Tuesday, February 11, 2014

How to Shop for a Real Estate Agent that’s Right for You

Buying or selling a home can be exciting.

But, it can also be a mixture of fear, anxiety and anticipation because it means a new chapter in your life. 

So, choosing the right real estate agent is one of the first things to consider when making a move. 

While friends and family may refer real estate agent to you, their home buying or selling needs are probably different than yours.  The internet is a good way to do your research, but consider it a starting point in your search for a real estate agent that represents your interests. 

First of all, there are many intangibles that you’ll need to consider:

o   Is the agent’s personality compatible with yours?
o   Do you “sense” they are honest and trustworthy?
o   Does the agent have a clear understanding of your objectives and needs?
o   Do they have a list of referrals that you can call to get their opinion?
Secondly, here are the some things for you to verify when shopping for an agent to represent you:

Licensing – While a real estate agent must pass certain tests and must be licensed by the state, you should also check to make sure their license is valid and in good standing.  Have they had any complaints filed against them? 

National Association of Realtors® – Not all real estate agents can call themselves Realtors® unless they belong to this association and agree to be bound by their “code of ethics.”  It’s an additional layer of protection for consumers.

Education & Specialization – It’s important that real estate agents continue their education.  They can also take courses if they’d like to “specialize” in certain categories of a real estate practice, like “short sales/foreclosures” or “senior housing.”   Ask if the person has any educational designations and what areas of real estate they special in. 

Local Knowledge – A good agent will have local information at their fingertips, including housing trends, how many houses on the market versus the percent sold, sales price trends, local crime stats, school and shopping information and a list of professionals that they do business with to help make your real estate transaction as seamless as possible.

Experience – While a certain amount of experience is important, it should be only one of the things to consider.  I’ve known of experienced agents who become lazy after years of selling real estate, and I’ve seen newer agents who are highly motivated and eager to earn your business in hopes of future referrals.

While this info is not all inclusive, if you are thinking of buying a home or selling the one you already own, please rely on me to recommend 3 or 4 agents for you to interview, so you can choose the one that you can relate to and will understand your real estate needs. 


Thursday, December 6, 2012

Short Sale? You Better Know This Before you List Your Home!


While this really has nothing to do with getting a home loan, chances are you or someone you know is thinking of short selling their home.  Or perhaps you are shopping for a home  right now and this could affect you as well.

Let's first talk about the person who is or is thinking of short selling their home.  The 2007 tax forgiveness act is about to expire.  So what does that mean to you if you are currently short selling or thinking of short selling your home?  Well it could mean huge tax liabilities.  I want to start off by saying I am not a CPA nor am I giving tax advice here.  What I am saying is there could be a huge consequence if this tax break expires.  An example would be this.  Let's say someone sells their home for $100,000 less than what they owe.  Theie income is in the 30% tax bracket.  This could mean you would now have a $30,000 tax liability that you will have to pay.  Again, I am not a CPA and I always advise my clients to speak with a CPA before they move forward with listing their home as a short sale.  As you can see in this example, this could be financially devastating.  Therefore, please, contact your CPA and if you don't have one, you need one now.   Even if you have sold your home this month, will it close on time to avoid the tax penalty?  You only have a few weeks left before the end of the year and the expiration of this tax forgiveness.  Protect yourself now!

As a buyer?  If this tax forgiveness doesn't get extended, than that means the inventory is going to be even less than it is today.  While it may be good for someone that wants to sell their home because it will create even more multiple offers, it does mean that finding that home and getting your offer accepted just became harder.  With the fiscal cliff looming and Congress Christmas break looming, there is a good possibility nothing will happen until next year.  But when next year?  January? February? March?   

As a Seller or potential Seller with a short sale I would say talk to your CPA now!  Also write to your Representative and tell them to get it approved now!  Click here to find  your Representative.

Please feel free to email or call me anytime.  But if you have a home listed right now that's a short sale, time is of the essence! Get the professional tax advice before it's too late!


