Just saw this sent out by CAR:
DRE Can Discipline Licensee for Inflating BPOs:Beginning on January 1, 2009, the DRE can suspend or revoke a real estate license if the licensee generates an inaccurate opinion of value (Broker Price Opinion or BPO) for a short sale of residential real property to manipulate the lender to reject the short sale or to acquire a financial or business advantage, such as obtaining a listing agreement. This new rule aims to preclude a self-serving agent from inflating a BPO in hopes that the lender will reject the short sale, foreclose on the property, and give the BPO agent an REO listing. Senate Bill 1737.
I had no idea that agent's were behaving so unethically to get a listing. You'd think the bank would be smart enough to give the listing to an agent other than the one that did the BPO. I thought all the fly-by-nighters had left the industry. I guess not. I hope the agent that just performed a BPO on my listing was honest.
Conforming Jumbo CHANGE on 12/1/08
October 6, 2008
The maximum conforming-jumbo limit for California officially changes for Fannie and Freddie on 1/1/09 to $625,500, however just recently I've learned that the banks will not fund any loan over $729,750 after 12/1/08.
If you loan is greater than $625,500 and you can't pay it down before your lock expires, you should consider completing a refinance into a 30 yr fixed ASAP. It'll take at least 30 days to process the loan as the lines get longer, so start the process today.
Here are some pricing scenarios:
Scenario 1: $729,750 loan amount, Loan to Value 80%, FICO 720, on a no-closing cost 30 yr fixed:
Rate 6.625% APR 6.625%
Scenario 2: $729,750 loan amount, Loan to Value 75%, FICO 720, on a no-closing cost 30 yr fixed:
Rate 6.250% APR 6.250%
Scenario 3: $729,750 loan amount, Loan to Value 60%, FICO 700, on a no-closing cost 30 yr fixed:
Rate 6.125% APR 6.125%
Call me to discuss your scenario.
Remember rates are constantly changing, if you find something you like act on it.
-sunil
Title Insurance Bill Signed Into Law by Governor Schwarzenegger
I've read the press release on number of newsites but there's no meat in the press release. This is it:
"The bill provides the Department of Insurance with significant new power to regulate marketing practices in the title insurance industry. In particular, the bill creates the first program in the country to register and regulate title company sales representatives."
So I'm guessing the female reps will be forced to wear looser clothing and get breast reductions. And I assume the back rubs will go away as well. I'm sure in the end this will help reduce the cost of title insurance somehow.
Title Insurance Bill Signed Into Law by Governor Schwarzenegger
I've read the press release on number of newsites but there's no meat in the press release. This is it:
"The bill provides the Department of Insurance with significant new power to regulate marketing practices in the title insurance industry. In particular, the bill creates the first program in the country to register and regulate title company sales representatives."
So I'm guessing the female reps will be forced to wear looser clothing and get breast reductions. And I assume the back rubs will go away as well. I'm sure in the end this will help reduce the cost of title insurance somehow.
Title Insurance Bill Signed Into Law by Governor Schwarzenegger
I've read the press release on number of newsites but there's no meat in the press release. This is it:
"The bill provides the Department of Insurance with significant new power to regulate marketing practices in the title insurance industry. In particular, the bill creates the first program in the country to register and regulate title company sales representatives."
So I'm guessing the female reps will be forced to wear looser clothing and get breast reductions. And I assume the back rubs will go away as well. I'm sure in the end this will help reduce the cost of title insurance somehow.
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I know Fremont, Union City, San Ramon, & Pleasanton. I can negotiate a great price on a home for you that's associated w\ a great school. Realtor, Mortgage Broker, MBA, CPA. Short Sales, Loan Mod, REO
Experience and Education
Education:
UC Berkeley, Economics
UCLA - Anderson, School of Business, MBA
London Business School, coursework in Strategy and Finance
Credentials: MBA, CPA, Realtor, Broker
Experience:
Local boy who attend elementary through high school in Fremont. Fremont has some of states best ranked schools in the state.
I am the Broker Owner of SMA Financing and an Associate Broker with Show and Sell Realty. I've been doing real estate and financing full time since beginning of 2002. Prior to that I worked in the high-tech world helping young companies go to market, get funding, develop business plans. My original career was as a CPA. I practiced for 4 years in the tax department of Arthur Andersen and 3 years with Morrison and Foerster. I originally got my Realtor license in 1992 and started working part-time in the industry than.
