bay area real estate market – Page 48

The Wish List of Your Future Buyers: Gen Z

Many within today’s generation of teens, 21 million strong, say they’ll be willing to give up modern luxuries for a more mainstream view of the American dream of homeownership, according to a new study from Better Homes and Gardens Real Estate, which reveals the home ownership wish lists of the children ages 13 to 17, part of Generation Z.

Eighty-nine percent of Gen Z teens surveyed say owning a home is part of what they believe the American dream is, followed by graduating from college (78%); getting married (71%); and having children (68%).

They’re optimistic that they’ll become home owners one day, too. Ninety-seven percent say they’ll own a home one day, and they say they’d even be willing to make some unusual sacrifices in order to put them on the path to home ownership. For example, 53 percent say they’d be willing to give up social media for a year or would be willing to do twice as much homework every night in order to become a home owner one day. Forty-two percent would go to school seven days a week, and 39 percent would even be willing to take their mom or dad to their prom if it meant they could be a home owner one day, the survey showed.

“We have a clear view of tomorrow through our millennial consumer research; now it’s time to look at the day after tomorrow,” says Sherry Chris, president and CEO of Better Homes and Gardens Real Estate. “Today’s teens are fiscally literate and realistic when it comes to their future. It’s quite profound that a generation that has never known a world without social media is willing to give up such a staple in their modern lives to achieve their dream home.”

Among other findings from the study:

The majority of the Gen Z teens surveyed say they are aiming to own their first home by age 28, which is three years earlier than the median age of first-time home owners. But before they purchase their first home, they expect to have an advanced college degree (60%), gotten married (59%), own a pet (58%), and have children (21%).
Of the 97% who say they will own a home one day, they estimate paying an average $274,323 for their first home.
95% of Gen Z teens surveyed say they believe they would start their future homebuying process online. They would view home listings and take virtual tours, but 29 percent also say they’d expect to be able to video chat with real estate agents.
59% say they believe they will undertake the search process for their future home with a real estate professional’s help.
47% of respondents say they’ll likely pick their future home in a suburban neighborhood, followed by 23 percent who say they’ll choose a city and 20 percent who say they’ll live in a country or rural area.

Source: Better Homes and Gardens Real Estate

I like the sound of that!

I read this article at: http://realtormag.realtor.org/daily-news/2014/09/10/wish-list-your-future-buyers-gen-z?om_rid=AACmlZ&om_mid=_BUEI4dB88V4GC6&om_ntype=RMODaily

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Got Questions? – The Caton Team is here to help.

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522 Office: 650-365-9200

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Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE#70000218/ Office BRE# 0149900

Rush to Buy Homes During the Holidays? YES YES YES!

Rush to Buy Homes During the Holidays?

Home owners may be doubtful that the months of November and December will bring about a home sale. After all, aren’t potential buyers sidetracked with the holidays and likelier to postpone their house hunt due to bad weather and shorter days?

But sometimes the “off-peak” time to sell can actually be the perfect moment for sellers. Several studies show that, on average, homes listed in November and December are more likely to sell, sell more quickly, and more closely approach the asking price, according to an article at Forbes.com.

A 2011 study conducted by realtor.com® found that 60 percent of real estate professionals advise their sellers to list a home during the holidays because they believe it’s an opportune time to sell. Nearly 80 percent of the real estate professionals surveyed said that more serious buyers emerge during the holidays, and 61 percent say less competition from other properties makes it an ideal time to sell.

Thanksgiving is particularly good, the article notes. Buyers may have held out through the busy summer months hoping to find a better deal, but now they may be searching with increased urgency. Some buyers may be motivated to close before the end of the year for tax purposes. They can purchase a home late in the year to deduct home purchase costs on their taxes, such as points, interest, and property taxes. Also, certain sellers who sold their homes during the summer season may be facing a capital gains tax. They may be highly motivated to buy in November to avoid paying capital gains tax (since closing on the purchase of another house is required within 180 days).

Source: “Why November Is the Best Month to Sell Your Home,” Forbes.com/Trulia (Nov. 14, 2014)

Considering a sale – call us – The Caton Team has a wonderful marketing plan for you – 650-568-5522 or email me at Info@TheCatonTeam.com

I read this article at: http://realtormag.realtor.org/daily-news/2014/11/17/rush-buy-homes-during-holidays?om_rid=AACmlZ&om_mid=_BUaky7B89pUcTC&om_ntype=RMODaily

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help.

