Archive for May, 2009

What Happened to 4.5% Interest Rates?

Friday, May 29th, 2009

“You dropped a bomb on me baby”…The Gap Band. And boy, what a bomb it was. This Tuesday, Mortgage Bonds had their worst one-day performance since October, losing an astounding 206bp. So…what the heck happened and what’s next?

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Home Valuation Code of Conduct

Friday, May 29th, 2009
How about this scenario the next time you refinance or apply for a mortgage:  The real estate appraisal that used to cost $325 now costs $425 even though the appraiser doing the work is only getting $175 or $200.   Plus, your appraisal related charges may now be subject to add on fees that you would never heard of before – $50 to $100 extra in "no show" penalties if you get stuck in traffic and miss your appointment with the appraiser.  Or an extra $50 to $150 tacked on if the property is worth more than $500,000.  On top of all this, the mortgage broker requires you to pay for the appraisal upfront with a credit card or debit card, rather than including the fee with the usual lender origination costs at settlement.  In some cases your card may be charged more than the anticipated cost of the appraisal itself. Worse yet, the person now conducting your appraisal may be new to the field, therefore willing to work for a cut rate fee and may not be as familiar with local value trends and pricing adjustments as an appraiser with more experience.
 
If your mortgage application is denied by one lender, you could be forced to pay for a second full appraisal since the new lender may not accept the first one. 
 
This scenario is now being played out as the controversial new appraisal rules imposed nationwide on May 1, 2009 by Fannie Mae and Freddie Mac.  Advocates of the rules vigorously deny the new system is flawed and say any increase in appraisal costs should be manageable for most consumers.  The rules, which go by the name Home Valuation Code of Conduct, are intended to improve the accuracy of appraisals by eliminating pressure on appraisers from loan officers.  The code pushes most lenders to use third party "appraisal management companies" that contract with networks of independent appraisers who have no direct contact with the loan officers.  Mortgage brokers who formerly chose appraisers and kept a competitive eye on appraisal fees claim that Fannie's and Freddie's rules are adding 20 percent to consumer appraisal costs.

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Happy Memorial Day Weekend!

Sunday, May 24th, 2009

What happened to our beautiful sunny weather? It sure has changed from a few weeks ago. If you are around this weekend please stop by our open homes today. We have 424 Marsanne Court in Danville open today from 2 to 6. This is such an incredible home and priced very attractively at $1,099,000 for 4,249 sq. ft.

We also have 11098 Inspiration Circle in Dublin open this weekend. This home offers the BEST views! Amazing price too at $1,038,900!

Let’s all hope for some warmer weather!
Have a great holiday weekend

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Danville’s Best Buy

Thursday, May 14th, 2009

WOW! The price of 424 Marsanne Court is now $1,099,000. This home is highly upgraded and even includes solar power to help you save money on your energy consumption! At $258 per square foot, this home is one of the best buys in Danville! There are now 209 single family homes on the market in Danville and 424 Marsanne Court is one of the 10 best priced homes based on a price per square footage basis in Danville. This home will be open this Saturday and Sunday from 1 to 4. The community name is Milano by Lennar Homes. The builder does not have any more of the same floor plans available and will not have any more as they are completely sold out of this plan, which happens to be the most popular plan at the Milano community. If you have been thinking of moving to Danville, here is your chance to move into a newer Danville home!
Visit www.424MarsanneCourt.com for more info

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New Tax Credits Could Help You!

Thursday, May 14th, 2009
New tax credits may mean new buying opportunities for you. As of march 1, 2009, home buyers in California of newly built homes may qualify for a tax credit of up $10,000.  Below are some of the key highlights of the program:
 
The tax credit is equal to 5 percent of the homes purchase price up to a maximum of $10,000.
 
The tax credit is for the purchase of a builder certified newly built home.  Builder must certify that the home has never been occupied.
 
The home must be a principal residence and the sale must close on or after March 1, 2009 and before March 1, 2010.
 
The tax credit does not have to be repaid, provided the homeowner occupies the home as his/her primary residence for at least 2 years.
 
The credit will be provided in equal amounts (up to $3,333) per year, over three consecutive tax years, beginning with the year the purchase was made.
 
No income restrictions.
 
The CA tax credit can be used in conjunction with the recently enacted federal tax credit, provided: buyer is a first time buyer and the home was purchased on or after March 1, 2009 and before Dec. 1, 2009.
 
The state has allocated $100 million for this program, available on a first come/first served basis.
 
Call Jim Black from B of A Home Mortgage today for more information on this program. Jim can be reached at 925.285.4898. 

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Frazzano Team Listings Selling FAST!

Monday, May 11th, 2009
We have all heard by now that the market is picking up, with interest rates at historic lows and property values at sale prices, we can tell you firsthand that the Spring time market is in full gear.  Just in the past 30 days, we have successfully marketed and sold the following properties:
 
  1. 7424 Brigadoon Way, Dublin – This Ca Highlands townhouse went pending on the first day with 2 great offers
  2. 230 Triana Way,San Ramon -  This Single family residence sold in 6 days and we had over 10 offers on this home.  We extensively staged this home with new paint, carpets and added some furniture to make it easy for the buyers to recognize a tremendous value!
  3. 10723 Inspiration Circle, Dublin - This Hansen Hill executive home was sold after just 13 days on the market and continues to generate great interest with back up offers being introduced. 
  4. 2152 Myrtle Beach Lane, Danville – This Crow Canyon Country Club golf villa sold after being on the market for just 12 days.  Others in the neighborhood have been sitting.
  5. 2706 Salisbury Way, San Ramon  – This is a short sale listing in Windemere that was originally sold in the first week on the market but was resold with a few weeks. 
  6. 2227 Inyo Avenue, Oakland – This is an Indymac REO bank owned home that sold in 41 days.   The home was sold in the first 10 days but the first buyer backed out for personal reasons.
  7. 1504 Lipton Street, Antioch – This Indymac REO bank owned home was sold in 13 days! 
  8. 2500 Mclaren Lane, San Ramon – This Windemere Canadoro home was sold after 10 days on the market.  We had over 100 groups through the first weekend!
  9. 1308 Carlisle Court, Brentwood – This short sale listing sold within 8 days on the market and received multiple offers!
  10. 39 Hightree Court, Danville – This Danville short sale listing sold the first day on the market!
If you have been thinking about selling your home OR if you have been sitting on the sidelines waiting for the right time to make a move, NOW is the best time in YEARS to do so! 

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