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Mother And Son Team Partners With Direct Lenders, GEM Mortgage

by Southern Californias Top Producing Mother & Son Te

We are proud to announce that we have joined forces with GEM mortgage, now working as our direct lender.  Ray Escano and Carlos Villegas, principals of the GEM branch office in Carson, have over 50 years of Real Estate/Lending experience.  In this real estate market, as banks have tightened their lending guidelines, and buyers have been finding it difficult to obtain financing on their homes, we thought it would be a wise decision to partner with a direct lender that is highly aware of all the changes that are taking place in the lending world as well as being very competitive when it comes to interest rates.  Our clients always come first and we make sure that they always get the best deal that’s out there! 

Working with a direct lender has many advantages.  For one, the process is a lot speedier and we are able to close and finance a loan in a timely manner.  Being that this market is filled with short sales and REO’s that have strict timelines on closing, meeting deadlines is essential and could ultimately determine whether a buyer falls out of escrow or not.  Secondly, working with a direct lender, a buyer is always going to get highly competitive interest rates and all the junk fees that normally come up with other lenders don’t apply in our case. 

We are excited about working with GEM mortgage mainly because we know that our clients will be happier.  We can never stress enough how important our clientele is to us and we know you will be extremely satisfied with the service you get and definitely happier with the terms of the loan you obtain.          

October Local Real Estate Report - Values have leveled off

by Southern Californias Top Producing Mother & Son Te
October Real Estate Report

It is undeniable at this point that home values in our market area have leveled off.  The average sales price for the month of September was $322,241.  Home values have stayed in the low "$320's" since November of 2009.  The graph below clearly displays a leveling off in recent months and shows that values have steadily increased from the lowest point on the graph, that being Feb 2009 at an average sales price of $306,835

Short sales are still dominating the market and it's those buyers that are patient in waiting for the short sale to close that are benefiting from this buying market.  Currently about 80% of our Listings are short sales, and we are pleased to inform that banks are cooperating a lot more in helping sellers avoid foreclosure and have also streemlined the short sale process preventing buyers from getting cold and discouraged.  Take a look at the graph below and see for yourself what real estate is doing in our local market area...All figures are taken from SoCal MLS activity reports...    

The graph below includes the following cities:  Bell, Bellflower, Bell Gardens, Cerritos, Downey, La Mirada, La Habra, Long Beach, Lakewood, Montebello, Norwalk, Paramount, Pico Rivera, Santa Fe Springs, South Gate, and Whittier.          

 

Bank of America Halts Foreclosures in All 50 States

by Southern Californias Top Producing Mother & Son Te

We've had questions from some of our sellers with regard to what Bank of America is currently doing, halting foreclosures throughout the country so we thought we'd share what this means for California home owners.

Bank of America has halted foreclosures in all 50 states citing concerns about how legal documents were processed. California was unaffected by those moves because it has a nonjudicial foreclosure process, but BofA's decision could impact tens of thousands of borrowers in this state fighting to hold on to their homes.

Bank of America made the following statement, "We're being overly cautious on this,'' said Bank of America spokesman Rick Simon, who added the review "should take a few weeks. We'll continue to process delinquent loans, but we won't proceed to judgment or sales while we review our processes.''

Keep in mind that they are only halting foreclosures for "a few weeks" as stated above so unfortunately it's not a permanent thing.  This halt in foreclosures by Bank of America doesn't seem like it will have as great an impact on Calfiornia home owners because California handles foreclosures outside the courts as private transactions between lenders and loan holders -- a method that experts say is less expensive and time-consuming and ultimately less painful for the foreclosed homeowner -- it's unclear how the crisis may play out here. 

Please give us a call if you have any further questions on this.  We'd love to help you! 

Oct 4th - FHA Changes their fees. How this will effect you

by Southern Californias Top Producing Mother & Son Te

Submitted by Chris Gonzales:

On Oct 4th 2010 FHA will be making a couple of changes to their fees.  This primarily applies to people that are putting less then a 20% down payment when buying a home.  The majority of 1st time buyers in this market are putting 3.5%-5% down payment so this is a good video for you to watch if you are a buyer who falls into that category. 

This is also great for those who want to know how FHA financing works.  When we host open houses in Downey, Whittier, Lakewood, and surrouding areas, we get buyers all the time who think they have a certain loan amount on their home when in reality they have a higher loan amount then they thought.  This is because FHA financing is slightly more complex then conventional financing.  Watch the video to learn how FHA fees work when it comes to your monthly payment. 

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Photo of The Mother & Son Team - Maria Palacios & Chris Gon Real Estate
The Mother & Son Team - Maria Palacios & Chris Gon
Berkshire Hathaway HomeServices, California Properties
16911 Bellflower Blvd
Bellflower CA 90706
(877) 883-1003
Fax: 562-381-9113