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This Week's Articles

2010-02-23T23:02:00Z

Contrats of the week...

RH "you're in contract"
BM "you're in contract"
PG "you're in contract"

Thanks to all my AWESOME lenders who make it happen!!!!

Wanna know why you should use the lender I recommend to you... so we can say
Congrats "you're in contract"

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Vacaville's NSP program is on track...

Do you need a list of homes in the "area" targeted for First Time Homebuyers Assistance... call me or write me ...

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This is absolutely happening in our market....

Foreclosure Bargains Getting Harder to Find
Home buyers hoping to snag a really good deal on a foreclosed home are finding it increasingly difficult because supply is shrinking.

The number of foreclosures that are available for sale nationwide fell to 617,000 in December, down from 845,000 in November 2008, reports Barclays Capital.

Not only have attractive homes in popular neighborhoods already been snapped up, but also government help for distressed buyers is delaying more foreclosures.

Demand is driving up prices. Investors say typical prices have climbed from 75 percent of appraised value to 85 percent or higher when there are bidding wars.

Source: The Wall Street Journal, James R. Hagerty (02/23/2010)

This Week's Articles

2010-02-08T21:07:00Z

2010: The Year of the First-Time Buyer?
According to the Chinese calendar, 2010 is the Year of the Tiger. But in real estate, 2010 may come to be known as the “Year of the First-Time Home Buyer.”

Mark Zandi, chief economist at Moody's Economy.com, says there will be 1.84 million homes sold to first-time home buyers in 2010, compared with 1.73 million in 2009.

These buyers will invariably make some mistakes that they will come to regret a few years down the road, some experts say, including failing to use a real estate professional to help them manage the transaction.

Real estate professionals have the time and the knowledge to sift through thousands of listings, creating market analyses to judge pricing and other key features, points out Ray Boss Jr., a practitioner with RE/MAX Realty Group in Maryland.

"I would want someone who is going to look out for my interests first and foremost," says Boss. "Someone who knows the contracts, who has experience negotiating, and who can walk me through the entire process smoothly — step by step — and make sure I get the house that's right for me."

Source: U.S. News & World Report, Kimberly Castro (02/18/2010)

4 Reasons to Sell Now
Selling a property in this tough market can seem like a challenge. Here are four factors that actually make this a good time to post a For-Sale sign.

Sell low and buy low. Because all property values are down, the loss on the property a home owner sells is really only a paper loss because the next property he buys also will be a bargain. If he buys smartly, when prices come back up in a few years, he’ll be in better shape.
Down-payment help is widely available. While nothing-down loans have disappeared, it is easy to find down-payment assistance for lower-income and first-time home buyers. Programs vary all over the country, but one good way to find them is to search online for “down-payment assistance programs” and the name of your region.
Your uncle has money to share. Besides the $8,000 first-time home buyer tax credit and the $6,500 move-up credit, there are an array of energy tax credits that can make home improvements pay off in cash.
Good help is available. Really talented real estate practitioners, contractors, and designers are available and eager for business.

Source: McClatchy Tribune, Kate Forgach (02/07/2010)

This Week's Articles

2010-02-02T18:13:00Z

Big Test Ahead for the Mortgage Market -
The cessation at the end of March of the government program to buy mortgage-backed securities will show whether the White House and Federal Reserve have effectively stimulated the lending market to the point that it is now on solid footing.

If the sector slumps again, home owners could face a new period of distress.

Keeping mortgage rates at record lows was a major component of the economic strategy during President Obama's first year in office. While it did not garner the kind of headlines that efforts to bail out banks did, the policy did help revitalize home buying in parts of the country and assisted millions of home owners who were able to refinance.

Source: Washington Post, David Cho, Neil Irwin, and Dina ElBoghdady (01/25/10)

This will definately impact rates.... no one knows how much or how long... don't be caught "unawares" when you could act now! This is BIG!

Need Help...

Kappel and Kappel has recently partnered with Nfinit Solutions to assist you. Nfinit solutions can help with loan modifications and/or managed "surrender" of property including short sales. The way it works is I would refer you to Nfinit and if they can do a loan mod that works for you... fantasitic... if not , they can help with a managed surrender, or I could help with a short sale, both of which are believed to be less damaging to your credit than a foreclosure.

Do remember this, and I mean it with my whole heart... as my friend Eric (he's a real estate attorney) says, "Your credit score is a number... it's not who you are"

You know your personal situation better than anyone, and if you need help, just ask me. These are challanging times for everyone, but I do believe that if we all stick together, and freely share our knowledge and experiences, we will survive it!!

