Oakland Ca Real Estate Blog 
FHA Financing For Bank Owned Real Estate
Wednesday, June 25th, 2008 at 12:04pm. 490 Views, 0 Comments.
FHA financing has made it's comeback, and it's currently the prevalent form of financing in todays market, with over half of all transactions closing using FHA backed financing. The guidelines for FHA financing are somewhat strict, in an effort to only qualify people who can truly afford to take on the mortgage they are applying for.
One of the biggest differences with FHA financing is the appraisal review. Appraisals for FHA loans are scrutinized much more, often resulting in the underwriter requiring additional comparables to justify the value of the property. If the appraiser has difficulty finding the additional comparables, they may not accept the appraisal. With so much Bank Owned real estate on the market, prices are softening which can make it…
Volatile Times Mean Volatile Interest Rates
Friday, June 20th, 2008 at 3:59pm. 448 Views, 0 Comments.
Mortgage interest rates have been going up and down daily, and in some cases the swing is significant. With the volatility of the stock market, each day brings new news, some good and some bad. It's this good and bad "news" which drives interest rates up or down, so on any given day the rate could be anywhere from 1/8th to 1/4 of a point more up or down from the previous day.
This is something that must be considered when shopping for your loan, because you may be comparing a quote that you got a week ago to one that you get today, but if rates aren't the same then you can't make the comparison.
In general interest rates are very good, still near historical lows, but each day and week brings new developments which can swing rates either…
My Television Debut....
Tuesday, June 3rd, 2008 at 2:17pm. 527 Views, 0 Comments.
Last week I got a call from a reporter with NBC11 News who said they were doing a story on the reported 2% gain in home sales in the last month. It turned out to be my first television appearance! I met them at a property in Oakland, showed it to them while talking about the current market and where it's going from here. The story aired that same night on the 11 o'clock news, and it was the second story into the program.
It only took about 15-20 mins, and it was actually fun. Best of all, I recorded it on my DVR so I can brag to anyone who comes over :)
Some Lenders Pulling Back on Home Equity Lines
Friday, May 16th, 2008 at 5:06pm. 394 Views, 0 Comments.
It used to be that getting a home equity line of credit was no sweat..as long as you had some equity in your home, a lender would allow you to borrow against it as you needed. However with the recent decline in the market, some lenders now view home equity lines as too risky to partake in, because of falling property values.
Traditionally, home equity lines of credit carry higher rate, and sometimes even an adjustable rate that is tied to the prime rate. For this reason, many homeowners would do better with a traditional refinance. It all depends on your situation, some borrowers who don't need a huge lump sum may do better with a home equity line because you can draw from it at your leisure...as opposed to pulling out a large sum that you will be…
The Million Dollar Question: Have we
Tuesday, May 6th, 2008 at 2:06pm. 358 Views, 0 Comments.
Within the past couple of months, Realtors have been seeing the conversation among clients go from "the market is really bad huh.." to "I think we are close to the bottom..it might be a good time to buy". Just like any cycle, there is a beginning and an end, and I am of the opinion that we are close to the end of falling prices. In some parts of Oakland and the East Bay Area, prices are close to what they were prior to the frenzy that begain in '01. The areas that have taken the greatest hits are the ones with the highest foreclosure rates, like East, West and North Oakland.
Looking at some of the prices in these areas, it's hard to know how much lower they will go. Some analysts believe that we are only about a third of the way through the glut of…
Oakland's Cinco De Mayo!
Monday, April 28th, 2008 at 11:44am. 327 Views, 0 Comments.
With it's thriving Latino population, Oakland is home to a large Cinco De Mayo celebration every year. From Fruitvale to 41st avenue along International Boulevard, you can find food, music, cars, dancing, arts and crafts and more.
The event draws many from surrounding cities, and is a reflection of the true diversity that Oakland has to offer.
102% Financing Through Cal HFA
Thursday, April 17th, 2008 at 4:44pm. 338 Views, 0 Comments.
I've written before about Cal HFA loans, and I thought it would be good to remind you that it is still possible for certian borrowers to get a loan for up to 102% of the value of the home with Cal HFA. This means no money out of pocket for down payment or closing costs.
The way it works is as follows: You get a 1st loan for 96% of the value, then you have the option of getting up to an additional 7% in loans, either for down payment, closing costs or both. These addtional loans would come in the form of a 4% and a 3% "silent" loan, meaning you do not pay it back until you sell or refinance the home.
Of course there are income limitations with Cal HFA, and they vary according to what area the home you want to purchase is in. For "moderate" income…
Strategy For Bank Owned Property
Thursday, April 10th, 2008 at 1:05pm. 328 Views, 0 Comments.
With so many Bank Owned properties on the market, us Realtors are starting to see certain "patterns" play out in term of how the Banks are pricing them. What I've been noticing is that they are not hesitating as much to lower the price if it's been sitting for a while. I often talk to buyers who have their eye on a bank owned property, but want to wait until they reduce it further before they write an offer. However, in most cases as soon as the Bank reduces the price to a very attractive one, multiple offers come in, and now all of a sudden you are in competition.
In some situations, it may be a better strategy to go ahead and write an under-asking price offer, cutting ahead of the competition that may jump out once the price is officially reduced. As…
Lake Merritt and Downtown Slated to Be the Next BID's in Oakland
Friday, April 4th, 2008 at 1:07pm. 314 Views, 0 Comments.
BID's or Business Improvement Districts allow business owners to come together, pool resources and make improvements to their neighborhoods and businesses. These improvements result in helping ot foster economic activity, which is something that every city could use more of. In Oakland, there have been seven of these BID's created so far, and the next two to come are going to be Downtown and Lake Merritt.
Permanent FHA Reform is Needed
Friday, March 28th, 2008 at 7:28pm. 294 Views, 0 Comments.
With all the turmoil in the mortgage industry, it's good to see that they have finally raised the FHA limits for high cost areas such as Oakland (and the whole Bay Area). However the bad news is that unless there is legislation passed to extend it, these reforms will expire at the end of this year.
I realize that the main driver for this reform was to allow people to refinance into these lower-rate loans, but the reality is that buyers need more options. The best way to allow for more options without creating another subprime mess is to give people better rates on loans that are in the median price ranges of the area they live in.
Before the revised limits, the most you could get an FHA insured loan for is $417,000, now you can get a single FHA…
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