With the summer moving on, we are moving into the busier season for Real Estate. Visitors that are considering buying are now winding down their vacations and focusing more on Real Estate. This is why we have seen more showings and offers in the past two weeks than in all of July. This has been a typical pattern for many years now.

Sellers are lowering prices in an effort attract those buyers and get an offer. With interest rates so lows and seller motivation high we are seeing a nice third quarter rally.

There is still a lot of inventory which will continue to keep prices do... Read more

Ask the Experts: Do your homework on reverse mortgages

Our three new "Ask the Experts" writers have been busily answering financial questions this month from online readers.

Here’s a sample of their advice on personal finance, wills/estates and investing.

To see more questions or to get advice from our other financial experts on taxes, banking and investment clubs, go to: www.sacbee.com/ask.


Pamela Christensen, Certified financial planner

I expect to retire in about four years and will have a small Sacramento County retirement. We also h... Read more

Backlash against banks growing over mortgage modifications

James Seeley, a machine shop supervisor at the University of California, Davis, just wants a modified mortgage that he and his wife, Sandi, can better afford.

It’s a common quest in this economy. Seeley’s wages are being cut. His house in Natomas has lost almost half its value. And he owes more than it’s worth, even with a $125,000 down payment in 2006.

"We want to get payments down to 31 percent of our income," said Seeley.

In Curtis Park, Hilary Egan is trying to do the same. He... Read more

Part 2: Nuts and bolts of mortgage modification
By Jack Guttentag, Monday, May 11, 2009.

Inman News

http://www.inman.com/buyers-sellers/columnists/jackguttentag/loan-mod-go-it-alone

Editor’s note: This is Part 2 of a two-part series. Read Part 1.

Last week, I went over the steps involved in getting a loan modified. This article examines which, if any of these steps, may require a borrower to seek help.

The bottom line is that many, perhaps most, borrowers can handle it all themselves, but some may need an assist here or there. And some ma... Read more

Area’s foreclosed homes sell briskly, for less, at auction

ShareThisBy Jim Wasserman
jwasserman@sacbee.com
http://www.sacbee.com/business/story/1795749.html

Published: Tuesday, Apr. 21, 2009 - 12:00 am | Page 6B
A pair of out-of-town auction giants sold 190 more foreclosed homes in Sacramento on Sunday, earning $21 million for lenders that repossessed them for lack of payments, the firms said Monday.

Irvine-based Real Estate Disposition Corp. said it sold 162 Sacramento-area homes for $17.1 million. It was the latest event in a series of nine company a... Read more

Article from US Department of Veteran Affairs Website
http://www.homeloans.va.gov/faqelig.htm


Questions about who is eligible for a VA loan and reuse of eligibility for another VA loan.

Q: How do I apply for a VA guaranteed loan?

A: You can apply for a VA loan with any mortgage lender that participates in the VA home loan program. At some point, you will need to get a Certificate of Eligibility from VA to prove to the lender that you are eligible for a VA loan.

Q: How do I get a Certificate of Eligibility?

A: Complete a VA Form 26-1880, Req... Read more

From FreddieMac website how towork with lender to avoid/stop foreclosure:

Working With Your Lender to Stop Foreclosure
Have These Documents Ready
Have these on hand for the conversation with your lender:

Last two pay stubs and most recent tax return
For a self-employed borrower, complete signed federal income tax return for the previous year or year-to-date profit and loss statement.
Bank statements
Proof of other income like alimony or Social Security
Information about any second mortgage on the property
Completed Form 4506-T [PDF], Request... Read more

Common Closing Costs for Buyers

The lender must disclose a good faith estimate of all settlement costs. A check to cover your closing costs will probably have to be a cashier’s check. The title company or other entity conducting the closing will tell you the required amount for:
• Down payment
• Loan origination fees
• Points, or loan discount fees you pay to receive a lower interest rate
• Appraisal fee
• Credit report
• Private mortgage insurance premium
• Insurance escrow for homeowners insurance, if being paid as part of the mortgage
•... Read more

Not long ago, a GreatWest Real Estate professional lamented, that after being in the business of selling homes to folks for a couple of decades, something was beginning to happen. The agent was noticing more and more of those “kids” they had sold homes to in the early 1980’s were ringing them up and asking, “What’s up with Reverse Mortgages???”

Of course, those “kids” in the early 1980s, are now approaching retirement age!

Until recent years, most real estate professionals wouldn’t have wished a Reverse Mortgage on anyone—they were simply dreadful!
In the past, they were... Read more