Supply and Demand .... Econ 101!

California Housing Inventory at 5-Year Low
The inventory of California homes shrunk to a 5-year low in December, dropping to 50 days from 243 a year ago, according to estimates by the California Association of REALTORS®.

Because California’s housing market is the largest in the country, economists watch it closely as a predictor of where the rest of the country is going.

Continuing recovery will depend on the state’s ability to overcome its 12.4 unemployment rate.

"I'm convinced that once the general public believes prices have bottomed out and are coming up, more people will put their homes on the market," says Andrew LePage, an analyst at MDA DataQuick, a provider of housing data. "And that will probably coincide with the economy and job market improving."

Source: The Wall Street Journal, Jim Carlton (01/23/2010)

Can't wait till Friday!!

2010-02-02T18:00:00Z

Fannie Mae Offers New Closing Cost Assistance and Appliance Incentive for Homebuyers

Fannie Mae is offering a 3.5% incentive for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on HomePath.com that are closed within this period may receive up to 3.5% of the final sales price for:

· Closing costs;

· The purchase of new Whirlpool^®appliances by Fannie Mae; or

· A mix of closing costs and appliances, at the buyer's discretion, up to the maximum 3.5%.

To be eligible for this incentive:

· Offers must be accepted on or after January 28, 2010;

· Property sales must close before May 1, 2010, and;

· Buyers must be owner-occupants (investors are excluded).

The incentive reinforces the organization's commitment to stabilizing communities and assisting buyers. For more information about this incentive, visit www.HomePath.com, read the press release on fanniemae.com, or contact Jeanne for more details!!

This Week's Articles

2010-01-29T23:13:00Z

Just a tidbit this week that may prove very helpful...

When you get a loan, did you know that you can "choose" your interest rate.... many folks did not...

Sometimes you pay "points" (a fancy name for 1% of the loan amount) in order to get a lower rate.

Also available is the option to get a "rebate" with a slightly higher rate... now why would you want a higher rate??? Well what if you could pay a small amount more each month and get a much needed chunk of change to help with your closing costs.

As homebuyers consider how to make their offers even more appealing to sellers, consider this... If you could get help from your lender with closing costs... you may not need to ask the seller for as much... and that will make your offer much more attractive...in today's competitive market.

And now for something coming up...

Gonna try and have a video for you next week explaing why interest rates may be on the way up and when... while no one has the crystal ball (mine's in the shop) on the economy... I have always believed that knowledge is power and the more we know, the better off we are when it comes to making important decisions like buying or selling a home...

Are you on Facebook or Twitter...

Join me.. I love keeping up with all the fun stuff... look for me under Jeanne Weinacht or my email jeanneweinacht@kappels.com

This Week's Articles

2010-01-20T21:30:00Z

For an update on the homebuyer tax credit click here or use the widget directly to the left under "Free Information For You... click on item"

FHA To Toughen Down Payment Rules
The Federal Housing Administration will raise the minimum down payment for its least credit-worthy borrowers, agency announced Tuesday.

Borrowers with credit-rating scores below 580 will be required to put down at least 10 percent. Those with a credit score above 580 will be able to continue to put down only 3.5 percent. The changes are intended to shore up the agency's finances.

The FHA also will increase its upfront mortgage insurance premium from 1.75 percent to 2.25 percent. The agency is expected to seek congressional approval to raise annual mortgage insurance premiums, paid by borrowers over the life of the loan, above the current 0.55 percent maximum. The amount it will seek has yet been announced.

Source: Reuters News, Corbett B. Daly (01/19/2010)

Housing Economists: Sales Are on the Rise
The housing recovery should gain moment in 2010, but the improvement will still be slow, according to a panel of economists speaking at the International Builders Show in Las Vegas.

"It won't be a strong recovery, but it will be a recovery," said David Crowe, chief economist for the National Association of Home Builders.

Crowe forecast that sales of new homes will rise by about 33 percent while resales will go up 7 percent. He expects prices to remain stable in most areas, but some cities may see some slight declines.

"I believe we've seen the worst of the house price declines ... The stage is set for the consumer to return," Crowe said.

Source: Associated Press, Alex Veiga (01/19/2010)

Homebuyer Tax Credit

2010-01-15T22:57:00Z

April 30th is the deadline... that means you must have an accepted offer and escrow must be open... bear in mind with today's competition you may write 2-3 offers before you "win" one...it is extemely important to meet now, I will help you get pre-approved and begin the process in order to take full advantage of this revolutionary tax credit.

http://vacavillehomes.org/2010/01/15/homebuyer-tax-creditflv.aspx

What's my home worth... and what will it appraise for... often two different answers

2010-01-06T19:22:00Z

okay I couldn't resist sharing this....

