Isi Wu's Blog

HELLLLOOOO My Beautiful Wonderful Bay Area!….Today is a cooler day but soon to be warmer days… I hope you’re all enjoying our Wonderful Bay Area… Today I’d like to revisit “homeless vets”…. I wish I could find a way to truly help our vets…homeless, disabled and otherwise … for all they’ve done in service for our safety at home… we should all be so thankful and repay them in every way possible… the reality is we’ve havent held up our end of the bargain… the current sellers market allows sellers to peruse multiple offers, mostly over list price, as is, no contingency, best price and terms… the VA Loan was created to help and thank our vets… it does have certain requirements that hinder VA Loans to be looked as the best finance option in addition to a few other requirements…  if more owners who’s priority is to repay our vets by accepting their purchase offer backed by a VA loan… this would be a more ideal world… if this were true… to the contrary… owners however thankful they may be… are much more apt to accept an offer without any contingencies, with much higher down payments (VA loans dont require any downpayments), better terms and faster close times…of course they would… lets face it… if we were in that position can you honestly say you would accept an offer with a VA Loan?… (hmmmm if we were in a Buyer’s market I wonder what the climate for a VA loan would be)…which brings me to my update today…

As a reminder… here’s my posting on May 24,2012 (almost a year ago) http://bit.ly/11VtkuD

Today’s update…(is provided by RisMedia)… HUD & VA Team Up: Provide Homes to 9,000 Homeless Vets…  9000 Vets living on the streets or who are participating in the nation’s shelter system will soon find permanent homes due to extra $60 Million Dollars funded by HUD… (please read the link below)

http://bit.ly/1aPellA

This is good news… not the ultimate best… but definitely good… I hope we can one day find a way to erradicate this tragic situation once and for all.

HELLOOOOOO My Beautiful Wonderful Bay Area!!... its abit after midnite now… we’re into the early morning hours of Thursday 5.16… In this crazy market we’re in… wanted to give you a heads up…I just listed a Brand New Condominium Listing in beautiful Pleasant Hill… Its a Regular Sale… not distressed in anyway… Sellers are very motivated but may need time to move… perfectly maintained… just move right in…Lots of Upgrades too many to list for you here… 2 bedroom 2 bath… very comfortable 973 sq.ft… feels quite spacious… has a low maintenance backyard-is an end unit-plenty of parking-community pool and clubhouse… Convenient to everything – incl downtown- lots of eateries – all shopping needs – Bart – freeways – pet friendly, walk friendly…Just a Great Location!! You’ll love this unit… Dont Miss It!…  (minutes to Concord, Martinez, Walnut Creek, Danville etc… all points E-W-N & S…

If you know someone who might love this nice unit… let me know asap at isiwu@comcast.net or better yet call me at 925.997.2426 or if you’re a realtor please check MLS#40614945… Thanks Very Much Everyone…

HELLLLOOOOO MY WONDERFUL BEAUTIFUL BAY AREA!….Our Bay Area’s housing recovery has spread from Silicon Valley up the Peninsula to San Francisco, and it is now helping lift home values in the East Bay… click the link below and find out zip by zip code how the increases have affected in any given zip code…

the link below was written by Pete Carey of the Mercury News… its a very informative read on our current market activity in our most Wonderful, Beautiful Bay Area…  Always keep in mind I’m always available to chat with you… feel free to contact me at 925.997.2426 or email me at isiwu@comcast.net.

http://bit.ly/11WqHn5

Its a really nice day today… Happy Friday… please go and enjoy!!… Cheers Everyone…

HELLLOOOOO My Wonderful Beautiful Bay Area!!… The sun is out and is hanging out longer these days… more time for us to get out and enjoy our neck of the woods… even after work… plenty of light for all of us!…

Our real estate market all around our Bay Area is coming back by leaps and bounds… Sales have been inching upwards for a few months now… Sellers are reaping the benefits due to very low inventory and Buyers are out in droves vying for a chance at home ownership… taking advantage of the low low interest rates  to boot…Not so much fun for buyers since this is a seller’s market… meaning multiple offers for the sellers and buyers are pretty much stuck if they dont offer over list, short times to remove contingencies or the most minimal shortest times to remove contingencies, bigger down payments, very quick close times etc etc…

