Wells Fargo lowers credit score requirement for FHA mortgages

Wells Fargo recently announced that effective Jan. 15, 2011, it will accept FHA-insured mortgages for borrowers with credit scores as low as 500.  For borrowers with credit scores ranging from 500 to 579, a 10 percent down payment is required, and the down payment may not be a gift or be part of a down payment assistance program.  Borrowers with credit scores of 580 to 599 are required to put down 5 percent, and the down payment may not be a gift or part of a down payment assistance program. Borrowers with a credit score of 600 or higher are required to have a 3.5 percent down payment, and a gift is acceptable.  For all borrowers, seller concessions are limited to 3 percent.

How To Avoid Paying Too Much For Your Home - Final Tips

SIMPLY PUT, PAYING TOO MUCH CAN JEOPARDIZE THE INTEGRITY OF YOUR INVESTMENT. HERE’S VITAL INFORMATION TO HELP YOU AVOID OVERPAYING FOR YOUR HOME.

A Special Report Prepared By: Erich Salas

Tip No. 22 - Stay out of bidding wars.

Sometimes, the seller’s Realtor® will try to scare a hesitant buyer with the threat of another serious potential buyer. Don’t fall into this trap—it will only cost you money. If there is another buyer, then the seller’s agent will try to get a bidding war going. In these situations, whoever wins also loses because the buyer ends up overpaying.

If there isn’t another buyer, there’s a good chance that “the other deal” will fall through and the seller’s agent will come calling. Be sure to let the other side know that you might be interested if that happens before you walk away.

Tip No. 23 - Make sure you get a written disclosure of all known defects.

The good news for buyers is that the law now requires sellers to make complete disclosure of known material defects. Make sure you get it in writing. And carefully consider how these defects might affect what you’re willing to pay.

Tip No. 24 - Know your hidden costs.

There’s more to buying a home than the mortgage. Don’t forget to factor in mortgage insurance, appraisal fees, inspection fees, transfer taxes, title insurance and every other dollar you’ll have to spend in order to know what you’re really paying for your new home.

A word of advice is to be aware of additional costs above and beyond the final negotiated price of your home. Know how much you are really paying for your new home.

Now, armed with this  knowledge, you stand a much better chance of avoiding overpaying for your home.

As you can imagine, there is no learning curve that forgives mistakes made during the home-buying process. If I had to choose only one tip from the several I just listed, it would be this: Get yourself a good Realtor®—someone whose sole interest in the deal is to watch out for your interests. If you take this advice, the rest will follow. A truly sharp agent will make sure that you follow all of the other suggestions I’ve included in this report. And please feel free to use the checklist I’ve supplied with this report to help in your home search.

Please feel free to call me if you would like further explanation on any of these topics, or if you have any real estate questions at all. I simply see my mission as striving to be as helpful as I possibly can to area home owners. I hope this special report provides the information you need to be an informed home Buyer or seller......


Erich Salas

The CA Real Estate Doctor: CUSTOM HOUSE RESTAURANT in Avila Beach, CA

The CA Real Estate Doctor: CUSTOM HOUSE RESTAURANT in Avila Beach, CA: "If you haven’t been to the Custom House Restaurant in Avila Beach lately, you owe yourself a visit. The Custom House in Avila Beach is locat..."

CUSTOM HOUSE RESTAURANT in Avila Beach, CA

If you haven’t been to the Custom House Restaurant in Avila Beach lately, you owe yourself a visit. The Custom House in Avila Beach is located along the blue Pacific, right in between Los Angeles and San Francisco, Avila enjoys the friendliest climate on California’s Central Coast. You’ll find that same small-town charm you remember, along with the warm sunny microclimate and the same beautiful beaches, but now they’re surrounded by world-class amenities such as the Custom House Restaurant.

