July 2009

Oakland Named as Having one of the Hottest Real Estate Markets in The Country..

Thursday, July 30th, 2009 at 2:52pm. 621 Views, 0 Comments.

I came across this article in SF Gate that I found interesting. Some of the comments posted by readers were interesting as well. It's no surprise to me that the 94606 Zip is doing well, just like many other Zip codes in the City. Us Realtors are seeing more offers on each property, more properties being listed with deadlines for offers, and the days on market is getting shorter- these are all real and positive signs of an improving housing market.

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REO + FHA = Beating Your Head Against a Wall

Friday, July 3rd, 2009 at 3:37pm. 1392 Views, 6 Comments.

I can't tell you how many people I talk to who want to purchase a foreclosure with an Fha loan. It makes sense for a first time home buyer to expect  that if he or she gets approved for a loan, they should be able to buy a house..right? Well, not necessarily. If that buyer is looking for a foreclosure or a condo in a smaller development, they should know that the chances of getting one with an Fha loan are almost nill.

The problem is that Fha financing is goverment insured financing, therefore there are more restrictions compared to a "Conventional" loan which typically requires 20% down. The biggest issue with Fha is the appraisal. When a property is appraised for an Fha loan, the appraiser is looking for things such as missing appliances, unpermitted…

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