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522 Office: 650-365-9200

Want Real Estate Info on the Go? Download our FREE Real Estate App: http://thecatonteam.com/mobileapp

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Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE#70000218/ 01499008

Here’s What Happens to Your Data After You Die???

As I was checking my email I came across this article and thought I would share it – sorry it is a bit morbid, but in this day in age – the digital age – there is more to our legacy than just a last will and testament. I thought this would be good for individuals and families planning ahead and for those handling estates. I wish you all the best in health in life. – SC

Here’s What Happens to Your Data After You Die???

A couple of years ago. I logged on to one of my many social network accounts and encountered a familiar face under the People You May Know section: Emru Townsend.

Emru was indeed someone I knew. A talented writer, a good friend, and a true mensch, beloved by many. He was also dead. He had succumbed to leukemia a few years earlier at the age of 39.

Yet there he was, smiling at me just like he did in life. But it wasn’t just a social media account that survived Emru. There’s his personal blog, where he recounted in sometimes-painful detail his battle against cancer, and his professional one, featuring some of the hundreds of articles he wrote on technology and animation. There’s his Flickr account, featuring photos of him in the hospital. There’s the site his family set up in an effort to find a stem cell donor, which ultimately proved unsuccessful. Today, nearly seven six years to the day of Emru’s passing, he still receives email at his pobox.com account, maintained by his widow, Vicky.

In addition to leaving a mark on everyone he met, Emru also left a footprint on the Internet, which his family struggled to deal with because they did not have access to all of his accounts.

This is a problem all of us on the Internet will encounter eventually, whether we want to think about it or not.

What can go wrong? Lots. Your loved one may have died leaving photos and videos behind that you can’t get to. He may have locked essential financial or other information away with passwords and not left those with you. She may have online financial accounts with money or credits leftover, or social media accounts that continue to generate painful reminders of her absence.

And, each year, the personal information of more than 2.5 million dead people is abused by identity thieves, according to ID Analytics.

Data of the dead
So you want to deal with this now, before you die and leave your family a mess of locked-down digital assets. There are three key things you need to do, says Evan Carroll, co-author of Your Digital Afterlife.

Make an inventory of all your digital assets. That includes the documents on your computer, the photos on your phone, any data stored on thumb drives or backup disks, and every online account, including the ones you no longer use. It’s a big job, but you don’t have to do it all at once, Carroll says. Start with the most important things and work your way down the list. Odds are your primary email account will be number one, since that’s typically where online accounts send password resets. Keep reading for advice on where to store this data.
Figure out what you want to happen to all of this stuff after you’re gone. Do you want your family to have access to all your emails? How about photos? Videos and other material you’ve downloaded? There may be some things you don’t want your loved ones to see. Decide now, and make your wishes known to those you care about.
Assign someone to be your digital executor. Be explicit in your will about what you want to happen to your assets. Don’t assume your survivors automatically have a right to it all, because the law varies greatly from state to state, Carroll says. On his blog, The Digital Beyond, he offers some sample power-of-attorney language to include in your will.

And if like more than half of all Americans you don’t have a will, it’s time to whip one up. Will-making software starts around $30, and some extremely simple last-will-and-testament templates are available online for free.

Things to do on Google when you’re dead
You also want to take a look at your online accounts. Of all the major online service providers, only Google lets you plan for the inevitable ahead of time. Using the innocuously named “Inactive Account Manager,” you can designate a beneficiary who will inherit access to any or all of your Google accounts after a specified period of inactivity (the default is three months).

The beneficiary will then have an additional three months to download your data before it gets pulled offline for good. You can even set up an auto-responder from the grave, so to speak, to alert emailers of your passing.

Facebook is probably the next best at this, though your options are more limited. Once a family member has passed, you can ask the network to either delete the account or “memorialize” it, essentially freezing it in time but removing it from features like birthday reminders or People You May Know. You’ll have to provide proof of death via certificate or a published obituary, however. And if you want to download content from the account, you’ll need to obtain a court order.

As for the other main social accounts, some allow you to request that a deceased person’s account be closed, once you provide proof of their demise. Others are totally silent on the matter. LinkedIn makes it pretty easy to delete a dead member’s profile; you can fill out a DocuSign form, digitally sign it, and email it in. There’s no way to preserve any blog posts or other material your loved one has shared, however.

