For Richer or Poorer

Repairs and TRID

An agent called us very concerned the other day.  She said that after a walk through, she had a last minute repair request and was worried that it would affect her close date. 

There is much misinformation and mistaken commentary around this point.  Any changes other than APR, a prepayment penalty (never happens), or a loan product change (rarely happens) will not require a 3 day review. 

The following circumstances do not require a reissue and a 3 day review of a Closing Disclosure (CD):

• Unexpected discoveries such as a broken fridge or a missing stove, even if they require a seller credit.
• Most changes to payments made at closing including real estate commission, taxes, and utilities proration, and the amount paid into escrow.
• Typos found at the closing table.

Constant communication between the borrower, agents, and lender can help ensure a smooth transaction and mitigate any possible delays. 

 

For Richer or Poorer                                                 What zip code are you married to?

In the Sacramento area, we have 90 zip codes, all of which offer different benefits for living in them.  In this latest article published by the Business Journal, they rank areas by their affluence. The factors measured are earned income, investment income, home equity, among other factors.  This article could be of particular interest to buyers that are relocating to the area and may surprise area residents as to what zip codes have a leg up on others.  To access the article –CLICK HERE.

 

Funny Real Estate Photos

The owner of this site has collected some incredibly funny photos of real estate listings.  Whether it was an agent in a rush or that the owner insisted their listing stand out from the crowd, these photos are memorable (but not in a good way) – CLICK HERE.

Tips for Real Estate Success

New Condo Changes

Single family homes and PUD projects have always been a slam dunk with FHA.  Condominium projects have been so close and yet so far for many FHA buyers.  The challenge has always been that FHA would only allow financing on their approved condo projects…and none of them were approved!  How did that work?  Well, it didn’t – until now.  FHA/HUD just announced new guidelines allowing spot approvals on condos, making it easier for financing of those that would gravitate to their price range the most.  For all the details, check out HUD’s Mortgagee Letter 2015-27 or call the Easterbrook Team at Sierra Pacific Mortgage at (916) 850-6050.

 

Not Got a Clue? It May Get Harder to Get One   CLUE (Comprehensive Loss Underwriting Exchange) CLUE is a claims-information report generated by LexisNexis®, a consumer-reporting agency. The report generally contains up to seven years of personal-auto and personal-property claims history.

Currently, as a real estate agent, if you recommend your clients order a C.L.U.E. report when they order their NHD report you have several choices of companies to turn to for this service.

Recently, it has come to our attention that LexisNexis has decided to terminate its distribution agreements with these companies, compelling the consumer to go directly to LexisNexis for their reports. Beginning December 1, 2015 NHD companies will no longer be able to provide the C.L.U.E. Report to customers.  You can read more about the change HERE.

Free Safety App

There are many opportunities for Realtors to step into harm’s way showing homes.  There is a new app that you can download on your smartphone that will alert your predetermined monitors if there is a problem while you are out and about. – CLICK HERE.  Here’s another great video on personal safety with some simple safety steps that could affect your personal safety – CLICK HERE.

 

Tips for Real Estate Success

Genny Williams, business coach offers some practical advice to make a 6 figure + income in real estate.  As you are creating your goals for 2016, maybe work in a few of these things or accentuate what you are already doing - CLICK HERE.

The Bank of Mom & Dad!

The Bank of Mom & Dad

For young adults looking to purchase a home for the first time, the Bank of Mom and Dad has grown increasingly more important, as many first time homebuyers look to their parents for down payment assistance. The share of first time buyers needing assistance from their parents has increased over the past few years due to the rise in home values, slow income growth and tight credit standards and the Survey of Household Economic and Decisionmaking (SHED) upholds this idea. The SHED asked homeowners to identify the sources of funds used for their down payment when they purchased a home and found that the use of loans and gifts from family and friends increased from 8 percent in 2007 to 21 percent in 2009, but has dropped to 13 percent in 2014.  With the demise of the CHDAP/FHA combo, we expect the use of family funds to rise significantly through 2016. 

More Rental Trends

A new Harvard study points out how the rent vs buy decision is becoming even more skewed towards buying as rental inflation continues to increase. The number of US households that spend at least half their income on rent could increase 25% to almost 15 million over the next decade. Note that the homebuilders are pretty much all venturing into multi-family housing as well as single family, which should alleviate this problem at least to some extent. We have had a production deficit for single and multi-family construction for several years, prices keep rising, and yet housing starts remain at about 75% of normal levels (ignoring the boom and bust years).

