Whittier, CA

FHA has long been known as something Realtors® seem to avoid for one reason or the other. While FHA has loosened up some of their guidelines on FHA loans, the stigma remains and I've had some Realtors® tell me sellers would prefer cash offers and conventional offers first. The cash offers are a given, but conventional guidelines today have become so difficult to predict and so strict that you can't automatically consider that the better option. That doesn't mean that there isn't a better option. 203KS or 203K streamline loans have become a favorite in today's lending environment because it allows you to maintain the less stringent guidelines and bring the property up to FHA standards or better yet, up to your standards.

The 203KS is the little brother to the standard 203K loans. The repairs allowed are not major and the maximum cost for the repairs can be no more than $35,000. 203KS loans are perfect for that home that is beaten up enough to be out of grasp for a regular FHA loan. The program allows the buyer to obtain an estimate from a contractor indicating the work needed to bring the home to living condition all while financing the work and adding value to your newly acquired property. FHA guidelines apply to the program including the 3.5% down payment requirement. Except this time the 3.5% down payment is calculated by adding the sales price and repairs or alteration costs and taking the percentage from there. So it would work as follows:

Sales price - $300,000
Repairs or Alterations - $35,000
Total - $335,000
Down payment - 3.5% of $335,000 = $11,725

The other difference from a traditional FHA loan is the addition of a Licensed Contractor who provides an estimate and description of the work being done. The estimate then gets plugged in to a worksheet and that's how the numbers are determined. Your Mortgage Expert should be able to help with that. The rest of the process will work exactly like any standard FHA loan would.

This program should prove to be helpful for anyone involved in the home buying process. Lenders can provide more loans to more borrowers by offering an extra service. Realtors® should be able to move homes faster and not have to worry too much about the condition of the homes and home buyers can not only bring the house up to code, but also make financed improvements to their homes they would otherwise have to pay for out of pocket.

Here is a list of allowable repairs or alterations using the 203KS program
OWNER OCCUPIED PROPERTIES ONLY

· Repair/Replacement roofs, gutters, and downspouts

· Repair/Replacement/Upgrade of existing HV AC systems

· Repair/Replacement/Upgrade of plumbing and electrical systems

· Repair/Replacement of existing flooring

· Minor remodeling such as kitchens, which does not involve structural repairs

· Exterior and interior painting

· Weatherization: including storm windows and doors, insulation, weather stripping, etc.

· Appliances - Purchase and installation are included. Appliances may include free-standing ranges, refrigerators, washers/dryers, dishwashers, and microwaves

· Lead-based paint stabilization or abatement of lead-based paint hazards

· Repair/Replace/Add exterior decks, patios, porches

· Basement finishing and remodeling, which does not involve structural repairs

· Basement waterproofing

· Window and door replacements and exterior wall re-siding

· Septic system and/or well repair or replacement

· Improvements for accessibility for persons with disabilities

• for lead-based paint stabilization costs above and beyond that paid for by HUD when it sells real estate owned (REO)

$8,0000 Federal tax Credit to first time home buyers

If this doesn't get people off the fence then I just don't know what will. I believe perhaps it takes time for folks to absorb the actuality of it. If it seems too good to be true...? Well, this is not... one of those times. This is one of those times when if you don't take advantage of the window of opportunity YOU ARE GOING TO MISS THE BOAT. The American Recovery and Reinvestment Act of 2009 authorizes:

•· Anyone who has NOT owned a principal residence in the past three-years.

•· Not a vacation home, but primary residence. New or resale.

•· Title must close before December 01, 2009.

How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008?
The most significant difference is that this tax credit does not have to be repaid. For more information go to the link below. #8 on Federal Q & A site.

It is that simple.

What to consider:

If you're adjusted gross income is more than $75,000 or up to $150,000 (filing jointly), then your $8,000 tax credit will be reduced accordingly. Secondly, the tax credit is for $8,000, or 10% of the sales price. That means if you buy a house worth less than &80,000, you'll get 10% of the price.

Time Period:

January 01, 2009 to November 30^th, 2009. Your loan on that purchase must close during that time period. We are at the middle of July 2009 which means because escrows are now taking up to 75 days, it would be best if you got into escrow by August 01, 2009 in my humble opinion. Depending on several factors. If you are buying all cash it will be a faster transaction. But with current appraisal issues causing time delays on lenders part, I suggest you start ASAP. You must allow for the unknown in a real estate transaction. Especially if you are buying a REO or Short Sale. If you are involved in a short sale ask your Realtor about the time lines, where is the process at? You must have approval on price from the lender, a contract signed by the selling side to know you can make that dead line.

You can NOT:

•· Not - Use the money toward you down payment.

•· Not - use the money for your closing costs.

When will you received your credit:

File an amended tax return - to receive $8,000 -- right away. You do not have to wait until next year.