Most of my clientele is interested in buying a home associated with a high performing school. It's the number one reason people buy homes in Fremont. Fremont has 28 elementary schools, of which in 2006, 10 (36%) had an API score greater than 899, and another 12 (43%) scored between 799-900. The remaining 6 had scores between 732-800, which in comparison to the neighboring districts is still considered great. Two of the Mission Elementary Schools (Mission San Jose Elementary, Gomes Elementary) were ranked top 10 in the state, as ws Hopkins Junior High and Mission San Jose High School. My buyers have looked at Cupertino, and other sites on the Peninsula, but end up choosing Fremont because you simply get more square feet for the dollar and comparable API.
However Fremont is also an attraction for buyers for the diversity it offers, with over 50% of the population consisting of various minorities.
100% of my business is from referrals and is splits 50/50 between new home buyers and trade-ups. I haven't been seeing much investment buyers here simply because the cash-flow doesn't make sense. My buyers and sellers love me because I don't sugar cost things. I tell you what I really think. My CPA background means I tend to more conservative and want to make sure you understand the pros and cons of each property.
Hey, thanks for everything. Very smooth, very painless (except for mistakes made by me!) I will definitely recommend you
Janice Kary
San Diego, CA
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Dear Sunil,
You have helped us refinance twice in the last 5 years. Both times my
wife and I were extremely satisfied. We truly felt that you have your
client's best interest at heart. Thank you for all your hard work on our
refinances. We have no reservation in recommending you to our friends and
family.
thank you,
Frank and Michelle Edelman, Fremont, CA
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I'll never use anyone else again. I wanted to get a HELOC in place before I left the country, which was a week away, and Sunil did it! At the start of the process he emailed me a spreadsheet of various options and then went over pros and cons of them, including the tax benefits. The appraiser was there the next day, and we signed docs the day before I left. Sunil even personally came to our home, because he knew we had little time between the packing and wrap-up of remaining errands, so that he could answer any questions during the sign-off. And best of all, everything was exactly as he said it would be - no surprises. If you are looking for one of the best educated mortgage brokers around, who can find you a great program and rates, arranging for expeditious funding with no surprises, give Sunil a call.
Barry Augus, Oakland, CA
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My husband and I will not use anyone but Sunil to handle our home loan needs. He has gone way above the line of duty in taking care of our loans, not just when we bought our house but also when it was a good time to refinance. We would recommend him every time.
Irene Hagmann, Fremont, CA
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I would like to say that I highly recommend Sunil Sethi at Show and Sell Realty because: During the time my place was on the market Sunil went out of his way, I think, to sell this property by actually rolling up his sleeves and helping in the grunt work. Such as placing tan bark and placing flowers along the walk way, helping to get me deals on contractors, loading stuff in to the trash to go to the dumps, and many more things that I have never had a realtor do for me !! He gets VERY involved and I would be more then happy to hire Sunil Sethi/Show and Sell Realty again in the future !
Regards,
Al Dixon, Fremont, CA
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With Sunil, I was able to secure the lowest rates and most appropriate loans. Sunil watched my portfolio with care and that insured my investments were matched with optimal loans. Dave Buciak Director, Exalead Software
San Francisco, CA
----------------------------------------------------------------------------- Thank you Sunil for all your help! As you have assisted me and friends I have referred, I have been impressed by your professionalism, knowledge, and service level. You are always very responsive, and I really appreciate your practical advice and willingness to help. Thanks again! Paul Schreiber, Fremont, CA
----------------------------------------------------------------------------- Sunil, Thanks for all your help. It was a pleasure working with you since, you handled both the real estate and financing aspects of the purchase of our new home in and sale of previous home in North Beach. It was a competitive bidding environment, but you managed to secure our new home at a fantastic price, and sell our old one for the highest price in the community. We love the view of Angel Island. Thanks so much.
Ray Whitley, San Francisco, California
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You're a true professional Sunil. Every once in awhile good things happen to us in life, and I think when I chose you as our agent it was one of those good things. Thanks for your day-in and day-out professional care. Thanks for making the experience easy. Working with you was a pleasure. I have already recommended you to my clients and family. Please continue to let me know when an opportunity to improve my position becomes available. Ed Moura, CPA, Concord, CA
----------------------------------------------------------------------------- As first time home buyers, we weren't familiar with the loan process. Sunil walked us through the process step by step and was always available to us day or night and on weekends if we had any questions. He gave us the tools we needed to decide which loans worked best for us and showed the risks of various loans. I would recommend Sunil to our friends and family; he is professional, competent and gives 110%. We were very pleased with his service and will be using him in the future. Taya Hernandez and David Rands II, Livermore, CA
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