Christi Nelson's Lake Oroville Real Estate Blog

So your agent has shown you a bunch of  houses and you might be getting a little frustrated if you havent found the right one.  Be patient! Sometimes it takes a few showings to really fine tune what it is that you REALLY want. 

 Then, you finally find it! Let the flood of emotions and questions begin!

In my opinion, it is good idea to educate the buyer as to what the process is and what decisions we will have to be made when finally making the offer.  However there are still little things that will need to be addressed and especially if there are going to be multiple offers on the property.  Thats where you will need to really listen to what your Realtor advises you to do. They have the experience and negotiating skills that will put your offer in its strongest possible position.

Although there are many part to the purchase contract here are a couple examples of things to think about:

The  purchase price. What is the amount you really want to offer? This will usually be a number you come up with according to the sold comps your agent has provided to you. Keep in mind this is probably the toughest part. There are a couple of factors to consider when finalizing the price. Is the seller being asked to give a credit for your closing costs? Are you asking for the seller to pay for all the inspections? How long is your escrow period?  These are things that need to be considered and your agent  will help you fine tune the numbers to make it attractive to the seller.

Escrow Period- How long of an Escrow do you need? Generally the normal time period is 30-45 days. Its a good idea to check with your lender regarding the time period they may need to complete the loan process.

Inspections- What type of inspections do you want to do? What is customary? What do you want the seller to pay for and which ones will you as the buyer pay for?  Your agent will be able to advise you on what the different types of inspections you can do and the importance of them. Your lender may also require certain inspections depending on the type of loan you have.

Here is an example of what a Califonia Purchase contract will look like.

Did you know the  City of Oroville currently offers a program to assist senior and disabled homeowners who don’t have financial resources to complete minor and emergency property repairs?

 This is really great for those that just that really need that  repair but have been putting it off due to financial reasons!

Basic Eligibility Requirements

• Applicant must own and occupy their home or mobile home
• Applicant must be a senior citizen, 65+ years of age or physically disabled
• Applicant must live within the Oroville City limits

Eligible Repairs

The program was designed to help senior and disabled persons obtain assistance with small but important health and safety repairs. Eligible repairs include, but are not limited to such jobs as:

• Plumbing: Leaking, broken, non-operating sinks, toilets, faucets, garbage disposals and water heaters.
• Small Electrical Hazards: Lights, outlets, and switches.
• Weatherization: Weather stripping, caulking around doors and windows.
• Maintenance Repairs: Evaporative coolers, furnaces, roofing, gutters, steps, railings and hazardous trees.
• Correcting Trip Hazards.
• Installation of Grab bars
• Smoke Detector Repair or Replacement.
• Health and Safety Hazards.

If you are in need of a program like this contact the City of Oroville

Phone: 530.538.2495
Fax: 530.538.2539
Email: housing@cityoforoville.org

Let the Home Search Begin!

When buying a home, it’s important to think carefully about what it is your looking for in a home. You have heard it before, location location location!  Most people have an idea of the location or area they prefer, whether it is for a certain school district, close to work or to be near family. This would be in my opinion, the first priority of buyers. Then the search begins to find a home with the features you want in that neighborhood. Here is a sample of the Realty World Home Buyer System that seems useful to our buyers.

Where do you search?

Typically when you get together with your real estate agent, they will make a list of your criteria. That can become a search in the MLS system that can be emailed to you daily. There are also many websites available to search on such as Realtor.com and Trulia.com, Trulia gives a lot of  good information such as maps,schools,recent solds,etc…  The listings you are interested in can be emailed to your agent. The agent can then get more information and make an appointment for you to view the home. Some agents have websites that have a customizable search for buyers. The real estate agent and the buyer receive an email when a property that matches the buyers search comes up.

Keep in mind once you have hired an agent work with you, they are spending alot of their time looking for a property and setting up showings for you. If you see a property in the paper or while out driving around, call your agent about it. They will usually have the property info available to them and can give you the information that your looking for.

Happy House Hunting!

I found some incredible news for investors as well as buyers…
Friday, the FHA has suspended the 90-day anti-flipping rule for 1 year, effective February 1, 2010. So for at least the next 12 months, FHA buyers can obtain loans on properties that have been recently purchased by investors.

 With certain exceptions, FHA currently prohibited insuring a mortgage on a home owned by the seller for less than 90 days.

The policy change will permit buyers to use FHA financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales.  

This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities. 

This is great news for investors trying to flip properties to FHA Buyers! For the next year at least, you wont’ have to sit back waiting for 90 days on title before you can even GO TO CONTRACT with a buyer. 

Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD’s website.