Federal law requires contractors that disturb painted surfaces in homes, child care facilities and schools, built before 1978 to be certified and follow specific work practices to prevent lead contamination. Always ask to see your contractor’s certification.

Federal law requires that individuals receive certain information before renovating six square feet or more of painted surfaces in a room for interior projects or more than twenty square feet of painted surfaces for exterior projects or window replacement or demolition in housing, child care facilities and schools built before 1978.

• Homeowners and tenants: renovators must give you this pamphlet before starting work.

• Child care facilities, including preschools and kindergarten classrooms, and the families of children under six years of age that attend those facilities: renovators must provide a copy of this pamphlet to child care facilities and general renovation information to families whose children attend those facilities.

Click here for more information: http://www.epa.gov/lead/pubs/renovaterightbrochure.pdf

BUYING YOUR FIRST PLACE?
Then HGTV is looking for you!

MY FIRST PLACE, HGTV’s hit series, is coming back for an eighth season and we’re looking for first-time homebuyers (and their agents!) in the Greater San Francisco area RIGHT NOW!

We are looking for fun, high-energy people who are just starting the home-buying process for their first place and would like to share their story with HGTV! Our goal is to capture all the trials and tribulations of looking for, bidding on and buying your first place.

Taping takes place this spring and summer. Ideal candidates will be enthusiastic buyers with a great story to tell and a desire to share their experiences. Singles, couples and families are all invited to apply!

Candidates who complete taping will receive a surprise housewarming gift as part of the show and also a DVD copy of their episode to document their first home buying experience for all time!

So that is the scoop.  If you are a first time home buyer and interested in participating, let me know!  This sounds like a great way to bring some fun and excitement into your homebuying experience!

The house has 4 bedrooms and 2-1/2 baths with stunning views of both the backyard garden and the Golden Gate.  My favorite part is the open, epicurean kitchen and the retreat-like master suite.  The living room is bright and sunny with French doors that open up onto a deck.

With a Walk Score of 92/100, you could easily wake up on a lazy Sunday morning, throw on a light sweater, and walk on down to Peets for a cuppa’ java or La Farine for a flaky morning bun.

This is one house that is worth seeing.

This is all well and good, and a huge relief for many.  But sometimes I have to wonder if this is just a lot of PR hoopla.  Bank of America estimates that about 45,000 customers will qualify for its plan.  So based on BofA’s past performance, maybe half will actually succeed.  Banks keep throwing out these great plans but don’t have the infrastructure in place (can I say short sales?)  to support these plans.  A client of mine has tried to get through to BofA in the past to discuss loan modification and after being on the phone for 90 minutes and transferred numerous times, were told they don’t actually qualify.  Shouldn’t it be easier than that?

So, Bank of America, if you are listening,  I hope you hold true to your plan.  You have the ability to help so many troubled borrowers, don’t let them down!

Click here to read the original article from AP: “BofA to Start Reducing Mortgage Principle.”

No wonder buyers and sellers are confused.

While most houses are moving fast, it certainly isn’t because of the move-up tax credit.  It doesn’t surprise me that this flopped.  The move up tax credit of $6500 is for those who have lived in their home for five consecutive years out of the last eight years.  Whenever I meet with a new seller I mention the tax credit- I have yet to see one seller get excited about this and sell because of it. 

Enthusiasm for the credit is waning. 

The first time homebuyer tax credit is set to expire at the end of April so I imagine we will see a spike in sales over the first quarter.  However, most buyers are prepared to buy with or without the credit.  Perhaps it is because inventory is so low that there just isn’t much to choose from. 

Regardless of the reason, the credit was a good attempt at stimulting the real estate market.  I know plenty who took advantage.  Let’s keep watching to see what happens with rates.

Interested? Call me today and I will connect you with the best rehab mortgage guru I know.

Source: Minneapolis-St. Paul Star-Tribune

Oh wow, check out the average DOM (days on market) for Dec 09- 227 days!  If you would like more information for Albany, CA, or other areas, then shoot me an email.

U.S. MULTI HOUSING MARKET STRENGTH FORECAST
Top 10 Markets 2010-2014United States Overall Score* Rank

1.     Los Angeles 64.8
2.     Washington, D.C. 60.5
3.     Orange County, Calif. 60.1
4.     San Diego 58.3
5.     Oakland/East Bay, Calif. 58.1
6.     Long Island, N.Y. 56.5
7.     Atlanta 55.7
8.     Portland, Ore. 55.0
9.     Westchester County, N.Y. 54.8
10.   San Francisco 53.5

*Markets were ranked from 0 to 100 against 15 property, economic and
demographic variables.

Click here to see the original article, including their other top 10’s.  http://www.4-traders.com/GRUBB-EGRUBB-ELL-29387/news/GRUBB-EGRUBB-ELL-Grubb-Ellis-Predicts-Commercial-Real-Estate-Will-Decline-More-Slowly-in-2010-Recove-13301525/ 

SOURCE Grubb & Ellis Company

“Over the past year, expanded Fannie Mae and FHA guidelines have enabled many buyers in the Bay Area to enjoy the benefits of homeownership, and we rejoiced at the extension of high-balance conforming loan limits into 2010. However, it is said that much is required of those to whom much is given, and all good things come to an end. If you have prospects who are first-time buyers, self-employed or whose spouses have poor credit, it will soon become more difficult to finance their new home with an Fannie Mae or FHA loan.

On December 12, Fannie Mae will be constricting the qualifying factors of new loan submissions.

Most limiting, the permissible debt-to-income ratio of applicants will be reduced to only 45% from the 64% that can currently be accepted by underwriting. Loan options for many self-employed and first-time homebuyers will be severely impacted as a result. Two-income households where only one spouse is named on the loan application because the other has poor credit, where the household’s debts are offset with only one income, will also face great risk of being declined due to an excessive debt-to-income ratio, even if the actual household income is plenty to budget the loan.

If you are working with prospective buyers who have monthly debt beyond 45% of their income, now is the time to get them in contract and have their loan application submitted while financing is still in their favor.”

If you are currently in contract then be sure to have your mortgage broker or loan officer rush your application to underwriting before the qualifying factors for FHA and Fannie Mae loans change.  Or call me and I will refer you to someone who can.  510-612-5546.

“It may well be that lenders have intentionally slowed down the pace of formal foreclosure proceedings. If so, it’s not out of the goodness of their hearts. It’s because they’ve concluded that flooding the market with cheap foreclosures in this economic environment may not be in their best financial interest. Trying to keep motivated, employed homeowners in their homes might be the most cost-efficient way to stem losses,” said John Walsh, DataQuick president.

A year ago the percentage of foreclosures that had not yet re-sold was about twice as great, while the number of unsold foreclosures from the 18-month period ending in July 2008 was about 50 percent higher than it is now.

Notices of Default (first step in foreclosure process)
houses and condos