Bryant Park in NYC
August 3, 2010 by Michael · Leave a Comment
Bryant Park, midtown Manhattan, just behind the main NYC public library. (Panorama via the Autostitch app on the iPhone)
Property Inspection – Just Do It!
July 3, 2010 by Michael · Leave a Comment
Just wrapped a property inspection at a home in Fremont, CA with Glen Stewart, the House Whisperer, and my clients.
No matter how nice a home looks, it’s ALWAYS a good idea to get your potential investment reviewed by an independent professional.
Thanks again Glen!
448 Gavin Court, San Jose CA 95136
June 17, 2010 by sfbayrealtor2 · Leave a Comment
It’s a natural extension of the mature, well manicured neighborhood. Las Brisas, by Summerhill Homes, is located in the quiet family community of Blossom Valley.
Beautiful family-friendly parks and nearby schools enhance the ideal setting.
Easy highway access connects you to everything in and around San Jose in a matter of minutes
How to Rent Your Home in 5 Easy Steps
June 15, 2010 by Michael Koenig · Leave a Comment
A homeowner who is able to sell a property at the asking price has the potential to reap a profit, but what happens when you are having trouble getting your home sold? In today’s difficult market, many homeowners are taking advantage of renting out their homes, or individual rooms, in order to cover the bills.
According to Glenn Curtis, freelance financial writer and analyst, here are five easy steps that will help make the renting process easier and more profitable.
Study the market: Check local newspapers and with local Realtors to see what comparable homes/properties are renting for in the neighborhood. Craigslist can be a great resource as well. This should help you establish a fair rental price.
Prep the home: Renters may not take care of the home or its furnishings; therefore, the owner might consider removing breakables and personal items in order to avoid damage and potential arguments.
Find a renter: Consider advertising in local newspapers, in the brochures and bulletins found in supermarkets and on website classifieds. The idea is to try to get as many people to view the rental details as possible, so that you are left choosing your renter, rather than having to go with the only renter who expresses interest in your place.
Interview: Consider meeting with the potential renter rather than simply dealing over the phone. Knowing who will inhabit your home may put your mind at ease and help you weed out unsuitable candidates.
Spell out the deal: You should consider contacting an attorney (particularly one that specializes in real estate) to help see you through the rental transaction. The lawyer should be able to provide or help draft a rental agreement/contract. Consider any stipulations you want in the paperwork (like late fees, lease terms, payment due dates, etc.) and make sure the attorney includes those items.
Credit to RisMedia, Paige Tepping.
Fannie and Freddie release their HAFA guidelines
June 9, 2010 by Michael Koenig · Leave a Comment
Great News.
Fannie Mae and Freddie Mac are now on board the HAFA train!
When the HAFA program launched (on April 5, 2010), Fannie Mae and Freddie Mac weren’t on board with it. And that was a shame, as they are the two of the largest organizations that guarantee or own loans in the country.
Government Sponsored Enterprises (GSE) Fannie Mae and Freddie Mac last week released guidelines for implementing the Treasury Dept.’s Home Affordable Foreclosure Alternatives Program (HAFA). The new guidelines apply to loans owned or guaranteed by the GSEs; servicers are required to implement the new policies no later than Aug. 1.
While largely consistent with the HAFA guidelines for non-GSE mortgages, both Fannie and Freddie have implemented changes. To qualify for the Freddie Mac HAFA program, borrowers must be more than 60 days delinquent and have cash reserves of less than $5,000 or three times the current monthly mortgage payment, whichever is greater. Similar to the non-GSE HAFA program, Fannie Mae allows borrowers to qualify if they are at imminent risk of default. However, Fannie prohibits borrowers from participating in HAFA if the borrower: Has the ability to continue making mortgage payment, but chooses not to do so; has substantial encumbered assets of significant cash reserves equal to or exceeding three times the borrower’s total monthly mortgage payment or $5,000, whichever is greater; or has high surplus income.
Fannie and Freddie both allow the real estate commission in the listing agreement, but not more than 6 percent. Consistent with the non-GSE HAFA program, Fannie and Freddie guidelines do not permit subordinate lien holders to require contributions from the real estate agent or borrower as a condition for releasing its lien and releasing the borrower from personal liability.
More info on Fannie Mae guidelines
More info on Freddie Mac guidelines