Foreclosures Weigh on Home Appraisals
Approximately 25 percent of real estate practitioners say low appraisals have broken up deals, according to the NATIONAL ASSOCIATION OF REALTORS®.

While foreclosed properties typically are not included in a comparable sales analysis, they account for about 40 percent of home sales -- more than 50 percent in some markets -- making it difficult for appraisers to value properties not in the foreclosure process.

Additionally, new industry rules that require mortgage lenders to order appraisals through in-house staff or appraisal management companies means more appraisers without knowledge of the local market are making valuations.

While Zillow.com says non-foreclosures are selling for upwards of 30 percent more than foreclosures, a study of 20 years of home sales in Massachusetts by Harvard University's Joint Center for Housing Studies indicates that dwellings closer than 100 yards to a foreclosure lose about 1 percent in value.

Source: USA Today (01/04/10)

Ironically although we live in a supply and demand economy and many buyers are able and willing to overbid a property in order to get their offer accepted... the appraisals are sometimes keeping the values "artificially" down. This can have a very limiting effect for VA, FHA and conventional buyers, and "owner occupants" and can raise opportunities for investors and cash buyers and "flippers". Tough times for homebuyers... hang in there.. and have faith!

Sellers should list homes early

2010-01-06T19:10:00Z

Sellers Should List Homes Early
Selling a home in the dead of winter might seem ill-advised, particularly considering the state of the economy, but some experts think that making the decision to wait until spring to list the property could be a mistake.

Government incentives will likely have a big impact in 2010, with many buyers determined to sign a contract before the April 30 tax credit deadline.

“This year, we're anticipating sales will peak earlier,” says Nicole Hall, editor in chief of Lendingtree.com, an online mortgage comparison service. “The best time to get your house on the market will be February or early March, and maybe even earlier if you want to avoid competition.”

Traffic on real estate Web sites begins to rise right after the New Year, says Ken Shuman, spokesman for real estate Web site Trulia.com.

Source: Forbes.com, Francesca Levy (12/24/2009)

Great Home for Sale

2010-01-04T21:32:00Z

What a Great Gift Idea...

2009-12-03T22:04:00Z

Tax Credit Update

2009-12-01T16:36:00Z

Confused about the tax credit... here's your straightforward answers.... also available on the website at www.jeanneweinacht.com

Up to the minute Update

2009-11-05T21:04:00Z

Up to the minute update...

The U.S. House of Representatives today passed a bill extending and expanding the Federal Tax Credit for First-time Home Buyers. The bill was passed in the U.S. Senate late yesterday and will now go to President Obama for his signature, where it is expected to be signed this week.

The tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a reduced credit of up to $6,500. Existing homeowners will be eligible for the $6,500 if they have lived in their current residences for at least five years. The bill also will increase the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers, to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000.

Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The bill maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

Tax Credit Update

2009-11-05T17:24:00Z

Want the latest on the tax credit update... click here

Who Do You Know...

2009-11-03T23:20:00Z

Keep your fingers crossed

2009-10-27T19:59:00Z

A little something bout me...(a true story...)

Some of you may know, some of you may not... I've been sailing San Francisco Bay for 30 years. They say if you can sail the bay you can sail anywhere in the world and I believe it. The tides, currents, winds, fog, chop, danger and excitement are like no other. I have sailed to Hawaii, sailed the Caribbean, and more. I've been everything from helmsman, owner, navigator, foredeck crew, ships cook and more....

Sometimes real estate is like sailing... know this... I never give up...no way... no how...not on my watch...

Once I was doing a "womens" race with a friend on her boat just outside the Berkeley Circle (it's a circular "olympic" sailing course.) The circle is unique cause it's not real deep... 6-10 feet maybe... but with 35 knots of wind and lots of chop it can be downright scary... "J" (not me) was pretty nervous, truthfully she was scared $%^*less, and at one point she let go of the tiller (the helm, the device that steers the boat) and shouted "I can't do this" (in all fairness it was pretty scary out there) "G" was on the foredeck, bleeding, scared and stunned at "J", she had caught something on her hand while trying to get a sail down... I ordered "J" below deck on her own boat and took over the helm (making myself "self appointed" captain). She went below and "broke down", I brought the boat into the wind so my friend "G" could get off the foredeck safely. I told one of the other girls to attend to "G's" wound. She did. I retired us from the race and brought the boat into the harbour safely. When we were back at the club... discussing the events of the day I told "J" in no uncertain terms...(and believe me I was angry...)