You can ask Twitter to close the account of a deceased family member, but you’ll have to mail it paper copies of your ID, the death certificate, a copy of the obituary (if you have one), and proof that the account actually belongs to the decedent if his Twitter handle doesn’t match his legal name. If you want to remove images of your loved one posted by others, you can request that by emailing privacy@twitter.com (but Twitter makes no guarantees it will honor every request).

Sadly, Yahoo’s death policy is rather stark. It will delete the account upon request and presentation of the death certificate. There are no options to download your loved one’s email, blog posts, or photos, nor can you create a memorial. According to Yahoo’s official policy statement, this is an effort to honor the original privacy choices of the deceased.

Still, that’s better than Amazon or Apple, which offer no way to officially close an account post mortem. (An Amazon spokesperson says you can close the account of a deceased family member by contacting Amazon customer support.) Worse, you can’t bequeath any of the music, videos, ebooks, and other digital materials a deceased customer paid for. That’s because you don’t actually buy these things, you license them; your right to them expires when you do.

Grave matters
As a practical matter, the best way to ensure that your digital assets pass into the right hands is to share them and your login data before you shuffle off this mortal coil.

(This may violate some terms of service agreements, but why should you care? You’ll be dead.)

Don’t insert login information into your will, advises Carroll; those documents usually become part of the public record, allowing any stranger to gain access to your accounts. Instead, indicate a secure place where your digital executor can find them, like a safe deposit box or an encrypted file in a service like SecureSafe.

PasswordBox’s Legacy Locker offers another option. This password manager lets you designate a “digital heir” who will inherit access to your Password Box account — and, by extension, all the logins contained in it. It can also store your credit card, driver’s license, and membership card data and let you securely share your logins before you kick. The advantage here is that if your passwords change or you add accounts, your information is always up to date.

What happens if PasswordBox goes belly-up before you do? The company has secured enough funding and cloud storage to maintain users’ account data “for years to come,” a company spokesperson says.

Whatever you choose to do, start doing it now. Because you never know if your next log-in will be your last.

“Death is the final log off,” Carroll says. “You don’t have the opportunity to go back and fix it.”

I read this article at: https://www.yahoo.com/tech/heres-what-happens-to-your-data-after-you-die-101447039569.html?soc_src=mags

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help.

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522 Office: 650-365-9200

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Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE#70000218/ 01499008

The Fastest Way to Get Pre-Approved

Getting pre-approved for a loan can make the whole home-buying experience go smoother.

When you’re pre-approved, REALTORS® are more likely to want you as a customer, sellers are more likely to accept your offer, and—by knowing what you can afford—you’ll know what homes to look at.

And it doesn’t have to be a hassle either. With these easy tips, you can get a pre-approval without ever leaving your sofa.

Get Your “Pre-Approved” Facts Straight

Applying for a pre-approval doesn’t require nearly as much paperwork as applying for a mortgage, but you’ll still need to be as accurate as possible if you want to make sure you’re getting the best deal—and the most offers.

Start by gathering the information you’ll need:

Estimated purchase cost.If you have a home in mind, look up the seller’s asking price to get an idea of how much you’d need to borrow.
Down payment amount.Knowing how much you can put down will have a big effect on your pre-approval.
Personal information. You’ll need basic info like Social Security numbers and driver’s license numbers for anyone on the application.
Proof of income.Gather recent paystubs, tax returns and paperwork from your employer.
Proof of assets.Gather bank statements, retirement accounts, CDs and other documents showing your assets.

Estimate Your Credit Score

While any prospective lender will pull your credit score, you’ll also be asked to estimate your credit score on your application.

To make things easier, you can order a copy of your credit scores for a small fee from one the three credit bureaus—Equifax, TransUnion and Experian—before you apply for a pre-approved loan. By law, you’re entitled to one free credit history report a year from each of the credit bureaus.

You can also use your credit report to make an educated guess about your credit scores. For example, if you have low-to-no debts, active credit lines and a history of timely payments, you probably fall in the “good” credit score range.

Apply Online

Once you have your information and credit scores together, you have two options to apply for a pre-approved loan. If you have a particular lender in mind, you can visit the lender’s direct website to see if you can apply online.

