Steffan Blaser's Lake Oroville Real Estate Blog

Just a friendly reminder for you about the soon to end Fereral Tax Credit if you are going to buy your home if you are a 1st time homebuyer (have not owned in the last 3 years).  If you have questions call or email me.

This weeks puzzle.—

 I wrote an offer on a Fanny Mae Forclosure for my client. It is indicated by the Checked Box in the California Association of Realtors Contract I used, that it is  to be an FHA loan with 3.5% down as specified in the the contract (obvious to most) . The contract is specific. Earnest money deposit, offered price, loan amount, balance of the purchase price (not costs of obtaining loans and other costs) in the amount of __$__ to be deposited with the Escrow Holder within sufficient time to close escrow. and then offered price again.— So the seller— Fannie Mae— writes in the counter offer a higher price than my buyer offered which is typical if the seller does not like the offered price. — But then— probably not being too good at math or not knowing how real estate contracts actually are to be written, or may just have had a bad day at the typewriter.—Typed in and filled in the blanks in their own Pre-Printed form— and kept the  buyers loan amount the same yet the price was higher.— So it was substantially more than the 3.5% down loan program the buyer is doing.—Duh— So besides the fact I feel for the listing agent (who’s a nice person, good Realtor and good communicator)  that is working with a seller who appears they had a bad day when trying to counter this offer by typing in the buyers loan amount—which is just bizarre anyway (because it says, and I quote “the purchaser shall apply for a loan in the amount of $$$ (I am not telling). —-I think you get my point anyway—Their generic counter offers also have no place to indicate there will be another counter offer in case the buyer does not agree with the terms.—It seems pretty obvious they do not counter. —Fine—as my client said, let them keep it.— I have never in my real estate career seen any seller tell the buyer what their loan amount is to be.—Purchase price yes—but buyers loan amount???  —So, as Steven Tyler said in a song I like—”Get a Grip”.   —

Buy Buy Now.

FHA MIP (Mortgage Insurance Premium) will be going up  Monday April 5 to 2.25%, up from 1.75%. –up 1/2% (so as an example–for $100k loan– that means $500 will be added to the loan amount) and since private mortgage insurance is pretty much gone–at least there is still the  available option, FHA.  Just in case you didn’t know - the MIP  is not funded by the government, it is funded by the homebuyers who (buy in) with their up-front mortgage insurance premium and their monthly payment of  MIP as well. It does add to the cost of the monthly payment, but if you don’t have the 20% down payment for a conventional loan at least you have that as an option, if you want to buy a home using the 3.5% down FHA loan. It appears that FHA (Federal Housing Administration) is making these changes to make sure that the MIP still keeps lenders comfortable with them knowing the insurance for them is still there if the buyer ends up in default (so it lessens their loss as a lender). Without that security of the insurance for the lenders– probably all loans would be at least 20% down payment or more. So pretty much anyone who wants to buy a home  that they will live in— I still say now is the time to buy your home.  Interest rates are climbing.  FHA has petitioned Congress to raise the minimum down payment from 3.5% to 5%.  So that is probably coming, just not yet.— Happy Easter.  — Buy Buy Now.

If you are getting unsolicited telephone sales calls

The Do Not Call Registry is here for you:

http://www.ftc.gov/donotcall

The inventory around the $100,000 range is slimmer here around the Lake and with multiple offers on the table for them from many buyers it makes it difficult to obtain a house in that price range as of late especially if it needs repairs and your buyers loan requires them to be done or guess what—no loan.

I am no expert by any means and that’s ok.  We all know what an ex is whether we have one or not.  And a spurt—well— I’ll just say I am glad no one calls me an expert.    Ha.

I believe that interest rates will climb probably 1/2% when the make the move and without my crystal ball handy (it’s in the shop) I don’t know when that’ll happen. But I will say this—with the 1st time buyers tax credit coming to a close and with interest rates down right now, if you are thinking about purchasing a home now’s the time. Cause if you don’t if you wanna roll the dice ( It Sup To You) (as my gram used to say to me) Sup to You—Buy Buy Now.

Today I went to put a sign in the ground on this 20 acre southeast facing parcel with a Lake Oroville View and these are the things eye saw today–This is The Feather River just past the railroad bridge on Cherokee Road.

Part of Table Mountain.     Spring Flowers are starting to bloom.

Looking Back toward Sacramento in the distance climbing up Cherokee Road.

Fun Ride up Cherokee Road.

The Covered Bridge in Oregon City

The School in Oregon City–way smaller than where I went to school in Orange, Ca.

There would be a Spectacular Lake Oroville View with some trees cut–Solar, Wind Country–No Power Here.

A Beautiful Saturday Morning Drive. What a Great Place to Live by The Feather River and Lake Oroville— Buy Buy Now.

What a Great place the Lake Oroville area is to live. Here are some of the sights eye saw on my way to work this morning. I drove up from my house to Brownsville where I am selling a home.

Lake Oroville is much fuller but still needs more water.

The mountain community of Forbestown. Stop at the Forbestown Store and have a deli sandwich and a drink.

I got to drive thru a creek on my way to work.  It was a great morning.

Nice little mountain town.

Have a good weekend.

Buy Buy Now.

Hi, This is a pretty simple question really–Should You Get a Home Inspection??? The answer is probably always Yes. Look at it this way.—Almost Every Home has things that can use repair–things age and break like you and me—I shouldn’t remind myself of that tho—anyway before I get off on that tangent, lets get back to the home inspection discussion.— My concern as a Realtor, maybe even representing you, is to have a qualified home inspector give the house a pretty thorough look. Things like operating range/oven/stove-top or what have you. The furnace, air conditioner, fireplace, electrical plugs and breaker boxes–plumbing leaks, water heater all the things that can cost Big $$$ if  and when they break, and everything does, eventually.— It’s  just a matter of when.— This inspection gives you a heads up advantage of trying to determine the overall condition of the home you want to buy.—So you write a check for $400 or so to Help Protect Your Hiney, especially when you are about to spend  Tens or Hundreds of Thosands of Dollars.— Better Safe than Sorry I say.— The Inspector I have been using is also a General Contractor who is familiar with Building Codes and the like and I and my clients feel more comfortable using someone who knows building rather than someone who may or may not. Remember to discuss this with your Realtor when you decide to purchase a House which You will make into Your Home.— See You Next Time—Buy Buy Now. 

Lake Oroville Elevation is  694 feet today.

Storage capacity today is 1,216,500 acre  feet.

Water Temperature is 45 degrees.

The inflow is 5300 cubic feet per second.

Enjoy todays rain.

VIEW THE LAKE OROVILLE SLIDESHOW