Fremont Real Estate Blog

New Fannie Mae Funding Requirement starts on June 1, 2010.   Fannie Mae will do another credit check prior to funding your loan. So if your score dorms because you took out a loan, or used your credit card, or missed a payment or something worse, you may not get the loan. And since in most cases by this time you’ve removed your loan contingency, you not only can’t buy the home but you will may also lose your deposit money.   So for those of you, with credit scores on the cusp, don’t use your credit cards or make inquiries on your credit until your fund.     -sunil

UCLA Anderson alumni in the Bay Area are invited to UCLA Mixers in Silicon Valley hosted by Bay Area Bruins, the official local organization for UCLA undergraduate, graduate, and professional school alumni. June's gathering will take place next Friday (4-Jun) at Clubhouse Bistro in Foster City. Located inside the Crowne Plaza in Foster City, the Clubhouse Bistro offers a fun environment to mingle and relax. Bring your friends and come celebrate the start of a new weekend! Friday, 4 June 2010 - 6:30-8:30pm Clubhouse Bistro (at Crowne Plaza Hotel) 1221 Chess Dr (Foster City) http://www.clubhousebistro.com/

Florida's Existing Home, Condo Sales Surge Once Again in April April marked yet another month of increased sales activity in Florida's residential real estate market. According to the latest housing data released by Florida Realtors, existing home sales surged 27 percent in April from the same month last year, and during the same period, existing condo sales soared 55 percent. Homebuying conditions in the Sunshine State remain favorable, with a variety of housing options available in local markets at attractive prices.

BofA has been the price leader for a while on loans and as a result they built up a huge volume in the pipeline. The increase in volume cause turn times to lengthen. And today,  I was notified that their underwriting imaging system has crashed and they are having trouble getting it up. So now things are at a standstill.   It’s been very hard to get much communication from BofA on the reason for their failure. The key to keeping a customer happy is communicating what’s happening and how you’re solving problems, BofA has done a horrible job managing communication.   Their tagline is, "Know the Customer. Care about the Customer.  Act for the Customer."   If only they understand what that meant.       

C.A.R. issued a consumer alert yesterday warning borrowers of the liability associated with refinanced mortgages.  To help protect consumers, C.A.R. is sponsoring Senate Bill 1178 by State Sen. Ellen Corbett (D-San Leandro) to extend anti-deficiency protections to homeowners who have refinanced “purchase money” loans and now are facing foreclosure.  The Senate may vote on the bill as early as next week. Currently, if a homeowner defaults on a mortgage used to purchase their home, the homeowner’s liability on the mortgage is limited to the property itself.  While this law has helped protect borrowers since its inception in the 1930s, it does not extend the protection for purchase money mortgages to loans that refinance the original purchase debt—even in cases where the loan was refinanced to achieve a lower interest rate. C.A.R. also issued a Red Alert yesterday urging REALTORS® in targeted areas to contact their senator.  The Red Ale...

California first-time home buyer tax credit update The California Franchise Tax Board (FTB) recently released an update on the California home buyers’ tax credit alerting borrowers to fax delays it is experiencing.  Due to the high volume of faxes, borrowers may experience delays or difficulties in connecting to the fax number during the FTB’s normal business hours.  It may take several minutes or possibly up to an hour to connect and transmit the faxed application.  All applications for the California home buyers tax credit must be submitted via fax. More info .  

Foreclosure cancellations continue to rise Foreclosure cancellations have risen more than 32 percent since the beginning of 2009, according to ForeclosureRadar.  The company also reported the number of properties sold to third parties continues to rise.   “The steady rise in cancellations leads us to believe that loan modifications and short sales are gaining traction,” Sean O’Toole, founder and CEO of ForeclosureRadar.com said.  “I’d caution, however, that cancellations also occur due to filing errors and extended postponements, which require the Notice of Trustee Sale to be re-filed. In fact, 14.6 percent of new Notice of Trustee filings in April were on previously cancelled foreclosures.” More info .   

Sunil Sethi | SUNIL SETHI REAL ESTATE | 510-200-0505 4320 Cambridge Way, Union City, CA Modern Victornia in UC Blt 1997, OH Sat/Sun 2-4pm - Reg Sale 4BR/2+1BA Single Family House offered at $629,000 Year Built 1997 Sq Footage 2,070 Bedrooms 4 Bathrooms 2 full, 1 partial Floors 2 Parking 2 Car garage Lot Size 5,127 sqft HOA/Maint $0 per month DESCRIPTION Regular Sale - (not REO or Short sale). A former Pinn Brothers' model home, offers open layout between kitchen and family room, spacious master bedroom and master bath. Hardwood flooring in kitchen & family room, tile flooring in bathrooms and laundry, and new carpeting everywhere else. The backyard is a gardener's delight, with plenty of sun to grow your tomatoes, peas and squashes. Freshly painted throughout, you'll love living in this home. Also easy access to Dumbarton and San Mateo Bridges. On Saturday, you can walk to the loc...

Sunil Sethi | SUNIL SETHI REAL ESTATE | 510-200-0505 30703 Churchill Ct., Union City, CA Modern Victorian, Union City - Just say no to another Stucco home- OH Sat/Sun 2-4pm 4BR/2+1BA Single Family House offered at $639,000 Year Built 1998 Sq Footage 2,095 Bedrooms 4 Bathrooms 2 full, 1 partial Floors 2 Parking 2 Car garage Lot Size 5,914 sqft HOA/Maint $0 per month DESCRIPTION Regular Sale - (not REO or Short sale) Built in 1998 by Pinn Brothers' home. This home offers an open layout between kitchen and family room, spacious master bedroom and master bath, a gas stove on the kitchen island with beautiful granite counter tops and backsplashs, wooden blinds, recessed lights. lots of fruit trees, sun deck in back, and cul-de-sac location. Also easy access to Dumbarton and San Mateo Bridges. On Saturday, you can walk to the farmer's market, or exercise at the UC Sport Center, or catch a movie...

Threat of Shadow Inventory Diminishing: Barclays Analysts at Barclays Capital say the industry's ominous shadow inventory is close to topping out. New research published by the firm says the supply of homes nearing REO status, defined as 90 or more days delinquent or in the process of foreclosure, will peak this summer and then begin falling gradually as the market becomes stable enough to absorb 130,000 distressed properties a month. Barclays puts the shadow supply at 4.5 million properties, but forecasts at least 4.7 million distressed sales over the next three years.

Sunil Sethi | SUNIL SETHI REAL ESTATE | 510-200-0505 37379 Ingraham St., Fremont, CA Newark 3636sqft 6BR/3BA Blt 2000 - Looks Gorgeous-Must See! 6BR/3BA Single Family House offered at $829,000 Year Built 2000 Sq Footage 3,636 Bedrooms 6 Bathrooms 3 full, 0 partial Floors 2 Parking 3 Car garage Lot Size 6,301 sqft HOA/Maint $100 per month DESCRIPTION Regular Sale - (not REO or Short sale) Built in 2000, this Kaufman & Broad home offers a newly painted interior. You won't run out of space in this modern home with cherry wood laminate flooring downstairs and new carpeting upstairs. The kitchen offers a breakfast bar, lots of granite countertops plenty of cabinets and an extra large pantry. You also get a 3 car garage, huge master suite with walk-in closet that's larger than a room in some homes . Close to NewPark Mall, Woodlands, and other great restaurants. Easy access to Dumbarton and...