESTATE 38750 Paseo Padre Pwky Suite B3 / Fremont, CA 94538 Main 510 388 2436 / Fax 510 431 9046 My Bio: http://sunilsethi.com/about_me.htm LinkedIn: http://www.linkedin.com/in/fremontrealtor CA DRE#: 01173766

According to foreclosureradar.com New REOs Jump 22 Percent in California: Regional Report , However it’s still difficult for a buyer to buy because demand outstrips supply. Treasury/Obama, need to let the market self correct. Artifically slowing the foreclosure process, slows down the recovery, of putting people into homes who can afford them.   More here: http://www.dsnews.com/articles/new-reos-jump-22-percent-in-california-regional-report-2009-11-16   -sunil   SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA, CPA / SUNIL SETHI  REAL ESTATE 38750 Paseo Padre Pwky Suite B3 / Fremont, CA 94538 Main 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  

If you want to estimate your escrow and title fees, Chicago Title just put up a online calculator to do just that.   As a service to our customers, we've added  Rate Calculator O nline in order to provide you an idea of possible costs for your transaction. The calculator is for the convenience of our customers only. Every effort has been made to provide the most accurate information available. However, due to market fluctuations the amounts shown should be considered estimates only. Click on image below to access calaculator immediately! Be sure to save this email for future use. Chicago Title Instant Online Rate Calculator        

Nice update on FHA, and HVCC   HVCC Petition Being Presented to Cuomo THIS WEDNESDAY! - 11.16.09     Watch Video   That's right. Brian and Frank will be in New York this Wednesday with Marc Savitt from the National Association of Mortgage Brokers to present the HVCC petition. Come join us! Got some inside news on FHA for you from FHA Commissioner David Stevens.    

Please be vigilant. This was forwarded to my neighborhood watch in Union City.   The following message was forwarded from Neighborhood Watch Group in Fremont, who received it from Fremont's Chief of Police:   We have been having a string of armed robberies all over town. The tri-city area (Fremont, Newark , Union City) and Hayward seem to have two or three groups committing these robberies. I would urge everyone to not walk alone, but in larger groups in the evenings. Do not resist if confronted; nothing you are carrying is worth injuries or worse. We have several crews of plainclothes officers working these cases, but it has been difficult since the suspects are hitting all over the place and we have as yet to identify a pattern. Please use caution. Chief Steckler * (Fremont) __._,_.___ __,_._,___

One of my UCLA Bay Area Alum's passed this to me, and I'm passing it along because it sounds interesting. I've got another UCLA event on Real Estate I'll be attending that day, but I'm hoping one of you listens in and shares. To: bay area alumni Subject: SPAM: Parenting in the Digital World: Raising Kids Who Thrive On- and Off-line; Free Webinar In case there are any Anderson Parents out there who might like to attend. Alan ************************************** Dear friends of Education.com, Next Wednesday (11/18) Education.com is hosting a webinar to give parents advice and tools to help them parent their "digital world" kids more effectively. Our children's use of technology is only going to increase in the years to come and parents play a critical role in determining whether kids participate in the digital world in a safe and productive way or whether they engage in dangerous and damaging behaviors. In this free session Dr. Michael Rich, one of t

CAR just forwarded some more detail on Fannie Mae’s lease for deed program:   How to rent your home from Fannie Mae Fannie Mae last week announced a new Deed for Lease™ program.  The new program allows borrowers to voluntarily transfer their property back to the lender and then lease back the house at market rate.  The lease period is for up to 12 months, with month-to-month contract extensions after that period.  The program is designed for borrowers who do not qualify for or have not been able to obtain other loan-workout solutions, such as loan modifications.    To participate in the program, borrowers must live in the home as their primary residence and must be released from any subordinate liens on the property. Tenants of borrowers in this circumstance also may be eligible for leases under the program. Borrowers or tenants interested in a lease must be able to document that the new market rental rate is no more than 31 percent of their gross income.    Homeowners