Tuesday, October 30, 2012

Loan Modifications - 5 Scams to Watch out For!

Are you or someone you know looking to do a loan modification on their home?  Be sure they are aware of these following scams! Please pass this on to them as it could cost them their home.

Phony Counselors – Scam artists present themselves as “counselors” who will negotiate a deal with the lender IF the borrower pays a fee first.  Some scammers even require that all the mortgage payments be made to them while they negotiate on the borrower’s behalf. 
Fake “Government “ Modifications – Scammers will claim to be approved or affiliated with the government.  Their documents and website will use terms like “federal” and “TARP”.  They will claim a fee is necessary to use the modification program.  Borrowers should call their lenders directly to find out if they qualify for a government loan modification.
Bait and Switch – The scam artist tells borrowers that by signing loan modification documents the existing mortgage will become current.  What the borrower is really signing surrenders title to the scammer in exchange for a “rescue loan”. 
Rent-to-Own or Leaseback Schemes  – Scammers tell borrowers that if they will surrender title to their home that they can stay there as a renter, and then buy the home back in a few years.  The scammer then raises the rent over time to the point they can’t pay.  The scammer evicts the borrower and sells the home.  Another variation is when the scammer has the borrower sign over title and move out.  They promise to find a buyer for the home and share part of the profit once the home is sold.  What really happens is that the scammer rents out the home, never making the mortgage payments and lets the lender eventually foreclose, while they walk away with all the rent money. 
Bankruptcy to Avoid Foreclosure – The scammer promises to negotiate a refinance with the lender for a fee.  He pockets the fee and files a bankruptcy in the name of the borrower without the borrower’s knowledge to temporarily stop the foreclosure process.   The borrower thinks things are going well because the collection calls stop. 

If you are still current on your payment you may qualify for some of the refinance options that are available today.  Even if you're upside down!  Call me first to see if you would be eligible for any of these products before allowing any of your payments to go delinquent.

Call me today!
Jayne Combs
NMLS#222444
Mortgage Loan Officer
First California Mortgage 
588 San Ramon Valley Blvd #202
Danville, CA  94526
jcombs@firstcal.net




 

Monday, June 11, 2012

IS YOUR HOME UNDER WATER?

 


I have some exciting news for those of you homeowners who are currently upside down on their homes.  If you have a mortgage that is held by Freddie Mac, FannieMae, FHA, or VA you may be able to refinance your home to take advantage of today's lower rate without any equity in your home.  In some cases, you can even refinance your investment property as well!

Homeowner's with FreddieMac and FannieMae loans may be eligible under the HARP program depending when their loan was sold to them.

VA has a VA Refinance Streamline to help Vets that do not have any equity in their home and will consider refinancing without an appraisal.

FHA just released new lower insurance premiums for people with FHA loans sold to them prior to 5/2009.  If you have wanted to refinance in the past but it just didn't make sense because of the increase in the mortgage insurance now is the time!

To get started to see if your current mortgage qualifies for any of these products, just email me your mortgage statement to jcombs@firstcal.net for your free, no obligation consultation.  Unfortunately due to law changes, I am only licensed in CA.  But I may be able to direct you to a licensed loan officer in other states if necessary.

Let's do it! 

Jayne Combs
Licensed Mortgage Consultant
NMLS#222444
First California Mortgage
588 San Ramon Valley Blvd
Danville, CA 94523
(925) 270-7763

Wednesday, June 6, 2012






Applying for a Mortgage Loan

10 Commandments

Thou shall not change jobs or become self-employed

Thou shall not buy a car, truck or van unless you plan to live in it

Thou shall not use your credit cards or let your payments fall behind

Thou shall not spend the money you have saved for your down payment

Thou shall not buy furniture before you buy your house

Thou shall not originate any new inquiries on your credit report

Thou shall not make any large deposits into your bank account

Thou shall not change bank accounts

Thou shall not co-sign for anyone

Thou shall not purchase ANYTHING until after the closing