Never give up, never abandon your crew, keep your $%^* together till we're in and safe... then if you want... have your breakdown.... never give up when your crew needs you to be strong... never!

That's kinda how I run my life and my business.. never fail the people counting on you..have courage & guts ...never give up, never!

Senate Dems on Board with Credit Extension
Senate Banking Committee Chairman Chris Dodd (D-Conn.) says Senate Democrats have agreed to extend the first-time home buyer tax credit. The latest version extends the program to home sales signed — not closed — by April 30. Purchasers would have another 60 days to close the sale. The credit will also be expanded to include so-called step-up buyers who have lived in their current home for at least five years.

The credit would be cut nearly 10 percent to a $7,290 cap. Income eligibility for first-time home buyers would stay the same, but it would rise for step-up buyers to $125,000 for individuals and $250,000 for couples.

Source: Bloomberg News, Dawn Kopecki and Ryan Donmoyer (10/27/2009)

Tax Credit Extension Seems Likely
It seems likely that the U.S. Senate will approve a deal to extend the First-Time Homebuyer Tax Credit, but the devil is in the details.

Florida Democrat Sen. Bill Nelson told reporters traveling to Florida with President Obama on Monday that he thought that the extension would be approved, but both senators and representatives are among those who think that there should be some fiscal offset for the cost of the extension. Spending any more money on the stimulus effort also could stir up a hornets' nest in some circles.

The proposal in the Senate that appears to have the most likelihood of passage would extend the $8,000 credit through March 31, then its value would drop by $2,000 for each of the subsequent three quarters of 2010. This plan was offered by Senate Majority Leader Harry Reid of Nevada and Senate Finance Committee Chairman Max Baucus, a Montana Democrat.

Source: Associated Press, Andrew Taylor (10/26/2009) and The Wall Street Journal, John D. McKinnon (10/27/2009)

Good News!

2009-10-19T21:32:00Z

When the going gets tough..

I often tell my new "client family" members during our initial consultation that as their Real Estate Consultant I am their:

Consultant     -    Empowering them with the information that they need to make their best decisions and gently and lovingly
                     guiding them toward making their best decisions. I love to teach!

Negotiator      -   Tough as nails, protecting your money and your interest as though it were my own. Like a pit bull.

Overseer of all the transactional Details - Ensuring that all the "t's" are crossed and "i's" dotted. Watching out for you all the
                    time. Being your pilot, your own private Captain Sully.

Well this week the going got a bit tough.... and I had to kick into a combination "pit bull" and "Captain Sully" mode. All's well that ends well... but I can tell ya honestly...

1. Never lie to me or one of my "client family" members...
2. Never take money you didn't earn, or try to pull the wool over our eyes....
3. Never try to take advantage of a "client family" member... I'll come after you like a mother tiger.... no way... no how... not on my watch!

When we choose to work together you get the best I have to offer from Loving Teacher to Mother Tiger!!! I will not fail you ever!!! no way...no how... not on my watch!

Good Housing News Predicted
All the leading indicators say housing is definitely on the mend, economists reported in advance of the official release of several pieces of good news expected this week.

Bloomberg News surveyed 53 economists and asked them where they expected the numbers to fall. Here are their predictions:

Construction starts in September are expected to hit a 610,000 annual rate, the most since last November.
Sales of existing homes likely rose to a two-year high.
Because of fear of a relapse, the Federal Reserve is predicted to leave interest rates low for a few more months.
Building permits, a sign of future growth, probably rose to a 590,000 annual pace, also the highest level since November, the Commerce Department is likely to announce.
The National Association of Home Builders/Wells Fargo index is expected to rise to 20 from 19, the economists say.

Google Inc. plans to resume hiring and acquisitions after its third-quarter sales beat analysts’ estimates. CFO Patrick Pichette says: “We weathered what is an incredible recession. If you have all this behind you, the only outcome you should have as management is: ‘OK, let’s build now.’”

Source: Bloomberg, Courtney Schlisserman (10/18/2009)

Dreams down the Street

2009-10-14T18:05:00Z

Sometimes the home of your dreams is right down the street… that’s how it worked for Chris and Bayron!

