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Archive for the 'Buying a Home' Category

Open Saturday 11-2 – Just Listed – 230 Timberline, Auburn CA

This wonderful one-owner home in a delightful South Auburn neighborhood was built by the original owner-contractor, & meticulously maintained! Three bedrooms, 2 baths, plus downstairs suite with bedroom, living room & full bath, perfect for inlaw or teen setup, plus enclosed 200SF sun room. RV access & hookups! Near new HVAC & roof. Convenient to shopping, walking distance to Old Town, Farmer’s Market, Auburn Rec Park & Fairgrounds. Close to canyon trails too! This is a great place to call home!Check out the video tour!

The details:

4 bedrooms, 3 baths
2600 SF
Roof 1 year old, heating and air 2 years old!
Dual pane windows throughout
Outbuilding with power
RV access and hookups
Nice deck with pergola and seating area
Near new hot tub included
Turnkey condition
Convenient to shopping & transportation

Call Noel for more info at 530-305-8409

Cute, remodeled, affordable home for sale in Rancho Cordova, CA – $143,500

Take a look at this darling house in a quiet neighborhood. It’s turnkey and ready to move right in.

Light & bright turnkey home on a quiet loop, ready to move right in! Completely remodeled in 2008, it has 3 bedrooms, 2 baths and has 1256 square feet. There are new dual pane windows, new roof, heating & air, tile floors, original wood floors, granite counters & stainless appliances, remodeled bathrooms, new stucco exterior, paint inside & out. Large lot with a fenced & covered courtyard to relax in, apple & plum trees in the backyard. Not a short sale or REO – easy to buy and close! Clear Pest Report!

Please see the video tour!

Real Estate Roundtable – How to get your offer accepted.

So you’re prequalified, your down payment is in the bank, your credit is up to snuff. You are ready to buy a house. You find the perfect home, and an investor comes in with cash and snatches it out of your grasp. Frustrating? Definitely. So what can you do differently to increase your chances of getting your offer accepted?

Today I talked to Scott Cooper at Big Valley Mortgage who has some great tips on how to do just that! Take a look:

If you are thinking about buying or selling a home, or just need questions answered, call:

Noel Crider
Keller Williams Realty
(530) 305-8409
email: ncrider@kw.com

To get prequalified or learn more about the latest loan programs, call:

Scott Cooper
Big Valley Mortgage
(916) 412-9530
email: scooper@apmortgage.com

Real Estate Round Table – What are interest rates today? Incredible!

Noel Crider of Keller Williams Realty in Auburn, CA, and Scott Cooper of Big Valley Mortgage discuss today’s incredible rates, and a couple of great programs you can take advantage of right now to make the best of your real estate buying experience!

To buy or sell a home, or learn more about the home buying or selling process, call:

Noel Crider
Keller Williams Realty
(530) 305-8409
email: ncrider@kw.com

To get prequalified or learn more about the latest loan programs, call:

Scott Cooper
Big Valley Mortgage
(916) 412-9530
email: scooper@apmortgage.com

Stupid or broke?

A recent article in BusinessWeek made this bold statement in reference to fence-sitters in the current real estate market. Marc Roth’s statement makes us stop and take notice.

In 1986, my husband and I purchased a home just south of Tucson, Arizona, in the small rural town of Sahuarita. It was a purchase necessitated by a job transfer, and at that time, we paid right around 17% interested on our $90,000 home.

Why is now the right time to buy?

1. Interest rates are historically low, right around 5%.
2. Home prices have taken huge discounts, and are now showing signs of steadying. 
3. It is expected that interest rates will increase as the economy begins so stabilize.

I want to wait until prices drop further.

Let’s say you decide to wait for another 10% drop in home prices. Just a 1 point rise in interest rate on a typical 30-year-fixed loan will negate any benefit from that 10% price drop.

Roth states that for every quarter-point rise in interest, expect an increase of debt in the amount of $6,000 over the life of the loan for every $100,000 borrowed.

Here’s an example: You want to buy a $200,000 home with 20% (or $40,000) down. Over the course of this loan, each quarter-point increase in interest rate will cost you $12,000 over the life of the loan.

The bottom line is that if you are planning to buy a home now or in the near future, it’s wise to pay more attention to the interest rates than the price of the home.

Read more about the benefits of buying a home.

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Buy a Home in 2010

Are you a first-time homebuyer? Are you a homeowner considering purchasing an investment property? Either way, you are among a large group who are planning to buy a home in 2010.

A recent Move.com survey revealed that many Americans have “buying a home” as one of their top New Year’s Resolutions! 17.7% of Americans want to be come First Time Home Buyers and 15.7% are planning to purchase an Investment Property.

Here are the Top Four Reasons to buy now!

1. Record Low Interest Rates.

2. Record Low Home Prices.

3. Tax Credits for Home Buyers – through April 30, 2010.

4. Tax Benefits of Home Ownership over the long term.

Read more about the benefits of buying a home.

