Thursday, December 24, 2009
It's a Wonderful Life!
Dear Sue
The bank just accepted an offer that my son and daughter in law submitted. The property, located in Auburn Lake Trails, has everything they wished for. Three bedrooms, two baths and it’s on over an acre. There’s plenty of room for the kids. It even has an attached two- car garage.
The best part is the price. $155,000.00! That’s not all. They qualify for the first time buyer tax credit. At the end of the day they will pay less than $150,000.00!
Who says that there’s no Santa?
Delighted Dad
Dear Dad,
Your son and daughter in law looked for and found an opportunity in these tough economic times.
What a gift!
Dear Sue,
Yahoo!
We just got our loan modification after one full year of working with Wells Fargo.
We started the paper work when we knew that our income would be going down because my husband is in construction.
The bank just reduced our loan payment from $2400.00 per month to $1900.00! It is definitely a payment we can afford! I started crying when I opened the letter.
It took a profit and loss statement, hardship letter and perseverance. Two special women, Kelly and Sandy gave us special guidance through the entire process. I want to thank my network of friends. I couldn’t have done it without them.
This is truly a wonderful life. Through all of the difficulty, we managed to hold onto our gratitude and be thankful for everything we have. We weren’t in the 49er fire, our family stayed healthy and strong. When there was only peanut butter and jelly in our cupboard we sang and danced.
Merry Christmas to us!
The bank just accepted an offer that my son and daughter in law submitted. The property, located in Auburn Lake Trails, has everything they wished for. Three bedrooms, two baths and it’s on over an acre. There’s plenty of room for the kids. It even has an attached two- car garage.
The best part is the price. $155,000.00! That’s not all. They qualify for the first time buyer tax credit. At the end of the day they will pay less than $150,000.00!
Who says that there’s no Santa?
Delighted Dad
Dear Dad,
Your son and daughter in law looked for and found an opportunity in these tough economic times.
What a gift!
Dear Sue,
Yahoo!
We just got our loan modification after one full year of working with Wells Fargo.
We started the paper work when we knew that our income would be going down because my husband is in construction.
The bank just reduced our loan payment from $2400.00 per month to $1900.00! It is definitely a payment we can afford! I started crying when I opened the letter.
It took a profit and loss statement, hardship letter and perseverance. Two special women, Kelly and Sandy gave us special guidance through the entire process. I want to thank my network of friends. I couldn’t have done it without them.
This is truly a wonderful life. Through all of the difficulty, we managed to hold onto our gratitude and be thankful for everything we have. We weren’t in the 49er fire, our family stayed healthy and strong. When there was only peanut butter and jelly in our cupboard we sang and danced.
Merry Christmas to us!
Thursday, December 17, 2009
Miracle on Main Street
Dear Sue,
My son is a first time buyer. He has been looking for a home for over a year. He has made several offers only to be beat out by investors with cash.
He wanted to get in on the $8000.00 tax credit for first time homebuyer’s. I told him that it expires at the end of December. He said that the tax credit was not only extended, it was expanded to include existing homeowners.
Frankly, I find that hard to believe. Is it true?
Skeptical Sam
Dear Sam,
You might be thinking of the $10,000.00 state tax credit for purchasers of new homes. That sweet tax credit is no longer available.
The $8000.00 federal tax credit due to expire at the end of the year was extended and expanded to include existing homeowners. The extension and expansion is a Miracle on Main Street!
The first-time homebuyer’s tax credit is now available for homes purchased before April 30, 2010 and closed by June 30, 2010.
Single taxpayers with incomes up to $125,000.00 and married couples with income up to $225,000.00 qualify for the tax credit.
The $8000.00 tax credit is for first-time homebuyers or someone who has not owned a principal residence during the three-year period prior to the purchase.
To qualify, the first-time homebuyer’s must live in the home as their primary residence for at least three years.
A $6500.00 tax credit is now available for homebuyer’s who purchase a home before April 30, 2010 and close by June 30, 2010. The credit is for primary residences only.
The $6500.00 tax credit is for any homebuyer who has lived in their current residence for five consecutive years out of the eight years that they have owned their home.
I recommend that you consult with your tax professional for complete details. The tax credit guidelines and restrictions for the federal tax credit can be found at www.FederalHousingTaxCredit.com.
It looks like your son is on target! Up to date information on State and Federal tax credits can be a matter of good home $$’s and Sense.
My son is a first time buyer. He has been looking for a home for over a year. He has made several offers only to be beat out by investors with cash.
He wanted to get in on the $8000.00 tax credit for first time homebuyer’s. I told him that it expires at the end of December. He said that the tax credit was not only extended, it was expanded to include existing homeowners.
Frankly, I find that hard to believe. Is it true?
Skeptical Sam
Dear Sam,
You might be thinking of the $10,000.00 state tax credit for purchasers of new homes. That sweet tax credit is no longer available.
The $8000.00 federal tax credit due to expire at the end of the year was extended and expanded to include existing homeowners. The extension and expansion is a Miracle on Main Street!
The first-time homebuyer’s tax credit is now available for homes purchased before April 30, 2010 and closed by June 30, 2010.
