Going Green…Adding Solar

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Recently I have fielded a few questions about adding solar to an existing home.  Can it be done to mine?  How expensive is it?  How big do I need to go, and what happens if I generate more power than I use?  These are all good questions, and need to be asked (and answered) before forging ahead.

We are not experts in solar technology, but have become familiar with many of the general nuances.  We have also done research into who does this work.  Discussing things with them, we have drawn a few general guidelines.

Going solar actually has multiple facets.  There are active and passive technologies.  Active would include such things as electricity generation, water heating, swimming pool heating and the like.  Passive encompasses dual pane windows, eve overhang, attic venting, etc.  Passive has been with us for ages, but needs to be reviewed when considering active technologies also. 

Would you believe you can now have PG&E pay YOU?  Yes, you can actually sell your surplus energy generated back to the utility companies.  For more on that check out the link below.

$read more: SFGate ð

Questions about YOUR best action? Contact us today for your free, no obligation consultation.

For ALL your real estate related needs and/or questions call ((530 315-2808) or visit us8 on line at EncoreRES.com or any of the links below. Please note: all visits to our sites are secure AND confidential. We do NOT track your activity!

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3 Big Banks Loose Federal Incentives

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To many it comes as no big surprise that things have not been working in the loan modification department. The supply of hoops that one must jump through seem endless.  Homes often are foreclosed upon during the process.  The stories are many. 

Short sales have not fared much better in many cases.  Often there just seems to be too many departments involved, and they don’t appear to communicate with each other.  Again, homes are foreclosed upon during the process.

Recently three large banks have been called to task for failing to complete these programs and yet they continue to take the money designed to help them do just that!  Bank of America, JP Morgan Chase & Co, and Wells Fargo were the banks involved.  According to the Treasure Department, they received $24,000,000 last month alone through the programs, yet failed to meet acceptable completion standards.

The banks claim that they have made improvements in their processes, and the report does not give that fact enough credit.  While we don’t discredit the fact that there has indeed been improvements, have they been enough?  We don’t think so!  It is still a nightmare trying to get these things done, if they get done.

Here are some sources and other stories you might like to read:

$ source: Los Angeles Times ð
$ Other Stories:  BofA ‘Significantly Hindered’ Foreclosure Review ð; BofA may post $27 billion in housing losses by ’13 ð.

We have had reasonable SUCCESS with loan modifications and short sales.  Is it easy?  NO!  There are a ton of hoops to jump through, deadlines to meet, phone calls to make, seemingly impossible demands to satisfy…the list goes on.  But this is why we succeed when a home owner often will not.  You have to continue earning a living, and living your life.  This is what we do!  We know how to do it, and have the contacts to get it done.

How does this effect you?  Do you have questions about YOUR best action? Contact us today for your free, no obligation consultation.

For ALL your real estate related needs and/or questions call ((530 315-2808) or visit us8 on line at EncoreRES.com or any of the links below. Please note: all visits to our sites are secure AND confidential. We do NOT track your activity!

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Tighter Controls on Loans Backed by Feds

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Consumer borrowing and credit has become a major issue in the United States.  While this is hardly news to most, this fact may be.  Most home purchases within the last year have resulted in the borrower paying out more than 1/3 of their income to credit debt.

A new proposal would prohibit high debt borrowers for getting premium rates on their home mortgages.  The idea is to get credit debt (including the mortgage) below that 1/3 level.  The proposal also calls for a minimum of 20% cash down payment to qualify for the best interest rates on a mortgage.

While the increased down payment requirement has captured the press of late, the restricted debt limits would have the greatest restrictive effect according to some.  The new limits would be for a combined credit cap at 36%.  This includes the new mortgage, car loans, credit cards and revolving credit, students loans, etc.  There would also be a limit on just the mortgage payment itself of 28% of the borrower’s income.

Research by CoreLogic shows nearly 3/5 of home mortgages sold to Fannie Mae & Freddie Mac last year would not qualify under the new regulations.  Another analysis showed that MORE THAN 1/2 of mortgages sold in 2009 would fail to qualify under the proposed limits.

Most would agree that the system needs to have better protections to prevent a repeat of the recent (current?) crash/crisis.  But, some argue, other factors should be considered and figure into these limits.  Some feel that a high credit score might allow a higher limit.  Other conditions might also apply.  There are other conditions attached to these proposals governing how lenders sell their loans and more (read more about that in the source link below). 

