Introduction to Short Sales

Are you looking to buy a new home? Have you had the time to check out these tiny houses for sale? Are you thinking that now’s a great time to find bargains? Before you make an offer, it pays to know a little about the seller’s situation.

If a home is being sold for below what the current seller owes on the property-and the seller does not have other funds to make up the difference at closing-the sale is considered a short sale. Many more home owners are finding themselves in this situation due to a number of factors, including job losses, aggressive borrowing against their home in the days of easy credit, and declining home values in a slower real estate market.

A short sale is a sales transaction in which the seller’s mortgage lender agrees to accept a payoff of less than the balance due on the loan. Continue reading “Introduction to Short Sales”

FHA Loans Now Available to Homebuyers Purchasing Forclosed Properties

HUD is taking action to speed resale of foreclosed properties to new owners in an effort to help bring stability to home values and accelerate the sale of vacant properties.

The policy change will permit buyers to use FHA-insured 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. Continue reading “FHA Loans Now Available to Homebuyers Purchasing Forclosed Properties”

Changes to FHA Loans Impact Buyers

The Federal Housing Administration announced several changes to FHA insured loans this week.

1)  The upfront mortgage insurance premium will increase from 1.75% to 2.25%.

For example: On a a $200,000 mortgage, a 1.75% mortgage insurance premium added $3,500 to the FHA loan, bringing the total loan amount to $203,500 that a borrower was required to qualify for. With the increased premium at 2.25%, the premium would increase to $4,500 and the borrow would need to qualify for a $204,500 loan. This amounts to an approximate difference of $5.37 per month at an interest rate of 5.00%.

Continue reading “Changes to FHA Loans Impact Buyers”

Smart Homebuyers Learn Mortgage Basics

Educating yourself on the basics of mortgage finance can save you headaches, time, and confusion, not to mention money. David Bach, best-selling personal finance author, explains mortgage basics in this 5 minute video for homebuyers.

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Click here to view Bella Casa’s list of local mortgage brokers and banks.

Buyers Have Questions?…We Have Answers!

You’ve probably heard that we’re in the midst of a buyer’s market, right? But what exactly makes this market so great for buyers? Find out the specifics by viewing or downloading this brochure. Learn why the market, interest rates, loan options, tax credits, and the current inventory make 2010 an ideal time to buy in Yamhill County. Just click on the icon below.

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In 2009 Bella Casa Real Estate Group helped more buyers purchase real estate in Yamhill County than any other brokerage! Like so many others have discovered,  you can trust us to help you buy your next property. We look forward to speaking with you!

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Meet the Bella Casa Realtors®

Your Biggest Investment is Real Estate

There are lots of different ways you can invest your money. You can invest in a growing business to help them raise capital. You can look into whether or not Coin Mining Central scam people, then invest in crypto mining equipment. You can invest in the stock market. And, you can invest in real estate. This is what we will be focussing on today.

Homeownership is how many American families begin to accumulate wealth, according to studies by the National Association of REALTORS and the U.S. Federal Reserve Board.

Buying a home should be approached as a long-term investment, providing a build-up of equity over time and considerable tax advantages. Housing is not a quick-in, quick-out investment. When purchased for the long term, housing is one of the safest investments consumers can make. No paper investment provides this kind of benefit.

The key factor, of course, is purchasing a home you can afford. A mortgage payment might not be the only cost associated with buying a home. To find out how much you can afford, factor in additional expenses like closing costs, insurance, and taxes, which may vary based on the area where you are looking for a home. If, for instance, you are considering purchasing a property in Boston, you can view resources like for more information on closing costs in that area. Moreover, a realtor can also provide you with an estimation of what to expect in closing costs and other expenses, as well as ensure that you are well guided throughout the process. In almost every neighborhood we have seen the effects of purchasing a home beyond the buyer’s means, and selecting an unsavory mortgage lender/broker. I’m sure that we all know someone personally who has gone through a foreclosure or short sale in the past three years.

Being able to “afford” a home mortgage doesn’t just mean that you can make the monthly payment. Do you have an emergency fund to cover living expenses in case you lose employment? You need to have funds available to pay your mortgage while searching for new employment. What if the furnace unexpectedly breaks down? or a fallen tree causes damage to the roof? These “unexpected” expenses are to be EXPECTED and financially planned for. Homeownership is more expensive than your monthly mortgage payment.

Continue reading “Your Biggest Investment is Real Estate”

Don't Overlook a Home's Potential

Cosmetic issues are easy to remedy

Home shopping for first-time homebuyers it’s an exciting, albeit nerve-wracking, experience. If you’re like others in the market for their first home, you probably have in mind exactly how your soon-to-be home will look.

But it’s important not to fall into the trap of believing that bad decorating, dingy walls and dirt-bare back yard equals bad-home. If you don’t see past the hideous wallpaper, funky light fixtures and avocado green carpeting, you may miss out on a home with great potential.

Continue reading “Don't Overlook a Home's Potential”

New Law Affects Good Faith Estimates

Contributed by: Glen Bremer, Alpine Mortgage Planning Office: 503-718-9856

We begin 2010 with some major changes to the Good Faith Estimate and how it is used. You’ve most likely heard about the new law that went into effect January 1, 2010 stating that mortgage advisors must now honor all lending fees they quote in their Good Faith Estimate. They must also stand behind the estimates they quote for other third party fees including title and escrow and government charges – absorbing the difference themselves if it is more than 10%.

This change has served to make the concept of a Good Faith Estimate a misnomer. It is, essentially, a binding commitment.

Continue reading “New Law Affects Good Faith Estimates”

Who Pays My Real Estate Agent?

Randy McCreith, Principal Broker Bella Casa Real Estate Group

How Real Estate Commissions Work

Like every other product or service in the world, a ‘cost of sales’ is built into the product or service charges. It takes money to design a functional product that meets needs, to appeal to the public, promote the benefits of it, and invites the customer to buy. There are substantial costs building ‘brands’ and identity, packaging strategically, marketing goods and services widely, and advertising precisely. At the point of sale, there are significant labor costs to get the product to you in a way you like. Marketing and sales are a large part of any product or service.

Whenever you buy something, you are paying commissions, fees, and expenses that allowed that product or service to come to market, pique your interest, make your life better and more enjoyable, and allow you to accomplish your goals in life.

Continue reading “Who Pays My Real Estate Agent?”

What is a Buyer's Agent?

Randy McCreith, Principal Broker, Bella Casa Real Estate Group

A buyer’s agent represents buyers exclusively, instead of both buyers and sellers. We believe a buyer’s agent provides a distinct advantage for buyers by offering dedicated, focused, and expert services for buyers alone. There are almost 200 functions that can be identified as responsibilities for a real estate broker. That is too much for any one person!

Continue reading “What is a Buyer's Agent?”