Many lenders have this feature, but you’ll have to fill out an application for every lender you want to use.

If you want to go the faster route, try a pre-approval service like the one featured on the realtor.com® individual listings page. By checking the box that says, “I want to get pre-approved by a lender”, you’ll be connected with up to three lenders right away.

Staying Safe

Before you apply online, read through the company’s privacy settings. Look for companies who state this information:

Clearly list how your personal information will be used
Explains their pre-approval process
Guarantees not to sell your personal information to third-party companies or vendors

Knowing what you can expect while getting pre-approved will keep your identity safe.

My two cents – Your Home Loan is THE MOST IMPORTANT PART of your home purchase – second to the actual home! You need to work with a reputable lender who picks up the phone nights and weekends. I prefer my clients do not work with an online lender since their customer service lacks greatly during the most crucial part of the transaction – the escrow period. And that could cost the buyer money for not performing in time per the contract. If you are looking for a great lender – give The Caton Team a call and we’d be happy to connect you with client approved and Caton Team tested lenders.

I read this article at: http://www.realtor.com/advice/fastest-way-get-pre-approved/?cid=eml-2014-09-bob-blog_2_pre_approval-blogs_finance&MID=2014_09_BoB_2013&RID=9851214

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help.

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522 Office: 650-365-9200

Want Real Estate Info on the Go? Download our FREE Real Estate App: http://thecatonteam.com/mobileapp

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Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE#70000218/ Office BRE# 0149900

COUNTY BANS SMOKING IN YOUR OWN HOME

COUNTY BANS SMOKING IN YOUR OWN HOME

Paul Stewart, SAMCAR Governemnt Affairs Director

The San Mateo County Board of Supervisors has voted 4-1 to enact a second hand smoking ordinance that, among requirements, bans smoking in ownership units. Only Supervisor Don Horsley stood up for private property rights. Irrespective of one’s stance on smoking, imagine having to tell a buyer who just paid $862,000 for a townhome—which for purposes of illustration is 20% less than the median price of a home in San Mateo County—that they are barred from smoking (or performing any other legally allowed activity) in their own home? Now you will.

What was exempted:

Detached, single-family residences.
Detached, single-family homes with a detached or attached in-law or second units (approved pursuant to code)

What was NOT exempted:

Townhomes – whether owned or rental.
Condominiums – whether owned or rental.
Apartments

The ordinance will be enforced by the San Mateo County Sheriff’s Department and the San Mateo County Health Department and is designed as a ‘complaint driven’ regulation (i.e., incidents of people smoking in their own home will be investigated only when neighbors complain; smokers will supposedly not be under surveillance by the Sheriff’s Department or the Health Department.)

How the voting emerged:

Supervisor Carole Groom has supported the ordinance as proposed since its introduction. She made the motion to approve.
Supervisor Tissier noted that when she met with SAMCAR, she noted the key was consistency in the application of the regulations… and that she prefers consistency “the other way and supports adoption of the ordinance as presented.” (She also seconded Groom’s motion.)
Supervisor Slocum stated the notion of private property rights is important but “I am swayed by the testimony of the health hazards (of second hand smoke) and can support the ordinance as proposed.”
Supervisor Pine said he favors the ordinance as proposed but was struggling with the ownership issue. He added that owners (townhomes & condos) who are troubled by smokers cannot move as easily as renters, so such activity “actually has impact outside your private property.”

Gratitude on this issue goes to President-Elect Michael Verdone, Peninsula Government Affairs Committee Chair Michelle Velez, SAMCAR stalwart Tom Thompson and TCAA GAD Rhovy Lyn Antonio, who were present at SAMCAR’s meetings with the Supervisors on the prohibition of smoking in a person’s own home.

I read this article at: https://www.samcar.org/posts/county-bans-smoking-in-your-own-home-264.htm

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Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522 Office: 650-365-9200

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Please enjoy my personal journey through homeownership at:

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Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE#70000218/ 01499008

What Does Name “Drysdale” Mean

Our CEO announced our new DBA will be Berkshire Hathaway HomeServices | Drysdale Properties – and we all wondered what it meant. Well, now that I know the meaning – I am proud be to a Drysdale. The meaning truly falls in line with The Caton Team and our business ethics.