$ source: the Washington Post ð

What is YOUR opinion? We’d love to hear from you!  Do you have questions about YOUR best action? Contact us today for your free, no obligation consultation.

For ALL your real estate related needs and/or questions call ((530 315-2808) or visit us8 on line at EncoreRES.com or any of the links below. Please note: all visits to our sites are secure AND confidential. We do NOT track your activity!

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Mortgage Interest Rates Dropping Again!

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Can you believe it?  Interest rates were below 5% and are DROPPING!  Zero down loans, bargain loan rates, low selling prices, large inventory to choose from…  Could there be a better time to buy?

The 10 Year Treasury Note has dropped below 3%.  This is a leading backing to the home lending rates.  According to a recent survey from Freddie Mac “typical” interest rates on 30 year fixed rate loans are down to 4.55%.  That is the lowest since December of 2010.

15 year fixed loans drop to less than 3.75%.  That is the lowest since November of 2010.  The numbers given have were by owners placing 0.6% lender fees for the 30 years loans and 0.7% for the 15 year mortgages.

Is this starting a mad rush to refinance?  According to Freddie Mac when rates dropped this low last year refinance applications surged on both occasions.  So far that has not happened.  According to the weekly survey by the Mortgage Bankers Assn., applications for refinance fell 4% the last week of May from the previous week.  Currently they are down by 5.7%.

The last time rates were down this low refinance volume was up 20% according to Mike Fratantoni, a vice president of the trade group.  The reason may very well be the fact that many who would refinance can not.  Many are so far under water (loan balance less than current market value) that refinancing is not an option.

$ sources:  Los Angeles Times  ð
$                  Freddie Mac survey ð

Is this for you? Questions about YOUR best action? Contact us today for your free, no obligation consultation.

For ALL your real estate related needs and/or questions call ((530 315-2808) or visit us8 on line at EncoreRES.com or any of the links below. Please note: all visits to our sites are secure AND confidential. We do NOT track your activity!

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Is It Time to Invest in Real Estate?

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The answer to that question might depend on your perspective.  Since a home purchase is hardly an “impulse buy”, requiring a large chunk of cash (and often a loan to get that cash), one might argue that ANY real estate purchase in an investment.  So your perspective might be more dependant upon your intended use of your purchase, or at least the PRIMARY use.

Are you planning to live in the home for 2 to 5 years, or more?  If so, then we can probably assume that your primary purpose for the purchase is as a home, even though you do expect to profit from it.  Conversely, if you plan on living there a very short period of time, or not at all, we would call it an investment.

Why are we making a fuss over this one question?  Because it makes a fundamental difference in what you expect from your purchase.  And that makes a big difference in what should be your selection process.  It might even make a difference in whether the market is considered to be in a favorable condition or not.

OK…so is it a good time for investing?  According to market watch indicators and a recent survey by GfK Custom Research North America, it is.  And respondents feel that the next two years will continue to be favorable.  While 8.6% of typical home owners plan to purchase within the next 12 months, 1/3 of the investors said they also plan to buy within that time frame.  Add 9.1% of homeowners and 28% investors for the 12-24 month period and we have a large majority on potential buyers that think now is a good time the purchase.

There were some interesting shifts in attitude expressed in that survey also.  Over 50% of investors plan to hold their property five or more years, only 11% plan on selling within one year.  Nearly 60% have found repairs and maintenance to NOT be a problem, and 42% plan on doing the work themselves.  More than 65% said they don’t anticipate repair costs to exceed 20% of their purchase price.

$ read the complete survey ð 

Is this for you? Questions about YOUR best action? Contact us today for your free, no obligation consultation.

For ALL your real estate related needs and/or questions call ((530 315-2808) or visit us8 on line at EncoreRES.com or any of the links below. Please note: all visits to our sites are secure AND confidential. We do NOT track your activity!

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The “Good Ole Days” vs. Technology in Real Estate…Part II

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A couple of posts back we discussed some of the changes technology has made in the real estate business.  The last article focused on how a potential home buyer finds their home.  Those very changes have also changed the way we do business.

On the buyer’s side, as a real estate agent, and more specifically a Realtor® (not all agents are!), our job still includes helping you find your home by pointing you to the right information and helping you make sense of all that information.  But that is just the beginning.

