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Leticia & Associates


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You CAN Sell In A Slow Market!

by Leticia & Associates

With the housing market still slow and a sluggish economy, selling your home can be a challenge due to the fact that there is steep competition with new home foreclosures and falling prices. However, there are some things you can do to help sell your home in a slow market quickly! Below are some tips to get your home off the market and into contract!

  1. Find an agent who is right for your market.  Your first plan of action should be to locate an agent with proven results with sales. Keep in mind you should also work with someone that you feel comfortable and confident has a good track record with sales in your market range and neighborhood. Good sales stats in your price bracket demonstrate that the realtor knows what buyers are looking for and how to move property similar to yours. A great agent can help you move your home, even in a tough market.
  2. Research and understand your market. Understanding the ‘comps’ in your area will help you reach a realistic asking price and get a better handle on the competition. Ask your realtor to provide this information and also take opportunities to visit open houses for homes that are comparable to yours. You can learn a lot about staging, pricing and what is appealing to buyers.
  3. Keep up with repairs and maintenance. Don’t hesitate to make necessary repairs and maintenance to your home when you are ready to sell. You don’t have to undergo major remodeling or expense. Simple updates like fixing broken steps, touch up painting and keeping your lawn mowed and flower beds cleaned out will really go a long way in making your home look move-in ready.
  4. Be flexible. From having your home ready to show at a moment’s notice to your willingness to negotiate, the key to selling your home in a slow market is flexibility and responsiveness. Going the extra mile for prospective buyers can really make a difference in getting more people through the door ready to make an offer.
  5. Add value. Remember that you are competing with short sales and foreclosures, so any extra value you can add to your home can make it more attractive. Whether it’s an appliance, patio furniture or a simple cost concession, small items can add up to big pluses when prospects are evaluating the total value of your home.

In a slow market, you need to get your home noticed quickly and be willing to negotiate so that prospective buyers see a great value in your property. Don’t stop looking for ways to make your home stand apart from the competition.


Federal Mortgage Modification Plan Losing Enrollees

by Leticia & Associates

In an effort to get more people back in their homes,  President Obama announced a program in early 2009 aimed to help. The plan was to give homeowners a break on their monthly payments by reducing the interest rate to as low as two percent for the first few years of the mortgage in some cases. For the average family, this resulted in the saving around five hundred dollars every month, and it also helped that the mortgage was lengthened to forty years from the usual thirty. 

However, many people have become disillusioned with this seemingly foolproof plan to get America's economy back on track. Enrollment is down and homeowners already on the plan are dropping out for a variety of reasons. Some have sold their home or did  a short-sale, so they no longer need the program. However, other people are being forced out because their home was foreclosed upon, or they no longer qualify for the loan. When the process began, everyone was allowed into the program and Obama pressured the banks involved with it to let people in with no proof of income required.

More than one third of the people who originally qualified for the modifications have had to drop out due to lack of income. The number of people who have been successful with the program is less than those who have had to drop out of it. As more and more homeowners drop out, the foreclosure nightmare of 2009 is beginning to repeat itself, because even after the mortgages have been revised by the program people still have far too much debt to allow themselves to stay afloat, and this could have repercussions on the economy much greater than what has already happened to it.

As John Taylor of the National Community Reinvestment Coalition said, "It's sad that they didn't put the same amount of resources into helping families avoid foreclosure as they did helping banks."



Is an FHA-Insured Mortgage Right for You?

by Leticia & Associates

The days of putting little money down to buy a home aren’t over.

After years of risky mortgages backed up by small down payments, most lenders aren’t underwriting mortgages without a significant sum up front and a high credit score. But a decades-old loophole can still put home buyers in a house for next to nothing. Mortgages insured by the Federal Housing Administration (FHA) allow borrowers to get approved with a down payment as small as 3.5% of the agreed selling price of the house and don’t require a high credit score.

As millions of Americans have come to realize, getting into a house for little money down has its disadvantages. Borrowers who’ve pumped little equity into their home are often more willing to walk away from it during lean times that keep them from making payments; this risk is further elevated when home values are in decline and troubled borrowers are unable to refinance or sell the home at a price that covers their losses.

Still, FHA-insured mortgages are far less risky than the subprime mortgages that lenders originated before the housing bust. FHA-insured mortgages require documentation and verifiable proof that the borrower is capable of making their monthly payments. (Most subprime mortgages didn’t require such proof.)

