Rosemary Brooks -Mother & Daughter (866)-750-8282

Time to scratch your head again!

Listing agents are sending out emails to the buyer’s agents that say it is a verbal counter from the bank. Wait! Hold your horses - don’t get too excited about it until you really think it out and get yourself together long enough to see what they are really asking you.

Of course you will be excited that your offer received some personal attention from the seller but wait just a minute. The word Verbal and Acceptance might not be a good match!

Verbal acceptance…. Don’t mean anything until you get something in writing. That rule has not changed. So agents need to put that listing agent back in check and respond that the buyer is excited that he seller is interested and will await something in writing from the seller – this is especially true when the agent is asking for the buyer to agree to shorten inspection time back to this VERBAL communication.

Most that I have seen will say the seller expects the buyer to waive the inspection period and to pay any differences between the appraised value and what they have offer... then there can be a deal! Asking you to waive the inspection period, is not a good thing unless you are paying cash and really don't care what the value of the property is.

And Buyers you cannot run right out and pay for an inspection on every verbal you get! I mean $350 - $400 is real money. You don’t get it back if your offer is not accepted! If I were the agent I would suggest to my buyer that we wait and see what and when we get a counter or an addendum from the seller, read the terms and respond by either countering or signing the addendum at that time.

They say time is of the essence but that should have nothing to do with rushing through the process and putting you in a position to make an unwise decision.

** Just a reminder: Fannie Mae responses are slow, especially after you sign the addendum.. they take a while to go through the QC process before you will get the actual executed contract… this is a real good reason why it is important to not agree to Verbal acceptances without the verbal turning into written acceptance.

↑ Grab this Headline Animator

CHECK OUR WEBSITE: http://www.motheranddaughterrealtyteam.com

EMAIL: info@motheranddaughterrealtyteam.net

There is a rumor... or is it truth?? That FHA is lowering the waiting guidelines on how long you have to wait AFTER you do a Short Sale to purchase another home using FHA financing.

Some say it is 3 years or longer, some say as soon as 1 year after!! One year?? Is that truth? According to the rumor, as long as you do not have late payment history for the last 12 months – you are good to get a FHA loan. Is this truth?

So I put that question to the test with a FHA loan expert yesterday – while at a FHA class. I was told that we must remember that Short Sales are reported on your credit as if it was a foreclosure (in most cases) – unless this negotiated prior to closing the short sale. And even then, there is no promise that the bank will keep their word.

So if it is reported like a foreclosure…. 1 year will definitely turn into at least 3 years of waiting. So Homeowners: Nothing is that certain as to how this will all turn out and if you are getting out of a bad deal, I’d suggest you put it in your mind that it will be at least 3 years before you can become a homeowner again.

If that changes, it would be all good.

↑ Grab this Headline Animator

CHECK OUR WEBSITE: http://www.motheranddaughterrealtyteam.com

EMAIL: info@motheranddaughterrealtyteam.net

While most First Time Home Buyers are shying away from the new homes and are only looking for the foreclosed - bank owned or short sale properties in search of a deal... NEWS FLASH! there still may be a few good deals in the new homes in the Stockton, CA area. Surely not as many homes available, but it may be worth checking out. It is true it is hard to find new constructed homes in this area since most builders are not building right now. 

Some would ask are there really any deals when you purchase a new home?  Don't forget you get the tax credit until mid 2010.  And doesn't everyone want a new home? 

I found that most builders have their building project on hold due to the market conditions.  The lots are vacant and weeds are taking over.  However, there are a few available homes in the Riverbend community in Stockton, CA - builder is KB Homes and they say they build to order. 

Riverbend is located in the 9212 zip code area of Stockton, CA.  It might be well worth it to check out this community to see what incentives KB is offering to 1^st time home buyers or up-graders.  They advertise that their homes start from $233,000!

I recommend you give me a call before you go New Home searching - and we can take a stroll over to KB to see what they are offering.

*Based on zipcode 95212

↑ Grab this Headline Animator

CHECK OUR WEBSITE: http://www.motheranddaughterrealtyteam.com

EMAIL: info@motheranddaughterrealtyteam.net

If you are wondering if you can ask for a short sale from your lender if you are not really under water, but want to sell your property to get out from under the mortgage, you would not be able to get enough out of the sale to cover the closing costs.  This is still worth you trying to get a short sale approval if you really want to sell the property.

The same short sale rules would apply:

• List the property
• Get an offer
• Submit the offer with a HUD, financial statement, W2, pay stubs, hardship letter

Before you get started, get yourself a real estate agent to handle your short sale.  Make sure you hire an agent that know about short sales.

↑ Grab this Headline Animator

CHECK OUR WEBSITE: http://www.motheranddaughterrealtyteam.com EMAIL: info@motheranddaughterrealtyteam.net

CHINESE/DEFECTIVE DRYWALL

During the time much of the United States was experiencing building material shortages, some homes were built or renovated using defective drywall imported from or manufactured in China. Defective drywall reportedly emits levels of sulfur, methane and/or other volatile organic compounds that cause corrosion of air conditioner and refrigerator coils, copper tubing, electrical wiring, computer wiring and other household items as well as create noxious odors which may also pose health risks.

When purchasing REOs remember, the Seller has made no inspection for and has no knowledge of the presence of Chinese/defective drywall affecting the Property, unless otherwise stated in the Counter Offer.

You may get a disclosure to sign with this wording on it.  This is not talked about much but it can cause some health problems.   Make sure you have a home inspection and see if they can verify what kind of drywall you have -- especiallly if it is exposed.

↑ Grab this Headline Animator

CHECK OUR WEBSITE: http://www.motheranddaughterrealtyteam.com EMAIL: info@motheranddaughterrealtyteam.net