From the seller’s side, we are familiar with the market.  We know how to present your home so interested buyers will look at it.  We know how to protect your investment by protecting YOU!  We have the connections and experience to put together a transaction, and the ability to see it through to completion.

Although you should consult a lawyer for legal advise, or a financial professional for financial advise, we are very familiar with these fields with respect to real estate.  We can often point you in the right direction with the necessary questions to a situation; one that you may not even have known existed. 

Perhaps you have heard the term Real Estate BROKER?  It refers to the fact that we don’t make the deal, or even participate in it.  What we do is round up all the parts and help you tie it all together.  In today’s complex transactions that is a lot of parts; a lot of different specialists each needing to do their part in a timely manner. 

Did you know that most FSBO (For Sale by Owner) transactions FAIL?  The reason for that failure rate?  85% of failed FSBO transactions fail due to the high stress level created in trying to keep every aspect of the transaction on track.  The stress is so high that the interested parties end up at ends with each other, or are otherwise unable to things accomplished within the time frame required.

Questions about YOUR best action? Contact us today for your free, no obligation consultation.

For ALL your real estate related needs and/or questions call ((530 315-2808) or visit us8 on line at EncoreRES.com or any of the links below. Please note: all visits to our sites are secure AND confidential. We do NOT track your activity!

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                     Yuba-Sutter Real Estate Today

Circumventing the Credit Crunch

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It is an all-too-common problem today.  A buyer would like to purchase your home but they can’t get a loan through the conventional avenues.  Maybe a temporary job loss or reduction has put them behind in payments.  Or even worse (from the bank’s point of view) they were recently foreclosed upon.

But you know these people.  They are not flakes!  How do you get them into the home you are selling if the banks won’t finance them?  It is called “owner financing”!  This is not a new concept, in fact it is how I purchased my first home.  This alternative method of financing is gaining in popularity again.

It is not without risk, and is not for the faint of heart.  However, if you are in the position to manage it, or even if the position you are about to be in dictates you do it, it can work very well.  Is it for everyone?  NO!  Every buyer?  NO!  Every seller?  Again, no.  But there are cases where it works well for both sides.

According to Realtors® Property Resource 52,991 homeswere financed with some sort of owner financing last year.  That’s up 56% from previous years, and 1.5% of all home sales in the U.S. for 2010! 

$ read more: San Francisco Chronicle ð

Is this for you?  Questions about YOUR best action?  Contact us today for your free, no obligation consultation.

For ALL your real estate related needs and/or questions call ((530 315-2808) or visit us8 on line at EncoreRES.com or any of the links below. Please note: all visits to our sites are secure AND confidential. We do NOT track your activity!

Subscribe to Listings Updates              Free Home Warranty

      Search the MLS          Over the Back Fence

Home Rescue Group                Free Home Market Analysis

              Yuba-Sutter Real Estate Today

The “Good Ole Days” vs. Technology in Real Estate

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There’s no doubt about it, technology has changed our lives.  Real estate has felt that change as well; maybe even more than many industries.  We have the ability to get much more information to our clients, and it can be done in a more cost effective manner.

In the Olden Days a client relied almost totally on an agent for information.  What homes are for sale?  What homes fit your price range and criteria?  In fact, what is your price range?  What is the neighborhood like?  What school district is a home in?  Yes, you could have found most of this on your own given enough time, but you were busy at your job.  You needed someone who could spend the time getting this information during regular business hours.

Today much of this information is just a few mouse clicks away!  And it can be done at whatever time is convenient for you.  So what do you need an agent for?  For one, allowing you to continue with your life while this information is gathered for you and presented in a meaningful format.  Secondly, do you know all the important questions to ask?  Your agent should.

Do you remember the time before the MLS?  To purchase a home you went to an office (often starting with a big name company) and an agent showed you what their company had for sale.  Or if you saw a yard sign you called the office/agent listed on the sign.  If you liked what you saw you purchased from that agent.  That agent would send you to their favorite lender to arrange your loan.  Just like buying a bar of soap, you pretty much accepted the terms handed you, or you walked.

Pick your own agent, someone you are comfortable working with and trust?  No way!  In fact, the buyer’s agent is a relatively new concept.  And it is totally to your benefit!  YOU pick the agent you want to work with.  This agent now represents YOU; not the home owner or their agent/office; YOU!

