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Video Series with Mike Kelly & Toni Esposti

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HomePath Loans explained! Little used-but MUCH overlooked Loan Program! Must be a Fannie Mae Loan!

Here’s a link to our HOMEPATHinformation. The HomePath loan has many, many great features. Trying to buy a condo but found out the Home Owner’s Association Certification, needed for most loans, does NOT pass your lender’s requirements? Then ask if the current loan, if the property is a bank owned foreclosed upon property or “REO”, has a Fannie Mae loan. If so, the property will qualify for the “HOMEPATH” loan–HOA Certificate NOT needed, 3% down! This also applies to any foreclosed upon home which has a “Fannie Mae” loan! Very cool. Give Allison Norman a call and she can fill you in on all the details! 707-799-3617

May Your Thanksgiving Be Filled With Family, Friends ….and Food!

Here’s a Thanksgiving poem for all to share.  Enjoy…
TWAS THE NIGHT OF THANKSGIVING,
BUT I JUST COULDN’T SLEEP.
I TRIED COUNTING BACKWARDS,
I TRIED COUNTING SHEEP.
THE LEFTOVERS BECKONED –
THE DARK MEAT AND WHITE,
BUT I FOUGHT THE TEMPTATION
WITH ALL OF MY MIGHT.
TOSSING AND TURNING WITH ANTICIPATION,
THE THOUGHT OF A SNACK BECAME INFATUATION.
SO, I RACED TO THE KITCHEN, FLUNG OPEN THE DOOR,
AND GAZED AT THE FRIDGE, FULL OF GOODIES GALORE.
GOBBLED UP TURKEY AND BUTTERED POTATOES,
PICKLES AND CARROTS, BEANS AND TOMATOES.
I FELT MYSELF SWELLING SO PLUMP AND SO ROUND,
‘TIL ALL OF A SUDDEN, I ROSE OFF THE GROUND.
I CRASHED THROUGH THE CEILING, FLOATING INTO THE SKY,
WITH A MOUTHFUL OF PUDDING AND A HANDFUL OF PIE.
BUT, I MANAGED TO YELL AS I SOARED PAST THE TREES….
HAPPY EATING TO ALL – PASS THE CRANBERRIES, PLEASE.
MAY YOUR STUFFING BE TASTY,
MAY YOUR TURKEY BE PLUMP.
MAY YOUR POTATOES ‘N GRAVY HAVE NARY A LUMP.
MAY YOUR YAMS BE DELICIOUS.
MAY YOUR PIES TAKE THE PRIZE,
MAY YOUR THANKSGIVING DINNER STAY OFF OF YOUR THIGHS!!

HeritageTurkey

 

 

 

 

 

Mike’s “Heritage Turkey” raised by a local 4-H’s from Petaluma. The BEST flavor in a turkey money can buy! 28 pounds of “Slow Food” magic. And that I know it’s not just a big, fat seagull–they left all the vital parts for identification!! Yummmmy!

From the Mike Kelly and Allison Norman Team…..HAPPY THANKSGIVING TO ALL

Allison Norman, Chatting it up with Jamelie Samonte

Jamelie S. Samonte is Sr. Loan Consultant with Prospect Mortgage with 20+ Years in Residential Lending

She is Prospect’s Top Funding Producer in Sonoma/Napa County – 6 Districts in Northern California.

 Jamelie and I will be chatting it up today….and bringing a woman’s perspective to today’s show. She and I share many of the same values and work ethics….number one being communication and empathy for our clients. She is extremely knowledgeable about the products she offers and knows what it takes to get a loan through the underwriting process…and approved.  She does it with a gentle, yet firm and persistant manner.

Specializing in:

Effective communication, Product Knowledge, REO Financing

STRS ;  State Teachers Retirement System

Homepath

FHA/VA

Jumbo/Conventional Programs

Contact Jamelie at jamelie.samonte@prospectmtg.com or call 707-535-1253 or 707-696-6054

My guest today; Jamelie Samonte of Prospect Mortgage

Jamelie brings with her, the Strength of one of the Nation’s Largest Independent Residential Retail Lenders

About Prospect Mortgage

As one of the nation’s largest independent residential retail lenders, Prospect Mortgage has greater control over your transaction and is able to quickly approve and close loans in-house. In fact, we are able to fund loans that other lenders might deny.

Prospect Mortgage is backed by Sterling Partners, a private equity fund group with over $4 billion of capital under management. An entrepreneurial company, Prospect Mortgage is growing at a time when other lenders are shrinking and closing. Prospect’s business model was formed during a challenging market, so they know what it takes to survive and meet customer needs during these tough times…..The Right Loan for You.

Contact Jamelie Samonte at; jamelie.samonte@prospectmtg.com or call 707 535-1253 or 696-6054

Short Sale vs. Foreclosure

Our real estate market seems to be shifting yet again. It’s no secret that the banks lose significantly less money if they accept a short-sale offer as opposed to selling the home as an REO.

