The Fineman Suarez Blog

Living in Playa del Rey

Ron Fineman — Fri, 13 Jan 2012 16:48:08 +0000

Check out the new Playa del Rey community website!

New Conventional Loan Program with as little as 3% down

Ron Fineman — Thu, 08 Dec 2011 22:51:42 +0000

There are investors that will do 97% conventional financing!

Single Family Residences
Condos
3% down (NOT FHA)
Loan amounts up to $417,000
Credit scores at 720+
Income to debt ratios up to 41%
2 months reserves
No Upfront Private Mortgage Insurance
Low Monthly Mortgage Insurance

Let us know if you are interested in this program and we can have you talk to our lender.

New listing! Marina del Rey Loft Condo Townhouse

Ron Fineman — Sat, 06 Aug 2011 18:59:50 +0000

ABSOLUTE SLEEK. ABSOLUTE SEXY. ABSOLUTE STYLISH

Property Website

Loan Limits Are Changing! The Time To Buy & Sell is NOW!

James Scott Suarez — Mon, 25 Jul 2011 13:51:25 +0000

Loan Limits to Change in September

Unless Congress takes action, the current loan limits will expire on Sept. 30 and the cost of a mortgage could rise significantly,

The conforming loan limit determines the maximum size of a mortgage that FHA, Fannie Mae, and Freddie Mac government-sponsored enterprises (GSEs) can buy or guarantee. Non-conforming or jumbo loans typically carry a higher mortgage interest rate than a conforming loan and require a higher down payment, increasing the monthly payment and negatively impacting housing affordability for California home buyers.

More than 30,000 California families could face higher down payments, higher mortgage rates, and stricter loan qualification requirements if conforming loan limits on mortgages backed by the Federal Housing Administration (FHA), Fannie Mae, and Freddie Mac are reduced beginning October 1, 2011, according to analysis by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).

C.A.R. and the NATIONAL ASSOCIATION OF REALTORS® (NAR) have long advocated making permanent higher conforming loan limits. As a result of C.A.R.’s and NAR’s efforts, in 2008, Congress temporarily raised the conforming loan limits from $417,000 to $729,750 and has extended them annually through fiscal year 2011. The change could bring this amount down to $625,000!

If you are a seller this will effect buyers’ purchasing power so if you are thinking about selling do it now! If you are a buyer, your purchasing power will weaken due to changing loan limits and more difficult requirements so buy now!

For more information and if it is time to step up to achieve your real estate goals contact us today! FinemanSuarez@gmail.com

Simple Yet Effective Home Buying Tips

James Scott Suarez — Thu, 30 Jun 2011 01:10:00 +0000

Are you considering purchasing a home in the near future? We’ve highlighted a few simple tips to make the process easier for you.

The first step in buying your home is getting pre approved. You might ask “What exactly does this mean?” and “Why is it important?” Pre approval means that a bank as well as a mortgage lender have checked out your credit report and income statements, verifying your ability to take out a loan to purchase your home. Perhaps the most valuable aspect of getting pre approved is knowing what you can afford. That way you don’t end up asking for too much in a home, features that may be outside of your price range. Also, having a pre approval letter sets you apart from other buyers who don’t have one and also creates a space of comfortability and confidence in the minds of sellers.

The next step is choosing the location of your home. Research neighborhoods in the cities you are interested in and find one that seems suitable for you. Speaking with local residents can be very helpful in this process. Some solid criteria:

• Rating of the school systems and their proximity to your home
• Crime rates
• Proximity and quality of entertainment and shopping areas
• Local hospitals, doctors offices, and public transportation
• Overall economic status and stability of the area. Places that have seen depressions and survived without taking big hits in real estate value are a major plus when investing in a home.

Keep in mind that in the process of buying your home, your goal should not be to find “perfection.” You have to be willing to compromise and because a home is only perfect for you when you customize it and make it fit your lifestyle and needs after the purchase.

Ten (10)% down jumbo loans are here!

Ron Fineman — Tue, 10 May 2011 00:11:55 +0000

Ten (10)% down jumbo loans are here! contact the Fineman Suarez team.

Since the loan crisis, we initially lost jumbo loans completely.. then it was required to put down 25-30% on loans over $729,750.

If you have been looking at a home that requires a loan of $729,750 to $979,750, contact us to start your home search now!

