"This Blogs for You"

Conforming Loan Limits were raised back to what they have been for years in the Bay Area - $729,750. For about 6 weeks US Congress had lowered this limit to $625,500.

What does this mean? Lower loan limit hinders buyers. Higher limit helps buyers qualify for bigger loans at a conforming interest rate (est 4% right now!) So, increased real estate sales helps: Local Govt thru taxes, Local businesses who help prepare a property for sale, and the community due to the real estate agents spending their hard earned commission in their community.

Article on Loan Limits 11/18/2011

This just came on the market - great value for 1,600 feet. the the award wining Dixie school district. Located in the lovely Marinwood area. MOve in ready.  Listed by a great agent at Front Porch Realty - another locally owned and operated Real Estate Company.

237 Elvia, San Rafael 94903, Marinwood - List price $510,000

On Market 9/20/2011, petite in size, but better than a 3 bedroom condo....and a great investment. Those REOs can provide great value to Buyers who have a little cash on the side to do upgrades!

110 Birch Way, San Rafael - List Price $319,000

Since SB 458 passed the CA State Assembly in mid July, we have been hearing about more "challenges" closing short sales with 2nd liens. Today an agent I know said the 2nd lien holder BAC asked for $70,000 seller contribution! Why? when in June they were asking for $13,000 seller contribution (on a 2nd of $160,000)  We suspect due to SB 458.......Because

Nothing in the amended law requires junior lenders to agree to a short sale.  Thus, it will likely likely be more difficult in the future to convince junior lenders to approve a short-sale offer.  Instead of accepting a fraction of the amount owed by approving a short sale, junior lenders may prefer to allow the property to go into foreclosure and pursue a deficiency judgment after the foreclosure sale

Will this law be changed by CA Assembly? We shall see.......the mess is still messy :)

Good news for sellers of homes underwater - The bank can Not ask you to contribute $ to closing, can not ask for a promissory note to get the short sale done, and can not come after you for a deficiency judgement

Ive been helping sellers with sucessful short sales for 3 years, this is good news.Not sure what this means - call me at 415-793-3040

California Assoc of Realtor Applauds signing of SB 458! 

It appears highly likely that Marin's high-cost (jumbo-conforming) loan limit will be decreased from $729,750 to $625,500 on October 1, 2011. Should this change go  into effect, here's what we can expect

Jumbo Conf Decrease 5-26-11.jpg