Although I don't get out to the Custom House as much as would like to, it is still one of my favorite places to go enjoy great food, drinks, the CA beach atmosphere and great weather. The big bar and beer selection are one of the best on the "Central Coast". Avila Beach in it's self is one of the best beach town's in California with it's great year round weather, it's always a great place to visit.

For more info on the Custom House and it's menu please go to the link below;

http://www.oldcustomhouse.com

Erich Salas
www.ErichSalas.com

San Luis Obispo County January 2011 Sold SFR Statistics

Active: 0

Pending: 0

Sold: 168

Other: 0

Total: 168

	Bedrooms	Bathrooms	Square Feet	List Price	Selling Price	DOM/CDOM
Minimum	1	1.00	462	$56,000	$35,000	0/0
Average	3	2.37	1,906	$471,181	$441,385	129/148
Median	3	2.00	1,718	$370,900	$345,000	94/100
Maximum	10	5.00	5,500	$2,995,000	$2,450,000	903/914
Total Dollar Value					$74,152,692

How To Avoid Paying Too Much For Your Home - Tip #19, #20 & #21

SIMPLY PUT, PAYING TOO MUCH CAN JEOPARDIZE THE INTEGRITY OF YOUR INVESTMENT. HERE’S VITAL INFORMATION TO HELP YOU AVOID OVERPAYING FOR YOUR HOME.

A Special Report Prepared By: Erich Salas

Tip No. 19 - Check your emotions at the  door during negotiations.

One of the costliest mistakes you can make is letting the sellers know how much you love their home. Once you’ve let it slip, you can just about forget about negotiating the price—the other side knows how motivated you are. In fact, a seller may see it as an opportunity to squeeze a little more money out of you even when you’ve made a good offer to start.

No matter how wonderful a home is, no matter how much you want it, keep it to yourself.

Tip No. 20 - Don’t be pressured into a quick deal if it doesn't feel right.

While you want to move expeditiously once you’re in negotiations, don’t let the other side pressure you into a quick close. It may be a sign that there’s something you should know, but don’t. And the reason could be worth money.

Tip No. 21 - Don’t be afraid to negotiate.

You may be the type of person who prefers a hard-and-fast price tag on everything. “I don’t like to haggle,” you say. But negotiation is the key to getting a good deal. If your goal is to get the best home possible for the least amount of money, then you had better be prepared to play.

Please feel free to call me if you would like further explanation on any of these topics, or if you have any real estate questions at all. I simply see my mission as striving to be as helpful as I possibly can to area home owners. I hope this special report provides the information you need to be an informed home Buyer or seller......

Erich Salas

www.ErichSalas.com

How To Avoid Paying Too Much For Your Home - Tip #16, #17 & #18

SIMPLY PUT, PAYING TOO MUCH CAN JEOPARDIZE THE INTEGRITY OF YOUR INVESTMENT. HERE’S VITAL INFORMATION TO HELP YOU AVOID OVERPAYING FOR YOUR HOME.

A Special Report Prepared By: Erich Salas

Tip No. 16 - Learn as much as you can about the seller’s situation.

It’s true what they say: Knowledge is power. The reasons behind a sale can often be used to your competitive advantage during negotiations. For example, a seller whose company has transferred him to another city is probably more motivated to sell than someone who is still looking for a new home.

Other signs of a motivated seller include a vacant house, or a house that’s been on the market for several months with several reductions in the asking price.

Tip No. 17 - Keep your own situation to yourself.

Information can be used against you as well. How much you’re willing to spend, the size of mortgage you can afford, your move-in deadline—it all can be used to extract more money out of your pocket. Be sure to tell your agent everything he or she needs to know to be effective on your behalf—how much you have for a down payment, the size of the mortgage you can afford, etc. However, keep your personal circumstances and timeline to yourself.

Tip No. 18 - Use time to your advantage.

Just as you have a time frame in which you wish to buy, the seller almost certainly has a deadline of his own. If you can learn the seller’s deadline, it’s another piece of information that can be used to negotiate  a better deal.