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Why you should buy a home now.

“If you wait until you see the robin, spring is over.” Warren Buffet

You may be sitting on the sidelines waiting for the right time to buy a home. Here are some reasons you shouldn’t wait.

1. Interest Rates. Today’s record low rates are under 5% for most loan types, with jumbo loans and those for investment properties slightly higher. We haven’t seen rates this low since Freddie Mac started tracking them in 1971. The federal government has been injecting $1.25 trillion into mortgage-backed securities to push down mortgage rates, but that money is set to run out next spring, and rates are expected to go up.
2. Home Prices. With median home prices bouncing around all-time lows, there is no reason to wait. Think about this: even a 10% decrease in home prices is immediately nullified by a mere 1 percent increase in interest rates on a 30-year loan.
3. Tax Credits. The government has extended the $8,000 first-time home buyer credit through April 30, 2010, and has added a $6,500 credit for repeat buyers. Read about it here.
4. Tax Benefits.  When you purchase a home, in most cases, loan discount points and origination fees are tax deductible to the buyer, regardless of who pays them. In addition, you can deduct mortgage interest charged on a loan used to acquire or improve your principal residence in the year that it is paid. In the early years of a loan, most of your monthly payment is interest, so this can really add up. Finally, when you sell the home, as an individual you can earn up to $250,000 and pay no taxes on it, and as a couple, it’s $500,000. Learn more.  
5. Timing the Market. It’s ironic that when prices were escalating in the seller’s market a few years ago, buyers were clammoring to buy! No one can time the market, but statistics show that the worst is over, and we are bouncing around the bottom. The time is now to purchase a great value.

For more information about buying a home in today’s market, contact me.

4 Important Tips for Repairing Your Credit

Credit repair does not have to be complex and can be boiled down two basic ideas: First, positive accounts will counteract the negative accounts. Second, time heals all credit. 

1. If you have positive accounts, keep them.  Do not close any accounts that have good payment histories as they will help balance the negative.  In addition, older, unused accounts with a zero balance may help improve your score.
2. If some of your positive accounts are credit cards, keep the balances below 50% by paying them down, or transfer part of the balance to another card so the balance does not exceed 50% of the limit.
3. If you do not have at least 3 accounts that report to the credit reporting agencies, open up more accounts.  With negative credit, opening new accounts may be difficult, so open a “secured” credit card.  With a “secured” credit card you will need to send the credit card company a specific amount of money, and then you will receive a credit card in that amount.  The new accounts will help you establish a positive credit history. 
4. WAIT.  While this may not seem like a plan packed with insider secrets, the fact of the matter is…time heals credit.  Remember, this is a marathon not a sprint.  If you maintain at least 3 accounts with perfect payments, your credit will progressively improve.

So, now you are 2 to 3 years in the future and what is the payoff for sticking to the plan?  Your credit will be good enough to buy a home again.  Don’t let the setback of a short sale or foreclosure make you feel hopeless.  You have options, and with the proper course of action, you may become a homeowner again much sooner than you thought possible.

If you need further information, or would like assistance with credit repair, contact me:

Scott Cooper

Buying a home after a Short Sale or Foreclosure???

by Scott Cooper, Big Valley Mortgage

Many people believe they won’t be able to purchase a home for at least 7-10 years after a short sale or foreclosure, however, I am happy to inform you that is not the case. 

Although your credit will be affected, you will be surprised how quickly you can buy again.  The following are some commonly asked questions and answers you may find useful:

Q. How long after a short sale before I can buy another home?

A. New FHA guidelines state there is no minimum wait period after a short sale before you can buy another home if you do not have late payments on your mortgage and your credit history is acceptable.

Q. If I have late payments along with a short sale, how long before I can buy again?

A. The current guidelines require a two-year waiting period.

Q. How long after a foreclosure before I can buy again?

A. With an FHA loan, the minimum wait period is 3 years after a foreclosure.

If you need further information, or would like assistance with credit repair, contact me:

Scott Cooper

It’s Official! The First-Time Homebuyer Credit has been Extended.

On Thursday the Senate and the House both overwhelmingly approved the legislation to extend and enhance the Homebuyer Tax Credit. On Friday, President Obama signed it into law.

The down and dirty:

1. The First Time Homebuyer Credit of $8,000 will be applicable through contracts in place by April 30, 2010, and allows for 60 days beyond this date to close the transaction.
2. In addition, repeat buyers — those who have lived in their previous home for 5 of the last 8 years — will qualify for a credit of $6,500 for purchases between December 1, 2009 and April 30, 2010.
3. Couples earning as much as $225,000 and individuals as much as $125,000 would qualify for the credit, an increase from $75,000 for individuals and $150,000 for couples.

I like this summary of the information from NAR: 

For more information, please contact me!