What Does Name “Drysdale” Mean

You are strong in material matters, determined and stubborn. You have good business ability. You are a good worker, steady and practical, a builder who takes responsibility well. These qualities may bring you a position of authority and power. You are a doer, down-to-earth, serious-minded, reliable, and self-disciplined; have good power of concentration. You are inventive, intuitive and extremely methodical. Since your will is so strong, you are hard to convince. You also dislike advice. You love beauty and philosophy, and you desire achievement. You have a strong need for freedom – physical, mental and spiritual.

You are very intuitive. You have a reservoir of inspired wisdom combined with inherited analytical ability, which could reward you through expressions of spiritual leadership, business analysis, marketing, artistic visions, and scientific research. Operating on spiritual side of your individuality can bring you to the great heights, and drop you off if you neglect your spiritual identity. You are always looking for an opportunity to investigate the unknown, to use and show your mental abilities, to find the purpose and meaning of life. You want to grow wise and to understand people and things. You need privacy to replenish your energy. You have a unique way of thinking, intuitive, reflective, absorbing.

I read this at: http://www.sevenreflections.com/name/drysdale

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help.

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522 Office: 650-365-9200

Want Real Estate Info on the Go? Download our FREE Real Estate App: http://thecatonteam.com/mobileapp

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Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE#70000218/ 01499008

How Generational Differences Are Drive Housing Preferences

I find this information very interesting, the difference between generations when buying their home – enjoy this article I found.

Generational Differences Drive Housing Preferences?

Younger home buyers tend to view their home as a strong investment, more so than older buyers who tend to view their homes as a match to their lifestyle, according to the 2014 NAR Home Buyer and Seller Generational Trends study, based on a survey of more than 8,700 responses from buyers and sellers.

The survey provided an in-depth look at the generational differences of recent home buyers and sellers.

The largest group of recent buyers is millennials, those under the age of 34, who comprised 31 percent of recent home purchases, according to the NAR survey. Generation X buyers, born between 1965 and 1979, accounted for 30 percent of recent purchases, and younger boomers, born between 1955 and 1964, accounted for 16 percent.

“Given that millennials are the largest generation in history after the baby boomers, it means there is a potential for strong underlying demand,” says Lawrence Yun, NAR’s chief economist. “Moreover, their aspiration and the long-term investment aspect to owning a home remain solid among young people. However, the challenges of tight credit, limited inventory, eroding affordability, and high debt loads have limited the capacity of young people to own.”

The median age of millennial home buyers is 29 and the median income is $73,600, according to the NAR study. They typically purchased an 1,800-square-foot home costing about $180,000.

In comparison, gen X buyers’ median age is 40 and median income is $98,200, and they tend to purchase a 2,130-square-foot home costing $250,000.

Among some of the study’s other findings:

87 percent of buyers age 33 and younger consider their home purchase a good financial investment compared to 74 percent of buyers 68 and older.
Millennials were more likely to buy in an urban or central city area than older boomers.
Younger buyers tended to place higher importance on commuting costs than older generations. Older generations tended to place more emphasis on energy efficiency, landscaping, and community features.
Millennials plan to stay in the home for 10 years while the baby boom generation plan to stay for 20 years.
Younger buyers tend to move to larger, higher-priced homes, but “there is a clear trend of downsizing to smaller homes among both younger and older baby boomers and the Silent Generation (those born between 1925 and 1945),” according to the study.

Source: National Association of REALTORS®

What are your thoughts on the future of home buying? I know – the price of homes listed on this article is the national average – NOT the San Francisco Peninsula where nothing is priced that low. But I did find this article interesting – especially the differences between Generation X and the Millennials.

I read this article at: http://realtormag.realtor.org/daily-news/2014/03/12/generational-differences-drive-housing-preferences?om_rid=AACmlZ&om_mid=_BTII85B84y54x2&om_ntype=RMODaily

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help.

Email Sabrina & Susan at: Info@TheCatonTeam.com

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Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE#70000218/ Office BRE# 01499008

Law Requiring Water-Conserving Plumbing Fixtures is in Effect

Law Requiring Water-Conserving Plumbing Fixtures is in Effect

Just a re-reminder, state law calling for the replacement of older plumbing fixtures with water-conserving ones went into effect on January 1 of 2014. The law says that when improving a property (based on certain standards and thresholds), new water-conserving toilets, showerheads, faucets and urinals must be installed before the local building department will issue a certificate of final completion and occupancy. The plumbing fixtures that will need to be replaced are: any toilet manufactured to use more than 1.6 gallons per flush; any showerhead manufactured to have a flow capacity of more than 2.5 gallons of water per minute; any interior faucet that emits more than 2.2 gallons of water per minute and any urinal manufactured to use more than one gallon of water per flush. Homeowners with questions about their individual fixtures are urged to contact their city or county building department.

