To clarify a “jumbo” loan, in Madera County it is a loan greater than $417,000, not including $417,000. Different counties have different loan limits.
Also, a loan up to $425,000 meets FHA guidelines for Madera County.
-Beth Carver
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Local Information
Clarification
February 23rd, 2010Lending Sources Available
February 22nd, 2010While lending practices nationwide have undergone some changes this year, including the ways in which appraisals are ordered, and how additional required HUD disclosures are made , there are still good loan products available for today’s buyers.
Conventional loan programs are available for purchases here in Eastern Madera County, and interest rates remain low. Depending upon individual needs there are fixed rate loans, adjustable rates, and FHA and VA programs available.
I highly recommend utilizing the services of a reputable local lender and escrow/title company who are familiar with this area, for several reasons. First, a home purchase is one of the largest investments a person will make in their lifetime. It is important that everyone involved in the transaction knows all of the specifics about the property , where it is located, and any special information, such as the value of a boat slip, for example. Local escrow companies are familiar with the process of transferring title of the boat slip from seller to buyer, and are aware of a variety of local issues that may come up which need to be addressed prior to closing.
Second, it is far more likely that a local lender will be able to use an appraiser who knows and has access to details on property values here. This information protects not only the lender but also the buyer and the seller. A third reason to utilize companies from our immediate area is far greater ease in facilitating signings, paperwork transfer, and the proper recordation of the deed transferring title.
Many homes purchased at Bass Lake are either second homes or investment properties. Some require a jumbo loan, which in Madera County is $417,000 or greater. Even just last year it was difficult finding a jumbo loan program, but in the last quarter our office was able to locate a good source for a loan on a lake front home for our buyer, and we were able to successfully complete the transaction.
We have recently become aware of another interesting jumbo source called the Home Ownership Accelerator through WJBradley, one of our local lenders. It is a very specific product and is not for everyone, but it does give our buyers another potential source.
Our Bass Lake Realty agents are happy to assist you in throughout the real estate transaction, beginning with finding a quality lender who can help make the purchase of your home a smooth and enjoyable process.
-Beth Carver, February 22, 2010
Bass Lake Weather Update
February 15th, 2010With temperatures in the mid-50′s today, it’s difficult to picture Bass Lake under almost a foot of snow! But that is what we had a few weeks ago, and there are a few patches still left over.
At this elevation of 3500′ we have received almost 72% of our average precipitation this year. Normal years we have an average of 40 inches of precipitation, a year being July 1 through June 30. So far we’ve gotten 28.7 inches, according to Marc Sobel at BassLakeCA.com.
Additionally, the nearby snow pack is about 115% of normal, which is great news for our area. February 1st is one of the dates hydrologists return to several spots to check on the water content of the snow pack, and we all hope that this wetter trend continues.
Weather forecasts by both Weather Underground and the National Weather Service call for the possibility of showers this upcoming weekend, so the skiing at Sierra Summit and Badger Pass should continue to be good. Those traveling to Badger Pass can catch the low-cost weekend shuttle from Oakhurst. Feel free to call Jan or Dolores here at Bass Lake Realty for details and the latest information: 888-220-8633 is the toll-free number.
Crane Valley Dam Project Update
January 13th, 2010On January 27 at 1:30 pm a public meeting will be held in North Fork at the Bass Lake Ranger Station behind Pizza Factory and the North Fork Market. Representatives from PG&E will present an update on the Crane Valley Dam Retrofit Project.
Happy New Year!
January 1st, 2010Happy New Year from everyone here at Bass Lake Realty!
Reminder: Mortgage Protection Program is Expiring 12/31/2009
December 16th, 2009A Reminder For You:
The Mortgage Protection Program is scheduled to expire December 31, 2009
C.A.R. H.A.F. Mortgage Protection Program
CHANGES TO THE MORTGAGE PROTECTION PROGRAM EFFECTIVE AUGUST 1, 2009
The Mortgage Protection Program no longer provides coverage in the event of accidental disability or a $10,000 death benefit. (Existing policies will not be affected). Program enhancements include a reduced work requirement (120 Days) that begins effective the close of escrow, so that home buyers can access the policy sooner in the event of job loss.
On April 2, 2009 the Housing Affordability Fund launched a new program designed to provide peace of mind to first-time buyers who are hesitant to enter the housing market due to concerns about potential job loss, and subsequently being unable to meet their monthly mortgage obligations.
Qualifying buyers can receive up to $1,500 a month for up to six months in the event of job loss, a qualified co-buyer can also receive a $750 benefit for up to six months to help pay the mortgage.
TO QUALIFY FOR THE MORTGAGE PROTECTION PROGRAM APPLICANTS MUST
- Be a first-time home buyer – someone who has not owned property in the last three years
(includes co-buyer) - Open escrow April 2, 2009, or later, and close on or before December 31, 2009
(purchase agreement cannot be dated before April 2, 2009) - Use a California REALTOR® in the transaction
- Purchase the property in California
- Be a W-2 employee (cannot be self-employed) Courtesy of California Association of Realtors
Contact us for a copy of the application or let us know if we can be of any further assistance,
Your Bass Lake Realty Team
The Role Of Your Realtor®
December 1st, 2009Here’s some useful information regarding the role of your Realtor® courtesy of the California Association of Realtors.
WORKING WITH YOUR REALTOR Overview
Whether you are buying a home for the first time, or selling to move into a larger one, or downsizing, the complicated and, in some cases daunting issues surrounding today’s market underscore the importance of relying on the skills, knowledge and expertise of a REALTOR®.