Single taxpayers with incomes up to $125,000.00 and married couples with income up to $225,000.00 qualify for the tax credit.
The $8000.00 tax credit is for first-time homebuyers or someone who has not owned a principal residence during the three-year period prior to the purchase.
To qualify, the first-time homebuyer’s must live in the home as their primary residence for at least three years.
A $6500.00 tax credit is now available for homebuyer’s who purchase a home before April 30, 2010 and close by June 30, 2010. The credit is for primary residences only.
The $6500.00 tax credit is for any homebuyer who has lived in their current residence for five consecutive years out of the eight years that they have owned their home.
I recommend that you consult with your tax professional for complete details. The tax credit guidelines and restrictions for the federal tax credit can be found at www.FederalHousingTaxCredit.com.
It looks like your son is on target! Up to date information on State and Federal tax credits can be a matter of good home $$’s and Sense.
Can Buyer Get Financing on Home With Ditch Water?
Dear Sue,
My home is located in N. Auburn and is on Bowman Ditch water. I have a filter system, chlorinator, & holding tank in my garage. I am contemplating selling someday and need to know what I should do at this time. Some of my neighbors have been unable to successfully install a well because their lots are too narrow or where a well could be drilled is too near their sewer leach line.
Is it true that a bank will not loan on a home with a water system such as mine? What options do the people have who built homes 30 yrs ago and had no other options for water?
I am thinking if it is impossible to put in a well and my home will not sell, then maybe I should go for a reverse mortgage (I am retired) since my children wont be able to sell my home some day I may as well spend the equity.
Would a reverse mortgage lender require me to put in a well? Is it possible that they won’t give me a reverse mortgage if they could not resell the home later?
I am confused as to what I need to do at this time.
Thank you for your interest.
Anxiously awaiting your reply.
Dear Anxious,
Many Placer County residents get their drinking water from canals. The raw water is pumped from a near-by canal and piped through a filtering and chlorination system. Some of the newer state-of-the-art systems utilize a special UV light for killing bacteria. The systems are owned and privately maintained by the homeowner.
Private filtration systems were once considered common- place in spotty well areas and where treated water was not available. At one time private water filtration systems were acceptable to both the Environmental Health Department and mortgage lenders. It wasn’t until 1983 that the County stopped issuing building permits for homes that required private water filtration systems.
Since the systems don’t meet current water treatment technology and there’s no monitoring for continuous water quality, the Environmental Health Department now regards private filtration systems as sub-standard and inadequate.
I spoke to an environmental health technician who told me that the Department of Environmental Health will not issue a building permit for a remodel or expansion of a dwelling that relies on a private water filtration system. The property must be served by well or publicly treated water.
The technician suggested that a homeowner with an existing private water filtration system, make every effort to drill a well or connect to the nearest public water system. If insufficient setbacks are a limiting factor, he suggested that the homeowner apply for a $150.00 variance. He said it is possible that site conditions may allow for one. He also explained that recent development might have brought the public water line close enough to feasibly hook up.
If a variance is not an option, an easement from a neighboring property owner could be explored. If that’s not an option, sharing a neighbor’s existing well is a possibility worth considering especially in these economic times. However he pointed out that sharing another persons well should be a last resort.
I made calls to several lenders in an effort to get information about financing a home on a private filtration system. One lender that I talked to explained to me that they would need at least two comparable sales of homes on private filtration systems. The sales had to be within the last nine months.
I spoke with Pat Johnson at US Bank. She said that her bank would consider lending on the property if the borrower was a good US Bank customer. The bank would portfolio the loan (keep the loan in house).
Based on this information I would suggest that you call your lender, credit union or a community bank and ask them what they are willing to do for you. Financing is available but it won’t be easy.
In regards to a reverse mortgage the same lending guidelines will apply.
You need to decide what it is you want to do. If you want to sell, your future buyer will need to acquire a loan. Your agent should provide the financing information in advance so that the buyer is not taken by surprise!
Remember that you can buy with a reverse mortgage as well.
If you want to remain in the property and take advantage of your equity apply for a reverse mortgage.
As you can see, the financing will be tricky but doable, especially for the persistent. Good luck. Let me know how it turns out!
My home is located in N. Auburn and is on Bowman Ditch water. I have a filter system, chlorinator, & holding tank in my garage. I am contemplating selling someday and need to know what I should do at this time. Some of my neighbors have been unable to successfully install a well because their lots are too narrow or where a well could be drilled is too near their sewer leach line.
Is it true that a bank will not loan on a home with a water system such as mine? What options do the people have who built homes 30 yrs ago and had no other options for water?
I am thinking if it is impossible to put in a well and my home will not sell, then maybe I should go for a reverse mortgage (I am retired) since my children wont be able to sell my home some day I may as well spend the equity.
Would a reverse mortgage lender require me to put in a well? Is it possible that they won’t give me a reverse mortgage if they could not resell the home later?
I am confused as to what I need to do at this time.
Thank you for your interest.
Anxiously awaiting your reply.