Bayron was curious about a home down the street that had been remodeled (almost completed) and was now a “bank owned home”

Well it was just what they wanted. Chris and Bayron loved their existing home, but they wanted a bit more room and a bit of updating, their dream home was literally a few doors down. Now Chris has a gorgeous home and kitchen… and Bayron has lots of little projects. It’s all fun and good! Congratualtions Chris and Bayron on finding your dream home right down the street!

Team players included: Deanna Shimboff, now in her own business Downtown Lending Group, you can write Deanna at dgist-loans@sbcglobal.net and she can help you make your dreams come true as well.

And of course Jeanne and Doug Weinacht (special thanks to Doug for all the little details you attended to prior to the appraisal that made for such smooth sailing)

How Much Can You Afford?
There are a number of free tools to help potential home buyers decide how much home they can afford to buy.

One of the best calculators is offered by the National Association of REALTORS®. It is simple to use and includes all the important criteria, says BusinessWeek columnist Marc Roth, founder and president of Home Warranty of America. If that doesn’t work, Roth also recommends the real estate-related calculators offered by Michael Bluejay.

Source: BusinessWeek.com, Marc Roth (10/09/2009)

Buyers Must Hurry to Meet Credit Deadline

There’s still time for a first-time home buyer to complete a transaction before the tax credit expires Nov. 30, says Diann Patton, consumer spokeswoman for Coldwell Banker Real Estate.

But home buyers who have to apply for a mortgage should make sure they have all the necessary paperwork in hand. Patton advises that they’ll need to have tax returns, income verification and bank statements, as well as completed applications forms ready to submit.

Buyers in a hurry to claim the credit should also avoid short-sale properties, Patton says, because that process can delay closings.

Source: USA Today, Sandra Block (10/13/2009)

This Week's Articles

2009-10-08T20:31:17Z

THEY'RE BACK..... PLEASE LET ME REFER YOU TO A GREAT LENDER!!!!!

Personal News....

My youngest daughter just got her driver's permit... so if you don't like the way she drives... stay off the sidewalk!

Okay this is personal too... I met the nicest couple on Wednesday... (as you all know it is my "policy" to work with only nice people (hey there has to be some advantage to being "self employeed"). They really inspired me. "R" & "A" (you know who you are). "A" told me that he checked out my website and blog and really felt good about working together. I do put a lot of work into those, and it's all me... no "techy" inputing stuff for me... just me. I hope that you find all my work to be of value, like "A" did. I do it for you, out of a "one world, one people" kind of love. I do it because I believe that I should give you something of value, before I expect you to trust me or work with me. Thanks "R" and "A" and all the good people who read my twitters, facebooks, blog, websites and emails. I do it for you! Thanks too for "inspiring" me this week. I really do have the best job in the world, I'm a Genie, I get to make wishes come true!

Why the tax credits "works"

Mortgage Applications Rise as Rates Fall
Mortgage applications increased last week as mortgage rates declined for the third straight week.

The Mortgage Bankers Association weekly index rose 16.4 percent on a seasonally adjusted basis compared to the previous week. And was up 38.4 percent compared to the same week last year.

The unadjusted purchase index increased 12.9 percent compared to the previous week and was 2.2 percent lower than it was a year ago.

The refinance index increased 18.2 percent and was at its highest level since mid-May.

Thirty- and 15-year mortgage rates were well below 5 percent:

30-year fixed-rate mortgages decreased to 4.89 percent from 4.94 percent.
15-year fixed-rate mortgages decreased to 4.32 percent from 4.34 percent.
1-year ARMs increased to 6.56 percent from 6.40 percent.

Source: Mortgage Bankers Association (10/07/2009)

A Historic Time to Buy
Young people just starting to invest and buying their first homes are potentially the winners in this recession.

First-time homebuyers, most between the ages of 25 and 45, accounted for about 45 percent of home sales from January through July 2009, according to the National Association of REALTORS®

"This is a historic time," says George Jaramillo, a 35-year-old business analyst in Atlanta, who recently bought three homes, two of them foreclosures. "It's a great opportunity to make some great gains in the future."

A study by investment company T. Rowe Price points out that investing when prices are low can result in amazing gains. For instance, between 1970 and 1990, the annualized rate of return for the S&P 500 was 11.5 percent.

"We need to be shouting from the rooftops that this is not the time to get out of the market if you're young," says Christine Fahlund, a senior financial planner with T. Rowe Price. "This is the time to be in the market."

Source: The Associated Press, Chip Cutter (10/05/2009)

Credit Reports Under Extra Scrutiny -
Buyers who are under contract and hoping to close before Nov. 30 when the first-time home buyer credit expires should refrain from buying furniture and other things on credit.

