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Frank has been a licensed California Realtor for over 15 years. You deserve experience and knowledge with one of the most important investments of your life.
Purchase and Fix Up with One Loan Turn a Fixer Upper into a Dream Home.
Looking at a bank owned home and thinking there's to much work for you to tackle? Obtain a Renovation Loan also known as Rehab Financing! Renovation Financing provides forward thinking homebuyers the opportunity to purchase a home in need of repair/improvement.
Buy a home that's in the right area but doesn't quite fit your family - yet
Create an inviting den and entertainment area that draws your family together
Add extra bedrooms, allowing your kids to stay in the same neighborhood and schools
Replace your aging roof and furnace with low-cost financing
Invest in a home that needs some work and resell it
Renovation financing provides homeowners a cost-effective way to live in their dream home. And it gives homebuyers the opportunity to purchase properties in need of improvement.
Not to be confused with the standard 203K for repairs above $35,000. We will focus on the simplicity of the streamline version for use with properties requiring repairs under $35,000. The 203K streamline allows for financing with up to $35,000 in available funds for the completion of repairs.
For repairs under $15,000 the procedure is even easier!
Allowed repairs under the streamline include: paint, flooring, HVAC, windows, roofs, plumbing and electrical, appliances, remodeiling kitchens and baths, desks, exterior siding and septic/well repairs and replacements to name a few.
Qualified buyers can choose a fixed rate or adjustable rate loan that is based on the after-improved value of the property.
If the costs for the rehab improvements is less than $35,000 you can typically close escrow within 45 days from the acceptance of your offer. These loans are typically only 1/8th to 1/2% higher in interest rate than conventional financing. The loan covers all the costs of minor and major repairs/additions/renovations, even adding a pool, as well as the purchase price minus the borrower downpayment. So, buyers can purchase a property in less-than-great condition and immediately transform it into their dream home.
Not All Realtors/Lenders Are Experts on Renovation Financing
Few Realtors know the in and out workings of Rehab Financing. Many Realtors have little to no experience with Convention or FHA Rehab Financing. FHA has raised their loan limits, so many homes qualify for FHA Rehab Financing or Conventional Rehab Financing. I am sure that there are those agents with little to no knowledge of rehab financing that will say that they can "assist you" only for the Realtor to learn at your expense.
You need a Renovation Specialist that is familar with writing a renovation sales contract, assisting you with the specifics in repairs and the required language needed.
Contact me at (951) 694-1221 ext 256, if you would like to know more about Renovation Financing click here for our Renovation Specialist and we will be happy to answer any questions that you may have..
FHA Down Payment Grants
-- AmeriDream Program
AmeriDream is a non-profit organization dedicated to helping people find affordable housing. Part of the AmeriDream mission is to help low and moderate income families buy homes by offering down payment assistance. Buyers who are qualified for an FHA loan but don't have the money for down payment and/or closing costs are eligible to apply for AmeriDream down payment assistance:
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A down payment gift of up to 10% (typically 3%-6%) of the purchase price.
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A true gift-the down payment assistance is not repaid by the home buyer
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Home buyer must have an approved FHA home loan or pre-approved FHA loan.
-- Nehemiah Program
The Nehemiah Program has helped over a quarter of a million Americans purchase homes. Unlike some down payment assistance programs, Nehemiah offers down payment help to anyone who qualifies for an approved FHA loan. There are no limits on income or assets, but buyers must have an FHA loan or be pre-approved for an FHA mortgage. The Nehemiah program offers:
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Up to 6% of the final contract sales price for down payment and/or closing costs.
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Available for first-time and repeat homebuyers.
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Approved for new construction and resale homes.
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No geographical restrictions.
-- American Family Funds
American Family Funds (AFF) administers The Dove Foundation, a non-profit charity offering down payment and/or closing cost assistance to qualified American home buyers. The program features:
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A simple application completed by your loan officer.
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No credit check.
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No income requirements.
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No limit on the amount of down payment assistance and/or closing costs.
-- The Genesis Program
The Genesis Program, also known as Grant America, is a non-profit down payment assistance program. It is operated by the Penobscot Indian Tribal Nation and technically qualifies as a government entity. Like other Native American tribal nations, the Penobscot tribal nation is HUD approved to offer assistance, even to those living outside tribal jurisdiction. Grant America offers down payment assistance to low and middle income home buyers:
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Those with an FHA loan or are pre-approved for FHA mortgages qualify for the Grant America program.
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Grant America offers up to $34,000 in down payment assistance.
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This program is open to those with approved FHA loans buying new or resale homes.
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Program participation is not required to be included in the contract, but the seller must participate in the Grant America program.
FHA Down Payment Grants- For more information on how the grant programs can be beneficial to you, I recommend that you contact me at (952) 694-1221 x256 to discuss which program is right for you. You must first get pre-approved with a qualified FHA home loan specialist and together we can assist in obtaining the down payment program that is right for you.
Do You Speak "Bank Owned REO"?
Anyone can show you "bank owned (REO-Real Estate Owned)" homes, but few Realtors in fact actually are assigned properties by the banks directly to sell. I actually work directly with many of the nations largest banks to sell their properties. I know the in and out workings of the bank, working directly with the Bank Asset Managers to sell their properties. Bank owned REO real estate properties are a great opportunity to buy a bank owned home directly from the lender, usually at a great price.
"Bank owned / REO" means that the bank or lender now owns that property. Each bank works a little differently, but they all have pretty similar goals. They usually want to get the best price possible and close quickly. They almost always sell a home in "as is" condition. This doesn't mean that all bank owned REO properties are run down dumps!