So, why don’t they pick up the pace on accepting short-sale offers? The reality is they lack the systems to make the process smooth and efficient and, quite frankly, haven’t wanted to throw good money after bad to put the infrastructure in place for a “temporary” period of time. Continue reading Short Sale vs. Foreclosure

Help Keep the $8000 Federal Tax Credit Alive; Call to Action

The Northbay Association of Realtors(NORBAR)California Association of Realtors(CAR) and the National Association of Realtors(NAR) is working feverishly with congress to extend the $8000 tax credit.

The Federal Tax Credit which is due to expire on November 30, 2009, has been a huge buoy to the current market for first time homebuyers. Recent surveys show that 30-50% of first-time buyers would not have purchased a home without the tax credit. 

Statistics show that every home purchase has a ripple effect into the local economy of approximately $63,000.  With the local economies,( ie; contractors, plumbers, home improvement stores, home furnishing stores, city revenue…the list goes on) tied so closely to the “health” of the real estate market, its easy to see that this tax credit is a valuable tool…..and helps more than just the first time buyer.

Your support should be voiced to your local congress representative; contact info below; Continue reading Help Keep the $8000 Federal Tax Credit Alive; Call to Action

Short Sale Myths

 

Short Sale Myths A short sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find it meets your current needs.

Myth #1 – The Bank Would Rather Foreclose than Bother with a Short Sale

This is one of the most common misconceptions. The reality is that banks do not want to foreclose on your property because the foreclosure process is incredibly costly. Banks, investors, and even the federal government have all publicly stated that if a person is qualified for a short sale, the deal needs to be considered. Overwhelmingly, banks receive more on their investment through a short sale than a foreclosure.

The qualifications for a short sale include:

                1. Financial Hardship – There is a situation causing you to have trouble affording your mortgage.

                2. Monthly Income Shortfall “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.

                3. Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

 

Myth #2 – You Must Be Behind on Your Mortgage to Negotiate a Short Sale

While this may have previously been the case, today lenders are looking for verifiable hardship, monthly cash flow shortfall, or pending shortfall and insolvency.

If you meet these three requirements and believe that you soon may be unable to afford your mortgage, act immediately. Any delay could limit your options. Do not wait until the countdown clock to foreclosure has started and you have even less time left.

Myth #3 – There is Not Enough Time to Negotiate a Short Sale Before My Foreclosure

This is a myth that probably hurts homeowners the most. Many do not realize that foreclosure is a process, and that there is time to make decisions that may result in better outcomes.

The foreclosing party—in most cases a lender—can stall a foreclosure up to the final day of the process. Today, many lenders will stall a foreclosure with as little as a phone call from you explaining that you are trying to sell, and almost all lenders will stall a foreclosure with a legitimate contract. For real estate professionals who understand foreclosures and short sales, there is time available until the foreclosure process is complete.

Myth #4 – Listing My Home as a Short Sale is an Embarrassment

It is understandable to have reservations about letting the world know that you owe more on your home than it is worth. However, according to recent estimates, one out of five homeowners in the U.S. is in the same situation. You are to be congratulated for admitting you need help, taking action, and finding a professional who can work with you toward a solution.

With recent estimates showing 40-60% of U.S. sales will be short sales or foreclosures, you are not alone.

Continue reading Short Sale Myths

Question; Will the value of houses ever go above where they are now?

The following  is my response to a zip code specific question on Trulia. The zip code 95403 covers a large portion of the north west quadrant of Santa Rosa. I’m posting it here because the basic premise can be transferred to any area of low to mid priced homes in good neighborhoods that exerienced rapid equity growth brought on in part by a slew of well Continue reading Question; Will the value of houses ever go above where they are now?

First Time Buyer Tax Credit; Okay…I’m going to keep hammering this one home until the very end. …it’s THAT important!

The $8000.00 First time home buyer tax credit is set to expire on Nov 30th, 2009. This is the date you will need to CLOSE ESCROW if you wish to claim the credit. With escrows taking at least 30 days to close…and often more, you should have an accepted offer in escrow no later than October 30th , 2009…and that’s pushing it. With many escrows taking 45 days to close, the best scenario Continue reading First Time Buyer Tax Credit; Okay…I’m going to keep hammering this one home until the very end. …it’s THAT important!

Thanks to Eileen Morelli for joining me on the show.

I had a great time hosting the show this morning and couldn’t have asked for a better guest. Eileen ‘s insight into this market from her vantage point as the managing broker at Keller Williams Realty… not to mention her 30+ years  in Sonoma County Real Estate, was a real treat.  Eileen, spoke of  her recent experiences with buyers, sellers and agents and how everyone seems to be a little more up-beat these days.  I’d have to say I’ve noticed that shift as well.  Speaking of “Shift”, Eileen offered a few copies of Gary Keller’s book “Shift” during the show, and had at least 5 or 6 voicemails by the end of the show.  Congratulations to those agents who are ready to change the way they look at this market.  A great KW quote…”It’s not about the Market, It’s about YOU”