A good buyer’s agent will get to know YOU!  They will strive to understand your needs and desires.  This agent can then narrow the huge and confusing list of available properties down to only what fits you.  All that information we discussed earlier?  Your buyer’s agent can hand you that for each property you are interested in!  He/she will also know the right questions to ask and of whom to ask them.  And remember, this agent represents YOU!

What is a fair price?  Are neighborhood prices going up?  Are your needs short term or long term?  A good agent will know that this can make a huge difference in what is important to you.  If you plan to move within 5 years the short term neighborhood appreciation might be much more meaningful to you than long term.  It can also make a difference on the type of financing that will best benefit you.  These are all things a good buyer’s agent will consider because he/she represents YOU.

Check back for segment two.  We would love to hear your thoughts.  Please leave your comments in the box below, or you can email (:) or call (( 530 315-2808) us directly. 

Questions about YOUR best action? Contact us today for your free, no obligation consultation. And, as always, consult your legal advisor for legal advise.

For ALL your real estate related needs and/or questions call ((530 315-2808) or visit us8 on line at EncoreRES.com or any of the links below. Please note: all visits to our sites are secure AND confidential. We do NOT track your activity!

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Contractor Not Responsible for Damages?

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Let me preface this post by reminding everyone I am not a lawyer.  However, my business forces me to deal with legal issues on a regular basis.  In order to serve my clients, I must keep abreast of the legal issues involved.  My final advice is always “consult an attorney specializing in the field of your question”.

That said, one of the issues we have heard discussed lately is the attempt to limit liability, by contractors specifically.  Like so many things in the legal arena, there is a lot of gray area here.  What are the limits, and to what do they apply?  Are they fractional (a portion or multiple of the amount paid), or are they absolute (at set dollar amount)?

Our experience has been that damages as a direct result of intentional wrong-doing or negligent actions are not limit-able by contract.  Damages caused by or in the course of committing an illegal act are also excluded from limitation by contract, and may even be cause for legal action.  We also believe that one can not sign away one’s constitutional or legal rights.

To see some specific examples please read the Q&A below by Janet Portman. 

$ read Q&A by Janet Portman  ð

Questions about YOUR best action? Contact us today for your free, no obligation consultation.  And, as always, consult your legal advisor for legal advise.

For ALL your real estate related needs and/or questions call ((530 315-2808) or visit us8 on line at EncoreRES.com or any of the links below. Please note: all visits to our sites are secure AND confidential. We do NOT track your activity!

Subscribe to Listings Updates             Free Home Warranty

Search the MLS           Over the Back Fence

Home Rescue Group                    Free Home Market Analysis

Yuba-Sutter Real Estate Today

Are Americans Preferring to Rent rather than Buy?

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If you buy into what some reports are saying this would appear to be the case.  At first glance this might look to be the sensible thing to do.  After all the bad press the housing market has gotten of late, it is little wonder.  After all, isn’t the housing market crash the cause of the economic situation we are in right now?

NO!  We don’t think so.  In fact, we would like to propose another idea.  Could it not be said that the housing market is a victim of the crash?  And the crash was actually caused by the uncontrolled over-inflation of the boom?  Most (all?) investments carry risk.  The greater the reward, the greater the risk. It is the natural law.

Naturally, when one looses their income they loose the ability to make their mortgage payments.  Had everyone’s income increased at the rate housing costs did, the problem would not have happened!  And it seems that for the last few years the real estate industry has definitely been the “red-headed stepchild”.  We have surely had our time in the spotlight.

In reality, we do think that the economic troubles faced by all of us were caused by a number of contributing factors.  The run-away price increases in the housing market played a part.  But the original question was “Rent or BUY?”.  Even with the current turmoil, real estate is still ahead of other investments in GAINS.  That is correct, gains, increases, profits.

To get more on this (and from someone other than us) click the “read more” link below.  I think you will be pleasantly surprised.  Happy reading.

$ read more: Bloomberg  ð

Questions about YOUR best action? Contact us today for your free, no obligation consultation.

For ALL your real estate related needs and/or questions call ((530 315-2808) or visit us8 on line at EncoreRES.com or any of the links below. Please note: all visits to our sites are secure AND confidential. We do NOT track your activity!

Subscribe to Listings Updates                          Free Home Warranty

Search the MLS                           Over the Back Fence

Home Rescue Group                                    Free Home Market Analysis

Yuba-Sutter Real Estate Today