Answering real estate questionsDuring the past few years, we have encountered the “height of the real estate market” The “bottom of the real estate market”, and condos and town homes falling from FHA graces.

FHA – the Federal Housing Administration. They have a 3.5% down payment loan program for a buyer to buy residential real estate.

This program works well when we are not dealing with a Homeowners association, HOA.

However, if there is an HOA and if the home is a Condo/Townhome, they have to be on the FHA approved list.

Back in the real estate heyday, almost all were on the “approved list”. If they weren’t your, agent/lender, could request a “spot approval”. They would actually check on the financials with the HOA, and if everything was in order, they were certify it as being approved for FHA.

After the last “fall of the real estate market”, a lot of those which were FHA approved, are not any longer.

In the SCV, we have only a handful left that are “greenlighted” for FHA financing.

Fannie Mae and Freddie Mac are coming out with a 3% down loan program. This may be the water that breaks the stoppage within the real estate resale realm. In fact, due to most condos and townhomes needing 20% down to buy, this could be something that gets buyers Moving.

Those Buyers that cannot afford to buy a Single Family Home, buying real estate again at this entry level step, with a condo or town home.

Enjoy the youtube video and make sure you tune into our Seven Day a Week real estate radio show. We have a lot to offer our clients when it comes to real estate representation and news.

 

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Radio Show for Real estateIntro to the Santa Clarita real estate radio show:
13 new listings in Santa Clarita Valley, 3 Santa Clarita homes had their prices changed, 4 SCV houses fell out of escrow, 8 properties entered escrow in the Back Up position, 7 properties were changed to Pending Status, 8 homes sold in the Santa Clarita Valley within the past 24 hours and 1 property expired.

Real Estate News:
Make sure you double and triple check the figures that are placed in front of you. Go through your contract with a fine comb and ask your agent what you are being charged for.

Travel Tuesdays Broadcast:
Our Santa Clarita real estate show today has to do with the rental and lease market in the Santa Clarita Valley Cities. How do you find the best Santa Clarita rentals? Who should you hire to show you the rentals and leases in the SCV? We built a system to show you all the MLS based rentals and leases. Resource: Search the Santa Clarita rentals and leases

Paris911 E-mail Question:
How much does it cost to buy a home?  It depends :) – What side are you on – If you are not selling, and only buying, you have to pay your closing costs. Closing costs for a buyer typically equate to about 3% – Your part of Title Insurance, Your part of Escrow and your lender’s fee. Notice, your real estate agent is not a part of what you pay to buy a home, or it shouldn’t be. If it is, you need to ask why that is the case and get a second opinion!

Paris911 Tip of the Day:
Get it in Writing! If you are being promised something in a real estate venue, over the phone, or via email, make sure you get it in writing. If it sounds too good to be true, it probably is, so get it in writing!  If those who are spinning that yarn, are not going to put it in writing, you need to move along to another service provider!

Paris911 Word of the Day:
Visit our real estate glossary to follow along. Today’s word of the day is “Dual Agent”.  What is a Dual Agent?  A real estate representative that is representing the seller and buyer in the same transaction for the sale of the same home. Some states do not allow this. It has been stated that you would not hire the same attorney to represent you that is suing you…  Interesting thought!

Tomorrow’s Real Estate Radio Show:
Foreclosure and REO Wednesdays. We will have a lot of great insight and thanks for tuning in to our Daily Santa Clarita real estate radio show. We will speak with you soon and let us know when you are ready for our help with everything that is real estate!

 

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