Straight Talk - Fresno Real Estate News 
HAFA Short Sales - Will They Work?
Friday, August 13th, 2010 at 3:18pm. 48 Views, 0 Comments.
Home Affordable Foreclosure Alternatives (HAFA)
You may have received a letter from your lender notifying you of a new government programs for homeowner mortgage assistance called “Home Affordable Foreclosure Alternatives (HAFA)." This program appears to hold some promise for streamlining the lengthy short sale process and also offers incentives for homeowners and lenders to participate. Here's some of the basics for those currently upside down on their home:
What is a Short Sale?
A homeowner works with a local realtor to sell their property for a current market rate and the mortgage lender agrees to accept the net proceeds of the sale even if the proceeds are less than the total amount due on the mortgage.
What is HAFA?…
Fresno Condos: A Good Buy?
Monday, July 19th, 2010 at 1:32pm. 32 Views, 0 Comments.
June 2010 --
One of the questions often asked by clients is, "Are condominiums a good investment in the Fresno County area?”
Current Price:
Certainly, the price is compelling. Investors, first time home buyers and retirees are currently picking up Fresno County condos for an average of $106,354 (approx. $74 per square foot). That means mortgage payments hover around $800 for a 1,200 square foot condo. For many buyers, condos provide an extremely affordable and attractive option.
So price isn’t the question right now. But, should you buy is the question. The Central Valley is traditionally a single family home environment. Is there enough demand for condos in Fresno? With volatile real estate swings how does the value of…
Craigslist Real Estate Scams
Sunday, July 18th, 2010 at 2:48pm. 29 Views, 0 Comments.
May 2010 --
As with any form of free online advertising, Craigslist.org provides a perfect vehicle for scammers to prey upon people searching for real estate. These scams are now taking on a disturbing level of sophistication. Scammers are now copying descriptions and pictures of active homes for sale from public real estate sites such as realtor.com, trulia.com, and others. Those homes are then re-posted as rental properties on Craigslist for low monthly rent. The actual name of the seller is used (most likely obtained by public tax assessor records) but with a false email address.
Recently, a client was shocked to learn that his home had been posted for rent on Craigslist when he discovered prospective renters exploring his…
2010 Short Sale Tips!
Sunday, July 18th, 2010 at 2:15pm. 18 Views, 0 Comments.
April 2010 --
As many of you know, one of my specialties is short sales. For those who have explored all other options and are faced with the unfortunate reality of being unable to continue to own their home, a short sale is much more advantageous than a foreclosure.
Current Short Sale Statistics
The number of sold short sales (pre-foreclosed homes) in Fresno and Madera county has increased over 30% from last year. 302 homes were sold in 2010's first quarter in comparison to only 206 homes in the first 3 months of 2009.
The irony of referring to these transactions as “short” still remains however. Average days on market was 154 days (over 5 months!) in 2009 and a slight drop to 140 days in 2010. The main reasons short sales…
2010 Hot Real Estate Deals!
Sunday, July 18th, 2010 at 1:54pm. 14 Views, 0 Comments.
Originally Published March 2010 --
A lot of my buyers interested in newer homes are being lured by the prices of Fresno homes along the Highway 99 corridor. New communities sprang up along the 99 during the housing boom of 2005 and 2006 and now with so many homeowners defaulting on their loans, there are some excellent buys in the area.
Clovis vs. West Fresno Foreclosures:
This past month there were 22 homes sold in 93722 and 93723 that were built in 2000 or sooner. 21 of those 22 homes were foreclosures or short sales with the only remaining house being brand new.
A similar number of homes were sold in the newer areas of Clovis (93619, 93730) yet the ratios and prices are quite different. Out of 20 homes sold, 9 were foreclosures or short…
2010 Clovis Property Trends!
Saturday, July 17th, 2010 at 9:31pm. 17 Views, 0 Comments.
Originally Published - January 2010
I have had an increasing number of buyers seeking suburban (over an acre) residential property on the outskirts of Clovis. They are primarily move-up buyers eager for space and privacy, but still desiring a closer proximity to the Clovis resources. Since there are fewer typically for sale (less than 100 sold per year) these types of property historically retain value longer than traditional properties. Judging from recent trends this may be one of the best times in recent history to buy suburban residential land in Clovis.
Pricing Changes?
2006 was the height of the market for suburban properties with a median price of $684,450. 87 homes were sold that year and it was rare to find anything below $400,000 in…
Mission of the Heart!
Saturday, July 17th, 2010 at 9:02pm. 11 Views, 0 Comments.
Originally Published December 2009 --
This Christmas season I am reminded of all good that can come from people. I had the privilege of working with a buyer and seller on a unique sale this fall. An investor bought a foreclosed home in the south Fig Garden area of 
Fresno. Previously, the location for one of the largest drug busts in Fresno’s history and later partially renovated and then vandalized, the home needed to be stripped to the studs and rebuilt.
Click to View Fresno Bee Article
Instead of a traditional renovation and sale, this home construction project became a mission of the heart. The investor (who wishes to remain anonymous) organized the effort for donations of services and materials from local contractors and companies to…
Tax Credit Extended!
Friday, July 16th, 2010 at 4:17pm. 11 Views, 0 Comments.
Originally Published November 2009 --
The big real estate news this month is the extension of the federal tax credit for first-time home buyers from November 30, 2009 to April 30, 2010. A first time home buyer is defined as a buyer who has not owned a principal residence during the three-year period prior to the purchase.
Now even more interesting for many of my sellers/buyers is a new tax credit that was added for repeat buyers. Buyers who already own a home and have lived in the home for five consecutive years are eligible for up to a $6,500 tax credit on their next home purchase. Whether you are interested in moving up or downsizing from your current home, you qualify as long as the new home will be your future primary residence.
Click to…
First Time Home Buyers – Cashing In!
Friday, July 16th, 2010 at 4:03pm. 8 Views, 0 Comments.
Originally Published September 2009 --
Tax Credit Deadline Approaching!
The clock is ticking and the rush is on for first time home buyers to cash in on the $8000 federal tax credit. They must close escrow by November 30, 2009. With escrows typically lasting a minimum of 30 days, the next few weeks are critical for anyone interested in squeaking in before the deadline!
Here are a few of our recent clients that took advantage of these credits to buy their very first home!
Mike Bone
“I wasn’t even thinking about house hunting until I heard about that $8,000 tax credit,” remarked first time home buyer Mike Bone. He had heard that Harold Penner was an agent with the connections and knowledge to get people into homes fast and thought he…
Appraisals in Fresno - Challenging Times
Friday, July 16th, 2010 at 3:55pm. 6 Views, 0 Comments.
August 2009 --
Appraisal
Update
In May 2009, the “Home Valuation Code of Conduct” was
adopted by all Freddie Mac and Fannie Mae backed loans (which accounts
for over half of the loans in the United States). These regulations
were created out of a concern that a lender who directly hires the
appraiser for a property could unduly influence or pressure the
appraiser to adjust the price. So, the government backed a new policy
that appraisals must now be ordered through a third-party company in
order to limit communication between the appraiser and the lender or
realtor.
The act has had some negative consequences. Local
lenders were previously able to choose their appraisers based on
quality, knowledge and experience. …