With the increase of renters converting to buyers, it is so important to know financing options early.  Refer your buyers to us for a pre-purchase evaluation.  We can get them on the right path so that when they are ready (i.e. - their tax return coming in), they will have planned and be ready financially and in the right frame of mind to purchase. 

Finishing & Starting Strong

Last week we talked about taking stock of your life.  Now it’s time to start making your launch pad  to rocket into 2016.  Here is an article of 5 effective ways to wrap up the year and use your momentum to launch into the New Year – CLICK HERE

To Be or Not To Be?-That is the question.

To Be Successful, Learn From the Best

Some of the most successful people in history share their lessons – CLICK HERE.

Holding an Open House? Don’t Make These 7 Huge Mistakes

If you’re selling your home for the first time, you might think of the open house as the point at which your Realtor® waits until you leave, turns into a magician and, with a flick of the wrist, completely transforms the place into something out of Bravo’s “Million Dollar Listing.”
But here’s the truth of it: Your agent isn’t practicing wizardry on the side. And you’re not responsibility-free when it comes to the open house.
In fact, even though you’re not present for the open house (and you never, ever should be, if you want to sell the home), there are still quite a few ways that you can screw it up—and drive away potential buyers.
These seven things will, according to our experts, destroy your chances of a successful open house—and, potentially, the home sale. Are you guilty of them?

1. Leaving your pets behind

To Read The Entire List Click Here!


To find a realtor we trust or discuss your home buying needs contact The Easterbrook Team Today!
916-850-6050 easterbrooktea@spmc.com
John Easterbrook 916-224-7653 or Patty Aguon 916-833-5063


We Make Your Loan Process Easy!

Market Power Webinar Series

Sierra Pacific Mortgage wants to invite you to join us for our December “Market Power” webinar series where we will cover who the 2015 homebuyers and sellers are.

Sierra Pacific is kicking off this series on December 11th (12:00pm PST) with NAR’s Jessica Lautz. She will be discussing: who today’s homebuyers are, how they are financing, and what debt is holding them back.

We will continue the series on December 15th (11:00am PST) with MGIC’s Vance Edwards who will be discussing: recent industry trends, how to help first-time homebuyers, and opportunities to build successful relationships

To register for the December 11th webinar, click here: http://bit.ly/1Tjge13

Tor register for the December 15th webinar, click here: http://bit.ly/1XFcsAf

This webinar is open to all industry professionals. Please feel free to share these registration links with anyone you feel would be interested!

Tell Your Home Buyers: The Bargains Are Now

For home buyers chasing a bargain, they may want to act fast. Closings in January provide the best discount for home buyers, according to Lawrence Yun, the chief economist for the National Association of REALTORS®, in his latest column at Forbes. That means buyers can get the best deals when they get a home under contract around December, Yun writes.

Read more: Why Buyers Need to Buy That New Home Now

From peak price in August and September, home prices decline by 0.51 percent by January closings, according to the Case-Shiller index. On a typical home price of $220,000, that discount could equate to about $1,122, Yun writes.
“The seasonal decline is not all price depreciation of homes” in winter, Yun notes. “A good portion of movement is driven by a higher proportion of lower priced and smaller-sized homes getting sold during the winter months. The reason for this is that families with school-aged kids are generally not in the market during the winter because they do not want their kids to be disrupted during a school year, and it is the families with kids that generally require the larger homes that carry higher prices.”


To Read The Entire Article Please Click Here!


To purchase your dream home or investment property or just do a refinance before the rates increase contact The Easterbrook Team Today!!!


916-850-6050 or email easterbrookteam@spmc.com


John & Patty make your loan process easy!

9 Ways to Stay Warm This Winter Without Turning Up the Heat

The chill will be here before you know it—or, depending on where you’re reading this, it’s already arrived with a scary vengeance. Now you have three options: Crank up the thermostat, up your layering game (and risk looking like the Michelin man), or search for other types of home heating products to keep you and the family toasty.
Here’s the good news: There’s a slew of products that can warm your home in an array of astonishing ways, from heated rugs to countertops to driveways (no more shoveling snow!). Here’s a sampling of the innovative options.

Heating panels

To Read The Entire List Please Click Here!




The Easterbrook Team is here to Make Your Loan Process Easy!  Contact Us Today!
916-850-6050 or email us at easterbrookteam@spmc.com


John Easterbrook or Patty Aguon are always available!