This is an open letter to Buyers. If you are looking for foreclosures or REOs (bank owned real estate) in Palos Verdes or the South Bay, here are some ideas to help you... One for the Money -You must have your finances ready. The Bank-Seller has already experienced shaky finances from the prior owner. Get pre-approved from your lender and have them pull your current FICO scores. You will also...
"Home prices staying afloat at the beach" is today's headline in theLos Angeles Times Business Section. They researched 18 zip codes "excluding such spend-happy areas as Malibu, Palos Verdes and Newport Beach" inferring that real estate in those 3 cities are doing even better. Kudos to the LA Times for writing a balanced article with information that is specific to our South Bay area. We are...
The answer seems to change daily. I checked with a lender today and a 30-year fixed conforming loan (now $729,750 for Palos Verdes Peninsula/South Bay real estate) is 5 3/8% with one loan point while a jumbo loan is 6 1/2% with one loan point. On a jumbo loan, lenders are requiring a minimum of 25% down payment (this is new). A HUGE caveat on the conforming loans is that if the loan exceeds the...
There is serious discussion between Congressional leaders and the White House about increasing the loan limits from $417,000 to $625,000 (perhaps as high as $725,000 in high-cost areas) for guaranteed/insured Fannie Mae and Freddie Mac loans. From LATimes.com - "And in a provision crucial to high-housing-cost states such as California, there would be a significant one-year increase in the size of...
Yesterday, rumors were swirling that Bank of America may be buying the troubled Countrywide. This is good news for the financial markets and ultimately for our local real estate. This piece of news will add some calm to the aura of uncertainty surrounding Countrywide and other lenders who have been impacted by the subprime mess. With the calming of the financial sector and the increased confidence it...