Sunil Sethi | SUNIL SETHI REAL ESTATE | 510-388-2436 35586 Rockland Ct, Fremont, CA Fremont Niles District, 10 Yrs Old, Detached 5BR/3BA 5BR/3BA Single Family House offered at $725,000 Year Built 1999 Sq Footage 2,590 Bedrooms 5 Bathrooms 3 full, 0 partial Floors 2 Parking 2 Car garage Lot Size 6,746 sqft HOA/Maint $0 per month DESCRIPTION Regular Sale (Not a SS or REO). Open House Sat/Sun 2-5pm (11/15-16). This is the home you're looking for. It's modern, bright, & spacious, with breath taking views of a Japanese garden and hillside views. It offers hardwood flooring, wall-to-wall carpeting, and a see through gas burning fireplace. Designer paint finish. Ready to enjoy. see additional photos below PROPERTY FEATURES - Central A/C - Central heat - Fireplace - High/Vaulted ceiling - Walk-in closet - Hardwood floor - Family room - Living room - D

http://www.dsnews.com/articles/delinquencies-foreclosures-at-record-highs-with-shadow-inventories-looming-lps-report-2009-11-10   There’s a been a lot of talk since May of this year of banks supposedly holding onto REO (bank owned properties), and of them selectively releasing this inventory to somehow control pricing. I think that’s a bunch of crap. These bankers are generally risk averse, and would dump their inventory prior to another bank dumping theirs. However I do see that the number of properties auctions that are postponed exceeds what would be considered normal. Probably more than 90% of auctions are postponed. Why? Well after discussions with Senior Vice Presidents of Wells Fargo and attorneys and others involved in short sale negotiations, at the California Association of Realtors (CAR) Show about 4 weeks ago, I learned it’s because the Obama administration has encouraged (coerced) the banks to try to make a loan modification work. My guess is that the administratio

Here’s a link to a great site that’ll give you all the information you need to know about the recently passed 1 st time home buyer program. www.Federalhousingtaxcredit.com        -sunil   SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA, CPA / SUNIL SETHI  REAL ESTATE 38750 Paseo Padre Pwky Suite B3 / Fremont, CA 94538 Main 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  

Fannie Mae (which is owned by Uncle Sam), will be implementing a plan for homeowners who turnover their deed to be able to rent their place back. Prospective renters must show that they can afford to pay the new market rental rate and must be able to document that the rental payment is no more than 31 percent of their gross income. So I wonder who’s going to be their property manager? This could be an opportunity to grab some government pork. Read more here http://www.dsnews.com/articles/fannie-mae-becomes-landlord-with-new-deed-for-lease-program-2009-11-05 -sunil SMA REALTY Sunil Sethi / Broker, President, REALTOR, MBA, CPA / SMA Realty 38350 Fremont Blvd. #202 / Fremont, CA 94536 Office 510 793 8600 / Mobile 510 388 2436 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

I don’t think we need it here in California. I don’t like giving away money. The original version of this credit that required payback ws more sensible. At a minimum make people psay it back on a future sale or refinance. Read more here http://www.dsnews.com/articles/senate-approves-homebuyer-tax-credit-extension-with-unanimous-vote-2009-11-04 -sunil SMA REALTY Sunil Sethi / Broker, President, REALTOR, MBA, CPA / SMA Realty 38350 Fremont Blvd. #202 / Fremont, CA 94536 Office 510 793 8600 / Mobile 510 388 2436 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

Option ARMs reset 5 yrs after the originated. Most of them originated in 2004,2005,2006. If you know your loans, you’ll remember these were called option ARMs because the gave you the option to not pay principle. Most people who got these didn’t understand know what they were getting, and went negative amortization on them. Now as these reset, most borrowers are underwater and can’t afford the new fully amortized rate. Read more here http://www.dsnews.com/articles/california-ag-calls-on-lenders-to-outline-option-arm-modification-plans-2009-11-02 -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 LinkedIn: http://www.linkedin.com/in/fremontrealtor CA DRE#: 01173766

The word higher really means that the higher loan limits that Congress passed for 2009 will stay in effect for 2010. So the headline should have read, loan limits to remained unchanged for 2010 or Loan limits won’t decrease in 2010 even thought average selling price of homes has. Read more here http://www.dsnews.com/articles/congress-passes-higher-loan-limit-extension-for-federally-backed-mortgages-2009-10-30 -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

This is good news for home buyers and owners who need to refinance. HVCC created a barrier between the loan officer and the appraiser, by required loan officers to have no contact with the appraiser (similar rules apply to the real estate agent and the appraiser). They accomplished this by requiring all appraisals to be ordered through an appraisal management company (AMC). The problems were the AMCs charged a higher fee than an independent appraiser and kept most of money it for itself, even thought it was simply an order taker. The appraisers were forced to work for often less than half what they made previously. Also often appraisers assigned to perform the work had no familiarity with the area resulting in appraisals low-ball appraisals. For example, using Union City comps to appraise a Fremont home. Another key benefit of removing HVCC will be the “check of value “ request. We’ll be able to once again, have a conversation with the appraiser to get their opinion of value prior to