This program is available anywhere you live in the US.

Why? The administration did this because history repeats its self and it worked in the past. So here we are again, and so far it is working. Remember your home is the biggest investment of your life for most folks. They opportunities only come around once in a great while. We really don't want to be in this situation again anytime soon. So seize the opportunity today.

Link to most ask questions: http://www.federalhousingtaxcredit.com/2009/faq.php#1

Disclaimer: nformation here is deemed correct buy not guaranteed

Renee Baccaro Realtor®

They Sold!

That's right, bank owned properties no longer dominate the Whittier real estate market. Let's look as some numbers, as of July 11, 2009.

Overall, properties for sale in Whittier have plummeted over the past year. A little over a year ago, on May 25, 2008, there were 888 homes for sale in Whittier. Now, there are only 339 homes for sale.

A year ago, there were very few buyers. Everyone was waiting for prices to go down. They wanted to wait for the market to bottom out. Now, with the Tax Credit, and prices being low, and interest rates being very low, the buyers are fighting tooth and nail over every home that comes on the market that is reasonably priced.

Out of today's 339 homes for sale, only 31 of them are bank owned properties.

Back in January 2009, there were 55 sales of bank owned properties, out of a total of 122 homes sold.

So, over the past several months, the buyers have been eating up all the bank owned properties, the banks have had moratoriums on foreclosures, and the homes the banks already own have been held back from the market.

What does it all mean? Well, in summary, it has turned into a Sellers' Market, where sellers are calling all the shots, and buyers are struggling to find a property to buy that they can call "home".

If you need to sell a home in Whittier quickly, now is the time to put it on the market.

-Blog End-

Occasionally, some enterprising business person will come up with a very creative idea for marketing the business. You know the old saying for Hollywood celebrities: "All press is good press." The same can apply to businesses as well, at times.

Like thousands of other Whittierites, I drive down Pickering Boulevard nearly every day. My route passes by an old Volkswagen parts store that has had half of a VW body up on its wall for many years. The funny thing is, I know that there was a mannequin in the VW before, but I don't remember what it looked like. Now, they have a mannequin of Nadya Suleman, the infamous "Octomom", and eight babies in the VW bug, with a box of diapers on the roof.

People who have never heard of the Gold Mine VW Auto Parts store have suddenly become aware of its existence, not only to people who are driving by, but thousands of more people, because there is an article in the Los Angeles Times all about this brilliant marketing idea.

At this time, Octomom no longer dominates the news. If this display had been done when every newspaper and website was talking about her, it would not have resulted in the article in the Los Angeles Times. Imagine if they had decided to use an image of Michael Jackson right now. The shop would not have ended up in the newspaper, because there is so much chatter about Michael Jackson that it would not stand out.

Now people are thinking about Octomom, her 8 babies and a VW parts store in Whittier. And, they are thinking about driving by, just to check it out. That's what I did. Here's the picture I just took:

It has been nearly two years since I wrote a blog about the Weekly Family Fair in Uptown Whittier, where I mentioned Vinatero Wine Shop as one of my favorite places in Whittier.

Since then, Vinatero Wine Shop has won two awards from myfoxla for "Best Wine Shop in the Los Angeles Area" for both 2007 and 2008.  Will they win again in 2009?  My money is on Vinatero!

When you get up to the wine bar, you will be greeted with a smile by either Ernie or Lisa Ceja, the husband-wife team that owns the establishment.  If you want to learn about wine, then listen to the wisdom that comes from them as they pour you either a glass or a sample of wine. 

In addition to a great variety of wines, they also carry numerous gourmet beers. 

Vinatero Wine Shop is no stuffy, upper-crust establishment.  It's more like a neighborhood pub, where locals gather to taste some good wines or beers.  It's kind of like the "Cheers" of Whittier, for wine and beer.  If you don't want to hang out (who wouldn't?), then you can always just walk in and buy a bottle or case, and walk right out.  They are happy to serve you either way.

Would you like to keep up to date with Vinatero's latest news about what's happening in the wine shop?  Whether it's the day's tastings or special events, you can follow them on Twitter or you become a fan on Facebook.

-Blog End-

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About the author: The above Article about The Best of Whittier: Vinatero Wine Shop was provided by Bob Willis, a Whittier Realtor®. Bob can be reached via email at bob@willisrealtor.com or by phone at (562) 639-9400.

For Whittier real estate, see Whittier Welcomes You. Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my ListingBook website.

I service the following towns in the greater Whittier area: La Habra, La Habra Heights, La Mirada, Norwalk and Santa Fe Springs.

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I specialize in helping first time buyers get into their first home. Whether you want to buy now, in six months or in a year, a Buyer Consultation with a professional Realtor® should be the first priority of your home search. It's custom designed for you and your needs! Please call me for a FREE Buyer Consultation! (562) 639-9400.