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help.

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522 Office: 650-365-9200

Want Real Estate Info on the Go? Download our FREE Real Estate App: http://thecatonteam.com/mobileapp

Visit our Website at: http://thecatonteam.com/

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Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE#70000218/ Office BRE# 0149900

Buying a Home After a Short Sale or Foreclosure Just Got Easier!

Home buyers qualify for FHA loan despite short sale or foreclosure

Mortgage borrowers may now qualify for an FHA mortgage under new guidelines established by the Department of Housing and Urban Development (HUD), according to Eli Younes of Viking Realty Group in Pembroke Pines on Tuesday.

As a result of the housing collapse, many homeowners experienced a serious reduction in income or lost their jobs due to the crumbling economy. Some mortgage borrowers were forced to file bankruptcy or short sale their home to avoid foreclosure.

Others were not so lucky and lost their home on the courthouse steps.

The new HUD rules allow borrowers whose credit was damaged due to a temporary loss of employment or income to qualify for an FHA mortgage if they have substantially recovered from that situation and maintained a positive credit history for at least 12 months.

Borrowers who recently experienced a bankruptcy, foreclosure, short-sale, loan delinquencies, deed-in-lieu, debt collections or other situation negatively impacting their FICO credit score may now be able to qualify for an FHA loan.

Recognizing that any number of events may have impacted a borrowers’ credit rating, the Federal Housing Administration (FHA) believes that such catastrophic event does not mean they are not financially stable or unable to make a mortgage payment.

As such, the previous 3-year waiting period required by the FHA on financing a new home has been revised.

“Referred to as the ‘Back to Work’ initiative, this program is designed for borrowers who lost their home through foreclosure, short sale, bankruptcy or deed in lieu and also suffered a 20% or more loss in household income,” Eli Younes of Viking Mortgage told Examiner. “As with most FHA loans, this program only requires a 3.5% down payment and is applicable for all purchase loans other than the Home Equity Conversion Mortgage.”

In order to qualify for a mortgage under the “Back to Work” initiative, there are several steps that must be taken to prove an “Economic Event” that was beyond the borrower’s control.

Employment Requirements:

The lender must verify that the borrower lost at least 20% or more in household income – or became unemployed – for a period of six months prior to the foreclosure, short-sale, or deed-in-lieu. To verify loss of income, the lender must request a written Verification of Employment to show the termination date or loss of income, receipt of unemployment compensation, or signed W-2’s and tax returns detailing the reduction in earnings.

To demonstrate a loss of income for part-time or seasonal employment, the borrower must prove a 2-year history in the same field prior to loss of employment. Borrowers will also be required to prove that they have fully recovered from their hardship, increased earnings and have maintained other credit obligations for a period of 12 months following foreclosure, short sale, bankruptcy or deed in lieu.

Credit Requirements:

When evaluating a borrower for the “Back to Work” initiative following a foreclosure, the lender may deem the borrower eligible if:

1.) The borrower’s credit report is free of any late housing payments within the last 12 months;

2.) All other mortgage accounts must be current for the last 12 months, even if the loan was previously modified to avoid a foreclosure action;

3.) The borrower’s credit report contains no more than a single 30-day delinquency on payments due other creditors; and

4.) The borrower’s credit report contains no current collection accounts or public records. This condition may be waived in instances of identity theft or borrower’s with medical collections.

Bankruptcy Filings:

1.) Chapter 7 Bankruptcy: One year must have elapsed since the bankruptcy discharge. Proof must also be shown that the bankruptcy filing was the result of an “Economic Event” covered within the FHA program guidelines.

2.) Chapter 13 Bankruptcy: Most lenders will require that the bankruptcy filing be discharged with all payments required under the agreement having been made on time. For borrowers currently in bankruptcy, written approval from the court allowing them to enter a new mortgage contract is required.