Lenders are running credit checks prior to closing day and any increase in credit card or other debt can jeopardize the loan, says Lew Reich, an associate with Keller Williams Realty in Plano, Texas.

Reich warns buyers to even refrain from checking out a new large purchase because even an inquiry on a credit report could scare a lender.

Reich tells borrowers: “If someone’s squeaking by and, all of a sudden, they may be looking at increasing debt, the lenders will have a keener eye in looking at your loan,” he says.

“Don’t look until you’ve closed is basically what it comes down to. That’s the safest way. Stay out of the stores,” he adds.

Source: The Associated Press, Dawn Wotapka (09/18/2009)

NO PICNIC

2009-09-28T21:34:00Z

See ya this sunday at the Nut Tree for Community Pride Day - Sponsored by Vacaville Magazine... Stop by and say "Hi"

The Will C Wood kids were on TV this morning... KCRA... to find out more about tonight's big game click here.

Why "your brother-in-law" should not be your co-pilot...

Your real estate transaction is like a cross country flight, and I am your trusted "pilot". When I recommend you to a particular lender or inspector, it is just that "a recommendation" and naturally you are free to choose. Many good "passengers", like you, want to work with a friend or relative, or someone you found in the phone book who "seems nice"...nice is good... and...

horror story one...

While working with a new lender he said "let's use my appraiser, he's a great guy and I've worked with him over the years". I said "let's use my guy... same reason". Okay... I let him use "his guy" who said that the water was shut off at the toilet which was "indicative of a problem" and he was going to have to come back in a week and a half and personally "recheck the toilet" and naturally there was an extra fee involved. At the same time that "his guy" was there so was the termite inspector, whole house inspector, Doug and I and the future homeowners. All of whom turned the water on, flushed the toilet and turned the water back off (it was a vacant home, better to leave water off...) A weath of "toilet flushing" experienced personnel on hand and still he had to come back....I even offered to make a video of the toilet flushing... no go.
Needless to say I don't recommend that appraiser or loan officer....

horror story two...

I had some new clients referred to me by past "client family" members. I was happy to work with them,when they had decided not to continue with the realtor they were previously working with. They did have a loan officer who they found and he "seemed nice". He had spent a month gathering documentation prior to me even meeting them. He assured me that they were "more than qualified" and that everything was proceeding normally. When I insisted on a "good faith estimate of closing costs" I was outright shocked at the loan fees he was charging these good folks. I showed it to two of "my folks" who backed me up and said it was outragious... I was finally able to have him back off of about $3500 in excessive fees. Then at the final hour (and bear in mind he had been working on this for about 2 mos) he said "I don't think I can get them a loan....sorry" Well we were already in contract, already had inspections, and appraisal all based on his assurance that it was "no problem". Did his inability to get a loan have anything to do with backing off excessive fees??? (bear in mind he was still making the normal loan fees) Currently one of my "regular folks" is working on it and I think wer're gonna pull it off....

The reason I make the recommendations to you of who the "co-pilot" and "crew" should be is because I care about you, and I have established relationships with some incredible people in this business with proven track records of being able to get the job done.... This isn't like landing a plane in the Hudson but... I am sure that all concerned were very happy to have a great "pilot", "co-pilot" and "crew" aboard.... I want you to have the best aboard too!-Fairness, honesty, integrity, excellent follow up skills, willingness to go the extra mile.... that's what I look for and that's what you'll get in the individuals I recommend to you!!! I promise.

Buying a Foreclosure Is No Picnic
Buyers seeking a foreclosed property should realize that not every foreclosure is a good deal.

Urge would-be buyers of foreclosures to have the property thoroughly inspected, says Dan Steward, president of the Tampa-based inspection firm, Pillar to Post. Lenders are not held to the same disclosure requirements as sellers.

Steward says damage isn’t always obvious. While it doesn’t take an expert to see that a toilet has been ripped out, it does require someone with knowledge to know that ripping it out damaged a pipe 20 feet down the line.

The best way for the buyer to get the property is to follow the bank’s instructions closely, says Ryan Melvin, co-owner of More Realty Group in Las Vegas, which specializes in foreclosures.

Another quirk that sometimes surprises buyers of real-estate-owned properties, or REOs, is the scrutiny that banks place on the buyers' credit, even though they are using a different lender.

Source: The Wall Street Journal, Amy Hoak (09/27/2009)

Just a note - I use John Barandas from Pillar to Post exclusively on all my "client families" home inspections!