Renee Baccaro

Something like...and keeping real estate sales in mind. "Invoke the master spirit of the earth. It is in exchanging the gifts of the earth that you shall find abundance and be satisfied. Paraphrasing..."Unless the exchange is in love and kind justice, it will lead to greed and hunger".

Well, the Prophet- knew what he was talking about. We are indeed suffering a lack of love...and there are people losing their homes and having to choose not to go hungry by walking away from a mortgage that will cause hunger and suffering. In less then 60 days there will be somewhere in the number of 70k more in foreclosure. As a real estate professional in 2002 to 2004 I was not aware of what would go wrong in our future because of the crazy real estate market prices soaring, but I felt that it wasn't right. It didn't feel good to me at all. I am an empathic when it comes down to it. For the most part it has only helped me with my own decisions and with the gut feeling for my clients decisions. When I feel a home could be a disastrous money pit problem...and they ask my opinion, I will tell them. I have always advised against adjustable rate loans mainly because I am a simple person and they don't make sense to me. You can try to divide professionalism with gut feeling, but you won't succeed. No one has a crystal ball to glance into the future, but we do have our intuitive instincts. When you don't listen to them you get into trouble.

Renee Baccaro Realtor Lic. 01718366

Century 21 Jervis & Assoc.

Come see my August 7,8 & 9 at the Corn Festival In Central Park on La Habra BLVD.

Yes, I feel conflicted about loving Michael Jackson. I imagine as many 50 plus year olds who grew up with the infamous talented one of a kind celebrity. I know every word of every song...last night they played Ben...ohh I remember going to see the movie about a Rat and sobbing in tears. I sung that song until my cheeks were sore!

Then the lawsuit came about the alleged molestation of 3 boys. He paid off 20million. I'm still trying to figure out what is real...unfortunately we will never know. However, I have to say I believe Michael was a lost tortured soul who happened to have immense talent and drive. I will miss him...thinking about what he could have done in his later life. If he would have come out of the "closet" or not. Those things are no longer possible...unless there is a journal he wrote in. What a possibility!

Renee Baccaro Realtor

Corn Festival coming in August 7,8 & 9. I will have a booth there. Please come and visit me. Win Movie Tickets give-a-way every hour! Renee Baccaro Realtor Century 21 Jervis & Associates. We are actually in La Habra!

Email me for more information. Renee Baccaro Realtor http://reneebaccaro@gmail.com

(562) 972-9886

100k in upgrades in 05'. Beautiful granite in all bathrooms & kitchen. Double pane new clean crisp and bright windows throughout home. Huge back yard with new gazabo!

17901 Fernpoint Cir. HB.

Must see. Call Renee Baccaro Realtor lic. 01718366. (562) 972 9886

see pics at http://reneebaccaro.com

6/02/2009

By Renee Baccaro Realtor®

There are key strategies in negotiating the best possible purchase in today's market. Just up until last month what we considered a buyers market with little parameters on obtaining a loan has morphed itself again into the more secure buyers market. As in financially secure that is. The bigger down payment or all cash offers are winning the majority of bids. Last year 40% of all escrows were not closing and the majority of those were FHA buyers. FHA buyers are losing out on bank owned homes putting a 3.5% down payment even if they boldly offer a higher price. Lenders have the upper hand using their own appraisers are narrowing the field. Often this will cause the appraised value to fall short. Agents and brokers scramble to save the deal by asking for an appraisal review or attempt to renegotiate an acceptable price to fit the appraisal. FHA face stricter loan conditions may not obtain a loan even though they were pre approved 50 days prior. Thus lenders may have to put those homes back on the market result in a loss of time and money.

Lenders have synched up their guidelines. The Golden Rule "He who has the money makes the rules". Fortunately, there are negotiations for non recurring closing costs such as tile, escrow fees, notary fees and termite clearance. If you are a cash buyer the appraisal is not needed. Appraisals are for the lenders securing a loan. For a 25% to 50% down buyer there is a lot of possibility in negotiating terms especially if it is a bank owned purchase. When countering an REO (bank owned term), offer for the savvier buyer may counter two, three, or more times before you settle an acceptable agreement on both sides. Not recommended for the faint at heart. If you have fallen in love with the neighborhood or the house then you may not be pressed to go after the best deal which may be the ideal situation for you and yours.

The best negotiations are sought on the surplus homes that are in need of significant repairs not on the upgraded homes often resulting in ten or more offers. I encourage FHA buyers to consider looking at homes that are in need of repairs, are not in the most popular areas, perhaps do not have the best floor plans, or plainly limited on curb appeal. Know about your options such as FHA's Streamlined 203(k) program permits homebuyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before you move-in. With this new product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.

If you choose an unpopular home that may have fallen out of escrow, which competitive buyers or their agents have not noticed, or have problems that are not desirable to buyers may be the one to go after...quickly!

Note to FHA buyers...consider offers on private sales not on bank owned and skip the 20 to 40 offers and the time that take 6 to 12 months to complete your mission. Interest Rates could go up...no one has a crystal ball view. Pay for a second appraiser if necessary. Getting the home is the goal and it may take more out of pocket expense to accomplish. You may have to ‘pretty the pot' so to speak to get that difficult private seller to sell with a 3.5% down. You have an option of using an FHA Streamlined 203(k) on homes that need from $5k to $35k in repairs and or upgrades. Key note: you must use a loan representative who is FHA streamlined approved. Have your agent write in your offer you will pay for seller's escrow or title up to the allowance for FHA guidelines with your lender. If you are making an offer on a home that has no other offers you can be more demanding by asking for 3% of non recurring closing costs and seller to pay for buyer's title insurance.

All in all, these are a few of the current strategies for a buyer in this ever changing market.