You need to work with an agent that is familar with how the banks work and what they require so that you can get the best deal possible.
So you want to buy a Bank Owned REO Home? Good choice! But as you get started looking for purchasing that home, be careful. With all the news headlines and media attention on the foreclosure market, there is a lot of bad advice out there. A lot. Here are some of the biggest misconceptions I hear from buyers:
Myth #1: Banks will accept offers for "Pennies on the dollar." Fact: If you've been up late at night watching television, I know you've seen those infomercials claiming that banks are "Giving away their properties." They're not. If you're planning on buying a Bank Owned REO Home, it's important to know that before a bank puts a home on the market, they've had at least two professional real estate agents give them a detailed analysis of the home and its value and had an appraisal completed. The bank knows the homes condition and what it will sell for. Nationwide, the average Bank Owned REO Home sells for 15% under its current market value. Keep in mind that is not 15% below its list price. Also, with the demand surging for Bank Owned Homes the banks are receiving multiple offers, thus many homes are selling above the list price.
Myth #2: All Bank Owned REO Homes are "Trashed." Fact: While many Bank Owned REO homes need a little TLC (sometimes a lot of TLC), many are in good condition. Make sure you take the condition of the home in account when you're making an offer. No matter how bad you think the market is, Bank Owned Homes in Good condition sell for higher prices and usually very quickly. Don't be surprised if you get into a multiple offer situation.
Myth #3: All Bank Owned REO Homes are a Bargain. Fact: You have to be careful when your buying a Bank Owned Home. Sure, banks are motivated to get rid of a home as fast as possible, but they also want as much money as they can get for it. You need to make sure that you have :1) An agent who can give you solid comparables and a detailed analysis of each home's value and 2) A realtor who can give you complete, accurate bids on repair work.
Myth #4: "My friend's uncle bought a Bank Owned Home and sold it the next day for an $80,000 profit." Fact: No he didn't. Whether it's your friend's uncle or a guy you talk to at the gym who "knew a guy," it didn't happen. Can you make money buying and selling Bank Owned Homes? Absolutely! But it requires hard work, wise decision making and strong advice from a professional Realtor. There are a lot of good deals out there, but don't try and do it alone.
Remember Bank Owned REO Homes can be a great investment. Just remember as you begin your home search that Bank Owned Homes have their own unique set of problems and you better make sure you have an experienced Real Estate Professional behind you.
Email Frank or phone him directly at (951) 694-1221 ext. 256
Need to sell your home but don't have enough equity"? This is called a "short sale". A "short sale" is a special transaction that allows you to sell your home even when your mortgage is higher than the value of your home.
I am a professionally trained real estate agent that has been specifically trained on how to negotiate a settlement with your current lenders so that you can sell the property and get out from under this burden. Best of all, my commission will be paid by the bank, so you won't have any out of pocket expenses. A "short sale" will help you: Avoid foreclosure Protect Credit Score from "foreclosure" ding
If you are ready to sell your home and free yourself from this debt, call me today for a free consultation. "Short Sales" require a trained professional for a succesful transaction, so call me today to help you find a solution!
Temecula Homes For Sale
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Locate Temecula homes for sale, Temecula Real Estate, and obtain Temecula home values. Get access to all Temecula Real Estate Listings, bank foreclosures as well as all homes for sale in Riverside and San Diego counties, including the local MLS, homes for sale in Temecula, new homes for sale, bank owned homes, retirement communities, golf communities and foreclosures. Our free real estate services feature all of Temecula, Murrieta and surrounding cities. We also have information on Temecula home selling, home buying, real estate loans, homeowner insurance, local movers and other real estate services for anyone looking to sell a home or buy a home in Temecula Ca.
In Temecula, the median price of a home climbed nearly 30 percent from $347,000 in 2004 to $450,000 in 2005. Prices for single family homes for sale start in the high $300,000's. Condo's and townhomes start in the high $200,000's. Hard to find Homes for sale in Temecula from $300,000 to $400,000. This is the hottest home price range of homes for sale in Temecula Ca with the most home buyers looking for a home.
"Congratulations to Century 21 Wright on achieving the 2007 Centurion office award. This is an impressive accomplishment, one that recognizes your hard work and dedication to your customers, your community, and the CENTURY 21 System." Thomas Kunz, President & CEO
Century 21 Wright has achieved the 2007 CENTURION Office Production Award which is a symbol of excellence earned by only an elite group of CENTURY 21 offices and places them in the Top 1% of all CENTURY 21 offices worldwide. Natalie Tagle is a proud member of the CENTURY 21 Wright Team. Natalie Tagle is a full-time Realtor with Century 21 Wright with extensive experience in residential, land, manufactured and income property sales. Century 21 Wright is a leader in sales for Riverside County.
What's the value of my Temecula Home or other Real Estate? Selling a Temecula Home or other real estate and want to know its' value? If your own a home or other real estate in Temecula, Murrieta, Winchester, Menifee, Wildomar, Hemet, or Sun City, you can receive a free home comparativemarket analysis (CMA) of your properties value.We will suggest the best strategies for preparing your home for sale, and we have a high-tech comprehensive marketing program that will effectively promote your home listing daily to millions of people around the world! Temecula and Murrieta real estate are both in high demand and we market our home listings on six different Internet web sites, plus our office does extensive magazine and newspaper advertising to make sure your home is showcased to as many potential home buyers as possible! Seller Testimonials