Nevertheless abit of good news to share with you as sellers, buyers or just plain market watchers…here’s a goodie for you… as a result of a recent listing I had… even tho a short sale… with 2 loans… from the actual list date to close of escrow took a mere 2 months…from date of short sale approval from the bank to close of escrow date took less than 35 days… Now we’re talking!!… it is possible to rise above the Short Sale craziness of months and months and months of delays working through the various  bank depts and myriad of bank short sale specialists who never seem to stay very long, who always seem to lose vital information… you can end up triumphant and literally close the transaction in the same amount of time as a normal regular transaction…Not a very usual happening but I do believe the general state of Short Sales are indeed getting better in as far as the length of time they’ve been known to take…

Its very possible the Short Sale process is finally getting more streamlined… I cant declare this sentiment as universal just yet but as the listing agent on this recent short sale… everything worked out super well for sellers, buyers, realtors for both sides, banks and buyer”s lender and escrow officer… it took all of us to work together to make it happen and make it happen we did!!… Huge Congrats… Luis, Melissa, Shayn, Megan, Karen, Randi, Marie  & Julian (asset manager)…

If you’re considering putting your home up for a possible Short Sale and more importantly if you’ve already received a Notice of Default (NOD)… please call me at 925.997.2426 or email me at isiwu@comcast.net… Lets Talk… I Can Help!!

HELLOOOO My Wonderful Beeeeeautiful Bay Area!!…Have been thinking and thinking on how to start this New Year 2013 with you… Lots of Ideas and time as usual is passing us by… we’re already heading to the end of January!!… Lo and Behold a friend posted this today… I think you’ll be inspired by it… Inspiration Is Always Good!… ENJOY…

http://on.mash.to/UsZpVD

The real estate market is rockin & rollin… Lets Get Going!! …

CALL ME  925.997.2426…

HELLOOOOO My Wonderful, Beautiful Bay Area!!… Decisions have been made politically… now back to the subject of Homes, Pride of Owning a Home, the Responsibilites and Duties that come with owning a home…(my treasured Iris plantings were trampled over by something… my wonderful Honey set out a trap… now whaaaaat?????….)

HELLLLOOOO My Wonderful, Beeeeeautiful Bay Area!!..We’re in a very aggressive multiple offer market…  you need to take action asap… I’m happy to help and at your service… 925.997.2426 or isiwu@comcast.net…

(please read below…from a satisfied repeat client)….

Now is a great time to make your dream come true of owning a home.  Interest rates are great and real estate prices are good. That’ s all you have to think about, Isi will take care of the rest.

You need a real estate agent who’s fresh and a “go getter” when it’s time to make a deal. Someone who has been around the block.  Someone who can represent you when the pressure is on. Timing is crucial when it comes to closing, because there’s so many “unknowns” that can spoil the deal.  Isi, has the knowledge of the whole process.  She has represented me in two house purchases and one sale.. she knows both sides of the negotiation… This is how she can put together as she would say, “a great package” when its time to submit an offer or receiving an offer.  Isi also has an extensive network of professionals to keep the process moving along…This recent purchase Isi made sure we got our inspections done in a timely manner and turned us on to a loan agent with much better rates than what we were already approved for by another company.

I’m convinced I would still be renting if Isi was not my agent… if you’re in the market for a home or considering one… CALL ISI… your dreams can become a reality like it happenend for my wife and me… Thank You Isi!!… by S Hipol

(and NO… I didnt pay him LOL… He’s a very happy client… I would love to go to work for you !!…Thanks for your consideration!!)

HELLLOOOO My Beautiful Wonderful Bay Area…. As you all may have heard or perhaps been a part of... our current bay area real estate market for sellers is in the throes of Multiple Offers...Hooray for the Sellers!… however this sort of situation can put buyers into the fray of uncertainty and aggressive competition for a chance to buy a home…  the current low inventory of homes surely adds pressure for the buyer… many have to compromise on what their true desires for a home may be… Today my focus is to provide some information and help for those buyers…  whose goal is to become homeowners!!  There’s plenty of other types of buyers who have at least 30-40-50% down and in many cases All Cash… Buyers who are barely able to put down 1-3% don’t have the luxury of extra money set aside to repair or remodel the only property they can afford.  Lets say for example…

You are attracted to a house that is perfectly located but it just came out of foreclosure and needs a lot of work to make it habitable. To swing the deal, you need to finance both the purchase and the required repairs. How do you do that?