Dear Anxious,
Many Placer County residents get their drinking water from canals. The raw water is pumped from a near-by canal and piped through a filtering and chlorination system. Some of the newer state-of-the-art systems utilize a special UV light for killing bacteria. The systems are owned and privately maintained by the homeowner.
Private filtration systems were once considered common- place in spotty well areas and where treated water was not available. At one time private water filtration systems were acceptable to both the Environmental Health Department and mortgage lenders. It wasn’t until 1983 that the County stopped issuing building permits for homes that required private water filtration systems.
Since the systems don’t meet current water treatment technology and there’s no monitoring for continuous water quality, the Environmental Health Department now regards private filtration systems as sub-standard and inadequate.
I spoke to an environmental health technician who told me that the Department of Environmental Health will not issue a building permit for a remodel or expansion of a dwelling that relies on a private water filtration system. The property must be served by well or publicly treated water.
The technician suggested that a homeowner with an existing private water filtration system, make every effort to drill a well or connect to the nearest public water system. If insufficient setbacks are a limiting factor, he suggested that the homeowner apply for a $150.00 variance. He said it is possible that site conditions may allow for one. He also explained that recent development might have brought the public water line close enough to feasibly hook up.
If a variance is not an option, an easement from a neighboring property owner could be explored. If that’s not an option, sharing a neighbor’s existing well is a possibility worth considering especially in these economic times. However he pointed out that sharing another persons well should be a last resort.
I made calls to several lenders in an effort to get information about financing a home on a private filtration system. One lender that I talked to explained to me that they would need at least two comparable sales of homes on private filtration systems. The sales had to be within the last nine months.
I spoke with Pat Johnson at US Bank. She said that her bank would consider lending on the property if the borrower was a good US Bank customer. The bank would portfolio the loan (keep the loan in house).
Based on this information I would suggest that you call your lender, credit union or a community bank and ask them what they are willing to do for you. Financing is available but it won’t be easy.
In regards to a reverse mortgage the same lending guidelines will apply.
You need to decide what it is you want to do. If you want to sell, your future buyer will need to acquire a loan. Your agent should provide the financing information in advance so that the buyer is not taken by surprise!
Remember that you can buy with a reverse mortgage as well.
If you want to remain in the property and take advantage of your equity apply for a reverse mortgage.
As you can see, the financing will be tricky but doable, especially for the persistent. Good luck. Let me know how it turns out!
Wednesday, December 2, 2009
Homeseller Questions Marketing Home Over Holidays
Dear Sue,
After six months of painting, repairing, landscaping and clearing out over twenty years of clutter we are finally ready to sell our house.
My husband thinks that we should wait until spring before putting the sign out. I think that we should do it now.
It took me over five years to get him to agree to sell and clean up. I certainly don’t want to lose our momentum now!
What do you think?
Anxious Ann
Dear Ann,
I believe that you should always put your home on the market when you are ready. People buy homes year round.
The special holiday ambiance can actually be one of the best backdrops for marketing your home. Imagine the yummy aromas from the kitchen accompanied by holiday melodies full of hope, fellowship and love.
The smell of fresh cut pine wrapped in a garland of cranberries and popcorn will warm one’s heart almost as much as the crackling fire.
In Western culture we choose homes that help us to express the way we love. A home dressed in holiday style will surely tug at the heartstrings of all but the Scrooge!
With available home inventory typically low during the winter months, homebuyers have fewer homes to choose from. The low supply generally means a higher price for the seller.
I remember selling a home on Christmas Eve. It was dark and it was pouring rain. It was the last home on our list. No one was home. The house was dark except for the colored Christmas tree lights and glowing fireplace.
Without uttering a word we walked over to the couch and just sat down. We watched the fire for a few minutes before my client said, “This is the one!”
So you can see that marketing your home over the holidays can be a matter of good Home $$s and Sense!
Visit us at HomeTown Realtors!
After six months of painting, repairing, landscaping and clearing out over twenty years of clutter we are finally ready to sell our house.
My husband thinks that we should wait until spring before putting the sign out. I think that we should do it now.
It took me over five years to get him to agree to sell and clean up. I certainly don’t want to lose our momentum now!
What do you think?
Anxious Ann
Dear Ann,
I believe that you should always put your home on the market when you are ready. People buy homes year round.
The special holiday ambiance can actually be one of the best backdrops for marketing your home. Imagine the yummy aromas from the kitchen accompanied by holiday melodies full of hope, fellowship and love.
The smell of fresh cut pine wrapped in a garland of cranberries and popcorn will warm one’s heart almost as much as the crackling fire.
In Western culture we choose homes that help us to express the way we love. A home dressed in holiday style will surely tug at the heartstrings of all but the Scrooge!
With available home inventory typically low during the winter months, homebuyers have fewer homes to choose from. The low supply generally means a higher price for the seller.
I remember selling a home on Christmas Eve. It was dark and it was pouring rain. It was the last home on our list. No one was home. The house was dark except for the colored Christmas tree lights and glowing fireplace.
Without uttering a word we walked over to the couch and just sat down. We watched the fire for a few minutes before my client said, “This is the one!”
So you can see that marketing your home over the holidays can be a matter of good Home $$s and Sense!
Visit us at HomeTown Realtors!
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