Marin Real Estate Blog

Words of Wisdom for Worried Borrowers

With problems in the mortgage lending sector dominating the news, home owners who have an adjustable-rate mortgage may be wondering if it's time to re-evaluate their financial situation.

"Think carefully about your ability to handle monthly mortgage payments in the future - and make adjustments, if necessary,"says Susie Irvine, president and CEO of the American Financial Services Association Education Foundation, an organization affiliated with mortgage lenders.

Here are some tips that will help to give peace of mind to borrowers with ARMs:

• Make note of the date your initial interest rate adjusts, or "resets," since the monthly payment may go up substantially. You can find the reset date on your monthly statement or by reviewing your loan contract.
• Be familiar with other terms and conditions of the loan, including what type of ARM you have and if there is a fee for paying off the loan early (a "prepayment penalty"). See the list below prepared by AFSAEF for important terms to know. Contact your lender if you have any questions.
• If you plan to refinance before the reset date, don't wait until the last minute. Lenders need time to prepare the paperwork, check references and schedule the closing. Ideally, the refinancing process should begin two to three months prior to the reset date of the existing loan.

• Find out their options. These may include forbearance (when the lender postpones foreclosure to give the borrower more time to make payments), mortgage modification programs and help with selling the home before foreclosure occurs.
• Watch out for scams. Be leery of "foreclosure specialists" who offer to solve your problems by paying off your mortgage or providing other services for a fee.
• Contact an approved housing counseling agency. For a list of agencies approved by the U.S. Department of Housing and Urban Development provides an online list of approved agencies. Another source of help is the Homeownership Preservation Foundation, which has counselors from HUD-certified agencies and sponsors a toll-free hotline (888-995-HOPE) dedicated to preventing foreclosures.

www.6AnthonyCt.Com 

Novato Custom Home, Marin Real Estate

6 Anthony Court, Novato, CA

This gorgeous 4 bedrooms, 2 ½ baths, 2819sf custom home sits on an over 1/3 acre lovely Japanese-inspired landscaped level lot in a private court has all the luxury a family could want.       

The comfortable home has an impressive front porch with white columns.  Step inside to find the inviting formal living room with a marble fireplace; next to the living room is a formal dining room with views of beautiful greenery.  The bright entryway has two skylights, stately stairway and a marble powder room.  There is hardwood floor throughout downstairs living quarters. 

This functional home boasts a free-flowing gourmet kitchen with granite counters, garden window, huge center island, breakfast area, and a built-in desk.  The adjacent family room has wet bar, wine rack and cozy granite fireplace for family gatherings and entertainment. 

Spacious upstairs master suite with vaulted ceiling has breathtaking views of Mt. Burdell.  Luxurious master bath has marble floor, tub with massage jets, separate shower with marble surround and double sinks.  Large skylight allows sunshine in while soaking in the tub.   

Second bathroom has convenient double vanities, shower over tub, tile counters and tile floor.  Three additional bedrooms are generously sized for comfort; each enjoys fabulous surrounding views. 

Sliders from family room open to redwood deck and back patio with paved seating for relaxation and retreat in the gorgeous, tranquil backyard with many fruit trees and beautiful trellis. 

Close to Open Space, O'Hare Park, Stafford Lake, hiking/biking trails, health facilities, public transportation and award winning schools. 

Buying Real Estate in Marin County? Make sure you get referra;s and use reputable Realtors and Mortgage Brokers.

One of the problems with the current real estate world is the abuse on mortgage applications. check on a few FBI articles....  Mortgage Fraud is on the rise.  Check out the FBI Tips to protect you from Mortgage Fraud. 

Certain mortgage companies will pay top dollar to know exactly who is in the Marin Real Estate Market for new financing. What's more, the major credit agencies not only allow files to be flagged whenever someone applies for a home loan, they actually sell this private information as leads to the highest bidders!

For a price tag of $25 to $100, names, addresses, phone numbers, mortgage histories, and even FICO score ranges are sold by the credit bureaus to mortgage companies, which then blindly solicit business.

Unfortunately, no legislation exists to prevent credit companies from profiting from this practice. As trigger leads, consumers are simply at the mercy of any number of solicitations designed specifically to discredit the mortgage professionals they've come to know and trust.

Remember, a limited number of sources exist for lenders to obtain mortgage money, and it's unlikely that a borrower will find an unbelievably low rate without an unbelievably high cost. That's why, prior to applying for any loan program, consumers should visit www.optoutprescreen.com to opt-out of credit bureau solicitations and avoid the problem altogether.

As consumers embark on what could be the largest financial transaction of their lives, it's important to work with a mortgage professional who clearly explains all available options and provides comprehensive solutions.

"The prices of houses seem to have reached a plateau, and there is reasonable expectancy that prices will decline." - Time Magazine, 1947

"Houses cost too much for the mass market.  Today's average price is out of rach for two-thirds of all buyers." - Science Digest 1948 (Average price at the time $8,000)

"The goal of owning a home seems to be getting beyond the reach of more and more Americans." - Business Week 1969 (average price at the time $28,000)

"the era of easy profits in real estate may be drawing to a close." - Money Magazine, 1981

"If you are looking to buy, be careful.  Rising home values are not a sure thing anymore." - Miami Herald, 1985.

"Most economists agree ... a home will become little more than a roof and a tax deduction, certainly not the lucrative investment it was... ' - Money Magazine, 1986.

"We're stargint to go back to the time when you bought a home not for it's potential money-making abilities, but rather as a nesting spot." - Los Angeles Times 1993 (Note that 1993 was the absolute low-point for real estate values in Los Angeles.  Prices have sky-rocketed since.)

