OPEN HOUSE in Daly City This Weekend! 27 Morton Dr. $675,000! One of only 9 Houses for Sale There!

| Robin Watson-Bird, Ph.D., Broker

Open Saturday and Sunday 1-4. Single story 3-4 bedrooms, 2 bath  1370 sq. ft. ranch style house with cute garden patio in desirable Serramonte area with updated kitchen and baths and peek-a-boo views of South SF, the airport and bay (trees have grown up and are blocking what used to be a fabulous view!). Fourth bedroom has […]

Open Saturday and Sunday 1-4.

27 Morton front pic

Single story 3-4 bedrooms, 2 bath  1370 sq. ft. ranch style house with cute garden patio in desirable Serramonte area with updated kitchen and baths and peek-a-boo views of South SF, the airport and bay (trees have grown up and are blocking what used to be a fabulous view!). Fourth bedroom has no closet and is actually a separate living room, den or bonus room with open beam ceilings and big windows. Close to school, library, public transportation, Gellert Park with large playground, basketball & tennis courts, wall ball, soccer fields and picnic area. Minutes to freeway, shopping, BART and restaurants. This home is in generally good condition, but does need some TLC to make it be the best that it can be (new gutters, some pest report items completed, fresh interior paint,other minor repairs). Sale will be AS IS Only. Seller is proving a pest, home and roof inspection for buyers to review prior to making an offer. Offers, if any, due Monday 4-27-15 by 10AM. Contact listing agent Robin Watson-Bird for more information or to arrange a private showing. 925-577-8692

For a flyer of this home, visit: http://bit.ly/1Ds9hnO

For additional information and pics, check out http://nopressurerealty.com/listings/0,92890/27_Morton_Dr_Daly_City_CA_94015/

Interior Features
  • Square Feet1,370
Exterior Features

Lot Size3168

 

Realty World Products & Services

| Robin Watson-Bird, Ph.D., Broker

I love this new video about our company’s products and services. Check it out! If you are an agent, see if your company is giving you what Realty World does. Let me know what you think.

I love this new video about our company’s products and services. Check it out! If you are an agent, see if your company is giving you what Realty World does. Let me know what you think.

Great Information About VA Loans—Postive Things About VA Everyone Should Know; Misconceptions Dispelled

| Robin Watson-Bird, Ph.D., Broker

Many agent and home sellers are opposed to or at least hesitant to accept offers from buyers using VA Loans because they have misconceptions about what VA loans require the sellers to do and they think the buyer cannot really afford to buy the house because they have chosen $0 down or very little down, […]

Many agent and home sellers are opposed to or at least hesitant to accept offers from buyers using VA Loans because they have misconceptions about what VA loans require the sellers to do and they think the buyer cannot really afford to buy the house because they have chosen $0 down or very little down, when, in fact, VA Buyers can often be the strongest offer on the table! In the past, VA loans required sellers to pay for repairs and other “non-allowables.” Now, a VA Borrower can pay for all repairs, closing costs and more in some situations. The only thing a VA buyer cannot pay for is a pest report. A seller, agent or other party would need to pay for that.
There are many benefits to the Buyer using a VA loan. For example, they can put $0 down up to the VA loan limit, and only have to come up with 25% of the difference between their offer price ans the loan limit if they want to buy a home that costs more than the zero down VA loan limit. VA loan rates are also lower, the lender can credit the borrower to help pay for closing costs if needed (interest rate will go up a little to cover the cost), there is no mortgage insurance required for VA financing, and future buyers of that home can assume the loan at today’s low interest rate…Dean Simpson with iServe Mortgage discusses the these and more in his short video. Agents, home sellers and potential VA borrowers should listen to what he has to say.

