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Upgrade and repair documentation important when buying flipped homes

The practice of investors flipping homes in San Diego can still be found in various areas of San Diego County.  Typically, these areas were the hardest hit by the residential real estate downturn.  Basically, flipping a home means an investor has purchased the property at a low price and is selling it at a higher price.  Please know that’s the simple definition as the process can be quite complex depending on the property and market conditions.  If you are currently looking to buy a home in San Diego County, you may come across an opportunity to purchase a flipped home.  These can be great as they are usually competitively priced traditional sales where you can avoid some of the challenges of short sales and foreclosures.  We recommend doing the normal due diligence when it comes to inspecting and investigating a flip, such as a physical inspection.  One crucial item that can be overlooked is to request documentation from the seller detailing the work performed in rehabbing or updating the property prior Read the rest of this entry »

Tags: document, flip, home buyer, investor, ken kaplan, real estate, repair, san diego, tds exempt, transfer disclosure statement

Fed dicusses “non-conventional means” to spur economy

Information in this post is provided by Greg Wickstrand, Home Loan Consultant for HomeServices Lending.  He is a guest blogger who provides us information from a lender’s perspective.  For additional posts by Greg, please visit his BLOG.

What’s Ahead for Mortgage Rates this Week:  October 18, 2010
By:  Greg Wickstrand

Mortgage markets worsened last week in back-and-forth trading, pushing conforming mortgage rates higher on the week.

Despite the uptick, however, Freddie Mac reports that rates still managed to make new, all-time lows for the third week in a row. The benchmark 30-year fixed rate mortgage is now down 1.02% since April 2010.

The United States is experiencing a Refi Boom.

As compared to 6 months ago, a new, $200,000 home loan costs $124 less per month in principal + interest.

This week, monthly payments may fall some more. It all depends on data.

Early in the week, housing data takes center stage. The National Association of Home Builders releases its Housing Market Index this morning, and, Tuesday, the government prints September’s Housing Starts figures.  Both reports figure to influence the bond market. Read the rest of this entry »

Tags: federal reserve, freddie mac, home buyer, housing market index, mortgage rate, san diego