Here are the top reasons for working with a REALTOR®:
Did you know that there are more than three dozen different disclosure forms that may be required for the completion of a residential real estate transaction in California? REALTORS® can help you wade through the cumbersome and often complicated paperwork that goes hand-in-hand with any real estate transaction, making sure the proper forms are filled out correctly and on time. This includes the crucial purchase agreement, which serves as the contract between a buyer and seller, and is used to formally identify a purchase price; list terms and conditions pertaining to the sale time frame, and other details, such as a written commitment by the seller to cover the costs of any necessary repairs.
As members of their local, state and national trade associations, REALTORS® can tap into the latest technologies serving the housing industry today. This includes Web sites and multiple listing services, as well as market reports detailing crucial data, such as pricing trends; time on the market; and historical sales activity in your neighborhood. In addition, a REALTOR®‘s broad market knowledge often makes them experts when it comes to providing a detailed snapshot of where to obtain information about your neighborhood’s amenities and services, such as schools, zoning laws, and tax codes.
Buying or selling a home calls for solid negotiating power. A REALTOR® can assist with the critical negotiations included in every real estate transaction, and help both buyers and sellers finalize the many details that comprise a final purchase agreement. If you are a buyer, your REALTOR® can work on your behalf with a seller to negotiate a sale price; set a date for escrow closing; and determine what, if any repairs you’d like the owner to complete as a part of the terms of the agreement, among other things. If you are a seller, your REALTOR®‘s role may include negotiating a sale price, such as so-called “buyer incentives” that help with a buyer’s closing costs or other expenses. Your REALTOR® also can help you determine what, if any repairs you may be responsible for, if requested by the buyer, and negotiate deadlines for their completion.
Your REALTOR® can assist with the coordination of the home-inspection process, and help to ensure that the seller’s responsibilities for addressing a buyer’s requirements are met. They also may help with the identification of qualified contractors to help perform needed repairs.
If you’re selling a home, a REALTOR® can save you time and money by tapping into market data and reports to help you determine a realistic selling price; screening potential buyers; and managing appointments for showings.
Closing the deal takes much more than a handshake. A REALTOR® can provide objective support during the closing process, ensuring both buyer and seller have received the proper documentation for successfully completing a sale transaction and coordinating a final property walk-through.
Whether you are a buyer or a seller, your REALTOR®‘s role as a valuable resource may not end when you sign the closing documents. In fact, many questions arise for buyers and sellers long after a real estate transaction has been completed, and your REALTOR® may be qualified and eager to assist you wherever possible – this includes help with future real estate transactions.
–By City
–By Company
–Multilingual
–With a designation
You’re ready: You’ve decided to seize the unique opportunities presented by the current housing market. The single most important transaction in your lifetime should not be conducted without the expertise and assistance of trained and licensed professionals, and this is where REALTORS® come in. Chances are you may buy or sell a home again. Developing a long-term relationship with a REALTOR® is the best way to ensure you will be well-armed and informed when making your housing decisions.
What’s Different About a REALTOR®
Working with a real estate professional who is a REALTOR® is in your best interest. Not everyone who sells real estate is a REALTOR®. Possessing a real estate license does not afford instant REALTOR® status–a distinction of which you need to be aware. A REALTOR® is a member of local, state and national professional trade associations and, as such, has access to a vast array of educational programs, research and resources. By being a member, a REALTOR® subscribes to a strict Code of Ethics, developed by the National Association of REALTORS®. REALTORS® pledge to provide fair treatment for all parties involved, protect the right of individuals to own property and keep abreast of changes in real estate practice through continuing education and interaction with other professionals.
REALTORS® also are committed to higher levels of education and professional development; many REALTORS® have earned professional designations or specialty certifications requiring intensive study. For example, REALTORS® who have obtained the Certified Buyer Representative and Certified Residential Specialist designations have been trained in all aspects of serving as buyers’ and sellers’ representatives in real estate transactions.
As a member of the CALIFORNIA ASSOCIATION OF REALTORS®, your REALTOR® can tap into numerous resources, like immediate access to full-time, staff real estate attorneys who can provide objective up-to-the-minute counsel. Your REALTOR® also receives up-to-date information on a wide variety of legal, financial and economic issues and has access to an association with more than 80 years of experience in real estate. And, if things don’t work out, your REALTOR® can offer arbitration as a choice instead of lengthy and expensive legal proceedings.
The CALIFORNIA ASSOCIATION OF REALTORS® has served as the unsurpassed proponent of integrity, professional standards and private property rights fortification within the real estate industry in California since 1905.
In addition to subscribing to the REALTOR® Code of Ethics and belonging to their local, state and national REALTOR® associations, some REALTORS® have undergone additional training to serve specific markets and client groups. If, for example, you’d like to work with a REALTOR® who is familiar with international transactions or a REALTOR® who works primarily with elderly clients, you might want to find REALTORS® who are designated as Certified International Property Specialists (CIPS) or Senior Real Estate Specialists (SRES), respectively.
The Right REALTOR® for You
Like finding the right house, selecting a REALTOR® you can trust and comfortably work with is paramount. Just as you wouldn’t be casual in the selection of your doctor or your attorney, you shouldn’t take the selection of your REALTOR® lightly. Indeed, the best way to find such a professional is through recommendations from family and friends. Of course, you should interview several REALTORS® before you choose one. If you’re selling your home, you should ask the candidates how they plan to market your home, what pricing advice they can offer, and what other suggestions they can provide to further enhance the desirability of your home. Whether you’re buying or selling, ask candidates about the transaction to evaluate their knowledge. Ask for–and check–references. And, finally, ask yourself whether you will feel comfortable working closely with this individual in the months ahead.
Courtesy of California Association of Realtors
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