#DeanSimpson

FHA Flipping Rule & VA Loan Amount Updates

| Robin Watson-Bird, Ph.D., Broker

Just received this great loan update from Peggy Valley of Summit Funding:   FHA Here is some additional information on the new FHA rule out this week. If there are more changes, I will be letting you know.   1)      FLIPPED property owned less than 90 days – no FHA loan availability 2)      Flipped property owned 91-180 […]

Just received this great loan update from Peggy Valley of Summit Funding:

 

FHA

Here is some additional information on the new FHA rule out this week. If there are more changes, I will be letting you know.

 

1)      FLIPPED property owned less than 90 days – no FHA loan availability

2)      Flipped property owned 91-180 days – 2 appraisals required

a)      If the property value is more than 5% above the acquisition price the seller will need to justify the increase. This can include receipts, list of improvements, etc.

b)      The underwriter will have discretion as to how they look at the improvements and may ask for more detail.

c)       Also, they added another caveat – a flipped within a year of acquisition will be under extra scrutiny per FHA guidelines. If the property has been sold more than once they will  look at the history and the lowest price for the property.

So bottomline, FHA must have been having some issues with flipped properties over the past few years to make the above changes. Extra work will be required.

 

VA

VA loan limits:

1)      The VA loan limit for Alameda and Contra Costa County has been reduced from $1,050,000 to $625,500 effective midnight December 31, 2014.

2)      In order to meet and use the current guidelines the borrower MUST a) be in a ratified contract, b) have a loan application issued, and c) a VA case number pulled.

3)      So what makes for an application in today’s day and age you might ask? Ratified contract, fees from the title company, and the application electronically signed or manually signed, case number is a number being pulling by the bank so that means during regular business hours, no midnight work.

4)      The impact is that the borrower will have to come in with more funds. For example, currently if the borrower is purchasing $1,050,000 there would be zero down. With the new guidelines, same  sales price, the borrower would have to come in with $106,125 or 10.12% for downpayment.

5)      You may ask, then why use VA loans. Great question and here are the awesome answers:

a)      On a recently priced loan the borrower got a rate of 3.875% for 30 yrs AND $3300 in credits. Can’t get that anywhere else on a loan over $1M

b)      There is no mortgage insurance

c)       There is no second with an index that moves.

d)      Higher ratios are allowed

e)      AND a veteran can pay  up to 1% of the loan amount toward termite/non-allowables, etc. as long as they didn’t pay an origination fee.  None of my clients do.

f)       So the loan is a win-win for all parties

 

Peggy is a very experienced and dedicated loan agent with awesome follow-up and competitive loan products. You can reach her at peggy.valley@summitfunding.net or by calling 925-890-5255. She is very approachable,  but I would be happy to make the introduction for you if you want, just let me know. 

 

 

FHA Changes Effective January 1, 2014

| Robin Watson-Bird, Ph.D., Broker

Effective January 1, 2015, FHA will have let their 90 day waiver on flipped properties lapse. This means that after January 1, 2015, a borrower wanting to purchase a flip will have to wait 6 mos + 1 day to purchase. I suspect this is going to bring an uproar in the real estate industry. […]

Effective January 1, 2015, FHA will have let their 90 day waiver on flipped properties lapse. This means that after January 1, 2015, a borrower wanting to purchase a flip will have to wait 6 mos + 1 day to purchase.

I suspect this is going to bring an uproar in the real estate industry. I will keep you updated as things change.

So what does this mean for borrowers – for those wanting to purchase a flip they will need to be in a ratified contract, have a loan application in process AND have a case number pulled by 12/31/14. This will be difficult since everyone will be pretty much closed on 12/30/14.

 

This change will affect both buyers as well as sellers who are flipping properties. In my opinion, it will likely slow the sale of flipped homes and even lower the price of them in areas where FHA financing is the norm and so is flipping property since supply and demand will be affected.

Feel free to contact me if you would like to discuss this change and how it may affect you or your area.

(parts of this update were  excerpted from an email provided courtesy of Peggy Valley at Summit Funding, peggy.valley@summitfunding.net, 925-890-5255. The opinion is mine, however)