Conforming Jumbo Loans likely to reduce to $625,000

Ron Fineman — Tue, 19 Apr 2011 22:33:00 +0000

The federal government increased the conforming jumbo limits to $729,750 nearly 3 years ago as part of the stimulus package. The idea had always been that this would last only a year or so.

If you have been planning to buy a home and want to borrow up to $729,750 under these guidelines, this may end by July of 2011. The new limit may be $625,000 for Southern California.

The Fineman Suarez team is giving back 10% of thier net proceeds to the charity of our client’s choice.

Contact the Fineman Suarez team if you need to borrow $729,750 so you can get the ball rolling and beat this change!

The Fineman Suarez Team Are Becoming REO / Foreclosure Specialist! Would you like to know what an REO Property is?

James Scott Suarez — Fri, 01 Apr 2011 15:33:38 +0000

What Is An REO Property?

R-E-O. Acronymns are great! For instance R-E-O is the acronym for “Real Estate Owned” in the real estate world. What does “Real Estate Owned” mean to us? REO in simple terms is a bank owned home. In most cases someone owned it; that someone defaulted on payments and the bank took it back via the non-judicial foreclosure process (California) and is now attempting to sell it.

REO is a class of homes owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction. A bank will typically set the opening bid at a foreclosure auction for at least the outstanding loan amount. If there are no bidders that are interested, then the bank will legally repossess the property. This is usually the case in recent years as the amount owed on the home is probably higher than the value of this foreclosure property. As soon as the bank repossess the property it is listed on their books as bank REO or bank repos and categorized as “an asset (non-performing)”.

Once a home enters distressed status (the borrower/home owner misses mortgage payments) the bank will want to determine the amount of equity that the property has. The bank’s preferred method to determine the equity (or lack thereof) is to obtain a Broker Price Opinion (BPO) or order an appraisal. Based on the amount of equity that is determined from the BPO, the bank will decide whether to allow a short sale or to continue through the foreclosure process. If the bank is unable to sell the property through a short sale or at a foreclosure auction it will now become an REO property.

If you are interested in getting a list of these properties please contact us at FinemanSuarez@gmail.com and visit us at SellBuyLA.com

Spacious Marina del Rey Townhouse for lease!

Ron Fineman — Fri, 01 Apr 2011 02:02:40 +0000

$3295/ month.

You will love this spacious townhouse the minute you walk in. 1707 sf. Soaring ceilings, large living room with fireplace, dining room and oversized granite kitchen with a full laundry room. A powder room completes the split first level. On the 2nd level you have gleaming hardwood floors, 3 bedrooms and 2 bathrooms. The master also has 2 story ceilings. All this with a private 2 car garage in one of the best locations in the Marina. The dog park is across the street and you are 2 blocks from the 90 Fwy, theatres, restaurants, grocery stores and much more!

Does Door Knocking Work and Why?

James Scott Suarez — Wed, 30 Mar 2011 22:10:48 +0000

I am out almost everyday now door knocking the areas we specialize in (beach cities/westside of Los Angeles) and have gotten several leads this week alone and will be going on a listing appointment for a $1.5M house this weekend. We are in the lead generating business and although referrals are our #1 source of new clients prospecting is #2! Our team dedicates 3 hours each, 5 days a week to either door knocking or cold calling. I prefer door knocking because I enjoy being outside, getting exercise and I bring my 11 month old Siberian Husky puppy with me, which is a great walk for her…plus she is a great ice breaker! Many agents don’t door knock, which is fine with me considering they are my competition but it is a great way to generate new business and help sell your current listings. We go door to door in the areas we have listings in, inviting the neighbors to our open houses and we have actually SOLD our several listings with this strategy! We always give our door knocking prospect something of value; either a market analysis, an open house invitation, a pen, ect. The flier I have been using is a list of the SOLD listings in the area along with a statement letting everyone know we donate 10% of our commission back to the local charity of our clients choice. This also helps you build a relationships with the people that live in the community and helps you become even more knowledgeable about the neighborhood. Many people ask “why even at your level of success are you still door knocking?” And my answer is “Because it has helped make me this successful and I want to continue to dominate!” So “YES” door knocking does work! Whether you are a fellow Realtor or a seller you need to take an aggressive approach in this real estate market and door knocking is key!