Sunday, June 13, 2010

Help - I'm FHA and having trouble landing a house!






This is not an uncommon problem in the Burbank/Los Angeles area. In the grand scheme of things, when a homebuyer is looking at offers, cash buyers are most preferred, followed by the large down payment crowd, next are the high FICO score group, then lastly the FHA people.

Unfair? Absolutely, but sellers all look for the sure thing with the least amount of problems. Think of how you would react to the before mentioned offers. If you have an all cash offer and an FHA buyer before you, you know that with the cash offer you will have less worries about appraisals, code requirements, or the buyer's ability to get their loan and close on time. Basically speaking, the higher the risk - the more concern a seller will have with potential buyers.

So how does an FHA buyer get a home then? I hear this from frustrated FHA buyers all the time. They tell me that they have been battling for months writing offers only to be beaten out each time by cash buyers. My answer is simple. Get an agent who is responsive and proactive. Jill and I work with FHA buyers all the time and have not had much problems finding and closing deals for them - mainly because we focus on working quickly and smartly.

Time is of the essence when finding a home for an FHA client. Also, one needs to be smart in the approach. One can not low-ball a competitively priced property that is new to the market and expect favorable returns. If you like the home and you are FHA - you need to go in quickly with as strong an offer as you are comfortable submitting. The goal is to get the seller to accept your offer before others come in. That is the key - plain and simple. Know the competition and play to win.

Wednesday, June 9, 2010

So...shorts sales are great deals, huh?


As ShortSale and Foreclosure certification holders, Jill and I will sometimes come across friends who'll ask that we keep an eye out for promising short sales. When we ask why, they tell us how short sales are great deals selling under market value. I think this is interesting and is a perception shared by many out there due to all the misinformation around today.

Many people confuse short sales with REOs -which one can sometimes find good deals if the home is in need of TLC and the buyer doesn't mind investing some of their own money to fix it up. A Short Sale though is basically a program for sellers to settle a debt on their properties before going to foreclosure. It mainly benefit that seller - not the next buyer.

There are a few steps to a short sale that people need to know about before entering into the transaction. First, the process doesn't end after the first agreed upon price. This is because the bank, or investor the bank represents, are the ones taking the loss - so they will be the ones deciding the final amount. Ideally, the bank will want the home sold for TODAY'S MARKET VALUE so big deals will be unlikely unless the home sits for a long time. By that time the home will most likely be foreclosed upon anyway. Short sales become more of a hassle with every extra liens on the home since those will have to be taken care of as well, most likely out of pocket of the new buyer before the home will be allowed to close.

Overall, short sales work well for those trying to get out of bad situations but don't assume they will be easy, or a great deal. If you want a really great deal, be diligent in your home search and be ready to act as soon as you see your dream home no matter what type of listing it is.(short sale, foreclosure, standard sale) The early bird does get the worm :)

Friday, April 30, 2010

Burbank Home of the Week! 04/30/10



This weeks pick is a lovely home on Niagara Street in Burbank. Located in the highly desirable Magnolia Park area of Burbank, it is close to shopping, studios, and feeds into some of the best schools in Burbank. No slouch, this 2 bed, 2 bath home feels much larger than its 1,593 sq ft of living space on a 6,750 sq ft lot. Become the heroes of Niagara Street by inviting your neighbors over for get togethers under the covered patio or hosting a Hawaiian themed party beside your in-ground pool.
This California dream comes with a $625,000 price tag. Contact us for more details philipkeppel@yahoo.com . Until then... Cowabunga!

Monday, March 22, 2010

38 and counting...


Hello Folks, just a quick reminder that there are only 38 days left for the homebuyer tax credits which end April 30th 2010. Don't put off your home purchase = leaving money on the table. We can help - contact us today!
Up to $8,000 for new homebuyers
Up to $6500 for current homeowners

Monday, February 22, 2010

Home opportunity of the Week 2/22/10


Our hand picked opportunity for the week of 2/22 is a bank owned beauty on a well kept street here in Burbank. This 3 bedroom, 1 bath home is located at 1315 N. Reese Place and features an open floor plan with hardwood flooring, updated kitchen with granite counter tops, and a 2 car detached garage. The sq footage is listed at 998 but feels much larger due to the open layout. This home is fresh to the market and listed at $473,900.00 Feel free to contact us for further information.
Disclaimer: This listing is not represented by Bill Toth and Associates or Phil and Jill Keppel.

Friday, February 19, 2010

Warning about Burbank Unified School Registration 02/19/2010

02/19/2010 - Burbank, CA
The Burbank Unified School district has started warning parents to register their children early for the upcoming 2010/2011 school year. Parents are being informed by letter and automated phone call that due to limited school site allotment, students may not be able to attend the schools in their immediate areas. Students may be forced into second or third choice schools. Our advice to those with school aged children who are thinking about moving to the Burbank area should check with the Burbank Unified School district as early as possible.

For more information contact the Burbank Unified School District at (818)729-4502 or check out their website:http://www.burbank.k12.ca.us/index.aspx?page=1

Thursday, February 18, 2010

Featured Burbank Home of the Week 02/18/10


Our featured Burbank home this week is at 2633 N Buena Vista Street Burbank, CA 91504 listed for $559,000.00. This home is a 3 bedroom, 2 bath home with approx 1624 sq feet of living space. The home features two fireplaces, a den, living room/dining room combination, and a detached two car garage. The home is in excellent condition and is convenient to highways, shopping, and located within the desirable Burbank Unified School district. This home is also in close proximity to Burbank's Woodbury University for those looking for a property to house their attending children. We are hosting an open house on this property on Sunday 02/21/2010 from 1 - 4PM. For more information, email us at either phil@philandjill.com, or jill@philandjill.com. Have a great week!