Housing Counseling Requirement:

For purposes of establishing satisfactory credit following an “Economic Event,” mortgage borrowers’ under the “Back to Work” initiative must:

1.) Receive homeownership counseling or a combination of homeownership education and counseling, at a minimum, one hour of one-on-one counseling from HUD-approved housing counseling agencies, as defined at 24 C.F.R. §214.100; and

2.) Be completed a minimum of thirty (30) days but no more than six (6) months prior to submitting a loan application to a lender, as application is defined in Regulation X, implementing the Real Estate Settlement Procedures Act, 24 C.F.R. §3500.2(b).

The housing education may be provided by HUD-approved housing counseling agencies, state housing finance agencies, approved intermediaries or their sub-grantees, or through an online course. It may be conducted in person, via telephone, via internet, or other methods approved by HUD, and mutually agreed upon by the borrower and housing counseling agency.

Rules for Renters:

Under certain circumstances, renters may qualify under the “Back to Work” initiative. For purposes of establishing satisfactory credit, mortgage borrowers must:

1.) The borrower’s credit report is free of any late rental payments within the last 12 months;

2.) The borrower’s credit report contains no more than a single 30-day delinquency on payments due other creditors; and

3.) The borrower’s credit report contains no current collection accounts or public records. This condition may be waived in instances of identity theft or borrower’s with medical collections.

A foreclosure, short-sale, Chapter 13 bankruptcy or deed-in-lieu will continue to plague a borrower’s credit report at the Equifax, Experian and TransUnion consumer reporting agencies for a period of seven years. A discharged Chapter 7 bankruptcy will remain on the credit report for a period of ten years.

“With the housing crash, many homeowners experienced unemployment or depreciated home values and for one reason or another were not able to make their mortgage payments,” Carlos J. Reyes, a foreclosure defense attorney with the Reyes Law Group in Fort Lauderdale, told Examiner. “The recent changes in the FHA guidelines have finally recognized the financial hardship faced by many borrowers and is allowing them to once again reach for the American Dream through homeownership.”

The new guidelines are in effect immediately and will be in force through at least September, 2016.

This is truly great news for people who faced economic hardships during our market down turn. You have a chance to be a homeowner again.

I read this article at: http://www.examiner.com/article/home-buyers-qualify-for-fha-loan-despite-short-sale-or-foreclosure

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help.

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522 Office: 650-365-9200

Want Real Estate Info on the Go? Download our FREE Real Estate App: http://thecatonteam.com/mobileapp

Visit our Website at: http://thecatonteam.com/

VISIT OUR NEW INSTAGRAM PAGE: http://instagram.com/thecatonteam

Visit us on Facebook: http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

Yelp us at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-city

Or Yelp me: http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE#70000218/ Office BRE# 0149900

4 Ways to Supercharge Your House Hunt — and Get Your Sundays Back

It’s that time of year again – Spring is right around the corner, homes are coming on the market and Sunday’s are getting busy again! I enjoy reading and sharing Tara’s blog on Trulia. So I thought I would share this great article regarding how to make the best of your open house weekends. And if you have any real estate questions – I’d be happy to help – The Caton Team is always here a call or click away. Enjoy…

4 Ways to Supercharge Your House Hunt — and Get Your Sundays Back

Every buyer-to-be uses open houses differently. For some, they offer a rich looky-look experience at the very, very beginning of their house hunt. This empowers you to learn exactly what sort of place you can get for the money, at various price points and various spots around town. It also allows brand new buyers to figure out how the photos you see online translate into real world, brick and mortar (and stucco and hardwood) properties.

At the other end of the spectrum, serious buyers often use Open Houses as a convenient opportunity to meet up with their agent and cruise through a large number of interesting homes at one time every week without having to go through the rigmarole of setting appointments with every single seller.

Whether you’ve just decided that buying a home is something you want to do or you are a seasoned, serious buyer waiting for that moment when “the one” hits the market, supercharge your Open House hours. See more properties that are real contenders and minimize time-wasting with these four tactical tricks:

1. Prep yourself. Sure, you can just hop in the car, drive around and look for signs. If your market is very active, you can even find an interesting house or two that way. Or you can maximize your time, conserve your energy and make sure you see as many real contenders as possible in a couple of hours on the weekend by doing a little bit of digital research to create a power-packed Open House viewing session.