Getting the mortgage required to purchase a house is only one of the challenges facing the buyer when the house needs work. The second challenge is finding a way to finance the needed repairs. The standard purchase mortgage doesn’t do that because it is based on the lower of sale price or the appraised value of the home in its current condition.

An obvious solution is a second mortgage, but they are not available in the current market except where the first mortgage is too small to do the buyer any good. Second mortgage lenders are still smarting from the steep losses they suffered on second mortgages written during the go-go years leading up to the financial crisis. An unsecured personal loan would be extremely costly if it were available at all.

The solution to this problem is a mortgage on which the loan amount is based on the value of the property after needed repairs have been made. Then one mortgage would cover both a purchase and the repairs needed to make the house habitable. This is future value financing, and it is available through a special FHA program termed “203(k).” This program is available to both home purchasers and existing homeowners who want to rehabilitate their properties in conjunction with a refinance.

The Section 203(k) program is complicated because FHA as the risk bearer has to make sure that the future value of the property upon which the mortgage amount is based actually materializes. To protect itself, FHA requires an appraisal of the property’s value after completion of the planned rehabilitation, in addition to an appraisal of the property “as is.”

Further, before the mortgage is insured, the lender must create a rehabilitation escrow account that contains the money allocated for expenses. FHA has procedures in place to assure that draws against this account are properly disbursed and accounted for, and that the rehabilitation work is completed.

Lenders are encouraged to participate in 203(k)s by the insurance against loss provided by FHA. However, 203(k)s are more complicated and involve more paperwork than the mainstream FHA program, and participating lenders use specially trained staff. As a result, many lenders don’t offer 203(k)s. Lenders that do offer them charge a rate above that on standard FHAs — figure on paying about 0.25 percent more. 

The borrower looking for future value financing must deal with multiple players. In a typical case, the real estate agent who shows a potential buyer a house in need of work will recommend a lender who will preapprove the borrower for a 203(k). The preapproval is based on estimates of sale price and repair costs. The sale price estimate is provided by an appraiser selected by the lender who values the property on both an as-is and after-repairs basis. The repair cost is provided by a licensed general contractor who is usually recommended by the lender. 

In addition, if the repair costs are more than $35,000, FHA requires the borrower to retain a HUD-approved consultant to help manage the process… Among other things, the consultant prepares the required architectural exhibits, and monitors the improvements at each stage. HUD provides a list of consultants and sets their fee schedule, but does not warrant their performance. Lenders will usually recommend consultants that they have worked with, and this is one case where a lender referral is likely to serve the borrower well. The consultant’s fee can be included in the mortgage.

Increased use of 203(k) in the next few years is expected. Millions of homes emerging from the foreclosure process will enter the market, and many of them have been neglected and need work.

(written by…Jack Guttentag is professor of finance emeritus at the Wharton School of the University of Pennsylvania)

Perhaps its time to get you lined up for this sort of financing… contact me for further information… Call or Email Me Anytime… Isi

HELLLOOOO My Most Beautiful Wonderful Bay Area!!…  The “Question of the Day” is … Are you sure your realtor is licensed to do business?

Most sellers, buyers, soon to be in the market consumers and yes even fellow realtors probably don’t think too much about the licensing status of the agents they work with! And we all should know!! In fact its crucial to know… why would you work with someone who isnt licensed, why would you work with someone who has been disciplined or has complaints placed on his/her record?… As with everything else in life we must scrutinize the who, what and whys which includes “making sure your realtor is licensed and current” when it comes to working closely with that person regarding your home or any kind of property and where a huge amount of your life and money  is involved… Use a Licensed Realtor!

Jim Malmberg wrote a very insightful article on why its important to know the status of the realtor you work with…please take a minute to read it… and enlighten yourselves… http://bit.ly/A5hHlw

(the DRE – Department of Real Estate License Lookup link is inside Jim’s article… its FREE to use…do yourselves a favor and do this…)