The looser terms of FHA-insured mortgages have helped make them more popular. Today, FHA-insured mortgages make up about 25% of the mortgage market, up from 3% in 2006, FHA commissioner David Stevens said in a speech earlier this month. In June, the FHA insured 194,000 loans – the highest monthly total in the agency’s history, according to Stevens. For fiscal year 2009, the dollar amount of FHA-insured mortgages is likely to reach 30% of mortgage originations, up from around 4% in 2005 and 2006, says Stu Feldstein, the president of SMR Research, a mortgage-data tracking firm.

“FHA-insured mortgages are one of the only games in town, especially if you can’t qualify for a traditional mortgage,” says Gibran Nicholas, the chairman of the Ann Arbor, Mich.-based CMPS Institute, which trains and certifies mortgage lenders and brokers. “Now that the subprime market is gone, FHA is filling the gap.”

The First-Time Home Buyer $8,000 Tax Credit

by Leticia & Associates

The Count-Down is on for The First-Time Home Buyer $8,000 Tax Credit!

By now you have most likely hear about the First Time Home Buyer Tax Credit that is available till November 30, 2009.

What a great opportunity to invest in your future and build financial security for you and your family.  And, it is a buyer’s market out there right now and the ability for individuals to use the tax credit at closing should have a meaningful impact on home sales and will allow thousands of families to achieve the dream of homeownership.”

The process in purchasing a home is involved and you need to ensure that everything goes smoothly so your closing will take place before the November 30, 2009 deadline.

You need to allow four to six weeks for the loan process, which means your offer should be accepted by mid October and no later than Oct 31.

Don’t let this amazing opportunity pass you by.  Call me so we can discuss your options and receive your free mortgage pre-approval.  We can start looking today and just think you could be a home owner by Nov. 30, 2009 – Just in time for the holidays.

I would be happy to assist anyone you know that would like to become a first time homeowner as well.

Short Sales vs. Foreclosures

by Leticia Hixson

short sales offer the homeowner many more benefits than going through a Foreclosure.  In the case of a short sale, the benefits to the homeowner are:

  • Only late payments on the mortgage show on a credit report and after the sale of the home, the mortgage will be reported as paid or negotiated.  This could lower a homeowner’s credit score by as little as 50 points if all other payments have been made.  The affect of a short sale can be as brief as 12 to 18 months.
  • A Short Sale is not reported on a credit history.  There is no specific reporting item for ‘short sale.’  The loan is typically reported as ‘paid in full, settled.’ 
  • A Short Sale on its own does not challenge most security clearances whereas a foreclosure does.
  • A Short Sale is not reported on a credit report and is therefore does not present a challenge to employment.
  • In some successful short sales it is possible to convince the lender to give up the right to pursue a deficiency judgment against the homeowner, (i.e., payment of the shortfall or the difference between what was owed and what the bank received.)
  • Under the Mortgage Forgiveness Debt Relief Act of 2007, if a deficiency is forgiven or cancelled, the home is a principal residence, and it is worth less than $2 million, the tax on the deficiency will be forgiven.  This benefit applies to homes that are the subject of a Short Sale and a Foreclosure.

Click the links below for more details about The Mortgage Forgiveness Debt Relief Act of 2007

2009 Tax Credit

by Leticia & Associates

The rush has started. There are waves of 1st time homebuyers looking to hurry and close escrow on their new home buy the end of November 2009. A first time homebuyer not only has the opportunity to receive up to $8,000 tax credit , but also take advantage of all the homes on the market that are priced extremely low. Don't wait any longer the clock is ticking & there are only 4 months left to close escrow on your new home.

Homebuyers Misinformed

by Leticia & Associates

Home Buyers please stop watching the news because you are being misinformed. We are in a HOT market and there are many buyers & not a lot of homes for sale. On the average a home in today's market will have 5-7 offers the first week the house hits the market. A clean turn key home will have 30-40 offers in a few days. From what I have experienced these last few months homes are not selling for under asking price. The most recent offer I submitted was 30k over asking price & the home ended up selling for over 120k asking price, with over 50 offers. So home buyers please stop watching the news because the news is not sharing this kind of information with you. I would love to hear your feedback. Thanks

Displaying blog entries 321-327 of 327

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Photo of Leticia & Associates Real Estate
Leticia & Associates
Keller Williams Vision
15325 Fairfield Ranch Rd Ste 100
Chino Hills CA 91709-8834
(909) 731-8187
(909) 731-8187 cell/text

We can assist buyers, sellers, investors, first time home buyers, relocations, and is a certified short sale specialist in todays real estate market. We provide real estate services in Chino Chino Hills and the surrounding communities of Corona, Diamond Bar, Fontana, Ontario, Rancho Cucamonga, and Upland, Yorba Linda, Brea, La Habra. 

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CA BRE No. 01885348