On the newly beautified Trulia app, you can take a look at any point on the map and see a birds-eye-view of the properties for sale, their list prices and which of them have an upcoming Open House. Tap on any property’s flag to see the property’s photo and a few of the most important details (price, address, bedrooms, and bathrooms), while still seeing the map view. For even more info, tap the image of the home you’re interested in and browse all of its relevant stats, including more pictures. If a home isn’t checking enough of your “must-have” boxes, cross it off your Open House list for the weekend and pat yourself on the back for saving some serious time. If it is, add it to your calendar right from the app.

Tired of driving around different neighborhoods trying to determine if they’re a good fit for your family? Where’s the nearest grocery store? What’s that shady-looking character doing on the street corner? Now you can do it digitally. View the map of your target areas through a number of helpful lenses, like where schools and restaurants are located, or where crime rates are lowest. With these tools at your disposal, you’ll spend less time pounding the pavement so you can have more of your weekend back.

2. Align with your agent to create an Open House viewing list. Via the app, share the properties that you think you’d like to visit on the weekend with your agent. Ask them to do the same, sharing any properties they think you should view at Open House time with you. Then, check in via phone or email to firm up the list so they can plan out an efficient map, do some deep dive research into any property-specific questions you have in advance, and to make sure you don’t have any surprises in the form of places you really wanted to see that don’t make your agent’s list for whatever reason. Do the prep work and get on the same page with your agent in advance. It’ll make your two hours of Open House Hunting as productive as a less well-prepared buyer’s two weeks worth.

One more thing. Making sure your agent knows you are really excited about a particular property at Open House time allows them to touch base with the listing agent and let them know you might have some interest. That way, if they happen to get an offer from another buyer between the time you mention the place to your agent and Open House time, your agent will probably get a call. This prevents you from getting the awful surprise that happens when a great place goes into contract before you can see it.

3. Take notes, and compare them. After every home you see, spend a moment taking down some notes – ideally in writing or on your app – that just help you remember which property features went with which address/price/listing. Once you’ve seen 5 or 10 or 25 homes, they begin to blur, and it often comes up that you’ll want to look back and reference a particular home you visited in a later conversation with your agent or your partner. Having a few notes on your initial impressions, questions, concerns, loves and dislikes about each property prevents you from being frustrated when you later want to have a conversation about it.

Ideally, after each property you see or, at the latest, at the end of your Open House tour on a given day, you’ll also take and compare your notes about the properties you saw that day. I suggest listing out the good (what you liked), the bad (what you disliked), the ugly (any serious deal-killers) and then also the great elements for each property. Think of the great as being akin to clicking the Facebook “Like” button for a property, if that Like button were amped up to “Love.” The Great are those features – or combination of features – so strong that the property is something you’d consider writing an offer on.

The goal here is three-fold:

▪ to give you the ability to compare properties without relying 100% on memory.

▪ to allow you to give substantive feedback to your agent that will help them help you prioritize new listings as they come on the market and learn what you are looking for at a nuanced level

▪ to allow you to compare notes at the end of each Open House Hunting session with your agent or your partner (whoever you’re buying the property with), and to be able to compare pros, cons and takeaways substantively, rather than just saying you liked it or disliked it.

4. Use Open Houses as a screening tool. Here’s the other thing that taking good Open House viewing notes on each property does: it helps you narrow down all the places that looked kind of interesting to a short list for second takes. Good notes, organized by Great, Good, Bad and Ugly can help if you were hypnotized by beautiful staging or turned off unduly by ugly, easily fixable cosmetics. If you love a place, but it still has a lot of bad or ugly line items, or you dislike a place that actually has a lot of “Great” things about it, you can ask your agent to arrange for a private, second viewing before making an offer or totally crossing it off the list.

Communication with your Realtor is so important! We cannot read your mind and the more we know about what you want – the better we are prepared to find your dream home!

I read this article at: http://tips.truliablog.com/2014/02/4-ways-to-supercharge-your-house-hunt/?ecampaign=cnews&eurl=tips.truliablog.com%2F2014%2F02%2F4-ways-to-supercharge-your-house-hunt%2F

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help.

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522 Office: 650-365-9200

Want Real Estate Info on the Go? Download our FREE Real Estate App: http://thecatonteam.com/mobileapp

Visit our Website at: http://thecatonteam.com/

Visit us on Facebook: http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

Yelp us at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-city

Or Yelp me: http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE#70000218/ 01499008

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