"Financial planners agree that houses will continue to be a poor investment." - Kiplinger's Personal Financial Magazine, 1993.

"A hoome is where the bad investment is." - San Francisco Examiner, 1996

North Marin Water District Ordered Water Conservation

Just in case you missed the news while out of town, North Marin Water District (which serves City of Novato and several small improvement districts in the West Marin areaw naer the coast, including Point Reyes Station, Olema, Bear Valley, Inverness Park, Paradise Ranch Estates) announced the Water Conservation Ordinance, effective 07/01/2007 thru 10/28/2007. 

The ordinance prohibits water waste and non-essential use of:

• Gutter flooding (i.e. irrigation overspray or irrigation run-off onto pavement);
• Failure to repair a controllable water leak within a reasonable time (72 hours);
• Using water for non-recycling decorative fountains;
• Washing exterior paved areas (except public agencies may do so for public safety);
• Refilling a swimming pool drained after July 1, 2007 or initial filling of a swimming pool for which a building permit was issued after July 1, 2007;
• Washing privately-owned motor vehicles, trailers and boats except from a bucket and hose equipped with an automatic shut-off nozzle;
• Landscape watering outside the hours of 10:00 PM through 6:00 AM of the next day except that hand watering from a hose with an automatic shut-off nozzle, or a container, or a drip system is allowed;
• Use of water from a fire hydrant except for fighting fires, human consumption, essential construction needs or use in connection with animals;
• Pools and hot tubs must be covered when not in use.

Violations

1. If the District becomes aware of a violation of the prohibitions listed above, a verbal warning will be given;
2. If the violation continues or is repeated, a written notice will be given;
3. If the violation continues or is repeated after a verbal and written notice, the District may disconnect service.
4. a.  First disconnection shall result in a $50 fee for re-connection.
5. b.  Second disconnection shall result in a $75 fee for re-connection
6. c.  Third disconnection shall result in a $100 fee for re-connection and the District will install a flow restricting device on the service. 

Questions or Comments

Please direct all questions and comments regarding the Emergency Water Conservation ordinance should be referred to the Water Conservation Coordinator (415) 897-4133 ext. 8421.

For a full copy of the Emergency Water Conservation Ordinance, please click the link below.

Living in Marin and wondering what you are getting for your money other than the gorgeous settings, open space, beautiful views, mild weather, quaint towns, green environment, easy commute and many other enviable qualities which make Marin county one of the best places to live in the country?

You are getting one of the best schools for your money in the country!

Forbes Magazine started with a pool of 775 counties across the U.S. that have high property taxes and population greater than 65,000 and rated Marin County Schools the best school district for the money in the country in their July, 2007 issue.

"Winners in this rating system are counties whose schools deliver high performance at low cost. With property taxes rising accross the coutry, Forbes looked at per-pupile spending in public schools and weighted it against student performance - college entrance exam scores (SAT or ACT, depending on which is more common in the state), exam participation rates and graduation rates.

In 2004, Marin county spent an average of $9,356 ($6,579 adjusted for the cost of living relative to other metro areas in the U.S.) per pupil, among the lowest education expenditures in the country. But in return, Marin has 968% of its seniors graudated, 60.4% seniors took SAT, and scored a mean 1133 out 1600.

Other California counties in the Forbes study, Santa Clara placed 17th, San Mateo county came in at 21 and Napa county rated 28.

Links:  Marin County Schools,  Marin County Schoosl API Index, Marin County Towns

National Association of Realtors will soon release its 2007 'Profile of Buyers Home Feature Preferences'.  Central air conditioning, walk-in closets, hardwood floors, high-end kitchen appliances, oversized garages and patios were among the features buyers said they would pay more for in a home, 

Due out in early August, the report looks what buyers want, what they pay more for and what they end up with when the transaction is all said and done.  Call Sylvia (415) 717-0293 or email Sylvia to reserve a copy of the report. 

This also coincides with the Chronicle Real Estate Section article talking about the 'Y' Generation's home purchase habits.  Quite an interesting article to read as my young and talented niece and her fiance just purchased a home in Fremont. 

Time to take a Marin County Real Estate Market Pulse.  This is Mid-July, a bit difficult to predict movement of the real estate housing consumers.  With schools out, some families put things on hold and go on vacation, others start looking at homes with goal of moving into their new house or relocate before school starts.  Some decide summer might is a great season to buy or sell while others think they should avoid the rush and wait until the 'quiet' season.  

Still others, like us, take a snapshot and look at the housing numbers in Marin to find out what is really happening.  What we find, not surprisingly, is heavily leaning towards a buyers market.    

Corte Madera, at 40% pending is the only town that is still in 'seller's market', with Fairfax, Greenbrae, Kentfield, Larkspur, Mill Valley and San Anselmo in so called 'Balanced Market' with house pending rate between 25% and 35%.  note that they are all Sourthern Marin homes where typically, home prices are higher.  The rest of the towns, Belvedere at 24%, one short of 25%, puts it just in the Buyer's market.  Novato, Ross, and san Rafael are officially in the Buyer's market. 

Note that the numbers include both Single Family Homes and Townhomes, and townhoomes are traditionally the ones that appreciate quickly in a hot market and depreciate faster as well as stay on market much longer during a down cycle.  

Call Sylvia with any questions and/and concerns.

1. Less than 15% in Contract = Strong Buyer's Market
2. 15-25% in Contract = Buyer's Market
3. 25% - 35% in Contract = BALANCED MARKET
4. 35-45  % in Contract = Seller's Market
5. 45%+ in Contract = Strong Seller's Market